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���������ANNUAL REPORTANNUAL REPORTANNUAL REPORT
UTTRAYANUTTRAYAN
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UTTRAYAN FINANCIAL SERVICES PRIVATE LIMITED
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Board of Directors
Letter to the Stakeholders
Operational Presence
Operational Results
Financial Spotlights
Milestone Achieved
Our Loan Products
System Efficiency & Operational Efficiency
Human Resource, Training & Development
Internal Control System
Client Survey Process Flow
Grievance Redressal Mechanism
List of Bankers/Lenders & Gross Loan Outstanding
Customer Case Studies
Directors' Report
Independent Auditors' Report
Notice for Annual General Meeting
About the Company
Legal Credentials & Statutory Auditors
Vision, Mission & Objectives
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Content
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UTTRAYANUTTRAYAN
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Uttrayan Annual Report # 2018 - 19 ��
Uttrayan Financial Services Private Limited (UFSPL) is a registered NBFC-MFI providing
comprehensive financial solution to the people who are deprived from mainstream financial services
through formal sources /channels. Uttrayan works for alleviation of poverty through economic
intervention and social empowerment of the underprivileged class of the society, with special focus
on women and promotes work empowerment. Uttrayan is equipped with technology-driven delivery
model ensuring low cost operations and innovative products which best suit the requirement of its
clientele.
During June 2008, the management acquired an NBFC in the mane and style of Chotanagpur Trade &
Investments Private Limited
On 4th June, 2009 the name of the Company has changed from Chotanagpur Trade & Investments
Private Limited to Uttrayan Financial Services Private Limited on 10th June, 2014 the Company
received NBFC-MFI License from Reserve Bank of India.
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Uttrayan Annual Report # 2018 - 19��
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Company Name : Uttrayan Financial Services Private Limited
Corporate Identification Number : U67120WB1995PTC071237
Incorporation Details : Incorporate on 26th April 1995 with ROC, Kolkata
Registered Office Address : CF- 32, Salt Lake City, Sector-I, Kolkata - 700 064
Registration with RBI : Registered with RBI as NBFC-MFI (COR B-05.00575)
Permanent Account Number : AABCC0070E
Phone No. : 7044048874
E-mail : [email protected]
Website : www.uttrayan-mfi.com
M/s. Ray & Ray
Chartered Accountants
Webel Bhavan, Ground Floor, Block - EP & GP,
Sector - V, Salt Lake, Kolkata - 700 091
Tel. : +91-33-40648107
E-mail : [email protected]
Website : www.raynray.net
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Uttrayan Annual Report # 2018 - 19 ��
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Providing cost effective financial services and integrated
community development, for the economic and social
empowerment of women leading to better l ivelihood
opportunities.
To spread in West Bengal and neighboring states through different
financial and development activities with 1000000 outreach by
2025.
· To improve the standard and quality of life of poor women by providing them with micro-credit at affordable price. Such credit will enhance their earnings and they can spend on nutrition of children, education of children, shelter and food for themselves
· Sustainable development & Creating value for stakeholders
· Being acknowledged as an admirable and trusted Company
· Promotion of Health, education and environment.
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Uttrayan Annual Report # 2018 - 19��
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Mr. Kartick Biswas
Founder & Managing Director
Mr. Apu Dhar
Director
Mr. Biswas is the founder promoter of Uttrayan Financial Services Pvt. Ltd. which started its operations way back in 2001 in the form of a Non Governmental Organisation (Sahara Uttarayan) with its prime objective of poverty alleviation and empowerment of the poor especially for women & with the phenomenal success over few years of leading the NGO, he had realized to set up a corporate house for spreading the wings of the NGO operation. In 2008 Uttrayan has acquired a NBFC Company namely Chotanagpur Trade & Investments Private Limited which was renamed as Uttrayan Financial Services Pvt. Ltd. and received NBFC-MFI license from RBI in the year 2014. Mr. Biswas is a B. Sc graduate from Calcutta University. He brings with him an enriched experience of Micro Finance Industry for over 18 years. He is an expert in SHGs, JLGs, rural appraisal, finance, funds, operations and project monitoring. He understands & well manages business plan. He was part of the core team, which set up and built Uttrayan from inception. As the Head of Uttrayan, his role included building and growing the company's portfolio in these sectors. He has good leadership qualities and can lead and represent the organization in all areas. He has enriched his knowledge by attending different programmes and seminars on this field organized by different leading institutions for institutional development. Training imparted from RMK, NMDFC- New Delhi, Planet Finance, EDA and Care India. He was recently selected to participates in the Harvard Business School - Accion Program on “Strategic Leadership on Inclusive Finance", Boston, USA. He is a certified participant in IIM-A SIDBI Programme on Challenges of Managing Inclusive Finance in India held at the Indian Institute of Management, Ahmedabd during November 2017. He is also a Board Member of AMFI-WB. Being the Managing Director of the Company he looks after the Finance, Administration and Audit of the Company.
thSince, 08 August, 2008, Mr. Biswas has been inducted as full time executive director with the Company.
Mr. Dhar holds a bachelors' degree in B.A from Calcutta University. He has been a Director on our Board since March 25, 2009 and has over 18 years of experience in the Micro Finance sector. Mr. Apu Dhar is a veteran in the microfinance industry with an extensive stint for more than a decade at the apex. He has extensive exposure in all areas of microfinance – field activity, finance, accounts and operations. He has attended different programmes and seminars in microfinance. He has specialized knowledge and experience in operation having capability to lead bigger teams. He is expert in delinquency management. He has also experience in providing training and works as a faculty member for in-house training of Uttrayan. Mr. Dhar has been inducted as full time executive
thdirector of the Company with effect from 25 March, 2009.
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Uttrayan Annual Report # 2018 - 19 ��
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Mr. Bijon Kanti Choudhury
Non-Executive Director
Mr. Choudhury was associated with UCO bank and retired as
Deputy General Manager before joining the Boards of Uttrayan.
He comes with vast knowledge and enriched experience in the
domain of credit, treasury and investment activities of the
Banks and Financial Institutions. During his tenure with UCO
Bank, he served as the Zonal Head of the bank and was in
charge of Industrial Finance Branch, Kolkata. He has more than
42 years of work experience in Banking and Financial Services.
His education qualifications are M.Sc, CAIIB, CFA (Prelims). In
Uttrayan, he extends his expertise in Policy making, Internal
Control, Risk management and an active member of Audit
Committee. He had associated with Uttrayan as Non-executive thDirector effective from 27 April, 2012.
Non-Executive Director
Mr. Anindya Sen
Mr. Sen had retired from the designation of Senior Vice
President (eastern Zone) of Axis Bank Limited. He has a vast
experience in Financial and Banking sector with profound
knowledge in Risk Management and modern Banking and
Financial systems. He has more than 43 years of work
experience in Banking and Financial services especially in Risk
Management domain. His education qualifications include B.Sc
in Chemistry, B.A, and CAIIB. In Uttrayan, he looks after the Risk
Management and Internal Audit being an active member of the
Audit Committee. He had associated with Uttrayan as Non-
executive Director effective from 18th June, 2014.
Mr. Tarakanta Mohapatra
Nominee Director of SIDBI
Mr. Mohapatra currently serves as a Asst. General Manager,
SFMC Vertical at Small Industries Development Bank of India
(SIDBI). Having wide experience for over 21 years in development
Banking and worked in various capacities in various branches,
Regional Offices and Head Office. Looked after various
departments including Credit. He has been appointed as the
Nominee Director of Uttrayan Financial Services Private
Limited, Kolkata representing SIDBI since 15th January, 2019. He
also holds directorship in other company. His education
qualifications includes M. Com, Master of Finance & Control,
CAIIB and CFA. He was being appointed as Nominee Director, threpresenting SIBDI in the board of UFSPL effecting from 15
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stAS on 31 March, 2019, Board comprised of 5 Directors out of which 2 are Non Executive Director and 1 stNominee Director. The names and nature of Directorship as on 31 March, 2019 are given below:
Composition of Board of Directors
Mr. Kartick Biswas
Chairman cum Managing Director
DIN : 02207249
Mr. Apu Dhar
Executive Director
DIN : 01726461
Mr. Bijon Kanti Choudhury
Non-Executive Director
DIN : 05266512
Mr. Anindya Sen
Non-Executive Director
DIN : 06891066
Mr. Tarakanta Mohapatra
Nominee Director (SIDBI)
DIN : 08351865
* Mr. Probindu Kumar Biswas was resigned on 10.10.2018
* Mr. Tarakanta Mohapatra was inducted on 15.01.2019 in place of Mr. Arata Kumar Sahoo, representing SIDBI.
