general information & board of directors · statement of pro t & loss account cash flow...

General Information & Board of Directors

Directors' Report

Vidyasagar Industrial Park at Kharagpur, Paschim Medinipur

Food Park, Phase- I, II & III at Sankrail, Howrah

Poly Park at Sankrail, Howrah

Sahachawk Industrial Park, Paschim Medinipur

Shilpangan, Salt Lake

Paridhan Garment Park

The Garment Park, Budge Budge

Plasto Steel Park, Barjora

Manikanchan Special Economic Zone

Rishi BankimShilpaudyan, Naihati

Panagarh Industrial Park at Panagarh, Purba and Paschim Bardhaman

Gems & Jewellery Park, Ankurhati, Domjur, Howrah

Goaltore Industrial Park

Haringhata Industrial Park, Haringhata

Comments of Comptroller & Auditor General of India [C & AG]

Independent Auditors' Report

Balance Sheet

Statement of Prot & Loss Account

Cash Flow Statement

Notes to Financial Statement

Independent Auditors' Report on Consolidated Financial Statements

Consolidated Financial Statements of West Bengal Industrial Development Corporation Ltd.

Notes to Accounts

1

2-17

18-19

20

21

22

23

24

25-26

27-28

29

30

31

32

33

34

35-37

38-44

45

46

47

48-64

65-67

68-70

71-87

01Annual Report 2017-18

WEST BENGAL INDUSTRIAL DEVELOPMENT CORPORATION LTD.

BOARD OF DIRECTORS

Dr. Amit Mitra Chairman

Shri Abhirup Sarkar Vice Chairman

Shri S Kishore, IAS Director

Smt Vandana Yadav, IAS Managing Director

Shri P Kamalakanth, IFS Executive Director

Shri Dipankar Chatterji Director

Shri S B Ganguly Director

Shri Syamal Gupta Director

Shri T Mukherjee Director

Shri Sumit Mazumder Director

Smt S Ghosh Director

Registered Ofce

"Protiti" 23, Abanindranath Thakur Sarani (Camac Street)

Kolkata - 700017, West BengalWebsite: www.wbidc.com v E-mail: [email protected]: +91 33 2255 3700-705 v Fax: +91 33 2255 3737

Shri Dipankar Chatterji Chairman

Smt Vandana Yadav, IAS Member

Shri S B Ganguly Member

Audit Committee

Shri Abhirup Sarkar Chairman

Shri S Kishore, IAS Member

Smt Vandana Yadav, IAS Member

Shri Dipankar Chatterji Member

Nomination & Remuneration Committee

Shri Sumit Mazumder Chairman

Smt Vandana Yadav,IAS Member

Shri P Kamalakanth,IFS Member

CSR Committee

M/s. Dutta Ghosh & Associates 4, Ripon Street, Kolkata-700 016

Statutory Auditors

G. Basu & Co. Basu House, 3, Chowringhee Approach

Kolkata-700 072

Internal Auditors

Bankers

AXIS BANK

IDBI BANK

BANK OF INDIA

BANK OF MAHARASHTRA

HDFC BANK

ICICI BANK

INDUSIND BANK

SBI

YES BANK

BANK OF BARODA (ASIDE FUND)(As on 28.09.2018)

GENERAL INFORMATIONWest Bengal Industrial Development Corporation Ltd.

CIN : U75142WB1967SGC026988



DIVIDEND:No dividend has been declared by the Company for the F.Y.-2017-18.

TRANSFER TO RESERVES:No amount has been transferred to Reserves during the F.Y.-2017-18.

The Members,

st Your Directors are pleased to present the 51 Annual Report together with the Audited Statements of Accounts for the year ended 31st March 2018.

FINANCIAL HIGHLIGHTS:

You will be happy to note that the Company has earned profit this year also. The salient features of financial results for the Financial Year 2017-18 are highlighted below:

2017-18 2016-17

5,328

--

2,143

396

-

-

-

-

-

-

-

141

2,679

2,649

2,649

1,726

-224

1,147

10,151

11,272

7,236

--

2,407

704

-

-

-

-

-

-

-

119

3,230

4,006

4,006

1,106

269

2,631

11,273

13,893

Income from Operation and Others – A

Operating Expenses

Financial Charges

Administrative Expenses and other exp

Industrial Promotional Expenses

Loss on sale of Assets/Investments/Project

Purchase

Depreciation

Total Operating Expenses – B

Operating Profit (A-B)

Non-Operating Expenses/Charges/(Income)

Net Profit Before Taxation

Provision for Income Tax

Current Tax and Tax adj. of earlier years

Deferred Tax

Fringe Benefit Tax

Net Profit After Taxation

Profit of Earlier Years Brought Forward

Adjustment for Deprecation on Fixed asset

Balance of Profit carried to Balance Sheet

DIRECTORS' REPORT

Appropriation

-25-10Special Reserve created and maintained under Section 36(i) (viii) ofthe Income Tax Act

Interim Dividend

Particulars (Rs. in Lakhs)



STATE OF THE COMPANIES AFFAIRS AND FUTURE OUTLOOK:

West Bengal Industrial Development Corporation Ltd. (WBIDC) is the premier nodal agency of West Bengal's Industry, Commerce and Enterprises Department. WBIDC is responsible for conceptualizing, development, growth and facilitation of industry, investment and infrastructure in West Bengal. Over the years the corporation is actively engaged in catalyzing investment through promotion and marketing of West Bengal as an investment destination. There has been no change in the business of the Company during the financial year ended 31st March, 2018.

MATERIAL CHANGES AND COMMITMENTS:

No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which this financial statement relates and the date of this Annual Report.

LOANS, GUARANTEES AND INVESTMENTS U/S-186 OF THE COMPANIES ACT 2013:

The details of loans, guarantees and investments are provided in the Annual Report.

CONSOLIDATED FINANCIAL STATEMENTS:

The financial statements and results of your Company have been duly consolidated with its Subsidiaries, Associates and Joint ventures pursuant to applicable provisions of the Companies Act 2013 and read with the Rules thereon.

DETAILS OF SUBSIDIARY, JOINT VENTURE OR ASSOCIATE COMPANIES:

The detailed information relating to the Subsidiary Company, Associates and Joint Ventures are given in Consolidated Financial Statement, in compliance of section 129 of the Companies Act 2013, read with Rule 5 of Companies (Account) Rules 2014.

EXTRACT OF ANNUAL RETURN:

In compliance of section 134(3)(a) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administrative) Rules 2014, extract of Annual Report in format MGT-9 for the financial year 2017-18 has been enclosed with this report as Annexure I in the prescribed format.

DISCLOSURE UNDER SECTION 22 OF THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual) are covered under this policy.

COMMENTS BY COMPTROLLER AND AUDITOR GENERAL OF INDIA (CAG):

Comments of CAG on the Annual Accounts of the Company in terms of section 143(3) (b) of the Companies Act, 2013, shall be deemed as part of Directors' Report.



DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 134(5) of the Companies Act, 2013 the Board of Directors of the Company confirms that-

a) In the preparation of the annual accounts for the year ended 31st March, 2018, the Company has followed the applicable accounting standards and there are no material departures from the same.

b) The Directors have 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 as at 31st March, 2018 and of the profit and loss of the Company for that period;

c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

d) The Directors have 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;

f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

AUDITORS:

Pursuant to Section 143(5) of the Companies Act, 2013, the Comptroller and Auditor General of India, has appointed M/s. Dutta Ghosh & Associates, Chartered Accountants, as Statutory Auditors of the Company for the year 2017-18. The report of the Auditors is attached to the annual accounts of the Corporation.

CORPORATE SOCIAL RESPONSIBILITY:

WBIDC is seriously committed to social uplift. In line with the Companies Act, 2013 WBIDC has a CSR Committee which functions as per Govt. guidelines and Companies CSR policy. CSR Policy of the Company has been approved by the Board. Details of CSR Policy are available on our website, at http://www.wbidc.com/csr/csr.htm .Annual Report on Corporate Social Responsibility as required under Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 is placed as Annexure II.

SECRETARIAL AUDIT:

In compliance with section 204 of the Companies Act, 2013, M/s. D Raut & Associates, Practicing Company Secretary has been appointed as the Secretarial Auditor for the year 2017-18. Report of the Secretarial Auditor as prescribed is enclosed as Annexure III to this report.

CORPORATE GOVERNANCE:

Sound Corporate Governance practices and ethical business conduct remain at the core of the Company's value system. The Company's philosophy on Corporate Governance is based on the foundation of transparency, timely disclosure, consistent and ethical value systems and strong and empowered Board of Directors. The Corporation is geared to provide optimum value to its stakeholders, society and maintain a high standard of corporate behavior.

SECRETARIAL STANDARDS:

The Company has complied with the applicable secretarial standards issued by the Institute of Company Secretaries of India.

BOARD OF DIRECTORS:

The Board of Directors of the Company is a balanced Board comprising Executive, Non-Executive including Independent Directors. The Executive Directors contribute to the strategic management of the business of the Company under the supervision and control of the Board.



The Non-Executive Directors including the Independent Directors impart balance to the Board and enrich with their specialized knowledge and independent judgment. Key decisions are taken only after detailed discussions and deliberations by the Board. All major decisions apart from all those which are mandatorily required by the statute to be approved by the Shareholders are placed before the Board for its consideration and decision.

The meetings of the Board of Directors are usually held at the Registered Office of the Company. The Directors are intimated well in advance vide notice accompanied by detailed agenda and enclosures. During the F.Y. – 2017-18, the

th th th stBoard of Directors met 4 (Four) times on 18 April 2017, 17 June 2017, 11 September 2017 and 21 December 2017.

COMMITTEES OF THE BOARD:

The Corporation has five Board level Committees – Audit Committee, CSR Committee, Nomination and Remuneration Committee, Restructuring Settlement Committee and Loan Review Committee.

All the decisions pertaining to the constitution of the Committees, appointment of members, and fixing of terms of reference for committee members are taken by the Board of Directors. Details on the role and composition of these committees, including the number of meetings held during the financial year are provided below:

I. AUDIT COMMITTEE:

The Board of Directors of the Company has duly constituted an Audit Committee pursuant to Section 177 of the Companies Act, 2013, read with Rule 6 of the Companies (Meeting of Board and its powers) Rules, 2014. The Committee met once during the year i.e. on 29.08.2017.

II. CSR COMMITTEE:

In compliance of section 135(1) read with Rule 5 of the Companies (CSR Policy) Rules 2014, Company has constituted CSR Committee of the Board. The Committee met twice during the year i.e. on 18.04.2017 and 07.09.2017 respectively.

III. NOMINATION & REMUNERATION COMMITTEE:

Pursuant to section 178 of the Companies Act, 2013, read with Rule 6 of the Companies (Meeting of Board and its powers) Rules, 2014, Company is supposed to have a Nomination and Remuneration Committee. Accordingly a committee has been formed by the Company as per the provision of section 178. The committee did not meet during the year.

IV. RESTRUCTURING AND SETTLEMENT COMMITTEE:

The Board has constituted the 'Restructuring & Settlement Committee' to examine the proposals for Restructuring & Settlement of loans and other incidental acts. The committee met once during the year i.e. on 27.03.2018.

V. LOAN REVIEW COMMITTEE:

The Board has constituted the “Loan Review Committee” to review the status of loans and other incidental acts. The Committee met once during the year i.e. on 21.09.2017.

STATEMENT OF INDEPENDENCE OF DIRECTORS:

All Independent Directors in the Board have submitted Statement of Independence in compliance of section 149(6) of the Companies Act, 2013.

INTERNAL CONTROL SYSTEM:

Adequate Internal Control System has been established and is maintained in various areas. The existing set up of the internal control system is commensurate with the size of the Companies operations and nature of its business. Internal audit is conducted by an external agency at regular intervals. M/s. G. Basu & Company, Chartered Accountants, is the Internal Auditors of the Company and looks after the internal Audit functions of the Corporation.



CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS & OUTGO:

As the Company does not have any such activities, particulars required to be disclosed with respect to Conservation of Energy, Technology Absorption, the particulars prescribed under section 134(3) (m) of the Companies Act ,2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 are not applicable.

PARTICULARS OF EMPLOYEES:

The company has no employee whose salary exceeds the threshold limit specified in Rule 5(2) of the Companies (Appointment & Remuneration of Managerial Personnel) Rule 2014.

ACKNOWLEDGEMENT:

Your Directors wish to place on record their appreciation for the continued support received from the employees at all levels, who have enabled the Company to achieve its growth, Scale newer heights and extend to our leadership position as a major investment unit in the State of West Bengal. Your Directors also place on record their appreciation of full cooperation and support extended by various Consultants, advisors, departments of the State Government, Banks and all other Central and State level promotional and financial institutions and Chambers of Commerce in various fields of the activities of your Company. In the end, we, the Directors, look forward to the Company of all our members in this journey, which is as value enhancing, as it is exciting.

For and on behalf of the Board of Directors.

Place: Kolkata

Date:30.07.2018

Sd/-��Amit Mitra

Chairman



ANNEXURE- IFORM NO. MGT - 9

EXTRACT OF ANNUAL RETURNAs on financial year ended on 31.03.2018

[Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company(Management & Administration) Rules, 2014]

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

(All the business activities contributing 10 % or more of the total turnover of the company shall be stated)

S. No. Name and Description of main products / services

NIC Code of the Product/service

% to total turnover of the company

1 Growth and facilitation of industry, Investment and Infrastructure

6492

100

S. No.

Name and Address of the

Company

CIN/GLN

Holding/Subsidiary/

Associate

% of

Shares Held

Applicable

Section

1 West Bengal Trade Promotion Organisation

U91110WB2003NPL097201 Subsidiary 2(87)

2 Bengal Integrated Infrastructure Development Limited

U45309WB2006PLC107212 Associate 2(6)

3 Bengal CES Infratech Pvt.Ltd.

U45203WB2004PTC100921 Associate 2(6)

4 Haldia Petrochemical Limited

U23209WB1985SGC039487 Associate 2(6)

5 Bengal Srei Infrastructure Development Limited

U70109WB2004PLC100517 Joint Venture 2(6)

6 WEBFIL LTD L36900WB1979PLC032046 Joint Venture 2(6)

7 Bhor Sagar Port Limited U61200WB2015GOI208881 Joint Venture 2(6)

8

9

Bengal Pragati Infrastructure Development Limited

Bengal AerotropolisProjects Limited

U45203WB2004PLC098867

U35303WB2007PLC117120

Joint Venture

Joint Venture

79.58

50.00

26.00

24.59

49

49.46

26

26

26

2(6)

2(6)

I. REGISTRATION & OTHER DETAILS

1. CIN U75142WB1967SGC026988

2. Registration Date 06-01-1967

3. Name of the Company WEST BENGAL INDUSTRIAL DEVELOPMENTCORPORATION LTD.

4. Category/Sub-category of the

Company COMPANY LIMITED BY SHARES/GOVERNMENT

COMPANY

5. Address of the Registered

office & contact details "PROTITI" 23 ABANINDRANATH THAKUR SARANI

KOLKATA-700017, WEST BENGAL

6. Whether listed company NO

7. Name, Address & contact

details of the Registrar &

Transfer Agent, if any.

NA



IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)

A. Category-wise Share Holding

Category of Shareholders

No. of Shares held at the beginning of t he year[As on 31-March-2017]

No. of Shares held at the end of the year[As on 31-March-2018]

% Change during

the year Demat Physical Total % of

Total Shares

Demat

Physical Total % of Total Shares

A. Promoters

(1) Indian

a) Individual/

HUF

b) Central

Govt

c) State

Govt(s)

4359346

4359346

100

4359346

4359346

100

0

d) Bodies

Corp.

e) Banks / FI

f) Any other

Total

shareholding

of Promoter

(A)

4359346

4359346

100

4359346

4359346

100

0

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 (specify)

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) 4359346 4359346 100 4359346 4359346 100 0



SN

Shareholder’s Name Shareholding at the beginning of the year

Shareholding at the end of the year % change in shareholding during the year

No. 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 Governor of W.B

43,55,122

100 0

43,55,122

100 0 0

2 Shri Sankar Biswas* 704 0 0 704 0 0 0

3 Shri Panna Lal Mandal* 704 0 0 704 0 0 0

4 Smt Maitree Chakraborty * 704 0 0 704 0 0 0

5 Shri Saikat Sannidhi Bhattacharya* 704 0 0 704 0 0

0

6 Shri Dipankar Chatterjee* 704 0 0 704 0 0 0

7 Smt Bharati Ghosh Maity* 704 0 0 704 0 0 0

B) Shareholding of Promoter

* As Nominee of Governor of West Bengal

C) Change in Promoters' Shareholding (please specify, if there is no change): No Change

D) Shareholding Pattern of top ten Shareholders: (Other than Directors, Promoters and Holders of GDRs and ADRs): Not Applicable

SN Particulars Shareholding at the beginning

of the year

Cumulative Shareholding

during the year

No. of shares % of totalshares of thecompany

No. of shares

% of totalshares of thecompany

1. At the beginning of the year NA NA NA NA

2.

Date wise Increase /Decrease in Promoters

Shareholding during the year Specifying the

reasons for increase / decrease (e.g. allotment

/ transfer / bonus/ sweat equity etc):

NA

NA

NA

NA

3. At the end of the year NA NA NA NA

SN For Each of the Top 10

Shareholders

Shareholding at the

beginning of the year

Cumulative Shareholding during

the year

No. of

shares

% of total

shares of the

company

No. of

shares

% of total

shares of the

company




2.

Date wise Increase / Decrease in Promoters

Shareholding during the year specifying the

reasons for increase /decrease (e.g. allotment

/ transfer / bonus/ sweat equity etc.):

NA NA NA NA


SN Shareholding of each Directors and each Key

Managerial Personnel

Shareholding at the beginning

of the year

Cumulative Shareholding during

the year

No. of

shares

% of total

shares of the

company

No. of

shares

% of total

shares of the

company


2.

NA

NA

NA

NA


Date wise Increase / Decrease in Promoters

Shareholding during the year specifying the

reasons for increase /decrease (e.g. allotment

/ transfer / bonus/ sweat equity etc.):

E) Shareholding of Directors and Key Managerial Personnel: Not Applicable

Secured Loans

excluding deposits

Unsecured

Loans Deposits

Total

Indebtedness

Indebtedness at the beginning of the

financial year

i) Principal Amount 0 22,89,407 0 22,89,407 ii) Interest due but not paid 0 0 0 0 iii) Interest accrued but not due 0 0 0 0 Total (i+ii+iii) 0 22,89,407 0 22,89,407

Change in Indebtedness during the

financial year

* Addition 0 6,157 0 6,157 * Reduction 0 0 0 0 Net Change 0 6,157 0 6,157

Indebtedness at the end of the financial

year

i) Principal Amount 0 22,95,564 0 22,95,564 ii) Interest due but not paid 0 0

iii) Interest accrued but not due 0 0 Total (i+ii+iii) 0 22,95,564 0 22,95,564

V. INDEBTEDNESS Indebtedness of the company including interest outstanding/accrued but not due for payment:

(Rs. '000)



VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNELA. Remuneration to Managing Director, Whole-time Directors and/or Manager:

B. Remuneration to other Directors:

SN. Particulars of Remuneration

Name of Directors Total Amount (Rs.)

A Sarkar

D

Chatterji S B Ganguly

S Mazumder

S

Gupta T

Mukherjee S

Ghosh

1 Independent Directors

4,000 4,000 2,000 4,000 1,000 1,000 1.000 17,000Fee for attending board /committee meetings

Commission

Others, please specify

Total (1)

2 Other Non- Executive

Directors

Fee for attending board

/ committee meetings Commission Others, please specify

Total (2)

Total (B)=(1+2)

Total Managerial Remuneration

4,000 4,000 2,000 4,000 1,000 1,000 1.000 17,000

Overall Ceiling as per

the Act

SN.

