Page 67 - Kolte Patil AR 2019-20
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2.  Performance of the Company                     7. Details of Subsidiary/Joint  Ventures/
            The key highlights of the Company’s performance is as under:  Associate Companies
                                                               During the year under review, the Company has increased its stake
            Financial Overview (Consolidated Performance)      from 45% to 95% in Kolte-Patil I-Ven Townships (Pune) Limited and
            Our revenues were increased by 30.45% at  C112,950  Lakhs   Bellflower Properties Private Limited, a wholly owned subsidiary of
            during the year compared to C86,587 Lakhs in the previous year.   the Company has been merged pursuant to the order of National
            Earnings Before Interest Taxes and Depreciation was increased by   Company Law Tribunal, Mumbai Bench.
            8.67%  at  C28,055  Lakhs  as  compared  to  C25,816  Lakhs.  EBITDA
            margins decreased from 29.82% to 24.84% during the year. Total   The Statement containing salient features of the financial statement
            Comprehensive Income (post minority interest) decreased by 4.24%   of subsidiaries/associate companies/joint ventures in Form AOC - 1
            at  C7,244 Lakhs compared to  C7,565 Lakhs in the previous year.   is annexed as Annexure I to the Directors’ report.
            Earnings Per Share stood at C9.55 as compared to C9.95 last year.  8. Directors and Key Managerial Personnel

            Financial Overview (Standalone Performance)        Pursuant to Section 152 of the Companies Act, 2013 read with Article
            Our revenues were increased by 54.38% at C71,226 Lakhs during the   167 of the Articles of Association of the Company, Mrs. Sunita Kolte,
                                                               Non-Executive Director (DIN: 00255485) will retire by rotation and
            year compared to C46,137 Lakhs in the previous year. Earnings Before   being eligible, offered herself  for re-appointment  at this ensuing
            Interest Taxes and Depreciation was increased by 19.26% at C17,920   Annual General Meeting.
            Lakhs as compared to  C15,026 Lakhs. EBITDA margins decreased
            from 32.57% to 25.16% during the year.  Total Comprehensive   During the year under review, there is no change in Board of
            Income decreased by 17.33% at C6,435 Lakhs compared to C7,783   Directors nor Key Managerial Personnel.
            Lakhs  in  the previous  year. Earnings  Per  Share stood at  C8.47  as   The Company has received declarations from all the Independent
            compared to C10.25 last year.
                                                               Directors of the Company confirming that they meet the criteria of
            3. Dividend                                        Independence as prescribed both under the Act and Regulation
            The Board of Directors does not recommended any Dividend for   16 (b) of SEBI (Listing Obligations and Disclosure Requirements)
                                                               Regulations, 2015.
            Financial Year 2019-20 considering current market conditions.
                                                               The Company has devised a Policy for performance evaluation of
            4 Fixed Deposits                                   Independent Directors, Board, Committees and other Individual
            During the year under review, the Company has not accepted any   Directors which includes criteria for performance evaluation of
            fixed deposits under the provisions of the Companies Act, 2013.  the non-executive directors and executive directors. The Board has
                                                               carried out an annual evaluation of its own performance, various
            5. Share Capital                                   committees and Individual directors.
            The paid-up Equity Share Capital as on 31 March 2020 stood at
            C7,581.49 Lakhs.                                   The Board members are provided with necessary documents, reports
                                                               and  policies  to  enable  them  to  familiarise  with  the  Company’s
            6. Internal Financial Controls                     procedures and practices. Periodic presentations are made at the
            The Company has adequate internal controls and processes in place   Board and Committee Meetings, on business and performance up.
            with respect to its financial statements which provide reasonable   The details of such familiarization programmes for Independent
            assurance regarding the reliability of financial reporting and the   Directors are posted on the website of the Company and can be
            preparation of financial statements. These controls and processes   accessed at
            are driven through various policies, procedures and certifications.   governance/157190903774782171.pdf
            The Management has periodically conducted the assessment of   The Policy for selection of Directors and determining Directors
            internal financial controls for determining operative effectiveness   Independence and Remuneration Policy for Directors, Key
            and the control were operating effectively. The internal financial   Managerial Personnel and other employees is annexed as Annexure
            controls were also reviewed by an Independent Auditor and found   II to this Report.
            to be adequate and operating effectively for ensuring accuracy and
            completeness of the accounting records. No reportable material   9. Meetings of the Board of Directors
            weaknesses were observed. The report of Independent Auditor is   Five (5) Board Meetings were held during the year and the gap
            annexed to the Auditors’ Report on Financial Statements.  between two meetings did not exceed four months. The dates on
                                                               which the board meeting were held as follows:

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