Andrew Yule & Company Limited
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Y ANDREW YULE & COMPANY LIMITED YULE [1] Y ANDREW YULE & COMPANY LIMITED YULE Table of Contents Page Corporate Information ..................................................................................................................................................................03 Notice to Members ........................................................................................................................................................................04 Boards’ Report .................................................................................................................................................................................12 Corporate Governance Report ....................................................................................................................................................41 STANDALONE FINANCIAL STATEMENTS Independent Auditor’s Report .....................................................................................................................................................56 Comments of the Comptroller & Auditor General of India ...................................................................................................62 Balance Sheet ..................................................................................................................................................................................63 Statement of Profit and Loss ........................................................................................................................................................64 Statement of Cash Flow ................................................................................................................................................................65 Significant Accounting Policies ....................................................................................................................................................67 Notes to the Financial Statements ..............................................................................................................................................70 CONSOLIDATED FINANCIAL STATEMENTS Independent Auditor’s Report .....................................................................................................................................................91 Comments of the Comptroller & Auditor General of India ...................................................................................................96 Consolidated Balance Sheet .........................................................................................................................................................97 Consolidated Statement of Profit and Loss ..............................................................................................................................98 Consolidated Statement of Cash Flow .......................................................................................................................................99 Significant Accounting Policies ..................................................................................................................................................101 Notes to the Consolidated Financial Statements ..................................................................................................................104 Statement under Section 129(3) of the Companies Act, 2013 in form AOC-1 .............................................................126 [2] Y ANDREW YULE & COMPANY LIMITED YULE CORPORATE INFORMATION BOARD OF DIRECTORS CHIEF FINANCIAL OFFICER Shri Debasis Chairman & Managing Director Shri R.C. Sen Jana [from 17.08.2017] Director (Planning) COMPANY SECRETARY [from 01.08.2015 to 16.08.2017] Smt. Sucharita Das Shri Sunil Chairman & Managing Director (Addl. Munshi Charge)[from 01.04.2016 to 16.08.2017] STATUTORY AUDITOR Director (Personnel) [from 01.07.2012] V. Singhi & Associates Shri R.C. Sen Director (Finance) [from 19.03.2015] Chartered Accountants, Shri Bhaskar Nominee Director, Govt. of India 4, Mangoe Lane, Surendra Mohan Ghosh Sarani, Jyoti Mahanta [from 21.03.2016] Kolkata-700 001. Smt. Sanyukta Nominee Director, Govt. of India Samaddar [from 27.05.2015] SECRETARIAL AUDITOR Dr. Dhanpat Independent Director Vinod Kothari & Company Ram Agarwal [from 04.07.2016] Practising Company Secretaries, Shri Sudhir Independent Director 1006-1009, Krishna Building, Jhunjhunwala [from 04.07.2016] 224, A.J.C. Bose Road, Smt. Sipra Independent Director Kolkata-700 017. Goon [from 02.02.2017] COST AUDITOR AUDIT COMMITTEE DGM & Associates Dr. Dhanpat Ram Agarwal, Chairman Cost Accountants, Shri Sudhir Jhunjhunwala 