Particulars of Remuneration

Name of MD/WTD/ Manager Total

Amount(Rs)

Smt Vanadana Yadav

Shri Surendra Gupta

(upto-06th June 2017)

Shri P Kamalakanth

Shri Sanjoy Basu

Shri Kaushick Saha (upto-01st June 2017)

24,90,921

5,33,152

22,28,700

13,78,052

3,35,991

1 Gross salary

(a) Salary as per provisions contained in

section 17(1) of the Income-tax Act,

1961

69,66,816

(b) Value of perquisites u/s 17(2)

Income-tax Act, 1961

(c) Profits in lieu of salary under section

17(3) Income- tax Act, 1961

2 Stock Option 3 Sweat Equity 4 Commission

- as % of profit - others, specify…

5 Others, please specify

Total (A)

69,66,816

Ceiling as per the Act Not Applicable



C. Remuneration to Key Managerial Personnel other than MD / Manager / WTD:

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES

SN Particulars of Remuneration Key Managerial Personnel

CEO CS CFO Total

1 Gross salary NIL

NIL

(a) Salary as per provisions contained in

section 17(1) of the Income-tax Act, 1961

NIL 9,78,791 NIL

(b) Value of perquisites u/s 17(2) Income -tax

Act, 1961

NIL NIL

(c) Profits in lieu of salary under section 17(3)

Income-tax Act, 1961

NIL NIL

2 Stock Option NIL NIL

3 Sweat Equity NIL NIL

4 Commission NIL NIL

- as % of profit NIL NIL

others, specify… NIL NIL

5 Others, please specify NIL NIL

Total NIL 9,78,791 NIL

Type Section of the

Companies Act

Brief

Description

Details of Penalty /

Punishment/

Compounding fees

imposed

Authority

[RD / NCLT/

COURT]

Appeal made,

if any (give

Details)

A. COMPANY

Penalty

Punishment

Compounding

B. DIRECTORS

Penalty NIL

Punishment

Compounding

C. OTHER OFFICERS IN DEFAULT

Penalty

Punishment

Compounding

Sd/-

Amit Mitra Chairman

Place: Kolkata Date: July, 30, 2018

For and on behalf of the Board of Directors.



ANNEXURE- II

REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES FOR FY- 2017-18

1. Brief outline of the Company's CSR Policy:

2. CSR Committee of WBIDC:

3. Average net profit of WBIDC (for last three financial years):

4. Prescribed CSR expenditure in F.Y.-2017-18:

1. The company has formulated CSR Policy in accordance with Companies Act, 2013, recommended by duly constituted CSR Committee of the Board. The CSR policy is available at the website of the Company (website: www.wbidc.com).

2. The vision of the Policy is to inculcate culture of care to the underprivileged sections of the society and distressed citizens by promoting education, healthcare, sanitation, promoting gender equality, empowering women etc.

3. Board shall constitute a CSR Committee with an Independent Director as Chairman. Nodal officers shall implement the decisions taken by the Committee.

4. The Committee shall recommend the budget, the projects to be taken up, and the method of implementation. The Committee and the Board shall ensure that at least 2 % of the average net profit of preceding 3 years is the budget for the current year.

5. Activities shall include all activities covered under CSR policy of the company which includes inter alia, items as provided under Schedule-VII of the Companies Act 2013.

The CSR Committee of WBIDC comprised of the Following members:

1. Shri. Sumit Mazumder Chairman

2. Smt. Vandana Yadav Member

3. Shri. P Kamalakanth Member

Average Net Profit of the Company for last three financial years (2014-15, 2015-16 & 2016-17):

Rs. 31.19 Crore.

As per the provisions of section 135(5), the Board of WBIDC (as referred to in sub-section-1) ensured that the company will spend two percent (2%) of the average net profits of the company made during the three immediately preceding financial years, in pursuance of its Corporate Social Responsibility Policy. Accordingly, prescribed CSR Expenditure is Rs. 62.38 lakh (which is 2% of Rs.31.19 crore) for the F.Y. – 2017-18.

Along with this, it is observed that there is an unutilized budget of Rs.60.72 lakh in Financial Year 2016-17. As per clause 4.3 of WBIDC's CSR Policy, the same has been carried forward and hence, the total CSR Budget for Financial Year 2017-18 (i.e. including previous year's unutilized amount of Rs.60.72 lakh) is Rs.123.10 lakh.

Year Net Profit (Rs.)(Rupees in crores)

2014-15 25.41

2015-16 41.66

2016-17 26.50



5. Details of CSR expenditure made during F.Y. - 2017-18:

1. Total amount of Rs.101.20 lakhs was spent for the FY 2017-18

2. Total amount unspent of Rs.21.90 lakh3. The manner in which the amount spent during the financial year is detailed below:

SL.

No.

CSR

project/a

ctivity

identified

Sector in

which the

project is

covered

Projects or

programmes

1. Local area or

other

2. Specify the State

and district where

the projects or

programmes was

undertaken

Amount (in

rupees)

outlay

(budget)

Project or

programme

wise

Amount spent

on the projects

or programmes

Sub heads:

1. Direct expenditure on projects/programmes

2. Overheads.

Cumulative

expenditure

upto the

reporting

period

Amount spent :

Direct or

through

implementing

agency

1. Chief

Minister

Relief

Fund for

flood at

North

Bengal

Covered

under item

no (ix) as

per

Schedule-

VII

Chief Minister

Relief Fund for

flood at North

Bengal

100.00 lakh Direct

expenditure on

the CSR

projects

Expenditure

incurred at

a time

State Govt’s relief fund

2.

Health

Camp Programme

organised by

Indian

Red

cross

Society

Covered

in item

no. (i) of

Schedule-

VII

Health camp

Programme

for

the following

Gram

Panchayats:

1)Dhulagarh

Gram Panchayat

at Howrah

2)PanpurKeutia

Gram Panchayat

(Near Rishi

BankimShilpaud

yan)

3)At ward No 4

under Budge

Budge

Municipality

(Nearby Budge

Budge Garment

park)

Rs.1.20

lakh

Direct

expenditure on

the CSR projects

Expenditure

incurred at

a time

Through

implementing

agency.

Sd/- Sumit Mazumder

Chairman of the CSR Committee

Sd/-P KamalakanthExecutive Director

6. Indian Red Cross Society was not able to arrange few Health Camp Programme in the districts due to ongoing Higher Secondary Examination.

Therefore in accordance with the CSR Policy of WBIDC the unutilized portion of CSR fund for FY 2017-18 amounting to 21.90 lakh rupees may be carried forward to the next FY, i.e. 2018-19.



ANNEXURE- III

FORM No. MR - 3

[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies

(Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To,

The Members

West Bengal Industrial Development Corporation Limited

We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by West Bengal Industrial Development Corporation Limited (hereinafter called the company). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.

Based on our verification of the Company's books, papers, minute books, forms and returns filed and other records maintained by the company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, We hereby report that in our opinion, the Company has, during

st the audit period covering the financial year ended on 31 March, 2018 complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

We have examined the books, papers, minute books, forms and returns filed and other records maintained by the stCompany for the financial year ended on 31 March, 2018 according to the provisions of:

(i) The Companies Act, 2013 (the Act) and the rules made there under;

(ii) The Company is not a listed Company. Hence, the Securities Contracts (Regulation) Act, 1956 ('SCRA') and the rules made there under are not applicable to it;

(iii) The Company is not a listed Company. Hence, the Depositories Act, 1996 and the Regulations and Bye-laws framed there under are not applicable to it;

(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made there under to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings;

(v) The Company is not a listed company. Hence, the following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 ('SEBI Act') are not applicable to it:-

a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;

b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992;

c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009

d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999;

e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;

f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client;

g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; and

h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998.

(vi) The Company is a Government Company and is wholly owned by the Government of West Bengal. It is a NBFC and is a Public Financial Institution. As represented by the management, NBFC Rules & Regulations are the specific laws applicable to it in addition to the other general Acts, Rules and Laws as applicable.



We have also examined compliance with the applicable clauses of the following:

(i) Secretarial Standards with regards to Meeting of Board of Directors (SS-1) and General Meeting (SS-2) issued by stICSI and made effective from 1 July, 2015.

(ii) The Listing Agreements entered into by the Company with Stock Exchange and SEBI (Listing Obligations and st

Disclosure Requirements) Regulations, 2015 (SEBI LODR) made effective from 1 December, 2015. (The Company is not a listed company. Hence, various clauses of Listing Agreement/ SEBI (LODR) Regulations are not applicable to it)

During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines etc. mentioned above subject to the following observations:

1. In terms of the provisions of section 203(1)(iii), the Company was required to appoint a Chief Financial Officer(CFO) who will also act as one of the Key Managerial Personnel during the Financial Year. However, the

thCompany has now complied with the provisions by appointing CFO in the Board Meeting held on 12 April, 2018.

Management Responsibility:

1. Maintenance of Secretarial record is the responsibility of the management of the Company. Our responsibility isto express an opinion on these secretarial records based on our audit;

2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the secretarial records. The verification was done on the test basis to ensure that correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for our opinion;

3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company;

4. Where ever required, we have obtained the Management Representation about the compliance of laws, rules and regulations and happening of events etc;

5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management. Our examination was limited to the verification of procedures on test basis;

6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.

We further report that:

The Board of Directors of the Company is constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors as mentioned above. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act.

Adequate notice is given to all Directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.

Majority decision is carried through while the dissenting members' views are captured and recorded as part of the minutes.

We further report that there are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

For D. Raut & Associates ��Company Secretaries

Sd/- ��Debendra Raut

Proprietor ACS No. - 16626

CP No.- 5232

Address: D. Raut & Associates Company Secretaries 2A- Ganesh Chandra Avenue,

th7 Floor, Room No.10, Kolkata-700013



West Bengal Industrial Development Corporation (WBIDC), the nodal agency of the State Government, responsible for promoting industrialization in the State, has developed Vidyasagar Industrial Park over approximately 1166.64 acres of land near Kharagpur. Kharagpur, is located in the West Midnapore district of West Bengal. Kharagpur is an industrial town and divisional head quarter for South Eastern Railways. It is about 120 km from Kolkata on NH-6 and well connected by roads and railways

Details of the Industrial Park:

· The Industrial Park is spread over approx. 1166.64 acres of land, the ownership of which rests with WBIDC.

· The Park is situated in the north – east end of Kharagpur West Midnapore district of West Bengal.

· The project site is bound by NH- 6 connecting Mumbai, Kolkata in the North, NH- 60 towards Balasore in the East and Orissa Trunk Road leading to the core city of Kharagpur. Kharagpur is an important railway junction, which is bound by the Kharagpur - Howrah line of South Eastern Railway.

· The nearest port, Haldia, is at a distance of nearly 60 km and is well connected by rail and roads.

· M/s. Tata Hitachi Construction Machinery Company Limited (Formerly known as M/s. Telcon) has set up their unit in the park on 250 acres of land. They have started the commercial production.

· About 450 acres of land is available in the industrial park for prospective investors.

· All prospective investors are entitled to incentives available as per West Bengal Incentive Scheme

VIDYASAGAR INDUSTRIAL PARK AT KHARAGPUR, PASCHIM MEDINIPUR:



Infrastructural Facilities developed within Vidyasagar Industrial Park:

1. Road Network System :

All the plots within the Park are connected through arterial road of 20m ROW and 17m ROW. The construction of total road (approx. 10 Km) is complete.

2. Drainage System :

RCC Box drain has already been constructed on both sides of the road along with RCC Culverts.

3. Power Supply :

West Bengal State Electricity Distribution Company Limited (WBSEDCL) has already set up 33/11 KV Power Substation over 2.76 acres land for uninterrupted power supply to the industrial units. WBSETCL has already set up a 220/132/33 KV Power Substation over 4.84 acres land.

4. Street Lighting

The park area has already been illuminated by street lighting by providing 540 nos. of street lights and 9 nos. of Highmasts.

5. Social Infrastructural Facilities :

All the Social Infrastructural facilities like Common Facility Building comprising of space for bank, canteen, office, conference room, guest house etc. along with truck parking facility, Architectural gates at 2 entry points & Fire station have already been constructed.

6. Telecommunication & Security Surveillance System :

The work of Telecommunication & Security Surveillance System based on optical fiber cable backbone is almost completed.

7. Water Supply System :

Total water demand for the park is estimated as 2 MGD Water which will be drawn from nearby Kangsawati River. WBIDC has requested PHE department to implement the water supply project within the park.

8. Land Scaping within the Park :

WBIDC has also beautifying the entire Park and Social Infra Project area through landscaping.



FOOD PARK, PHASE- I & II AT SANKRAIL, HOWRAH:

The Food Park located in Sankrail, Howrah, about 25 kms from Kolkata, is a composite facility for food processing, packaging industries, cold chain infrastructure covering an area of over 103.98 acres in two phases.

Sudha Ras, Food Park, Phase-I, encompassing an area of 49.98 acres is an investors' paradise with prominent enterprises in the areas of food processing. Frito Lay, a division of Pepsico India, has a unit in the park and is all set to become the company's largest production facility in India after expansion.

Food Park, Phase-II or The Kandua Food Park, encompassing an area of 54 acres has been further developed by WBIDC on an industrial cluster concept, is an attempt to bring different agro processing units and their support facilities to a specific location where all users can benefit from shared infrastructure.

The ready infrastructures available in the park are: power, water, Sewerage & Drainage system, street lighting, concrete road etc.

Main functional units in the Food Park are:

Pepsi Co India Holding Pvt Ltd, Prestige Ice Creams Pvt Ltd, Saj Food Products Pvt Ltd at Sudha Ras, Food Park, Phase-I.

Induss Food Products & Equipments Ltd, Pamper Oven Fresh Food Pvt Ltd, Dream Bake Pvt Ltd, Ostern Pvt Ltd. at the Kandua Food Park, Phase-II.

Recognizing the vast potential of food processing industries coupled with success of Food Park-I (Sudha Ras) and Food Park-II (Kandua Food Park) developed by WBIDC at Sankrail, Howrah, Government of West Bengal through WBIDC has conceived to set up Food Park – III adjoining to existing Food Parks. The Park is proposed to be set up on an effective area of about 34.12 acres of land out of which 27.73 acres have been plotted for industrial purpose rest area has been utilized for infrastructural development work.

The Park consists of 13 plots of land of sizes varying from 0.50 acres to 16.15 acres, which are

leased out to prospective entrepreneurs to implement project on in the areas of Food Processing

Units. Out of 13 (thirteen) plots, 13 (thirteen) plots has been leased out and no plots are remaining vacant at present.

The proposed Park will be fully integrated Industrial Park with all the basic facilities necessary for manufacturers, exporters and entrepreneurs dealing in the Agro / Food and related industries.

Construction work of road, drain, electrical cable trench, sewerage, storm water pipe line is going on full fledge.

FOOD PARK, PHASE-III, AT SANKRAIL, HOWRAH :



The some of the functional units in the park are:

l Megaflex Plastics Ltd

l Harsh Polyfabric Pvt Ltd

l Elkos Pens

l Zap Logisticare Pvt. Ltd.

l Weilburger Coatings (I) Pvt. Ltd

l Surendra Commercial & Exim. Pvt. Ltd.

l R L Commercial (P) Ltd.

l W.Hunger Hydraulics India Pvt. Ltd.

l K L Mechanical Works Pvt. Ltd.

l Rollx Technologies

l Tenty Marketing Co. Pvt. Ltd.

l Flexi Pvc Hose Pvt Ltd

l Accurate Polymers Pvt. Ltd.

l Zebra Pack Pvt. Ltd.

l Orient Polymers Pvt. Ltd.

l Techcon India (P) Ltd.

Poly Park, the fully integrated industrial park, promoted by WBIDC has been set up for petrochemical down-stream industries. It spans an area of over 60 acres of land at Sankrail in Howrah District. The park is ideally located at a distance of 25 km from Kolkata on the newly widened 4 lane NH6.

The ready infrastructures available in the park are:

l 18m wide low maintenance concrete internal roads

l Exclusive power sub station of WBSEDCL for power supply

l Potable water supply system with OHR.

l Drainage and sewerage system.

POLY PARK AT SANKRAIL, HOWRAH:



SAHACHAWK INDUSTRIAL PARK, PASCHIM MEDINIPUR:

Sahachawk Industrial Park is an industrial park specially for manufacturing and process of Coke Oven with Captive Power Plant except Sponge Iron at a land of 354.25 acres at Rakhajungle, Mouzas- Malancha, J.L. No. 131, Tarabamni, J.L. No. 138, Dhekia, J.L. No. 135, Chaksonadhar, J.L. No. 136, Kalikapur, J.L. No. 137, Niranjanbar, J.L. No. 134, Sujatpur, J.L. No. 139 and Rajpura, J.L. No. 130 comprised within the police station Kharagpur, District – Paschim Medinipur.

Location Facility:

1. 14.5 KM from Kharagpur Railway Station and 8.5 KM from Medinipur Railway Station.

2. 250 mt from NH-6 of Kalaikunda and Chowrangimore.

Infrastructure facility:

1. Well-connected metal road towards Medinipur.

2. Power substation of WBSEDCL.

Units in the Park:

1. APS Energy Pvt. Ltd

2. Ramsarup Lohh Udyog Ltd.

3. Raddix Electrocast Pvt. Ltd.

4. Autech Auto Parts (P) Ltd.

5. Mittal Ferrocast Pvt. Ltd.



SHILPANGAN, SALT LAKE:

Shilpangan is a light engineering park at a land of 139.1554 cottah in the Plot no. LB-I, Sector-III, Salt Lake, Kolkata-700 098, West Bengal.Shilpangan is well connected with Eastern Metropolitan Bypass, in close proximity of Howrah and Sealdah Railway Station, Netaji Subhas Chandra Bose International Airport and very close to upcoming metro rail.

Building and Facilities:

1. CFB (Common Facility Building)-Six-storey having 31 modules with passenger lift, meant for setting up office.

2. SDF-I (Standard Design Factory)- Six-storey with 24 modules of 305 sq m each with independent toilet blocks, wide staircases and separate passenger & goods lifts.

3. SDF-II (Standard Design Factory)-Eight-storey with 28 modules of 325 sq m each with independent toilet blocks, wide staircases and separate passenger & goods lifts, meant for setting up manufacturing units.

4. Canteen available in the ground floor of the building.

5. Car parking area- i) Covered car parking area ii) Open car parking area.

Infrastructural facilities:

1. Fully integrated industrial park with ready to use units having ready to use power, water and other amenities

2. Individual Power Connection with separate Meter readily available for each unit. Power supplied by WBSEB.

3. 630 KVA + 2000 KVA dedicated fully automated substation for quality power supply

4. 200 KVA Diesel Generator Set as stand-by power for emergency services

5. Abundant water supply from deep tube wells

6. Two 1,60,00 L capacity underground water reservoir

7. Comprehensive fire detection and fighting system with automatic fire detection and alarm system. It also includes a separate fire escape stairway.

8. Five 10 passenger elevators and three 2000 kg goods elevators.

9. 4m – 7m maintenance free concrete roads

Major units in the Park:

1. Camilla International.

2. VIAT Instruments Pvt. Ltd.

3. Urban Engineering Association Pvt. Ltd.

4. Optimal Power Synergy India Pvt. Limited.



PARIDHAN GARMENT PARK:

Paridhan - Garment Park at 19, Canal South Road, Beliaghata, Kolkata, is a composite facility for garment/ apparel manufacturing units catering to both domestic and foreign markets. WBIDC has developed the Project on 8.78 acres of land to promote the Garment Industry.

