Mar 31, 2015
Dear Members,
The Board of Directors have pleasure to submit the report and audited
Balance Sheet, Statement of profit and Loss of the company and cash
flow statement for the year ended 31st March 2015.
FINANCIAL RESULTS FOR THE YEAR IS AS UNDER:
(Figures In Rs)
Year ended Year ended
Particulars 31.03.2015 31.03.2014
Profit before Tax 37,10,254 15,92,725
Tax Expense:
(1) Current Tax 4,75,000 3,00,000
(2) Earlier Years 24,088 (723)
Profit for the period 32,11,166 12.93,448
Earning per Equity Share:
(1) Basic 0.64 0.26
(2) Diluted 0.64 0.26
OPERATION:
Business Performance
During the year under review, the Company has earned higher profit
before tax compared to the previous year due to various cost reduction
and efficiency improvement measures taken during the year. Increasing
competition and structural regulatory changes in recent years had
already made business conditions quite challenging. In this scenario,
your company has performed satisfactorily and is committed to do well
in coming years.
Depository Operations
The depository operation of the company continues to run smoothly.
Dividend
The company has decided to plough back its profits for future
development. Hence the Directors do not recommend any dividend for the
year under review.
Reserve
The Board does not propose any amount to be carried to reserves.
CHANGE IN NATURE OF BUSINESS:
No Change in the nature of the business of the Company done during the
year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
As required under Clause 49 of the Listing Agreement with Stock
Exchanges, the Management Discussion and Analysis Report is enclosed as
a part of this report.
CORPORATE GOVERNANCE AND SHAREHOLDERS INFORMATION:
Your Company has taken adequate steps to adhere to all the stipulations
laid down in Clause 49 of the Listing Agreement. A report of Corporate
Governance is included as a part of this Annual Report. Certificate
from the Statutory Auditors of the company M/s Bahety & Goenka ,
Chartered Accountant confirming the compliance with the conditions of
Corporate Governance as stipulated under Clause 49 of the Listing
Agreement is included as a part of this report
LISTING WITH STOCK EXCHANGES:
The Company confirms that it has paid the Annual Listing Fees for the
year 2015-16 to BSE and CSE where the Company's Shares are listed.
DEMATERIALISATION OF SHARES:
84.50 % of the company's paid up equity share Capital is in
dematerialized form as on 31st March, 2015 and balance
15.50 % is in physical form. The Company's Registrar and Share Transfer
Agent is M/s Maheshwari Datamatics Private Ltd. having their registered
office at 6, Mango Lane, Kolkata-700001.
Number of Board Meetings
The Board of Director duly met 6 times during the financial year from
1st April 2014 to 31st March 2015 The dates on which the meetings were
held are as follows.
15th May 2014 ,27th June, 2014,12th August 2014,14th November 2014,13th
February , 2015, and 25th March, 2015
DIRECTORS:
a) Changes in Directors & Key Management Personnel
There is no change in list of Directors & Key Management Personnel
during the year. Mr.Sohan Lai Kochar and Mrs. Vasudha Chhajer retire by
rotation at the ensuing Annual General Meeting and Mrs. Vasudha
Chhajer, being eligible, offers herself for reappointment. However Mr.
Sohan Lai Kochar does not offer himself for reappointment at the Annual
General Meeting. The Board of Directors in their meeting held on 25th
June 2015 has approved the re- appointment of Mr. Jitendra Kochar,
Director of the Company, as a Managing Director w.e.f. 27.04.2015 for a
period of 3 years, subject to the approval of the members at the
ensuing Annual General Meeting on the terms and conditions as set out
in the notice of the Annual General Meeting.
b) Declaration by Independent Directors and re-appointment, if any
All Independent Directors of Daulat Securities Limited do hereby
declare that we have met the criteria of as provided in sub- section 6
of Section 149 of the Companies Act 2013. We hold the office for a term
of five years and are eligible for re-appointment for next five years
on passing of special resolution by the company.
c) Formal Annual Evaluation
Pursuant to the provisions of companies act 2013 and clause 49 of
listing agreement, the board has carried out an annual performance
evaluation of its own performance, the directors individually as well
as evaluation of working of its Audit, Nomination and Remuneration and
Compliance Committees. Performance evaluation has been carried out as
per nomination and remuneration policy DIRECTORS' RESPONSIBILITY
STATEMENT:
Your Directors state that:
i) In the preparation of the annual accounts for the financial year
ended 31st March, 2015, the applicable accounting standards read with
requirements set out under Schedule-Ill to the act, have been followed
and there are no material departures from the same.
