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Comfort Intech Ltd. Directors Report
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You can view full text of the latest Director's Report for the company.
Market Cap. (Rs.) 321.54 Cr. P/BV 2.79 Book Value (Rs.) 3.60
52 Week High/Low (Rs.) 12/2 FV/ML 1/1 P/E(X) 45.70
Bookclosure 27/09/2023 EPS (Rs.) 0.22 Div Yield (%) 0.60
Year End :2015-03 
To the Members of the Company,

The Directors have pleasure in presenting the Twenty-First Annual Report on the business and operations of your Company with Audited Accounts for the year ended 31st March 2015. The financial results of the Company are summarized below:

FINANCIAL RESULTS:

                                                          (Rs. In Lacs)
PARTICULARS                  STANDALONE STANDALONE CONSOLI-   CONSOLI-
                             YEAR ENDED YEAR ENDED DATED      DATED 
                                                   YEAR       YEAR 
                             31st MARCH 31st MARCH ENDED 31st ENDED 31st
                             2015       2014       MARCH 2015 MARCH 2014

Total Revenue                   1408.46    1155.26    1425.74    1231.55

Profit Before Depreciation 
and Taxes                        594.68   (307.65)     553.69   (280.60)

Less: Depreciation                17.64      10.51      17.64      10.51
Less : Provision for

(a) Income Tax                    25.66      32.86      25.66      32.86

(b) Deferred tax                 (3.54)     (0.35)     (3.54)     (0.35)

Income Tax paid of earlier years   1.20     (0.41)       1.20     (0.41)

Total Tax Expenses                23.32      32.00      23.32     32.00
Profit / (loss) for the Year 553.72 (350.26) 512.73 (323.22)

Add: Brought forward 
from last year                    21.68     371.95     141.10     464.56

Distributable Profits            575.39      21.68     653.84     141.10
Appropriated as under:

Transfer to Special Reserve      110.74         --     110.74         -- 

Depreciation Adjustment            1.31         --       1.31         -- 

Proposed Equity Dividend          63.99         --      63.99         -- 

Tax on Distributed Profits        12.79         --      12.79         -- 

Balance Carried Forward to 
Balance sheet                    386.56      21.68     465.01     141.10
OPERATIONS:

During the year, the Operations of Your Company were satisfactory. Your Company is in the policy of giving short term loans based on scrutiny of paying capacity and risk involved.

During the year your Company has received an order from Reserve bank of India, Ahmedabad for the cancellation of certificate of Registration to carry on the business of Non-Banking Financial Institution under section 45-IA(6) of the Reserve Bank of India Act, 1934 vide order dated September 24, 2014. Your Company has filed an appeal against the above said order with the Appellate Authority, Ministry of Finance, Government of India, New-Delhi. The Hearing took place on March 20, 2015 and the order is awaited from the Appellate Authority.

FINANCIAL HIGHLIGHTS:

Consolidated Revenues:

The total consolidated income of the Company for the FY 2014-15 comprises operating revenues of Rs. 1414.08 Lacs and other income of Rs. 11.66 lacs as compared to previous fiscal operating revenues of Rs. 1230.40 lacs and other income of Rs. 1.15 lacs.

Standalone Revenues:

During the fiscal 2015, the total income of the Company stood at Rs. 1408.46 Lacs as compared to previous fiscal of Rs. 1155.26 Lacs.

Consolidated Profits / (Loss):

Profit stood at Rs. 536.05 Lacs before tax and Profit after Tax stood at Rs. 512.73 Lacs as compared to previous fiscal Loss before Tax stood at Rs. (291.12) Lacs and Loss after Tax stood at Rs. (323.22) Lacs.

Standalone Profits / (Loss):

Profit stood at Rs. 577.04 Lacs before tax and Profit after tax stood at Rs. 553.72 Lacs for the fiscal 2015 as compared to the previous year Loss before tax Rs. (318.17) Lacs and after tax Rs. (350.26) Lacs.

Your Company has proposed a dividend of 2% i.e Rs. 0.02 paise per equity share amounting to Rs. 63,98,762/- for the accounting year ended 31st March 2015.