The Garment Park has been developed in two phases. Total built up space in the two phases is around 6.75

Lakh sq. ft. comprising of 5 numbers of five-storied Standard Design Factories (SDF) Buildings for

setting up manufacturing units and a three-storied Common Facility (CF) Building for setting up support facilities for efficient functioning of the manufacturing units.

Phase-I of the Project comprises of 3 numbers of SDF Buildings & 1 number of CF Building & Phase-II comprises of 2 numbers of SDF Buildings.

Infrastructural Facilities:

Ÿ Water supply: Uninterrupted water supply from bore-well, underground water reservoir along with water treatment plant

Ÿ Power Supply: Uninterrupted power supply by CESC. Also back up power through generators for each building.

Ÿ State-of-the-art fire detection and Fire safety arrangements: Comprehensive fire detection and

fighting system.

Ÿ Comprehensive drainage and sewerage system.

Ÿ Elevators – Total of 10 numbers Passenger Elevators and 5 numbers Goods Elevators for the five SDF

Buildings in the Park (i.e. two passenger Elevators and one goods Elevator per SDF Building). There is one passenger Elevator for Common Facility Building.

Ÿ Internal bituminous roads of 3.5 m, 5m, 7m and 10m width.

Ÿ Sufficient street lighting.

Ÿ Adequate Parking facility, including a trucker's bay for parking of trucks.

Ÿ Canteen space in Common Facility Building

Ÿ Proper Landscaping & Gardening in the Park with a central lawn.

Off-site infrastructure:

A Double Lane R.C.C Bridge connecting Canal South Road to Chawal Patti Road has been constructed over Beliaghata Circular Canal which runs parallel to Canal South Road in front of the Park, as part of the off-site development work related to Paridhan Garment Park. This bridge ensures connectivity of Gagan Sarkar Road with Pagladanga Road on either sides of the canal.


1. Vedanta Fashions Pvt. Ltd. (Manyavar)

2. The Rajlakshmi Cotton Mills Ltd.

3. Moustache International Pvt. Ltd.

4. Rupa & Company Ltd.

5. Prapti Fashions Pvt. Ltd.

6. Shipra Commercial Pvt. Ltd.

7. Senorita Creations Pvt. Ltd.

8. Cotton Casuals (India) Pvt. Ltd.

9. Fashion Formal Clothing Pvt. Ltd.

10. Citrus Fashions Pvt. Ltd.



THE GARMENT PARK, BUDGE BUDGE:

The Garment Park is a composite facility of garment and Apparel Park at a land of 9.85 acres (approx.) at Kalipur of Jay Chandipur, Charial Mouza under Budge Budge Municipality, South 24 Parganas in West Bengal. The site is well connected with existing BBT road, as well as Railways & Water transport facilities. In other words the region has already s i z e a b l e c o n c e n t r a t i o n o f G a r m e n t s m a n u f a c t u r i n g industries with high value skilled and semi-skilled workers available as per land use register/census records.

Infrastructure Facilities:

a) Buildings:

· The Garment Park is being developed in two phases. Total super built up area is 7,58,450 sq ft (approximately).

· There are 4 number Standard Design Factory (SDF) buildings each of G+7 storied for setting up manufacturing units of 80 nos @5000 sqft, 24 nos @ 4300 sqft and 72 nos @3000 sqft of 7,20,000 sqft.

· There are a Common Facility building (CFB) of (G+3) storied for setting up support facilities (40,000 sqft) for efficient utilization of skill & skill development & training center for better functioning of the manufacturing units.

B) Roads:

· Road of 7.0 m wide from BBT Road.

· Peripheral(secondary) roads of 10 m wide ROW.

· Main primary road of 15 m wide ROW partially.



c) Other facilities:

· Maximum ground coverage approximately 30%.

· Isolated parking of cars-176 numbers & trucks- 10 numbers and bicycles-200 numbers.

· River front beautifications area including landscaping zone with a temple area inside.

· Park is purely under CCTV and security, safety & Surveillance system fully covered in stage wise manner.

· Total passenger and goods lift-17 numbers. Each SDF building- 4 number and CFB building -1number.

· Roof drainage discharged to rain water harvest tank. Surface run off water discharged to the pond as well as water reservoir from rain water harvest tank.

· Provision for solar panel fixation facilities to be lighted for common corridor & road light facilityare required to utilize the solar power.

· Sewerage linedischarged to Sewage Treatment Plant. Centrally located Under Ground for fire and domestic water tank with pump room connected with Water Treatment Plant including individual roof tanks of each dedicated toilet blocks.

· Individual tanks are well connected to prevent the overflow water for individual block of the SDF building separately and jointly.

· Provision of 2-deep tube wells along with municipal potable water is to be connected to fulfill the water crisis.

· LT distribution line from substation is taken to electrical room at the ground floor of each SDF for further distribution and also the electricity coming from solar energy are to be connected in the main grid of electric supply to minimize the current consumption for the use of solar panel along with LED (lamp) used for entire project.

d) Current Progress:

· Construction of Common Facility Building (CFB) {one no.} and Standard Design Factories (SDFs) {four no.} are under progress.

· Statuatory Clearances from different Government bodies like WBPCB, Fire Department, Microwave, Forest etc. have been received.

As a whole land area distribution ratio as follows:

a) 4 SDF, CFB Buildings & utility building area- 25%

b) Roads and parking area- 35%

c) Green and water body including land scape garden area - 40%.



PLASTO STEEL PARK, BARJORA:

INTRODUCTION:

Plasto Steel Park at Barjora of West Bengal Industrial Development Corporation is one of the nodes of the industrial parks circuit of WBIDC.Total area of Plasto Steel Park is 432.29acres.

Barjora has coal reserves and is also well connected with the mining areas of West Bengal. Its proximity to Damodar River makes availability of water and power from DVC power plants easier.

These factors make Barjora ideal for many types of manufacturing based on Steel and plastic primarily.

The park is developed in three phases; the 1 phase of the park spans an area of 190.07 acre. From which 179.25 acre st

land is allotted to 19 nos. companies. There is no vacant place in Phase-I. Some functional units in Phase-I are M/s. ABP Pvt. Ltd, X-Pro India Pvt. Ltd, M/s. Surya Alloy Industries Pvt. Ltd, M/s. Pratyaha Newspaper Pvt. Ltd etc. 2nd phase of the park spans an area of 193.65acre. Allotable land from which is 182.97acre. Total 179.86acre land allotted to 29nos. companies. At present 3.11acres land is vacant in Phase-II. Some functional units in Phase-II are M/s. HP Ispat Pvt. Ltd, M/s. Lalwani Industries Pvt. Ltd, M/s. Royal Touch Fablon Private Limited and M/s. Inox Air Products Pvt. Ltd.etc. A further area of 48.57 acres situated between 190.07 acres and 194.168 acres has been procured for development of Phase-III. Social Infra Facility will be developed in this 3 phase over a land of 7.8 acre.

rd

LOCATIONAL ADVANTAGE:

Barjora is a census town in Bankura district around 10 km from Durgapur and 150 km from Kolkata. It is connected to NH-2 through Durgapur and also by the SH-2 and NH-60 via Mejia and then Ranigunj. It has also got connectivity with Kharagpur through NH-60. It is also flanked by Bardhaman in North, Purulia in the West and Paschim Medinipur in the South. It is very close to Haldia port & nearest airport from Barjora is Netaji Subhas Chandra Bose International Airport, Kolkata and Kazi Nazrul Islam Airport at Andal. Labour force skilled in operating iron and steel units is also available at Barjora.

EMPLOYMENT GENERATION:

Phase-I

1700 direct employees.

3000 indirect employees.

Phase-II

4938 direct employees

8993 indirect employees

INFRASTRUCTURE FACILITIES:

The Park has 12m wide internal roads with access to the State Highways. The drainage facility has been developed along the road sides.

Recently WBIDC has been undertaken Water Supply Project through PHE (Public Health Engineering Directorate, Government of West Bengal).Water supply project being undertaken by PHE has received the SIPB approval and finance approval for Rs.66.69Cr. The raw water main will flow from proposed intake to WTP site of Plasto Steel Park, Barjora of length being around 13.4 km. The raw water main will be designed to carry the required flow of 5 MGD. Every bulk connection will be provided with water meters compatible to SCADA system, so that the consumption of water by each industry can be viewed, monitored and billed for in a centralized manner.

DVC has created a 220 MVA distribution station exclusively for the park.

WBIDC has completed Street Lighting Project throughout the entire Plasto Steel Park.



Social Infra Facilities:

The prospective growth of Plasto Steel Park will give rise to the demand of Social Infrastructure in the form of basic amenities such as medical, education, commercial centers etc. On discussion with the units that has moved in Plasto Steel Park, Barjora, a list of desired facilities in the park is prepared. These facilities will be developed in Plasto Steel Park very soon. Brief of these facilities are given below:

CFB Building: Ground floor of CFB block (area 516.35 SQMT) has following facilities:

Bank, Health care Centre with one consultation room, canteen-50 seat with options of multiple counters.

First floor of CFB block (area 446 SQMT) has following facilities:Conference office, Park maintenance office, WBIDC Park administration office, office of Transport agency, office of Courier agency.

Fire Station: Ground floor of Fire Station (area 372.88 SQMT) has consists of two nos. fire engines, office etc. Dormitory with Dining & kitchen has been proposed in first floor with an area of 144.58 SQMT.

Truck Terminal along with Truckers' Amenity Centre: Area of Truck Terminal is 19220 SQMT. No. Of Trucks 134 nos. Area of Truckers' Amenity Centre is 343.11 SQMT consisting with a Dormitory with 40 beds, Canteen for Truckers, First Aid Room, an office & two nos. Toilets.

Entry / Exit Gates: Two nos. gates will be developed at two nos. entry point of Plasto Steel Park, Barjora, Bankura.

Other facilities:

Providing of Bolt or breaker: The Bolt or breaker will be provided at those roads which are directly connected to the Highway of Barjora to avoid accident.

Now, WBIDC is also planning to provide two nos. E.T.P. (Effluent Treatment Plant) at Plasto Steel Park, Barjora.

As a whole land approx. area distribution ratio at Plasto Steel Park, Barjora as follows:-

a) Industrial Area – 67%

b) Housing Area – 9 %

c) Road – 2 %

d) Power Corridor – 6 %

e) Unallocated area – 12 %

f) Others – 4 %



MANIKANCHAN SPECIAL ECONOMIC ZONE:

The ultimate destination for manufacturers, businessmen and entrepreneurs in the field of Gems and Jewellery - Manikanchan, the Gem & Jewellery SEZ located at CN-1, Sector-V, Saltlake, Kolkata -700091 promoted by WBIDC, is the first Greenfield Special Economic Zone to be operational in India. Since it is a duty free enclave and has a foreign territory status, both the Central and the State Government provide large number of incentives and facilities.

West Bengal has a rich tradition of craftsmanship for handmade gold jewellery. Bengal has a tradition of jewellery making and the State has the largest numbers of skilled artisans and goldsmiths in India.

Park Information:

After completion of all phases, the Park will have a total built-up area of 5, 50,000 sq ft. with 2 Standard Design Factories (SDF) and a Common Facility Building (CFB).

Facilities & Amenities:

The CFB is a unique diamond shaped six storied building which has the following support services. The centrally air conditioned building has 1.Office of the Development Commissioner, 2.Office of Customs, 3.Specialized courier (Lemuir Express), 4. Rotunda, a 10,000 sq ft column free exhibition cum conference hall ideal for holding international standard expositions with all other necessary facilities like water supply, power supply, fife detection and firefighting system, security system etc.

Functional units:

1) Senco Gold

2) Suman Jewellery

3) Zenith International

4) Mizan & Co.

5) Shrey Creations

6) B.V.C. Logistics



RISHI BANKIM SHILPAUDYAN, NAIHATI:

Rishi Bankim Shilpaudyan is an Industrial Park at a land of 97.38 acres at Naihati, Mouza- Malancha, P.S- Bijpur, Mouza- Rampur, P.S- Bizpur and Mouza-Rajendrapur, P.S- Naihati in the district of North 24 Parganas, West Bengal. The location of the said Industrial Park is bounded by road on one side and railway line on the other side. The park is adjoining the Kalyani Expressway. The site falls within the catchment of mega projects such as knowledge city, health city and railway coach factory.

Location Facility:

1. Northern West Bengal and North Eastern part of India through NH-34 which is connected to the site through Kalyani Expressway and Naihati-Habra road.

2. Surrounded by the major industrial zones of Kalyani, Kanchrapara, Naihati and Barrackpore.

3. The site falls within the catchment of mega projects such as knowledge city, health city and railway coach factory. This ensures sustained demand in future.

4. Rishi Bankim Shilpaudyan has the advantages of domestic and international airport within 25 Km (Netaji Subhas Chandra Bose International Airport).

5. As far as railway connectivity is concerned, Naihati and Halisahar, the two important railway stations are only 2 Km away and it can be accessed through Eastern railway-Sealdah division Mainline. Howrah, a major railway node is also about 50 km away.

Infrastructural facilities:

a) Total area is divided into two sectors namely Sector A and B. Sector A is sub divided into 9 plots. Plots are UT-2, A1/I, A1/II, A2,A3,A4,A5,A6, A7 and Sector B (70 acres land) has been allotted to WEBEL

b) All the plots within the park are connected through 18m and 15 m wide main arterial roads.

c) Storm water drainage network along both sides of arterial and internal roads.

d) WBSEDCL set up a separate power sub-station within the park.

e) Other facilities like street lighting, sewerage system etc.have already been done.

Present status of land:

1. List of units already allotted land are M/s Suguna Foods Limited, M/s Afflatus Gravures Pvt. Ltd, M/s New Hope Animal Foods Pvt. Ltd, M/s DTL Ancillary Limited, M/s Wimplast Ltd, M/s Synchro Pack Ltd and M/s. Celesty Food Products (P) Ltd.



PANAGARH INDUSTRIAL PARK AT PANAGARH, PURBA AND PASCHIM BARDHAMAN:

West Bengal Industrial Development Corporation Limited (WBIDC) is setting up a modern Industrial Park over 1475.236 acres of land at Panagarh in Burdwan district. Panagarh-Kanksa belt is a favorable destination for industries due to the availability of industrial infrastructure and climate. Matix Fertilizers & Chemicals Limited is the anchor industry of the park.

Details of the Park:

Ÿ The project site is well connected by Rail and roads with Kolkata, the state's capital. The distance is approximately 150 km.

Ÿ The site is bounded by National highway No: 2 connecting it to Delhi. Site is also connected with NH - 34 and SH-7.

Ÿ The park is well connected by railways. The nearest railway station is Panagarh at 0.8 Km from the site.

Ÿ The park is very close to the Durgapur industrial zone.

Ÿ Nearest Airport- Netaji Subhas Chandra Bose Airport at Kolkata and Kavi Kaji Nazrul Islam Airport at Andal.

Infrastructural Support:

Ÿ All the plots within the Park will be connected through an arterial road or internal roads. The work is going on.

Ÿ The park area will be serviced by street lighting, proper drainage and sewerage system, common effluent treatment plant, solid waste management system etc. Street Lighting work is going on.

Ÿ Dedicated power sub-station for uninterrupted power supply for the industrial units is being set up. Supply of Industrial and potable water from the nearby DVC reservoir is under implementation..


1. Matix Fertilizers & Chemicals Ltd.

2. H&R Johnson

3. Hindustan Petroleum Corporation Ltd.



GEMS & JEWELLERY PARK, ANKURHATI, DOMJUR, HOWRAH:

West Bengal Industrial Development Corporation Limited (WBIDC) has set up Gems & Jewellery Park at Ankurhati, Domjur in Howrah district on 5.76 acres plot.

Gems and Jewellery comprises of 2 (two) nos. SDF Buildings for manufacturing units and one (1) no. CFB Building for common facilities.

SDF A Building comprises of G+5 storied having 31 nos. of module with super built up area of 1,28,243.26 sq. ft. and SDF B Building comprises of one G+5 storied having 48 nos. of module with super built up area of 1,22,486.72 sq. ft. for manufacturing unit. Out of this only 1 module are left in the in SDF A building and 33 modules are left in the SDF B building.

CFB Building having total 13 nos. of module for super built up area of 21,149.59 sq. ft. This building is offered for office, bank, IT & ITeS office, restaurant, meeting room, training centre, Hallmarking, engraving etc.

Total project was completed and SPV (Ankurhati Gems & Jewellery Manufacturers Welfare Association ) has been formed for Operation and maintenance of the park. We have started handing over possession of modules to allottees.

We have offered WBSEDCL a piece of land to construct Sub Station to give power to module holders.

Infrastructural facilities available as follows:

1. Water Supply with treatment plant(Cp: 23,000/- per hour)

2. Internal Road

3. Power line (needs to be applied separately to WBSEDCL)

4. Parking facilities

5. Gas Bank with lines (Space for Gas Bank and common line will be constructed but Gas Connection to be applied individually/ through SPV)

6. Landscaping

7. Streets Lightings

8. Public Toilets

9. STP (Capacity 300KLD)

10. ETP (Capacity 100 KLD)

11. Medical Block

12. Service Block

13. Internal Substation for common area load (11KV/440 Volt)



GOALTORE INDUSTRIAL PARK:

Introduction:

Connectivity:

Government of West Bengal, through WBIDC, has decided to develop “WELL PLANNED, STATE-OF-ART MULTI- PRODUCT INDUSTRIAL PARK “over 950 acres (approx.) of Jute Seed Farm Land at Goaltore, Paschim Medinipur.

SL

No.

Type of

Connectivity/Major

Cities

Name of the location Distance from site

1 Rail Chandrakona Railway

Station 29 kms

2 Road NH-60 32 kms

SH-4 5 kms

3 Airport Kolkata Airport 185 kms

4 Docks Haldia Dock 165 kms

Netaji Subhas

Dock,Kolkata 175 kms

5 Kolkata City 170 kms

6 kharagpur 70 kms

Infrastructural Support:

Ÿ All the plots within the park will be connected through an arterial road or internal road.

Ÿ The entire park area will be serviced by Street Lighting, proper drainage and sewerage system, common effluent treatment plant, solid waste management system etc.

Ÿ Dedicated power sub-stations for uninterrupted power supply for the industrial unit are proposed to set up.

Ÿ PHE Department is also developing the water supply route for the project.

Ÿ PWD is constructing the boundary wall around the park.



HARINGHATA INDUSTRIAL PARK, HARINGHATA

Area and Location:

Advantage:

Basic infrastructure to be provided at the industrial park:

West Bengal Industrial Development Corporation Limited (WBIDC) is setting up Haringhata industrial park, at Haringhata in Nadia, West Bengal. The Park will spread over approx. 358 acres of land. The project site is bound by NH-34 towards North-West side connecting to Dalkhola, where it meets NH 31, which connects it to Siliguri. The proposed park consists of four (04) nos. mouzas. These are as follows:

Ÿ Panchpota (JL No.- 06)

Ÿ Balindi (JL No.- 07)

Ÿ Muragacha (JL No.- 08)

Ÿ Ayeshpur (JL No.- 09)

Ÿ Only 57.8 km via Barrackpore Trunk Road from center of Kolkata and adjacent to NH-34.

Ÿ 53.9 km via NH34 AND 60.5 km via Kalyani Expressway.

Ÿ Strategically located with good connectivity to all parts of KMC area.

Ÿ Flat topographical conditions are conductive for development.

Ÿ Surrounded by major industrial zones of Dairy Industry, Paper Industry etc.

