23 Apr 2017 | Livemint.com

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Golkonda Aluminium Extrusions Ltd.

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Golkonda Aluminium Extrusions Ltd. Accounting Policy

CORPORATE GOVERNANCE

I. Company's Philosophy

We, at Golkonda Aluminium Extrusions Limited are committed to the concept of Corporate Governance as a means of effective internal control, fair and transparent decision making process and fullest support to the Board and the Management for enhancing customer satisfaction and shareholders' value.

II. Board of Directors

The Board comprised four directors as on 30th June, 2015, headed by Chairman, an independent director. The Board formulates policy so as to lead and direct the Company. The directors bring with them rich and varied experience in different fields of corporate functioning. The Board held Six meetings during the year ended on 30th June, 2015 i.e., on (i) 29th August, 2014, (ii) 14th November, 2014, (iii) 2nd February, 2015 (iv)27th February, 2015 (v) 13th March, 2015 and (vi) 15th May, 2015.

III. Committees of the Board 1. Audit Committee

Brief description of Terms of Reference

The Audit Committee of the Board is responsible for oversight of the Company's financial reporting process and the disclosure of its financial information to ensure that the financial statements are correct, adequate and credible; and for reviewing the annual financial statements before submission to the Board. The Committee periodically reviews the adequacy of internal control systems.

The Committee reviews the financial and risk management policies of the Company. The Committee has full access to financial data and to the Company's staff. The Committee also reviews the quarterly and annual financial statements before they are submitted to the Board. The Committee comprises of the following directors as on 30th June 2015:

The Committee held four meetings during the year ended 30th June, 2015, i.e., on (i) 29th August, 2014, (ii) 14th November, 2014 (iii) 2nd February, 2015 and (iv) 15th May, 2015.

2. Stakeholders Relationship Committee.

The Committee held four meetings during the year ended 30th June, 2015, i.e., on (i) 29th August, 2014, (ii) 14th November, 2014 (iii) 2nd February, 2015 and (iv) 15th May, 2015.

3. Remuneration Committee

The Nomination and Remuneration Committee held two meetings during the year ended 30th June, 2015, i.e., on (i) 14th November, 2014 and (ii) 15th May, 2015. The Nomination and Remuneration Committee reviews the Remuneration for the Board level appointees and recommends it to the Board.

Directors' remuneration:

The Whole-time Director is remunerated as per their agreement with the Company. He did not get any sitting fee, which is paid only to Non-Executive Independent Directors. The total sitting fee for attending meetings of Board and its Committees, paid during the year was Rs. 270,000/- to Mr. Ashish Kumar Gupta, Rs30,000/- to Ms. Shruti Agarwal. Promoter Directors are not paid any sitting fee.

Shareholding of Directors:

The shareholding of Director as on 30th June 2015 is as under:

Ashish Kumar Gupta - 5000 shares

Management Discussion & Analysis Report:

It is separately published in this Report.

V. Disclosures:

(i) As required by the Accounting Standard-18, details of related-party transactions are at point no. 2.27 of Notes on Accounts.

(ii) The Company has complied with all the requirements of the Listing Agreement with the Stock Exchanges as well asthe regulations and guidelines of SEBI.

(iii) No penalties were imposed or strictures passed against the Company by the Stock Exchange or SEBI or any statutory authority, on any matter related to capital markets, during the last three years.

(iv) Company has complied with all mandatory requirements of Clause 49 of the Listing Agreement.

VI. MeansofCommunication:

The Company's quarterly results are intimated to the Stock Exchange and to the Public. Generally the results are published in The Financial Express (National newspaper) and Nava Telangana (Regional newspapers). The quarterly results are displayed on the website of the company: www.alumecoindia.com  

VII. General Shareholder Information

(i) Annual General Meeting will be held on 30thMarch, 2016 at11.30 a.m. at the Registered Office of the Company situated at Survey Nos. 379-382, Kallakal Village, Toopran Mandal, Medak District, Telangana - 502 336.

(ii) Financial Year of the Company is 1st July to 30th June.

(iii) Dates of Book Closure will be from 28th March to 30th March 2016 (Both days inclusive)

(iv) Company's shares are listed on the Bombay Stock Exchange.

 (v) Stock Code of the Company's scrip is 513309.

(vi) ISIN Code isINE327C01023.

 (viii) Registrar & Share Transfer Agents of the Company is M/s. XL Softech Systems Limited, 3, Sagar Society, Road No.2, Banjara Hills, Hyderabad - 500 034, Ph. No. 040-23545913/14/15.

(ix) Share Transfer System:

The Registrar and Share Transfer Agents, M/s. XL Softech Systems Limited handle share transfers under the overall supervision of the Shareholders' Grievance Committee.

 (xi) Dematerialization of Shares & Liquidity:

To facilitate trading in dematerialized form, the Company has entered into agreement with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). Shares of the Company are traded on the Bombay Stock Exchange Limited. As on 30th June 2015, 97% shares were held in dematerialized form.

(xii) Compliance Officer:

 Mr. Archit Agarwal

Ph. 99851-21834. e-mail:archit@alumecoindia.com

 (xiii) Plant Location:

Survey Nos. 379-382, Kallakal Village, Toopran Mandal, Medak District, Telangana - 502 336.

(xiv) Address ofcorrespondence:

Same as in (xiii) above.

(xv) Investor Relations:

All queries received from shareholders during the accounting year 2014-15 were responded adequately and in time (no queries/complaints during the year).

(xvi) Nomination Facility:

Shareholders holding shares in physical form and desirous of making a nomination in respect of their shareholding, as permitted underthe Companies Act, Companies Act, 2013, are requested to submit their request in this regard to the Company's Share Transfer Agents M/s. XL Softech Systems Limited, 3, Sagar Society, Road No.2, Banjara Hills, Hyderabad - 500 034.Nomination facility in respect of shares held in electronic form is also available with the Depository Participant (DP) as per the by-laws and business rules applicable to NSDL and CDSL.

(xvii) Detail of Unclaimed Shares: Pursuant to Clause 5A (II) of the Listing Agreement, the Company has to transfer all the physical share certificates lying with the Company to the Suspense Account and also to dematerialize the same.

Postal Return cases as per the records of the registrar were initially transferred to Suspense Account. A demat account under the name 'Alumeco India Extrusion Limited - Unclaimed Suspense Account' was opened by the company and the unclaimed shares in respect of 1263 shareholders for 107887 equity shares were transferred to the said account on 06-April-2013.

VIII. Compliance:

In compliance with the terms of the Listing Agreement, a certificate from an Independent Practicing Company Secretary regarding compliance of the provisions of Clause 49 of the Listing Agreement is annexed to this Report.

Declaration on Code of Conduct

This is to confirm that the Board has laid down a Code of Conduct for all Board members and senior management personnel of the Company. It is further confirmed that all directors and senior management personnel of the Company have affirmed compliance with the Code of Conduct of the Company for the financial year ended 30th June 2015, as envisaged in clause 49 of the Listing Agreement.

Anand Bharti

Whole-time Director

DIN: 02469989

Place: New Delhi

Date: 5thMarch, 2016