ii) The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at 31st March, 2015 and of the Profit of the Company
for said period.
iii) The Directors have taken proper and sufficient care for the
maintenance of adequate Accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities,
iv) The Directors have prepared the annual accounts for the financial
year ended 31st March 2015 on a going concern basis.
v) The Directors have laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and are operating effectively.
vi) The Directors have devised proper system to ensure compliance with
the provisions of all applicable laws and that such systems are
adequate & operating effectively.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, AND FOREIGN EXCHANGE
EARNING AND OUTGO:
A. CONSERVATION OF ENERGY
The operations of your Company are not energy-intensive. However,
adequate measures have been initiated for conservation of energy
B. TECHNOLOGY ABSORPTION
Not applicable in view of the nature of activities carried on by the
Company.
C. EXCHANGE EARNING AND OUTGO
Foreign exchange earnings and outgo-NIL
DEPOSIT: The Company has not accepted any deposits from public.
AUDIT OBSERVATIONS:
Auditors' observations are suitably explained in notes to the Accounts
and are self explanatory AUDITORS:
Statutory Auditors
The Auditors M/s Bahety & Goenka, Chartered Accountants (FRN: 317111E)
retires at conclusion of the ensuing Annual General Meeting, and being
eligible, offer themselves for re-appointment. The company has received
a certificate from the retiring auditors to the effect that the
appointment, if made will be in accordance within the limit specified
in section 141 of Companies Act 2013
Secretarial Audit
According to the provision of section 204 of the Companies Act.2013
read with Rule 9 of the Companies(appointment and Remuneration of
Managerial Personnel ) Rules,2014, the Secretarial Audit Report
submitted by Company Secretary in Practice in enclosed as a part of
this report Annexure-A. Observation of Secretarial Auditor is also self
explanatory.
SHARE CAPITAL:
a) Issue of equity Shares with Differential rights
The Company has not issued any equity shares with differential rights
as per details provided in rule 4 of Companies (Share Capital &
Debentures), Rules 2014.
b) Issue of Sweat Equity Shares
The Company has not issued any Sweat equity shares as per details
provided in rule 8(13) of Companies (Share Capital & Debentures), Rules
2014.
c) Issue of Employees Stock Options
The Company has not issued any Employee Stock Option as per details
provided in rule 12(9) of Companies (Share Capital & Debentures), Rules
2014.
d) Provision of money by company for purchase of its own shares by
employees or by trustees for the benefit of employees
The Company has not purchased its own shares either from employees or
by trustees for the benefit of employees. EXTRACT OF ANNUAL RETURN:
Extract of Annual return is formed part of this report is annexed as
MGT-9 in Annexure-B CORPORATE SOCIAL RESPONSIBILITY (CSR):
The disclosure as per rule 9 of companies (Corporate Social
Responsibility policy) Rules 2014 is will not be applicable as this
company does not fall within the ambit of this section.
VIGIL MECHANISM:
The board has adopted the Whistle blower policy. The policy has
provided a mechanism for directors, employees and other person dealing
with the company to report to the chairman of the Audit Committee , any
instance of unethical behavior, actual or suspected fraud or violation
of code of conduct of the company.
PARTICULARS OF LOAN GUARANTEES OR INVESTMENTS:
Detail of Loans and Investments covered under the provisions of Section
186 of the Companies Act, 2013 are given in the Schedule 10, 11 and
notes to the Financial Statements. The Company has not given any
guarantee during the year
RELATED PARTY TRANSACTION:
Related party transactions that were entered during the financial year
were on an arm's length basis and were in the ordinary course of
business. There were no materially significant related party
transaction with the Company's Promoters, Directors, Management or
their relatives, which could have had a potential conflict with the
interests of the Company. Transactions with related parties entered by
the Company in the normal course of business. Detail of related party
transaction provided separately in notes to accounts.
The Board of Directors of the company has, on the recommendation of the
Audit Committee, adopted a policy to regulate transaction between the
Company and its Related Parties, in compliance with the applicable
provisions of the Companies Act 2013, the Rules there under and the
Listing Agreement. This Policy was considered and approved by the Board
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS
No such order was passed by the regulators during the year.