Ÿ Nearest Airport - Netaji Subhas Chandra Bose International Airport, Kolkata (41 Km).

Ÿ Nearest Railway Station – Kalyani. on the Eastern Railway Trunk (10 km).

Ÿ Roads: All the plots within the park will be connected through arterial roads.

Ÿ Drainage: Storm water drainage network will be along both sides of arterial and internal roads.

Ÿ Power sub-stations: Dedicated power sub-stations for uninterrupted power supply for the industrial units will be set up by WBSEDCL

Ÿ Water supply: Arrangement of surface water will be made, however it may be drawn from underground through bore wells after necessary permission.

Ÿ Other facilities: The park area will be serviced by street lighting, sewerage system, common effluent treatment plant, solid waste management system etc.



COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER

SECTION 143(6)(b) OF THE COMPANIES ACT, 2013 ON THE FINANCIAL STATEMENTS OF

WEST BENGAL INDUSTRIAL DEVELOPMENT CORPORATION LIMITED FOR THE YEAR

ENDED 31 MARCH 2018:

The preparation of financial statements of West Bengal Industrial Development Corporation Limited for the year 31 March in accordance with the financial reporting framework prescribed under the Companies Act, 2013 (Act) is the responsibility of the Management of the Company. The statutory auditors appointed by the Comptroller and Auditor General of India under section 139(5) of the Act are responsible for expressing opinion on the financial statements under section 143 of the Act based on independent audit in accordance with the standards on auditing prescribed under section 143 (10) of the Act. This is stated to have been done by them vide their Audit Report dated 30.07.2018.

I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit of the financial statements of West Bengal Industrial Development Corporation Limited for the year ended 31 March 2018 under section 143(6)(a) of the Act. This supplementary audit has been carried out independently without access to the working papers of the statutory auditors and is limited primarily to inquiries of the statutory auditors and Company personnel and a selective examination of some of the accounting records.

Based on my supplementary audit, I would like to highlight the following significant matters under section 143(6)(b) of the Act, which have come to my attention and which in my view are necessary for enabling a better understanding of the financial statements and the related audit report:

A. Comment in Financial Position

Balance Sheet

Inventories- (Note No -11): Rs. 519.65 crore

Stock of Parks/ Projects: Rs. 517.57 crore

The above included an amount of Rs. 44.84 crore, being the cost of acquisition and development of land at singur, for allotment to vendors of TATA Motors Limited (TML) for the purpose of undertaking manufacture of auto ancillary and component parts of TML. Subsequently, the Hon’ble Supreme Court of India held (August 2016) that the acquisition of the landowners/ cultivators in the instant case was illegal and void and ordered that possession of the land be restored to the landowners/ cultivators in 12 weeks. Thus, the TML project was abandoned and the entire expenditure of Rs. 44.84 crore incurred on the projects became irrecoverable and need to be written off in the statement of Profit and Loss for 2017-18.

Non-writing off of the cost of acquisition and development of land resulted in over statement of ‘Profit for the year’ by Rs. 44.84 crore with corresponding over statement of ‘inventories’.

For and on behalf of the Comptroller &Auditor General of India

Sd/-(Reena Saha)

Accountant General (E&RSA)West Bangal

Place: KolkataDated: 28 Sep 2018



COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER

SECTION 143(6)(b) READ WITH SECTION 129(4) OF THE COMPANIES ACT, 2013 ON THE

CONSOLIDATED FINANCIAL STATEMENTS OF WEST BENGAL INDUSTRIAL

DEVELOPMENT CORPORATION LIMITED FOR THE YEAR ENDED 31 MARCH 2018:

The preparation of consolidated financial statements of West Bengal Industrial Development Corporation Limited for the year ended 31 March 2018 in according with the financial reporting framework prescribed under the Companies Act, 2013 (Act) is the responsibility of the Management of the Company .The statutory auditors appointed by the Comptroller and Auditor General of India under section 139(5) read with section 129(4) of the Act are responsible for expressing opinion on the financial statements under section 143 read with section 129(4) of the Act based on independent audit in according with the standards on auditing prescribed under section 143(10) of the Act. This is stated to have been done by them vide their Audit Report dated 30.07.2018.

I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit of the consolidated financial statements of West Bengal industrial Development Corporation Limited for the year ended 31 March 2018 under section 143(6)(a) read with section 129(4) of the Act. We conducted a supplementary audit of the financial statements of West Bengal Industrial Development corporation limited and WEBFIL Limited but did not conduct supplementary audit of the financial statement of the West Bengal trade Promotion Organisation and Bhor Sagar Port Limited for the year ended on the date. Further, section 139(5) and 143(6)(a) of the Act are not applicable to the Associates and joint Venture listed in Annexure, being private entities, for appointment of their Statutory Auditor and for conduct of supplementary audit. According, Comptroller and Auditor General of India has neither appointed the statutory Auditors nor conducted the supplementary audit of these companies. This supplementary audit has been carried out independently without access to the working papers of the statutory auditors and is limited primarily to inquiries of the statutory auditors and Company personnel and a selective examination of some of the accounting records.

Based on my supplementary audit, I would like to highlight the following significant matters under section 143(6)(b) read with section 129(4) of the Act which have come to my attention and which in my view are necessary for enabling a better understanding of the financial statements and the related audit report:

A. Comments on Consolidated Financial position

Consolidated Balance Sheet

inventories-(Note No- 14): Rs. 530.19 crore

Stock of Parks/ projects: Rs. 517.57 crore

The above included amount of Rs. 44.84 crore, being the cost of acquisition and development of land at Singur, for allotment to vendors of Tata Motors Limited (TML) for the purpose of undertaking manufacture of auto ancillary and component parts of TML. Subsequently, the Hon’ble Supreme court of India held 9 August 2016 that the acquisition of land of the landowners/cultivators in the instant case was illegal and void and ordered that possession of the land be restored to the landowners/ cultivators in 12 weeks. Thus, the TML project was abandoned and the entire expenditure of Rs. 44.84 corer incurred on the projects became irrecoverable and needed to be written off in the Statement of Consolidated Profit and Loss for 2017-18

Non-writing off of the cost of acquisition and development of land has resulted in overstatement of ‘Consolidated Profit for the year’ by Rs. 44.84 corer with corresponding overstatement of ‘Inventories’.

For and on behalf of the Comptroller &Auditor General of India

Sd/-(Reena Saha)

Accountant General (E&RSA)West Bangal

Place: KolkataDated: 28 Sep 2018



ANNEXURE

List of Associates/Jointly controlled entities of West Bengal Industrial Development Corporation Limited whose Statutory Auditors were not appointed by C & AG of India as the entities were Private entities during 2017-18

Sl. No. Name of the Company

Associates

Bengal Integrated Infrastructure Development Limited

Haldia Petrochemicals Limited

Bengal CES Infratech Pvt. Limited

Jointly Controlled Entities

Bengal SREI Infrastructure Development Limited

Bengal Aerotropolis Project Limited

Bengal Pragati Infrastructure Development Limited

1

2

3

4

5

6



INDEPENDENT AUDITORS' REPORT

TO THE MEMBERS OF THE

WEST BENGAL INDUSTRIAL DEVELOPMENT CORPORATION LIMITED

Report on the Financial Statements:

We have audited the accompanying Financial Statements of West Bengal Industrial Development Corporation st

Limited, which comprise the Balance Sheet as at 31 March 2018, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements:

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these Financial Statements that give a true and fair view of the financial position, financial performance and of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Companies Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility:

Our responsibility is to express an opinion on these Financial Statements and Cash Flow Statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Financial Statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the Financial Statements and Cash Flow Statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company's Directors, as well as evaluating the overall presentation of the Financial Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Financial Statements.

Opinion:

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Financial Statements, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company

stas at 31 March, 2018 and its Profit for the year ended on that date.



Emphasis of Matter Paragraph:

1. The closing balance (outstanding principal) in Soft Loan Ledger maintained by Loan Department is Rs. 26,86,00,000 but as per Final Accounts the same is Rs. 26,84,85,266.05.

2. Superior Loan to HPL (Loan No. 8.48) was re-phased on 31st May,2017 and transferred to a new Loan Account (Loan No. 8.48 REPH).The amount outstanding on that day was Rs. 94,37,76,160 as per Manual Ledger whereas it was Rs. 1,01,91,83,492.82 as per Loan Ledger in ERP System. The difference of Rs. 7,54,07,332.82 was due to wrong calculation of Penal Interest. In ERP System the Penal Interest was calculated on the amount of Overdue Interest as well as Overdue Principal but the Penal Interest was supposed to be calculated on the amount of Overdue Interest only. This lead to an overcharging of Penal Interest which had cumulative effect on the total amount outstanding in ERP System. Accordingly a rectification entry was passed in ERP System on 31st May,2017 and Rs. 7,54,07,332.82 was credited in the Loan Account (Loan No. 8.48) and the outstanding amount in the ERP System was rectified reflecting the correct amount of Rs. 94,37,76,160 which was then transferred to New Loan Account (Loan No. 8.48 REPH).

3. Superior Loan to HPL of Rs.94,37,66,160 is debited to Long Term A/c and then is adjusted in excel sheet by deducting the amount from Long Term Loan and transferring it to Superior Loan A/c. We are of the opinion that a separate ledger for Superior Loan to HPL should be created and then the amount should be transferred to Superior Loan to HPL from Long Term Loan through accounting entry. Creation of separate ledger is necessary since in Financial Statement Long Term Loan appears under Secured Loan whereas Superior Loan to HPL appears under Unsecured Loan.

4. An amount of Rs. 16,13,67,324 has been written off from Term Loan (Own Source) during the FY 17-18.

5. The amount of Outstanding Principal of Shalimar Works (1980) Limited as per Loan Sheet maintained by the Loan Department is Rs 10,98,49,249 whereas the same is Rs 10,42,37,119 as per Final Accounts. This means that Financial Statements reflect lower amount of Outstanding Principal by Rs. 56,12,130.

6. On 27-06-2018, On comparing TDS account with 26AS, we found that Company's vendors have deducted total TDS of Rs. 84,04,410 out of which only Rs. 53,17,667 are booked in the books of accounts of the Company while calculating Income Tax payable. A difference of Rs. 30,86,743 was found.

7. Sales Tax Payable is outstanding for more than 6 months, the amount being Rs. 16,95,321.

Other matter:

In our opinion, the Balance Sheet and the Statement of Profit and Loss dealt with by this report:

a) With the exception of Interest accrued on bad and doubtful Loans & Advances, which is accounted for on cash basis [refer Note 21(b)(i)], Accounting Standards AS-9 (Revenue Recognition) has been followed.

b) As per Companies Act, following statutory registers are required to be maintained Register of Members,

Register of Investment, Register of Stock, Register of Directors, Register of related party transactions but

the same were not produced before us.

Report on other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor's Report) Order, 2017 ('the Order') issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we enclose in the Annexure “A” a statement on the matters specified in the paragraph 3 and 4 of the order to the extent applicable.

2. As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.



d) In our opinion, the aforesaid Financial Statements comply with the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014.

ste) On the basis of written representations received from the directors as on 31 March, 2018, taken on

strecord by the Board of Directors, none of the directors is disqualified as on 31 March, 2018, from being appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the adequacy of the Internal Financial Controls over financial reporting of the Company and the operating effectiveness of such controls, referred to our separate report in Annexure “B”,

g) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Company did not have any pending litigations which may effect its financial position in its

financial statements.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

Place: KolkataDated: 30 July 2018

For Dutta Ghosh & AssociatesChartered Accountants

FRN: 309088E

Sd/-Partner

Membership No. 069862



i.� (a)� The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.�

� (b)� The fixed assets of the company have been physically verified in a phased manner by the management at reasonable intervals during the year and no material discrepancies between the book records and the physical inventory have been noticed.

(c) The Company owns immovable properties like Lands (Freehold and Leasehold) and Building whose title deeds are held in the name of the company.

ii.� (a)� The inventory namely stock of shares and stock of parks / projects have been physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of verification is reasonable.

� (b)� In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

� (c)� On the basis of our examination of the inventory records, in our opinion, the company is maintaining proper records of inventory. There was no material discrepancies noticed on physical verification of inventory as compared to book records.

iii.� The company has not granted any loans, secured or unsecured to companies, firms, LLP or other parties.

iv. There were investment made and provision as noted in section 185 and 186 of the Companies Act 2013 has been complied.

v.� The company has not accepted any deposits under the directives issued by the RBI and consequently, the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act 2013 and rules framed thereunder is not applicable.

vi.� The Central Government of India has not prescribed the maintenance of cost records under Sub-section (1) of Section 148 of the Act for the company.

vii.� a)� According to the information and explanations given to us and the records of the company examined by us, in our opinion, the company is regular in depositing the undisputed statutory dues including Income-Tax,Goods and Service Tax, Value Added Tax, Service Tax, Sales Tax, Cess and other material statutory dues as applicable with the appropriate authorities.

b) According to the information and explanations given to us and the records of the company examined by us, there are no undisputed dues on account of Income Tax, Goods and Service Tax, Value Added Tax, Service Tax, Cess and other material statutory dues.

However, Sales Tax amount disputed due for more than six months from the date they became payable as st

at 31 March2018.

viii.� The Company has not taken any loan from financial institutions, banks or from government. During the current year the Company's default in repayment of interest on Convertible Debentures issued in earlier years does not apply as there is no such Debentures issued in earlier year / years.

ix.� The company has not raised money by of initial public offer or further public offer including debt instrument and term loan.

ANNEXURE TO INDEPENDENT AUDITOR'S REPORT

Annexure referred to under point 1 of the Report on Other Legal and Regulatory

Requirements of the Independent Auditors' Report of even date to the members of WEST

BENGAL INDUSTRIAL DEVELOPMENT CORPORATION on the financial statements for the

year ended on 31.03.2018.

ANNEXURE- A



x.� During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, noticed or reported during the year, nor have we been informed of such case by the management.

xi. The company has paid managerial remuneration in accordance with the provisions of section 197 read with Schedule V to the Act.

xii. The company is not a Nidhi Company. As such reporting under this clause is not applicable.

xiii. Transactions with related parties are in compliance with Section 177 and 188 of the Companies Act 2013 wherever applicable are disclosed in the financial statements as required by the applicable accounting standards.

xiv. The company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures.

xv. According to the information and explanations given and the records of the company examined by us the company has not entered into any non-cash transactions with directors or persons connected with them. As such reporting under this clause is not applicable.

xvi. The company is registered under section 45-IA of the Reserve Bank of India Act 1934.



FRN: 309088E

Sd/-Partner




Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of

the Companies Act, 2013 (“the Act”)

We have audited the Internal Financial Controls over Financial Reporting of West Bengal Industrial Development st

Corporation Limited (“the Company”) as of 31 March 2018 in conjunction with our audit of the Financial Statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and issued by ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement in the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OF WEST BENGAL INDUSTRIAL DEVELOPMENT CORPORATION LIMITED.

ANNEXURE- B



Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over stfinancial reporting and such internal financial controls over financial reporting were operating effectively as at 31

March 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by ICAI.



FRN: 309088E

Sd/-Partner





BALANCE SHEET AS AT 31ST MARCH, 2018

Note 2017-2018 2016-2017

No. (Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000)

I. EQUITY AND LIABILITIES

1. Shareholders' Funds -

(a) Share Capital 1 43,59,346

43,59,346

(b) Reserves and Surplus 2 95,08,457

1,38,67,803

64,64,932

1,08,24,278

2. Non-current Liabilities

(a) Long-Term Borrowings 3 10,81,798

10,81,798

(b) Deferred Tax Liabilities (Net) 94,445

67,557

(c) Other Long-Term Liabilities 4 13,48,984

25,25,227

10,15,530

21,64,885

3. Current Liabilities

(a) Short-Term Borrowings 5 12,13,766

12,07,609

(b) Trade Payables -

-

(c) Other Current Liabilities 6 70,20,512

1,00,79,063

(d) Provisions 7 199

82,34,477

199

1,12,86,871

TOTAL : 2,46,27,507

2,42,76,034

II. ASSETS

1. Non-current assets

(a) Fixed Assets - 8

(i) Tangible assets 4,84,856 4,84,071

(ii) Intangible assets - -

4,84,856 4,84,071

Less: Depreciation 1,75,785 1,63,868 Net Block 3,09,071 3,20,203

(b) Non-current Investments 9 89,94,803 62,14,357 (c) Deferred Tax Assets (Net) - - (d) Long-term Loans and Advances 10 25,66,069

27,03,437

(e) Other Non-current Assets -

1,18,69,943

-

92,37,997

2. Current assets

(a) Current Investments -

- (b) Inventories 11 51,96,508

68,97,384

(c) Trade Receivables -

-

(d) Cash and Cash Equivalents 12 72,88,167

80,09,922

(e) Short-term Loans and Advances -

-

(f) Other Current Assets 13 2,72,889

1,27,57,564

1,30,731

1,50,38,037

TOTAL : 2,46,27,507

2,42,76,034

Date: 30 July 2018 For and on behalf of the Board

Kolkata - 700017

V. Yadav

Sd/-

Sd/-

Managing Director

R. AgarwalAdvisor

(Finance & Accounts)

P. KamalakanthExecutive Director

S. ParidaCompany Secretary

Sd/-

Sd/-

In terms of our report of even date annexed


(Sandip Dey)Partner

M No:069862FRN: 309088E

Sd/-



STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2018

2017-2018 2016-2017

(Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000)

1. Revenue from Operations 14 3,27,908

70,198

II. Other Income 15 3,95,684

4,62,646

III. Total Revenue (I + II) 7,23,592

5,32,844

IV. Expenses :

Purchases / Conversion of Stock -

-

Administrative Expenses 16 93,158

70,684

Employee Benefits Expenses 17 64,817

66,592

Promotional Expenses 18 70,389

39,571

Depreciation 11,918

14,060

Other Expenses 19 82,741

76,977

Total Expenses : 3,23,023

2,67,884

V. Profit before Exceptional and

Extraordinary items and Tax (III - IV) 4,00,569

2,64,960

VI. Exceptional Items -

-

VII. Profit before Extraordinary items

& Tax (V - VI) 4,00,569 2,64,960

VIII. Extraordinary Items - -

IX. Profit before Tax (VII - VIII) 4,00,569 2,64,960 X. Tax Expense :

(1) Current Tax 1,10,600 1,18,000 (2) Tax Adjustment for earlier years - 54,650 (3) Deferred Tax 26,890 1,37,490 (22,393) 1,50,257

XI. Profit /(Loss) for the period from

continuing operations (IX - X) 2,63,079

1,14,703

XII. Profit /(Loss) from Discontinuing

Operations -

- XIII. Tax Expenses of Discontinuing

Operations -

-

XIV. Profit /(Loss) from Discontinuing

Operations (after tax) (XII - XIII) - -

XV. Profit /(Loss) for the period (XI + XIV) 2,63,079 1,14,703

Accounting Policies 20

Notes on Accounts 21

Note

No.

