Kkalpana Plastick Ltd Directors Report.

Dear Shareholders Kkalpana Plastick Limited,

Your Directors are pleased to present the 28th Annual Report together with the Audited Statement of Accounts of Kkalpana Plastick Limited (‘the Company) for the year ended 31st March 2017.

Financial Performance
( In Lacs)
Particulars 2016-2017 2015-2016
Sales & other Income 43.74 50.19
Profit/ (Loss) before Depreciation , Interest & Tax (22.61) 17.02
Less : Depreciation 0.27 0.36
Interest 0.17 0.05
Profit / (Loss) before Tax (23.05) 16.61
Less : Provision for Tax
Current Tax 0.00 4.91
Deferred Tax 0.00 0.00
Tax Expense for earlier years 0.12 0.00
Profit / (Loss) After Tax (23.17) 11.69
Add: Profit brought forward from previous year. 51.36 39.67
Balance Carried to B/S 28.19 51.36

Indian Accounting Standards:

The Ministry of Corporate Affairs (MCA), vide its notification in the Official Gazette dated 16th February, 2015, notified the Indian Accounting Standards (Ind AS) applicable to certain classes of companies. IndAS has replaced the existing Indian GAAP prescribed under Section 133 of the Companies Act, 2013, read with Rule 7 of Companies (Accounts) Rules, 2014. For your Company, Ind AS is applicable from 1st April, 2017.

Dividend:

Due to loss of Rs. 23.17 Lacs incurred during the year, your Directors do not recommend any dividend for the financial year 2016-17.

Operations and State of Companys Affairs:

During the year under review, the turnover (comprises mainly other income) of the Company was Rs. 43.74 Lacs as compared to Rs. 50.19 Lacs in the previous year. The loss after tax is Rs. 23.17 lacs as against profit of Rs. 11.69 lacs in the previous year.

Transfer to General Reserve:

The Company proposes not to transfer any funds to the General Reserve for the financial year 2016-17.

Change in nature of Business, if any:

There has been no change in the nature of business of the Company.

Closure of Share Transfer Books and Record Date

The Register of Members and Share Transfer Books of the Company will be closed from 16th September, 2017 (Saturday) to 22nd September, 2017 (Friday) (both days inclusive) for the purpose of 28th Annual General Meeting of the Company to be held on Friday, 22nd September, 2017 and for determining dividend, if any declared by the Company for the Financial Year 2016-17.

The Record date for payment of the said dividend, if any as well as for E-Voting is 16th September, 2017.

Transfer of Amounts to Investor Education and Protection Fund

Your Company did not have any funds lying unpaid or unclaimed for a period of seven years. Therefore there were no funds which were required to be transferred to Investor Education and Protection Fund (IEPF).

Material changes and commitments affecting the financial position of the Company:

No material change and commitment affecting the financial position of the Company have occurred between the end of the financial year to which the financial statements relate and the date of the report.

Particulars of Loans, Guarantees and Investments:

The Company has not given loans, guarantees or made investments exceeding sixty per cent of its paid-up share capital, free reserves and securities premium account or one hundred per cent of its free reserves and securities premium account, whichever is more, as prescribed in Section 186 of the Companies Act, 2013.

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are provided in the financial statement (please refer to Note 3 to the financial statement).

Particulars of Contracts or Arrangements made with Related Parties:

In line with the requirements of the Companies Act, 2013 and Listing Regulations, your Company has formulated a policy on Related Party Transactions which is also available on the Companys website at www.kkalpanaplastick.com.

All transactions with the related parties during the year under review were on arms length basis and in the ordinary course of business. Thus, disclosure required under section 134(3) (h) of the Act in Form AOC-2 is not applicable to your Company.

Deposits:

Your Company has not accepted any deposit during the year under review in terms of Section 73 of the Companies Act, 2013 read with Companies (Acceptance of Deposit) Rules, 2014 and there were no unpaid deposits with the Company.