The details of composition of the Committee of the Board of Directors as on March 31, 2019 are as under:
2. Banking Committee :
Mr. Kartick Biswas (Chairman)
Mr. Apu Dhar (Member)
3. Corporate Social Responsibility Committee :
Mr. Kartick Biswas (Chairman)
Mr. Apu Dhar (Member)
1. Audit Committee :
Mr. Bijon Kanti Choudhury (Chairman)
Mr. Kartick Biswas (Member)
Mr. Anindya Sen (Member)
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UTTRAYANUTTRAYAN
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Uttrayan Annual Report # 2018 - 19 ��
It gives me immense pleasure to present to you our stAnnual Report for the financial year ended 31
March, 2019. This report describes the financial
results of Uttrayan during this period 2018-19 and
also highlights some of the key operational
performance during this period. I am pleased to
share that Uttrayan has recorded outstanding
growth in AUM and profitability. In fact, over the last
three years, the Company has reported AUM
growth of nearly 25 percent, growing from 1377
million in FY16-17 to 2266 million in FY18-19. We
have successfully restructured the AUM share in
the neighboring states of west Bengal, shifting high
portfolio concentration from West Bengal to
Assam, Bihar and Odisha of eastern India and
starting MFI business in Punjab & Uttrakhand of
Northern India which have been reported doing well
and will see as a potential client base for coming
days. The Company has also started business
operation in the state of Sikkim, Punjab &
Uttrakhand capturing six districts in these three
states. A total of 11 new branches were opened in
Sikkim, Punjab, Uttarakhand and Odisha which is
perfectly translated the signs of successful
operation at the ground. Based on current trends
and prospects, we are confident of our continuing
outperformance over the industry in the
foreseeable future as well.
Let me take this opportunity to introduce a brief
background of the Company. Uttrayan Financial
Services Private Limited is a Non Banking
Financial Company (NBFC-MFI) registered under
Reserve Bank of India (RBI) Kolkata. We started our
microfinance on-lending operation way back in the
year 2001 with its head office at Kolkata, by
providing small ticket size loan to the poor woman in
rural and semi-urban area through group based
system. Our Company provides livelihood
promotion services comprising of livelihood and
other Micro financial services to those population
segments which are mostly un-reached by the
formal banking systems with the principal purpose
of promoting sustainable livelihoods.
Uttrayan is now working with 87 branches with
presence in 8 states i.e. Assam, Bihar, Odhisa,
West Bengal, Sikkim, Meghalaya, Uttrakhand &
Punjab. We are providing financial assistance more
than 18,01,00 beneficiaries til l date since
incorporation across the Country to make their way
out of poverty.
This financial year 2018-2019 has been a milestone
in a way that we have crossed a benchmark portfolio
of Rupees Two Hundred Crore (incl. managed
portfolio). We have started our business in the state
of Punjab, Sikkim and Uttarakhand capturing six
districts in addition to Odisha (four new districts).
Overall the total number of Branches of the
company increased from 76 to 87 in this financial
year adding up 11 new branches accorss the
country.
Your company has implemented technological
advancement as the disbursement of loan amounts
to all the clients are completely done only in
electronic mode without any cash disbursement
also biometric equipments has been installed in all
the 87 Branches along with Head Office in Kolkata.
Also, Company has developed and implemented
mobile based application (android app) to take care
the micro finance field level operations.
As you know the company's Mission is to provide
cost effective financial services and integrated
community development, for economic and social
empowerment of women leading to better
livelihood opportunities and the Vision of the
Company is to spread in West Bengal and
neighboring states through different financial and
development activities with 10,00,000 outreach by
2025. Standing on the vision of the Company we are
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currently operating in 8 states (West Bengal,
Assam, Bihar, Meghalaya, Odisha, Sikkim,
Uttrakhand & Punjab; having 87 branches, 38
Districts) compared to 5 states and 76 Branches
and 28 Districts in the previous year.
Performance of the Company:
Your company has successfully started its
operation in the states of Punjab, Sikkim and
Uttarakhand turned the focus to northern and north
eastern states. The Company is determined in
opening its Branches in the states of North Western
parts of the country in the succeeding financial year
keeping our mission and vision in mind. The
Company has a network of 87 branches across 8
States with presence in 38 districts, 2961 villages
and 7661 centers. Uttrayan's AUM grew by 22
percent from Rs.185.65 crores in FY 2017-18 to
Rs.226.67 crores in FY 2018-19, active loan
accounts increased by 6.06 per cent to 138436 from
130521 last year. Loan of Rs.348.76 cr. was
disbursed during the financial year (incl. BC) having
average loan size disbursed Rs.26,502 during the
year, and these loans have a 99.90 per cent
repayment rate. The Portfolio at risk (>30days) incl.
BC has reduced to 0.82 per cent from 0.90 per cent
last year. The Company's operational revenue grew
by 31.42 per cent to Rs.46.84 Cr. for period FY18-19
compared with Rs.35.64 Cr. for FY17-18. Loan loss
provisions stood at Rs.1.93 cr. made for period FY-
18-19 as per the company's policy. We are now
servicing over 138436 customers in 8 states.
The profit after tax has increased to Rs. 6.27 crores
in the FY 18-19 from Rs. 5.53 crores in the last
financial year. In keeping with the trend of recent
years, and considering the adverse affect of
economic slowdown, liquidity crisis from Bank/FI of
and maintaining adequate liquidity for repayment of
debts (short tenor Banks/FIs/NBFC loans) for MFIs,
our Company's performance in the year under
review was, by all measures, again remarkable.
At the end of this eventful and successful year, I
would like to take this opportunity to extend my
sincere thanks to our clients, employees, banking
partners, Board of Directors and well-wishers for
Uttrayan Annual Report # 2018 - 19��
UTTRAYANUTTRAYAN
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ltheir support towards attaining the goal of the
organization. I am looking forward for your
continued support for our healthy business
propagates in future.
With best wishes,
Kartick Biswas
Managing Director
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Uttrayan Annual Report # 2018 - 19 ��
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As on March, 2019 Uttrayan Financial Services Private Limited has 87 branches which is spread across 38 districts of 8 States in the Eastern, North-Eastern & Northern India. During the year, We have started our business in the state of Punjab, Sikkim and Uttarakhand capturing ten more districts, eleven new branches across the country.
Gross Loan Portfolio (GLP) (State-wise share)
West Bengal
(9 Districts, 52 Branches)
North 24 ParganaSouth 24 ParganaBirbhumMaldaUttar DinajpurMurshidanadNadiaBardhamanHoogly
Bihar(6 Districts, 9 Branches)
Vaishali
Begusarai
Samastipur
Muzaffarpur
Nalanda
Patna
GLP (FY 18-19): INR 147.63 Cr
FY 17-18: INR 153.90 Cr
GLP (FY 18-19): INR 30.13 Cr
FY 17-18: INR 14.75 Cr
GLP (FY 18-19): INR 29.70 Cr.
FY 17-18: INR 11.90 Cr
Assam(7 Districts, 9 Branches)
Barpeta
Chirang
Darrang
Goalpara
Kamrup
Kamrup Metro
Sonitpur
Meghalaya(1 District, 1 Branch)
RibhoiGLP (FY 18-19): INR 2.72 Cr.
FY 17-18: INR 1.57 Cr
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GLP (FY 18-19): INR 10.93 Cr.
FY 17-18: INR 3.54 Cr
Odisha(9 Districts, 9 Branches)
Anugul
Balangir
Balasore
Bhadrak
Jajapur
Kurdha
Mayurbhanj
Rayagada
Sambalpur
GLP (FY 18-19): INR 1.69 Cr.
Punjab(2 Districts, 2 Branches)
Mohali
Ludhiana
Uttarakhand(2 dist., 2 branches)
Dehradun
Haridwar
GLP (FY 18-19): INR 0.73 Cr.
GLP (FY 18-19): INR 3.14Cr.