Date: 30 July 2018

For and on behalf of the BoardKolkata - 700017

V. Yadav

Sd/-

Sd/-

Managing Director

R. AgarwalAdvisor




Sd/-

Sd/-



(Sandip Dey)Partner

M No:069862FRN: 309088E

Sd/-



CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2018

Year Ended Year Ended

31-03-2018 31-03-2017

(Rs. '000) (Rs. '000) (Rs. '000)

CASH FLOW FROM OPERATING ACTIVITIES :Net Profit as per P&L Account 4,00,569

2,64,960

Adjustment for: Depreciation 11,918

14,060

Provisions for Bad Advances (Net) (87,834)

76,977

-

-

(75,916)

Operating Profit before Working Capital Changes 3,24,653

3,55,997

Changes in working capital :-

Other Current Assets (1,42,158)

(61,568)

Loans & Advances (net) 2,28,416

74,200

Stock in Trade 17,00,876

(1,09,140)

Current liabilities (30,52,394)

(12,65,260)

9,27,775

Cash Generated from operation (9,40,607) 11,87,264

Direct Taxes Paid (1,13,818) (1,78,261)

Net Cash Generated from operation (10,54,425) 10,09,003

CASH FLOW FROM INVESTING ACTIVITIES Purchase of Fixed Assets (Net) (784) (2,564)

Purchase of Investment (Net) (27,80,447) (6,00,000) - -

(27,81,231) (6,02,564)

CASH FLOW FROM FINANCING ACTIVITIES- -

Capital Grant (Net) 27,80,447 6,00,000 Increase/ (decrease) of Borrowing Fund - 7,675 Increase/ (decrease) of Non-Current Liabilities 3,33,454 (4,650)

31,13,901 6,03,025 Net Increase / (Decrease ) in Cash & Cash Equivalents (7,21,755) 10,09,464

Add: Opening Balance of Cash & Cash Equivalents 80,09,922

70,00,458

Closing Balance of Cash & Cash Equivalents 72,88,167

80,09,922

(7,21,755) 10,09,464

Date: 30 July 2018

For and on behalf of the BoardKolkata - 700017

V. Yadav

Sd/-

Sd/-

Managing Director

R. AgarwalAdvisor




Sd/-

Sd/-



(Sandip Dey)Partner

M No:069862FRN: 309088E

Sd/-



NOTES TO FINANCIAL STATEMENT

2017-2018 2016-2017

1. SHARE CAPITAL (Rs. '000) (Rs. '000)

Authorised -

2,00,00,000 (Previous Year 2,00,00,000) Equity

Shares of Rs. 1000/- each 2,00,00,000

2,00,00,000

Issued and Subscribed -

43,59,346 (Previous year 43,59,346) Equity

Shares of Rs. 1000/- each fully paid up 43,59,346

43,59,346

Name of the Shareholders - No of Shares % of holding No of Shares % of holding

The Governor of West Bengal 43,59,346

100.00

43,59,346

100.00

2. RESERVES AND SURPLUS

Special Reserve u/s 36(1) (viii) of

the Income Tax Act, 1961 -

Opening Balance 1,53,463 1,50,963

Add: Addition during the Year 1,000 1,54,463 2,500 1,53,463

Capital Reserve - 59,37,743 31,57,297 Grant from State Government for CBFC 94 94 Grant from IDBI for Seed Capital 300 300 Grant from State Government 20,26,495 20,26,495 Surplus from Statement of Profit and Loss -

Opening Balance 11,27,283 10,15,080 - - Add: Profit during the year 2,63,079 1,14,703

13,90,362

11,29,783

Less:Special Reserve u/s 36(1)(viii) of

the Income Tax Act, 1961 1,000

13,89,362

2,500

11,27,283

95,08,457

64,64,932

NON-CURRENT LIABILITIES

3. LONG-TERM BORROWINGS

Unsecured: Loan from -

State Government

(Interest Free Loan) 10,81,798

10,81,798 -

-

10,81,798

10,81,798

10,81,798

10,81,798

(Repayment Terms: As per Govt. Order)




2017-2018 2016-2017

(Rs. '000) (Rs. '000)

4. OTHER LONG-TERM LIABILITIES

Advance from P E Department 2,90,000

2,90,000

Other Liabilities - Co-operative Dept, GOWB 7,920

7,920

- Security Deposits 45,078

35,916

- Sales Tax Loan 94,069

91,569

- Provision for Employee Benefits 9,834

10,576

- Others 9,02,083

5,79,549

10,58,984 7,25,530

13,48,984 10,15,530

5. SHORT-TERM BORROWINGSUnsecured:

Loan from -

Bridge Loan from State Government 2,70,000 2,70,000

Bridge Loan from State Government 9,43,766 9,37,609

(Repayment Terms: As per Govt. Order) 12,13,766 12,07,609 12,13,766 12,07,609

6. OTHER CURRENT LIABILITIES

Liabilities for Expenses 1,74,912 1,57,714 Fund Administered Under Government Scheme 10,03,373 15,68,146 Advance from Customers / Lessee 57,48,291

82,85,863

Other Liabilities

- Employees 5,941

4,946

- Statutory remittances 18,092

14,174 - Others 69,903

48,220

93,936

67,340 70,20,512 1,00,79,063

7. PROVISIONS

Provision for Interest Tax less Payments 199

199 Provision for Income Tax less Payment -

-

199 199



NO

TE

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O F

INA

NC

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As

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1.3.

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As

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1.3.

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Sal

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Lan

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84,4

97

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-

84,4

97

-

-

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-

-

84,4

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84,4

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Lan

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-

-

94

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-

-

-

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-

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94

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Bui

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65,4

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1,65

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54

,280

5,

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-

-

59,6

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2,09

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2,09

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431

-

-

86

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4,84

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1,63

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9. INVESTMENTS -Nominal / No.of Share Cost as at No.of Share Cost as at

Name of the Company Paid-up Value held as on 31.3.2018 held as on 31.3.2017

Rs. 31.3.2018 (Rs. '000) 31.3.2017 (Rs. '000)

A. Quoted Equity Shares Fully Paid up -

Nicco Parks and Resorts Limited 1 60,52,000 6,253 60,52,000 6,253

Dhunseri Petrochem Limited 10 9,15,000 91,500 9,15,000 91,500

Tata Metaliks Limited 10 2,50,000 2,500 2,50,000 2,500

Webfil Limited 10 42,20,300 42,203 42,20,300 42,203

Sub-Total : 1,42,456

1,42,456

B. Unquoted Equity Shares- Fully Paid up -

In Joint Sector of the Corporation -

Bengal Aerotropolis Project Limited 10 5,28,28,570

18,14,035

14,00,000

6,14,035

Bengal CES Infratech Private Limited 10 5,22,600

5,226

5,22,600

5,226

Bengal Integrated Infrastructure Development Limited 10 24,980

250

24,980

250

Bengal Port Private Limited 10 5,06,000

5,060

5,06,000

5,060

Bengal Srei Infrastructure Development Limited 10 24,500

245

24,500

245

Bengal Pragati Infrastructure Development Limited 10 65,000

650

65,000

650

JSW Bengal Steel Ltd 10 10,00,000

10,000

10,00,000

10,000

West Bengal Trade Promotion Organisation 1000 4,775

4,775

4,775

4,775

WEBCON Consulting (India) Limited 10 34,500

1,189

34,500

1,189

Haldia Petrochemicals Limited 10 41,50,00,000

45,00,441

41,50,00,000

47,19,995

MCC PTA India Corporation P Limited 10 3,69,64,137 4,83,794 3,69,64,137 4,83,794

Sub-Total : 68,25,665 58,45,219 In Government Company -

W.B.Electronics Industry Development Corporation Ltd. 10 17,10,000

17,100

17,10,000

17,100

W.B.Sugar Industry Development Corporation Limited 10 70,000

700

70,000

700

W.B.Housing Infrastructure Development Corporation 1000 3,750

3,750

3,750

3,750

Bhor Sagar Port Limited 10 25,74,000

25,740

25,74,000

25,740 Sub-Total : 47,290

47,290

C. Unquoted Cummulative Preference

Shares Fully Paid-Up -

Haldia Petrochemicals Limited (1%) 10 1,74,84,165

1,74,842

1,74,84,165

1,74,842

D. Unquoted Non- Cummulative Preference


Bengal CES Infratech Private Limited (10%) 10 4,55,000 4,550 4,55,000 4,550

Bengal Aerotropolis Project Limited 100 1,80,00,000 18,00,000 - -Grand Total : 89,94,803 62,14,357

Total Investment 89,94,803 62,14,357

Cost of Quoted Investments 1,42,456 1,42,456

Market Value of Quoted Investment 4,51,397 2,51,983

Cost of Un-Quoted Investments 70,52,346 60,71,901



2017-2018 2016-2017

(Rs. '000) (Rs. '000)10. LOANS AND ADVANCES

Term Loans -Secured against Assets of the Loanees 5,751 2,51,919

Working Capital Loans - Government Companies 2,53,237 2,53,237

Other Loans -Unsecured but considered good 18,67,168

17,78,527

- Considered doubtful -

2,32,388

Less: Provisions- a) Doubtful

1,81,065

b) Restructure

-

51,323 -21,26,156

22,83,683 Advances Recoverable in cash or in kind

or for value to be received 66,053

49,112

Advance Income Tax less Provision 3,73,860

3,70,642

25,66,069

27,03,437

11. STOCK - IN -TRADE- At lower of cost or market price Stock of Shares 20,783

20,783

Stock of Parks / Projects 51,75,725

68,76,601

51,96,508

68,97,384

12. CASH AND CASH EQUIVALENTS Cash-in-hand -

7

With Scheduled Banks in - Current Accounts 18,27,858

8,93,123

Current Accounts at Pay & Accounts 11,75,617

20,53,899

Deposit Accounts 40,77,044

44,54,465

Deposit Accounts – ASIDE Fund 1,93,050

5,59,74072,73,569

79,61,234 Interest Receivable on Deposits 14,598

48,68872,88,167

80,09,922

13. OTHER CURRENT ASSETS

Earnest Money & Deposit 34,223

29,775

Miscellaneous Advances 2,38,666

1,00,955

2,72,889

1,30,731

14. REVENUE FROM OPERATIONS

Interest on Loans and Advances

48,642

Lease Rent

40

Rent from Properties

3,166

26,326

51,848

Dividend 6,924

8,384

Profit / (Loss) from Projects 2,94,658

7,657

Sales of Shares -

2,3093,27,908

70,198

15. OTHER INCOME

Bad Debts Recovered 4,838

Interest on Term Deposit

3,68,418

Processing Fees

65,021

Legal and Others Fees

-

Liabilities no longer required 4,055

Miscellaneous Receipts 7313,32,119 4,43,063

INCREASE/(DECREASE) in STOCK - of - SHARES

Closing Stock 20,783 Opening Stock 23,200

0 (2,417)

Promotional Grant 63,565 22,0003,95,684 4,62,646

1,44,554

1,35,188

9,366

23,516

40

2,770

2,367

3,01,27928,342

8

-123

20,783

20,783



Date: 30 July 2018

For and on behalf of the Board

Kolkata - 700017 V. Yadav

Sd/-

Sd/-

Managing Director

R. AgarwalAdvisor




Sd/-

Sd/-



(Sandip Dey)Partner

M No:069862FRN: 309088E

Sd/-

2017-2018 2016-2017

(Rs. '000) (Rs. '000)16. ADMINISTRATIVE EXPENSES

Travelling and Conveyance

Establishment Expenses

Miscellaneous Expenses

Rent

Legal and Professionals' Fees

Electricity Charges

Repairs and Maintenance - Others

17. EMPLOYEE BENEFIT EXPENSES

Salaries, Wages, Bonus etc.

Contribution to PF and Other Funds

Staff Welfare

18. PROMOTIONAL EXPENSES

Advertisement

Industrial Trade Fair

Promotional Expenses

19. OTHER EXPENSES

Provision for a) Bad Advances

b) Restructure

Bad Advances written off

Less: Provision no longer required

CSR Expenses during the year

2,717

6,855

1,092

1,201

33,333

4,433

43,527

93,158

54,657

8,894

1,266

64,817

1,824

3,572

64,993

70,389

25,712

9,366

1,61,367

1,96,445 1,22,912

73,533 9,208

82,741

1,981

9,104

323

1,200

36,127

4,066

17,883

70,684

59,654

5,684

1,254

66,592

345

4,043

35,183

39,571

25,654

51,323

-

76,977 -

76,977 -

76,977




21. NOTES ON ACCOUNTING POLICIES

A. Accounting Assumptions

The Financial Statements have been prepared under the historical cost convention on the basis of going concern concept, in accordance with Generally Accepted Accounting Principles as well as applicable Accounting Standards and relevant presentational requirements of the Companies Act, 2013, unless otherwise stated.

B. Revenue Recognition:

The Corporation adopts the accrual basis of income and expenditure, except otherwise stated below;

(i) Interest income on standard loans and advances is accounted for on accrual basis in terms of the Companies Act, 2013. The interest accrued but not received on bad and doubtful loans and Advances is not accounted for.

(ii) Lease premium / rent are accounted for on cash basis.

(iii) Dividend on Preference Shares and interest on Debenture have been accounted for on cash basis.

(iv) Year-end liabilities in respect of on-going Projects are recognised only at the time of payment.

(v) Surplus / Deficit on Projects undertaken by the Corporation are recognised only after completion of the concerned Project or start of commercial production by the allottees who are allotted plots / modules in the concerned industrial Parks / Projects.

(vi) In view of the principles of commercial prudence, unrealised profit, if any, on valuation of Stock is not recognised.

C. Fixed Assets:

Fixed assets are carried at cost less accumulated depreciation and impairment of loss, if any. Depreciation on Fixed Assets is calculated in a manner that amortises the cost of assets after commissioning less its residual life, over their estimated useful lives as specified in Schedule II of the Companies Act, 2013. Fixed assets are capitalised as and when these are put to use and depreciated accordingly. In respect of leasehold premises, the lease premium, if any, is amortised over the period of lease and the lease rent is charged in the respective year.

D. Investments:

Investments are disclosed in the form of contribution to Joint Sector, Government, Subsidiary and other assisted companies in their equity and preference share capital as per objective for development of industries in the State. Such investments are 'Long Term Investments' as per Accounting Standard (AS-13) of the Institute of Chartered Accountants of India and carried at cost unless there is permanent diminution in value.

E. Stock-in-Trade:

Stock-in-Trade representing Equity Shares, Preference Shares, Debentures and expenditure incurred on ongoing Projects held as Trading Assets, have been valued at the year-end at cost or net realisable value, whichever is lower.

F. Assets Classifications and Provisioning:

The Corporation follows Reserve Bank of India [RBI] guidelines relating to provisioning norms for Bad and Doubtful Loans and Advances.

G. Employee Benefits:

(i) Short Term Employee Benefits: All employee benefits payable within twelve months of rendering service are classified as short term employee benefits. These benefits include compensated absence such as paid annual leave (earned leave). Undiscounted amount of short term employee benefits expected to be paid in exchange of the services rendered by the employees is recognised during the year.



(ii) Long Term Employee Benefits: Employer's contribution to Provident Fund and Pension Fund as per the Employees Provident Fund and Miscellaneous Provisions Act, 1952 are paid to appropriate authorities within the year / due date and accounted for during the year. Liability on account of Gratuity as per the Payment of Gratuity Act, 1972 is taken care of by Life Insurance Corporation of India (LICI) under an arrangement with them.

H. Provision for Current and Deferred Tax:

Provision for Current Tax is made after taking into consideration the benefits admissible under the provisions of the Income Tax Act, 1961. Deferred Tax resulting from “Timing Differences” between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the Balance Sheet date. Deferred Tax Assets are recognised and carried forward only to the extent that there is reasonable certainty that such assets will be realised against future taxable profits.

22. NOTES ON FINANCIAL STATEMENT

A. Investments:

5,14,28,570 Equity Shares and 1,80,00,000 Preference Shares of Bengal Aerotropolis Project Ltd, have been acquired at a cost of Rs. 120,00.00 lakh and Rs. 180,00.00 lakh during the financial year 2017-18 as instructed and financed by the Government of West Bengal.


Payment made after 30th April, 2018 for expenses relating to the financial year 2017-2018 are booked in the current year's accounts under natural heads of accounts.

C. Contingent Liabilities not provided for:

(i) The Corporation has received two 'Show Cause cum Demand Notice' involving (i) amount of Rs. 2.83 crore for the financial year 2004-05 to 2006-07 and (ii) Rs. 0.76 crore for the financial year 2007-08 to 2009-10 from Service Tax / Excise Department, Kolkata. Based on the opinions / advices of our Service Tax Consultants, Appeals have been filed with Hon'ble CESTAT, Kolkata, who has stayed the demand pending disposal of the appeal. Hence, the amount of Rs. 3.59 crore (previous year Rs. 3.59 crore) have not been provided as the Corporation is expecting a favourable verdict.

(ii) The Corporation has disputed the Income Tax Demand of Rs. 4,47,58,430/- for the Assessment Year 2015-16 and as such has preferred an appeal before the Commissioner of Income Tax (Appeals)-3, Kolkata. The corporation expects full relief on the disposal of Appeal and as such no liability has been provided for the same.



D. Profit and Loss Account: � � � 2017-18� 2016-17

� � � � � � � � (Rs. in '000)

i) Directors' Salary� � � � � 5,340� 4,507

ii) Directors' Pension & Leave Salary� NIL NIL

iii) Auditors' Remuneration � � � � 75� � 75

iv) Expenditure in Foreign Currency (Travelling)� NIL� � NIL

v) Break-up of Deferred Tax Assets and Liabilities:

(A) Deferred Tax Assets recognised for timing differences due to:� � �� a) Provision for Doubtful Loans �� (32,623) � (2,226)�� b) Interest accrued but not received � �� on Standard Assets� � � -� -�� c) Capital loss on sale of Investment� � - -

� � � � Total� (32,623) (2,226)

(B) Deferred Tax Liability recognised for timing differences due to:

� � a) Depreciation� � � � 6,027� � 9,880

b) Special Reserve created u/s 36(1)(viii)

of the Income Tax Act, 1961 53,456 � 53,110

c) Conversion loss on Investment to Stock � - -

� � � Total� � � � 59,483 62,990

� Net Deferred Tax Assets / (Liability) (92,106)� (65,216)

Debit Charged to Profit & Loss Account� � (26,990) (22,393)



Name of the Company

Face Value

No of Shares

Cost as on 31-03-18

Market Value as on 31-03-18

Quotation as on

31-03-18

Lower of

Cost/Market Value as on

31-03-18

Quoted Equity Shares

fully paid up

Bala Techno Industries

Ltd

10

580,000

232,000

1.07

620,600

232,000

Ballarpur Industries Ltd

2

3,366

25,013

19.55

65,805

25,013

Century Extrusions Ltd

10

100

305

5.35

535

305

Godfray Philips India Ltd

10

1,200

4,200

1,133.05

1,359,660

4,200

Gontermann Peipers India Ltd

10

26,320

526,404

6.33

166,606

166,606

Ess

Dee

Aluminium Ltd

(India Foils Ltd)

10

265

4,877,158

43.60

11,554

11,554

IDBI Bank Ltd

10

20,680

421,210

75.10

1,553,068

421,210

Pacific Cotspin Ltd

10

1,273,494

1

1

1

Poddar Udyog Ltd

10

109,900

1

1

1

Senbo Industries Ltd

10

500,000

1

1

1

T & I Global Ltd

10

47,300

392,117

7.70

364,210

364,210

Unquoted Equity

Shares -

fully paid up

A S Rototech Ltd

10

100,000

1

1

1

Bengal Air Services Ltd

10

1,200,000

1

1

1

Bengal Nestor Industries Ltd

10

471,600

2,216,000

2,216,000

2,216,000

Blue Plast Extrusion (P) Ltd

10

75,000

1

1

1

Calypso Bengal Foods Pvt. Ltd

10

450,000

1

1

1

Captrans Shipping Ltd

10

150,000

1

1

1

Chatterji Cements Ltd

10

110,000

1

1

1

Commercial Product Ltd

10

75,000

1

1

1

Concast Product Ltd

10

120,000

1

1

1

Crystal Cable Industries

Ltd

10

62,500

1

1

1

Druid Pharma Ltd

10

100,000

1

1

1

E M R Polytex Ltd

10

30,000

1

1

1

East India Oil Industries

Ltd

100

3,000

1

1

1

Eastern Explossive & Chemicals Ltd

10

999,996

1

1

1

Eastern Gateway Terminals

Pvt. Ltd 10 500 5,000 5,000 5,000

Elque Polyesters Pvt Ltd 10

876,000 1 1 1

Eureka Chemical Ltd 100

8,220 1 1 1

Fermentation Industrial (India) Pvt Ltd 100

2,650 1 1 1

vi) Details of Stock-in-Trade:

Stock-in-Trade includes Rs.51,757.25 lakh (previous year Rs.68,766.01 lakh) being cost of Project Stock representing expenditure incurred for on-going projects.

