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श्री गणेश ज्वेलरी हाउस निदेशकों की रिपोर्ट, श्री गणेश ज्वेलरी हाउस निर्देशकों द्वारा रिपोर्ट

श्री गणेश ज्वेलरी हाउस

बीएसई: 533180  |  NSE: SGJHL  |  ISIN: INE553K01019  |  Diamond Cutting & Jewellery & Precious Metals

खोजें श्री गणेश ज्वेलरी हाउस कनेक्शन Mar 14
निदेशकों की रिपोर्ट वर्षांत : Mar '15
 Dear Members,
 
 The Directors have pleasure in presenting the Thirteenth Annual Report
 of the Company, together with the audited statement of accounts for the
 financial year ended 31st March, 2015.
 
 
 1.  FINANCIAL RESULTS
                                                        (Rs. in lacs)
 
 For the year ended 31st March                        Standalone
 
                                            Year ended        Year ended
                                            31st March,       31st March
                                               2015              2014
 
 Revenue from Operations                     44,886.70       9,83,087.67
 
 Other Income                                10,241.36            174.60
 
 Total Revenue/(Loss)                        55,128.06       9,83,262.27
 
 Profit/(Loss) Before Interest,               7,629.61       (47,052.49)
 Depreciation and Tax
 
 Less: Depreciation/amortization              1,033.51          2,242.51
 
 Less: Interest and finance charge           31,317.33         28,827.70
 (Net)
 
 Profit/(Loss) Before Exceptional          (24,721.23)       (78,122.70)
 Items & Tax
 
 Exceptional Item                                    -         39,059.14
 
 Profit/(Loss) Before Tax                  (24,721.23)     (1,17,181.84)
 
 Provision for taxes                         51,316.10       (39,994.82)
 
 Profit/(Loss) After Tax                   (76,037.33)       (77,187.02)
 
 Surplus at the beginning of the year        25,396.23       1,00,333.74
 
 Amount available for Appropriation        (50,641.10)         23,146.72
 
 
 2.  REVIEW OF OPERATIONS AND STATE OF COMPANY''S AFFAIRS
 
 The Company''s total revenue was Rs. 55,128.06 lacs for the year ended
 31st March, 2015 as compared to Rs. 9,83,262.27 lacs for the previous
 year. Your Company registered a loss after tax of Rs. 76,037.33 lacs
 for the year ended 31st March, 2015 as compared to a loss of Rs.
 77,187.02 lacs incurred in the previous financial year.
 
 3.  material changes and commitments
 
 No material changes and commitments have occurred from the close of the
 financial year till the date of this Report, which affects the
 financial position of the Company.
 
 4.  DIVIDEND
 
 In view of the loss for the current financial year, your Directors do
 not recommend any dividend for the financial year ended 31st March,
 2015.
 
 5.  TRANSFER TO RESERvES
 
 The Company is not statutorily required to transfer any amount to the
 General Reserve, as no dividend has been recommended for the financial
 year 2014-15.
 
 6.  CONSOLIDATED FINANCIAL STATEMENT
 
 In accordance with the Companies Act, 2013 (the Act) and Accounting
 Standard (AS) - 21 on Consolidated Financial Statements read with AS -
 23 on Accounting for Investments in Associates and AS - 27 on Financial
 Reporting of Interests in Joint Ventures, the audited consolidated
 financial statement is provided in the Annual Report.
 
 7.  SUBSIDIARY/ASSOCIATE/JOINT VENTURE COMPANIES
 
 Easy Fit Jewellery Limited, Sumit Jewels Private Limited, Gaja Finance
 Private Limited, Gaja Fincorp Private Limited (formerly known as Veeyu
 India Private Limited), Alex Mercury Power Private Limited, Shree
 Ganesh Jewellery House FZE, Shree Ganesh Jewellery House (Singapore)
 Pte Ltd. and Shree Ganesh Jewellery House (Ghana) Limited continued to
 be wholly owned subsidiaries of the Company and Gaja Retail Private
 Limited (formerly known as Gokul Jewellery House Private Limited)
 continued to be a subsidiary of the Company.
 
 Further, Shree Ganesh Jewellery House DMCC, Shirdi Commodities Private
 Limited, Shirdi Commosale Private Limited, Kamalraj Merchandise Private
 Limited and Chaturbhuj Vyapaar Private Limited continued to be step
 down subsidiaries of the Company.  Further, Shree Ganesh Jewellery
 House (HK) Limited was incorporated as a wholly owned subsidiary of
 Shree Ganesh Jewellery House (DMCC) on 15th August, 2014.
 
