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000-885 - IBM Tivoli Storage Manager Express V5.3.7 - Dump Information

Vendor : IBM
Exam Code : 000-885
Exam Name : IBM Tivoli Storage Manager Express V5.3.7
Questions and Answers : 90 Q & A
Updated On : September 21, 2018
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000-885 IBM Tivoli Storage Manager Express V5.3.7

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000-885 exam Dumps Source : IBM Tivoli Storage Manager Express V5.3.7

Test Code : 000-885
Test Name : IBM Tivoli Storage Manager Express V5.3.7
Vendor Name : IBM
Q&A : 90 Real Questions

IBM Tivoli Storage Manager

IBM adds dedupe to Tivoli Storage supervisor | killexams.com Real Questions and Pass4sure dumps

IBM has introduced an important free up of its Tivoli Storage manager backup, archive and compliance product, adding scalability to up to 1000000000 statistics objects, as much as 3X faster backup speeds, and de-duplication.

TSM 6.0 has an integrated DB2 engine that doubles the number of storable statistics objects with the skills to manage one thousand million objects in a single equipment and pace backups by way of up to 300 per cent. It claims one customer discovered some jobs that would have taken three or 4 hours can now be executed in 30 minutes.

TSM 6 prolonged version presents what IBM calls records reduction technologies - de-duplication to you and me - understood to be in accordance with Diligent expertise. IBM received Dilligent in April final year for a rumoured $200m.

strangely IBM, eager to quantitatively galvanize us with DB2 engine integration merits, offers no tips for raw to de-duplicated information ratios in any respect - no noted customer experiences here. it be practically as if IBM wants to downplay its facts reduction capabilities.

TSM EE additionally offers a great deal quicker backup for NAS (networked-connected storage) N collection products - presented through NetApp - and NetApp FAS arrays by way of offering NDMP. this may in the reduction of the time crucial for incremental file backups from hours to minutes, this type of assessment once more pointing up IBM's oddity in no longer giving us de-dupe ratio suggestions. data on these products can now be backed up at once to tape, both at once-connected gadgets or accessed throughout a network.

here is as a result of NetApp has built-in its SnapMirror to Tape and image applied sciences with TSM 6 to achieve an as much as 12X enhance in backup speeds for volumes and even better velocity increases for snapshots of new, modified, and deleted info because identification of information now not desiring backup is so much faster.

TSM 6 additionally offers item-stage recovery for Microsoft change and active directory, plus full photo backups of virtual machines in VMware environments. There are greater monitoring and reporting amenities as neatly.

TSM presents backup for data on laptops, computers, servers and mainframes, and helps both disk to disk and disk to tape backup. The v 6.0 product could be accessible on March 27. ®


service-Centric Digital Operations: pleasant The Promise Of BSM? | killexams.com Real Questions and Pass4sure dumps

As a time period, business provider administration (BSM) changed into first protected within the 2007 version of tips know-how Infrastructure Library (ITIL), where its definition was “the management of company functions brought to business purchasers.” 

fast-forward to March 2016, where BSM become laid to rest in the most dramatic means feasible when Gartner analysts Gary Spivak and Vivek Bhalla wrote a document titled, “BSM Is dead; Use other ITOM tools to carry value and manipulate Operations.”

They write: “business service management has not delivered on its promises of prioritizing, speaking and focusing [Infrastructure and operations] materials on the services critical to company.”

It become a little harsh, to say the least.

The Very short background Of BSM

again then, IT teams have been concentrated on managing the facets of IT. HR would name IT and whinge that their web site become down. The infrastructure and operations (I&O) team would reply that the servers were up, the network become up and nothing turned into blinking red, so what become HR’s problem? The problem, of route, become that these two departments were speakme distinctive languages. IT was speakme about technology, and HR became speakme about business features. And the enterprise desires had been lost in translation.

The conception of constructing a solution to act as an interpreter between IT and the company is the germination of BSM. New equipment were constructed to shift IT’s focal point from the element to the service, and they have been packaged as BSM suites, most usually from IBM (Tivoli, Netcool, OMNIbus), HP (Operations Bridge, Operations supervisor i), CA (Unicenter, Spectrum) and BMC (Patrol, remedy). every of those tools become concentrated on service points, together with networks, storage, logs, virtualization, servers and working programs. Ideally, shoppers would purchase into the BSM vision and monolithic suites and then switch from element-centric to carrier-centric management frameworks. nevertheless it wasn’t that handy.

thought Wasn’t observe

while the premise itself turned into decent, the execution grew to become out to be a whole lot more advanced. groups of consultants would define the dreams and parameters of the custom architecture, working model and equipment required. The suites themselves were hosted on-premise, which meant it will take months to profit entry to the datacenters and set up them. once installed, they required teams of consultants to run and control as it should be. All of this can charge tons of of hundreds of greenbacks in skilled functions.

The dreaded “scope creep” additionally boosted these fees, as implementations usually extended neatly past contractual guardrails. And when a particular group wanted a custom function? That request changed into lost in release cycles that lasted 18-24 months. all the whereas, fees for maintenance, licensing and assist persevered to mount. IT budgets bloated to unsustainable ranges. So BSM on no account took hang, and Gartner at last wrote its harsh eulogy.

it be handiest been a pair years on account that the Gartner proclamation, however it looks to me that the promise of BSM is greater essential than ever. Too many disconnected, “better of breed” equipment are addressing small slices of IT operations management problems and combating up to date digital operations from being delivered in a greater service-centric fashion. What’s more, the upward thrust of cloud and availability of public cloud infrastructure means that the role of it's now shifting from “developing and operating” to “consulting, monitoring and managing.” It’s clear that we need the concept of BSM, however it must be completely reimagined.

I name this service-centric digital operations. The subsequent logical query is: What's different this time? I agree with there are 5 basic shifts that signify this trade:

1. the upward thrust of cloud-native structure: With serverless computing, containers and microservices, the world of IT features is slowly getting consolidated off premises and becoming absolutely ephemeral. IT departments effectively aren’t managing features as a whole lot as they used to as a result of bare steel is getting rarer the entire time.

2. the upward thrust of SaaS: companies in every single place are setting up SaaS structures that are intention-constructed for flexibility and scalability however in a well-ruled framework. That capacity it’s simpler than ever for a SaaS platform to scale in line with the complexity of the company with out the should add yet an extra monitoring or management tool.

3. the rise of services: service orientation is not any longer the exception. Gartner is even advocating a provider value chain the place the “IT working model contains an business-level service portfolio” with a typical view of IT services. carrier mapping, provider topology and repair availability dashboards are far and wide. What’s greater, there's a cultural shift inside most of the biggest agencies the place IT has now develop into the provider company of the company, proposing flexibility and governance, not command and manage.

4. the rise of DevOps: teams are altering how they work, and that potential organizations are evolving along with them. A development group that has to run what they construct isn’t involved with answering a pager at 2 a.m. that the network is down; they’re involved with conserving their business services.

5. the rise of AIOps: Automation and synthetic intelligence are the killer applied sciences in addressing the exponential information overload that includes modern IT operations and repair management. they're the engines of how it operations groups will play a big position in holding service health predictively and proactively.

clever capabilities For Agile Digital Operations

This new type of carrier orientation is each elastic to accommodate altering enterprise wants and ruled to hold compliance. It’s acquired to be agile and adaptable for rising technologies however constant through mergers and acquisitions. It must be extremely consumable and not monolithic. And most importantly, it’s got to be less difficult and more cost-effective to deploy and maintain.

We’re at a turning aspect in the next era of company carrier administration ideas, options and applied sciences. maybe it changed into a superb thought that become just forward of its time. however the up to date cloud-native and AI-powered commercial enterprise IT firm should focus on what concerns to its inner and external purchasers. It is aware of that more suitable service to the client is every thing. And the IT team that refuses to cease looking at servers and start looking at services may additionally just be the recipient of the next harsh eulogy.


000-885 IBM Tivoli Storage Manager Express V5.3.7

Study Guide Prepared by Killexams.com IBM Dumps Experts


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000-885 exam Dumps Source : IBM Tivoli Storage Manager Express V5.3.7

Test Code : 000-885
Test Name : IBM Tivoli Storage Manager Express V5.3.7
Vendor Name : IBM
Q&A : 90 Real Questions

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States operating Out Of doctors | killexams.com real questions and Pass4sure dumps

The Ten States running Out Of doctors

10. new york > change in health professional/Pop. Ratio (1995-2009): +12.15% > general practitioner/inhabitants Ratio: 4.43 > total Physicians: 86,506 > complete Pop. (000): 19,541

Some hospitals in manhattan have already been pressured to curtail capabilities because of a scarcity of medical doctors.  in response to the Healthcare affiliation of long island State, 57% of hospitals in principal new york pronounced that there have been times in 2009 when the medical professional scarcity left their emergency rooms devoid of definite types of coverage.  The affiliation additionally said that 28% of primary ny hospitals had to reduce or eliminate services completely due as a result of they lacked satisfactory physicians.  The difficulty is expected to deteriorate as extra docs retire in coming years.  currently, 27% of ny medical doctors are over the age of 60.

9. California > trade in medical professional/Pop. Ratio (1995-2009): +12.1% > medical professional/inhabitants Ratio: 3.15 > complete Physicians: 116,489 > complete Pop. (000): 36,962

in keeping with the California HealthCare basis, six out of 9 areas in California are experiencing a scarcity of simple care physicians.  simply beneath 30% of the state’s physicians are older than 60 years — the optimum price among all 50 states.  unluckily, whereas the state’s inhabitants has expanded 20% within the remaining 15 years, commencement quotes from the state’s eight clinical schools have remained noticeably unchanged.  To help combat the doctor shortage, the institution of California, which runs 5 of the state’s clinical courses, has introduced plans to expand pupil enrollment and to open two new medical colleges.

eight. Maryland > exchange in health practitioner/Pop. Ratio (1995-2009): +12% > health practitioner/inhabitants Ratio: four.seventy six > total Physicians: 27,153 > total Pop. (000): 5,699

Maryland residents “don’t have sufficient fundamental care providers and our clinical faculties aren’t producing adequate,” Sen. Delores Kelley of Maryland currently announced at a state fitness care meeting.  despite being home to the world-renown Johns Hopkins school, the state is graduating too few new physicians. based on the American medical association, Maryland, among other states, is on the grounds that law to extend the authority of nurses within the state as a method of shrinking the doctor/affected person gap.

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7. Delaware > trade in general practitioner/Pop. Ratio (1995-2009): eleven.95% > health practitioner/inhabitants Ratio: 2.81 > total Physicians: 2,488 > total Pop. (000): 885

The expense of enhance for physicians in Delaware is just over seventy five% of the country wide common.  however the state has no longer yet suffered drastically due to their scarcity, an increase in newly insured patients on account of fitness care reform may quickly change that.  The state is already devising methods to contend with the challenge.  One device installation within the state to assist areas which lack enough docs is using eCare programs, where Delaware-primarily based physicians electronically monitor sufferers in important care and file anomalies to onsite nursing staffs.

6. Texas > alternate in healthcare professional/Pop. Ratio (1995-2009): 11.sixty three% > general practitioner/population Ratio: 2.40 > complete Physicians: fifty nine,482 > total Pop. (000): 24,782

As of 2009, 114 of the 254 counties in Texas were designated with the aid of the health materials and services Administration as basic-care scarcity areas, with 27 counties not having any docs at all.  in keeping with the chief scientific officer at JPS fitness network, quoted in the superstar-Telegram, it's lack of funding that has left Texas with more scientific school graduates than obtainable residencies, thereby riding medical doctors out of the state.  This scarcity of doctors is expected to aggravate if motion isn't taken within the close future.  Texas’ medical professional shortage is above all severe in rural areas.