Sikkim(2 Dist., 3 branches)
East Sikkim
South Sikkim
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Uttrayan Annual Report # 2018 - 19 ��
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OPERATIONAL RESULT 2016-2017 2017-2018 2018-2019
A
B
C
D
E
Operational Presence
Operational Presence
Operational Presence
1
2
3 No. of Villages 2042 3128 3927
4 5 8No. of States
No. of Districts 15 28 38
Organizational Data
1 Total Branch Strength 63 76 87
2 Employee Strength 310 387 438
Credit Recovery Officers (CRO) 181 246 276
Branch Support Staff 94 106 119
HO Staff 35 35 43
1 No. of Centres 4,556 12,939 15,321
2 No. of Groups 9,111 51,756 61,284
3 No. of Borrowers (Active) 1,04,716 1,30,644 1,38,574
4 No. of Members 1,26,168 1,65,830 1,92,955
1 No. of Semi-Urban Borrowers (' L) 63,447 67,530 10,415.03
2 No. of Rural Borrowers (' L) 41,269 63,114 12,251.60
3 Adv. for Agriculture (' Lac) 5,676 2,193.57 3,325.38
4 Adv. for Trading Activity (' L) 6,900 12,321.47 15,710.48
5 Adv. for Mftd. Activity (' L) 189 1,221.11 3,498.72
6 Adv. for Others (' Lac) 1013 2,828.94 132.05
Portfolio Details
1 No. of Loans Disbursed during the year (incl. BC) 94,971 1,19,646 1,31,610
2 Total Amount of Disbursement during the year (' Lac) 19,357 27,880 34,883.67
3 Average Loan size disbursed during the ys (' ) 20,382 23,302 26,505
4 Cumulative Disbursement (since inception) (' Lac) 54,767 82,647 1,17,555.41
5 Principal Due during the year (' Lac) 14,648 22,840 30,664.85
6 Principal Collected during the year (' Lac) 14,627 22,287 30,603.52
7 Recovery % for the year 99.86% 99.77% 99.80%
8 No. of Loan Outstanding at the end of the year 1,04,716 1,30,644 1,38,574
9 Portfolio O/S at the end of the year (' Lac)
i Own Portfolio 7,314.78 14,745.99 19,336.83
ii Managed Portfolio 6,463.12 3,819.10 3,330.21
Total Portfolio (AUM) (' Lac) 13,777.90 18,565.09 22,667.04
10 Portfolio At Risk (>30 Days) 1.05% 0.90% 0.61%
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Uttrayan Annual Report # 2018 - 19��
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Gross Loan Portfolio (GLP) IN Cr.
0.00
50.00
100.00
150.00
200.00
250.00
Managed Portfolio
Own Portfolio
Mar. 15 Mar. 16 Mar. 17 Mar. 18 Mar. 19
State wise GLP in Cr.
0.731.693.14
10.93
2.72
30.13
29.70 147.63
WEST BENGAL
ASSAM
BIHAR
MEGHALAYA
ODISHA
SIKKIM
PUNJAB
UTTARAKHAND
19.00
52.70
64.63
38.19
33.30
193.37
147.46
73.15
37.4032.60
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Cyclewise POS (Portfolio Outstanding)
No. of Loans 5736971.88POS (Rs. In Cr.)
No. of Loans 1818833.8POS (Rs. In Cr.)
No. of Loans 4228874.33POS (Rs. In Cr.)
No. of Loans 2072946.64POS (Rs. In Cr.)
Gross Revenue
PAT
0.00
0
5
10
8.2010.00
20.00
30.00
40.00
50.00
Mar. 15
2016 - 2017
2.64
5.536.27
2017 - 2018 2018 - 2019
Mar. 16 Mar. 17 Mar. 18 Mar. 19
14.5320.20
35.64
46.84
Amt. (Rs. Cr.)
PAT (Rs. In Cr.)
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Return on Assets (ROA %)
3.2
3
2.8
2.6
2.4
2.2
2016 - 2017
2016 - 2017
114%
2017 - 2018
118%
2018 - 2019
115%
2017 - 2018 2018 - 2019
2.52
3.00
2.74
34
32
30
28
26
2016 - 2017 2017 - 2018 2018 - 2019
28.6
32.12
31.01
Return on Equity (ROE %)
Operational Self-sufficiency (OSS %)
Net interest margin (NIM %)*
* Note : NIM seen in the graph has declined because of sharp increase in cost of fund (increased around 200
basis point during FY18-19) by the Banks/FIs but the company did not pass the same interest load on the clients
without change of the interest rate on lending for the benefit of the clients.
2016 - 2017 2017 - 2018 2018 - 2019
9
9.2
9.4
9.6
9.8
1010.04
10.2
9.62
9.09
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Capital Adequacy (Average Debt & Net worth)
2016 - 2017176.51 16.39
20.79
26.68
155.23
60.58
2017 - 2018
2018 - 2019
Average Debt (fig. in cr.) Networth (fig. in Cr.)
PAR Comparison
> 30 Days
2018
2019
> 60 Days > 90 Days
0.00
0.50
1.00
1.50
1.031.15
0.891.01
1.171.32
Growing chart
0
20
40
60
80
100
120
140
2015
2
10
55
3
12
55
4
15
63
5
28
76
2016 2017 2018
BRANCH
DISTRICT
STATE
2019
8
38
87
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CRAR (%)
17.10
18.0222.45
2016 - 2017 2017 - 2018 2018 - 2019
Funding Mix
FY 2017 - 18Funding Mix (INR Cr.)
Funding Mix (%)
Bank
NBFCsDFls
85.87
66.543.91
54.93
42.572.50
FY 2018 - 19Funding Mix (INR Cr.)
Funding Mix (%)
Bank
NBFCs
DFls
76.5
103.0417.13
38.90
52.398.71
No. of Staffs Employed as on 31.03.2019
Figure 2019
0 50 100 150 200 250 300
HO STAFF
OTHER FIELD STAFF
CRO
50
119
276
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Status of Insurance Claim Settlement (FY 2018-19)
Uttrayan Received
8249630
Nominee Received
5837370
Total Premium Goven
31757135
Total Clear Amount
14087000
Insurance Report 2018 - 2019
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Uttrayan started operations with its 1st branch opened in
West Bengal. Got first financing from
FWWB for Rs. 10 Lakhs.
Operation footprint expanded with 49 branches in West Bengal.Acquired Chotanagpur Trade
& Investments Pvt. Ltd. (NBFC)
Company name changed to Uttrayan Financial Services Pvt.
stLtd., 1 Financial assistance from SIDBI of Rs.5 Cr.
SIDBI invested
Rs.1.5 Cr. in OCPS
Got NBFC-MFI license,Extended operation in Assam,Partnered with IDBI & Yes Bank as Bank Correspondent (BC)Crossed AUM of Rs. 50
Crores & 50000 client base.Honored with various award, reward, nomination and recognition from SKOCH, ASSOCHAM and ET Bengal Corporate Awards, BC exposure enhanced to 45 Cr. with IDBI.SIDBI invested Rs.1.5 Cr. in OCPS
Expanded operation in Bihar Introduced E_payment platform for disbursement of loan,Highest PAT of Rs.1.65 Cr., Lowest PAR of 0.32%, Reaffirmed credit rating BB+ & MFI Grading in M3+ranks.
Crossed AUM of Rs.100 Crores & 100000 client
base, Started Micro House Building Loans, Extended
footprint in Odisha and Meghalaya, Availed fresh term loan (added 5 new Banks/FIs) of Rs. 80 Cr.,
SIDBI invested Rs. 2 Cr. in OCPS
Opened 16 new branches in Bihar, Assam & Odisha,
Availed fresh financial assistance (added 5 more Banks/FIs) of
Rs.133 Cr., Extended operation network in Sikkim, Punjab
& Uttrakhand.
Crossed AUM benchmark of Rs. 200 Cr. & 1.92 Lakhs client base, Operation expanded to 8
states & 87 branches. Availed fresh fund/TL (added 6 new Banks/FIs) of
Rs. 163 Cr., 4th time winner of ASSOCHAM award Revenue
touched to 48.38 Cr. & PAT to Rs. 6.27 Cr. Reaffirmed credit rating
BBB & grading MF3.
20012005
2008
2009
2012
20142015
2016
20172018
2019
Uttrayan Annual Report # 2018 - 19��
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Uttrayan Annual Report # 2018 - 19 ��
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Uttrayan provides micro credit to the deprived
women of the society to smooth their livelihood
and give them a better standard of living.
Uttrayan offers small loans to women in
between to to support for 8,000 75,000
income generation as per RBI Guidelines.
Loans are normally offered for productive
purposes and income generating activities such
as agriculture and allied activities, small
businesses – trading / manufacturing etc. Loans
are not usually offered for housing or personal
consumption; however, UFSPL has taken steps
to offer Micro housing Loan and Education Loan
to its clients. Presently we have following types
of loan;
Small Loan
We provide small loan to our members who are
engage in agriculture/ small trading/ small
business. The amount of small loan varies from
8,000 30,000 to . We charge total interest for
this loan is 24% and the total tenure for this loan
is 12 Months Apart from this we used to collect
loan processing fees @ 1% (incl. service tax) on
the principal loan amount.
Portfolio outstanding : 1544371866
No. of Clients : 103130
General Loan
We provide medium loan to our members who
are engage in agriculture/ small trading/ small
business with a big tune. The amount of small
loan varies from to . We 31,000 50,000
charge total interest for this loan is 24.00% and
the total tenure for this loan is 24 Months. Apart
from this we collect loan processing fees @ 1%
(incl. service tax) on the principal loan amount.