Details of Subsidiary/Joint-Venture/Associate Companies:

None of the company has become or ceased to become the subsidiary, joint venture or associate of your Company during the financial year 2016-17.

Risk Management:

In terms of the requirement of the Act, the Company has developed and implemented the Risk Management Policy and the Audit Committee of the Board reviews the same periodically.

Vigil mechanism/ Whistle Blower Policy:

Pursuant to the requirement of Section 177(9) of the Companies Act, 2013 read with Regulation 22 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has established vigil mechanism/ whistle blower policy to report genuine concerns or grievances. Protected disclosures can be made by a whistle blower through an e mail or phone or letter to the chairman of Audit Committee. The vigil mechanism/ whistle blower policy has also been posted on http:// kkalpanaplastick.com/policy-as-per-companies-act-2013/

Particulars of Employees:

None of the employees, employed during the year,was in receipt of remuneration,in aggregate of Rupees One Crore and Two Lakhs or more per annum for the financial year 2016-17 or Rupees Eight Lakh Fifty Thousand or more per month for any part of the Financial Year, as set out in the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Therefore, no details have been provided or required under section 197(12) of the Companies Act, 2013 read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

The ratio of remuneration of each Director to the median employees remuneration and other details in accordance with sub-section 12 of Section 197 of the Act, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, forms part of this report and is marked as "Annexure 1".

Internal financial controls:

The internal financial controls with reference to the Financial Statements are commensurate with the size and nature of business of the Company.

Share Capital:

The paid up Equity Share Capital as on 31st March, 2017 was Rs.552.85 lacs. During the year under review, there has not been any change in the Equity Share Capital of the Company. It has neither issued shares with differential voting rights nor issued sweat equity or granted stock options. As on 31st March, 2017, none of the Directors holds any shares in the company.

Directors & Key Managerial Personnel: Inductions:

During the year under review, Mr. Bibhakar Jha (DIN: 07208093) and Mr. Rama Kant Mishra (DIN: 06882372) were appointed as an Additional Director under the category Independent Director on the Board of the Company with effect from 28th November, 2016 and 14th February, 2017 respectively, to hold office till the conclusion of the ensuing Annual General Meeting of the Company. Pursuant to the provisions of Section 161 of the Companies Act, 2013, Mr. Jha and Mr. Mishra vacate office at the ensuing Annual General Meeting. However, the Company has received requisite notice from a member under section 160 of the Companies Act, 2013, proposing names of Mr. Bibhakar Jha and Mr. Rama Kant Mishra for the office of director. Accordingly, the Board recommends the resolution in relation to appointment of Mr. Jha and Mr. Mishra as an Independent Director for a term of five years, for the approval by the shareholders of the Company. Members are requested to refer to Item Nos. 4 and 5 of the Notice of the Annual General Meeting (AGM) and the related Explanatory Statement for details.The format of the letter of appointment is available on http://kkalpanaplastick.com/draft-appointment-letter/

Declaration by Independent Directors:

The Company has received necessary declarations from each Independent Directors of the Company pursuant to provisions of Section 149(7), confirming that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(1) (b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In the opinion of the Board, they fulfill the conditions of independence as specified in the Act and the Rules made there under and are independent of the management.

Re-appointments:

In accordance with the provisions of Section 152 of the Companies Act, 2013,Mr. Deo Kishan Kalwani (DIN: 03363450), Whole-Time Director of the Company, retires by rotation at the conclusion of the forthcoming Annual General Meeting and being eligible, has offered himself for re-appointment.

On the recommendation of the Nomination and Remuneration Committee, the Board of Directors, at its meeting held on 29th May, 2017, subject to the approval of the Members at the AGM, re-appointed Mr. DeoKishanKalwani as the Whole-Time Director of the Company, for a further term of 1 (one) year with effect from 01st April, 2017 up to 31st March, 2018. Members are requested to refer to Item No. 6 of the Notice of the AGM and the related Explanatory Statement for the terms of re-appointment and remuneration of Mr. Kalwani.Accordingly, approval of the members is sought for reappointment of Mr. Deo Kishan Kalwani at the forthcoming AGM.

