DIRECTORS REPORT TO THE SHARE HOLDERS Your Directors have pleasure in presenting their report together with the audited Balance sheet as at 31s' March 2015 and Statement of Profit & Loss for the year ended on that date. Management Discussion and Analysis Report As required under clause 49 of the listing Agreement with the 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. As report on Corporate Governance is included as part of this report. Certificate from the Statutory Auditors of the Company M/s Ashok Kumar Natwarlal & Co., Chartered Accountants 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 has no such dues related to Annual listing Fees. Dematerialization of shares As on 31st March 2015, 83.31% of the Company's total equity shares representing 1,55,53,023 equity shares were held in dematerialized form. The Company's registrar are M/s Niche Technologies Private Limited having their registered office at D/511 Bagree Market, 5th Floor, 71, B R B Basil Road Kolkata-700001. Number of Board Meetings Held The Board of Directors duly met Nine Times during the financial year from Is' April 2014 to 31st March 2015. The dates on which meetings were held are as follows: 05/04/2014.31/05/2014,01 /07/2014,11 /07/2014, 29/09/2014, 31/10/2014, 01/12/2014, 13/01/2015, 30/03/2015 Directors Pursuant to the Provisions of Section 161 (1) of the Companies Act, 2013 read with the Articles of Association of the Company, Smt Tuhina Rakshit is appointed as Additional Director of the Company with effect from 14.05.2015 Directors Responsibility Statement Pursuant to Section 134(5) of the Companies Act, 2013 Director of your company hereby state and confirm that:- a)In the preparation of the annual accounts for the year ended 31st March 2015, the applicable accounting standards have been followed along with proper explanation relating to material departures; b)They 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 financial year and of the profit of the Company for the same period; 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)They have prepared the annual accounts on a going concern basis; e) They have laid down internal financial controls in the company that are adequate are were operating effectively; f) They have devised proper systems to ensure compliance with the provisions of all applicable laws and these are adequate and are operating effectively. Audit Observations Auditors' observation are suitably explained in notes to the Accounts and are self-explanatory. Auditors: a) Statutory Auditors:- The Auditors M/s Ashok Kumar Natwarlal and Co. Chartered Accountants, Kolkata retire at this Annual General Meeting and being eligible, offer themselves for reappointment. b) 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 the Companies Secretary in Practice is enclosed as a part of this report. c) Internal Auditors:- M/s J P Lakhotia & Associates are the Internal Auditors of the Company. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo Information required under Section 134(3)(m) of the Companies Act, 2013 read with rule 8 of the Companies (Accounts) Rules, 2014 is not applicable to the Company. Corporate Social Responsibility In terms of Section 135 and Schedule VII of the Companies Act, 2013, the CSR is not applicable for the Company. Vigil Mechanism In pursuant to the provisions of Section 177(9) & (10) of the Companies Act, 2013 a vigil Mechanism for Directors and Employee to report genuine concerns has been established. Related Party Transactions Related Party transactions does not entered with the any transaction of the Company. Hence, there is no related Party Transaction so the applicability of Form AOC-2 is not required. Extracts of Annual Return The details forming part of the Extract of the Annual Return in form MGT-9 is annexed. Acknowledgement Directors deeply acknowledge the trust and confidence you have placed in the company. Director would also like to thank all its Banker, Customer, Vendors and Shareholders for their Continued support to the Company. In specific, the Board would also record its sincere appreciation of the Commitment and Contribution made by all employees of the Company. BY ORDER OF THE BOARD ECONO TRADE INDIA LIMITED Signatory / Director Kolkata |