(a) Shares & Debentures (Trade):



G P I Textiles Ltd 5

49,179 1 1 1 Gangotri Petrochemical P Ltd 10

100,000 1 1 1

Globe Paper Mills Ltd 10

85,000 1 1 1 Himalaya Rubber Product s Ltd 10

40,000 1 1 1

Hotel Sea Coast (P) Ltd 100 3,000 1 1 1

Induction Electric (I) Ltd 10

40,000 1 1 1 Kero Rajendra Monolithic Co Ltd 10

75,000 1 1 1

Khetawat Chemical & Fertiliser Ltd 10

150,000 1 1 1

Lausitzer Glass Ltd 10

1,000,000 1 1 1

Luxmi Township Ltd 10 80,000 800,000 800,000 800,000

M B Duplex (P) Ltd 10

20,000 1 1 1

M B Industries Ltd 10 100,000 1 1 1 Mechanical Specialities (P) Ltd 10

75 1 1 1

Melcast India Ltd 10 89,633 1 1 1 Meridian Medical Research & Hospital Ltd 10

190,000 1,900,000 1,900,000

1,900,000

Micro Accessories India Ltd 10

330,000 1 1 1

Millienium Information Systems Ltd 10

120,000 1 1 1

Neptune Paper Mills Ltd 10 262,500 1 1 1

Nipha Steels Ltd 10 79,600 1 1 1

P C Chanda & Co P Ltd 48,535 2 2 2 Panchawati Holiday Resorts Ltd 10

50,000 500,000

500,000

500,000

Papyrus Paper Ltd 10 160,000 1 1 1 M Packaging Ltd 10 30,000 300,000 300,000 300,000

Rock Pet-Chem (P) Ltd 10 45,000 1 1 1

Saber Tools Ltd 10 20,000 1 1 1

Sarat Tubes Ltd 10 50,000 1 1 1 Sarda Fertilisers Ltd

10

320,000 1

1

1

Shamon Ispat Ltd 10

200,000 1 1

1

Shiva Polymers Pvt Ltd 10

200,000 1 1 1 Silvopack Paper & Foils (P) Ltd 10

70,000 1 1 1

Somani Ferro Alloy s Ltd 10

50,000 1 1 1

Strescon Industries Ltd 10

20,000 1 1 1

Supreme Paper Mills Ltd 10

135,000 1 1 1



Tata Cons truction & Projects Ltd 10

500 5,000 5,000 5,000

Teeage Ltd 10 150,000

1

1

1

Uma Boroflint Glasses (P) Ltd 10 41,000 1 1

1

Universal Paper Mills Ltd 10

110,000

1

1

1

Versatile Wires Ltd 10

100,000 1,000,000 1,000,000 1,000,000

Vishnu Cotton Mills Ltd 10

2,000,000

10,000,000

10,000,000

10,000,000

Webel Carbon & Metal Film Research Ltd 10

90,000 1 1 1

Webel Crystal Ltd 10 49,500 1 1 1 Webel Jyoti Power & Electricity Ltd 10

17,200 1 1 1

WEBEL Sen Capacitor Ltd 10

15,267 1 1 1

SUB-TOTAL : 14,183,080 23,204,463 20,868,094 17,951,154

Quoted Cumulative Redeemable Preference Shares

FaceValue

No of Shares

Cost as at31.03.18

Quotation as on

31.03.18

M V as at 31.03.18

Lower of Cost / M V

31.03.18

G P I Textiles Ltd

5

122,249

1,229,498

1,229,498

1,229,498

Unquoted Cumulative Preference Shares

Balaji Steel Casting Ltd 100 3,000 1 1 1 Biscay Data Products Pvt Ltd 100

1,240 1 1 1

Damodar Enterprises Ltd

100

2,500

1

1

1

Das Reprographics Ltd

10

25,000

1

1

1

Das Reprographics Ltd

10

80,000

1

1

1

Deepeejay Ltd 100

2,750

1

1

1

Durgapur Malleables Pvt Ltd 100

4,400 1 1 1

Krishan Lal Thirani & Co

100

5,000

1

1

1

Kulik Paper Industries (P) Ltd

100

1,000

1

1

1

Metalika Kanson India Ltd (14%)

10

140,000

1

1

1

Millenium Information Systems Ltd 100

15,000 1 1 1

Nicco Corporation Ltd (5%) 100 337,000 1 1 1

P K Iron Pvt Ltd 100

4,400 1 1 1

Perin Steel & Alloy Pvt Ltd 100

3,938 1 1 1



Poddar Udyog Ltd 100

4,500

1

1 1

Poddar Udyog Ltd 100

9,500

1

1

1

Robert Maclean & Co Ltd 100

3,985 1 1 1

Rupnarayan Paper Mills Pvt Ltd 100

2,000 1 1 1

S & P Engineering Products Ltd 100

4,000 1 1 1

Saber Tools Ltd 100

2,000 1 1 1

Shamon Ispat Ltd 100

30,000 1 1 1 Sharchi Monofilament & Fabrics (P) Ltd 100

14,000 1 1 1

Shockley Hall Electronics (P) Ltd 100

30,804 1 1 1

Somani Ferro Alloy Ltd 100

2,970 1 1 1 Tata Cons truction & Project Ltd 100

16,023 1,602,300 1,602,300 1,602,300

Telerama (India) Ltd 100

2,500 1 1 1 Uma Boroflint Glasses (P) Ltd 100

20,000 1 1 1

Usha Atlas Hydraulic Equipment Ltd 100

1,000 1 1 1

SUB TOTAL :

890,759 2,831,825 2,831,825 2,831,825

Unquoted Debentures

Chain (India) Ltd (11%) 10000 80 1 1 1

Melcast (India) Ltd (11%) 1000

367 1 1 1 Patriot Automation Ltd (14%) 100

200,000 1 1 1

Shankar Gases Industries Ltd 100

43,260 1 1 1

SUB TOTAL :

243,707 4 4 4

GRAND TOTAL : 15,317,546 26,036,292 23,699,924 20,782,983



22. NOTES ON ACCOUNTS (Contd.)

(b) Project Stock:

Name of the Project

Amount

(Rs.’000)

Food Park III 233,698

Garment Park 100,955

JSW Bengal Steel Ltd.(Salboni) 71,127

Kharagpur General Industrial Park 117,179

Rishi Bankim Silpaudyan (Naihati) 387,697

New Kolkata International Development (NKID) 63,691

Panagarh Industrial Park 781,874

Plasto Steel Park- Phase -II 24,900

Plasto Steel Park- Phase -III 57,190

Raghunathpur Industrial Park (Anchor Company:Jai Balaji) 860,195

Raghunathpur Industrial Park (Anchor Company: Adhunik Corpn) 320,458

Raghunathpur Industrial Park (Anchor Company: Shyam Steel) 242,344

Refinery Project 523,028

Siliguri Shilpangan 2,411

Shilpangan 7,104

TML Project at Singur 448,371

Vidyasagar Industrial Park 717,972

Zari Hub 4,173

Ankurhati Gems & Jewellary Park 21

Goaltore Industrial Hub 176,529

Haldia Industrial Park 3,754

Total 5,175,725



(vii) Quantitative details of Opening Stock, Purchases, Sales and Closing Stock

2017-2018 2016-2017

Opening Stock Quantity Value Quantity Value

(Nos) (Rs '000) (Nos) (Rs '000)

Equity Shares 14,183,080 17,951 14,183,080 18,060

Cumulative Preference Shares 890,759 2,832 890,759 2,832

Debentures 243,707 0 266,792 2,308

Total (of shares) 15,317,546 20,783 15,340,631 23,200

Project Stock (on- going Projects) 26 6,876,601 23 6,761,153

Total (Stock-in-Trade) 6,897,384 6,784,353

Purchases / Conversion

Equity Shares / Cumulative Preference Shares - - - -

Sales / Write-down

Equity / Preference Shares / Debenture - - 23,085 2,308

Closing Stock

Equity Shares 14,183,080 17,951 14,183,080 17,951

Cumulative Preference Shares 890,759 2,832 890,759 2,832

Debentures 243,707 0 243,707 0

Total (of shares) 15,317,546 20,783 15,317,546 20,783

Project Stock (on- going Projects) 24 5,175,725 26 6,876,601

Total (Stock-in-Trade) 5,196,508 6,897,384

(viii) Retirement Benefits:

(a) Gratuity: The Corporation has taken a policy under Group Gratuity Scheme of Life Insurance Corporation of India (LICI) to administer gratuity scheme. Yearly premium paid on the basis of actuarial valuation are charged to Profit & Loss Account. Details of Investment for Gratuity Fund managed by LICI are not available with the Company. The following information as obtained from LICI is given:

FY: 2017-18� � � FY: 2016-17

(1)� Valuation Method � : Projected Unit Credit Method Projected Unit Credit Method

� � � � �

(2)� Actuarial assumptions� :�-� Mortality Rate� � LIC2006-08 (Ultimate)� � LIC2006-08 (Ultimate)

-� Discount Rate� � � 7.50%� � � � 8.00%

� -� Salary escalation�� 9.00%� � � � 9.25%

� -� Withdrawal rate� � 1%-3%� � � � 1%-3%�

(3)� Expenses recognised during the year:

� Current Service Cost� � Rs.14,02,832� � Rs. 7,44,989

� L I C premium� � � Rs. 71,267 � � Rs. 26,537

� Additional Contribution� � Rs. - � � Rs. - .

� Total:�� Rs.14,74,099�� Rs. 7,71526



Provident Fund Contribution



J. The previous year's figures have been regrouped and / or rearranged, wherever necessary.

Details of Employees NIL NIL Details of Employees on the roll of the Company whose particulars are required to be disclosed under the provision of Section 217(2A) of the Companies Act, 2013

1 Value if Import NIL NIL Raw materials Components and Spare Parts Capital Goods

2 Expenditure in Foreign Currency NIL NIL Royalty Know-how Professional Fees Interest other 3 Dividend remitted in foreign Currency NIL NIL 4 Earning in foreign exchange NIL NIL Export of Goods Royalty Know-how Professional Fees Interest other

5 Amount of Dividend proposed, along NIL NIL with amount of dividend per share

Date: 30 July 2018



Sd/-

Sd/-

Managing Director

R. AgarwalAdvisor




Sd/-

Sd/-



(Sandip Dey)Partner

M No:069862FRN: 309088E

Sd/-



INDEPENDENT AUDITORS' REPORT

TO THE MEMBERS OF THE


Report on the Financial Statements:

We have audited the accompanying Financial Statements of West Bengal Industrial Development Corporation Limited. (hereinafter referred to as “the Holding Company”, and its subsidiaries its Associates and Joint Venture which

stcomprise the Consolidated Balance Sheet as at 31 March 2018, and the Consolidated Statement of Profit and Loss and the Consolidated Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information (hereinafter referred to as “the Consolidated financial statements).

Management's Responsibility for the Consolidated Financial Statements:

The Holding Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these Financial Statements that give a true and fair view of the consolidated financial position, consolidated financial performance and consolidated cash flow of the Group including its Associates and Joint Venture in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Companies Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Consolidated financial statements by the Directors of the Holding Company, as aforesaid.

Auditors' Responsibility:

Our responsibility is to express an opinion on these Consolidated Financial Statements and Consolidated Cash Flow Statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Consolidated Financial Statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Consolidated Financial Statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the Consolidated Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Holding Company's preparation of the Consolidated Financial Statements and Cash Flow Statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion whether the Holding Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the

accounting estimates made by Company's Directors, as well as evaluating the overall presentation of the Financial Statements.

We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to in sub-paragraph (a) of the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the Consolidated Financial Statements.



Opinion:

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Financial Statements, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company

stas at 31 March, 2018 and its Profit for the year ended on that date.

Emphasis of Matter Paragraph

1. As discussed in Note 21 (B) to the consolidated Financial Statements, As required under

Section 129(3) of the Companies Act 2013, Consolidated Financial Statements have been prepared and furnished with the available audited accounts of the subsidiary company, associates and joint ventures as at 31stMarch, 2018except Haldia Petrochemical Limited, Bengal Aerotropolis Projects Limited and Bengal Pragati Infrastructure Development Ltd. as the audited Annual Account not provided by the Companies.

2. In our opinion, the Balance Sheet and the Statement of Profit and Loss of “the Holding Company” dealt with by this report:

i. The closing balance (outstanding principal) in Soft Loan Ledger maintained by Loan Department is Rs. 26,86,00,000 but as per Final Accounts the same is Rs. 26,84,85,266.05.

ii. Superior Loan to HPL (Loan No. 8.48) was re-phased on 31st May,2017 and transferred to a new Loan Account (Loan No. 8.48 REPH).The amount outstanding on that day was Rs. 94,37,76,160 as per Manual Ledger whereas it was Rs. 1,01,91,83,492.82 as per Loan Ledger in ERP System. The difference of Rs. 7,54,07,332.82 was due to wrong calculation of Penal Interest. In ERP System the Penal Interest was calculated on the amount of Overdue Interest as well as Overdue Principal but the Penal Interest was supposed to be calculated on the amount of Overdue Interest only. This lead to an overcharging of Penal Interest which had cumulative effect on the total amount outstanding in ERP System. Accordingly a rectification entry was passed in ERP System on 31st May,2017 and Rs. 7,54,07,332.82 was credited in the Loan Account (Loan No. 8.48) and the outstanding amount in the ERP System was rectified reflecting the correct amount of Rs. 94,37,76,160 which was then transferred to New Loan Account (Loan No. 8.48 REPH).

iii. Superior Loan to HPL of Rs.94,37,66,160 is debited to Long Term A/c and then is adjusted in excel sheet by deducting the amount from Long Term Loan and transferring it to Superior Loan A/c. We are of the opinion that a separate ledger for Superior Loan to HPL should be created and then the amount should be transferred to Superior Loan to HPL from Long Term Loan through accounting entry. Creation of separate ledger is necessary since in Financial Statement Long Term Loan appears under Secured Loan whereas Superior Loan to HPL appears under Unsecured Loan.

iv. An amount of Rs. 16,13,67,324 has been written off from Term Loan (Own Source) during the FY 17-18.

v. The amount of Outstanding Principal of Shalimar Works (1980) Limited as per Loan Sheet maintained by the Loan Department is Rs 10,98,49,249 whereas the same is Rs 10,42,37,119 as per Final Accounts. This means that Financial Statements reflect lower amount of Outstanding Principal by Rs. 56,12,130.

vi. On 27-06-2018, On comparing TDS account with 26AS, we found that Company's vendors have deducted total TDS of Rs. 84,04,410 out of which only Rs. 53,17,667 are booked in the books of accounts of the Company while calculating Income Tax payable. A difference of Rs. 30,86,743 was found.

vii. Sales Tax Payable is outstanding for more than 6 months, the amount being Rs. 16,95,321.

Other matter:

a) We did not audit the financial statements/financial information of Subsidiary, Associate and Joint Venture of WBIDC and all the qualified opinions have been taken from the respective Statutory Auditors of the subsidiaries , Associate and Joint Venture whose report have been furnished to us by the Management and our opinion on the Consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, associates and joint venture, and our report in terms of sub section (3) and (11) of section 143 of the Act, in so far as it relates to the aforesaid subsidiaries, associates and Joint Venture is based solely on the reports of the other auditors.



b) In our opinion, the Balance Sheet and the Statement of Profit and Loss of “the Holding Company” dealt with by this report:

i. With the exception of Interest accrued on bad and doubtful Loans & Advances, which is accounted for on cash basis [refer Note 21(b)(i)], Accounting Standards AS-9 (Revenue Recognition) has been followed.

ii. As per Companies Act, following statutory registers are required to be maintained Register of Members, Register of Investment, Register of Stock, Register of Directors, Register of related party transactions but the same were not produced before us.

c) Addition of Special Reserve u/s 36(1)(viii) of the Income Tax Act, 1961 of “the Holding Company” was not shown in consolidated financial statement.

Report on other Legal and Regulatory Requirements:

1. As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) Except for the effect of matter described in the basis for qualified opinion paragraph above, in our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss, and the Consolidated Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) Except for the effect of matter described in the basis for qualified opinion paragraph above, in our opinion, the aforesaid Financial Statements comply with the Accounting Standards specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014.

e) The effect of matter described on the basis for qualified opinion paragraph above, in our opinion has an adverse effect on the profit of the Group.

stf) On the basis of written representations received from the directors as on 31 March, 2018, taken on record stby the Board of Directors, none of the directors is disqualified as on 31 March, 2018, from being appointed

as a director in terms of Section 164(2) of the Act.

g) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

i. The Consolidated Financial Statements did not have any pending litigations which may effects its financial position in its financial statements.

ii. The Consolidated Financial Statements did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.



FRN: 309088E

Sd/-Partner




CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2018

Note 2017-2018 2016-2017

No. (Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000)

I. EQUITY AND LIABILITIES

1. Shareholders' Funds -

(a) Share Capital 1 43,72,693

43,69,456

(b) Reserves and Surplus 2 99,35,645

1,43,08,338

1,06,99,024

1,50,68,480

2. Share application money pending allotment -

-

3. Minority Interest 3 1,05,469

2,61,350

4. Non-current Liabilities

(a) Long-Term Borrowings 4 13,66,744

13,73,314

(b) Deferred Tax Liabilities (Net) 5 94,445

67,557

(c) Other Long-Term Liabilities 6 13,48,984

10,15,530

(d) Long-Term Provisions -

28,10,173

-

24,56,401

5. Current Liabilities

(a) Short-Term Borrowings 6A 9,53,981 9,49,435

(b) Trade Payables 7 51,723

38,268

(c) Other Current Liabilities 8 71,32,009

1,02,01,213

(d) Short Term Provisions 9 25,509

81,63,221

28,966

1,12,17,882

TOTAL : 2,53,87,201

2,90,04,112

II. ASSETS

1. Non-current assets

(a) Fixed Assets - 10

(i) Tangible assets 6,08,715 6,06,762 (ii) Intangible assets (Goodwill) - -

6,08,715 6,06,762 Less: Depreciation 2,60,303

2,45,921

Net Block 3,48,412

3,60,841

(b) Non-current Investments 11 89,50,468

93,90,483 (c) Deferred Tax Assets (Net) 10,797

11,766

(d) Long-term Loans and Advances 12 25,79,183

27,21,826

(e) Other Non-current Assets 13 6,152

5,810

1,18,95,012

1,24,90,728

2. Current assets

(a) Current Investments -

-

(b) Inventories 14 53,01,872

70,09,319

(c) Trade Receivables 15 66,520

50,532

(d) Cash and Cash Equivalents 16 78,14,327

92,91,441

(e) Short-term Loans and Advances 17 4,135

9,454

(f) Other Current Assets 18 3,05,337 1,34,92,190 1,52,638 1,65,13,384

TOTAL : 2,53,87,201 2,90,04,112

Date: 30 July 2018



Sd/-

Sd/-

Managing Director

R. AgarwalAdvisor




Sd/-

Sd/-



(Sandip Dey)Partner

M No:069862FRN: 309088E

Sd/-



STATEMENT OF CONSOLIDATED PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2018

Note 2017-2018 2016-2017

No.