 Further, Oroitalia Chains Pvt. Ltd. also continued to be a Joint
 Venture of your Company whereas Alex Astral Power Pvt. Ltd., Alex
 Spectrum Radiation Pvt. Ltd. and Alex Green Energy Pvt. Ltd. continued
 to be Associate companies during the year under review.
 
 In line with Section 129(3) of the Companies Act, 2013 read with Rule 5
 of the Companies (Accounts) Rules, 2014, the Listing Agreement with the
 Stock Exchanges and in accordance with the Accounting Standard 21
 (AS-21), Consolidated Financial Statements prepared by your Company
 include financial information of its subsidiary Companies. Further, a
 report on the performance and financial position of each of the
 subsidiaries, associates and joint venture companies included in the
 Consolidated Financial Statements prepared by your Company as per Rule
 8(1) of the Companies (Accounts) Rules, 2014, forms part of a separate
 statement in Form AOC-1.
 
 The financial statements of the subsidiary companies and related
 information are available for inspection by the members at the
 Registered Office of your Company during business hours on all working
 days, except Saturdays, Sundays and public holidays, between 11.00 a.m.
 and 1.00 p.m. upto the date of the Annual General Meeting (AGM) as
 required under Section 136 of the Companies Act, 2013. Any member
 desirous of obtaining a copy of the said financial statements may write
 to the Company Secretary at the Registered Office of your Company.
 
 8.  PAID UP CAPiTAL
 
 The paid up Equity Share capital as at 31st March, 2015 stood at Rs.
 7,190.65 lacs. During the year under review the Company has not altered
 its share capital.
 
 9.  LISTING OF EQUITY SHARES
 
 Your Company''s equity shares are listed on National Stock Exchange of
 India Limited (NSE) and BSE Limited (BSE). Further, the Non-Convertible
 Debentures of the Company are listed on the Debt segment of BSE Limited
 (BSE).
 
 10.  human resources
 
 The Company has always given maximum importance for development of
 human resource, the vital asset responsible for continued success of
 the Company.
 
 The Company''s relentless effort to improve the performance of the
 employees by sharpening and honing their knowledge, skill and most
 importantly attitude continues to receive high priority.
 
 As on 31st March, 2015, our Company had 108 employees on its rolls.
 
 The Company wishes to put on record its deep appreciation for the
 co-operation and efforts of its employees for the betterment of the
 organisation.
 
 11.  CORPORATE SOCIAL RESPONSIBILITY (CSR)
 
 The Corporate Social Responsibility Committee (CSR Committee) of the
 Company has formulated the CSR Policy and the said Policy is available
 on your Company''s website, the link to the Policy is provided elsewhere
 in the Annual Report.
 
 The required details as specified in Companies (Corporate Social
 Responsibility Policy) Rules, 2014 is appended as Annexure I to the
 Directors'' Report.
 
 12.  code of conduct
 
 The Directors and Senior Management have affirmed compliance with the
 Code of Conduct for Directors and Senior Management of the Company. A
 declaration to this effect has been signed by the Chairman and
 Whole-time Director and forms part of the Corporate Governance Report.
 
 13.  public deposits
 
 The Company has not accepted any public deposits falling within the
 ambit of Section 73 of the Companies Act, 2013 and the Companies
 (Acceptance of Deposits) Rules, 2014 and as such, no amount on account
 of principal or interest on public deposits was outstanding as on the
 date of the balance sheet.
 
 14.  particulars of employees
 
 Statement on the particulars of employees pursuant to Section 134(3)(q)
 and 197(12) read with Rule 5(2) of the Companies (Appointment and
 Remuneration of Managerial Personnel) Rules, 2014 is given in Annexure
 II to this Report and also forms part of the Annual Report.
 
 15.  PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION,
 FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 The particulars of conservation of energy, technology absorption and
 foreign exchange earnings and outgo in accordance with the provisions
 of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the
 Companies (Accounts) Rules, 2014 is annexed as Annexure III and forms
 part of this Report.
 