64, B.B. Ganguli Street (2nd Floor), Shri R.C. Sen Kolkata-700 012. Smt. Sipra Goon BANKERS NOMINATION & REMUNERATION COMMITTEE Allahabad Bank Shri Sudhir Jhunjhunwala, Chairman Bank of Baroda Dr. Dhanpat Ram Agarwal Union Bank of India Smt. Sanyukta Samaddar United Bank of India Smt. Sipra Goon STAKEHOLDERS RELATIONSHIP COMMITTEE REGISTERED OFFICE Dr. Dhanpat Ram Agarwal, Chairman “Yule House”, Shri Sunil Munshi 8, Dr. Rajendra Prasad Sarani, Shri R.C. Sen Kolkata-700 001. Smt. Sipra Goon CIN – L63090WB1919GOI003229 Telephone Nos. (033)2242 8210/8550 CORPORATE SOCIAL RESPONSIBILITY COMMITTEE Fax : (033) 2242 9770 Shri Sudhir Jhunjhunwala, Chairman Website : www.andrewyule.com Shri Debasis Jana E-mail ID : [email protected] Shri Sunil Munshi Shri R.C. Sen NORTHERN REGIONAL OFFICE Smt. Sipra Goon 404, Guru Angad Bhavan, RISK MANAGEMENT COMMITTEE 71, Nehru Place, Shri Sunil Munshi, Chairman New Delhi-110 019. Shri Debasis Jana REGISTRAR & SHARE TRANSFER AGENT Shri R.C. Sen MCS Share Transfer Agent Ltd. COMMITTEE OF THE BOARD 12/1/5, Manoharpukur Road, Ground Floor, Kolkata-700 026. Shri Sunil Munshi, Chairman Phone Nos.(033) 4072 4051/4052/4053 Shri Debasis Jana Fax: (033) 4072 4050 Shri R.C. Sen Email : [email protected] [3] Y ANDREW YULE & COMPANY LIMITED YULE ANDREW YULE & COMPANY LIMITED (A Government of India Enterprise) CIN : L63090WB1919GOI003229 Registered Office: “YULE HOUSE”, 8, Dr. Rajendra Prasad Sarani, Kolkata-700 001 Tel.: (033) 2242-8210/8550; Fax: (033) 2242-9770 E-mail: [email protected]; Website: www.andrewyule.com NOTICE TO MEMBERS NOTICE is hereby given that the 69th Annual General Meeting of the members of Andrew Yule & Company Limited will be held at the Williamson Magor Hall of the Bengal Chamber of Commerce & Industry, Royal Exchange, 6, Netaji Subhas Road, Kolkata - 700001 on Monday, the 18th day of September, 2017 at 11.00 a.m. to transact the following business : ORDINARY BUSINESS : [01] To receive, consider and adopt the Audited Financial Statements of the Company for the financial year ended 31st March, 2017 including the Consolidated Audited Financial Statements for the year ended on that date together with the Reports of the Board of Directors, Auditors and Comments of the Comptroller & Auditor General of India (CAG) thereon. [02] To declare dividend for the year ended 31st March, 2017. [03] To appoint a Director in place of Shri Bhaskar Jyoti Mahanta (DIN: 07487571), who retires by rotation at this Annual General Meeting under Section 152(6) of the Companies Act, 2013 and being eligible, offers himself for re- appointment. [04] To consider and, if thought fit, to pass the following resolution as an Ordinary Resolution : “RESOLVED that persuant to the provisions of Section 142 of the Companies Act, 2013, Messrs U. S. Saha & Co. (CA0963), Chartered Accountants, the Statutory Auditors of the Company, appointed by the Comptroller and Auditor General of India for the Financial Year 2017-18 as per the provisions of Section 139(5) of the Companies Act, 2013, be paid a remuneration plus applicable tax, out of pocket expenses etc. as recommended by the Audit Committee and as may be mutually agreed between the Board of Directors of the Company and the Statutory Auditors.” SPECIAL BUSINESS : To consider and, if thought fit, to pass with or without modification the following resolutions : [05] As an Ordinary Resolution : “RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions, if any, of the Companies Act, 2013 read with the Rules made thereunder, including any amendment, modification or variation thereof, the Company hereby ratifies the remuneration of `1,45,000/- (Rupees one lakh forty-five thousand only) per annum plus out of pocket expenses at actuals and applicable taxes, if any, payable to Messrs DGM & Associates, Cost Accountants (Firm Registration No: 000038) who have been appointed by the Board of Directors as Cost Auditors of the Company to conduct the audit of the cost records of the Company for the financial year ending 31st March, 2018.” “RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorized to do all acts and take all such steps as may be necessary, proper or expedient to give effect to this resolution”. [06] As an Ordinary Resolution : “RESOLVED THAT subject to the terms and conditions as determined by the Government of India, Smt. Sipra Goon (DIN: 07743157) was appointed as a Part-time Non-Official Independent Director on the Board of Directors of the Company by the Department of Heavy Industry, Ministry of Heavy Industries & Public Enterprises, Government [Contd.] [4] Y ANDREW YULE & COMPANY LIMITED YULE of India vide order no.10(33)/2010-PE-I dated 2nd February, 2017 and subsequently pursuant to the provisions of Sections 149, 152, 161 and any other applicable provisions