Portfolio outstanding : 376054127
No. of Clients : 12099
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Uttrayan Annual Report # 2018 - 19��
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Micro Housing Loan
We provide Micro Housing Loan to our
members who needs loan fo r home
improvements (Making new home or repairing
old home). These can range from material
replacements to room additions. Potential
clients for housing microfinance are usually self-
employed or very low-income salaried
employees who live in self-built homes & must
have full title to their lands. The amount of small
loan varies from to We 20,000 75,000.
charge total interest for this loan is 24.00% and
the total tenure for this loan is up to 36 Months.
Apart from this we collect loan processing fees
@ 1% (incl. service tax) on the principal loan
amount.
Portfolio outstanding : 5598050
No. of Clients : 135
Educational Loan
We provide Educational Loan to our members
who are in need of money for education of there
children. The amount of Educational loan is
7,000. We chargetotal interest for this loan is
22.00% and the total tenure for this loan is 6
Months. Apart from this we collect loan
processing fees @ 1% (incl. service tax) on the
principal loan amount.
Portfolio outstanding : 7658921
No. of Clients : 1468
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UFSPL maintains its MIS through a software cal led “BIJLI” developed by Forceten Technologies. The software provides various features such as Web Based Centralized solution, Maker-Checker concept for all modules, Group & Individual Client registration workflow module, Batch processing of group transactions etc. Daily transactions are updated in the MIS and verified. UFSPL also prepares a separate MIS for Cash management.
It is a desktop based application.
All Branches are computerized and branch level can update the customer details. It is real time updation which helps day end processing is collected in Head Office level to review details the following day. Further, UFSPL has launched mobile base application.
Most of the operations from member creation to loan application, sanction, repayment tracking, report generation, etc. can be performed through the software.
All types of report can be generated through the software.
Use of technology: Use of technology is adequate for the current level of operations.
Management has adequate experience to upscale and sustain operations: Uttrayan believes that the senior management team's experience in microfinance will help UFSPL expand and sustain operations if it raises capital and resources on time.
Cost Management:- Operating expense as a % of gross loan portfolio has marginally decreased from 7.09% in FY18 to 6.17% in FY19.
Assets per Credit Officer:- UFSPL's average Total Loan Portfolio (include Managed Portfolio) per Credit & Recovery Officer was 82,12,697and Own Loan Portfolio per Credit & Recovery Officer was as of March 31, 2019. 82,28,440
Profit per Credit Officer:- EBIDTA per Credit & Recovery Officer has increased from 9,46,609 11,84,501 in FY18 to in FY19.
Profit per branch:- EBIDTA per Branch has significantly improved from in 30,64,024FY18 to in FY19. 37,57,728
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Uttrayan believes that human resource is a key strength of a organization. Uttrayan has laid down satisfactory HR policies in place for its present scale of operations. UFSPL has appointed senior management/officer-in charge who oversees staff recru i tment , incent ive p lann ing , annua l performance appraisal and training of its staff. P r o fe s s i o n a l g r o o m i n g a n d l e a d e r s h i p development are another two areas that the organization continues to give emphasis. The training and development cell will make sure the availability of a skilled and willing work force to the organization which has many benefits like optimum uti l ization of human resources, development of human resources, growing productivity team spirit, healthy work environment quality, morale and finally the behavioral improvement of an employee.
Uttrayan has organized the Town hall meetings (3 nos.) with field level employees (CRO/BM/RM) from various branches/districts. During this year, a large number of participants have attended this network meeting. During the period FY 2018-19, Uttrayan has conducted many skill development training & capacity building sessions for new as well as present employees. There have been four types of training module held during the year for the target participants like BM/CRO/RM/DMs and supervisors. HRD team will moderate the training courses along with the help of experienced pool of internal & external trainers who has imparted almost 450 learners during this period which provides the following five training modules:
After completion of the course, the learners will be able to explain the HR policy; especially employee facilities, code of conduct and performance management system (PMS), their behavioral etiquettes to establish office discipline and modify working environment and the training also aimed to conduct safety and security especially Cash carry & keeping, Off ice documents, Motor Bike, Computer, software, and soon Describe the job responsibilities of CRO.
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This training format is designed for the front line
staff members (CROs) to develop their capacity to
maximize the productivity of microfinance towards
sustainability of group, program and company
through proper group development. business
growth, minimizing risk and fair practices in
customer service. After completion of the course,
the target audience will be able to explain the
concept of microfinance, develop group and
establish group discipline Forecast and reduce the
loan risk through Preventive and curative care
Conduct safety and security especially Cash carry
& keeping, Office documents, Excellence in
customer service, Promote fair practice code of
Conduct as per RBI Guide Line towards grievance
redress and keep up the motivational level of self
and members and to organization
This training format is designed for the clients in line with the fair practices code / guidelines issued by the Reserve bank of India regulating the MFI's code of conduct framework in financial inclusions programs for the entities in India. The objectives of conducting financial literacy campaign are includes the facilitate financial inclusion through provision of two essentials i.e. literacy and easy access, Imparts knowledge to enable financial planning, growing business and income generation, inculcate saving habits, Improve the understanding of financial products leading to effective use of financial services. Able to proactively manage money and avoid risk.
It is a comprehensive tool for enriching personal development, grooming and impact assessment on the performance of our Management cadre deputed as Regional Manager/Divisional Manager or Zonal Manager/Area Manager. The sharp focus is to develop managerial competency/Skills of managers though live practical sessions. After completion of this course, the learners will be able to explain the functions of management, Strengthen the decision making process, Develop the management skills considering psychological issues, Improve the motivation level following the staff development process, describe the role, responsibilities and job description of managers and promote the organizational etiquette among the staff members
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UFSPL maintains its MIS through a software called
“BIJLI” developed by Force Pen Technologies. This
is a routine training program for all the field and HO
staffs to have familiar with company's online
software platform, functions and modalities its
usage in safe and secure manner. This is an
interactive live sessions for the target audience to
know from the internal or external experts various
software related updates, changes as per the
company's physical needs of running the business.
The training is very much necessary for applying
the MFI Software operation & KYC upload for group
members.
• Implementation of biometric attendance
system across all regions / centers of the
company.
• Staff strength as per requirement (FY 18 -
387 & FY 19-438)
• Learners Training received : 453 No's
• Conducted Training course (4 No's)
• Number of the recruitment in the workforce
of is 222
• Campus recruitment drive
Our business philosophy is based on five core
values - Operational Excellence, Customer
Focus, Product Leadership, People and
Sustainability. We believe that the ultimate
identity and success of our organization will
reside in the exceptional quality of our people
and their extraordinary efforts. For this reason,
we are committed to hiring, developing,
motivating and retaining the best people in the
industry. Accordingly, we have conducted few
campus recruitment drives in last couple of
month, in different colleges of South Bengal &
North Bengal district, from where we have
selected & hired nearly 42 candidates those
who are working presently in Uttrayan.
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Operation Matrix
Uttrayan has a strong Internal Control System to monitor its operations. The reporting chain is as below :-
At the branch level, a reporting structure has been created for effective monitoring of operations.
The CRO does the field verification and then reports to the BM. The BM conducts the appraisal but
cannottake the decision whether to grant or reject a loan application. After grading has been done by BM,
next level of screening is done by the Regional Manager. After his consent, the proposal goes to the
Operations Manager for final approval based on the recommendation of the BM, RM and the past
repayment history of the groups.
The operations are centralized with Head Office (HO) having the final authority for loan sanction &
disbursement. However, BM is responsible for loan collection and delinquency management.
There is a sound operational policy in place which ensures best practices in the industry to regulate &
expedite MFI's decision making process. In line with the mission, visions and the core values, Uttrayan is
having an experienced pool of resources in each of its functions. Following table defines the entire
organisation structure from the senior management level to the bottom of the reporting chain:
Board of Directors
Managing Director
Director operation
Operation Manager
Deputy Zonal Manager
Assistant Operation Manager
Divisional Manager
Regional Manager
Branch Manager
Credit & Recovery Officer
-
KYC Checked Through CB
(Via Mobile Application)CGT/CCT
(Compulsory Group Training/ Compulsory
Client Training)
Mohalla Survey
GRT/CRT (Group Recognition
Test / Client Recognition Test)
Loan Application (After Member is Authenticated in
Case of New Member)
Documents Verification
Loan Sanction
Loan Disbursement
Center Formation
Group Formation
(After Center is Authenticated)Member Application
(After Group is Authenticated, In
Case of New Member)
Documents Print
(Loan Application Print)
Collection Taken via Mobile Application
(Collection Type – Biweekly)
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LEVEL 1
LEVEL 2
LEVEL 3
LEVEL 4
You can contact our local Branch Manager or call us on our centralized help line number with your issues which will be responded /resolved within working days. 10
Client
If not resolved
If not resolved
If not resolved
If not resolved
You can contact our Regional Manager deputed as the Grievance Redressal Officer (GRO) in his operational jurisdiction. Your queries/complaints shall be addressed /resolved within working days4
GRO (Grievance Redressal Officer)
Client
Client
+91 - 9891842660
If you are not satisfied with the resolution of CGRO or not solved within working days, then you can contact to Sa-Dhan (SRO) :- 20
Grievance Redressal Officer, Sa-dhan
You can contact our, your quarries /complaints shall be addressed /resolved within working days.6
Client
+91 - 9339145118 / 6292195201
CGRO (Chief Grievance Redressal Officer)
Email: [email protected]
Mr. Prasanta Chakraborty
(verbal or written)
Client Complaint BoxTelephonic Call - Help Line Number(s) Branch Manager
LEVEL 5If you are not satisfied with the resolution of CGRO/Sa-dhan or not solved within days, then you can 30
reach out to DNBS, RBI Kolkata regional office.