(Rs. '000) (Rs. '000) (Rs. '000) (Rs. '000)

I. Revenue from Operations 19 5,48,506

2,83,234

II. Other Income 20 4,61,836

4,80,163

III. Total Revenue (I + II) 10,10,342

7,63,397

IV. Expenses :

Cost of Material Consumed 20A 59,707

37,608

Purchases / Conversion of Stock 20B 49,136

52,573

Change in FG/WIP/Stock in trade 20C 8,359

3,129

Administrative Expenses 21 98,015

86,100

Employee Benefits Expenses 22 1,04,585

1,07,700

Promotional Expenses 23 70,389

39,645

Financial Charges 24 9,256

7,687

Depreciation 14,388

16,714

Other Expenses 25 1,42,180

1,05,114

Total Expenses : 5,56,014

4,56,270

V. Profit before Exceptional and

Extraordinary items and Tax (III - IV) 4,54,328

3,07,126

VI. Exceptional Items 7,382

-

VII. Profit after Exceptional items (V + VI) 4,61,710

3,07,126

VIII. Extraordinary Items - -

IX. Profit before Tax (VII - VIII) 4,61,710 3,07,126

X. Tax Expense :

(1) Current Tax 1,11,338 1,18,745 Less : MAT Credit Entitlement - -

(2) Tax Adjustment for earlier years 5,709 54,650 (3) Deferred Tax 32,208

1,49,255

(22,667)

1,50,728

XI. Profit /(Loss) for the period from

continuing operations (IX - X) 3,12,455

1,56,399 XII. Profit /(Loss) from Discontinuing

Operations -

-

XIII. Tax Expenses of Discontinuing

Operations -

-

XIV. Profit /(Loss) from Discontinuing

Operations (after tax) (XII - XIII) -

-

XV. Profit /(Loss) for the period of Associate 185

28,90,559

XVI. Profit /(Loss) for the period 3,12,640

30,46,958

Accounting Policies 21

Notes on Accounts 22

Date: 30 July 2018



Sd/-

Sd/-

Managing Director

R. AgarwalAdvisor




Sd/-

Sd/-



(Sandip Dey)Partner

M No:069862FRN: 309088E

Sd/-



CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2018

Year Ended Year Ended

31-03-2018 31-03-2017

(Rs. '000) (Rs. '000) (Rs. '000)

CASH FLOW FROM OPERATING ACTIVITIES :

Net Profit as per P&L Account 4,54,328 3,07,125

Adjustment for:

Depreciation 14,389 16,714

Interest Expenses 10,994 7,686

Interest received on Fixed Deposit (3)

-

Interest on Income Tax Refund -

(8)

Provisions for Bad Advances (Net) (87,093)

78,470

Provisions for Stock Obsolence 50

105

Investment Income (60,097)

(16,861)

Other Non Cash Item (738)

Profit / Loss on sale of Investment/Assets

Adjustments for the earlier year (WEBFIL) (899)

-

(1,23,397)

Operating Profit before Working Capital Changes 3,30,931

3,93,231

Changes in working capital :-

Increase/(Decrease) in Long Term Provisions 44

(1,749)

Increase/(Decrease) in Short Term Provisions 1,519

263

Increase/(Decrease) in Trade Receivable (16,610)

(6,820)

Increase/(Decrease) in Short Term Loans & Advances (934)

(2,206)

Other Current Assets (1,38,578)

(60,251)

Loans & Advances (net) 2,28,276

71,805

Stock in Trade 17,07,396

(1,07,988)

Trade Payables 14,215

4,503

Current liabilities (30,63,428)

(12,68,101)

9,02,045

Cash Generated from operation (9,37,170)

11,92,833

Direct Taxes Paid (1,21,637)

(1,80,803)

Net Cash Generated from operation (10,58,807) 10,12,030

Adjustment for:

Exceptional Items - - (10,58,807)

10,12,030

CASH FLOW FROM INVESTING ACTIVITIES

Purchase of Fixed Assets (Net) (1,961)

(13,743)

Purchase of Investment (Net) (27,80,447)

(5,95,100)

Income from Investment 53,993

22,788

(27,28,415)

(5,86,055)

CASH FLOW FROM FINANCING ACTIVITIES

Long term Loan Acquired 735

10,55,905

Capital Grant (Net) 27,80,447

6,00,000

Increase/ (decrease) of Borrowing Fund (2,101)

7,036

Payment of Long Term Loan (3,882)

-

Interest Paid (2,933)

(2,933)

Increase/ (decrease) of Non-Current Liabilities (4,62,158)

(4,650)

23,10,108

16,55,358

Net Increase / (Decrease ) in Cash & Cash Equivalents (14,77,114) 20,81,333

Add: Opening Balance of Cash & Cash Equivalents 92,91,441 72,10,103

Closing Balance of Cash & Cash Equivalents 78,14,327 92,91,441

(14,77,114) 20,81,333

Date: 30 July 2018



Sd/-

Sd/-

Managing Director

R. AgarwalAdvisor




Sd/-

Sd/-



(Sandip Dey)Partner

M No:069862FRN: 309088E

Sd/-



NOTES TO ACCOUNTS2017-2018 2016-2017

1. SHARE CAPITAL (Rs. '000) (Rs. '000)

Authorised -

2,00,00,000 (Previous Year 2,00,00,000) Equity

Shares of Rs. 1000/- each 2,00,00,000 2,00,00,000

Issued and Subscribed -

43,59,346 (Previous year 43,59,346) Equity

Shares of Rs. 1000/- each fully paid up 43,59,346

43,59,346

Share Suspense Account

(kept pending allotment) -

-

Add : Share of JV(WEBFIL-49.46%)- in Pref Shares 13,347

10,110

13,347

10,110

43,72,693

43,69,456

Name of the Shareholders - No of Shares % of holding No of Shares % of holding

The Governor of West Bengal 43,59,346

100.00

43,59,346

100.00

2. RESERVES AND SURPLUS

Special Reserve u/s 36(1) (viii) of


Opening Balance 1,53,463

1,50,963

Addition during the Year -

1,53,463

2,500

1,53,463

Capital Reserve -

Opening Balance 59,37,743 31,57,297 Grant from State Government for CBFC 94 94 Grant from IDBI for Seed Capital 300 300 Grant from State Government 20,26,495

20,26,495

Capital Reserve pusuant to consolidation of subsidiary 1,66,895

1,66,895 Surplus from Statement of Profit and Loss -

Opening Balance 11,27,283

10,15,080

Less: Adjustment for Fixed Assets -

-

Add: Profit during the year 3,12,640

30,46,958

14,39,923

40,62,038

Less: Special Reserve u/s 36(1)(viii) of -

2,500


14,39,923

40,59,538

(A) 97,24,913

95,64,081

Post Acquisition Reserves of WBTPO (Subsidiary) (B) 2,39,442

8,47,060

Post Acquisition Reserves of BENGAL CES INFRATECH (C) -

3,104

PVT. LTD. (Associate)

Post Acquisition Reserves of BIIDL (Associate) (D) -

-

Post Acquisition Reserves of HPL (Associate) (E) -

3,26,982

Total Reserves & Surplus (A+B+C+D+E) 99,64,356

1,07,41,227

Add : Share of JV(Bengal Srei-49%) 1,454

(156)

Add : Share of JV(WEBFIL-49.46%) (30,164) (42,047)

(28,710) (42,203)

99,35,645 1,06,99,024



2017-2018 2016-2017

(Rs. '000) (Rs. '000)

3. MINORITY INTEREST

Share Capital 1,225

1,225

Reserves & Surplus 1,04,244

2,60,125

1,05,469

2,61,350

NON-CURRENT LIABILITIES

4. LONG-TERM BORROWINGS Loan from -

(Guaranteed by State Government) Bank of Baroda (@ 10.75% pa) -

-

(Repayment Terms: Bullet payment -

-

as on August, 2015) - -

Loan from -

W B Infrastructure Development Finance Corporation - - (Interest on Loan @ 9.00% p.a.,

to be liquidated on 10.06.2014)

State Government 10,81,798 10,81,798 (Interest Free Loan)

Bridge Loan from State Government 2,70,000

2,70,000 Bridge Loan from State Government -

- (Repayment Terms: Within March, 2016 13,51,798

13,51,798

carrying interest @ 9.00% p.a.) 13,51,798

13,51,798


6,431

Add : Share of JV(WEBFIL-49.46%) 9,880

15,085

14,946

21,516

13,66,744

13,73,314

5. DEFERRED TAX LIABILITIES (NET) 94,445 67,557

94,445 67,557

NOTES TO ACCOUNTS



2017-2018 2016-2017

(Rs. '000) (Rs. '000)

6. OTHER LONG-TERM LIABILITIES

Advance from P E Department 2,90,000

2,90,000

Other Liabilities

- Co-operative Dept, GOWB 7,920

7,920

- Security Deposits 45,078

35,916

- Sales Tax Loan 94,069

91,569

- Provision for Employees Benefits 9,834

10,576

- Others 9,02,083

5,79,549

10,58,984

7,25,530

13,48,984

10,15,530

6A. SHORT TERM BORROWINGS

Unsecured:

Loan from -

(Guaranteed by State Government)

Bank of Baroda (@ 10.75% pa) - -

(Repayment Terms: Bullet payment - -

as on August, 2015) - -

Bridge Loan from State Government 9,43,766 9,37,609 (Repayment Terms: Within March, 2016 9,43,766

9,37,609

carrying interest @ 9.00% p.a.) 9,43,766

9,37,609

Share of JV(Bengal Srei-49%) -

- Share of JV(WEBFIL-49.46%) 18,615

20,226

18,615

20,226

Less : Inter - Adjustement of Loans 8,400

8,400

10,215

11,826

9,53,981

9,49,435

7. TRADE PAYABLES

Creditors for Expenses 8,171

7,411

Advance Rent Received 227

1,685

Advance Received From Customers 576

639

8,974

9,735

Add : Share of JV(Bengal Srei-49%) -

-


28,534

42,749 28,534

51,723 38,268

NOTES TO ACCOUNTS



2017-2018 2016-2017

(Rs. '000) (Rs. '000)

8. OTHER CURRENT LIABILITIES

Retention Money Refundable 4,256

5,980

Bid Money Refundable 546

546

Security Deposit Refundable 8,101

3,337

Creditors for Capital WIP -

Current Account with WBIDC -

4,717

Less: Amount of advance against WBTPO in books of WBIDC -

-

-

4,717

Duties & Taxes Payable 92

1,320

Liabilities for Expenses 1,74,912

1,57,714

Fund Administered Under Government Scheme 10,03,373

15,68,146

Advance from Customers / Lessee 57,48,293

82,85,863

Other Liabilities

- Employees 5,941

4,946

- Sale Tax, TDS etc 18,092 14,174

- Others 69,903 48,220 93,936 67,340

70,33,509 1,00,94,964


90


1,06,158

98,500

1,06,248

71,32,009 1,02,01,212

9. PROVISIONS

Provision for Interest Tax less Payments 199

199

Provision for Income Tax less Payment 398

398

597

597

Add : Share of JV(Bengal Srei-49%) 10

4


28,365

24,912 28,369

25,509 28,966

NOTES TO ACCOUNTS



10.

FIX

ED

AS

SE

TS

(Rup

ees

in t

hous

and)

N

ame

of A

sset

sA

s at

1.4

.201

7A

dd

itio

ns

Dis

pos

als

Ad

just

ed w

ith

gran

tA

s at

31.

3.20

18U

pto

1.4

.201

7F

or t

he

year

On

Dis

po

sals

Ad

just

men

t/

Sa

leU

pto

31

.3.2

01

8A

s a

t 3

1.3

.20

18

As

at

31

.3.2

01

7

Lan

d (F

reeh

old)

84,4

97-

--

84

,497

-

-

-

-

-

84

,497

8

4,4

97

Lan

d (L

ease

hold

)1,

30,5

0952

8-

-

1,31

,037

8,76

8

1,16

7

-

-

9,93

5

1,21

,102

1,2

1,7

41

-

-

-

-

Bui

ldin

g1,

75,4

59-

--

1,75

,459

56,1

38

5,81

5

-

-

61,9

53

1,13

,506

1,1

9,3

21

-

-

-

-

-

Mot

or C

ar a

nd V

ehic

les

2,09

8-

--

2,09

8

433

431

-

-

864

1,23

4

1,6

65

-

-

-

-

-

Fur

nitu

re a

nd F

itti

ngs

34,3

1249

--

34,3

61

28,0

06

1,92

8

-

-

29,9

34

4,42

7

6,3

07

-

-

-

-

-

Pla

nt a

nd M

achi

nery

64,4

98-

--

64,4

98

44,4

49

3,93

5

-

-

48,3

84

16,1

14

20

,05

0

-

-

-

-

-

Offi

ce E

quip

men

t4,

047

470

--

4,51

7

3,65

3

233

-

-

3,88

6

631

39

4

-

-

-

-

-

Com

pute

r an

d I

T E

quip

men

t38

,339

265

--

38,6

04

36,0

00

387

-

-

36,3

87

2,21

7

2,3

39

--

--

-

Mil

an M

ela

287

--

-28

722

224

--

246

416

5

--

-

5,34

,047

1,31

2-

-5,

35,3

581,

77,6

6913

,920

--

1,91

,589

3,43

,769

3,5

6,3

78

Sha

re o

f J

V(B

enga

l S

rei-

49%

)44

--

-44

44-

--

44-

44

Sha

re o

f J

V(W

EB

FIL

-49.

46%

)72

,671

649

7-

73,3

1368

,208

468

7-

68,6

704,

644

TO

TA

L6,

06,7

621,

961

7-

6,08

,715

2,45

,922

14,3

897

-2

,60

,30

33

,48

,41

23

,56

,42

2

Pre

viou

s Y

ear

5,93

,269

13,7

5526

26,

06,7

622,

29,5

4716

,714

250

-2,

45,9

213,

60,8

413

,63

,81

3

G

RO

SS

BL

OC

K

DE

PR

EC

IAT

ION

W

ritt

en D

ow

n V

alu

e

NO

TE

S T

O A

CC

OU

NT

S



11. INVESTMENTS -

Nominal / No.of Share Cost as at No.of Share Cost as at

Name of the Company Paid-up Value held as on 31.3.2018 held as on 31.3.2017

Rs. 31.3.2018 (Rs. '000) 31.3.2017 (Rs. '000)

A. Quoted Equity Shares Fully Paid up -

Nicco Parks and Resorts Limited 1 60,52,000 6,253 60,52,000 6,253

Dhunseri Petrochem & Tea Limited (South Asian) 10 9,15,000 91,500 9,15,000 91,500

Tata Metaliks Limited 10 2,50,000 2,500 2,50,000 2,500

Webfil Limited 10 42,20,300

42,203

42,20,300

42,203

Sub-Total : 1,42,456

1,42,456

B. Unquoted Equity Shares- Fully Paid up -

In Joint Sector of the Corporation -


18,14,035

1,85,42,856

6,14,035

Bengal CES Infratech Private Limited 10 5,22,600

5,226

5,22,600

5,226

(includes Capital Reserve of Rs. 986.07 (in thousands)

Add:Share of profits & reserves 143

3,210

Bengal Integrated Infrastructure Development Limited 10 24,980

250

24,980

250


Add:Share of profits & reserves 42

(28)

292

222

Bengal Port Private Limited 10 5,06,000

5,060

5,06,000

5,060

Bengal Srei Infrastructure Development Limited 10 24,500

245

24,500

245

Bengal Pragati Infrastructure Development Limited 10 65,000

650

65,000

650

JSW Bengal Steel Ltd 10 10,00,000

10,000

10,00,000

10,000

West Bengal Trade Promotion Organisation 1000 4,775

4,775

4,775

4,775

WEBCON Consulting (India) Limited 1000 345

1,189

345

1,189

W.B.Industrial Land Holdings Private Limited 10 -

-

-

-

Haldia Petrochemicals Limited 10 41,50,00,000

45,00,441

41,50,00,000

47,19,995


Add:Share of Profits & Reserves 32,17,462

MCC PTA India Corporation P Limited 10 3,69,64,137 4,83,794 3,69,64,137 4,83,794 Sub-Total : 68,25,850 90,65,864

In Government Company -

W.B.Electronics Industry Development Corporation Ltd. 10 17,10,000

17,100

17,10,000

17,100

W.B.Sugar Industry Development Corporation Limited 10 70,000

700

70,000

700

W.B.Housing Infrastructure Development Corporation 10 3,75,000

3,750

3,75,000

3,750

Bhor Sagar Port Limited 10 25,74,000

25,740

25,74,000

25,740

Sub-Total : 47,290

47,290

C. Unquoted Cummulative Preference


Haldia Petrochemicals Limited (1%) 10 1,74,84,165

1,74,842

1,74,84,165

1,74,842

D. Unquoted Non- Cummulative Preference



18,00,000

-

-

Bengal CES Infratech Private Limited (10%) 10 4,55,000

4,550

4,55,000

4,550

Grand Total : 89,94,988

94,35,001

Less: Cost of Investment in Subsidiary (WBTPO) 1000 4,775

4,775

4,775

4,775

Less: Cost of Investment in JV ( Bengal Srei) 10 24,500

245

24,500

245

Less: Cost of Investment in JV ( Webfil) 10 42,20,296

42,203

42,20,296

42,203

89,47,765

93,87,778


-

Add : Share of JV(WEBFIL-49.46%) 2,703 2,705

2,703 2,705

89,50,468 93,90,483

Total Investment

Market Value of Quoted Investments

89,94,803

451,397 451,397

62,14,357

Cost of Quoted Investments

Cost of Un-Quoted Investments

1,42,456

7,052,347

1,42,456

6,071,901

NOTES TO ACCOUNTS



2017-2018 2016-2017

(Rs. '000) (Rs. '000)

12. LOANS AND ADVANCES

Term Loans -Secured against Assets of the Loanees 5,751

2,51,919

Working Capital Loans - Government Companies 2,53,238

2,53,237

Other Loans -Unsecured but considered good 18,67,168

17,78,527

- Considered doubtful - 1,44,554

2,32,388

Less: Provisions :- A) Doubtful 1,35,188

1,81,065

B) Restructure 9,366

- 51,323

-

21,26,157

22,83,683

Advances Recoverable in cash or in kind

or for value to be received 66,053

49,112

Less: Amount advanced to WEBFIL 8,400

8,400

Less: Amount advanced to WBTPO -

57,653

-

40,712

Advance Income Tax less Provision 3,73,860 3,70,642

25,57,670

26,95,037


1,476


25,313

21,513

26,789

25,79,183

27,21,826

13. OTHER NON CURRENT ASSETS

Security Deposit 6,152

5,810

6,152 5,810

14. STOCK - IN -TRADE- At lower of cost or market price

Stock of Shares 20,783

20,783

Stock of Parks / Projects 51,75,725

68,76,601 51,96,508 68,97,384


-

Add : Share of JV(WEBFIL-49.46%) 1,05,364

1,11,935

1,05,364

1,11,935

53,01,872

70,09,319

15. TRADE RECEIVABLES

(Unsecured, Considered Good)

Debts due over six months (from the date they are 2,752

553

due for payment)

Other Debts 4,085

6,159

Less:-Provision for bad Debts (110)

(110)

6,727

6,602


6,075


37,856

59,793

43,931

66,520 50,532

NOTES TO ACCOUNTS



2017-2018 2016-2017

(Rs. '000) (Rs. '000)

