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108 Pages·2017·1.57 MB·English

N O T I C E
NOTICE is hereby given that the 76th Annual General meeting and that the Board of Directors be and
Meeting of the members of Amrit Corp. Limited (CIN: is hereby authorized to fix remuneration, as may
L15141UP1940PLC000946) will be held at be determined by the Audit Committee in
Chaudhary Bhavan (Near Jain Mandir), E Block, consultation with Auditors.
Kavi Nagar, Ghaziabad - 201 002 (U.P.) on Tuesday,
RESOLVED FURTHER that the Board of
the 19th day of September, 2017 at 11.00 a.m. to
Directors of the Company (including its
transact the following businesses:
Committees) be and is hereby authorized to do
1. To receive, consider and adopt the audited all acts, deeds and things and take all such steps
Balance Sheet of the Company as at 31st March, as may be considered necessary, proper or
2017 and the Statement of Profit & Loss for the expedient to give effect to this Resolution.”
year ended on that date together with the reports
By Order of the Board
of the Board of Directors and Auditors thereon.
For AMRIT CORP. LTD.
2. To declare Dividend on Equity Shares.
3. To appoint a Director in place of Shri A. K. Bajaj Regd. Office:
(DIN: 00026247), who retires by rotation and CM/28, Ist Floor, (P. K. DAS)
being eligible, offers himself for re-appointment. Gagan Enclave, Company Secretary
4. To appoint Auditors to hold office from the Amrit Nagar, G.T. Road,
conclusion of this Annual General Meeting until Ghaziabad-201 009 (U.P.)
the conclusion of Eighty First (81st) Annual Dated: July 17, 2017
General Meeting and to fix their remuneration
NOTES:
and to pass the following Ordinary Resolution:
1. A member entitled to attend and vote at the
“RESOLVED that pursuant to the provisions of
annual general meeting is entitled to appoint
Section 139, 142 and other applicable
a proxy to attend and on a poll to vote instead
provisions, if any, of the Companies Act, 2013
of himself. The proxy need not be a member
(‘Act’) and the Rules made thereunder, Messrs
of the company. A blank form of proxy is
Mukesh Aggarwal & Co., Chartered Accountants
enclosed and if intended to be used, it should
(Firm Registration No. 011393N), be and are
be deposited duly completed at the registered
hereby appointed as Statutory Auditors of the
office of the company not less than forty eight
Company (in place of M/s. V. Sahai Tripathi &
hours before the scheduled time of the
Co., Chartered Accountants, the retiring
meeting.
Auditors) for a term of five (5) years commencing
from the Company’s financial year 2017-18, to A person can act as a proxy on behalf of
hold office from the conclusion of this seventy members not exceeding fifty and holding in
sixth (76th) Annual General Meeting to the the aggregate not more than ten percent of
conclusion of eighty first (81st) Annual General the total share capital of the Company
Meeting, subject to ratification of appointment carrying voting rights. A member holding
by the members at every intervening annual more than ten percent of the total share capital
general meeting, held after this annual general of the Company carrying voting rights may
appoint a single person as proxy and such 7. Members holding shares in physical form are
person shall not act as a proxy for any other requested to intimate immediately to the
person or shareholder. Registrar & Share Transfer Agent of the
Company, M/s MAS Services Ltd., T-34, 2nd
2. A statement giving relevant details of the director
Floor, Okhla Industrial Area, Phase-II, New
seeking appointment/ reappointment under Item
Delhi-110 020 quoting registered Folio No. (a)
No. 3 of the accompanying notice, as required
details of their bank account/change in bank
under SEBI (Listing Obligations & Disclosure
account, if any, to enable the Company to print
Requirements) Regulations, 2015 is annexed
these details on the dividend warrants; and (b)
herewith.
change in their address, if any, with pin code
3. Corporate members intending to send their number. The following information to be
authorized representatives to attend the incorporated on the dividend warrants may be
meeting are requested to send the Company a furnished:
certified copy of the Board Resolution
i) Name of Sole/First joint holder and the folio
authorizing their representatives to attend and
number.
vote on their behalf at the meeting.
ii) Particulars of Bank Account, viz.