None of the Independent Directors are due for re-appointment.

Cessations:

During the year under review, due to personal reasons, Mr. Jitendra Tiwari (DIN: 00228352) and Mr. Braj Kishor Shahi (DIN: 07291517) resigned from the Board of the Company with effect from 28th November, 2016 and 08th December, 2016 respectively. The Board appreciates the services rendered by them to the company.

Your Company has also received declaration from all the directors, as enumerated in section 164(2) and 184(1) of the Companies Act, 2013.

Familiarization Programme for Independent Directors:

The Company has organized a familiarization programme for the Independent Directors as per the requirement of the Companies Act, 2013 and Regulation 25(7) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which is also available on http://kkalpanaplastick.com/ wp-content/uploads/2016/03/FAMILIARIZATION-PROGRAMME-FOR-INDEPENDENT-DIRECTORS.pdf. All new independent directors inducted into the Board attended the orientation programme. Further, at the time of the appointment of an Independent Director, the company issues a formal letter of appointment outlining his/her role, function, duties and responsibilities. The format of the letter of appointment is available on http://kkalpanaplastick.com/draft-appointment-letter/.

Policy on Directors Appointment and Remuneration:

The current policy is to have an appropriate mix of executive and independent directors to maintain the independence of the Board, and separate its functions of governance and management. As of 31st March, 2017, the Board had 4 members, 1 of whom is executive and 3 are independent directors.

The Company has a Nomination and Remuneration Committee (NRC) and the Companys Policy for selection and appointment of Directors and their remuneration, is based on its NRC policy which, inter alia, deals with the manner of selection of the Directors and such other matters as provided under section 178(3) of the Companies Act, 2013 and Regulation 19(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The policy of the Company on directors appointment and remuneration, including the criteria for determining qualifications, positive attributes, independence of a director and other matters, as required under section 178(3) of the Companies Act, 2013 is available on http://kkalpanaplastick.com/policy-asper-companies-act-2013/.

There has been no change in the policy since last fiscal. We affirm that the remuneration paid to the directors is as per the terms laid out in the Nomination and Remuneration Policy of the Company.

Suitable resolutions for appointment / reappointment of Directors, as referred above, will be placed for approval of the members in the forthcoming Annual General Meeting. The brief resume and other information of the concerned directors, in terms of the provisions of Regulation 36(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015, have been detailed in the notice convening the forthcoming Annual General Meeting.

Board Evaluation:

The Company has devised a policy for performance evaluation of Independent Directors and the Board, which includes criteria for performance evaluation of the non-executive and executive Directors.

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the formal annual evaluation was carried out for the Boards own performance, its committees & Individual Directors.

A structured questionnaire was prepared after taking into consideration inputs received from the Directors, covering various aspects of the Boards functioning including adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligations and governance.

A separate exercise was carried out for the evaluation of individual Directors (both Executive and Non

– Executive/ Independent Directors), Board Committees and the Chairman. The Directors evaluation was broadly based on parameters such as, meeting the expectation of stakeholders, guidance and review of corporate strategy, risks, participation and attendance at Board / Committee meetings, interpersonal skills. The performance evaluation of the Chairman of the Company was undertaken by the Independent Directors taking into account the views of Executive Directors and Non –Executive Directors. The Independent Directors also assessed the quality, quantity and timeliness of flow of information between the Companys management and the Board. The directors expressed overall satisfaction on the evaluation process. Based on the feedback of the Board Evaluation Process, appropriate measures were taken to further improve the process and other aspects.