DETAILS OF HOLDING, SUBSIDIARIES AND ASSOCIATES
The Company does not have any Holding or Subsidiary as on 31st March,
2015.
PARTICULARS OF EMPLOYEES
Disclosure of information pursuant to the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, with regard to the
particulars of employees is not applicable to the Company.
MANAGERIAL REMUNERATION:
Jitendra Kochar Managing Director Remuneration paid  Rs
3,00,000/-(Last Year Rs 3,00,000/-)
No other amount has been claimed &/or paid except the remuneration RISK
MANAGEMENT POLICY:
The Company has been addressing various risks impacting the company and
the policy of the Company on risk
management is provided in Management Discussion and Analysis
ACKNOWLEDGEMENT
The Board expresses its deep gratitude and thanks to the Clients,
Bankers, Associated Staff and SEBI, Stock Exchange Employees &
Depository and Shareholders/ Investors for their valuable contribution
towards the progress of the Company.
Registered Office
86, Canning Street For and on behalf of the Board
Kolkata - 700 001.
Dated: 25th June, 2015 SOHAN LAL KOCHAR
Place: Kolkata Chairman
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the Twenty First Annual
Report together with the Audited Statement of Accounts for the year
ended 31st March 2014.
FINANCIAL RESULTS FOR THE YEAR IS AS UNDER:
Year ended Year ended
31.03.2014 31.03.2013
Profit before Tax 15,92,725 23,13,625
Tax Expense:
(1) Current tax 3,00,000 2.70,000
(2) Deferred tax - (78,089)
(3) Earlier Years (723) 74,020
Profit for the period 12,93,448 20,47,694
Earning per equity share:
(1) Basic 0.26 0.41
(2) Diluted 0.26 0.41
OPERATION
BUSINESS PERFORMANCE
India economic growth remained muted at 5% for the second consecutive
year. This weakness in growth reflects the continued sluggishness in
the investment cycle. Post election with a stable government at centre
we expect that growth to revive, business confidence to improve and
also capital flow pickup. Increasing competition and structural
regulatory changes in recent years had already made business conditions
quite challenging. In this scenario, your company has performed
satisfactorily and is committed to do well in coming years.
ALTERATION IN OBJECT CLAUSE
The Company is already a member of NSDL for providing depository
services for the benefit of trading members. However, the renewal of
same is now due and SEBI has now insisted for an Object relating to
such activity in the Main Object clause of the Memorandum of
Association of the Company.
In order to insert such new object relating to depository services of
the Company, it is proposed to replace & substitute a new clause III
A(5) under Main Object Clause of the Memorandum of Association to carry
out the depository activities of the company to facilitate renewal of
depository membership with NSDL.
"To carry on the business as Depository Participant in India by
acquiring membership of Depositories like Central Depository Services
(India) Limited (CDSL), National Securities Depository Limited (NSDL)
or any organization providing the Depository Services, depository
clearing services, custodian clearing services and professional
clearing services and to operate, run, manage and deal in all the
permitted activities for providing Depository Participant Services"
As such, approval of the Shareholders is being sought by way of Special
Resolution for alteration of Main Object clause.
DEPOSITORY OPERATION
The depository operation of the company continues to run smoothly.
DIVIDEND
The company has decided to plough back its profits for future
development. Hence the Directors do not recommend any dividend for the
year under review.
DIRECTORS
Mr.Sohan Lal Kochar and Mr Ajit Kochar retire by rotation and being
eligible, offers themselves for reappointment. In Compliance with the
provisions of the Companies Act, 2013, the following Re-appointments of
Independent Directors are placed before the Members in the forthcoming
Annual General Meeting for their approval:
Mr. MadhuSudan Daga, Mr. Jaideep Jiloka, Dr. P.R. Kamdar is being
re-appointed as an Independent Director of the Company, to hold office
for five years, for a term upto March 31, 2019.
Mr. Prabin Kumar Baid, Independent & Non- Executive Director of the
company, vide his letter dated 6th August, 2014 has resigned from the
Board of the Company.
CORPORATE GOVERNANCE
As per the Amended Listing Agreement with Stock Exchanges, the Company
has complied with the requirement of corporate governance. A report on
Corporate Governance is attached to this report as per statutory
requirements. A Certificate from the Auditors of the Company M/s.