+91 - 033-22304982
Toll Free No. : 18003455540HO Help Line No. : 7044048874
Nodal officer Reserve Bank of IndiaDepartment of Non-Banking Supervision5th Floor, 15, N. S. Road, Kolkata-700001
Email: [email protected]
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Sl. No.
Name of the Funder
Amount Sanctioned
(Cumulative) as on 01.04.2018
(Rs. in Lakhs)
Amount Availed During
FY18-19 (Rs. in Lakhs)
Outstanding Amount
as on 31.03.2019
(Rs. in Lakhs)
UCO Bank
Bank of Baroda
Union Bank of India
Small Industries Development Bank of India (SIDBI)
Mudra Ltd-Micro Units Development & Refinance
Agency Ltd (MUDRA)
IDFC First Bank Limited
Bandhan Bank
Lakshmi Vilas Bank
Yes Bank Ltd.
IDBI Bank
South Indian Bank
Dhanlaxmi Bank
Bangiya Gramin Vikash Bank
Fincare Small Finance Bank Ltd.
AU Small Finance Bank Ltd.
MAS Financial Services Ltd.
Maanaveeya Development & Finance Pvt. Ltd.
Arohan Financial services Pvt. Ltd.
Ananya Finance for Inclusive Growth Pvt. Ltd.
Habitat Microbuild India Housing Finance Company
Pvt. Ltd.
Jain Sons Finlease Ltd. (Intelligrow)
Reliance Commercial Finance
Avanse Financial Services Ltd.
Mahindra & Mahindra Financial Services Pvt. Ltd.
Profectus Capital Pvt. Ltd.
Total
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
2500
180
500
600
-
1000
1800
500
2200
300
300
200
1000
-
-
4250
1700
-
500
750
-
1000
500
500
-
20280
500
-
-
1000
500
1000
1000
1000
-
400
-
-
-
500
500
4500
1500
1500
1000
-
700
1000
700
-
200
17500
1485
47
229
1213
500
1687
1375
908
598
400
180
108
18
324
292
4375
1527
1416
679
507
477
470
407
246
200
19668
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Past Background :
The then economically backward member lived in a
small rat house, since the source of income was
almost nothing, the husband of the member used
to take his livelihood by driving a TOTO of others.
Due to poverty, the members could not bear the
education of her two sons and only one daughter.
She has used to take her life in scarcity and through
ups and down.
Current Economic Conditions :
Now, the member's life has completely changed.
She is well established economically, being a
transparent and responsible citizen. The member is
associated with the grocery business with due
regards & respect. At present, the member lives in
a two-room brick house and has now purchased a
hundred satak land and started a grocery business
there and also purchased a TOTO for her husband.
She can now afford to live after a good life with
modern gadgets and furniture like others. Her
children are also proudly studying in famous
schools.
Future Plans :
There are plans to expand the grocery store in the
coming days.
Success Story :
On 17/02/2013, after taking the loan from
Uttarayan Financial Services Pvt. Ltd. she has
started the grocery business by first making a small
grocery shop at home with a loan of Rs. 10000/-
Thereafter, in subsequent trances, she has availed
couple of loans & repaid the loan to Uttrayan by
serving all terms of the loan application and used to
live her life in her own discretion. She has
developed all aspects of life socially and culturally
by creating wealth from the loan(s) from UFSPL.
Above all, she has taken a leading role in fulfilling
social responsibility as an ardent and established
citizen.
Group : Rani
Ashmira BibiHusband Name : Sukur Khan
Family Member : 2 Sons & One Daughter
Address :
Anandapur, Post & P.S. : Suiri,
Dist. : Birbhum, West Bengal
Business : Grocery Shop
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Member's Present Condition :
Today, Mrs. Dipali Das, is a successful, skilled
economically and socially developed member for
Uttrayan. Currently, she along with her husband is
engaged in a grocery & stationery business.
Nowadays, she is living happily with her family. Her
sons are educated in a renowned school &
established in the society.
Success Story :
Before 2011 the member was living in a very small
house and the roof was covered with straw. Also
they had no fixed source of income. The member's
husband had first begun a small grocery shop in
their house until they came to know about Uttrayan
and took a first loan of Rs. 3000/- (Three thousand)
from Uttrayan. She is a member of Manlancha
group and gradually expanded the business with
new stocks. Due to untiring efforts of both
husband and wife with grocery business, they
were able to repay the loan in time and gradually
profit margin is in the higher side now.
Currently the member took a loan of Rs. 30,000 (Rs. Thirty thousand only) which changed the business structure to a big grocery shop made of brick. Now a day she has three room terraced house, well known to every body of the area, she got modern furniture, house hold needs like A.C Machine, Television, Motor bike etc. and thus make their life more comfortable. After achieving the good economical status she improves her social & economic status in the society. Both of her sons are now well established, her elder son has posted as senior officer in a renowned company and younger son is a storekeeper by profession.
Loan from other company :
At the current year, the member also took the loan of Rs. 40000/- (Forty Thousand) from Bandhan bank & timely make the repayment of loan.Group : Malancha
Dipali DasDipali DasDipali DasHusband Name : Bipul Das
Family Member : 2 Sons, Daughter in Laws
& 1 Grand Daughter
Address :
Uddan Pally, Batanagar, Mahestala,
South 24 Pgs. W.B.
Business : Grocery Shop
Branch Name : Chawrial
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Current Status :
Mrs. Shabina Bibi heals from a remote village at
South 24 Pgs & has hardly any source of income.
Currently she along with her husband engaged in nursery business (selling saplings) out of the loan taken from Uttrayan. Though years, the nursery production business helps to improve their
economic conditions. She lives with her two
daughters and a son, a small family. She is a socially responsible member. Her children are educated in a renowned school due to the successful business.
Growth Matrix :
She was living in a mud house having only one room. She has begun her nursery business after
taking a small loan of Rs. 5000/- from Uttrayan at
first phase.
Ms. Shabina Bibi has been sanctioned a loan of Rs.
30000/- & she carried out the nursery business
successfully and able to repay the loan in time. She has constructed three storied house now and she took modern gadgets like, TV, motor bike, refrigerator etc, and also she accumulated the
profit for future savings purposes. She fought
against poverty and proved as a successful entrepreneur and a socially responsible person.
Family Details :
Members are enjoying happily with her three children. Her elder daughter, Ms. Minara Khatun is studying in Class X and Mr. Sakib Khan (son)
and Ms. Sukriya Khatun (younger daughter) are
studying in class III and class I respectively.
Future Plans :
Member is focused to provide a good education for her children out of the income produced from her business. At present, 3-4 people per day has
worked in this nursery firm spead across 4 bigha
land which gives employment of 10-12 labourer in
seasonal time and it may produce near about 1 lakh saplings in a year. She wishes to scale up her business near future which could produce 1-1.5
lakh saplings by investing more or less 2 bigha
lands.
Loan Taken From Other Company :
The member is currently availed Rs. 150000/- loan from Bandhan Bank and Rs. 45000/- from Asa International & running her business smoothly.
Address :
Brindabanpur, Kamra, Nodakhali, 24 Pgs. (S), W.B.
Group : Sundari
Shabina BibiShabina BibiShabina BibiHusband Name : Mahiuddin Khan
Business : Nursery
Branch Name : Amtala
Uttrayan Annual Report # 2018 - 19 ��
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Dear Shareholders,
Your Directors have pleasure in presenting their Director's Report of the Company together with the Audited stStatements of Accounts for the Company for the year ended 31 March, 2019.