4. In case of joint shareholder attending the
meeting, only such joint holder who is higher in (a) Name of the Bank
the order of names will be entitled to vote.
(b) Name of the Branch
5. The Registers of Members and Share Transfer
(c) Complete address of the Bank with Pin
Books of the Company will remain closed from
Code number
Wednesday, September 13, 2017 to Tuesday,
September 19, 2017 (both days inclusive) for (d) Bank Account Number allotted by the
the purpose of annual closure of books. Bank and nature of the Account
(Savings/Current etc.)
6. Shareholders of the Company are informed that
pursuant to the provisions of Section 205A(5) 8. Relevant documents referred to in the
and 205C of the Companies Act, 1956 accompanying Notice and the Statement are
(Corresponding Section 124(5) of the open for inspection by the members at the
Companies Act, 2013, yet to be notified) the Registered Office of the Company on all working
amount of dividend which remains unpaid/ days, except Saturdays, during business hours
unclaimed for a period of 7 years would be up to the date of the Meeting.
transferred to the ‘Investor Education &
9. In terms of Section 72 of the Companies Act,
Protection Fund’ constituted by the Central Govt.
2013, the shareholders of the Company may
Shareholders who have not encashed their
nominate a person on whom the shares held by
dividend warrant(s) for the years from 2009-10
him/them shall vest in the event of his/their death.
to 2015-16 are requested to make claim with
Shareholders desirous of availing this facility
the Company immediately as no claim shall lie
may submit nomination in SH-13.
against the Fund or the Company in respect of
10. The Company has entered into agreements with
individual amount once credited to the said
NSDL and CDSL to offer depository services to
Fund. Dividend for the year 2008-09 has been
the Shareholders. Shareholders can open
transferred to the IEPF.
account with any of the depository participants compliance with this amendment, the Company
registered with NSDL and CDSL. has sent all three reminders to such
11. Any member requiring further information on the shareholders whose share certificates are in
Accounts at the meeting is requested to send undelivered form and requesting them to update
the queries in writing to the Company Secretary their correct details viz. postal addresses, PAN
by September 08, 2017. details etc. registered with the Company. The
Company has transferred all the shares into the
12. Members are requested to bring their copies of
folio in the name of “Unclaimed Suspense
Annual Report at the meeting, as extra copies
Account”.
will not be supplied.
17. As a part of “Green initiative in the Corporate
13. Pursuant to the requirement of the Securities
Governance”, The Ministry of Corporate Affairs
and Exchange Board of India (Listing
vide its circular nos. 17/2011 and 1/2011 dated
Obligations and Disclosure Requirements)
21.04.2011 and 29.04.2011, respectively, has
Regulations, 2015, the Company declares that
permitted companies to serve the documents,
its equity shares are listed on the BSE Ltd. at
namely, Notice of General Meeting, Balance
Mumbai. The Company has paid the annual
Sheet, Statement of Profit & Loss, Auditors’
listing fee for the year 2017-18 to the stock
Report, Directors’ Report, etc., to the members
exchange.
through e-mail. The shareholders holding
14. In respect of the matters pertaining to Bank shares in physical form are requested to register
details, ECS mandates, nomination, power of their e-mail address with the Registrar & Share
attorney, change in name/address etc., the Transfer Agent by sending duly signed request
members are requested to approach the letter quoting their folio no., name and address.