Bahety & Goenka confirming the compliance of conditions of Corporate
Governance is annexed to this report.
AUDITORS'' REPORT
The report of the auditors is self-explanatory and there are no
comments, which need to be reported.
LISTING
The Equity shares of the company are listed on The Bombay Stock
Exchange Ltd and The Calcutta Stock Exchange Ltd.
AUDITORS
The Auditors M/s. Bahety & Goenka, Chartered Accountants (Registration
No-317111E) are re- appointed as Auditor of the Company for a term of
Five years and will retire at the conclusion of 26th Annual General
Meeting of your Company as Statutory Auditors and being eligible, offer
themselves for reappointment. Your Company has received a certificate
to the effect that their re-appointment, if made, will be in accordance
with the provisions of the Companies Act, 2013. Your Directors
recommend their re-appointment as Statutory Auditors of the Company.
PARTICULARS OF EMPLOYEES
No employee was in receipt of remuneration aggregating to Rs. 60,
00,000/- P.A or Rs. 5, 00,000/- P.M. CONSERVATION OF ENERGY /
TECHNOLOGY / ABSORPTION / RESEARCH AND DEVELOPMENT
Particulars as required under the Companies (Disclosures of particulars
in the report of Board of Directors) Rules 1975 are not applicable to
the company.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Board of
Directors confirms that:
i) In the preparation of the annual accounts for the financial year
ended 31st March, 2014, the applicable accounting standards have been
followed and that there is no material departure;
ii) The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at 31st March, 2014 and of the Profit of the Company
for said period.
iii) The Directors have taken proper and sufficient care for the
maintenance of adequate Accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities, and
iv) The Directors have prepared the annual accounts for the financial
year ended 31st March 2014 on a going concern basis.
ACKNOWLEDGEMENT
The Board expresses its deep gratitude and thanks to the Clients,
Bankers, Associated staff and SEBI, Stock Exchange Employees &
Depository and Shareholders/ Investors for their valuable contribution
towards the progress of the Company.
Registered Office
86, Canning Street For and on behalf of the Board
Kolkata - 700 001
Dated: 12th August, 2014 JITENDRA KOCHAR
Place: Kolkata Managing Director
Mar 31, 2013
TO THE MEMBERS
The Directors have pleasure in presenting the Twentieth Annual Report
together with the Audited Statement of Accounts for the year ended 31st
March 2013.
FINANCIAL RESULTS FOR THE YEAR IS AS UNDER:
Year Ended 31.03.2013 31.03.2012
Profit Before Tax 23,13,625 10,122,007
Tax expense:
(1) Current tax 2.70,000 1,760,000
(2) Deferred tax (78,089) (45,140)
(3) Earlier Years 74,020 (229,085)
Profit for the period 20,47,694 8,636,232
Earning per equity share:
(1) Basic 0,41 0.64
(2) Diluted 0.41 1.64
OPERATION
STOCK EXCHANGE OPERATION
Global and domestic macro economic headwinds had an adverse impact on
the financial markets in India. Amidst dwindling investor interest,
Equity markets recorded lowest turnover in several year. Increasing
competition and structural regulatory changes in recent years had
already made business conditions quite challenging In this scenario,
your company has performed satisfactorily.
DEPOSITORY OPERATION
The depository operation of the company continues to run smoothly.
DIVIDEND
Due to lack of adequate profits in the current year, your Directors
have been unable to recommend any dividend.
DIRECTORS
Mr.Prabin Kumar Baid and Mr Jaideep Jiloka retire by rotation and being
eligible, offers themselves for reappointment.
CORPORATE GOVERNANCE
As per the amended listing agreement with stock exchanges, the company
has complied with the requirement of corporate governance. A report on
Corporate Governance is attached to this report as per statutory
requirements. A Certificate from the Auditors of the Company M/s.
Bahety & Goenka confirming the compliance of conditions of Corporate
Governance is annexed to this report.
AUDITORS'' REPORT
The report of the auditors is self explanatory and therefore do not
call for any further explanation.
6 DAULAT SECURITIES LIMITED
LISTING
The equity shares of the company are listed on The Bombay Stock
Exchange Ltd and The Calcutta Stock Exchange Ltd
AUDITORS
The Auditors M/s. Bahety & Goenka, Chartered Accountants (Registration
No.- 3171 HE) retire and being eligible offer themselves for
reappointment. Shareholders are requested to appoint the Auditors of
the company and to fix their remuneration.