1 FINANCIAL SUMMARY (Amount in Rs.)
ParticularsstAs at 31 March,
2019
stAs at 31 March, 2018
Total Revenue
Total Expenses
Profit or Loss before Exceptional and Extraordinary items and Tax
Less : Exceptional Items
Less : Extraordinary Items
Profit or Loss before Tax
Less : Current Tax
Deferred Tax
Profit or Loss After Tax
Add : Balance as per last Balance Sheet
Add : Adjustment of last year income Tax
Less : Adjustment for TDS and Provision of Earlier Years
Less : Transfer to Reserves
Less : Proposed dividend and Dividend tax (SIDBI)
Balance Transferred to Balance Sheet
48,38,20,364
39,64,76,773
8,73,43,591
-
-
8,73,43,591
2,46,61,501
(80,433)
6,27,62,523
7,03,33,544
-
-
1,25,52,505
37,97,640
11,67,45,922
36,70,62,706
28,90,69,645
7,79,93,061
-
-
7,79,93,061
2,27,19,927
(32,621)
5,53,05,755
2,98,91,161
7,39,322
1,80,658
1,10,61,151
43,60,884
7,03,33,544
DIVIDEND
The Company has paid dividend to SIDBI in compliance with the terms of investments of SIDBI @9% per annum for the year 2018-2019 for 35,00,000 nos. 9% Cumulative Optional Convertible Preference Shares of SIDBI and created provision for dividend distribution tax at applicable rate .
REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS :
Your Board of Directors are very positive and confident about company's business of better outcome and results with increased revenue in succeeding year 2019-2020. There was no major change in the nature of business of the Company. The Company has achieved around Rupees One Hundred Ninety Three Crore as its own portfolio as against Rupees One Hunderd Forty Seven Crore in last year and earmarked a good track record of growth. The Company has achieved 22.09% growth in the overall portfolio managed by the Company with an increase of 31.13% growth in the own portfolio. Your company had started its operation in the states of Uttarakhand and Punjab and speading out its operation in 8 states, 38 districts and 87 branch in India in the Financial Year 2018-2019. The Board is very hopful of capturing more districts and states for expanding its business and providing services to the needy at large. Long Term Rating of the Company from BRICKWORK has rated BBB. Further Company has obtained new term loan from various Scheduled Banks/Financial Institutions incersing the working capital exposure and will assist in raising additional funds for furtherance of MFI Business. The management is hoping to reach total Asset Under Management of Rupees Three hundred Crores by the end of Financial year 2019-2020.
2
3
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MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which this financial statements relate on the date of this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars as required under the provisions of Section 134(3) (m) of the Companies Act, 2013 in respect of conservation of energy and technology absorption have not been furnished considering the nature of activities undertaken by the company during the year under review. There was no foreign exchange inflow or Outflow during the year under review.
STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF THE COMPANY
Risk Management is the process of identification, assessment and prioritization of risks followed by coordinated efforts to minimize, monitor and mitigate/control the probability and/or impact of unfortunate events or to maximise the realization of opportunities. The Company has laid down a comprehensive Risk Assessment and minimization procedure which is reviewed by the Board from time to time. These procedures are reviewed to ensure that executive management controls risk through means of a properly defined framework. The major risks have been identified by the Company and its mitigation process/measures have been formulated in the areas such as business, project execution, event, financial, human, environment and statutory compliance. However major concern perceived in the developent of the Company is seen as fresh Equity Capital which would enable the Company to maintain the Capital Adequecy Ratio and raise additional funds to keep the growth rate at the incresing levels.
DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
The Company has formulated its Corporate Social Responsibility policy in line with the provisions contained under Section 135 of the Companies Act, 2013 & read with Rules made thereon. The Policy was framed by the CSR Commitee and approved by the Board. The CSR Comittte has been constituted in accordence with the Act. & comprising with two Directors namely, Mr. Kartick Biswas and Mr. Apu Dhar who are primarily responsible for ensuring the CSR policy framework, execution of CSR modalities and monitoring the CSR projects / activities to be carried out by the Company and shall furnish a report to the Board of Directors on the CSR initiatives time to time. The Company has conducted one (1) CSR Committee Meeting which was held
ston 31 October, 2018 during the financial year under review.
For the time being, Companys' CSR projects have been primarily focused on the following areas:
· Promoting health
· Promoting education
Prescribed CSR Expenditure( two percent of the average net profit of the preceding three financial year) : Rs. 9,52,688/-
Details of CSR spent during the financial year 2018-19;
(a) Total amount to be spent for the financial year 2018-2019: Rs. 9,52,688/-
(b) Amount spent : NIL
During the year under review, the CSR Committee of the Board comprising two executuive directors have been constituted and the Committee has framed the CSR Policy and recommended it to the Board for approval indicating the activities to be undertaken by the company or subjectes specified in Schedule VII of the Companies Act, 2013 which was approved by the Board.
The Company has not implemented any Corporate Social Responsibility initiatives as per the explanation given under e for the period 2018-2019, however company is carrying out certain CSR activity time to time with the borrowers which are largely rural women.
4
5
6
7
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EXPLANATION ON CSR UNSPENT
During the last quarter of the financial year and in July 2019, the Committee has recommended the CSR projects, areas of activities which can be undertaken by the Company, since these projects could be identified for implementation by the Company during the later part of the year, the total amount required to be spent as per regulatory requirements in 2018-2019 could not be done. Moreover, the Company is also considering various proposals for undertaking long term rural/urban/semi-urban/peri-urban community developments CSR initiatives though promoting healthcare and education activities. The above initiatives, when implemented, is expected to take care of the unspent amount of Rs. 9,52,688/- of earlier year i.e. 2018-2019 as soon as possible and also will go a long way in fulfilling the obligations of the Company towards CSR requirements for financial year 2019-2020 in letter and spirit. An annual report on CSR activities containg particulars specified in the CSR Rules is annexed as per annexture-II.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
All transactions entered by the Company with the Related Parties were in the Ordinary Course of business and at Arms' length pricing basis. Therefore, the provisions of Section 188 of the Companies Act, 2013 were not attracted. Further, there are no materially significant related party transactions during the year under review made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large. Thus, disclosure in Form AOC-2 is not required.
EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE REMARKS OR DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIR REPORTS
There are no qualifications, reservations or adverse remarks made by the Auditors in their report. The provisions relating to submission of Secretarial Audit Report is not applicable to the Company.
COMPANY'S POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF REMUNERATION AND DISCHARGE OF THEIR DUTIES
The provisions of Section 178(1) relating to constitution of Nomination and Remuneration Committee are not applicable to the Company. The Board of Directors has adopted the Directors Remuneration Policy in exercise of the powers granted thereto. The Company is committed to continuous improvement and alignment of the Director Remuneration Policy, adjusting them to the specific needs and circumstances of the Company.
EXTRACT OF ANNUAL RETURN
The extract of Annual Return in form no. MGT-9 as required under Section 92 of the Companies Act, 2013 for the financial year ending March 31, 2019 is annexed hereto as Annexure I and forms part of this report.
NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW
The Company has conducted 7 Board Meetings during the financial year under review. The details of the Board Meeting along with the director's attendance in the meetings held during this period are given under:
8
9
10
11
12
Mr. Kartick Biswas
Mr. Apu Dhar
Mr. Probindu Kumar Biswas (date of cessation 10.10.2018)
Mr. Bijon Kanti Choudhury
Mr. Anindya Sen
Mr. Arata Kumar Sahoo (date of cessation 15.01.2019)Mr. Tarakanta Mohapatra (date of appointment 15.01.2019)
Sl. No.
Whether attended at the Board Meeting held on (yes/No) :Name of the Directors Designation
10.04.2018 29.06.2018 31.07.2018 12.09.2018 31.10.2018 13.02.2019 14.03.2019
Managing Director1.
2.
3.
4.
5.
6.
7.
Director
Director
Non-Executive Director
Non-Executive Director
Yes
Yes
Yes
No.
-
Yes
Yes
Yes
Yes
Yes
No.
-
Yes
Yes
Yes
Yes
Yes
No.
-
Yes
Yes
Yes
Yes
Yes
No.
-
No.
Yes
Yes
Yes
Yes
No.
-
Yes
-
Yes
Yes
Yes
-
No.
Yes
-
Yes
Yes
Yes
-
No.
No.
-
Nominee Director (SIDBI)
Nominee Director (SIDBI)
Uttrayan Annual Report # 2018 - 19��
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DIRECTORS RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 134(5) of the Companies Act, 2013 the Board hereby submit its responsibility Statement:
a) in the preparation of the annual accounts, the applicable accounting standards had been followed
along with proper explanation relating to material departures;
b) the directors had 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 the financial year and of the profit and loss of the
company for that period;
c) the directors had taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of this Act for safeguarding the assets of the company
and for preventing and detecting fraud and other irregularities;
d) the directors had prepared the annual accounts on a going concern basis;
e) the Company being unlisted, sub clause (e) of section 134(3) of the Companies Act, 2013 pertaining
to laying down internal financial controls is not applicable to the Company; and
f) 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.