16. CASH AND CASH EQUIVALENTS

Cash-in-hand 5 14

Cheques/ Drafts in hand - -

With Scheduled Banks in -

Balances with Bank of WBTPO 5,17,410 12,74,015

Current Accounts 18,27,858 8,93,123

Current Accounts at Pay & Accounts 11,75,617 20,53,899

Deposit Accounts 40,77,044 44,54,465

Deposit Accounts – ASIDE Fund 1,93,050 5,59,743

77,90,984 92,35,259

Interest Receivable on Deposits 14,598 48,688

78,05,582 92,83,947

Add : Share of JV(Bengal Srei-49%) 274 755


8,746 7,494

78,14,327 92,91,441

17. SHORT TERM LOANS & ADVANCES

Share of JV(Bengal Srei-49%) 98 203

Share of JV(WEBFIL-49.46%) 4,037 9,251

4,135 9,454

18. OTHER CURRENT ASSETS

Income Tax Paid 21,314 21,429

CGST Input Credit 641 -

SGST Input Credit 641 -

Preliminary Expenses - -

Pre - Operative Expenses - -

Pre-paid Insurance - -

Advance recoverable in cash or kind - -

Earnest Money & Deposit 34,223 29,775

Miscellaneous Advances 2,38,670 1,00,956

2,95,489 1,52,160

Add : Share of JV(Bengal Srei-49%) - -

Add : Share of JV(WEBFIL-49.46%) 9,848 478

9,848

478

3,05,337 1,52,638

NOTES TO ACCOUNTS



2017-2018 2016-2017

(Rs. '000) (Rs. '000)

19. REVENUE FROM OPERATIONS

Interest on Loans and Advances 23,516

48,642

Lease Rent 40

40

Rent from Properties 16,931

45,904

Excess Rent Received earlier, Adjusted -

-

40,487

94,586

Dividend 6,924

8,384

Profit / (Loss) on sales of Projects 2,94,658

7,657

Sales -

2,309

3,42,069

1,12,936

Add : Share of JV(Bengal Srei-49%) 859 4,952

Add : Share of JV(WEBFIL-49.46%) 2,05,578 1,65,346

2,06,437 1,70,298

5,48,506 2,83,234

20. OTHER INCOME

Bad Debts Recovered 2,367 4,838

Interest Received 58,849 15,650

Insurance Claim Received - - Recovery of Electrical charges & Demmurage 658 -

Interest on Term Deposit 3,01,279 3,68,418 Processing Fees 28,472 65,021 Legal and Others Fees 8 - Liabilities no longer required 4,719 4,055 Miscellaneous Receipts 284 1,267

3,96,636 4,59,249 INCREASE/(DECREASE) in STOCK - of - SHARES

Closing Stock 20,783

20,783

Opening Stock 20,783

23,200

-

(2,417)

Promotional Grant 63,565

22,000

Profit / (Loss) on sales of Investment -

-

Profit / (Loss) on sales of Fixed Assets -

- 4,60,201

4,78,832


9 Add : Share of JV(WEBFIL-49.46%) 1,632

1,321

1,635

1,331

4,61,836 4,80,163

NOTES TO ACCOUNTS



(Rs. '000) (Rs. '000)

20A. COST OF MATERIAL CONSUMED

Share of JV(Bengal Srei-49%) -

-

Share of JV(WEBFIL-49.46%) 59,707

37,608

59,707

37,608

20B. PURCHASE/CONVERSION OF STOCK

Share of JV(Bengal Srei-49%) - -


52,573

49,136

52,573

20C. CHANGE IN FG/WIP/STOCK IN TRADE

Share of JV(Bengal Srei-49%) - -


3,129

8,359

3,129

21. ADMINISTRATIVE EXPENSES

Travelling and Conveyance 2,724

3,928

Establishment Expenses 6,855

9,104

Miscellaneous Expenses 1,107

323

Rent 1,201

1,200

Legal and Professionals' Fees 33,455

36,268

Electricity Charges 8,968

8,775

Repairs and Maintenance - Others 43,706

26,501

98,015 86,100

22. EMPLOYEE BENEFIT EXPENSES

Salaries, Wages, Bonus etc. 57,054 61,909 Contribution to PF and Other Funds 8,894 5,684 Staff Welfare 1,288 1,298 Bonus 58

14

67,293

68,904


848


37,947

37,292

38,795

1,04,585

1,07,700

23. PROMOTIONAL EXPENSES

Advertisement 1,824

419

Industrial Trade Fair 3,572 4,043

Promotional Expenses 64,993 35,183

70,389 39,645

24. FINANCIAL CHARGES

Interest on - Bank Loan -

-

Government Guarantee Fees -

-

-

-


842


9,256 7,687

9,256 7,687

NOTES TO ACCOUNTS



2017-2018 2016-2017

(Rs. '000) (Rs. '000)

25. OTHER EXPENSES

Insurance Expenses - -

Excess TDS Written Off - -

Prior Period Adjustments (net) (83) 62

Gardening expenses 415 710

Provision for Bad Advances 25,712 25,543

Provision for Restructure 9,366 51,323

Bad Advances written off 1,61,367 -

Others 14,661 293

2,11,438 77,931

Less: Provision no longer required 1,22,912 - 88,526 77,931

CSR Expenses 9,208 -

97,733 77,930

Add : Share of JV(Bengal Srei-49%) 1,171 502

Add : Share of JV(WEBFIL-49.46%) 43,277 26,682 44,448 27,185

1,42,180 1,05,114

Date: 30 July 2018


Kolkata - 700017

V. Yadav

Sd/-

Sd/-

Managing Director

R. AgarwalAdvisor




Sd/-

Sd/-



(Sandip Dey)Partner

M No:069862FRN: 309088E

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NOTES TO ACCOUNTS



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21. NOTES ON SIGNIFICANT ACCOUNTING POLICIES

A. Accounting Assumptions:

The Financial Statements have been prepared under the historical cost convention on the basis of going concern concept, in accordance with Generally Accepted Accounting Principles as well asapplicable Accounting Standards and relevant presentational requirements of the Companies Act, 2013 unless otherwise stated.

All assets and liabilities have been classified as current or non-current as per the criterion set out in the Schedule III to the Companies Act, 2013.

B. Basis of Consolidation:

As required under Section 129(3) of the Companies Act 2013, Consolidated Financial Statements have been prepared and furnished with the available audited accounts of the subsidiary company, associates and joint

stventures as at 31 March, 2018 except Haldia Petrochemical Limited, Bengal Aerotropolis Projects Limited and Bengal Pragati Infrastructure Development Ltd. as the audited Annual Account not provided by the Companies.

Consolidated Financial Statements (CFS) in accordance with Accounting Standard - 21 (AS 21) on “Consolidated Financial Statements”, Accounting Standard - 23 (AS 23) on “Accounting for Investments in Associates in Consolidated Financial Statements” and Accounting Standard - 27 (AS 27) on “Financial Reporting of Interests in Joint Ventures” as notified. In case of subsidiaries, line by line consolidation of the Statement of Profit and Loss and Balance Sheet is done by aggregating like items of assets, liabilities, income and expenses. The excess / deficit of the cost of its investments in its subsidiaries over its share of net worth of the subsidiaries at the date of investment in the subsidiaries are treated as goodwill / capital reserve in the CFS. The goodwill is disclosed as an asset and capital reserve as a reserve in the Consolidated Balance Sheet. Minority interest in the net income (profit after tax) for the reporting period is identified and adjusted against the group income to arrive at the net income of the Group; likewise the minority interest in the net assets of the consolidated subsidiaries is identified and presented separately on the liabilities side in the Consolidated Balance Sheet. Inter-Company transactions within the Group (both Profit and Loss and Balance Sheet items) are eliminated for arriving at the CFS of the Group. On acquisition of an associate, the goodwill / capital reserve arising from such acquisition is included in the carrying amount of the investment and also disclosed separately. Only share of net profits / losses of associates are considered in Consolidated Statement of Profit and Loss.

The carrying amount of the investment in associates is adjusted by the share of net profits / losses in the Consolidated Balance Sheet. Interests in jointly controlled entities (incorporated Joint Ventures) are reported using proportionate consolidation method in the CFS.

C. Fixed Assets:

Fixed assets are carried at cost less accumulated depreciation and impairment of loss, if any. Deprecation on fixed assets is provided over their useful lives as specified in Schedule II of the Companies Act, 2013. Fixed assets are capitalised as and when these are put to use and depreciated accordingly In respect of leasehold premises, the lease premium, if any, is amortised over the period of lease and the lease rent is charged in the respective year.

D. Investments:

Investments are disclosed in the form of contribution to Joint Sector, Government, Subsidiary and other assisted companies in their equity and preference share capital as per objective for development of industries in the State. Such investments are 'Long Term Investments' as per Accounting Standard (AS-13) issued by the Institute of Chartered Accountants of India and carried at cost unless there is permanent diminution in value. Investment which are readily realizable and intended to be held not more than one year from the date on which such investment are made, are classified as 'current investment'. All other investments are classified as long term investment. Current Investment are carried in the financial statements at lower of cost and fair value determined on an individual investment basis. Long term investments are stated at Cost. Provision of diminution in value is made to recognise a decline other than temporary in the value of the investments.




E. Stock-in-Trade:

Stock-in-Trade representing Equity Shares, Preference Shares, Debentures and expenditure incurred on on-going Projects held as Trading Assets, have been valued at the year-end at cost or net realisable value, whichever is lower. Apart from the above, Stock in trade also includes stock of stores, spares, raw materials, etc. in the Joint Ventures are valued (net of CENVAT) at weightage average cost. WIP in JV lying in Works is valued at Work Cost. WIP at project site is valued at contract price on the basis of job done but not certified by the customers. Finished goods are valued at work cost or NRV whichever is lower. Imported materials lying in the bonded warehouse and at port are valued at cost including custom duty and other charges. Stock of scraps as per stock records is valued on the basis of estimated realisable value includes excise duty. Export benefits against Licence are considered at the time of actual consumption of the imported materials. Advance Licence in hand at the close of the year is not accounted for.

F. Assets Classifications and Provisioning:

The Corporation follows Reserve Bank of India [RBI] guidelines relating to provisioning norms for Bad and Doubtful Loans and Advances.

G. Employee Benefits:

(i) Short Term Employee Benefits: All employee benefits payable within twelve months of rendering service are ��classified as short term employee benefits. These benefits include compensated absence such as paid annual leave (earned leave). Undiscounted amount of short term employee benefits expected to be paid in exchange of the services rendered by the employees is recognised during the year.

(ii) Long Term Employee Benefits: Employer's contribution to Provident Fund and Pension Fund as per the Employees Provident Fund and Miscellaneous Provisions Act, 1952 are paid to appropriate authorities within the year / due date and accounted for during the year. Liability on account of Gratuity as per the Payment of Gratuity Act, 1972 is taken care of by Life Insurance Corporation of India (LICI) under an arrangement with them.

In Joint Venture, WEBFIL Limited, the following liabilities of Employee Benefits are considered as per Accounting Standard-15: -

(a) Retirement benefit in the form of Provident fund is Defined Contribution Scheme and the contribution is charged to Profit & Loss account of the year when the contribution to the fund becomes due.

(b) Liability under defined benefit obligation with regard to gratuity and leave encashment benefit is provided on the basis of Actuarial valuation made on projected unit credit method.

(c) Liability in respect of post-retirement medical benefit for retired employees has been provided for on the basis of actuarial valuation.

In Joint Venture, Bengal SREI Infrastructure Development Limited, the following liability for employee benefit is provided:

(a) Short term employee based on expected obligation on undiscounted basis is recognised as expenses in the Profit & Loss Account of the year in which the related service is rendered.

(b) Company's contribution towards the Regional Provident Fund Authority and Employee State Insurance Corporation are charged to the Profit & Loss Account under Defined Contribution Plan.

© Company's liabilities towards gratuity and leave benefits plans. Such liabilities are ascertained by an independent actuary as per requirement of Accounting Standard -15(revised 2005) “Employee benefits”. All actuarial gains and losses are recognised in the Profit & Loss Account in the year in which they occur.

H. Provision for Current and Deferred Tax:

Provision for Current Tax is made after taking into consideration the benefits admissible under the provisions of the Income Tax Act, 1961. Deferred Tax resulting from “Timing Differences” between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantially enacted as on the Balance Sheet date. Deferred Tax Assets are recognised and carried forward only to the extent that there is reasonable certainty that such assets will be realised against future taxable profits.



I. Foreign Currency Transaction:� Foreign currency transactions in the Joint Venture are recorded at the exchange rate prevailing at the time of

transaction. Monetary items denominated in foreign currency, if any at the year-end are restated at year end rates. Non-monetary foreign currency items are carried at cost. Any income or expenses on account of exchange difference either on settlement or on transaction is recognised in the Profit & Loss Account.

J. Research & Development Expenditure:

As per Accounting Standard -26 Intangible Assets, expenditure incurred during the financial year on account of in-house Research & Development in Joint Venture are fully charged to Profit & Loss Account.

K. Segmental Reporting:

The Company is primarily engaged in a single business segment. As such there is no separate reporting segment as per Accounting Standard – 17” Segment Reporting”

L. Borrowing Cost:

Borrowing cost that are attributable to the acquisition, construction and production of qualifying asset is capitalized as part of cost of such assets till such time the asset is ready to use. A qualifying asset is an asset that necessarily requires a substantial period of time to

get ready for its intended use. All other borrowing costs are recognised as expenses in the period in which they are incurred. Borrowings cost includes interest expenses, amortization of discount, ancillary costs incurred in connection with borrowing of funds and exchange difference arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

M. Impairment of Assets:

The carrying amount of assets are reviewed at each balance sheet date, if there is an indication of impairment based on internal and external factors. An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. Impairment loss, if any, is charged to the Statement of Profit and Loss in the year in which the asset is identified as impaired. Impairment loss recognised in prior year is reversed when there is an indication that impairment loss recognised for the asset no longer exists or has decreased.

In JV with BrengalSrei, wherever events or changes in circumstances indicate that the carrying amount of property, plant & equipment may be impaired, the company subjects such assets to a test of recoverability, based on discounted cash flows expected from use or disposal thereof. If the assets are impaired, the company recognises an impairment loss as the excess of the carrying amount over the recoverable amount. After impairment, depreciation is provided on the revised carrying amount of the assets over its remaining useful life. A previously recognised impairment loss is increased or reversed depending on changes in circumstances. However the carrying amount after reversal is not increased beyond the carrying amount that would have prevailed by charging usual depreciation if there was no impairment.



22. NOTES ON ACCOUNTS

A. Investments:

5,14,28,570 Equity Shares and 1,80,00,000 Preference Shares of Bengal Aerotropolis Project Ltd, have been acquired at a cost of Rs. 120,00.00 lakh and Rs. 180,00.00 during the financial year 2017-18 as instructed and financed by the Government of West Bengal.

Investments are disclosed in the form of contribution to Joint Sector, Government, Subsidiary and other assisted companies in their equity and preference share capital as per objective for development of industries in the State. Such investments are 'Long Term Investments' as per Accounting Standard (AS-13) of the Institute of Chartered Accountants of India and carried at cost unless there is permanent diminution in value.


The Corporation adopts the accrual basis of income and expenditure, except otherwise stated below;

(i) Interest income on standard loans and advances is accounted for on accrual basis in terms of the Companies Act, 2013. The interest accrued but not received on bad and doubtful loans and Advances is not accounted for.

(ii) Lease premium / rent are accounted for on cash basis.

(iii) Dividend on Preference Shares and interest on Debenture have been accounted for on cash basis.

(iv) Year-end liabilities in respect of on-going Projects are recognised only at the time of payment.

(v) Surplus / Deficit on Projects undertaken by the Corporation are recognised only after completion of the concerned Project or start of commercial production by the allotteeswho are allotted plots / modules in the concerned industrial Parks / Projects.

(vi) In view of the principles of commercial prudence, unrealised profit, if any, on valuation of Stock is not recognised.

Payment made after 30th April, 2018 for expenses relating to the financial year 2016-2017 are booked in the current year's accounts under natural heads of accounts.

In JV with WEBFIL Limited, Sales against Ex-Works/FOR Contracts are booked on the basis of deliveries to transport carriers'upto 31 March, irrespective of whether the goods have been received by the customer by the

st

close of the accounting year or not. Sales in respect of the transactions against FOR destination contracts are booked for the goods actually received by the customers by the close of the accounting year. Despatches against FOR destination contracts not reaching the customers within the close of the year, are shown as

Finished Goods-in Transit. Partial deliveries are accounted for in accordance with the billing schedule as per the terms of Sales Contact. Sales returns, if any, up to the cut-off date i.e. one month from the close of the accounting year are accounted for. Excise Duty recoverable

under the terms of the sale contracts is included in sales. Except in disputed cases, escalation/de-escalation claim bill are accounted for on the basis of the terms of the relevant contracts. Export sales are accounted for on the basis of date of Bills of Lading. Bills for Annual Maintenance Contracts are raised and accounted for on the basis of acceptance by the parties.

In JV with Bengal Srei, Income from Consultancy is recognised on completion of agreed milestones except projects which are on success fee basis, in which case it is recognised on client's approval. All other incomes in which the statement of Profit and Loss are recognised on accrual basis.

C. Contingent Liabilities not provided for:

(i) The Corporation has received two 'Show Cause cum Demand Notice' involving (i) amount of Rs. 2.83 crore for the financial year 2004-05 to 2006-07 and (ii) Rs. 0.76 crore for the financial year 2007-08 to 2009-10 from Service Tax / Excise Department, Kolkata. Based on the opinions / advices of our Service Tax Consultants, Appeals have been filed with Hon'ble CESTAT, Kolkata, who has stayed the demand pending disposal of the appeal. Hence, the amount of Rs.3.59 crore (previous year Rs. 3.59 crore) have not been provided as the Corporation is expecting a favourable verdict.



(ii) The Corporation has disputed the Income Tax Demand of Rs.4,47,58,430/- for the Assessment Year 2015-16 and as such has preferred an appeal before the Commissioner of Income Tax (Appeals)-3, Kolkata. The corporation expects full relief on the disposal of Appeal and as such no liability has been provided for the same.

In the Joint Venture, WEBFIL Limited, Disputed liabilities and claims against the company pending in appeal are treated as Contingent Liabilities. Contingent assets not accounted for.

In subsidiary i.e. WBTPO The Company has been registration under Section 12AA as well as Section 10(23C) of the Income Tax Act, 1961 whereby the income of the Company is exempt from tax. However there has been dispute demand of Service Tax totalling to Rs. 1,10,66,559/- for the financial year 2007-08 to 2011-12 against which the Company has preferred appeal before the Central Excise and Service Tax Appellate Tribunal and the demand has been stayed on payment of Rs. 90,51,022/-. Substantial Relief, if not the whole, is expected on the disposal of the Appeal. As such no provision in this regard has been made in these accounts.

There has been dispute demand of Income Tax amounting to Rs. 3,36,400/- ( AY-2009-10), Rs. 5,79,871/- (AY 2013-14) and Rs. 1,15,84,370/- (AY 2014-15) for which appeal has been filed.

D. Government Grants

In subsidiary with West Bengal Trade Promotional Organisation the Government Grant recognised as follows: -

(i) Government Grant available to the company are considered for inclusion in the accounts where there is reasonable assurance that the company will comply with the conditions attached to them and where such benefits have been earned by the company and its reasonably certain that the ultimate collection will be made.

(ii) Government Grants related to specific assets are adjusted with the value of Fixed Assets.

(iii) Government Grants in the nature of Promoter's Contribution are credited to Capital reserve or shareholder's fund.

(iv) Government Grant related to revenue item are adjusted with the related expenditure / taken in income.

general information & board of directors · statement of pro t & loss account cash flow...

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