The Directors are pleased to present the 38th Annual Report and the Company's Audited Accounts for the Financial Year ended
March 31, 2016.

FINANCIAL RESULTS

The Company's financial performance for the year under review along with previous year figures is given hereunder: ,i L

PARTICULARS 2015-16 2014-15

Revenue 94,605.88 60,269.67

Profit before Interest,
Depreciation, Tax 5610.41 3,285.89

Depreciation 207.40 215.14

Interest 1,669.28 706.73

Profit after Interest &
Depreciation 3,733.73 2,364.01

Provision for Taxation (I.
Tax & Deferred Tax) 1,247.77 796.01

Profit after Tax 2,485.96 1,568.00

Share Capital 2,104.30 1,002.15

Reserve & Surplus 6,948.14 4,463.84

EPS - Basic (Rupees) 11.81 15.65

EPS - Diluted (Rupees) 16.87 15.65

RESULTS OF OPERATIONS

Operating in a volatile and uncertain environment, the Company

demonstrated the resilience of its business model.

PERFORMANCE OF THE COMPANY

During the year under review, your Company has achieved sales of Rs,94,605.88 Lacs representing a steadfast growth of 56.97% over
the previous year of Rs,60,269.97 Lacs. Net Profit from operations at Rs,2,485.96 Lacs registered a robust growth of 58.54% over
the previous year ofRs,1,568.00 Lacs.

OUTLOOK

The details about prospects/ outlook of your Company are provided under the Management Discussion and Analysis Report, forming
part of this Annual Report.

CONSOLIDATED FINANCIAL STATEMENT

In accordance with the Accounting Standard (AS) 21 on Consolidated Financial Statements, the Audited Consolidated Financial
Statement is provided in the Annual Report.

DIVIDEND

Directors have recommended a dividend of Rs,0.75 (i.e. 7.50%) per equity share for the Financial Year ended March 31, 2016. The
dividend payout is subject to approval of members at the ensuing Annual General Meeting. The dividend will be paid to members
whose names appear in the Register of Members as on May 30, 2016 and in respect of shares held in dematerialized form, it will be
paid to members whose names are furnished by National Securities Depository Limited and Central Depository Services (India)
Limited, as beneficial owners as on that date.

DIRECTORS

As per the provisions of the Companies Act, 2013, Mr. Subrata Basu retires by rotation at the ensuing AGM and being eligible
offers himself for re-appointment. The Board recommends the re- appointment of Mr. Subrata Basu as Director & Mr. Abhijit Datta,
who was appointed as Additional Director (Independent) on 09.02.2016 to be appointed/regularized as Director (Independent) in the
ensuing AGM of the Company.

AUDITORS'

In the 36th AGM held on 29.09.2014, D.N. Misra & Co., Chartered Accountants has been appointed as Statutory Auditors of the
Company for a period of 5 years. Ratification of appointment of Statutory Auditor's is being sought from the members of the
Company at the ensuing AGM.

Further, the report of the Statutory Auditor along with Schedules and Notes to Accounts are enclosed to this report. The
observations made in the Auditors' Report are self-explanatory and therefore do not call for any further comments.

AUDITORS' REPORT

The observations of the auditors in their report are self-explanatory and therefore, in the opinion of the Directors, do not call
for further comments.

SUBSIDIARIES

In accordance with Section 129(3) of the Companies Act, 2013, a statement containing salient features of the Financial Statements
of the subsidiary companies in Form AOC 1 is provided as Annexure - 1 to this report. In accordance with third provision to
Section 136(1) of the Companies Act, 2013, the Annual Report and Financial Statements of each of the Subsidiary Companies have
also been placed on the website of the Company www.pinconspirit.in

SECRETARIAL AUDITORS

Section 204 of the Companies Act, 2013 inter-alia requires every listed company to annex with its Board's Report, a Secretarial
Audit Report given by a Company Secretaries in practice, in the prescribed form.

The Board of Directors appointed M/s. Arpan Sengupta & Associates, Practicing Company Secretary, as Secretarial Auditor to
conduct Secretarial Audit of the Company for Financial Year 2015-16 and their report is annexed to this Board Report as Annexure
- 2. The Secretarial Audit Report does not contain any qualification, reservation, adverse remark or disclaimer.

PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 read with rule 5 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 in respect of employees of the Company, is provided as Annexure - 3.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO The particulars prescribed under section
134(3) (m) of the Act, read with Rule 8 of the Companies (Accounts) Rules, 2014, are set out in Annexure - 4.

RELATED PARTY TRANSACTION

All related party transactions that were entered into during the Financial Year were on an arm's length basis and were in the
ordinary course of business. There are no materially significant related party transactions made by the Company with Promoters,
Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the
Company at large. The details of related party transactions required under section 134(3) (h) read with Rule 8 of the Companies
(Accounts) Rules, 2014, is given in Form AOC 2 and the same is enclosed as Annexure - 5, the same is mentioned in the notes of
accounts as well.

The Company's policy on dealing with Related Party Transactions was adopted by the Board on 17th October, 2014 and is available
on the website.

EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in Form

No. MGT-9 is annexed herewith as Annexure - 6.

CORPORATE GOVERNANCE

The report on Corporate Governance as stipulated under the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, forms an integral part of this Report. The requisite certificate from the Auditors of the Company confirming compliance
with the conditions of Corporate Governance is attached to the report on Corporate Governance.

BOARD MEETINGS

A calendar of Meetings is prepared and circulated in advance to the Directors. The Board met 19 times during the year, the
details of which are given in the Corporate Governance Report that forms part of this Annual Report. The intervening gap between
the Meetings was within the period prescribed under the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015,

BOARD COMMITTEES

The Company has set up the following committees of the Board.

A. Audit Committee

B. Nomination and Remuneration Committee

C. Stakeholders' Relationship Committee

D. Corporate Social Responsibility Committee

E. Risk Management Committee

F. General Committee of Directors

The composition of each of the above committees, and their respective roles and responsibilities are detailed in the Corporate
Governance Report.

NOMINATION, REMUNERATION AND EVALUATION POLICY In accordance with the provisions of Section 178 of the Companies Act, 2013 read
with Regulation 19 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors in its
Meeting held on 17th October, 2015 has, on the recommendation of Nomination and Remuneration Committee, adopted the Nomination,
Remuneration and Evaluation Policy of the Company which is laid down in the Corporate Governance Report.

CORPORATE SOCIAL RESPONSIBILITY (CSR) Corporate Social Responsibility is commitment of Company to improve the quality of life of
the work force and their families and also the community and society at large. The Company believes in undertaking business in
such a way that it leads to overall development of all stakeholders and Society. Report on Corporate Social Responsibility is
annexed herewith as Annexure - 7.

Information on the composition of the Corporate Social Responsibility (CSR) Committee is provided in the Corporate Governance
Report that forms part of this Annual Report. Furthermore, as required by Section 135 of the Act, and the Rules made there under,
additional information on the policy and implementation of CSR activities by your Company during the year are provided in
Corporate Governance Report to this Report.

RISK MANAGEMENT POLICY

The Company has a Risk Management Policy which has been adopted by the Board of Directors. Currently, the Company's risk
management approach comprises of the following: Regulatory Risk

- Strategic Risk

- Concentration Risk

The risks have been prioritized through a companywide exercise. Members of Senior Management have undertaken the ownership and
are continuously working on mitigating the same through co- ordination among the various departments, insurance coverage,
security policy and personal accident coverage for lives of all employees.

A detailed note on the risks is included in the Corporate Governance Report.

MANAGEMENT DISCUSSION AND ANALYSIS The Report on Management Discussion and Analysis as stipulated under the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, forms an integral part of this Report. The requisite certificate from
the Auditors of the Company confirming compliance with the conditions of Corporate Governance are attached to the Report on
Corporate Governance.

DEPOSITORY SYSTEM

The trading in the Equity Shares of your Company are under compulsory dematerialization mode. As on 31.03.2016 Equity Shares
representing 71.00% of the Equity Share Capital are in dematerialized form. As the depositary system offers numerous advantages,
Members are requested to take advantages of the same and avail of facility of dematerialization of the Company's Shares.