Hargreave Hale aim VCT 2 plc : last effects | killexams.com real questions and Pass4sure dumps

INTRODUCTIONFollowing the success of our joint present for subscription i need to welcome a big number of new shareholders.

At 28 February 2017 the web Asset value (NAV) become 109.86 pence which after adjusting for the dividends paid offers a complete return in view that inception of 158.86 pence. The gain per average share for the year became 14.54 pence per share (comprising a earnings lack of 0.43 pence and capital positive aspects of 14.ninety seven pence).  complete return for the period expanded by means of 10.2% in comparison to a gain of 33.1% in the FTSE aim All-share total Return Index. Given the constraints placed on managers of VCT money we're blissful with this efficiency.

INVESTMENTSThe investment manager, Hargreave Hale restricted, invested an additional £5.52 million in 21 qualifying companies all over the 12 months. The fair price of Qualifying Investments at 28 February 2017 become £21.39 million invested in sixty four purpose businesses and 7 unquoted corporations. £24.sixteen million become held in a mix of money, fixed income and other non-qualifying equities; more element may also be present in the funding manager`s document.

DIVIDENDAn period in-between dividend of 2.00 pence turned into paid on 2 December 2016 (meantime 2016: 2.00 pence).

A ultimate dividend of four.00 pence is proposed (2016:four.00 pence) which, discipline to shareholder approval on the Annual common assembly will be paid on 25 July 2017, to common shareholders on the register on sixteen June 2017. 

supplied the underlying funding efficiency of the business continues to be suited and the liquidity place makes it possible for, it is still our policy to target a 5% distribution yield referenced to the yr end NAV per share of the company.

BUYBACKSIn complete, 312,908 shares had been bought during the year at a weighted average expense of 99.25 pence per share. an extra 341,473 shares have been bought on account that the year conclusion at a weighted commonplace price of 109.70 pence.

The Board continues to goal a share expense bargain of 5% to the NAV per share (as measured in opposition t the mid-fee) for market purchases. it can be emphasised that this target is non-binding and stylish on cases together with the company`s liquidity on occasion and market conditions.

JOINT offer FOR SUBSCRIPTION - 2015On terrorist organization 2016 the joint present for subscription for brand spanking new shares in Hargreave Hale purpose VCT 1 plc and Hargreave Hale intention VCT 2 plc (launched in December 2015) become closed with £eleven.5 million raised for Hargreave Hale goal VCT 2 plc.

JOINT present FOR SUBSCRIPTION - 2016The directors of the business announced on 14 December 2016 the launch of a brand new joint offer for subscription for shares in both Hargreave Hale aim VCTs to lift as much as £10 million in Hargreave Hale goal VCT 1 plc and up to £10 million within the enterprise. The present became accepted by using shareholders of the company at a common assembly on 12 January 2017 and was open to both new and existing shareholders.

The present changed into utterly subscribed and resulted in gross money being acquired of £10 million and the difficulty of 8.96 million new shares in the company.

VCT STATUSTo keep its VCT qualifying reputation we have to make investments at least 70% of the net dollars raised in any one accounting length in Qualifying Investments by the delivery of the accounting period containing the third anniversary of the date on which the money had been raised. i'm glad to report that we proceed to make decent development towards this test and, on the 12 months end, we had executed 88.88% and have satisfied the entire imperative checks.

VCT REGULATIONIn order to comply with european regulations regarding State support, the VCT guidelines had been discipline to great adjustments within the finances on eight July 2015, which came into effect on 18 November 2015. within the round we do not suppose these suggestions have enormously affected the enterprise, however we are able to no longer be capable of make non-qualifying investments in groups listed on goal or UK government bonds. we are in a position to continue to invest by the use of the Marlborough particular cases Fund and we're free to invest in organizations listed on the main market.

BOARD CHANGESGiles Hargreave stepped down as a director of the enterprise on 13 December 2016. i would like to take this opportunity to thank Giles for all his complicated work on the Board. Following the resignation of Giles Hargreave, Oliver Bedford turned into appointed as a non-executive director of the enterprise on 13 December 2016.

digital COMMUNICATIONSFollowing approval at a customary assembly on 12 January 2017, the business has adopted digital communications. Your Board believes here's advisable to the enterprise and its shareholders and will result in massive charge discount rates and more advantageous timeliness and transparency of communications.

CAPITAL REDUCTIONFollowing approval at a widespread assembly on 12 January 2017 the balance of the proportion top rate account was cancelled on 18 may additionally 2017 resulting in £37.5 million being transferred to the special reserve Reserves attainable for distribution as at the date of this document are £7.9 million.

AUDIT TENDERMandatory audit tendering legislations states that the optimum length for which a firm can also be appointed auditor of a public listed entity is 10 years.  BDO LLP are approaching the optimum time period and as such a young procedure will be accomplished within the latest monetary yr.

OUTLOOKThe year has all started neatly with an extra boost in NAV up unless 31 might also 2017 of 9.seventy two pence akin to 8.8%. further a success fundraising throughout the past 12 months has increased our internet assets as at present date to around £45m for the primary time. This has led to more advantageous diversity in our portfolio.

up to now the investment climate post Brexit has remained fantastically benign. although, it could be bad to be too complacent. enterprise valuations have benefited from the constant economic upswing of the past few years and aim in specific has attracted hobby, and due to this fact higher valuations, from investors looking for Inheritance Tax relief.

below half of our internet property at 28 February were invested in qualifying belongings. Our main challenge therefore is to establish and invest in more high exceptional, VCT qualifying, alternatives. To this conclusion we now have been extra lively investing in private corporations which now account for 8.eight% of the portfolio. we're seeing some pleasing opportunities in this box however will take a measured strategy recognising that the work concerned in this fashion of investment is more time drinking and these investments are customarily early stage excessive possibility corporations; also there is infrequently any secondary market liquidity unless there's a change of handle or a public market list.

David Hurst-BrownChairman

Date: 5 June 2017

STRATEGIC document

The goal of the strategic document is to notify shareholders on key concerns and help them to determine how the administrators have performed in their responsibility to advertise the success of the enterprise. The report has been organized by using the administrators based on the necessities of section 414A of the organizations Act 2006. The business`s unbiased auditor is required through legislation to document on no matter if the assistance given within the strategic record is in line with the fiscal statements and has been prepared according to relevant criminal requirements. 

THE business AND ITS company MODELThe enterprise changed into included and registered in England and Wales on 20 September 2006 below the companies Act 1985, registered quantity 5941261.

The company has been accepted as a assignment Capital trust by way of HMRC below part 259 of the earnings Taxes Act 2007. The shares of the enterprise were first admitted to the professional record of the uk listing Authority and buying and selling on the London stock trade on 6 April 2007 and may be discovered under the TIDM code "HHVT". The enterprise is premium listed.

In typical with many different VCTs, the business revoked its popularity as an funding company as described in area 266 of the groups Act 1985 on 20 September 2007 to facilitate the price of dividends out of capital gains.

The enterprise`s most important exercise is to invest in a different portfolio of qualifying small UK based businesses, primarily buying and selling on aim, as a way to maximising tax free dividend distributions to shareholders.

The business is an externally managed fund with a Board comprising of three non-executive administrators. Hargreave Hale limited acts as investment manager, administrator and custodian to the enterprise and supply the company secretary.

The Board has usual responsibility for the business`s affairs including the resolution of its funding policy, youngsters, the Board may additionally undertaking these responsibilities through delegation to Hargreave Hale as it considers applicable.

 The directors have managed and proceed to manipulate the enterprise`s affairs in such a fashion as to comply with section 259 of the salary Taxes Act 2007.

investment OBJECTIVESThe company`s funding pursuits are:

  • to put money into a assorted portfolio of small UK based corporations on a excessive possibility, medium time period capital growth groundwork, basically being companies which are traded on aim and which give you the chance for giant value appreciation; 
  • to invest in smaller groups which can also now not be easily available to inner most people and which also tend to be greater dangerous; 
  • to maximise distributions to shareholders from capital positive factors and earnings generated from the business`s funds; 
  • focused investment in equities which might be non-qualifying investments on an opportunistic foundation; and 
  • to hold the enterprise`s publicity to small corporations via an initial funding of new capital into the Marlborough special cases Fund pending funding into Qualifying groups.
  • ASSET ALLOCATIONThe enterprise could have a number investments in four different asset classes:

  • equity investments in qualifying agencies, called "Qualifying Investments". Qualifying Investments will:
  • contain qualifying holdings for a VCT as defined in Chapter 4 part 6 of the income Tax Act 2007;
  • essentially be made in purpose companies, however the enterprise`s investment manager will additionally believe NEX exchange-quoted businesses (formerly ISDX) and personal businesses that meet the funding criteria summarised beneath; and
  • vary in dimension from £50,000 to £1 million.
  • Quasi-sovereign debt, bonds and different mounted earnings securities;
  • bank deposits that are comfortably realisable; and
  • Non qualifying equity exposure in the type of fairness publicity to UK and foreign equities through centered investments made on an opportunistic basis or via an investment into the Marlborough particular cases Fund.
  • funding MANAGERThe company is managed via Hargreave Hale restrained, a fund manager with approximately £eight.6 billion below administration and £7.5 billion beneath managed accounts. Hargreave Hale has been managing investments in UK Small and Micro Cap groups for 19 years and VCTs for 13 years. It has a long centered recognition that stems from its administration of the Marlborough particular cases Fund and the Marlborough UK Micro Cap Fund, and greater recently the VCTs.  It has won numerous awards for its administration of small cap dollars.  based on the funding coverage, each Hargreave Hale purpose VCT 1 and Hargreave Hale purpose VCT 2 have made investments within the Marlborough particular situations Fund, which has lower back 2,498% (to twenty-eight February 2017) when you consider that Giles Hargreave took accountability for it in July 1998.

    The investments of the enterprise are co-managed through Giles Hargreave and Oliver Bedford, with support from the rest of the enterprise`s investment crew collectively comprising a total funding group of 14. The funding team manages approximately £four.0 billion, of which approximately £2.6 billion is invested in small organizations, lots of which might be quoted on aim.  The breadth of the investment team, the scale of funding in small groups and the investment supervisor`s track listing aid entice deal stream. 

    funding strategy

    QUALIFYING INVESTMENTSThe funding manager will hold a diverse and absolutely invested portfolio of Qualifying Investments, basically in small UK businesses with a citation on intention. The fundamental aim of the funding approach is to ensure the business maintains its status as a VCT. To obtain this, the company should have 70% of all dollars raised from the issue of shares invested in Qualifying Investments throughout accounting intervals of the VCT beginning no later than three years after the date on which these shares are issued.

    despite the fact VCTs are required to make investments and keep at least 70% of their funds invested in Qualifying Investments as measured via the VCT suggestions, it is probably going that the funding supervisor will goal a stronger threshold of about eighty% with a view to give some point of protection against an inadvertent breach of the VCT rules. The enterprise`s optimum exposure to a single Qualifying funding is proscribed to fifteen% of web property.

    the important thing option criteria utilized in finding out which Qualifying Investments to make consist of, inter alia:

  • the electricity and credibility of the management crew; 
  • the marketing strategy; 
  • the possibility/reward profile of the investment chance; 
  • the fine of the finance characteristic and budgetary procedure; 
  • the strength of the stability sheet relative to anticipated money circulate from operations; and 
  • the existing stability of investments inside the portfolio of Qualifying Investments.
  • The funding manager follows a inventory particular, rather than sector particular, investment method and is extra more likely to provide expansionary capital than seed capital.

    The investment supervisor will basically focal point on investments in businesses with a citation on intention or plans to alternate on intention. The funding manager prefers to take part in secondary issues of corporations which are quoted on goal as such companies have a longtime track listing that can also be extra quite simply assessed and more advantageous disclosure of monetary performance. Secondary considerations are often priced at an attractive bargain to the market cost.