 16.  RESPONSE TO QUALIFiED OPiNION IN THE AUDiTORS'' REPORT
 
 A) The Statutory Auditors in their report to the Members, have given
 qualified opinion and the response of your Directors with respect to
 them are as follows:
 
 Response to point no. (i) and (iii) - Fixed Deposit amounting to Rs.
 3,031.08 lacs was pledged with Axis Bank against various fund and non
 fund based limit sanctioned by the bank. On the maturity of the fixed
 deposit, it was adjusted with the cash credit balance in the Company''s
 books as all the fund based and non fund based limits are debited to
 cash credit account. However, at the Bank''s end the matured amount was
 not adjusted in the cash credit account but was transferred to a
 separate account of the Bank and Bank is providing interest on the
 same. Your Company has taken up the matter with the bank and has
 requested for adjustment of the matured fixed deposit with respective
 sanctioned limit as per the sanction terms.
 
 Response to point no. (ii) - Cash credit balance of Dhanalakshmi Bank
 as per Company''s book was Rs. 1,827.27 lacs and as per Bank
 confirmation was Rs. 1,918.86 lacs as the Bank had charged an excess
 amount of Rs. 91.59 lacs. Your Company had contested the excess amount
 claimed by the Bank in the Hon''ble High Court at Calcutta and had
 received a stay order on the excess claim made by the Bank.
 
 Response to point no. (iv) - Note. No. 7 includes Short term borrowings
 of Rs. 44,655.46 lacs have not been confirmed as on 31st March, 2015.
 Your Company is in the process of obtaining confirmation as on 31st
 March, 2015. However, your Company has already obtained Bank Statement
 as on 31st March, 2015 to reconcile the same and the outstanding is
 since being reconciled.
 
 B) The Statutory Auditors in their report to the Members, have stated
 Emphasis of Matter and the response of your Directors with respect to
 the same are as follows :
 
 Response to point no. (a) - Various sales tax matters pertaining to
 assessment years 2006-07 to 2011-12 are pending at various stages with
 respective competent authorities. However, the Directors believe that
 these shall be in favour of the Company.
 
 Response to point no. (b) - As explained in the Emphasis of Matter
 itself, although company has suffered significant operating losses
 during the year and is facing financial crunch with its inability to
 meet the financial obligations, your Company had applied for Composite
 Corporate Debt Restructuring with the banks to mitigate the above which
 was withdrawn by the banks in the consortium meeting held on 22nd
 January, 2015. The company had again requested for reconsideration of
 restructuring proposal by all the lenders. These facts have been
 disclosed in the notes by the management, in view of which, the
 accounts have been continued to be prepared under the going concern
 assumption.  These facts have fully been disclosed in note No.51 and 54
 of the Financial Statements.
 
 C) The Statutory Auditors in their report to the Members on other legal
 and statutory requirements have provided their remarks as per Section
 143(3) of the Companies Act, 2013 and the response of your Directors
 with respect to the same are as follows:
 
 Response to point no. (2)(a) and (b) - The explanation on the same have
 been provided in Paragraph 1 and 3 of Point 16(A) of the Directors''
 Report.
 
 Response to point no. (2)(f) - The explanation of the same have been
 provided in Point 33(A) of the Directors'' Report.
 
 17.  AUDiTORS
 
 The auditors, M/s Chaturvedi & Partners, Chartered Accountants, having
 Registration No. 307068E allotted by the Institute of Chartered
 Accountants of India hold office till the conclusion of the ensuing
 Annual General Meeting and being eligible, offer themselves for
 re-appointment.
 
 Your Company has received a confirmation from M/s Chaturvedi &
 Partners, Chartered Accountants to the effect that their
 re-appointment, if made, would be within the limits prescribed under
 Section 139 of the Companies Act, 2013 and the Rules framed thereunder.
 The Audit Committee and the Board of Directors of your Company
 recommend the re-appointment of M/s Chaturvedi & Partners, Chartered
 Accountants, as the Auditors of your Company. Members are requested to
 consider their re-appointment as Auditors of your Company to hold
 office from conclusion of ensuing AGM until the conclusion of next AGM
 on remuneration to be decided by the Board of Directors based on
 recommendation of the Audit Committee of your Company.
 
 18.  EXTRACT OF ANNUAL RETURN
 
 The details forming part of the extract of the Annual Return in Form
 MGT-9, as required under Section 92(3) of the Companies Act, 2013, read
 with Rule 12(1) of the Companies (Management and Administration) Rules,
 2014, is included as an Annexure iv to the Directors'' Report.
 