Your company already intimated you regarding Wholly Owned Subsidiary in the name of Finsolution Services FZE, in United Arab Emirates. During the fiscal 2015, the gross operational income of the subsidiary stood at AED 1.03 lacs and Operating Loss for the fiscal year 2015 stood at AED (2.46) lacs as compared to the previous year AED 4.91 lacs and profit AED 1.74 lacs.

The standalone net worth of your company at the year end stands at Rs. 9171.70 Lacs which translated to a book value of Rs. 2.87/-. per share of face value of Re. 1/- each. The consolidated net worth of your company at the yearend stands at Rs. 9268.94 lacs which translated to a book value of Rs. 2.89/- per share of face value of Re. 1/- each. The Board has recommended a dividend of 2% i.e Rs. 0.02 paise per equity share amounting to Rs. 63,98,762/- (Rupees Sixty Three lacs Ninety Eight Thousand Seven Hundred and Sixty Two only) for the accounting year ended 31st March 2015.

RESERVES:

The Company has carried forward an amount of Rs. 1,10,74,313/- to Special Reserve DIVIDEND:

Your directors propose a dividend of 2% of the paid up equity capital of the Company i.e Rs. 0.02 per equity share amounting to Rs. 63,98,762/- (Rupees Sixty Three lacs Ninety Eight Thousand Seven Hundred and Sixty Two only) for the accounting year ended 31st March 2015.

DIRECTORS:

In accordance with the provisions of the Companies Act, 2013 and the Articles of Association, Mrs. Annu Agrawal, Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible, offers herself for reappointment.

All independent directors have given declaration that they meet the criteria of independence as laid down under section 149(6) of the Companies Act, 2013 and Clause 49 of listing agreement. All the directors of the Company have confirmed that they are not disqualified from being appointed as directors in terms of Section 164 of the Companies Act, 2013.

A brief resume and other details, as stipulated under the Listing Agreement for the above director seeking re-appointment is given as Additional Information on Directors which forms part of the Notice.

(i) Board Evaluation

Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of the Listing Agreement, a separate exercise was carried out to evaluate the performance of individual Directors including the Chairman of the Board who were evaluated on parameters such as level of engagement and contribution and independence of judgment thereby safeguarding the interest of the Company. The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman and the Non Independent Directors was carried out by the Independent Directors. The board also carried out annual performance evaluation of the working of its Audit, Nomination and Remuneration as well as Shareholders / Investors Relations and Grievance Committee. The Directors expressed their satisfaction with the evaluation process.

(ii) Remuneration Policy

The Board has, on the recommendation of the Nomination & Remuneration committee framed a policy for selection and appointment of Directors, Senior Management and their remuneration. The remuneration policy as adopted by the company envisages payment of remuneration according to qualification, experience and performance at different levels of the organization.

(iii) Details of Board Meetings held

During the year Six Board Meetings and one independent directors' meeting was held. The Details of the meetings and attendance thereof have been given in Corporate Governance Report. The provisions of Companies Act, 2013 and listing agreement were adhered to while considering the time gap between two meetings.

(iv) Constitution of Committees

The Board has constituted an Audit Committee, Nomination & Remuneration Committee and a Shareholders / Investors Relations and Grievance Committee, the details of which have been mentioned in the Corporate Governance Report which is forming a part of the Annual Report.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the requirement of Clause (c) of subsection (3) of Section 134 of the Companies Act, 2013, your Directors confirm that:

1. That in the preparation of the annual accounts for the financial year ended 31st March, 2015 the applicable accounting standard had been followed along with proper explanation relating to material departures.

2. That the directors had selected such accounting policies and applied them consistently and made judgments and estimates that were 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 and loss of the Company for the year under review.

3. That the directors had 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.

4. That the directors had prepared the accounts for the financial year ended 31st March, 2015 on a going concern basis.

5. That 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.

6. That the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively

AUDITORS:

(i) Statutory Auditor

The retiring auditors, namely M/s. Bansal Bansal & Co., Practicing Chartered Accountants, Mumbai, hold office until the conclusion of the forthcoming Annual General Meeting and are seeking re-appointment. They have confirmed that their appointment if made, at the Annual General Meeting, will be within the limits prescribed under Companies Act, 2013. They have also confirmed that they hold a valid peer review certificate as prescribed under Clause 41(1)(h) of the Listing Agreement. Members are requested to consider their reappointment.