    NON-QUALIFYING INVESTMENTSThe company may have further non-qualifying fairness publicity to UK and foreign equities through targeted investments made on an opportunistic foundation. this could range in line with the funding manager`s view of the fairness markets and can fluctuate between nil and 30% of the web assets of the enterprise. The funding supervisor will also put money into different fastened earnings securities and cash.The funding supervisor may also invest up to 75% of the net proceeds of any situation of latest shares into the Marlborough particular instances Fund subject to a highest of 20% of the gross property of the company. this can enable the business to preserve their exposure to small companies in a roundabout way, even as the funding supervisor identifies alternatives to invest at once into small UK companies through an appropriate number of Qualifying Investments.

    The allocation between asset classes in the non-qualifying portfolio will vary based upon alternatives that arise with a maximum exposure of one hundred% of the non-qualifying portfolio to any one asset type.

    enterprise REVIEWThe chairman`s statement and funding manager`s file comprise a balanced and comprehensive analysis of the enterprise during the financial year and the position of the investments at the 12 months conclusion. The fiscal position of the company at 28 February 2017 become robust and not using a debt or gearing.

    KEY efficiency INDICATORSAt each board assembly, the directors accept as true with a couple of efficiency measures to investigate the investment manager`s performance, thereby assisting shareholders to assess how the company is performing towards its targets. the key efficiency indicators (KPIs) are dependent business measures and are as follows:

  • net asset cost; 
  • total return; 
  • Ongoing fee ratio; 
  • profits and dividend per share; and 
  • percentage invested in Qualifying groups
  • Commentary on the performance of these KPIs has been discussed in the chairman`s remark and investment manager`s file. in addition to the above, the Board considers peer community comparative performance. efficiency is also measured in opposition t the business`s closest benchmark, the FTSE intention All-share Index. The efficiency measures for the 12 months are protected within the monetary highlights.

    OVERVIEW OF THE YEARIn the monetary year beneath assessment, internet property expanded from £29.9m to £forty five.4m. during this length the NAV per share elevated from one zero one.18p to 109.86p. This resulted in a profit to ordinary shareholders of 14.68 pence per share after adjusting for dividends paid of 6.00 pence per share.

    ONGOING EXPENSESThe ongoing fees of the company for the fiscal yr beneath review represented 1.eighty two% (2016: 2.28%) of 12 months end web assets, which remains aggressive when compared with different purpose concentrated VCTs. Shareholders should notice that this ratio has been calculated as total charges minus ad hoc criminal prices, adjusted for trail commission written off within the year and divided by means of year-conclusion internet belongings.

    salary PER SHAREThe business`s revenue per share for the year ended 28 February 2017 become 14.fifty four pence per share (2016:loss -three.39 pence per share). The Board continues to be happy with the business`s efficiency.

    DIVIDENDSAn period in-between dividend of two.00 pence become paid on 2 December 2016 and a ultimate dividend of four.00p has been proposed.                 

    INVESTMENTSAs an entire, throughout the 12 months, the qualifying portfolio elevated from £13.4m to £21.4m. The business made 22 qualifying investments at a cost of £5.5m, of which 15 have been investments into new Qualifying organizations.

    For additional particulars please refer to the investment manager`s file.

    BORROWINGSIt isn't the company`s present intention to have any borrowings. The company does, although, have the skill to borrow a maximum amount up to fifteen% of the "Adjusted Capital and Reserves" volume (as such time period is described within the Articles of association of the company), which is without problems the aggregate of the nominal capital of the business issued and paid up and the amount standing to the credit score of the consolidated reserves of the business, less targeted alterations, exclusions and deductions. There are not any plans to utilise this potential at the current time.

    BUYBACKSIn total, 312,908 shares were purchased right through the year at a weighted general price of ninety nine.25 pence per share.

    predominant risks AND UNCERTAINTIESThe administrators acknowledge that they are chargeable for the effectiveness of the company`s chance management and inside controls and periodically evaluate the essential dangers faced through the business at the quarterly board meetings.  The Board may also activity these tasks via delegation to Hargreave Hale confined as it considers applicable. 

    The main risks dealing with the enterprise relate to the business`s funding activities and consist of risks pointed out beneath:

    risk How the Board mitigates chance task Capital have faith approval chance - the company operates in a fancy regulatory ambiance and faces a couple of linked dangers. A breach of area 259 of the income Taxes Act 2007 may outcomes within the disqualification of the company as a VCT and the lack of tax reliefs for the business and individual shareholders. To in the reduction of this risk, the Board has appointed the funding manager, who has colossal adventure in mission capital believe administration and studies to the Board constantly right through the year. additionally, to supply additional formal assurance, the Board has appointed Philip Hare & buddies LLP to monitor compliance with rules and supply half every year compliance reviews to the Board. funding possibility - most of the enterprise`s investments are held in excessive possibility groups, that are both listed on goal or privately held. The funding supervisor continues a extensive portfolio of investments and holds normal enterprise meetings to computer screen investments and establish potential possibility. common board conferences and communicate with the directors assist strong governance. while tax legislations limits every business`s optimum publicity to a single Qualifying funding to 15% of internet property (at booklet can charge), the funding supervisor`s alternative for portfolio diversification ability that Qualifying Investments hardly exceed 5% of net property. cut price volatility - venture Capital trust shares tend to exchange at discounts to their underlying internet asset values, that can fluctuate significantly. To minimise the have an effect on of such fluctuations, the business has a share buyback coverage whereby the company purchases shares for cancellation. Compliance chance - The business is required to comply with the guidelines of the uk checklist Authority, the businesses Act, Accounting standards and different legislations. The enterprise is additionally a small registered choice investment Fund manager ("AIFM") and has to agree to the necessities of the AIFM Directive. Failure to comply with these laws might outcomes in a delisting of the company`s shares, fiscal penalties, qualified audit document or loss of shareholder trust. Board individuals and the funding manager have appreciable adventure of working at senior degrees within quoted companies. Regulatory requirements are perpetually reviewed and the Board are trying to find legal suggestions when applicable. economic possibility - routine such as financial recession and flow in hobby fees may affect smaller agencies` valuations. The funding supervisor continuously screens the markets and the portfolio corporations and reviews to the Board at every assembly. The risk that the price of a security or portfolio of securities could decline in the future is mitigated by using protecting a diversified portfolio, across a vast latitude of sectors. Fraud - Fraud may happen enacted by a third party, the funding manager or administrator. inside controls are documented and periodically reviewed on a quarterly groundwork by using senior administration. The investment management and administration capabilities are segregated by department and site. Operational chance - Failure of the investment manager/administrator`s methods or disruption to their company might influence within the inability to deliver correct reporting. The Board continually studies the gadget of internal controls, each economic and non-financial, operated through the company and Hargreave Hale Ltd. Hargreave Hale Ltd has in area its personal internal policies and approaches including a documented business continuity plan and a frequently tested disaster restoration plan to mitigate possibility. Reputational chance - inadequate or failed controls may result in breaches of laws or loss of shareholder trust. The investment supervisor operates a robust risk administration system which is reviewed always to make certain controls stay valuable in mitigating hazards to the business. details of the enterprise`s interior controls are covered within the corporate governance remark. Liquidity possibility - Investments in small businesses are often illiquid and might be complex to realize. The funds liquidity is monitored on a monthly groundwork. Outsourcing possibility - Any task outsourced to an external company. respectable businesses used and documents reviewed internally.

    further hazards and extra details of the above hazards and the way they're managed are explained in word sixteen of the monetary statements.  trends affecting future developments are discussed in the chairman`s statement and in the funding manager`s file.

    ENVIRONMENTAL AND SOCIAL RESPONSIBILITYThe Board conducts the enterprise`s affairs responsibly and expects the investment manager to agree with social and environmental concerns when appropriate, primarily in regards to investment selections. The business presents digital communications where proper to in the reduction of the extent of paper it uses.

    HUMAN RIGHTSThe Board conducts the enterprise`s affairs responsibly and expects the investment supervisor to believe human rights when fulfilling their role, chiefly with regard to funding decisions.

    future VIABILITY STATEMENTIn accordance with provision C.2.2 of the uk corporate Governance Code, the administrators have performed a robust assessment of the major hazards regarding the business. This evaluation has been carried out over an extended period than the 365 days required by way of the `Going challenge` provision. The Board performed this review for a period of five years, which became chosen because it:

  • falls in accordance with the business continuation vote and traders minimal maintaining period to hold tax aid; and
  • covers a adequate duration for all funds raised to conform to HMRC investment test guidelines.
  • The Board believe the viability of the business as part of their continuing programme of monitoring chance. The company has a detailed chance manage framework, documented procedures and forecasting model in vicinity to reduce the chance and affect of risk taking that exceeds the agreed degrees by way of the Board. These controls are reviewed by means of the Board and Hargreave Hale on a quarterly basis.

    The Board has regarded severe however inexpensive eventualities and the effect of any mitigating actions, the capabilities have an effect on of those risks on the enterprise mannequin, future performance and liquidity of the business.

    The directors believe the company to be workable for an extra 5 years for here reasons:

  • The business maintains a large portfolio of investments including approximately £15.0 million invested in non-qualifying investments and an extra £9.0 million in cash. The business therefore has enough liquidity and this is monitored on a monthly groundwork; 
  • The business is well invested in opposition t the VCT status verify and ended the year at 88.88% invested in qualifying businesses. The Board assume that there'll continue to be suitable qualifying investments available over the next 5 years; 
  • the continued cost ratio of the company for the 12 months conclusion turned into 1.82%, which is aggressive for the VCT sector; 
  • The financial place of the company at 28 February 2017 was powerful without a debt or gearing; and 
  • The company has satisfactory strategies in area to identify, computer screen and control possibility.
  • according to this assessment the administrators have an affordable expectation that the company can be in a position to proceed in operation and meet its liabilities as they fall due over the next 5 years.

    PROSPECTSThe prospects and future building of the business are mentioned in detail within the outlook part of the chairman`s remark.

    additional DISCLOSURES REQUIRED by means of THE organizations ACT

    EMPLOYEESThe business had no personnel during the yr. Board participants are appointed in response to competencies and knowledge. The Board at present includes of three male non-govt administrators who confirm they're going to trust gender variety when making future appointments

    by using order of the Board of directors.

    STUART BROOKESCompany Secretary

    Date: 5 June 2017

    funding manager`S report

    INTRODUCTIONThis report covers the 2016/17 monetary 12 months, 1 March 2016 to 28 February 2017. The manager`s file incorporates references to actions in the net Asset cost (NAV) per share and complete Return per share (NAV per share plus disbursed profits per share). movements within the NAV per share do not always replicate the earnings per share (EPS) said within the bills and in different places, which bring the income after tax in the business within the suggested length as a function of the weighted standard number of shares in subject for the length.

    investment REPORTGlobal fairness markets had a powerful year in opposition t a backdrop of big political uncertainty and alter. Politics aside, global financial boom became largely potent, with US GDP growth and low interest prices main developed markets higher. emerging markets also performed neatly, supported via recovering commodity fees.

    the uk`s determination to leave the european Union dominated the year; doubtless it's going to continue to achieve this this 12 months and subsequent.  The decline in Sterling supplied welcome support to the predominant UK indices as investors moved to re-fee these agencies with enormous foreign places income.  with the aid of and big, VCT regulations channel us into small domestically focussed growth businesses, so we were unable to utterly improvement from the fashion that continued during the 2d half of our monetary 12 months, however we did derive some advantage via ingredients of our non-qualifying portfolio.  The closing quarter saw a notable uptick in possibility sentiment within small cap equities.

    the brand new economic yr has already thrown up a couple of hazards, the French and UK elections being the most contemporary examples.  little doubt there could be extra; however, for now the united kingdom financial system feels powerful ample, besides the fact that children we now have viewed some proof of weakness within the housing market and points of the casual eating sub-sector.  We are expecting the uk purchaser to be more challenged this 12 months as precise wage growth turns bad, with some weak point already displaying up in customer self assurance facts. On balance, the macro photo remains achievable and we find most agencies to be high quality concerning the outlook; there looks to be reasonable demand for brand spanking new capital to aid their growth and building.