 19.  DIRECTORS
 
 During the year under review, Mrs. Sukla Mitra and Mr. Rezaul Haque, on
 the recommendation of the Nomination and Remuneration Committee of the
 Company, were appointed as Additional Directors (Category -
 Independent) on the Board of the Company w.e.f. 6th November, 2014 and
 12th February, 2015 respectively and also resigned from the Company as
 Directors w.e.f. 13th April, 2015 on medical grounds.
 
 Mr. Raman Chopra was appointed as an Additional Director (Category -
 Independent) of the Company w.e.f. 11th May, 2015 and Mrs. Arvinder
 Kaur Sodhi and Mr. Pradeep Dhir were appointed as Additional Directors
 (Category - Independent) w.e.f.  30th May, 2015. Further, during the
 year under review, Mr. Ashok Prakash Sahni, Chief Financial Officer of
 the Company, was appointed as Additional Director w.e.f. 11th May, 2015
 and as a Whole-time Director w.e.f. 1st June, 2015 for a term of 11
 months, subject to the approval of the shareholders, liable to retire
 by rotation.
 
 Further, during the year under review, Mr. Raj Mohan Choubey resigned
 as a Director of your Company w.e.f. 29th September, 2014 due to
 unavoidable personal reasons. Further, EXIM Bank also withdrew the
 nomination of Mr. Lokesh Kumar as Director from the Board of the
 Company which was accepted w.e.f. 1st December, 2014. Mr. D. P. Mathur
 also ceased to be a Director of your Company on account of sad demise
 on 7th December, 2014. Further, Mr. Paban Singh Ingty resigned as a
 Director of your Company w.e.f. 9th April, 2015 on medical ground.
 
 Mr. Paban Singh Ingty and Mr. Umesh Parekh are deemed to have vacated
 their office w.e.f. 9th April, 2015 and close of business hours of 30th
 May, 2015 respectively under Section 167(1)(a) of the Companies Act,
 2013. Further, Mr. Nillesh Parrekh is liable to vacate office under
 Section 167(1)(a) of the Act w.e.f. 30th June, 2015, on termination of
 his term of office as Whole-time Director (designated as Executive
 Chairman).
 
 The Board wishes to place on record its sincere appreciation of the
 contribution, advice and guidance extended by Mr. Raj Mohan Choubey,
 Mr. Lokesh Kumar, Mr. D. P. Mathur, Mr. Paban Singh Ingty, Mrs. Sukla
 Mitra, Mr. Rezaul Haque and Mr. Umesh Parekh during their tenure as
 Directors of your Company. The Company has received requisite notice in
 writing from members proposing Mr. Raman Chopra, Mrs. Arvinder Kaur
 Sodhi, Mr. Pradeep Dhir for appointment as Independent Directors and
 Mr.  Ashok Prakash Sahni as a Director (Category - Executive).
 
 In view of the reconstituency of the Board comprising of Additional
 Directors and Mr. Nillesh Parrekh (Chairman and Whole-time Director),
 non-rotational Director, none of the Directors retire by rotation at
 the ensuing AGM.
 
 The Company has received declarations from all the Independent
 Directors of the Company confirming that they meet with the criteria of
 independence as prescribed both under sub-section (6) of Section 149 of
 the Companies Act, 2013 and under Clause 49 of the Listing Agreement
 with the Stock Exchanges.
 
 The brief resume / details relating to Directors who are to be
 appointed / re-appointed are furnished in the Notice of the ensuing
 AGM. The Board of Directors of your Company recommends the appointment
 of Mr. Ashok Prakash Sahni as Director and Whole-time Director, and Mr.
 Raman Chopra, Mrs. Arvinder Kaur Sodhi and Mr. Pradeep Dhir as
 Independent Directors.
 
 20.  KEY MANAGERiAL PERSONNEL
 
 During the year under review, Mr. Ashok Prakash Sahni, being the Chief
 Financial Officer (CFO) of the Company was designated as Key Managerial
 Personnel u/s 203 of the Companies Act, 2013 w.e.f. 30th May, 2014.
 
 Mr. Mukund Chandak resigned from the post of Company Secretary of the
 Company vide letter dated 1st October, 2014.  Further, Mrs. Neha
 Jhunjhunwala, Associate Company Secretary bearing Membership No. A23732
 and possessing requisite qualifications was appointed as the Company
 Secretary and Key Managerial Personnel of your Company w.e.f. 15th
 January, 2015.
 
