Your Directors are pleased to present the 20th Annual Report of the Company together with Audited Accounts for the Financial Year ended 31st March, 2015.
(Rs. in Lacs)
|Particulars||Current Year||Previous Year|
|Revenue from Operation (net)||50,580.19||69,802.21|
|Profit before Finance Cost, Depreciation and Tax||(2,246.24)||(1,806.28)|
|Less: Depreciation & Amortisation||863.76||1,177.00|
|Less: Finance Cost||3,033.65||3,596.47|
|Less: Tax Expenses||-||(1094.23)|
|Net Profit after Tax||(6,143.64)||(5,485.52)|
|Add: Balance brought forward from previous year||(101.95)||5,383.57|
|Adjusted for Depreciation relating to Fixed Assets||(103.67)||-|
|Balance carried over to Balance Sheet||(6,349.27)||(101.95)|
FINANCIAL AND OPERATIONAL REVIEW
During the year under review, the Company has achieved Nets Sales/Income from operation of Rs. 50,580.19 Lacs as against Rs. 69,802.21 Lacs in previous year registering a decline of 27.54 %. The Company incurred a loss of Rs. 6,143.64 Lacs as against Rs. 5,485.52 Lacs in the previous year. The decline in sales and increase in losses are mainly attributed to depressed market for ferro alloys impacting the net realisation and margin. Slower growth in several sectors of the economy resulted into weaker domestic demand. On the other hand, mining crisis and rising inflation in the country resulted in increase in the cost of raw materials and other overheads which could not be passed on to the consumers.
In view of the losses incurred by the Company, the Directors of your Company do not recommend any dividend for the financial year 2014-15.
The Board met Nineteen (19) times during the year, the details of which are given in the Corporate Governance Report that forms the part of this Annual Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013 and the Listing Agreement.
DIRECTORS & KEY MANAGERIAL PERSONNEL
In accordance with the provisions of the Companies Act, 2013, Mr. Satish Kumar Singh (DIN: 05295625), retires by rotation and being eligible, offers himself for re-appointment.
During the year Mr. Ashok Kumar Jain (DIN: 02223047), Independent Director of the Company has resigned from the directorship of the Company with effect from October 8, 2014.
During the year Mr. Jay Shanker Shukla (DIN: 06391367), Independent Director of the Company has resigned from the directorship of the Company with effect from March 23, 2015.
During the year Mr. Santosh Kumar Khandelwal (DIN: 06607979), cease to be Independent Director of the Company with effect from March 24, 2015 due to his sad demise.
During the year Mr. Ankit Patni (DIN: 00034907), Non-Executive Promoter Director of the Company has resigned from the directorship of the Company with effect from August 22, 2015.
Pursuant to the provisions of Section 149(1) & 161 of the Companies Act, 2013, read with the relevant provisions of the Articles of Association, Mrs. Sujata Agarwal (DIN: 06833458) was appointed as an Additional Director (Independent) by the Board of Directors of the Company with effect from October 8, 2014. She holds office as an Additional Director (Independent) up to the date of the ensuing AGM. The Company has received a notice in writing from a member proposing her candidature for the office of Independent Woman Director. Mrs. Sujata Agarwal qualities to be an Independent Woman Director pursuant to the provisions of Section 149(1) & 149(6) of the Companies Act, 2013.
Pursuant to the provisions of Section 149(1) & 161 of the Companies Act, 2013, read with the relevant provisions of the Articles of Association, Mr. Nanda Samai (DIN: 02566965) was appointed as an Additional Director (Independent) by the Board of Directors of the Company with effect from January 16, 2015. He holds office as an Additional Director (Independent) up to the date of the ensuing AGM. The Company has received a notice in writing from a member proposing his candidature for the office of Independent Director. Mr. Nanda Samai qualities to be an Independent Director pursuant to the provisions of Section 149(1) & 149(6) of the Companies Act, 2013.