Directors Responsibility Statement:

In terms of Section 134 (5) of the Companies Act, 2013, the directors would like to state that:

a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures.

b) The directors had 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 financial year and of the profit or loss of the Company for that period.

c) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d) The directors had prepared the annual accounts on a going concern basis, and

e) The directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

f) The directors had devised proper system to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Board Meetings:

The Board met five times during the financial year. The dates of the Board Meetings were 30.05.2016, 13.08.2016, 14.11.2016, 13.02.2017 and 25.03.2017. The intervening gap between two consecutive Meetings was within the period prescribed under the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The details of Board Meetings along with Directors attendance are given below:

Name of Director Category Attendance of Directors
30.05.2016 13.08.2016 14.11.2016 13.02.2017 25.03.2017
Deo Kishan Kalwani Whole-Time Director Yes Yes Yes Yes Yes
Ananya Dey Non-Executive Independent Director Yes Yes Yes Yes Yes
JitendraTiwari (Resigned w.e.f 28.11.2016) Non-Executive Independent Director Yes Yes Yes NA NA
Braj Kishor Shahi (Resigned w.e.f 08.12.2016) Non-Executive Independent Director Yes Yes Yes NA NA
Bibhakar Jha (Appointed w.e.f 28.11.2016) Non-Executive Independent Director NA NA NA No Yes
Rama Kant Mishra (Appointed w.e.f 14.02.2017) Non-Executive Independent Director NA NA NA NA Yes

Committees of the Board:

The Board has three (3) Committees, details of which are given below:

1. Audit Committee : The Composition of the Committee and Directors attendance in the Committee Meetings held during the financial year 2016-17 is given below:

Name of Director Category Attendance of Directors
30.05.2016 13.08.2016 14.11.2016 13.02.2017
Deo Kishan Kalwani Whole-Time Director; Member of the Committee Yes Yes Yes Yes
Ananya Dey Non-Executive Independent Director; Member of the Committee Yes Yes Yes Yes
Jitendra Tiwari (Resigned w.e.f 28.11.2016) Non-Executive Independent Director; Chairman of the Committee Yes Yes Yes NA
Rama Kant Mishra (Appointed w.e.f 14.02.2017) Non-Executive Independent Director; Chairman of the Committee NA NA NA NA

2. Nomination and Remuneration Committee : The Composition of the Committee and Directors attendance in the Committee Meetings held during the financial year 2016-17 is given below:

Name of Director Category Attendance of Directors
26.11.2016 15.03.2017
Ananya Dey Non-Executive Independent Director, Member of the Committee Yes Yes
Jitendra Tiwari (Resigned w.e.f 28.11.2016) Non-Executive Independent Director, Chairman of the Committee Yes NA
Braj Kishor Shahi (Resigned w.e.f 08.12.2016) Non-Executive Independent Director, Member of the Committee Yes NA
Bibhakar Jha (Appointed w.e.f 28.11.2016) Non-Executive Independent Director, Member of the Committee NA Yes
Rama Kant Mishra (Appointed w.e.f 14.02.2017) Non-Executive Independent Director; Chairman of the Committee NA Yes

3. Stakeholders Relationship Committee: The Composition of the Committee and Directors attendance in the Committee Meetings held during the financial year 2016-17 is given below:

Name of Director Category
Deo Kishan Kalwani Whole-Time Director; Member of the Committee
Ananya Dey Non-Executive Independent Director; Member of the Committee
Jitendra Tiwari (Resigned w.e.f 28.11.2016) Non-Executive Independent Director; Chairman of the Committee
BibhakarJha (Appointed w.e.f 28.11.2016) Non-Executive Independent Director; Chairman of the Committee

During the year, the Committee had met on 13.04.2016, 28.04.2016, 12.05.2016, 28.05.2016, 14.06.2016, 30.06.2016, 13.07.2016, 29.07.2016, 05.09.2016, 16.12.2016, 23.12.2016, 06.01.2017, 20.01.2017 and 03.02.2017, wherein all directors were present.