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
The Company does not have any Subsidiary, Joint venture or Associate Company during the year under review.
DEPOSITS
The Company has neither accepted nor renewed any deposits during the year under review.
DIRECTORS
There has been change in composition of the Board during the year under review. Currently, the Board is comprising with five directors including among them two are executive, two non-executive and one nominee director (SIDBI) of the Company. During the period under review, the structure of the Board was changed in the following manner.
th Mr. Probindu Kumar Biswas, Director has resigned with effect from 10 October, 2018.
Mr. Tarakanta Mohapatra, Asst. General Manager, SIDBI as the Nominee Director representingth SIDBI was appointed in place of Shri. Arata Kumar Sahoo (since resigned) with effect from 15
January, 2019.
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DECLARATION OF INDEPENDENT DIRECTORS
The provisions of Section 149 for appointment of Independent Directors do not apply to the company.
ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS
The Company has in place adequate internal financial controls with reference to financial statements. During the year under review, such controls were tested and no reportable material weakness in the design or operation were observed.
STATUTORY AUDITORS
M/s. Ray & Ray, Chartered Accountants has been appointed in the Annual General Meeting held on 28.09.2018 as the Statutory Auditors for five years commencing from the Annual general Meeting to be held for Financial year 2018-2019 till the conclusion of Annual General Meeting to be held for Financial Year 2022-2023. Your Directors recommended for the ratification of appointment of the Statutory Auditor for the year 20119-2020 attached to the convening notice of Annual General Meeting.
DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL MECHANISM
The provisions of Section 177 of the Companies Act, 2013 read with Rule 6 and 7 of the Companies (Meetings of the Board and its Powers) Rules, 2013 is not applicable to the Company. However, the company had formed an Internal Audit Committee which conveyed five meetings in the Financial Year 2018-2019 on the follwing dates along with a detailed report of attendence of the directors is given below:
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Name of the Directors.Date of the Audit Committee Meeting and the report of attendence (yes / No) :
10.04.2018 11.06.2018 07.08.2018 10.10.2018 18.02.2019
Mr. Kartick Biswas Yes Yes Yes Yes Yes
Mr. Bijon Kanti Choudhury Yes Yes Yes Yes Yes
Mr. Anindya Sen Yes Yes Yes Yes Yes
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BANKING COMMITTEE OF THE BOARD OF DIRECTORS
The Committee of the Directors as the Banking Committee of the Company was formed for the purpose of approving the sanctions accorded by Banks/ Financial Institutions and other lenders as necessary to carry-out micro-credit on-lending operations. Pursuant to Section 179 (3)(d) & 179 (3)(f) of the Companies Act, 2013 the Banking Committee of Directors have been entrusted the powers to borrow monies from the Banks/ Financial Institutions and to grant loans or give guarantee or provide security in respect of loans which are in the nature of ordinary course of business. Initially, the Banking Committee is consists of three executive directors namely, Mr. Kartick Biswas, Mr. Apu Dhar and Probindu Kumar Biswas & the said composition was changed to two directors upon resignation of Mr. Probindu Kumar Biswas (effective from 10.10.2018) and consequently, the consent of both directors, Mr. Kartick Biswas and Mr. Apu Dhar shall be given to pass the relevant resolutions. In additions to this, the Banking Committee time to time examines and ensures various approvals as per the terms of reference of the Banking Committee. During this period under review, the Banking Committee has been conducted twenty (20) meetings on 20.04.2018, 30.04.2018, 15.05.2018, 19.06.2018, 02.07.2018, 22.07.2018, 27.07.2018, 10.09.2018, 26.09.2018, 24.12.2018, 07.01.2019, 25.01.2019, 29.01.2019, 04.02.2019, 18.02.2019, 28.02.2019, 20.03.2019, 22.03.2019, 26.03.2019 and 28.03.2019.
SHARES
During the year under review, the company has undertaken following transactions :
2,25,000 Equity Shares
Increase in Share Capital
Buy Back Sweat Equity Bonus SharesSplitting of Share
CertificatesTransfer of
SharesESOP
Nil Nil Nil Nil Nil Nil
Nil Nil Nil Nil Nil Nil
Nil Nil Nil Nil Nil Nil
Nil Nil Nil Nil Nil Nil
Nil Nil Nil Nil Nil
Nil Nil Nil Nil Nil
6,07,150 Equity Shares
3,00,000 Equity Shares
75,000 Equity Shares
25,000 Equity Shares
1,00,000 Equity Shares
Certificate No. 111 of 1,25,000 equity
shares splatted to Certificate No. 131
Certificate No. 111 of 1,25,000 equity
shares spilitted to Certificate No. 132
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS, COURTS AND TRIBUNALS
No significant and material order has been passed by the regulators, courts, tribunals impacting the going concern status and Company's operations in future.24
TRANSFER TO RESERVE
An amount of Rs.1,25,52,505/- equivalent to 20% of the net profit (after adjustment of Income Tax Liability and before Dividend) was during to the year transferred to Statutory Reserve fund U/S 45IC of the RBI Act, 1934. Balance of the Profit and Loss Account after the said transfer and other adjustments/ Dividend was transferred to Reserve and Surplus.
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DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION & REDRESSAL) ACT, 2013
The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 has been thnotified on 9 December, 2013. Under the said Act every company is required to set up an Internal Complaints
Committee to look into complaints relating to sexual harassment at work place of any women employee.
Company has adopted a policy for prevention of Sexual Harassment of Women at workplace and has set up
Committee for implementation of said policy. During the year Company has not received any complaint of
harassment.
HUMAN RESOURCES
Your Company treats its “human resources” as one of its most important assets.
Your Company continuously invest in attraction, retention and development of talent on an ongoing basis. A
number of programs that provide focused people attention are currently underway. Your Company thrust is
on the promotion of talent internally through job rotation and job enlargement.
ACKNOWLEDGEMENTS
Your Directors place on record their sincere thanks to bankers, business associates, consultants, and various
Government Authorities for their continued support extended to your Companies activities during the year
under review. Your Directors also acknowledges gratefully the shareholders for their support and confidence
reposed on your Company.
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For and on Behalf of the Board of Directors
thDate : 27 June, 2019Place : Kolkata
Kartick BiswasManaging Director(DIN : 02207249)
Apu DharDirector
(DIN : 01726461)
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Annexure I
FORM NO. MGT 9
EXTRACT OF ANNUAL RETURN
As on financial year ended on 31.03.2019
Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company
(Management & Administration) Rules, 2014
REGISTRATION & OTHER DETAILS :
1.
2.
3.
4.
5.
6.
7.
CIN
Registration Date
Name of the Company
Category/Sub-category of
the Company
Address of the Registered
office & contact details
Whether listed company
Name, Address & contact details of the Registrar & Transfer Agent, if any.
U67120WB1995PTC071237
26/04/1995
Uttrayan Financial Services Private Limited
NBFC-MFI
CF-32, Salt Lake, Sector-1, Bidhan Nagar, North 24 Parganas, Kolkata- 700 064 Phone: 7044048874 Email: [email protected].
No
Not Applicable
PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
(All the business activities contributing 10 % or more of the total turnover of the company shall be stated)
I
II
III
Sl. No.
Name and Description of main
products / servicesNIC Code of the Product/service
% to total turnover
of the company
1 Micro Finance 649 100%
SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity) (ICategory-
wise Share Holding
Demat Physical Total % of Total Shares
Demat Physical Total % of Total Shares
No. of Shares held at the beginning
of the year [As on 1-April-2018]
No. of Shares held at the end of the year [As on 31-March-2019]Category of
Shareholders
% Change
during
the year
A. Promoters
(1) Indian
a) Individual/ HUF
b) Central Govt
c) State Govt(s)
d) Bodies Corp.
e) Banks / FI
16,52,800 16,52,800 52.09% --
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28,74,950 28,74,950 90.61% 38.52%
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Demat Physical Total % of Total Shares
Demat Physical Total % of Total Shares
No. of Shares held at the beginning
of the year [As on 1-April-2018]
No. of Shares held at the end of the year [As on 31-March-2019]Category of
Shareholders
% Change
during
the year
16,52,800 16,52,800 52.09% --
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28,74,950 28,74,950 90.61% 38.52%Total shareholding of Promoter (A)
B. Public Shareholding
1. Institutions
a) Mutual Funds
b) Banks / FI
c) Central Govt
d) State Govt(s)
e) Venture Capital Funds
f) Insurance Companies
g) FIIs
h) Foreign Venture Capital Funds
i Others (specify)
Sub-total (B)(1):-
2. Non-Institutions
a) Bodies Corp.