    PERFORMANCEIn the twelve months to twenty-eight February 2017, the NAV elevated from 101.18p to 109.86p. 6.0p in dividends have been paid, giving investors a total return of 14.sixty eight pence per share, which interprets to a profit of 14.5%. all through the equal length the FTSE purpose All-Share total Return received 33.1%.

    The qualifying investments made a net contribution of 9.91 pence per share with forty two out of the 77 making positive factors, 6 marking time and 29 dropping ground. The non-qualifying investments contributed 6.16 pence per share.  The balance became a mix of expenses, income and small positive aspects made through share purchase backs.

    DP Poland become the excellent performing qualifying funding (+a hundred and fifteen.four%, +1.87 pence per share). The company stated a sequence of strong updates over the yr whilst demonstrating cloth traction as they roll out the Domino`s Pizza proposition throughout Poland. In February, they introduced seventeen consecutive quarters of double digit like for like device sales boom, with thirty-9 operational websites in fourteen cities and cities. The recent fairness raise turned into well bought and they're now heading in the right direction to finish 2017 with fifty operational websites. Quixant (+98.9%, +1.32 pence per share) announced an outstanding set of 2016 period in-between consequences that featured potent biological sales increase, a stronger than anticipated contribution from the Densitron acquisition and money flows forward of expectations. publish (our) year end, the enterprise has because launched its 2016 full year outcomes which, as soon as again, came in forward of market expectations and caused extra upgrades to forecasts for this fiscal year. Ideagen (+70.2%, +1.24 pence per share) and Science in game (+91.7%, +1.18 pence per share) also carried out smartly.

    The largest losses in the duration got here from TrakM8 (-ninety nine.7%, -1.86 pence per share), which announced a cloth income downgrade after contract deferrals left the business uncovered to an overhead that became outsized relative to the revised profits influence.  different losses got here from Intercede (-fifty nine.three%, -0.57 pence per share), Mirada (-fifty seven.1%, -0.38 pence per share) and Microsaic (-eighty five.1%, -0.36 pence per share), all of which posted bad updates.

    We made 22 qualifying investments over the 12 months, which covered 7 additional investments into existing qualifying companies (1 inner most); 4 secondary placings into listed businesses; 7 IPOs; and four deepest investments. We invested a total of £5.52m into qualifying investments over the year.

    within the qualifying portfolio, a number of our investee companies experienced amazing runs out there, which led us to make partial disposals in Creo, Directa Plus, DP Poland, ECSC, Imaginatik, Loop Up, Maxcyte and floor Transforms.  because of endured poor performance, we exited investments in Sphere medical, Tangent Communications (by way of an MBO), Nektan and Outsourcery.

    PORTFOLIO STRUCTUREThe VCT is without problems throughout the HMRC described funding look at various and ended the period at 88.88% invested as measured through the HMRC funding look at various. by way of market value, the VCT had a 47.2% weighting to qualifying investments.

    The allocation to non-qualifying equity investments expanded from 18.4% to twenty.6%, representing the funds on-going participation in non-qualifying equity investments. in accordance with the investment coverage, we endured to utilize the Marlborough particular instances Fund as a short lived domestic for proceeds from fundraising. The allocation marginally decreased from 13.1% final yr to 12.0% this year. fixed profits as a percentage of the fund fell from 0.9% to 0.four% and cash fell from 23.four% to 20.3%

    The HMRC funding exams are set out in Chapter three of part 6 salary Tax Act 2007, which should be read along side this element of the investment supervisor`s report. dollars raised with the aid of VCTs are first blanketed in the investment exams from the birth of the accounting length containing the third anniversary of the date on which the funds were raised. therefore, the allocation of qualifying investments as described with the aid of the law can also be different to the portfolio weighting as measured by means of market cost relative to the net assets of the VCT.

    put up year end UPDATEDeal movement has been strong on the grounds that year end with 5 further qualifying investments being made in Dorcaster plc, Eagle Eye solutions neighborhood plc, Portr Ltd, speed Composites plc and Zoo Digital community plc.  we now have a powerful pipeline of deals we are expecting to finished in the coming weeks.

    NAV performance has also been respectable put up period conclusion, with the NAV per share gaining 8.8% to 119.fifty eight pence per share.

    For additional suggestions please contact:

    STUART BROOKESCompany Secretary

    Registered workplace:Hargreave Hale purpose VCT 2 plc,Accurist condominium,forty four Baker StreetLondon W1U 7AL01253 754740   

    Date: 5 June 2017

    statement OF administrators` RESPONSIBILITIESIn admire of the fiscal statements

    The directors are accountable for getting ready the annual record and the financial statements in keeping with relevant law and regulations. they're additionally liable for ensuring that the annual report comprises tips required by using the listing rules of the financial conduct Authority.

    business legislations requires the administrators to put together economic statements for each and every monetary 12 months.  beneath that legislations the administrators are required to prepare the economic statements and have elected to prepare the enterprise`s economic statements in accordance with uk generally permitted Accounting apply ("UK GAAP") (uk Accounting requisites and applicable legislation). under enterprise legislation the directors should not approve the economic statements until they are convinced that they supply a true and reasonable view of the scenario of the enterprise and of the profit or loss for the enterprise for that period. 

    In making ready these financial statements, the administrators are required to:

    ·           opt for correct accounting guidelines and then follow them at all times;

    ·           make judgements and accounting estimates that are low-cost and prudent;

  • state no matter if they have got been organized in line with UK GAAP; discipline to any material departures disclosed and defined in the economic statements; 
  • put together the financial statements on the going issue groundwork except it's inappropriate to presume that the company will continue in company; and 
  • prepare a director`s record, a strategic report and director`s remuneration file which agree to the necessities of the companies Act 2006.
  • The administrators are liable for preserving ample accounting information that are enough to reveal and clarify the enterprise`s transactions and reveal with cost effective accuracy at any time the fiscal position of the company and allow them to make certain that the economic statements conform to the companies Act 2006. they are additionally answerable for safeguarding the belongings of the enterprise and therefore for taking low-budget steps for the prevention and detection of fraud and different irregularities.

    The administrators are chargeable for guaranteeing that the annual report and debts, taken as a whole, are reasonable, balanced, comprehensible and provide the information critical for shareholders to examine the company`s place and efficiency, business model and strategy.

    web site PUBLICATIONThe administrators are responsible for making certain the annual document and the fiscal statements are made obtainable on a website.  economic statements are posted on the business`s web site in line with legislations in the uk governing the instruction and dissemination of financial statements, which may additionally range from law in other jurisdictions.  The upkeep and integrity of the business`s web site is the responsibility of the directors.  The directors` accountability also extends to the continuing integrity of the monetary statements contained therein.

    administrators` accountability commentary PURSUANT TO DTR4David Hurst-Brown (Chairman), Philip Cammerman and Oliver Bedford, the administrators, verify to the better of their potential that:

  • The fiscal statements had been prepared in response to UK GAAP and give a real and reasonable view of the property, liabilities, financial position and earnings and lack of the business. 
  • The annual report comprises a good review of the development and efficiency of the enterprise and the financial position of the company, at the side of an outline of the fundamental dangers and uncertainties that it faces.
  • For and on behalf of the Board

    DAVID HURST-BROWNChairmanDate: 5 June 2017

    administrators` REMUNERATIONThe directors` remuneration document became accepted through the Board of directors on 5 June 2017 and may be additional subject to an advisory vote on the Annual standard assembly being held on 20 July 2017 and every year thereafter.

    income STATEMENTFor the yr ended 28 February 2017

    be aware       revenue Capital total     £000 £000 £000 internet gain on investments held at fair cost through earnings or loss   - 5,537   5,537 income   286 15 301     -------- -------- --------     286 5,552 5,838           administration charge   (129) (387) (516) other charges   (305) (28) (333)     -------- -------- --------     (434) (415) (849)     -------- -------- -------- (Loss)/gain on ordinary activities before taxation   (148) 5,137 four,989 Taxation   - - -     -------- -------- -------- (Loss)/benefit after taxation   (148) 5,137 four,989     -------- -------- -------- (Loss)/profit per share simple and diluted 2 (0.43)p 14.97p 14.54p       --------   --------   --------

    earnings STATEMENTFor the 12 months ended 29 February 2016 (Comparative suggestions)

    be aware       revenue Capital total     £000 £000 £000 internet loss on investments held at reasonable cost through earnings or loss   - (300)   (300) earnings   146 - 146     -------- -------- --------     146 (300) (154)     -------- -------- -------- management price   (103) (308) (411) other prices   (291) - (291)     -------- -------- --------     (394) (308) (702)     -------- -------- -------- (Loss) on regular activities earlier than taxation   (248) (608) (856) Taxation   - - -     -------- -------- -------- (Loss) after taxation   (248) (608) (856)     -------- -------- -------- (Loss) per share simple and diluted 2 (0.ninety eight)p (2.forty one)p (three.39)p       --------   --------   --------

    the full column of those statements is the revenue statement of the enterprise. All earnings and capital gadgets within the above statements derive from continuing operations. There become no other complete salary aside from the gain/loss for the yr.

    The accompanying notes are an integral part of those monetary statements.

    balance SHEET                                                                                                                                                                            company registration number: 5941261As at 28 February 2017                                                                                    (in England and Wales)

        2017 2016   notice               £000   £000             fastened property           Investments at fair cost via earnings or loss     36,359   23,031       --------   --------             current belongings           Debtors     37   20 money at bank     9,one hundred ninety   6,994       --------   --------       9,227   7,014             creditors: quantities falling due inside 365 days     (219)   (191)       --------   -------- internet current property     9,008   6,823       --------   -------- complete belongings much less present liabilities     forty five,367   29,854       --------   --------             Capital and reserves           referred to as up share capital     413   295 Share top class     34,246   21,484 Capital redemption reserve     10   7 particular reserve     2,891   5,250 Capital reserve - realised     628   1,367 Capital reserve - unrealised     eight,529   2,653 profits reserve     (1,350)   (1,202)       --------   -------- total shareholders` money     45,367   29,854       --------   --------             net asset cost per percentage3   109.86p   101.18p            

    These fiscal statements had been authorised and permitted for subject with the aid of the Board of administrators on 5 June 2017 and signed on its behalf via

    David Hurst-BrownChairman

    5 June 2017

    The accompanying notes are a vital part of those financial statements.

    commentary OF adjustments IN fairness

    For the year ended 28 February 2017

      referred to as up  Share  Capital   

    Share  premium

    Capital RedemptionReserve  

    particular Reserve

    Capital ReserveRealised Capital ReserveUnrealised  

    RevenueReserve

     

    total

        £000 £000  £000   £000  £000  £000  £000  £000 At 1March2016 295 21,484  7 5,250 1,367 2,653 (1,202) 29,854                   Share buybacks (three)   three (313)       (313) Share problems121 13,034           13,one hundred fifty five difficulty prices   (272)           (272) equity dividends paid       (2,046)       (2,046) Realised losses on investments         (339)     (339) Unrealised beneficial properties on investments           5,876   5,876 administration fee charged to capital         (387)     (387) arrangement price salary         15     15 Due Diligence investment fees         (28)     (28) income loss after taxation for the yr             (148) (148) total gain after taxation         (739) 5,876 (148) four,989                     ------ --------- --------- --------- --------- --------- ------ --------- At 28 February 2017 413 34,246 10 2,891 628 eight,529 (1,350) 45,367   ------ ---------  --------- --------- --------- --------- ------ ---------                  