Company’s Registrar and Share Transfer In case of shares held in demat form, the
Agent, in respect of shares held in physical form shareholders may register their e-mail
and the respective Depository Participants, in addresses with their DPs (Depository
case of shares held in electronic form. In all Participants).
correspondence with the Company/Registrar
and Share Transfer Agent, members are 18. Members may also note that the Notice of the
requested to quote their account/folio numbers 76th Annual General Meeting and the Annual
or DP ID and Client ID for physical or electronic Report for 2017 will also be available on the
holdings respectively. Company’s website www.amritcorp.com for their
download. The physical copies of the aforesaid
15. Only registered members carrying the
documents will also be available at the
attendance slips and the holders of valid proxies
Company’s Registered Office in Ghaziabad for
registered with the Company will be permitted
inspection during normal business hours on
to attend the meeting.
working days. Even after registering for
16. The Securities and Exchange Board of India e-communication, members are entitled to
vide its circular no. CIR/CFD/DIL/10/2010 dated receive such communication in physical form,
16 December 2010, amended clause 5A of the upon making a request for the same, by post
Equity Listing Agreement read with Schedule free of cost. For any communication, the
VI of the SEBI (Listing Obligations & Disclosure shareholders may also send requests to the
Requirements) Regulations, 2015 for dealing Company’s email id: [email protected] or
with unclaimed shares in physical form. In [email protected].
19. Voting through electronic means member shall not be allowed to change it
subsequently.
A. In compliance with provisions of Section
108 of the Companies Act, 2013 and Rule The procedure and instructions for
20 of the Companies (Management and members for remote e-voting are as under:
Administration) Rules, 2014 as amended
I. In case of Members receiving e-mail
by the Companies (Management and
from NSDL (For those members
Administration) Amendment Rules, 2015
whose e-mail addresses are
and Regulation 44(1) of the SEBI (Listing
registered with Company/
Obligations & Disclosure Requirements)
Depositories):
Regulations, 2015, the Company is pleased
to provide members facility to exercise their a. Open e-mail and open PDF file
right to vote at the 76th Annual General viz.”ACL-remote e-Voting.pdf” with
Meeting (AGM) by electronic means and the your client ID or Folio No. as
business may be transacted through e- password containing your user ID
Voting Services. The facility of casting the and password for remote e-voting.
votes by the members using an electronic Please note that the password is
voting system from a place other than venue an initial password.
of the AGM (“remote e-voting”) will be
b. Launch internet browser by typing
provided by National Securities Depository
the following URL: https://
Limited (NSDL).
www.evoting.nsdl.com/.
B. The facility for voting through ballot paper
c. Click on Shareholder-Login.
shall be made available at the AGM and
d. Put user ID and password as initial
the members attending the meeting who
password noted in step (a) above.
have not cast their vote by remote e-voting
Click Login.
shall be able to exercise their right at the
meeting through ballot paper. e. Password change menu appears.
Change the password with new
C. The members who have cast their vote by
password of your choice with
remote e-voting prior to the AGM may also
minimum 8 digits/characters or
attend the AGM but shall not be entitled to
combination thereof. Note new
cast their vote again.
password. It is strongly
D. The remote e-voting period commences on
recommended not to share your
September 16, 2017 (09:00 am) and ends
password with any other person
on September 18, 2017 (05:00 pm). During
and take utmost care to keep your
this period members’ of the Company,
password confidential.
holding shares either in physical form or in
f. Home page of remote e-voting
dematerialized form, as on the cut-off date
opens. Click on remote e-voting:
of September 12, 2017, may cast their vote
Active Voting Cycles.
by remote e-voting. The remote e-voting
module shall be disabled by NSDL for g. Select “EVEN” of “Amrit Corp.
voting thereafter. Once the vote on a Limited”.
resolution is cast by the member, the
h. Now you are ready for remote Members and remote e-voting user
e-voting as Cast Vote page opens. manual for Members available at the
downloads section of
i. Cast your vote by selecting
www.evoting.nsdl.com or call on toll free
appropriate option and click on
no.: 1800-222-990.
“Submit” and also “Confirm” when
prompted. F. If you are already registered with NSDL
for remote e-voting then you can use your
j. Upon confirmation, the message
existing user ID and password/PIN for
“Vote cast successfully” will be
casting your vote.
displayed.