PARTICULARS OF EMPLOYEES
No employee was in receipt of remuneration aggregating to Rs.
24,00,000/- p.a. or Rs. 2,00,000/- p.m.
CONSERVATION OF ENERGY / TECHNOLOGY / ABSORPTION / RESEARCH AND
DEVELOPMENT
Particulars as required under the Companies (Disclosures of particulars
in the report of Board of Directors) Rules 1975 are not applicable to
the company.
DmECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Board of
Directors confirms that:
i) In the preparation of the annual accounts for the financial year
ended 31st March, 2013, the applicable accounting standards have been
followed and that there is no material departure;
ii) The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at 31st March, 2013 and of the Profit of the Company
for said period.
iii) The Directors have taken proper and sufficient care for the
maintenance of adequate Accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities, and
iv) The Directors have prepared the annual accounts for the financial
year ended 31st March 2013 on a going concern basis.
ACKNOWLEDGEMENT
Your Directors wish to convey gratitude to the Clients, Bankers,
Employees, SEBI, Stock Exchange, Depository and Shareholders/ Investors
for their support and encouragement and look forward for their
continued support in future.
Registered Office
86, Canning Street For and on behalf of the Board
Kolkata-700001
Dated: 30th May 2013 JITENDRA KOCHAR
Place: Kolkata Managing Director.
Mar 31, 2012
The Directors have pleasure in presenting the Nineteen Annual Report
together with the Audited Statement of Accounts for the year ended 31st
March 2012.
FINANCIAL RESULTS FOR THE YEAR IS AS UNDER:
Year ended Year ended
31.03.2012 31.03.2011
Profit before tax 10,122,007 7,916,328
Tax expense:
(1) Current tax 1,760,000 1,340,504
(2) Deferred tax (45,140) 54,506
(3) Earlier Years (229,085) 193
Profit for the period 8,636,232 6,521,125
Earning per equity share:
(1) Basic 1.67 1.32
(2) Diluted 1.67 1.32
OPERATION
STOCK EXCHANGE OPERATION
Global and domestic macro economic headwinds had an adverse impact on
the financial markets in India. Amidst dwindling investor interest,
Equity markets recorded lowest turnover in several year. Increasing
competition and structural regulatory changes in recent years had
already made business conditions quite challenging In this scenario,
your company has performed satisfactorily.
DEPOSITORY OPERATION
The depository operation of the company continues to run smoothly.
DIVIDEND
The company has decided to plough back its profits for future
development. Hence the Directors do not recommend any dividend for the
year under review.
DIRECTORS
Pursuant to the provisions of section 260 of the Companies Act, 1956
and the Articles of Association of the Company Mrs. Vasudha Kochar
(Chhajer) was appointed as an Additional Director with effect from
October 20, 2011 and will hold office up to the date of the forthcoming
Annual General Meeting of the Company
Mr. Madhusudan Daga and Dr P R Kamdar retire by rotation and being
eligible, offers himself for reappointment.
CORPORATE GOVERNANCE
As per the amended listing agreement with stock exchanges, the company
has complied with the requirement of corporate governance. A report on
Corporate Governance is attached to this report as per statutory
requirements. A Certificate from the Auditors of the Company M/s.
Bahety & Goenka confirming the compliance of conditions of Corporate
Governance is annexed to this report
AUDITORS' REPORT
The report of the auditors is self-explanatory and there are no
comments, which need to be reported.
LISTING
The equity shares of the company are listed on The Bombay Stock
Exchange Ltd and The Calcutta Stock Exchange Ltd
AUDITORS
The Auditors M/s. Bahety & Goenka, Chartered Accountants (Registration
No-317111E) retire and being eligible offer themselves for
reappointment. Shareholders are requested to appoint the Auditors of
the company and to fix their remuneration.
PARTICULARS OF EMPLOYEES
No employee was in receipt of remuneration aggregating to Rs.
24,00,000/- per annum or Rs. 2, 00,000/- per month.