    Reserves accessible for distribution are capital reserve realised, special reserve and revenue reserve.  complete distributable reserves at 28 February 2017 have been £2.17 million. The accompanying notes are an essential component of these fiscal statements.

    observation OF adjustments IN fairness

    For the year ended 29 February 2016 (Comparative tips)

     

     

    known as up  Share  Capital   

    Share premium

    CapitalRedemptionReserve  

    special Reserve

    Capital ReserveRealised Capital ReserveUnrealised  

    RevenueReserve

     

    complete

        £000 £000  £000   £000  £000  £000 £000  £000 At1March2015 219 13,118  3 7,124 (1) four,629 (954) 24,138                   Share buybacks (four)    4 (372)       (372) Share complicationseighty 8,536           8,616 situation fees   (one hundred seventy)           (a hundred and seventy) equity dividends paid       (1,502)       (1,502) Realised beneficial properties on investments         1,676     1,676 Unrealised losses on investments           (1,976)   (1,976) management price charged to capital         (308)     (308) income loss after taxation for the 12 months             (248) (248) complete loss after taxation         1,368 (1,976) (248) (856)                     ------ ---------  --------- --------- --------- --------- ------ --------- At 29 February 2016 295 21,484  7 5,250 1,367 2,653 (1,202) 29,854   ------ ---------  --------- --------- --------- --------- ------ ---------                  

                                                   

    Reserves obtainable for distribution are capital reserve realised, particular reserve and salary reserve.  complete distributable reserves at 29 February 2016 were £5.42 million.  The accompanying notes are an integral part of these monetary statements.statement OF cash FLOWSFor the year ended 28 February 2017

        2017 2016     £000 £000 total gain/(loss) on regular actions before taxation   four,989 (856) Realised loss/(benefit) on investments   339 (1,676) Unrealised (benefit)/loss on investments   (5,876) 1,976 (raise)/reduce in debtors   (17) 6 increase in creditors   28 50     ---------- ---------- net cash (outflow) from operating activities   (537) (500)     ---------- ---------- buy of investments   (16,778) (eleven,321) Sale of investments   eight,987   5,534     ---------- ---------- net money (outflow) from investment actions   (7,791) (5,787)     ---------- ---------- Share buybacks   (313) (372) difficulty of share capital   12,883 8,446 Dividends paid   (2,046) (1,502)     ---------- ---------- net cash influx from financing actions   10,524 6,572     ---------- ---------- enhance in cash   2,196   285     ---------- ---------- Opening cash    6,994 6,709 cash move    2,196 285     ---------- ---------- Closing money   9,one hundred ninety 6,994

                                                                                                                                                                                                                   The accompanying notes are an essential component of those economic statements.

    Notes to the preliminary Announcement

  • basis of practise
  •       The fiscal suggestions set out in this preliminary announcement doesn't constitute the business`s statutory debts for the years ended 28 February 2017 or 29 February 2016. Statutory bills for the yr ended 29 February 2016 have been filed with the Registrar of groups and those of the yr ended 28 February 2017 can be brought to the Registrar in due route; both had been stated on by way of the independent auditors. The impartial auditor`s stories on the Statutory bills for the years ended 29 February 2016 and 28 February 2017 were unqualified, did not draw consideration to any concerns by way of emphasis, and didn't include a press release beneath 498(2) or 498(three) of the agencies Act 2006.             The accounts of the enterprise are prepared in accordance with Accounting requirements relevant within the uk. The enterprise`s fiscal statements are organized in line with FRS 102 and the remark of counseled follow (SORP) for financial Statements of investment trust groups issued in November 2014.             The accounting policies utilized in preparing this preliminary announcement are consistent with those used within the coaching of the economic statements.             All aim investments are valued at bid cost. Unquoted agencies are protected at reasonable cost. the place can charge is no longer considered acceptable the company will use a value indicated by using a material hands-length transaction via an impartial third birthday party in the shares of a company. where no such transaction exists the business will use essentially the most acceptable valuation approach including discounted money flow evaluation, earnings multiples, internet assets and trade valuation benchmarks. The reasonable value of such property or liabilities may be reviewed on a 6 monthly groundwork and greater frequently if hobbies ensue that might have a cloth influence on the investment.             The accounting policies adopted in these preliminary outcomes have been perpetually utilized to all the years presented and are per the policies used within the guidance of the statutory money owed for the years ended 28 February 2017 and 29 February 2016. the complete statutory annual money owed will be posted in June 2017. Copies may in due course be obtained throughout common company hours from Hargreave Hale constrained, Talisman condo, Boardmans method, Blackpool, FY4 5FY.             The Annual conventional meeting of the business should be held at the business`s registered workplace on 20 July 2017 at 1.30pm.       

  • earnings per share (basic and diluted)
  • salary return per commonplace share is in line with a internet salary loss on normal actions after taxation of £148,026 (2016: £247,629) and on 34,327,158 (2016: 25,200,417) standard shares, being the weighted ordinary number of general shares in challenge all through the 12 months.  Capital return per typical share is in accordance with a web capital profit of £5,137,499 (2016: loss £608,113) for the yr and on 34,327,158 (2016: 25,200,417) usual shares, being the weighted ordinary variety of commonplace shares in problem all the way through the year. complete return per usual share is according to a net gain of £four,989,474 for the year and on 34,327,158 (2016: 25,200,417) average shares, being the weighted commonplace variety of typical shares in problem right through the 12 months.

  • web asset value per general share
  • The internet asset cost per typical share at 28 February 2017 of 109.86 pence (2016:one zero one.18 pence) is in keeping with internet belongings of £45,366,681 at the yr-conclusion (2016: £29,854,033) and on forty one,296,035 normal shares, being the variety of shares in difficulty at yr conclusion (2016: 29,507,084).

  • predominant hazards and Uncertainties
  •       The fundamental dangers dealing with the company relate to the business`s funding activities and include challenge capital have faith approval risk, funding possibility, cut price volatility, compliance chance, economic possibility, fraud, operational chance, reputational chance, liquidity risk and outsourcing chance. different risks confronted with the aid of the company include market possibility, forex risk, pastime expense possibility and credit chance. These dangers and the manner in which they're managed are described in additional detail in the Strategic report.       5.       connected birthday celebration transactions Hargreave Hale restrained      Hargreave Hale confined is regarded to be a related birthday celebration to the enterprise.  Oliver Bedford, a non-government director of the company and a member of its key administration personnel, is an employee of Hargreave Hale restrained. moreover Hargreave Hale restricted acts as funding supervisor, administrator and custodian to the enterprise and it provides the business secretary. all of the guide functions performed by Hargreave Hale limited are segregated with the aid of branch and placement and are unbiased of every other.             Hargreave Hale limited in its skill as investment supervisor of the fund receives annual expenses of 1.5% every year of the internet asset value of the business, calculated and payable quarterly in arrears. expenses for the 12 months are £515,272 (2016: £411,258) as detailed in notice 3. in relation to the other support features described above, Hargreave Hale constrained received expenses of £ninety,000 (2016: £eighty,000). Of those mixed costs, £153,253 (2016: £a hundred and twenty,835) changed into still owed at the year end.             Hargreave Hale restricted has agreed to indemnify the company against annual running expenses (such costs except for VAT, any efficiency incentive payment and any path commissions the fee of which is the accountability of the business) exceeding three.5% of its web assets. No prices were waived between 1 March 2016 and 28 February 2017 below the indemnity..6.       Shares Issued      during the year, the enterprise issued 12,a hundred and one,859 usual shares of 1 pence per share (nominal value £121,019) which resulted in money being received of £13,one hundred fifty five,057. The 3.5% top rate of £460,427 become payable to Hargreave Hale limited to cowl the can charge of extra shares distributed of £188,425 leading to net fees payable to Hargreave Hale constrained of £272,002.

  •  Capital constitution
  • Share capitalOrdinary shares are classed as equity. The commonplace shares in concern have a nominal price of one pence and carry one vote each and every. enormous holdings within the enterprise are disclosed in the directors` record.

    Share premiumThis reserve represents the change between the challenge rate of shares and the nominal price of shares on the date of issue, internet of connected difficulty costs.

    Capital redemption reserveThis reserve is used for the cancellation of shares bought again below the buyback facility.

    special reserveDistributable reserve used to pay dividends and re-buy shares under the buyback facility.

    Capital reserve realisedGains/losses on disposal of investments, due diligence expenses and income from inner most enterprise investments, everlasting impairment of fiscal property and seventy five% of the funding administration payment are accounted for in the capital reserve realised.

    Capital reserve unrealisedUnrealised positive factors and losses on investments held on the year-conclusion bobbing up from actions in fair cost are taken to the capital reserve unrealised.

    revenue reserveNet profits gains and losses of the business.