Pursuant to the provisions of Section 149(1) & 161 of the Companies Act, 2013, read with the relevant provisions of the Articles of Association, Mr. Rohit Jain (DIN: 07129693) was appointed as an Additional Director (Independent) by the Board of Directors of the Company with effect from March 23, 2015. He holds office as an Additional Director (Independent) up to the date of the ensuing AGM. The Company has received a notice in writing from a member proposing his candidature for the office of Independent Director. Mr. Rohit Jain qualities to be an Independent Director pursuant to the provisions of Section 149(1) & 149(6) of the Companies Act, 2013.
Pursuant to the provisions of Section 149, 152 & 160 of the Companies Act, 2013, Mr. Ramesh Seemakurti (DIN: 00096163) was appointed as an Additional Director (Promoter-Non-Executive) of the Company with effect from August 22, 2015 to hold office upto the date of ensuing AGM. The Company has received a notice in writing from a member proposing his candidature for the office of Non-Executive Promoter Director whose period of office would be liable to be determined by retirement of Directors by rotation.
The brief particulars of the said Directors have been given in the notice convening the ensuing Annual General Meeting and is annexed as additional information to the notice as required under Clause 49 of the Listing Agreement and your Board recommends their appointment/reappointment as set out in the notice.
Chief Financial Officer
As per Section 203 of the Companies Act, 2013 read with the relevant provisions, Mr. Vivek Jain, was appointed as the Chief Financial Officer of the Company with effect from April 29, 2014. However, Mr. Vivek Jain has resigned from the services of the Company with effect from July 17, 2014. Consequent to Mr. Vivek Jains resignation, the Board appointed Mr. Sanjeet Kumar Gupta as the Chief Financial Officer of the Company with effect from August 25, 2014.
Ms. Mamata Chakraborty, Company Secretary and Compliance Officer of the Company resigned from the post with effect from February 28, 2015. Consequent to Ms. Mamata Chakrabortys resignation, the Board appointed Ms. Richa Agarwal as the Company Secretary and Compliance Officer of the Company with effect from February 28, 2015.
DIRECTORS RESPONSIBILITY STATEMENT
Based on the framework of Internal Financial Controls maintained by the Company, work performed by the Internal, Statutory, Cost and Secretarial Auditors and external agencies, the reviews performed by Management and the relevant Board Committees, the Board, with the concurrence of the Audit Committee, is of the opinion that the Companys internal tinancial controls were adequate and effective as on 31st March, 2015.
Accordingly, pursuant to Section 134(5) of the Companies Act, 2013 the Board of Directors to the best of their knowledge and ability contirm:
a) that in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;
b) that we 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 at the end of the tinancial year and of the protit and loss of the Company for that period;
c) that proper and sufficient care has been taken 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;
d) that the annual accounts have been prepared on a "going concern" basis;
e) that proper internal financial controls were laid down and that such internal financial controls are adequate and were operating effectively; and
f) that proper systems to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively.
The Companys credit rating for Long-Term debts/facilities is C and Short-Term facilities is A4 (A Four), rated by the ICRA Limited.
DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES
|Sl. No.||Name of Company||Subsidiary/Joint Ventures/Associate Companies||% of Contribution|
|1||M/s. SKP Mining Pvt. Ltd.||Joint Venture Company||50%|
EXTRACT OF ANNUAL RETURN
The details of the extract of the Annual Return in Form MGT 9 is annexed herewith and forms part of this Report as Annexure-I.
The Company has not accepted any deposit within the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.
M/s. R. Kothari & Company (FRN: 307069E), Chartered Accountants, retire at the ensuing Annual General Meeting of the Company and have given their consent for re-appointment. The Company has received a certificate confirming their eligilibility to be reappointed as Statutory Auditors of the Company in terms of the provisions of Section 141 of the Companies Act, 2013 and Rules framed there under. The Auditors have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accounts of India as required under the provisions of revised Clause 49 of the Listing Agreement with the Stock Exchanges.
STATUTORY AUDITORS OBSERVATION
There are no qualifications or adverse remarks in the Auditors Report which require any clarification/explanation. The notes to accounts referred to in the Auditors Report are self-explanatory, and therefore, do not call for any further comments/explanations.