(ii) Secretarial Auditor

In terms of Section 204 of the Companies Act 2013 and Rules made there under, M/s. R M Mimani & Associates LLP, Practicing Company Secretaries have been appointed Secretarial Auditor of the Company. The report of the Secretarial Auditors is enclosed as Annexure 3 to this report.

(iii) Internal Auditor

M/S N. Kanodia & Co., Practicing Chartered Accountant performed the duties of internal auditors of the company for 2014-15 and their report is reviewed by the audit committee from time to time.

COMMENTS ON AUDITOR'S REPORT:

Statutory Auditor:

As regards not making provision for retirement benefits of employees, the same has not been done in view of the meager staff strength.

With respect to the various loans given to Liquors India Limited amounting to 1.70 Crores without seeking permission of the Reserve Bank of India (RBI), even after cancellation of NBFC Certificate, is due to the contractual agreement entered prior to the cancellation of the registration. Since the Contractual agreement was entered by your Company with Liquors India Limited was much before the order for cancellation of registration received by your Company and your Company had to adhere to the terms and conditions of the agreement in the normal course of Business and in contrnuation to the previous loans granted to Liquors India Limited and hence the loan was granted.

As regards exposure norms of RBI for a single borrower, the limit has exceeded for one of the Borrower. The said exposure is secured which is more than sufficient to cover the entire amount due from the borrower and the management is confident of realizing these dues.

Reserve Bank of India vide its order dated 24th September, 2014 has cancelled certificate of registration issued to the Company. Your Company has filed an appeal against the about said order with the Appellate Authority, Ministry of Finance, Government of India, New-Delhi against the said RBI order. The Hearing took place on March 20, 2015 and the order is awaited from the Appellate Authority.

Secretarial Auditor:

Reserve Bank of India vide its order dated 24th September, 2014 has cancelled certificate of registration issued to the Company to carry on the business of Non-Banking Financial Institution under section 45-IA(6) of the Reserve Bank of India Act, 1934.

Your Company has filed an appeal against the above said order with the Appellate Authority, Ministry of Finance, Government of India, New-Delhi. The Hearing took place on March 20, 2015 and the order is awaited from the Appellate Authority. Further regarding the First information report (FIR) filed by the Reserve Bank of India, Ahmedabad against the Company and its Directors under various section of IPC, the same is still under investigation.

With respect to an Ex-parte ad interim order dated December 19, 2014 passed by the Securities Exchange Board of India (SEBI) under section 11(1), 11(4) and 11B of the Securities Exchange Board of India Act, 1992 in the matter of First Financial Services Limited for not accessing the capital market, your Company filed a reply with SEBI in this regard.

On 24th February 2015, a hearing took place in SEBI. No final order has been passed by SEBI in this regard. However, your Company has filed an appeal with the Securities Appellate Tribunal on 23rd July, 2015 in this regard.

With respect to the various loans given to Liquors India Limited amounting to 1.70 Crores without seeking permission of the Reserve Bank of India (RBI), even after cancellation of NBFC Certificate, is due to the contractual agreement entered prior to the cancellation of the registration. Since the Contractual agreement was entered by your Company with Liquors India Limited was much before the order for cancellation of registration received by your Company and your Company had to adhere to the terms and conditions of the agreement in the normal course of Business and in contrnuation to the previous loans granted to Liquors India Limited and hence the loan was granted.

As regards exposure norms of RBI for a single borrower, the limit has exceeded of one of the Borrower. Also the said exposure is secured which is more than sufficient to cover the entire amount due from the borrower and the management is confident of realizing these dues.

As regards delay in filing of certain returns/ forms with the Registrar of Companies, these forms/returns have been filed by making the payment of the additional fee as prescribed by the law.

The Company is in process of formulating the certain policies as required under the Companies Act, 2013 and listing agreement and will finalize the same as and when the policies are mandatorily applicable to the Company.

VIGIL MECHANISM/ WHISTLE BLOWER POLICY:

Pursuant to the provisions of section 177(9) & (10) of the Companies Act, 2013, a Vigil Mechanism for directors and employees to report genuine concerns has been established. The Vigil Mechanism Policy has been uploaded on the website of the Company at http://www.comfortintech.com/whistle_blower_policy.php.