G. You can also update your mobile number
k. Once you have voted on the
and e-mail id in the user profile details of
resolution, you will not be allowed
the folio which may be used for sending
to modify your vote.
future communication(s).
l. Institutional shareholders (i.e.
H. The voting rights of members shall be in
other than individuals, HUF, NRI
proportion to their shares of the paid up
etc.) are required to send scanned
equity share capital of the Company as
copy (PDF/JPG Format) of the
on the cut-off date of September 12, 2017.
relevant Board Resolution/
Authority letter etc. together with I. Any person, who acquires shares of the
attested specimen signature of the Company and become member of the
duly authorized signatory(ies) who Company after dispatch of the notice and
are authorized to vote, to the holding shares as of the cut-off date i.e.
Scrutinizer through e-mail to September 12, 2017, will be provided
[email protected] with a notice through mail or by post after the
copy marked to cut-off date. Such members may obtain
[email protected]. the login ID and password by sending a
request at [email protected] or RTA,
II. In case of Members receiving
MAS Services Limited.
Physical copy of Notice of 76th
Annual General Meeting (for However, if you are already registered
members whose email IDs are not with NSDL for remote e-voting then you
registered with the Company/ can use your existing user ID and
Depository Participants(s) or password for casting your vote.
requesting physical copy)
Shareholders who forgot the User Details/
a. Initial password is provided in Password can use “Forgot User Details/
the communication being sent Password?” or “Physical User Reset
separately. Password?” option available on
b. Please follow all steps from Sl. www.evoting.nsdl.com.
No. (b) to Sl. No. (l) above, to
(a) In case Shareholders are holding
cast vote.
shares in demat mode, USER-ID is
E. In case of any queries, you may refer the the combination of (DPID+ClientID).
Frequently Asked Questions (FAQs) for (b) In case Shareholders are holding
shares in physical mode, USER-ID N. The Scrutinizer shall after the conclusion
is the combination of (Even No+Folio of voting at the AGM, will first count the
No). votes cast at the meeting and thereafter
unblock the votes cast through remote
J. A member may participate in the AGM
e-voting in the presence of at least two
even after exercising his right to vote
witnesses not in the employment of the
through remote e-voting but shall not be
Company and shall make, not later than
allowed to vote again at the AGM.
three days of the conclusion of the AGM,
K. A person, whose name is recorded in the a consolidated scrutinizer’s report of the
register of members or in the register of total votes cast in favour or against, if any,
beneficial owners maintained by the to the Chairman or a person authorized
depositories as on the cut-off date only by him in writing, who shall countersign
shall be entitled to avail the facility of the same and declare the result of the
remote e-voting as well as voting at the voting forthwith.
AGM through ballot paper.
O. The Results declared alongwith the
L. Shri Baldev Singh Kashtwal, Practicing report of the Scrutinizer shall be placed
Company Secretary (Membership No. on the website of the Company
FCS-3616 & CP No. 3169), Partner, M/s. www.amritcorp.com and on the website
RSM & Co., Company Secretaries has of NSDL immediately after the
been appointed for as the Scrutinizer for declaration of result by the Chairman or
providing facility to the members of the a person authorized by him in writing and
Company to scrutinize the voting and communicated to the BSE Limited.
remote e-voting process in a fair and
By Order of the Board
transparent manner.
For AMRIT CORP. LTD.
M. The Chairman shall, at the AGM, at the
end of discussion on the resolutions on
Regd. Office:
which voting is to be held, allow voting
with the assistance of scrutinizer, by use CM/28, Ist Floor, (P. K. DAS)
of “Ballot Paper” for all those members Gagan Enclave, Company Secretary
who are present at the AGM but have not Amrit Nagar, G.T. Road,
cast their votes by availing the remote Ghaziabad-201 009 (U.P.)
e-voting facility. Dated: July 17, 2017
ANNEXURE TO ITEM 3 OF THE NOTICE
Details of Director seeking re-appointment at the forthcoming Annual General Meeting (in pursuance of SEBI
(Listing Obligations & Disclosure Requirements) Regulations, 2015
As on 31st March, 2017
Name of Director Mr. Ashwini Kumar Bajaj
Date of Birth 21.03.1962
Nationality Indian
Qualification B. Sc
Date of Appointment 01.08.1992
No. of shares held in the Company 1,56,238
Expertise Industrialist with rich experience in FMCG,
edible oils & food industries.