In terms of Section 148 of the Companies Act, 2013 read with Rule 14 of the Companies (Audit and Auditors) Rules, 2014, on the recommendation of Audit Committee, the Board of Directors has re-appointed M/s. A. J. S. & Associates, Cost Accountants (FRN 0001060), as Cost Auditor of the Company, at a remuneration of Rs. 35,000/- plus applicable taxes and re-imbursement of out of pocket expenses incurred by them to conduct an audit of the cost accounting records maintained by the Company for the current financial year beginning from 1st April, 2015 and ending on 31st March, 2016.
As required under section 148 of the Companies Act, 2013 read with Rule 14 of the Companies (Audit and Auditors) Rules, 2014, the remuneration payable to cost auditor is being placed at the ensuing Annual General Meeting for ratification by the members.
SECRETARIAL AUDIT REPORT
In terms of Section 204 of the Act and Rules made there under, M/s. A J & Associates, Practicing Company Secretary have been appointed as Secretarial Auditors of the Company. The report of the Secretarial Auditors is enclosed as Annexure II to this report.
SECRETARIAL AUDITOR OBSERVATION
The Secretarial Auditor has the following observations in Form MR-3 enclosed as Annexure II.
(i) The Chairman and Managing Director is one and the same person.
(ii) There were delays in filing of various Forms with Registrar of Companies (ROC), West Bengal.
(iii) The demise of Mr. S.K. Khandelwal, Director of the Company, was informed belatedly.
Our Comments are as under:
(i) There exist confusion in the implementation of the said provision and no notitication/claritication from MCA as so far been issued. The Company has discussed the matter with different consultants of repute but there exist in difference of opinion. We are looking into the matter again and will resolve the matter as the sooner to make it in line with the law. The Chairman is said to be a Chairman as he is being the Principal and Senior most Promoter, and the position is given to him as a respect by the Board.
(ii) Teething issues in implementation of New Companies Act, 2013, led to some delays in tiling.
(iii) The information of demise of Mr. S.K. Khandelwal was received by the Company after a lapse of more than a month.
During the year, M/s. Charupreeti & Co. (FRN: 3268561), Chartered Accountants has given their Internal Audit Report for the quarter ended 31st March, 2015 and has resigned from the Internal Auditor of the Company. Further M/s. NR & Associates (FRN: 102903), Cost Accountants has given their consent to appoint as an Internal Auditor of the Company for the tinancial year 2015-16.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company is equipped with proper and adequate system of internal controls for maintaining proper accounting, cost control and efficiency in operation.
The Company also has adequate system to ensure that all of its assets are safeguarded and protected against loss from unauthorised use or disposition, and transactions are authorised, recorded, and reported correctly. The internal control system is supplemented by internal audits, review by management, documented policies and procedures.
PARTICULARS OF EMPLOYEES
The prescribed particulars of employees required under Section 134(3)(q) read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached as Annexure III and forms a part of this Report of the Directors.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE AND OUTGO
A statement giving details of Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo as required under Section 134(3)(m) read with Rule 8 of Companies Cost (Accounts) Rules 2014 is annexed to this report as Annexure IV.
DECLARATION ON COMPLIANCE WITH CODE OF CONDUCTS
The Board has formulated a Code of Conducts for the Board Members and Senior Management of the Company, which has been posted on the website of the Company.
It is hereby affirmed that all the Directors and Senior Management Personnel have complied with the Code and a contirmation to that effect has been obtained from the Directors and the Senior Management.
PREVENTION OF INSIDER TRADING
The Company already had a structured Code of Conduct for Prevention of Insider Trading long back, with a view to regulate trading in securities by the Directors and designated employees of the Company. The Code has been further streamlined to keep parity with the new Companies Act, 2013.
The Code requires pre-clearance for dealing in the Companys shares and prohibits the purchase or sale of Companys shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed. The Board is responsible for implementation of the Code.