RELATED PARTY TRANSACTIONS:

Related party transactions that were entered during the financial year were on an arm's length basis and were in the ordinary course of business. There were no materially significant related party transactions with the Company's Promoters, Directors, Management or their relatives, which could have had a potential conflict with the interests of the Company. Transactions with related parties entered by the Company in the normal course of business are periodically placed before the Audit Committee for its omnibus approval and the particulars of contracts entered during the year as per Form AOC 2 is enclosed as Annexure 4. The Board of Directors of the Company has, on the recommendation of the Audit Committee, adopted a policy to regulate transactions between the Company and its Related Parties, in compliance with the applicable provisions of the Companies Act 2013, the Rules there under and the Listing Agreement. This Policy was considered and approved by the Board and has been uploaded on the website of the Company at http://www.comfortintech.com/ related_party_transaction_policy.php.

SUBSIDIARY COMPANY:

Pursuant to sub-section (3) of section 129 of the Companies Act 2013, the statement containing the salient feature of the financial statement of a company's subsidiary or subsidiaries, associate company or companies and joint venture or ventures is given as Annexure 2.

Further, during the year your company has taken initiation to close the Wholly Owned Subsidiary in Dubai. The matter is under process.

EXTRACT OF ANNUAL RETURN:

The details forming part of the extract of the Annual Return in Form MGT 9 is annexed herewith as Annexure

5. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.

REMUNERATION RATIO OF THE DIRECTORS / KEY MANAGERIAL PERSONNEL (KMP) / EMPLOYEES:

The information required pursuant to Section 197 read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Companies (Particulars of Employees) Rules, 1975, in respect of employees & Key Managerial Person of the Company and Directors is furnished hereunder:

Sr. Name of the Director/        Designation             Remuneration
No        KMP                                            2014-15

1   Mr. Anil Agrawal             Managing Director       21,18,333

2   Mr. Bharat Shiroya           Whole time Director     13,01,458

3   Mrs. Ramadevi Gundeti        Company Secretary       10,40,276

4   Mr. Lalit Sethi**            Chief Financial Officer  9,62,591

Name of the Director       Remuneration    Increase/     Ratio/Times per 
KMP                        2013-14         Decrease      median of
                                                         employee 
                                                         remuneration

Mr. Anil Agrawal           14,25,000        6,93,333       8.15

Mr. Bharat Shiroya          9,25,167        3,76,291       5.01

Mrs. Ramadevi Gundeti      10,80,919         -40,643       4.00

Mr. Lalit Sethi*                 Nil        9,62,591       3.70

** Mr. Lalit Sethi was appointed as the Chief Financial Officer of the Company w.e.f 14th February, 2015 and ceased w.e.f. 30th May, 2015.

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

The Company has adequate system of internal control to safeguard and protect from loss, unauthorized use or disposition of its assets. All the transactions are properly authorized, recorded and reported to the Management. The Company is following all the applicable Accounting Standards for properly maintaining the books of accounts and reporting financial statements. The internal auditor of the company checks and verifies the internal control and monitors them in accordance with policy adopted by the company. The Company continues to ensure proper and adequate systems and procedures commensurate with its size and nature of its business.

BUSINESS RISK MANAGEMENT:

The company has been addressing various risks impacting the company and the policy of the company on risk management is provided elsewhere in this annual report in Management Discussion and Analysis.

FIXED DEPOSITS:

The Company has not accepted any fixed deposits as on 31st March 2015 so as to attract the provisions of Chapter V of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014 as amended from time to time.

CONSOLIDATED FINANCIAL STATEMENTS:

In accordance with the Accounting Standards AS-21 on Consolidated Financial Statements read with the Accounting Standard AS-23 on Accounting for investments in Associates, the Audited Consolidated Financial Statements are provided in the annual report.

MANAGEMENT DISCUSSION AND ANALYSIS AND CORPORATE GOVERNANCE REPORT:

The Management Discussion and Analysis for the year 2014-15 and a detailed report on Corporate Governance, as required under Clause 49 of the Listing agreement executed with the Stock Exchanges, are given in separate sections forming part of the Annual Report.