 Mr. Umesh Parekh, Managing Director of the Company, vacated his office
 u/s 167(1)(a) of the Companies Act, 2013 w.e.f. the close of business
 hours of 30th May, 2015 and is appointed as a Chief Executive Officer
 (CEO) and Key Managerial Personnel of the Company u/s 203 of the
 Companies Act, 2013 w.e.f. 1st June, 2015.
 
 21.  BOARD MEETINGS
 
 During the year under review, five Board Meetings were held on 30th
 May, 2014, 12th August, 2014, 21st October, 2014, 12th November, 2014
 and 12th February, 2015 in accordance with Section 173 of the Companies
 Act, 2013. Further, due to urgency of matters, resolutions were passed
 by circulation on 6th November, 2014 and 18th December, 2014 and
 confirmed in the subsequent Board Meetings.
 
 22.  VIGIL MECHANISM/WHISTLE BLOWER POLICY
 
 Pursuant to the Companies Act, 2013 and SEBI''s Circular dated 17th
 April 2014, the Board of Directors of your Company has adopted the
 Vigil Mechanism/Whistle Blower Policy and the same is available on the
 website of the Company under the Investors Section, the link of which
 is provided elsewhere in the Annual Report.
 
 23.  AUDIT COMMITTEE
 
 The Audit Committee has been reconstituted in accordance with the terms
 of reference of Section 177 of the Companies Act, 2013 and Clause 49 of
 the Listing Agreement. The details of the Audit Committee are given in
 the Corporate Governance Report.
 
 24.  POLICY ON DIRECTORS'' APPOINTMENT AND REMUNERATION
 
 The Company has a Nomination and Remuneration Committee (NRC) and the
 details of the Committee and terms of reference are set out in the
 Corporate Governance Report forming part of the Director''s Report. The
 NRC has framed a Policy which lays down a framework in relation to
 appointment and remuneration of Directors, Key Managerial Personnel and
 Senior Management of the Company. The weblink to the aforesaid Policy
 is provided elsewhere in the Annual Report.
 
 25.  PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
 
 Particulars of loans given, investments made, guarantees given and
 securities provided, if any, is furnished in Notes 12, 14, 19, 32 and
 33 to the financial statement.
 
 26.  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 an arm''s 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. Accordingly, the disclosure of Related Party Transactions
 as required under Section 134(3)(h) of the Companies Act, 2013 read
 with Rule 8(2) of the Companies (Accounts) Rules, 2014 in Form AOC-2 is
 not required.
 
 The Policy on materiality of related party transactions and dealing
 with related party transactions as approved by the Board is available
 on the website of the Company and the link to the same is provided
 elsewhere in this Annual Report.
 
 27.  RISK MANAGEMENT
 
 The Company has in place a mechanism to identify, assess, monitor and
 mitigate various risks associated with the business.  Major risks
 identified by the business and functions such as financial risks,
 regulatory risks are reviewed and discussed at the Audit Committee and
 Board Meetings. A Risk Management Policy has also been formulated and
 adopted by the Board.
 
 28.  SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS/COURTS
 
 During the year under review, the Banks withdrew their support for
 restructuring the credit facilities under Corporate Debt Restructuring
 mechanism. Your Company, thereafter, filed a Writ Petition before the
 Hon''ble High Court challenging inter-alia the actions of the Corporate
 Debt Restructuring Empowered Group. An Interim Order was thereafter
 passed by the Hon''ble High Court, Calcutta, directing continuation of
 the ''holding on operation'' of your Company.
 
 29.  performance EVALUATION OF BOARD
 
 Pursuant to the provisions of Section 134 of the Companies Act, 2013
 and Clause 49 of the Listing Agreement, an annual performance
 evaluation of the Board as a whole, Board Committees and Directors was
 carried out during the relevant financial year.
 
 The evaluation framework for assessing the performance of Directors
 comprises attendance of Board and Committee Meetings, quality of
 contribution to Board deliberations, and strategic perspectives or
 inputs in the growth of the Company. Further, a Member of the Board
 does not participate in the discussion of his/her evaluation.
 