All Directors and the designated employees, who hold any shares in the Company, have contirmed compliance with the Code.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS/COURTS/TRIBUNALS
There are no signiticant material orders passed by the Regulators/Courts/Tribunals which would impact the going concern status of the Company and its future operations.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The Company has not given any loans or guarantees covered under the provisions of Section 186 of the Companies Act, 2013. The details of the investments made by Company are given in the notes to the Financial Statements.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
All contracts/arrangements/transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on arms length basis. During the year, the Company had not entered into any contract/arrangement/ transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions between the Company and the Directors, the management, or the relatives except for those disclosed in the Financial Statements.
Accordingly, particulars of contracts or arrangements entered into by the Company with related parties referred to in Section 188(1) of the Companies Act, 2013 in Form AOC-2 (Annexure V) is NIL.
The Board has, on the recommendation of the Nomination and Remuneration Committee framed a policy for selection and appointment of Directors, Key Managerial Personnel and their remuneration. A note on Remuneration Policy has been made a part of the Corporate Governance Report.
RISK MANAGEMENT POLICY
The Company has a defined Risk Management framework to identify, assess, monitor and mitigate various risks to key business objectives. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis.
The Risk Management Policy provides for identification of risk, its assessment and procedures to minimize risk. The policy is periodically reviewed to ensure that the executive management controls the risk as per decided policy.
POLICY ON PREVENTION OF SEXUAL HARASSMENT
The Company has adopted policy on Prevention of Sexual Harassment of Women at Workplace in accordance with The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
During the financial year ended 31st March, 2015, the Company has not received any Complaints pertaining to Sexual Harassment.
STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS UNDER SECTION 149(6)
The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Clause 49 of the Listing Agreement.
FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS
The Company proactively keeps its Directors informed of the activities of the Company, its management and operations and provides an overall industry perspective as well as issues being faced by the industry. The details of various familiarisation programmes provided to the Directors of the Company is available on the Companys website www.impexferrotech.com .
The composition and terms of reference of the Audit Committee has been furnished in the Corporate Governance Report forming a part of this Annual Report. There has been no instance where the Board has not accepted the recommendations of the Audit Committee.
NOMINATION AND REMUNERATION COMMITTEE
The composition and terms of reference of the Nomination and Remuneration Committee has been furnished in the Corporate Governance Report forming a part of this Annual Report.
STAKEHOLDERS RELATIONSHIP COMMITTEE
The composition and terms of reference of Stakeholders Relationship Committee has been furnished in the Corporate Governance Report forming a part of this Annual Report.
VIGIL MECHANISM POLICY
The Board has adopted a Vigil Mechanism Policy for the Company. This policy is formulated to provide opportunity to all the employees to access in good faith, to the Audit Committee of the Company in case they observe any unethical and improper practice or behaviour or wrongful conduct in the Company and to prohibit managerial personnel from taking adverse personnel action against such employee.
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of the Listing Agreement, the Board has carried out an evaluation of its own performance, the Directors individually as well as the evaluation of the working of its Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee.
A note on Board Evaluation has been made a part of the Corporate Governance Report.
The Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out in Clause 49 of the Listing Agreement. The Report on Corporate Governance as stipulated under Clause 49 of the Listing Agreement forms an integral part of this Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS
Managements Discussion and Analysis for the year under review, as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges, is presented in a separate section forming part of this Annual Report.
As required by Clause 49 of the Listing Agreement, the CEO/CFO certification has been submitted to the Board.
GREEN INITIATIVES IN CORPORATE GOVERNANCE
Ministry of Corporate Affairs has permitted Companies to send electronic copies of Annual Report, notices etc., to the e-mail IDs of shareholders. Your Company has accordingly arranged to send the soft copies of these documents to the e-mail IDs of shareholders wherever applicable. In case any shareholder would like to receive physical copies of these documents, the same shall be forwarded upon receipt of written request.
Your Directors wish to extend their thanks and appreciation for the valuable and continued support received from the Shareholders, Companys Bankers, Central and State Government Authorities, Stock Exchange(s), CDSL, NSDL and all other Business Associates for the growth of the organization.