Relationship with other Directors Son of Shri Naresh Kumar Bajaj and brother of
Shri Vikram Kumar Bajaj
List of Directorship held in other Listed Companies N. A.
Chairman/Member of Committees of Board of N. A.
Directors in other Listed Companies
DIRECTORS’ REPORT
To the Members,
Your Directors have pleasure in presenting the 76th Annual Report on the business and operations of the
Company together with Audited Statements of Accounts for the financial year ended 31st March, 2017.
FINANCIAL RESULTS
The summarized financial results of the Company for the financial year 2016-17 are given hereunder:
(Rs.in lacs)
2016-17 2015-16
Revenue from operations & other income 6,763.25 5,791.27
Operating Profit (EBIDTA) 1,468.23 1,479.47
Finance Cost 209.99 268.36
Gross Profit (PBD) 1,258.24 1,211.11
Depreciation & amortization 149.67 145.71
Profit before tax 1,108.57 1,065.40
Provision for
- Current Tax (net) 141.80 87.07
- Deferred Tax 11.28 (4.55)
- MAT Credit entitlement (141.80) (87.07)
Net Profit 1,097.29 1,069.95
Balance b/f from previous year 7,953.80 8,115.89
Profit available for appropriation 9,051.09 9,185.84
Interim divident on equity shares & DDT thereon - 232.04
Transfer to General Reserve 1,000.00 1,000.00
Balance Carried to Balance Sheet 8,051.09 7,953.80
DIVIDEND  The Company has deployed funds in treasury
operations. The Other Income during the year
Your Directors are pleased to recommend Dividend
was Rs.2,014.79 lacs as against Rs.1,584.61
of Rs. 7.50 per equity share of Rs. 10/- each (i.e.
lacs recording an increase of 27.15%.
75%) for the year ended 31st March, 2017 subject to
approval of the shareholders at the ensuing annual THE MANAGEMENT DISCUSSION & ANALYSIS
general meeting as against the Interim Dividend of
Rs. 6.00 per equity share of Rs.10/- each (i.e. 60%) As required by Regulation 34(2) of the Securities
paid for the Year ended 31st March, 2016. and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015
OPERATIONS (“SEBI LODR”), Management Discussion and
Analysis Report for the year ended 31.03.2017 is
 During the year under review, the revenue from
appended.
operations increased by 12.88% to Rs.4,748.46
lacs as against Rs.4,206.66 lacs in the previous FINANCE
year. The growth in volumes is primarily on
account of higher volumes of dairy milk/milk (i) Share Capital
products;
The paid-up Equity Share Capital as on 31st
 The operating profit (EBIDTA) recorded during March, 2017 was Rs.321.32 lacs. During the
the year is marginally lower at Rs.1,468.23 lacs year under review, the Company has not issued
as against Rs.1,479.47 lacs in the previous year. shares with differential voting rights nor granted
The profit after tax for the year was Rs. 1,097.29 stock options nor sweat equity.
lacs as against Rs. 1,069.95 lacs in the previous
(ii) Fixed Deposits
year;
Your Company has not accepted any public
 The production of dairy milk & milk products
deposits under Chapter 4 of the Companies
during the year has grown by 21.88% to 7,047
Act, 2013 (“the Act”). As such, no amount of
KL as against 5,782 KL in the previous
principal or interest on deposits from the public
year. The increase in production is mainly in
was outstanding as on the date of the Balance
cooking creamer, ice-cream mix and double-
Sheet.