                                                                                                                                                                                                                   funding PORTFOLIO summary

    common Share FundAs at 28 February 2017

    Qualifying Investments cost£000 Valuation£000 Valuation% web belongings% Sector Mexican Grill Ltd (A choice Shares)**  277  1,154  3.17  2.54 consumer Discretionary Ideagen plc  one hundred ninety  1,100  three.03  2.43 information eraLearning technologies community plc  534  1,068  2.94  2.36 counsel eraDP Poland plc  324  987  2.72  2.18 consumer Discretionary Portr Ltd**  538  950  2.61  2.09 suggestions generationQuixant plc  120  908  2.50  2.00 consumer Discretionary Science in game plc  518  885  2.43  1.ninety five purchaser Staples Zappar Ltd**  701  seven-hundred  1.93  1.54 counsel technologyAnimalCare community plc  a hundred  664  1.eighty three  1.forty six fitness Care Creo medical neighborhood plc  559  660  1.eighty two  1.46 health Care Fulcrum Utility services Ltd  a hundred  620  1.70  1.37 Utilities Infinity Reliance Ltd (My 1st Years)**  501  500  1.38  1.10 consumer Discretionary Maxcyte Inc  142  467  1.28  1.03 fitness Care Gfinity plc  290  446  1.23  0.ninety eight assistance technologyHardide plc  227  420  1.sixteen  0.93 componentsAquis trade Ltd**  401  400  1.10  0.88 assistance generationECSC group plc  301  378  1.04  0.83 counsel eraLoopup neighborhood plc  237  349  0.ninety six  0.seventy seven guidance technologyULS know-how plc  139  340  0.94  0.seventy five suggestions generationFaron prescribed drugs Oy  260  336  0.92  0.seventy four fitness Care Tristel plc  79  330  0.91  0.seventy three fitness Care Laundrapp Ltd**  301  300  0.82  0.sixty six advice generationSanderson community plc  200  280  0.77  0.sixty two tips eraTrakM8 Holdings plc  ninety one  273  0.seventy five  0.60 information generationEagle Eye options neighborhood plc  385  269  0.74  0.fifty nine suggestions technologyFreeagent Holdings plc  185  268  0.seventy four  0.fifty nine advice eraPremaitha fitness plc  330  262  0.seventy two  0.58 fitness Care Plastics Capital plc  202  261  0.seventy two  0.fifty eight elementsCentralNic neighborhood plc  207  241  0.66  0.fifty three guidance eraSurface Transforms plc  201  238  0.sixty five  0.52 Industrials Everyman Media group plc  172  233  0.64  0.fifty one client Discretionary Belvoir Lettings plc  335  232  0.sixty four  0.51 true estate Paragon enjoyment Ltd  200  227  0.sixty three  0.50 Industrials TLA global plc  150  225  0.sixty two  0.50 customer Discretionary perspective plc  252  213  0.59  0.47 fitness Care Osirium technologies plc  301  212  0.fifty eight  0.47 information generationLombard risk management plc  ninety two  201  0.55  0.forty four information eraE G solutions plc  200  200  0.fifty five  0.forty four counsel generationSatellite solutions worldwide group plc  103  195  0.53  0.forty three Telecommunication facilitiesClearstar Inc  360  189  0.52  0.forty two Industrials Ilika plc  203  186  0.51  0.forty one Industrials Reneuron group plc  262  183  0.50  0.forty fitness Care EKF Diagnostics Holdings plc  a hundred and fifty  a hundred and eighty  0.49  0.forty fitness Care electric be aware plc  185  179  0.forty nine  0.39 purchaser Discretionary Electrical Geodesics Inc  145  167  0.forty six  0.37 fitness Care Omega Diagnostics community plc  129  159  0.44  0.35 fitness Care MartinCo plc  113  157  0.43  0.35 real property Medaphor neighborhood plc  251  139  0.38  0.31 client Discretionary Intercede community plc  91  138  0.38  0.30 suggestions generationMexican Grill Ltd (normal Shares)**  31  128  0.35  0.28 purchaser Discretionary Cloudcall community plc  234  128  0.35  0.28 Telecommunication amenitiesKalibrate applied sciences plc  161  120  0.33  0.27 tips generationImaginatik plc  164  114  0.31  0.25 suggestions generationWANDisco plc  53  114  0.31  0.25 assistance generationAPC technology neighborhood plc  350  one hundred and five  0.29  0.23 counsel technologyMirada p.c95  95  0.26  0.21 counsel generationVerona Pharma plc  seventy one  93  0.25  0.20 health Care Audioboom plc  126  87  0.24  0.19 tips technologyLidco group plc  146  eighty four  0.23  0.19 health Care TP group plc  one hundred twenty five  71  0.20  0.sixteen Industrials Porta Communications plc  200  70  0.19  0.15 purchaser Discretionary Midatech Pharma plc  one hundred fifty  sixty nine  0.19  0.15 health Care Fusionex overseas plc  sixty nine  68  0.19  0.15 advice generationHaydale Graphene Industries plc  64  68  0.19  0.15 materialsGenedrive plc  one hundred forty  sixty seven  0.18  0.15 fitness Care Directa Plus plc  45  sixty five  0.18  0.14 elementsFlowgroup %54  fifty four  0.15  0.12 Industrials Synairgen plc  ninety  45  0.12  0.10 health Care Mycelx applied sciences organization plc (Com SHS $0.025 REG S+ shares)  150  36  0.10  0.08 Industrials Mporium community %23  23  0.06  0.05 information eraMicrosaic methods %20  20  0.06  0.05 counsel generationBrigantes energy Ltd*  -   -   -   -  caloriesTotal Qualifying Investments 14,895 21,393 58.83 47.16               Non-Qualifying Investments can charge£000 Valuation£000 Valuation% web property% Sector MFM special instances Fund** 4,542 5,462 15.02 12.04   complete - Unit Trusts 4,542 5,462 15.02 12.04   UK Treasury stock 0.0125% 2068 154 159 0.forty four 0.35   total - UK gilts 154 159 0.44 0.35               RPC neighborhood plc  588  689  1.89  1.52 constituentsMelrose Industries plc  444  660  1.82  1.46 Industrials Dechra pharmaceuticals plc  462  515  1.forty two  1.14 fitness Care BP plc  502  499  1.37  1.10 energyAtkins (WS) plc  463  495  1.36  1.09 Industrials NMC health plc  426  488  1.34  1.08 fitness Care Royal Dutch Shell plc  379  478  1.31  1.05 caloriesCohort plc  176  462  1.27  1.02 Industrials On the seaside neighborhood plc  376  429  1.18  0.94 buyer Discretionary Merlin Entertainments plc  386  428  1.18  0.94 buyer Discretionary Sanne community plc  331  421  1.16  0.ninety three Financials JD activities vogue plc  265  316  0.87  0.70 client Discretionary Fulcrum Utility features Ltd  fifty six  302  0.83  0.67 Utilities FCFM community Ltd**  one hundred fifty  283  0.seventy eight  0.sixty two Financials Lloyds Banking community plc  285  275  0.76  0.sixty one Financials Taylor Wimpey plc  299  261  0.seventy two  0.fifty seven buyer Discretionary DFS furniture plc  288  248  0.sixty eight  0.fifty five consumer Discretionary Hilton food group plc  252  235  0.sixty five  0.fifty two client Discretionary Clipper Logistics plc  234  227  0.63  0.50 consumer Discretionary Wizz Air Holdings plc  220  200  0.55  0.44 buyer Discretionary discovering technologies community plc  eighty  185  0.fifty one  0.41 counsel technologyMicro focal point overseas plc  121  a hundred seventy five  0.48  0.39 suggestions technologySportech plc  a hundred thirty  156  0.forty three  0.34 consumer Discretionary Finsbury meals community plc  70  137  0.38  0.30 consumer Staples Everyman Media neighborhood plc  eighty five  113  0.31  0.25 purchaser Discretionary Horizon Discovery group plc  124  a hundred and ten  0.30  0.24 fitness Care Regent Pacific neighborhood Ltd  ninety three  eighty two  0.22  0.18 fitness Care Egdon substances plc  a hundred and forty  79  0.22  0.17 caloriesAmerisur supplies plc  167  66  0.18  0.15 energyThe Fulham Shore plc  38  65  0.18  0.14 buyer Discretionary Midatech Pharma plc  134  61  0.17  0.13 health Care Plexus Holdings plc  a hundred twenty five  43  0.12  0.09 energyReneuron group plc  41  38  0.10  0.08 health Care Eagle Eye options community plc  forty four  33  0.09  0.07 tips technologyFlowgroup p.c30  30  0.08  0.07 Industrials Audioboom plc  31  25  0.07  0.06 information generationMycelx technologies agency plc (Com SHS $0.025 + (D1) shares)  a hundred and seventy  23  0.06  0.05 Industrials Mexican Grill Ltd (A option Shares)**  three  10  0.03  0.02 client Discretionary Genagro Ltd**  22  2  0.01  -  Industrials Mycelx technologies corporation plc (Com SHS $0.025 REG S+ shares)  eight  1  -   -  Industrials total - Non-Qualifying equities 8,238 9,345 25.seventy one 20.fifty nine   total -Non-Qualifying Investments 12,934 14,966 41.17 32.98   total investments 27,829 36,359 one hundred.00 eighty.14   money at financial institution   9,a hundred ninety   20.26   Prepayments & Accruals   (182)   (0.40)   internet assets   forty five,367   a hundred.00   * Unquoted business holding of under £500           **Unquoted corporations          

    nearly all of listed investments held within the portfolio are listed, headquartered and registered in the UK with the exception of right here:

      indexedestablishedRegistered goal listed Investments:       Audioboom %UK united kingdomJersey Clearstar Inc united kingdomCayman Islands Cayman Islands Electrical Geodesics Inc united kingdomUSA usaFaron prescribed drugs Oy united kingdomFinland Finland Fulcrum Utility capabilities Ltd ukunited kingdomCayman Islands Fusionex international p.cUK united kingdomJersey Maxcyte Inc united kingdomUSA usaMycelx applied sciences supplier plc (Com SHS $0.025 + (D1) shares) ukUSA usaMycelx applied sciences agency plc (Com SHS $0.025 REG S+ shares) ukUSA usaParagon amusement Ltd united kingdomCayman Islands Cayman Islands Regent Pacific neighborhood Ltd ukHong Kong united kingdomRoyal Dutch Shell percentUK Netherlands ukSanne neighborhood %UK Jersey Jersey WANDisco percentUK ukJersey Wizz Air Holdings percentUK Jersey Jersey         Unlisted inner most businesses:       Aquis exchange Ltd   -  united kingdomunited kingdomBrigantes power Ltd   -  united kingdomunited kingdomFCFM community Ltd   -  united kingdomunited kingdomGenagro Ltd   -  Jersey Jersey Laundrapp Ltd   -  united kingdomukMexican Grill Ltd (A alternative Shares)   -  ukukMexican Grill Ltd (typical Shares)   -  ukunited kingdomInfinity Reliance Ltd (My 1st Years)   -  united kingdomunited kingdomPortr Ltd   -  united kingdomunited kingdomZappar Ltd   -  united kingdomUK         accredited unit trust:       Marlborough particular instances Fund - united kingdomUK

    desirable TEN INVESTMENTSAs at 28 February 2017 (by means of Market value)

    The precise 10 equity investments are shown under; each and every is valued by means of reference to the bid rate, or within the case of unquoted corporations, values are both in accordance with the last arm`s size transaction or valuation ideas, reminiscent of earnings multiples. Forecasts, the place given, are drawn from a mix of broker research and/or Bloomberg consensus forecasts and exclude amortisation, share based mostly funds and extremely good gadgets. Forecasts are in relation to a period conclusion for which the enterprise effects are yet to be released. Forecasts don't seem to be shown for private companies.  The web asset figures are drawn from audited accounts and net money values are from published money owed in most circumstances.