Your Directors also wish to place on record their deep appreciation to all the employees for their commitment and continued contribution to the Company.
ANNEXURE FORMING A PART OF THIS REPORT OF THE DIRECTORS
The Annexure referred to in this Report and other information which are required to be disclosed are annexed herewith and form a part of this Report of the Directors:
|I||Extract of the Annual Return (Form MGT 9)|
|II||Secretarial Audit Report (Form MR 3)|
|III||Particulars of Employees|
|IV||Prescribed particulars of Conservation of Energy, Technology, Absorption and Foreign Exchange Earnings and Outgo|
|V||Particulars of Contract or Arrangements with Related Parties (Form AOC 2)|
|For and on behalf of the Board|
|Suresh Kumar Patni|
|Kolkata, 22nd August, 2015||Chairman cum Managing Director|
IMPEX FERRO TECH LIMITED
Our report of even date is to be read along with this letter.
1. Maintenance of Secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and process as were appropriate to obtain reasonable assurance about the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in Secretarial records. We believe that the process and practices, we followed provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Where ever required, we have obtained the Management representation about the Compliance of laws, rules and regulations and happening of events etc.
5. The Compliance of the provisions of Corporate and other applicable laws, rules regulations, standards is the responsibility of management. Our examination was limited to the verification of procedure on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.
|For A J & ASSOCIATES|
|CS ABHIJEET JAIN|
|Date : 22.08.2015||FCS No.: 4975|
|Place: Kolkata||C.P. No: 3426|
Annexure - III
|Sl. No.||Name of Director/KMP & Designation||Remuneration of Director/KMP for Financial Year 2014-15||% increase in Remuneration in the Financial Year 2014-15||Ratio of remuneration of each Director to median remuneration of employees|
|1.||Mr. Suresh Kumar Patni (Managing Director)||12,00,000||0%||10.23|
|2.||Mr. Satish Kumar Singh (Executive Director)||9,00,000||7.14%||7.68|
|3.||Mr. Vivek Jain (CFO) (Resigned w.e.f 17.07.2014)||2,28,448||0%||N.A.|
|4.||Mr. Sanjeet Kumar Gupta (CFO) (Appointed w.e.f 25.08.2014)||8,40,000||0%||N.A.|
|5.||Ms. Mamata Chakraborty (Company Secretary) (Resigned w.e.f 28.02.2015)||3,25,000||40%||N.A.|
|6.||Ms. Richa Agarwal (Company Secretary) (Appointed w.e.f 28.02.2015)||26,785||N.A.||N.A.|
i) No other Director other than the Managing Director and Executive Director received any remuneration other than siffing fees during the financial year 2014-15.
ii) In the financial year, there was an increase of 19.59% in the median remuneration of employees.
iii) There were 231 Permanent employees on the rolls of Company as on March 31, 2015.
iv) The remuneration of the Key Managerial Personnel put together is Rs. 35.20 Lacs which increased by 12.82% from Rs. 31.20 Lacs as against a loss at the PBT level in the financial year 2014-2015. The remuneration of the Key Managerial Personnel (KMPs) is linked to the market and is commensurate with their diverse responsibilities and experience
v) The market capitalisation of the Company as on 31st March, 2015 decreased by 39.70%, when compared to that of 31st March, 2014. The Company has not made any public offer in the recent past and accordingly comparison of public offer price and the current market price of the Companys shares will not be relevant.
vi) The key parameters for the variable component of remuneration availed by the directors are considered by the Board of Directors based on the recommendations of the Nomination and Remuneration Committee as per the Remuneration Policy for Directors and Senior Management Personnel.
vii) It is hereby affirmed that the remuneration paid during the financial year ended 31st March, 2015 is as per the Remuneration Policy of the Company.
Annexure - IV
Information pursuant to Section 134(3)(m) of the Companies Act, 2013.
A) Conservation of Energy
a. Energy conservation measures taken:
Close monitoring of operating parameters of high energy consuming equipment in plant.