Independent Directors Meeting:

During the year under review, the Independent Directors met on 17th March, 2017, inter alia, to: l Evaluate performance of Non-Independent Directors and the Board of Directors as a whole; l Evaluate performance of the Chairman of the Company, taking into account the views of the Executive and Non-Executive Directors; l Evaluation of the quality, content and timeliness of flow of information between the Management and the Board that is necessary for the Board to effectively and reasonably perform its duties. All Independent Directors were present at this Meeting.

Auditors and Auditors Report:

The Statutory Auditors of the Company, M/s. B.K. Sharma & Associates (Firm Registration No. 323388E), Chartered Accountants, Kolkata, retire at the ensuing Annual General Meeting and have confirmed their eligibility and willingness to accept office, if appointed. The Audit Committee and the Board of Directors recommends the appointment of M/s. B.K. Sharma & Associates, Chartered accountants, as the Auditors of the Company for a continuous period of 5(five) years subject to ratification by the shareholders at every subsequent Annual General Meeting.

Further, the Auditors have confirmed that they have undergone the peer review process of the Institute of Chartered Accountants of India (ICAI) and hold a valid certificate issued by the ‘Peer Review Board of ICAI. The observations of the Auditors in the Report on Accounts read with the relevant notes are self-explanatory and do not call for any further comments.

Cost Audit:

The turnover of the Company in the immediately preceding financial year does not exceed the prescribed limit as mentioned in Companies (Cost Records & Audit) Rules, 2014 and hence, cost audit is not applicable to the company.

Secretarial Audit:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors had appointed M/s. B.K. Barik & Associates (Membership No. FCS 5696 & COP No. 3897), Practicing Company Secretary for conducting secretarial audit of the company for the financial year 2016-17.

The report of the Secretarial Auditors for the Financial Year 2016-17 in Form MR-3 is annexed herewith as "Annexure 2" to this report. The report is self-explanatory and does not call for any further comments.

Extract of Annual Return:

Pursuant to the provisions of Section 92(3) and 134(3) (a) of the Companies Act, 2013 (‘the Act) and Rule 12(1) of the Companies (Management and Administration) Rules, 2014, extract of annual return is annexed and marked as "Annexure 3".

Disclosures under Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013:

The Company has zero tolerance for sexual harassment at workplace and has adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed there under.

During the financial year 2016-17, no complaint of sexual harassment has been received by the Company.

Corporate Social Responsibility (CSR)

The provision of section 135(1) of Companies Act 2013 i.e. corporate social responsibility is not applicable on your company. Therefore your company has not constituted CSR committee.

Human Resources and Industrial Relations:

During the year, your company maintained harmonious and cordial Industrial Relations.

Your Directors acknowledge and appreciate the efforts and dedication of employees to the company.

Significant and Material Orders passed by the Regulators:

During the year under review, no significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status and Companys operations in future.

Policies:

The SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015 mandated the formulation of certain policies for all listed companies. All applicable policies are available on http:// kkalpanaplastick.com/policy-as-per-companies-act-2013/. The policies are reviewed periodically by the Board and updated based on need and new compliance requirement.

Management Discussion and Analysis Report

As required by Regulation 34(2) (e) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a detailed Management Discussion and Analysis Report for the year under review, is presented in a separate section forming part of the annual report and marked as "Annexure 4".

Corporate Governance

Your Company is committed to maintaining the highest standards of Corporate Governance. Your Company has complied with the applicable Corporate Governance requirements of the Listing Agreements with the Stock Exchanges.

It may be noted that Regulation 17 to 27 and clauses (b) to (i) of sub-regulation (2) of Regulation 46 and para C, D and E of Schedule V of SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015 are not applicable to your company pursuant to provisions of Regulation 15 of the said Regulations as the Paid up Capital of the Company is below Rupees Ten Crores and Net worth below Rupees Twenty Five Crores as on the last day of the previous Financial Year as well as on date of the report.

As such the Company is not required to mandatorily append to this report the Corporate Governance Report or the Declaration stating that the management personnel have affirmed compliance with the code of conduct of board of directors and senior management or the compliance certificate from either the auditor or practicing company secretaries regarding compliance conditions of corporate governance.