CONSERVATION OF ENERGY/TECHNOLOGY/ABSORPTION/RESEARCH AND DEVELOPMENT
Particulars as required under the Companies (Disclosures of particulars
in the report of Board of Directors) Rules 1975 are not applicable to
the company.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Board of
Directors confirms that:
i) In the preparation of the annual accounts for the financial year
ended 31st March, 2012, the applicable accounting standards have been
followed and that there is no material departure;
ii) the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at 31st March, 2012 and of the Profit of the Company
for said period.
iii) the Directors have taken proper and sufficient care for the
maintenance of adequate Accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities, and
iv) the Directors have prepared the annual accounts for the financial
year ended 31st March 2012 on a going concern basis.
ACKNOWLEDGEMENT
The Board expresses its deep gratitude and thanks to the Clients,
Bankers, and associated staff & SEBI, Stock Exchange Employees &
Depository participants and Shareholders/Investors for their valuable
contribution towards the progress of the Company. "
For and on behalf of the Board
JITENDRA KOCHAR
Managing Director
Registered Office:
86, Canning Street
Kolkata-700 001.
Dated: 30th May 2012
Place: Kolkata
Mar 31, 2010
The Directors have pleasure in presenting the Seventeenth Annual
Report together with the Audited Statement of Accounts for the year
ended 31st March 2010.
FINANCIAL RESULTS FOR THE YEAR IS AS UNDER:
Year ended Year ended
31.03.2010 31.03.2009
Profit before taxation 7280133 2467789
Less Current tax Provision 950000 475000
Less Current FBT Provision - 38200
Profit after tax 6330133 1954589
Less: Deferred Tax Liability 60800 62817
Add: Excess Provision for
Income Tax for earlier year 120988 -
Less: Short Provision for
Income Tax for earlier years - 7843
Balance brought forward from
previous years 32484472 30600543
Balance carried to Balance Sheet 38874793 32484472
OPERATION
STOCK EXCHANGE OPERATION
From the confidence shaking short fall and lows of previous year the
stock market made a handsome recovery during the year. The operation of
the company was satisfactory keeping in view the cutthroat competition
and steep fall in rates of brokerage despite that your company has done
reasonably well.
DEPOSITORY OPERATION
The depository operation of the company continues to run smoothly.
DIVIDEND
The company has decided to plough back its profits for future
development. Hence therefore the Directors do not recommend any
dividend for the year under review.
DIRECTORS
Mr. Prabin Kumar Baid retires by rotation and being eligible, offers
himself for reappointment.
Mr Jaideep Jaloka retires by rotation and being eligible, offers
himself for reappointment.
CORPORATE GOVERNANCE
As per the amended listing agreement with stock exchanges, the company
has complied with the requirement of corporate governance. A report on
Corporate Governance is attached to this report as per statutory
requirements.
AUDITORS REPORT
The report of the auditors is self-explanatory and there are no
comments, which need to be reported.
AUDITORS
The Auditors M/s. Bahety & Goenka, Chartered Accountants retire and
being eligible offer themselves for reappointment. Shareholders are
requested to appoint the Auditors of the company and to fix their
remuneration.
PARTICULARS OF EMPLOYEES
No employee was in receipt of remuneration aggregating to Rs.
24,00,000/- per annum or Rs. 2,00,000/-per month.
CONSERVATION OF ENERGY / TECHNOLOGY / ABSORPTION / RESEARCH AND
DEVELOPMENT
Particulars as required under the Companies (Disclosures of particulars
in the report of Board of Directors) Rules 1975 are not applicable to
the company.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Board of
Directors confirm that:
i) in the preparation of the annual accounts for the financial year
ended 31st March, 2010, the applicable accounting standards have been
followed and that there is no material departures;
ii) the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at 31st March, 2010 and of the Profit of the Company
for said period.
iii) the Directors have taken proper and sufficient care for the
maintenance of adequate Accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities, and
iv) the Directors have prepared the annual accounts for the financial
year ended 31st March 2010 on a going concern basis.
ACKNOWLEDGEMENT
The Board expresses its deep gratitude and thanks to the Clients,
Bankers and Associated staff & SEBI, Stock Exchange Employees &
Depository participants and Shareholders/ Investors for their valuable
contribution towards the progress of the Company.
Registered Office
86 Canning Street For and on behalf of the Board
Kolkata-700001
Dated: 24th June 2010 SOHAN LAL KOCHAR
Place: Kolkata Chairman
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