A Certificate from Statutory Auditors of the company, M/s. Bansal Bansal & Co., confirming compliance with the conditions of Corporate Governance stipulated in Clause 49 is annexed to the report on Corporate Governance.

PARTICULARS OF EMPOLYEES UNDER THE COMPANIES (APPOINTMENT & REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014:

The provisions of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended are not applicable to the company, as there are no employees whose remuneration is in excess of the limits prescribed.

LISTING:

The Equity Shares of the Company are at presently listed with the BSE Limited. The company is regular in payment of listing fee. During the year, the Securities Exchange Board of India has given an exit order to the Jaipur Stock Exchange vide order dated March 23, 2015 where our Company's shares are listed.

CASH FLOW STATEMENT:

In conformity with the provisions of Clause 32 of the Listing agreement and requirements of Companies Act, 2013, the Cash flow Statement for the year ended 31.03.2015 is annexed here to as a part of the Financial Statements.

ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE:

Information in accordance regarding conservation of energy, technology absorption and foreign exchange earnings and outgo is given in the Annexure 1.

POLICY ON SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013

A policy On Sexual Harassment of Women at Workplace has been drafted and approved by the Board in its meeting held on May 30, 2015. A committee namely Internal Control Committee has been construed for protection of women against Sexual Harassment at the workplace consisting of the following:

Name of Member                   Designation

Mrs. Annu Agrawal                Chairman

Mrs. Ramadevi Gundeti            Member

Mrs. Apexa Kadam                 Member
The Committee will look after the complaints received from the women employees and will also work for Safety of Women at workplace.

SEBI ORDER

Your Company has received an Ex-parte ad interim order dated December 19, 2014 passed by the Securities Exchange Board of India (SEBI) under section 11(1), 11 (4) and 11B of the Securities Exchange Board of India Act, 1 992 in the matter of First Financial Services Limited for not accessing the capital market. Your Company filed a reply with SEBI in this regard.

On 24th February 2015, a hearing took place in SEBI. No final order has been passed by SEBI in this regard. However, your Company has filed an appeal with the Securities Appellate Tribunal on 23rd July, 2015 in this regard.

RBI ORDER

Your Company has received an order from Reserve bank of India, Ahmedabad for the cancellation of certificate of Registration to carry on the business of Non-Banking Financial Institution under section 45-IA(6) of the Reserve Bank of India Act, 1934 vide order dated September 24, 2014.

Your Company has filed an appeal against the above said order with the Appellate Authority, Ministry of Finance, Government of India, New-Delhi. The Hearing took place on March 20, 2015 and the order is awaited from the Appellate Authority.

CORPORATE SOCIAL RESPONSIBILITY

Pursuant to the provisions of Section 135 of the Companies Act 2013 read with Schedule VII to the Companies Act 2013 and other applicable provisions, every company having net worth of rupees five hundred crore or more or turnover of rupees one thousand core or more or a net profit of rupees five crore or more during any financial year shall constitute a Corporate Social Responsibility Committee. Your Company has earned a profit of Rs 553.72 lacs (Standalone) for the year ended March 31, 2015 and accordingly provisions of Section 135 have now become applicable to your Company.

The Board has constituted a Corporate Management Committee to carry out the CSR Programme within specified budgets and timeframes. The Committee consists of the following Directors, namely:

Name of Member                  Designation

Mr. Anil Agrawal                Chairman

Mrs. Annu Agrawal               Member

Mr. Bharat Shiroya              Member

Mr. Jugal Thacker               Member
The Corporate Social Responsibility Policy was considered and approved by the Board of Directors in their meeting held on 8th August, 2015.

ACKNOWLEDGEMENT:

Your directors place on record their gratitude for the continued co-operation and guidance extended by the Securities and Exchange Board of India, Reserve bank of India, BSE Limited and take this opportunity to place on record their warm appreciation of the valuable contribution, unstinted efforts and the spirit of dedication by the employees and officers at all levels in the progress of the Company during the year under review.

Your directors also express their deep gratitude for the assistance, Co-operation and support extended to your company by the bankers, customers as well as the investing community and look forward to their continued support.

Place: Mumbai                   FOR AND ON BEHALF OF THE BOARD
Dated: 08.08.2015                           Sd/-
                                         ANIL AGRAWAL 
                                 Chairman & Managing Director


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