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Andrew Yule & Company Limited ~~~ ~~~~ 0, ANDREW YULE & COMPANY LIMITED q;llf;:ft f<-"I Pi 2:s ~~Mfiidh~ (A GOVERNMENT OF INDIA ENTERPRISE) ( qm:i- mctiR q;'f ~) (~Ill~~ 1!1<f$ ~) 'YULE loiOUSE', 8, DR. RAJENDRA PRASAD SARANI, KOLKATA-700 001 POST BOX: 150, TELEPHONE· 033-2242-8210, 033-2242-8550, FAX: 91-033-2242-977C Website: www.andrewyule.com E-mail : [email protected] CIN No. L63090WB1919GOI003229 Ref.: AY CL/Sectl/ AGM 17-18 25th October, 2018 The General Manager Corporate Relationship Department, SSE Limited, 1st Floor, P. J. Towers, Dalal Street, Mumbai - 400 001 Dear Sir, Sub.: Annual Report of Andrew Yule & CompanyLimi ted for the year 2017-18 In terms of Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we submit herewith a copy of the Annual Report of the Company for the year 2017-18 which has been approved and adopted in the 70th Annual General Meeting of the Company held on 26th September, 2018. This is for your information and records. Thanking you, Yours faithfully, For Andrew Yule & Company Limited 5;1h (Sucharita Das) Company Secretary Enclo: As above CORPORATE INFORMATION BOARD OF DIRECTORS CHIEF FINANCIAL OFFICER Shri Debasis Jana Chairman & Managing Director Shri Partha Dasgupta [w.e.f. 17th August, 2017] Director (Planning)[till 16th August 2017] COMPANY SECRETARY Shri Sanjoy Bhattacharya Director (Planning) [w.e.f. 13th April 2018] Smt. Sucharita Das Shri Partha Dasgupta Director (Finance)[w.e.f. 6th July 2018] STATUTORY AUDITOR Shri Pravin L. Agrawal Nominee Director, Govt. of India [w.e.f. 17th May, 2018] M/s. U. S. Saha & Co. Shri Arvind Kumar Nominee Director, Govt. of India Chartered Accountants, [w.e.f. 12th December, 2017] 218, Kamalalaya Center, 2nd Floor, 156A, Lenin Sarani, Dr. Dhanpat Ram Non-Executive Independent Director Kolkata-700 013. Agarwal Shri Sudhir Non-Executive Independent Director SECRETARIAL AUDITOR Jhunjhunwala M/s. Vinod Kothari & Company Smt. Sipra Goon Non-Executive Independent Director Practising Company Secretaries, 1006-1009, Krishna Building, AUDIT COMMITTEE 224, A.J.C. Bose Road, Kolkata-700 017. Dr. Dhanpat Ram Agarwal, Chairman Shri Sudhir Jhunjhunwala COST AUDITOR Smt. Sipra Goon M/s. DGM & Associates Cost Accountants, NOMINATION & REMUNERATION COMMITTEE 64, B.B. Ganguli Street (2nd Floor), Shri Sudhir Jhunjhunwala, Chairman Kolkata-700 012. Dr. Dhanpat Ram Agarwal Shri Arvind Kumar REGISTRAR & SHARE TRANSFER AGENT Smt. Sipra Goon M/s. MCS Share Transfer Agent Ltd. 12/1/5, Manoharpukur Road, Ground Floor, Kolkata-700 026. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE Phone Nos.(033) 4072 4051/4052/4053 Shri Sudhir Jhunjhunwala, Chairman Fax: (033) 4072 4050, Email : [email protected] Shri Debasis Jana Shri Partha Dasgupta BANKERS Shri Pravin L. Agrawal Allahabad Bank Smt. Sipra Goon Bank of Baroda STAKEHOLDERS RELATIONSHIP COMMITTEE Union Bank of India Dr. Dhanpat Ram Agarwal, Chairman United Bank of India Shri Debasis Jana Shri Partha Dasgupta REGISTERED OFFICE Smt. Sipra Goon “Yule House”, 8, Dr. Rajendra Prasad Sarani, Kolkata-700 001. RISK MANAGEMENT COMMITTEE CIN – L63090WB1919GOI003229 Shri Debasis Jana, Chairman Telephone Nos. (033)2242 8210/8550 Shri Sanjoy Bhattacharya Fax : (033) 2242 9770, Website : www.andrewyule.com Shri Partha Dasgupta E-mail ID : [email protected] COMMITTEE OF THE BOARD OF DIRECTORS NORTHERN REGIONAL OFFICE Shri Debasis Jana, Chairman 404, Guru Angad Bhavan, Shri Sanjoy Bhattacharya 71, Nehru Place, Shri Partha Dasgupta New Delhi-110 019. n1 Vision q To position “YULE” as a leading brand by providing state-of-the-art products & commodity through continuous improvement & innovation. Mission q a INR 500 crores turnover by the year 2020. a Tapping new market to promote growth. a To deliver quality product and services on time. n2 BOARD OF DIRECTORS Shri Debasis Jana Chairman & Managing Director FUNCTIONAL DIRECTORS Shri Sanjoy Bhattacharya, Director (Planning) Shri Partha Dasgupta, Director (Finance) GOVERNMENT DIRECTORS Shri Pravin L Agrawal, Jt. Secretary, DHI Shri Arvind Kumar, Dy. Secretary, DHI INDEPENDENT DIRECTORS Dr. Dhanpat Ram Agarwal Shri Sudhir Jhunjhunwala Smt. Sipra Goon n3 Table of Contents Page Chairman’s Statement....................................................................................................................................................................05 Notice to Members ........................................................................................................................................................................07 Boards’ Report alongwith Annexures ........................................................................................................................................15 Corporate Governance Report ....................................................................................................................................................51 STANDALONE FINANCIAL STATEMENTS Independent Auditor’s Report .....................................................................................................................................................67 Comments of the Comptroller & Auditor General of India ...................................................................................................73 Other Notes to the Financial Statements ..................................................................................................................................74 Balance Sheet ..................................................................................................................................................................................89 Statement of Profit and Loss ........................................................................................................................................................90 Statement of Changes in Equity ..................................................................................................................................................91 Statement of Cash Flow ................................................................................................................................................................92 Notes to the Financial Statements ..............................................................................................................................................94 CONSOLIDATED FINANCIAL STATEMENTS Independent Auditor’s Report ...................................................................................................................................................121 Comments of the Comptroller & Auditor General of India .................................................................................................126 Other Notes to the Financial Statements ................................................................................................................................127 Balance Sheet ................................................................................................................................................................................141 Statement of Profit and Loss ......................................................................................................................................................142 Statement of Changes in Equity ................................................................................................................................................143 Statement of Cash Flow ..............................................................................................................................................................144 Notes to the Financial Statements ............................................................................................................................................146 Statement under Section 129(3) of the Companies Act, 2013 in form AOC-1 .............................................................173 Important Communication to Members Attention of the members is drawn to Securities and Exchange Board of India (SEBI) Circular SEBI/HO/MIRSD/ DOP1/CIR/P/2018/73 dated 20th April, 2018, which require shareholders holding shares in physical form and whose folio(s) do not have complete details relating to their PAN and bank account, or where there is any change in the bank account details provided earlier, to compulsorily furnish the details to RTA/ Company for registration/updation. n4 CHAIRMAN’S STATEMENT Dear Shareholders, As the Chairman & Managing Director of your Company, I feel extremely privileged and delighted in interacting with you on the occasion of 70th Annual General Meeting and presenting Annual Report of your Company for the financial year 2017-18. As you know, India’s economy returned to growth path in financial year 2017-18 as the Gross Domestic Product growth was 6.7% annually with a strong 7.7% growth in Debasis Jana the last quarter of the year. With this and the strong growth projected for the current Chairman & Managing Director year also, there will be growing opportunities in power generation, distribution and transmission equipment. Though the development in Steel and Power sectors remained sluggish, growth in the Petrochemical & Fertilizer sector hold hope for improving order booking for engineering business in the current year. The Tea division of your Company continues to grow from strength to strength through its special emphasis on Quality of its produce and is now recognized as one of the “Top Quality Tea Producer” in the industry. Your Company has
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