FIXED DEPOSITS

Your Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 and the Companies
(Acceptance of Deposits) Rules, 2014.

CREDIT RATING

SMERA, a reputed agency has assigned Credit Rating "SMERA BBB

(Stable)" for short-term instrument of the Company.

During the year Dun & Bradstreet has assigned a Rating of "D&B-4A2"

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS: The Company has not given any loans, guarantees or investments covered under the
provisions of Section 186 of the Companies Act, 2013.

WHISTLE BLOWER /VIGIL MECHANISM

In accordance with the provisions of Section 177(9) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of
Board and its Powers) Rules, 2014 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company
has adopted a Whistle Blower Policy to provide a mechanism to its directors, employees and other stakeholders to raise concerns
about any violation of legal or regulatory requirements, misrepresentation of any financial statement and to report actual or
suspected fraud or violation of the Code of Conduct of the Company. The Policy allows the whistle-blowers to have direct access
to the Chairman of the Audit Committee in exceptional circumstances and also protects them from any kind of discrimination or
harassment.

NTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY: The Company has a well-placed, proper, adequate and documented internal control
system commensurate with the size and nature of its business. The primary objective of the internal control system is to ensure
that all its assets are safeguarded and protected and to prevent any revenue leakage and losses to the Company. Such controls
also enable reliable financial reporting. The report on Internal Control Systems and their adequacy is forming part of Management
& Discussion Analysis Report.

HUMAN RESOURCES:

Your Company treats its "Human Resources" as one of its most important assets. Your Company continuously invests in attraction,
retention and development of talent on an ongoing basis. A number of programs that provide focused people attention are currently
underway. Your Company's thrust is on the promotion of talent internally through job rotation and job enlargement.

NDUSTRIAL RELATIONS:

During the year under review, your Company enjoyed cordial relationship with its workers and employees at all levels.

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

The Company is committed to provide a healthy environment to all its employees and has zero tolerance for sexual harassment at
workplace. The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of the Sexual Harassment of
Women at 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, temporary, trainees) are covered under this
policy.

There was no case reported during the year under review under the said policy.

TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND

Your Company did not have any funds lying unpaid or unclaimed for a period of seven years. Therefore there were no funds which
were required to be transferred to Investor Education and Protection Fund (IEPF).

BOARD EVALUATION CRITERIA

Pursuant to the section 134 (P) of Companies Act, 2013 read with Rule 8 (4) of Companies Accounts Rule, 2014 and the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out an annual performance evaluation
of its own performance, the Directors individually, as well as the Board Committees. The evaluation process considered the
effectiveness of the Board and the Committees with special emphasis on the performance and functioning of the Board and the
Committees. The evaluation of the Directors were based on the time spent by each of the Board Members.

DIRECTORS' RESPONSIBILITY STATEMENT

In terms of Section 134(3) (C ) & (5) of the Companies Act, 2013, the

Directors would like to state that:

I. In the preparation of the Annual Accounts, the applicable accounting standards have been followed.

II. The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that
were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial
Year and of the Profit or Loss of the Company for the year under review.

III. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with
the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities.

As per Section 134(CA) of the Companies Amendment Act, 2015 duly notified on 26th May 2015, no fraud was reported by Auditor's
under Sub-Section (12) of Section 143.

IV The Directors have prepared the Annual Accounts on a going concern basis.

V. The Directors have laid down internal financial controls to be followed by the Company and that such internal financial
controls are adequate and were operating effectively.

VI. The Directors had devised proper system to ensure compliance with the provisions of all applicable laws and that such system
were adequate and operating effectively.

ACKNOWLEDGEMENTS

Your Directors would like to acknowledge and place on record their sincere appreciation of all stakeholders - shareholders,
bankers dealers, vendors and other business partners for the excellent support received from them during the year under review.
Your Directors recognize and appreciate the efforts and hard work of all the employees of the Company and their continued
contribution to its progress.

For and on behalf of the Board of Directors

Sd/-

Monoranjan Roy

Place: Kolkata, Chairman & Managing Director

Date: 28.04.2016 (DIN: 02275811)