 30.  familiarisation programme of independent directors
 
 At the time of appointment of a Director, a formal letter of
 appointment is given to the Director which inter-alia explains the
 role, functions and responsibilities expected of him as a Director. The
 Directors are also familiarized with the business model, operations and
 functions of the Company, etc at the Board Meetings. The Directors are
 also updated on the changes in relevant corporate laws, rules,
 regulations and guidelines on a continuous basis.
 
 The new Directors are provided with a copy of the Memorandum and
 Articles of Association, Annual Reports, various policies and documents
 of the Company to enable them to familiarize them with the Company''s
 code, procedures and practices.
 
 31.  INTERNAL cONTROL systems AND THEIR ADEQUARCY
 
 Your company''s internal control systems are adequate and commensurate
 with the nature and size of operations.
 
 The Internal Auditors carried out audit in different areas of your
 Company''s operations. The Audit Committee reviewed the audit programme
 and findings of the Internal Auditors.
 
 32.  DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
 (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
 
 The Company has zero tolerance for sexual harassment at workplace and
 has put in place a policy on prevention, prohibition and redressal of
 sexual harassment at workplace as per the provisions of Sexual
 Harassment of Women at Workplace (Prevention, Prohibition and
 Redressal) Act, 2013 and the Rules framed thereunder. As per the
 Policy, any employee may report his/her complaint to the Internal
 Complaints Committee constituted for this purpose. The said Policy can
 be viewed at the weblink provided elsewhere in the Report.
 
 The following is the summary of sexual harassment complaints received
 and disposed off during the year:
 
 i.  No. of complaints received: Nil
 
 ii.  No. of complaints disposed off: Nil
 
 33.  SECRETARIAL AUDIT
 
 M/s M R & Associates was appointed as the Secretarial Auditor of your
 Company pursuant to Section 204 of the Companies Act, 2013. The
 Secretarial Audit conducted by M/s M R & Associates for the financial
 year ended 31st March, 2015 is annexed as Annexure V to the Director''s
 Report.
 
 The explanation to the remarks in the Secretarial Audit Report are as
 follows:
 
 A) The Directors are disqualified under Section 164(2) of the Companies
 Act, 2013 and are not eligible to be re-appointed as Directors since
 debentures have not been redeemed on the due date. Mr. Paban Singh
 Ingty has resigned w.e.f. 9th April, 2015 whereas Mr. Umesh Parekh has
 vacated office w.e.f. the close of business hours of 30th May, 2015.
 Further, Mr. Nillesh Parrekh, being non-rotational Director, shall
 continue his office till the expiry of his term i.e. upto 30th June,
 2015 and shall not be re-appointed. Requisite e-form has been filed
 with the competent authority for disqualification of Directors.
 
 B) The Company has a pending case under Section 217(1)(e) and Section
 217(2A) of the Companies Act, 1956 and the matter is subjudice with the
 competent authority.
 
 34.  DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 In terms of provisions of Section 134 of the Companies Act, 2013, your
 Directors confirm that:
 
 a.  in the preparation of the annual accounts, the applicable
 accounting standards have been followed along with proper explanation
 relating to material departures;
 
 b.  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 Company''s state
 of affairs at the end of the financial year and of the loss of the
 Company for the period under review;
 
 c.  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;
 
 d.  the Directors have prepared the annual accounts for the period
 ended 31st March, 2015 on a going concern basis;
 
 e.  the Directors have laid down internal financial controls to be
 followed by the company and that such internal financial controls are
 adequate and operating effectively; and
 
 f.  the Directors have devised proper systems to ensure compliance with
 the provisions of all applicable laws and that such systems were
 adequate and operating effectively.
 
 35.  ACKNOWLEDGEMENT
 
 Your Directors take this opportunity to offer their thanks and deep
 sense of gratitude for the co-operation and support received from the
 government authorities, financial institution/banks, customers,
 vendors, shareholders and the society at large. We would also like to
 place on record, our sincere appreciation for the total commitment,
 dedication, contribution and hard work of employees across all levels.
 The credit for the Company''s achievement goes to them. We are deeply
 grateful to our shareholders for the confidence and faith reposed on
 us. Your Company looks forward to their continued co-operation in
 realisation of the corporate goals in the years ahead.
 
 
                             For and on behalf of the Board of Directors
 
                                                                    Sd/-
                                                         Nillesh Parrekh
 Place : Kolkata                                                Chairman
 Date : 30th May, 2015                                    DIN : 00050671
 
स्रोत: रेलीगरे टेचनोवा

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