Using power factor controller/capacitors to maintain power factor at optimum level.
Keeping maximum demand under control by scheduling auxiliary load during peak power consumption levels.
Replacement of old motor with energy efficient motors.
Replacement of tube light with LEDs.
b. Additional investment and proposals, if any, being implemented for reduction of consumption of energy:
To further install LED lamps, installation of energy efficient equipments, resizing of motor etc. The Company also proposes to install solar power equipments like night lighting systems and solar power pump sets to further conserve carbon emiffing thermal power.
c. Impact of the measures at (a) and (b) above for reduction of energy consumption and consequent impact on the cost of production of the goods:
With the implementation of the above means, energy cost is expected to be reduced and consequently there will be impact on the cost of production.
Total energy consumption and energy consumption per unit of production as per FORM-A attached.
B) Technology Absorption
a. Effort made in technology absorption as per Form-B attached
C) Foreign Exchange Earning and Outgo
a. Activities relating to export, initiative taken to increase exports, development of new export markets for the products & services and export plans:
The export revenue during the year was Rs. 184.51 Crores. The export team regularly visitthe international market, customer and end users. The Export team participate in all major trade fairs and events to improve the Companys visibility amongst the global market.
|b. Total Foreign Exchange used and earned:||(Rs. in Lacs)|
|Foreign Exchange earned||18451.37||17530.71|
|Foreign Exchange used||7836.60||9199.64|
(Disclosure of particulars with respect to Conservation of Energy)
|A. Power & Fuel Consumption|
|1. Electricity :|
|Unit (in Lacs-KWH)||1,897.23||1,547.02|
|Amount (Rs. in Lacs)||8,559.06||6,726.57|
|b) Own Generation|
|Unit (in Lacs-KWH)||Nil||287.71|
|Amount (Rs. in Lacs)||Nil||1,667.56|
|2. Coal #|
|Quantity (in M. T.)||25,123.43||77,215.64|
|Amount (Rs. in Lacs)||2,674.75||4,337.43|
|B. Consumption per unit of production|
|1. Electricity (Unit/MT)||4,317.42||4,402.64|
|2. Coal & Coke (Kg/MT)||571.72||701.56|
#used in production of Electricity (Power) & Ferro Alloys Production.
(Disclosure of particulars with respect to Technology Absorption) A. Research & Development (R&D)
|Specific areas in which R&D proposed to be carried out by the Company||None|
|Benefits derived||Does not arise|
|Future plan of action||Under Planning|
|Expenditure on R & D|
|d) Total R&D expenditure as a percentage of total turnover||Nil|
B. Technology absorption, adaptation and innovation Efforts made:
Continuous efforts are being made towards improvements in existing production process. Benefits:
Improvement in the quality of products; safe and environment friendly process.
|Particulars of imported Technology during last 5 years||Nil|
1. Details of Contracts or Arrangements or Transactions not at Arms Length Basis
|Name(s) of the Related Party and Nature of Relationship||Nature of Contracts/ Arrangements/ Transactions||Duration of the Contracts/ Arrangements/ Transactions||Salient Terms of the Contracts or Arrangements or Transactions including the value, if any||Justification for entering into such Contracts or Arrangements or Transactions||Date(s) of Approval by the Board||Amount paid as Advances, if any||Date on which the Special Resolution was passed in General Meeting as required under First Proviso to Section 188|
2. Details of Material Contracts or Arrangements or Transactions at Arms Length Basis
|Name(s) of the Related Party and Nature of Relationship||Nature of Contracts/ Arrangements/ Transactions||Duration of the Contracts/ Arrangements/ Transactions||Salient Terms of the Contracts or Arrangements or Transactions including the value, if any||Date(s) of Approval by the Board||Amount paid as Advances, if any||Amount paid as Advances, if any||Date on which the Special Resolution was passed in General Meeting as required under First Proviso to Section 188|
|For and on behalf of the Board|
|Suresh Kumar Patni|
|Kolkata, 22nd August, 2015||Chairman cum Managing Director|