i Indian
ii) Overseas
b) Individuals
i Individual shareholders holding nominal share capital up to Rs. 1 lakh
ii) Individual shareholders holding nominal share capital in excess of Rs 1 lakh
c) Others (Trust)
Non Resident Indians
Overseas Corporate Bodies
Foreign Nationals
Clearing Members
Trusts
Foreign Bodies - D R
Sub-total (B)(2):-
Total Public Shareholding (B)=(B)(1)+ (B)(2)
C. Shares held by Custodian for GDRs & ADRs
Grand Total (A+B+C)
2,00,000 2,00,000 6.30% - 0 0 0% (6.30%)
14,300 14,300 0.45% - 14,300 14,300 0.45% 0.45%
4,73,500 4,73,500 14.92% - 2,83,500 2,83,500 8.93% (5.99%)
8,32,150 8,32,150 26.24% 0 0 0% (26.24%)
15,19,950 15,19,950 47.91% 2,97,800 2,97,800 9.39% (38.52)%
15,19,950 15,19,950 47.91% 2,97,800 2,97,800 9.39% (38.52)%
31,72,750 31,72,750 100% 31,72,750 31,72,750 100%
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(ii) Shareholding of Promoters -
SNShareholder's
Name
Shareholding at the beginning of the year
Shareholding at the end of the year
% change in
shareholding
during the yearNo. of Shares
% of total Shares of
the company
% of Shares Pledged /
encumbered to total shares
No. of
Shares
% of total Shares of
the company
%of Shares
Pledged /
encumbered
to total
shares
1
2
3
4
5
6
Kartick Biswas 5,92,000 18.66% Nil 10,55,550 33.27% Nil 14.61%
Apu Dhar 4,87,000 15.35% Nil 10,39,500 32.76% Nil 17.41%
Soma Biswas 4,44,600 14% Nil 6,50,700 20.51% Nil 6.51%
Ranu Dhar 40,000 1.26% Nil 40,000 1.26% Nil -
Arup Das 29,200 0.92% Nil 29,200 0.92% Nil -
Raghubibha Sen 60,000 1.89% Nil 60,000 1.89% Nil -
TOTAL 16,52,800 52.09% Nil 28,74,950 90.61% Nil -
(iii) Change in Promoters' Shareholding (please specify, if there is no change)
Shareholding at the beginning of the year
Cumulative Shareholding during the year
ParticularsSNNo. of shares No. of
shares
% of totalshares of
thecompany
% of totalshares of
thecompany
Mr. Kartick Biswas (Folio No.42)1
At the beginning of the year 5,92,000 18.66% 5,92,000 18.66%
Date wise increase/decrease inPromoters Share holding during the year specifying the reasons for increase/decrease (e.g.allotment/transfer/bonus/sweat equity etc)
Date:31/07/2018 Increase in Shareholding due to Transfer
of 76,400 Equity shares from Sampark (Folio No. 73)
2.40% 6,68,400 21.06%
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g. allotment/transfer/bonus/sweat equity etc)
Date:31/07/2018 Increase in Shareholding due to Transfer
of 2,15,150 Equity shares from Srijanee Foundation
(Folio No. 62)
6.78% 8,83,550 27.84%
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g.allotment/transfer/bonus/sweat equity etc)
Date:12/09/2018 Increase in Shareholding due to Transfer of 30,000 Equity shares from
Probindu Kumar Biswas (Folio No. 69)
0.94% 9,13,550 28.79%
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g.allotment/transfer/bonus/sweat equity etc)
Date:12/09/2018 Increase in Shareholding due to Transfer of 7,000 Equity shares from Shubendhu Shekhar Biswas
(Folio No. 72)
0.22% 9,20,550 29.01%
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g.allotment/transfer/bonus/sweat equity etc)
Date:12/09/2018 Increase in Shareholding due to Transfer of 20,000 Equity shares from
Baikantha Nath Biswas (Folio No. 67)
0.63% 9,40,550 29.64%
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g.allotment/transfer/bonus/sweat equity etc)
Date:12/09/2018 Increase in hareholding due to Transfer of 8,000 Equity shares from
Mrinalini Biswas (Folio No. 68)
0.25% 9,48,550 29.89%
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Shareholding at the beginning of the year
Cumulative Shareholding during the year
ParticularsSNNo. of shares No. of
shares
% of totalshares of
thecompany
% of totalshares of
thecompany
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g.allotment/transfer/bonus/sweat equity etc)
Date:12/09/2018 Increase in Shareholding due to Transfer of 7,000 Equity shares from
Sraboni Biswas (Folio No. 70)
0.22% 9,55,550 30.11%
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g.allotment/transfer/bonus/sweat equity etc)
Date:14/03/2019 Increase in Shareholding due to Transfer of 75,000 Equity shares from
Kedia Trades & Agencies Private Limited (Folio No. 58)
2.36% 10,30,550 32.48%
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g.allotment/transfer/bonus/sweat equity etc)
Date:14/03/2019 Increase in Shareholding due to Transfer of 25,000 Equity shares from Arihant Enterprises Limited
(Folio No. 74)
0.78% 10,55,550 33.27%
At the end of the year 10,55,550 33.27% 10,55,550 33.27%
Mrs. Soma Biswas (Folio No.43)2
At the beginning of the year 4,44,600 14.01% 4,44,600 14.01%
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g.allotment/transfer/bonus/sweat equity etc)
Date: 31/07/2018 Increase in Shareholding due to Transfer of 36,100 Equity shares from
Sampark (Folio No. 73)
1.13% 4,80,700 15.15%
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g.allotment/transfer/bonus/sweat equity etc)
Date: 31/07/2018 Increase in shareholding due to Transfer of 92,000 Equity shares from
Srijanee Foundation (Folio No. 62)
2.89% 5,72,700 18.05%
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g.allotment/transfer/bonus/sweat equity etc)
Date: 12/09/2018 Increase in shareholding due to Transfer of 25,000 Equity shares from
Probindu Kumar Biswas (Folio No. 69)
0.78% 5,97,700 18.83%
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g.allotment/transfer/bonus/sweat equity etc)
Date: 12/09/2018 Increase in shareholding due to Transfer of 25,000 Equity shares from
Baikantha Nath Biswas (Folio No. 67)
0.78% 6,22,700 19.62%
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g.allotment/transfer/bonus/sweat equity etc)
Date: 12/09/2018 Increase in shareholding due to Transfer of 5,000 Equity shares from
Mrinalini Biswas (Folio No. 68)
0.15% 6,27,700 19.78%
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g.allotment/transfer/bonus/sweat equity etc)
Date: 12/09/2018 Increase in shareholding due to Transfer of 23,000 Equity shares from Sraboni Biswas (Folio No. 70)
0.72% 6,50,700 20.51%
At the end of the year 6,50,700 20.51% 6,50,700 20.51%
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Shareholding at the beginning of the year
Cumulative Shareholding during the year
ParticularsSNNo. of shares No. of
shares
% of totalshares of
thecompany
% of totalshares of
thecompany
Mr. Arup Das (Folio No.44)3
4
5
At the beginning of the year 29,200 0.92% 29,200 0.92%
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g.allotment/transfer/bonus/sweat equity etc)
0 0 0 0
At the end of the year 29,200 0.92% 29,200 0.92%
Mr. Apu Dhar (Folio No.48)
At the beginning of the year 4,87,000 15.35% 4,87,000 15.35%
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g.allotment/transfer/bonus/sweat equity etc)
Date: 31/07/2018 Increase in shareholding due to Transfer
of 1,12,500 Equity shares from Sampark (Folio No. 73)
3.54% 5,99,500 18.89%
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g.allotment/transfer/bonus/sweat equity etc)
Date: 31/07/2018 Increase in shareholding due to Transfer
of 1,90,000 Equity shares from Srijanee Foundations
(Folio No. 62)
5.98% 7,89,500 24.88%
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g.allotment/transfer/bonus/sweat equity etc)
Date: 12/09/2018 Increase in shareholding due to Transfer of 55,000 Equity shares from
Probindu Kumar Biswas (Folio No. 69)
1.73% 8,44,500 26.61%
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g.allotment/transfer/bonus/sweat equity etc)
Date: 12/09/2018 Increase in shareholding due to Transfer of 43,000 Equity shares from Shubendhu Shekhar Biswas
(Folio No. 72)
1.35% 8,87,500 27.97%
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g.allotment/transfer/bonus/sweat equity etc)
Date: 12/09/2018 Increase in shareholding due to Transfer of 29,500 Equity shares from
Mrinalini Biswas (Folio No. 68)
0.92% 9,17,000 28.90%
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decrease (e.g.allotment/transfer/bonus/sweat equity etc)
Date: 12/09/2018 Increase in shareholding due to Transfer of 22,500 Equity shares from
Tanushri Biswas (Folio No. 71)
0.70% 9,39,500 29.61%
Date wise increase/decrease in Promoters Share holding during the year specifying the reasons for increase/decreas