toned milk;
(iii) Particulars of loans, guarantees or
The raw milk prices remained relatively stable
investments
during the year except in the fourth quarter of
the year when there was sudden spurt in prices. Particulars of loans, guarantees and
Consequently, the margins were under pressure investments covered under the provisions of
as the increase in raw milk prices could not be Section 186 of the Act, are given in the Notes to
entirely passed on to the customer. Dairy plant the Financial Statements.
was refurbished and modernized during the
year; CORPORATE SOCIAL RESPONSIBILITY
 In the case of real estate, there was no activity In accordance with the requirements of Section 135
during the year. In the Gagan Enclave and of the Act, your Company has a Corporate Social
Gagan Enclave Extension projects, the Responsibility (CSR) Committee, details of which,
Company has some inventory of only including its terms of reference, are provided in the
commercial space, which could not be Corporate Governance Report. Your Company has
liquidated due to slow off-take of commercial also formulated a Corporate Social Responsibility
space in Ghaziabad where these projects are Policy (CSR Policy), which is available on the
located; website of the Company at www.amritcorp.com.
The Annual Report on CSR activities, as required On the recommendation of the Audit Committee, the
under the Companies (Corporate Social Board of Directors has adopted a policy on Related
Responsibility Policy) Rules, 2014 has been Party Transactions, which is also uploaded on the
appended as “Annexure A” and forms integral part website of the Company (www.amritcorp.com) under
of this Report. the head ‘Investor Relations’. The Policy envisages
the procedure governing related party transactions
RISK MANAGEMENT
required to be followed to ensure compliance with
The Board of Directors of your Company has the applicable laws and regulations as well as to
constituted a Risk Management Committee to ensure that the Related Party Transactions are
identify elements of risk in different areas of managed and disclosed in accordance with the strict
operations and to develop policy for actions legal and accounting requirements.
associated to mitigate the risks. The Audit Committee
A statement of all related party transactions is
and the Board of Directors are informed of the risks
presented before the Audit Committee on a quarterly
associated and minimization procedures on timely
basis, specifying the nature, value and terms &
basis. The details of the Committee, its terms of
conditions of the transactions. The statement is
reference and the Risk Management Policy are set
supported by a certificate from the CEO and CFO.
out in the Corporate Governance Report forming part
of this Report. The Risk Management Policy is posted None of the Directors has any pecuniary
on the website of the Company at relationships or transactions vis-à-vis the Company.
www.amritcorp.com.
SIGNIFICANT AND MATERIAL ORDERS PASSED
VIGIL MECHANISM BY THE REGULATORS OR COURTS
Pursuant to Section 177(9) of the Companies Act, There are no significant and material orders passed
2013, the Company has formulated a Whistle Blower by the Regulators/ Courts which would impact the
Policy to establish a vigil mechanism for directors going concern status of the Company and its future
and employees of the Company. The purpose and operations.
objective of this Policy is to provide a framework to
AUDIT COMMITTEE
promote responsible and secure whistle blowing. It
protects the employees wishing to raise a concern The details pertaining to composition of the Audit
about serious irregularities within the Company. The Committee are included in the Report on Corporate
details of the Whistle Blower Policy are explained in Governance. All the recommendations made by the
the Corporate Governance Report and also posted Committee were accepted by the Board.
on the website of the Company at
www.amritcorp.com. INTERNAL FINANCIAL CONTROLS AND THEIR
ADEQUACY
RELATED PARTY TRANSACTIONS
The Directors have laid-down internal financial
No new Related Party Transactions were entered controls to be followed by the Company and such
into during the financial year 2016-17. All Related policies and procedures adopted by the Company
Party Transactions entered into in the past were on for ensuring the orderly and efficient conduct of its
an arm’s length basis and were in the ordinary course business, including adherence to Company’s
of business. There are no materially significant policies, safeguarding of its assets, prevention and
Related Party Transactions made by the Company detection of frauds and errors, the accuracy and
with promoters, directors, Key Managerial Personnel completeness of the accounting records and timely
or other designated persons which may have preparation of reliable financial information. The
potential conflict with the interest of the Company at Audit Committee evaluates the internal financial
large. control system periodically.