Particulars of Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo.

Particulars required to be furnished under Section 134(3) (m) of The Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014.

(a) Conservation of energy

(i) the steps taken or impact on conservation of energy -
(ii) the steps taken by the company for utilizing alternate sources of energy -
(iii) the capital investment on energy conservation equipments Nil

(b) Technology absorption

(i) the efforts made towards technology absorption -
(ii) the benefits derived like product improvement, cost reduction, product development or import substitution
(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)- -
(a) the details of technology imported -
(b) the year of import; -
(c) whether the technology been fully absorbed -
(d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof -
(iv) the expenditure incurred on Research and Development Nil

(c) Foreign Exchange earnings and outgo

Earning Nil
Outgo Nil

Acknowledgement

Your Directors take this opportunity to thank the Financial Institutions, Banks, Central and State Governments authorities, Regulatory authorities, Stock Exchanges and all the various stakeholders for their continued co-operation and support to the Company.

Your Directors wish to convey their sincere appreciation to all of the Companys employees and workers at all level for their enormous personal efforts as well as their collective contribution to the Companys performance.

Registered Office: By Order of the Board of Directors
2B Pretoria Street,
Kolkata – 700 071
Deo Kishan Kalwani (DIN: 03363450)
(Chairman)
Date : 29th May, 2017

‘Annexure 1

Disclosure in Boards report as per the provisions of section 197(12) of the Companies Act,2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2016.

Sl.No. Requirements of Rule 5(1) Name & Designation of Key Managerial Personnel Details
1 The ratio of remuneration of each director to the median remuneration of the employees of the Company for the financial year. Mr. D.K. Kalwani, Whole Time Director 5:4
2 The percentage increase in remuneration of each director, CFO, CEO, CS or manager, if any, in the financial year. Mr. D.K. Kalwani, Whole Time Director 6.42%
Miss Neha Jain, CFO & CS 11.11%
3 The percentage increase in the median remuneration of employees in the financial year. The median remuneration of the employees in the financial year was increased by 11%
4 The number of permanent employees on the rolls of Company There were 03 Employees as on 31.03.2017.
5 The explanation on the relationship between average increase in remuneration and company performance. Omitted by Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2016 dated 30.06.2017.
6 Comparison of the remuneration of the KMP against the performance of the Company. Omitted by Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2016 dated 30.06.2017.
7 Variation in the market capitalization of the company, price earnings ratio as at the closing date of the current financial year and previous financial year and percentage increase over decrease in the market quotations of the shares of the company in comparison to the rate at which the company came out with the last public offer in case of listed companies, and in case of unlisted companies, the variations in the net worth of the company as at the close of the current financial year and previous financial year. Omitted by Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2016 dated 30.06.2017.
8 Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with percentile increase in the managerial remuneration and justification there of and point out if there are any exceptional circumstances for increases in the managerial remuneration. Average salary increase of non-managerial employees is 11%
Average salary increase of managerial employees is 11%.
There are no exceptional circumstances for increase in the managerial remuneration.
9 The key parameters for any variable component of remuneration availed by the directors. Omitted by Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2016 dated 30.06.2017.
10 Comparison of the each remuneration of the Key Managerial Personnel against the performance of the Company. Omitted by Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2016 dated 30.06.2017.
11 The ratio of the remuneration of the highest paid director to that of the employees who are not directors but receive remuneration in excess of the highest paid director during the year. Omitted by Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2016 dated 30.06.2017.
12 Affirmation that the remuneration is as per the remuneration policy of the Company. It is hereby affirmed that the remuneration paid is as per the Remuneration Policy for Directors , KMP and other employees.

 

Registered Office: By Order of the Board of Directors
2B Pretoria Street,
Kolkata – 700 071
Deo Kishan Kalwani (DIN: 03363450)
(Chairman)
Date : 29th May, 2017