    Mexican Grill Ltd   8550.0p investment date October 2009 outcomes for the year to December 2015 equity held 4.25% Turnover (£`000) 21,314 Av. buy price2059.1p profit/(loss) before tax (£`000) (475) charge (£`000) 311 net money (£`000) (668) Valuation (£`000) 1,292 internet property December 2015 (£`000) 4,337 income acknowledged in duration (£)  0       business DESCRIPTION Mexican Grill is a personal enterprise that operates 36 quick casual California-Mexican restaurants that supply sparkling, made to order delicacies for eat in or take-away, making it among the biggest chains inside its niche. gaining knowledge of technology group plc   42.0p investment date April 2014 Forecasts for the 12 months to December 2017 equity held 0.fifty five% Turnover (£`000) forty nine,600Av. purchase price20.6p income/(loss) before tax (£`000) 10,000 charge (£`000) 614 internet money (£`000) (eight,486) Valuation (£`000) 1,253 web assets December 2016 (£`000) 30,710   company DESCRIPTION getting to know applied sciences community (LTG) offers a complete and integrated range of e-getting to know capabilities and technologies to corporate and government shoppers. LTG is making first rate progress towards its aim of creating a substantial global business enterprise of specialist digital getting to know organizations from Europe, US, Latin the us and Asia to kind a market-main technologies agency. Ideagen plc   eighty.0p funding date March 2011 Forecasts for the year to April 2017 equity held 0.seventy five% Turnover (£`000) 27,100 Av. purchase price13.8p earnings/(loss) earlier than tax (£`000) 6,910 charge (£`000) a hundred ninety internet cash (£`000) 6,317 Valuation (£`000) 1,one hundred net property April 2016 (£`000) 33,683   company DESCRIPTION Ideagen is a company of compliance based mostly advice management utility with operations within the UK and the USA. The enterprise specialises in enterprise governance, chance and compliance and healthcare options for companies working inside totally regulated industries. Ideagen offers finished content lifecycle solutions that permit firms to meet their regulatory and first-class compliance specifications, helping them to in the reduction of prices and enrich effectivity. DP Poland plc   56.0p investment date November 2012 Forecasts for the 12 months to December 2017 equity held 1.28% Turnover (£`000) 10,900 Av. buy cost18.4p earnings/(loss) before tax (£`000) (1,900) cost (£`000) 324 net money (£`000) 6,001 Valuation (£`000) 987 net property December 2016 (£`000) 11,210           company DESCRIPTION DP Poland (Domino`s Pizza Poland) is a fast food business that operates a sub-franchise of the Domino`s Pizza brand in Poland. The business operate in fourteen Polish cities, with 16 company and 23 sub-franchised stores. They proceed to roll out and expect finishing the present yr with 50 operational sites, with an extended-time period ambition of 100 outlets via 2020. Portr Ltd   1058.0p funding date July 2015 outcomes for the year to December 2015 fairness held three.17% Turnover (£`000) - Av. buy cost599.5p earnings/(loss) earlier than tax (£`000) - cost (£`000) 538 web cash (£`000) 816 Valuation (£`000) 950 internet assets December 2015 (£`000) 819 salary acknowledged in length (£)  0               business DESCRIPTION Portr run`s AirPortr, London`s equal day bags switch carrier. In its most basic form they deliver baggage from London Airports to your inn, office or domestic and vice versa. They recently launched an off airport check in solution in partnership with British Airways, enabling you to check in your bag from your house, hotel or office for an outbound flight from London airports. Fulcrum Utility features Ltd   sixty two.0p funding date July 2010 Forecasts for the yr to March 2017 equity held 0.89% Turnover (£`000) 35,500  Av. buy price10.5p income/(loss) before tax (£`000) 6,520 can charge (£`000) 156 web cash (£`000) eight,323 Valuation (£`000) 922 internet property March 2016 (£`000) 5,837   enterprise DESCRIPTION Fulcrum Utility features gives utility infrastructure solutions. The business offers solutions that consist of gas connection, multi utility, meter installation, outlet pipe work, and gas disconnection capabilities, renewable energy options and consulting capabilities. Quixant plc   348.0p investment date may additionally 2013 Forecasts for the year to December 2017 fairness held 0.forty% Turnover ($`000) 102,three hundredAv. buy costforty six.0p earnings/(loss) earlier than tax ($`000) 15,800 can charge (£`000) a hundred and twenty internet money ($`000) (sixty nine) Valuation (£`000) 908 web belongings December 2016 ($`000) 34,306   company DESCRIPTION Quixant designs and manufactures finished superior hardware and utility solutions for the pay-for-play gaming and slot laptop business. Quixant`s specialised products give an all-in-one solution, according to pc expertise however with extra hardware features and working application developed chiefly to address the necessities of the gaming industry.  Science in sport plc   ninety two.0p funding date April 2014 Forecasts for the year to December 2017 equity held 2.22% Turnover (£`000) 15,2 hundredAv. buy costfifty three.9p income/(loss) earlier than tax (£`000) (1,seven hundred) charge (£`000) 518 internet money (£`000) 6,130 Valuation (£`000) 885 internet property December 2016 (£`000) 10,819   enterprise DESCRIPTION Science in sport manufactures and sells activities meals products. The enterprise develops and distributes food, nutritional supplements, and beverages formulated to hydrate, energise, get better, and increase activities performance. Zappar Ltd   7445.0p investment date December 2016 outcomes for the yr to March 2016 fairness held three.12% Turnover (£`000) - Av. purchase cost7460.0p profit/(loss) before tax (£`000) - cost (£`000) 701 net cash (£`000) 884 Valuation (£`000) seven hundred internet belongings March 2016 (£`000) 248 revenue known in length (£)  0       company DESCRIPTION Zappar is a small UK business in the hastily evolving market for AR-enabling (Augmented reality) product and infotainment experiences on handheld instruments. the usage of proprietary patented know-how, Zappar works closely with leading manufacturers, license companions and retailers internationally to supply ingenious, customisable options that hyperlink the digital world to the physical world. RPC community plc   912.5p investment date August 2015 Forecasts for the year to March 2017 fairness held 0.02% Turnover (£`000) 2,714,000 Av. purchase cost778.4p income/(loss) earlier than tax (£`000) 256,667 can charge (£`000) 588 internet cash (£`000) (775,000) Valuation (£`000) 689 net belongings March 2016 (£`000) 893,900   enterprise DESCRIPTION RPC community is a design and engineering enterprise specialising in polymer conversion with centres worldwide. The company presents product design capabilities across all conversion technologies, and through its world manufacturing base gives a wide array of client products and technical components for the packaging and non-packaging markets. Co-InvestmentAs at 28 February 2017, other funds managed through Hargreave Hale Ltd were additionally invested in all the investments held in the enterprise`s portfolio aside from here: electric powered observe plc, Omega Diagnostics neighborhood plc, Paragon enjoyment Ltd,  UK Treasury stock 0.0125% 2068 and Tristel plc .

                                                                                                                   

    This announcement is disbursed by using NASDAQ OMX corporate solutions on behalf of NASDAQ OMX company solutions shoppers.

    The provider of this announcement warrants that they are entirely chargeable for the content material, accuracy and originality of the information contained therein.source: Hargreave Hale goal VCT 2 plc by means of GlobeNewswireHUG#2110516


    3. switch TO RESERVES | killexams.com real questions and Pass4sure dumps

    To,

    The contributors,

    The administrators have pleasure in proposing their 22nd Annual record on the business and operations of the business along with Audited economic Statements for the monetary yr ended March 31,2016.

    1. financial HIGHLIGHTS OF THE company

    Rs. In Lacs

    Particulars

    2015-16

    2014-15

    product sales and operating Revenues

    88537.93

    101107.94

    web earnings from Operations

    84118.74

    96799.32

    other revenue

    47.93

    38.05

    total profits

    84166.sixty seven

    96837.37

    total charges

    82925.76

    95647.36

    income earlier than Tax

    1240.ninety one

    1190.01

    Tax charges

    426.37

    387.35

    earnings After Tax for the year

    814.fifty four

    802.sixty six

    Appropriations

    Proposed Dividend

    163.eighty

    163.80

    Tax on Proposed Dividend

    33.35

    33.35

    Paid up Capital

    2340

    2340

    2. DIVIDEND

    Your administrators are comfortable to suggest for approval of the members a dividend of Re.0.70 per fairness share of Rs.10/- every fully paid-up of the enterprise for the economic yr 2015-sixteen. the whole money outflow as a result of dividend on equity shares for the financial year 2015-sixteen would combination to Rs.197.15 Lacs together with Dividend Distribution Tax. The dividend, if declared within the Annual widespread assembly, might be paid on or before twenty seventh October, 2016.

    three. transfer TO RESERVES

    during the economic 12 months 2015-sixteen, company has not transferred any quantity to reserves.

    4. material changes AND COMMITMENTS

    There isn't any cloth alterations and commitments effecting the monetary position of the company which have came about throughout the financial year 2015-sixteen of the enterprise to which the financial statement relates and the date of this record.

    5. working consequences AND business OPERATIONS

    The business has completed product sales and working Revenues of Rs.88538 Lacs all through the economic yr 2015-sixteen registering a decline of 12% compared to ultimate 12 months. Decline in revenues is principally as a result of lower in the selling expense of metal items.

    The working income (income after tax) elevated by using 1.5% i.e. Rs.815 Lacs in fiscal year 2015-16 compared to Rs.803 Lacs in economic 12 months 2014-15 despite adversarial market conditions.

    The every year sale beneath steel division has been declined by way of 19% as compared to the previous year as the complete revenue were declined to Rs.68468 Lacs from Rs. 84607 Lacs notably as a result of fall in promoting costs.

    despite reduce throat competition from the massive gamers available in the market, the each year turnover of paint division of the enterprise registered a growth of twenty-two% as in comparison to the outdated 12 months and touched to Rs.20005 Lacs from Rs.16413 Lacs in previous 12 months. The enterprise has been continually worried in setting up the extensive advertising network, company advertising, profitable cut price and rebate schemes to further boost the efficiency of paints division of the enterprise. The Paint Division is at current operating from 32 sales depots across the nation.

    The vigor division of the enterprise has generated a revenue of Rs. 66 Lacs all through the fiscal 12 months under assessment as in opposition t Rs. 87 Lacs old yr ensuing decline by means of 24%. The decline in profits is due to continual wreck down of the wind mills and native security problems which has already been rectified by way of the AMC company.

    typical Gross block as at 31 st March, 2016 has multiplied to Rs.7817 Lacs as in comparison to Rs.7409 Lacs as at thirty first March, 2015. Addition to gross block is primarily by reason of acquisition of tinting machines in the paint division and additions in plant and equipment.

    The tax expenses of the enterprise for present year are Rs.426 Lacs as in comparison to Rs.387 Lacs in the old year which comprises current yr tax, deferred tax and prior 12 months tax.

    The earnings per share for the yr is Rs.three.forty eight as against Rs.three.forty three within the outdated yr.

    6. HUMAN materials construction

    The company has continuously adopted constructions that helps to appeal to gold standard exterior talent and promote interior talent to bigger roles and tasks. KAMDHENU people are centric focus providing an open work ambiance fostering continual improvement and construction that helped a few personnel realize their profession aspirations right through the 12 months.

    due to this fact, KAMDHENU HR feature has reinforced its have an effect on in its day-to-day functioning, and is elevating its bar of excellence to be certain well timed availability of indispensable skill and capabilities and engage and support skill to function sustainably.

    company''s health and defense policy commits to supply a match and secure work ambiance to all employees. The company''s progressive workforce policies and benefits, a variety of employee engagement and welfare have addressed stress management, promoted work existence balance.

    7. DISCLOSURE AS PER SEXUAL HARASSMENT OF women AT place of work (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

    The company has zero tolerance for sexual harassment at office and has adopted a coverage on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of Sexual Harassment of women at place of work (Prevention, Prohibition and Redressal) Act, 2013 and the suggestions framed there beneath. all through the monetary year 2015-16, the enterprise has no longer got any complaints on sexual harassment and additionally, no criticism is pending on sexual harassment.

    eight. files positioned ON THE website (www.kamdhenulimited.com)

    the following files were placed on the site in compliance with the corporations Act, 2013 and different statutory requirements:

    - particulars of unpaid dividend as per IEPF (uploading of guidance concerning unpaid and unclaimed amounts mendacity with organizations) suggestions, 2012

    - corporate Social responsibility coverage as per part 135(4)(a)

    - financial Statements of the company together with crucial documents as per area 136(1)

    - details of the Vigil Mechanism as per section 177(10)

    - The phrases and stipulations of appointment of the independent directors as per time table IV.

    9. corporate GOVERNANCE file, management dialogue & evaluation AND other advice REQUIRED beneath THE businesses ACT, 2013 AND SEBI (list duties AND DISCLOSURE requirements) laws, 2015

    As per rules 34 of SEBI (list duties and Disclosure requirements) regulations, 2015 corporate Governance document and management dialogue and evaluation report are attached and kind part of the Annual document.

    10. administrators'' responsibility remark

    Pursuant to the requirement of section 134(5) of the Act, and in keeping with the representations received from the management, the administrators hereby confirm that:

    a) in the practise of the annual accounts for the economic yr 2015-16, the applicable accounting standards have been followed and there are not any material departures;

    b) we now have selected such accounting guidelines and utilized them continuously and made judgments and estimates which are reasonably-priced and prudent with a view to give a real and reasonable view of the scenario of the company at the end of the monetary yr and of the income of the enterprise for the monetary yr;

    c) we have taken correct and adequate care to the better of their abilities and means for the upkeep of sufficient accounting records in line with the provisions of the Act. They confirm that there are sufficient techniques and controls for safeguarding the belongings of the business and for preventing and detecting fraud and other irregularities;

    d) we've organized the annual bills on a going challenge foundation;

    e) we have laid down internal monetary controls to be adopted by using the business and that such inner monetary controls are enough and operating accurately; and

    f) we've devised suitable methods to be sure compliance with the provisions of all applicable legal guidelines and that such systems had been enough and working easily.

    eleven. STATUTORY AUDITORS'', SECRETARIAL AUDITORS1 and cost AUDITORS'' report

    There are not any skills, reservations or opposed remarks or disclaimers within the Statutory Auditors'', Secretarial Auditors'' and cost Auditors'' reviews.

    12. CONSERVATION OF energy, expertise ABSORPTION AND international trade income AND OUTGO

    The particulars as prescribed beneath Rule eight(3) of the groups (bills) suggestions, 2014, are set out as Annexure-I to this report.

    13. corporate SOCIAL responsibility (CSR)

    The CSR policy of the business and the details in regards to the initiatives taken by way of the business on CSR right through the yr as per the companies (corporate Social accountability policy) rules, 2014 and Annual document on CSR activities have been disclosed in Annexure-ll to this report. extra details of composition of the corporate Social accountability Committee and other details are offered in the corporate Governance record which kinds a part of this document.

    14. BOARD contrast

    The performance contrast of the Board, its Committees and particular person directors turned into performed and the identical changed into according to questionnaire and feedback from all the directors on the Board as a whole, Committees and self-comparison.

    directors, who were distinct, held separate discussions with each of the administrators of the enterprise and got their feedback on ordinary Board effectiveness as well as every of the other administrators.

    in response to the questionnaire and feedback, the performance of every director changed into evaluated in the meeting of the Nomination and Remuneration Committee (NRC). The assembly of NRC also reviewed efficiency of Managing Director on dreams (quantitative and qualitative) set at the start of the yr.

    A separate meeting of the independent administrators (“Annual identity assembly”) become convened, which reviewed the efficiency of the Board (as a whole), the non-independent directors and the Chairman. After convening the Annual id meeting, the collective remarks of each and every of the unbiased directors turned into mentioned via the Chairman of the N RC with the Board''s Chairman covering efficiency of the Board as a whole; efficiency of the non-impartial administrators and efficiency of the Board Chairman.

    15. DEPOSIT FROM PUBLIC

    The business has no longer authorized any deposits from public and as such, no amount because of essential or hobby on deposits from public become mind-blowing as on the date of the stability Sheet.

    16. directors AND KEYMANAGERIALPERSONNEL

    Mr. Sunil Kumar Agarwal, director retiring via rotation in the ensuing Annual typical assembly being eligible offered himself for the reappointment.

    besides this, there changed into no change within the composition of the Board of directors right through the 12 months.

    17. NAMES OF THE organizations WHICH HAVE develop into OR CEASED TO BE enterprise''S SUBSIDIARIES, JOINT VENTURES OR associate corporations during THE yr

    during the yr, there is no such business which has turn into or ceased to be enterprise''s subsidiary, three way partnership or associate business beneath evaluation.

    18. tremendous AND material ORDERS

    all through the 12 months below review, there aren't any giant or cloth orders handed through the regulators or courts or tribunals impacting the going difficulty repute and business''s operations in future.

    19. exchange IN NATURE OF business

    right through the yr there is no change in nature of company of the company below review.

    20. AUDITORS

    M/s S. Singhal &Co., Chartered Accountants, E-127, Industrial area, Bhiwadi (Rajasthan), the Statutory Auditors of the company, having registration number 001526C with the Institute of Chartered Accountants of India, retiring at the conclusion of the following Annual general meeting and being eligible, offer themselves for re-appointment as Statutory Auditors of the enterprise for the monetary year 2016-17. The company has bought a letter dated may additionally 10,2016 for his or her re-appointment, if made, can be in the restrict prescribed below section 139 and 141 of the companies Act, 2013.

    21. PARTICULARS OF employees

    The counsel required under area 197 of the Act and the rule 5(1) of agencies (Appointment and Remuneration) rules, 2014 in respect of employees of the business,

    a. The ratio of the remuneration of each and every director to the median remuneration of the personnel of the business for the economic year2015-16:

    S.No.

    identify of Director

    Designation

    Ratio to Median Remuneration

    1.

    Mr.Satish Kumar Agarwal

    Chairman & Managing Director

    18.32

    2.

    Mr.Sunil Kumar Agarwal

    complete Time Director

    17.91

    3.

    Mr.Saurabh Agarwal

    entire Time Director

    sixteen.79

    4.

    Mr.Sachin Agarwal

    whole Time Director

    16.seventy nine

    5.

    Mr.Mahendra Kumar Doogar

    independent Director

    0.seventy five

    6.

    Mr.Radha Krishna Pandey

    impartial Director

    0.58

    7.

    Mr.Ramesh Chand Surana

    unbiased Director

    0.seventy three

    8.

    Mrs.Nishal Jain

    impartial Director

    0.31

    ’Median earnings (Annual) of personnel for the financial yr 2015-sixteen is Rs.2,ninety four,768/-.

    b. The percent increase in remuneration of every Director, Chief government Officer, Chief fiscal Officer, company Secretary or supervisor, if any, within the financial yr 2015-16:

    S.No.

    name of Director

    Designation

    % increase in remuneration

    1.

    Mr.Satish Kumar Agarwal

    Chairman & Managing Director

    35.70

    2.

    Mr.Sunil Kumar Agarwal

    complete Time Director

    34.seventy two

    3.

    Mr.Saurabh Agarwal

    total Time Director

    34.54

    four.

    Mr.Sachin Agarwal

    complete Time Director

    34.54

    5.

    Mr.Mahendra Kumar Doogar

    unbiased Director

    91.30

    6.

    Mr.Radha Krishna Pandey

    impartial Director

    30.seventy seven

    7.

    Mr.Ramesh Chand Surana

    impartial Director

    258.33

    eight.

    Mrs.Nishal Jain

    independent Director

    80.00

    9.

    Mr.Harish Kumar Agarwal

    Chief monetary Officer

    8.32

    10.

    Mr. Jogeswar Mohanty

    business Secretary

    24.ninety six

    c. The percent raise in the median remuneration of personnel in the fiscal 12 months 2015-sixteen is 6.43%.

    d. The number of permanent personnel on the rolls of enterprise as on thirty first March, 2016 are 655.

    e. The explanation on the relationship between standard enhance in remuneration and company performance: On a standard, employees received an increase of 17.02% in remuneration. The increase in remuneration is in accordance with the market tendencies.

    f. evaluation of the remuneration of the important thing Managerial Personnel in opposition t the efficiency of the enterprise:

    Particulars

    amount in Rs.

    Remuneration of Key Managerial Personnel (KMP) throughout monetary 12 months 2015-sixteen (Aggregated)

    2,30,sixty nine,276

    salary from operations

    841,18,seventy four,402

    Remuneration (as % of profits)

    0.27%

    earnings earlier than tax (PBT)

    12,forty,91,559

    Remuneration (as % of PBT)

    18.59%

    g. variations available in the market capitalization of the company, cost earnings ratio as on the deadline of the existing fiscal 12 months and previous financial 12 months and percent boost over lower in the market quotations of the shares of the business in comparison to the expense at which the enterprise came out with the last public offer in case of listed companies, and in case of unlisted corporations, the diversifications in the internet worth of the enterprise as at the close of the present economic year and former fiscal year:

    Particulars

    Unit

    As at thirty first Mar 16

    As at thirty first Mar 15

    edition

    Closing price of share at BSE

    Rs.

    forty four.50

    forty one.90

    6.20%

    EPS (Consolidated)

    Rs.

    three.48

    3.forty three

    1.48%

    Market Capitalization

    Rs. in Lac

    10413

    9805

    6.20%

    cost income ratio(PE Ratio)

    ratio

    12.seventy nine

    12.22

    4.sixty six%

    h. regular percentile boost already made within the salaries of personnel aside from the managerial personnel within the last fiscal 12 months and its comparison with the percentile raise in the managerial remuneration and justification thereof and element out if there are any amazing cases for raise in the managerial remuneration.

    The regular raise in salaries of employees other than managerial personnel in 2015-16 changed into 17.02%. percentage raise in the managerial remuneration for the year became 32.17%.

    i. comparison of every remuneration of the important thing Managerial Personnel against the efficiency of the business.

    name of KMP

    Designation

    Remuneration in Rs.

    earnings in Rs.

    Remuneration (as % of earnings)

    profits before tax (PBT) in Rs.

    Remuneration (as % of PBT)

    Mr.Satish Kumar Agarwal

    CMD

    fifty four,00,000

    885,37,92,746

    0.0609

    12,forty,ninety one,559

    4.3516

    Mr.Sunil Kumar Agarwal

    WTD

    52,80,000

    885,37,92,746

    0.0596

    12,40,91,559

    4.2549

    Mr.Saurabh Agarwal

    WTD

    forty nine,50,000

    885,37,92,746

    0.0559

    12,40,ninety one,559

    3.9889

    Mr.Sachin Agarwal

    WTD

    forty nine,50,000

    885,37,ninety two,746

    0.0559

    12,40,ninety one,559

    3.9889

    Mr.Harish Kumar Agarwal

    CFO

    17,28,260

    885,37,ninety two,746

    0.0195

    12,40,91,559

    1.3927

    Mr.Jogeswar Mohanty

    CS

    7,61,016

    885,37,ninety two,746

    0.0086

    12,forty,91,559

    0.6133

    j. the important thing parameters for any variable component of remuneration availed via the administrators: no longer applicable

    k. The ratio of the remuneration of the maximum paid director to that of the employees who don't seem to be administrators however obtain remuneration in excess of the maximum paid director right through the year: now not applicable

    I. Affirmation that the remuneration is as per the remuneration policy of the enterprise

    The company''s remuneration policy is pushed with the aid of the success and efficiency of the particular person employees and the business. through its compensation package, the enterprise endeavors to attract, maintain, enhance and encourage a excessive efficiency team of workers. The company follows a compensation mixture of mounted pay, advantages and efficiency primarily based variable pay. individual efficiency pay depends upon business efficiency and the performance of the people measured in the course of the annual appraisal manner. The business affirms remuneration is as per the remuneration coverage of the enterprise.

    The information required under section 197 of the Act and the rule of thumb 5(2) of corporations (Appointment and Remuneration) suggestions, 2014 in admire of employees of the business, is as follows:-

    employee in the company in receipt of remuneration aggregating greater than Rs.60,00,000 each year being employed all through the fiscal yr and Rs.5,00,000 or more monthly being employed for part of the 12 months.

    NIL

    personnel in the enterprise who employed right through the financial 12 months or half thereof, turned into in receipt of remuneration in that year which, within the mixture, or as the case may be, at a cost which, in the aggregate, is in excess of that drawn by the managing director or whole-time director or supervisor and holds by means of himself or along with his better half and elegant children, a minimum of two p.c of the equity shares of the business

    NIL

    22. EXTRACT OF ANNUAL RETURN

    The extract of Annual Return as supplied under Sub-area (3) of part 92 of the agencies Act, 2013 (the "Act”) in the prescribed form MGT-9 is enclosed as Annexure III to this file.

    23. number of conferences OF THE BOARD

    4 (four) conferences of the Board of administrators of the enterprise have been held all over the yr. For particulars of the meetings, please discuss with the company Governance report, which forms part of the Annual file.

    24. impartial directors'' announcement

    The enterprise has received necessary statement from Mr. Mahendra Kumar Doogar, Mr. Radha Krishna Pandey, Mr. Ramesh Chand Surana and Mrs. Nishal Jain, unbiased administrators of the business beneath section 149(7) of the organizations Act, 2013, that he/she meets the criteria of independence laid down below section 149(6) of the businesses Act, 2013 and regulation 25 of SEBI(listing duties and Disclosure requirements) rules, 2015. extra, there has been no exchange within the situations which may additionally have an effect on their popularity as independent director throughout the year.

    25. company''S POLICYOF directors''APPOINTMENT AND REMUNERATION

    business''s policy on administrators'' appointment and remuneration together with standards for deciding upon skills, tremendous attributes, independence of a director and other matters provided beneath area 178(three) of the Act can be found in site of the business under the heading investor zone at www.kamdhenulimited.com. further, tips about facets of remuneration equipment of individual directors is supplied within the extract of Annual Return in kind MGT-9 enclosed as Annexure-lll to this record.

    We verify that remuneration paid to the administrators is as per the phrases laid out within the nomination and remuneration coverage of the business.

    26. CODE OF habits FOR directors AND SENIOR administration

    In compliance with law 26(three) of SEBI (listing obligations and Disclosure necessities) regulations, 2015, enterprise has formulated Code of conduct for the Board contributors and senior management personnel of the enterprise in order that the business''s business is performed in an effective and clear manner with no need any conflict of personal pastimes with the pursuits of the business. the entire contributors of the Board and senior management personnel have affirmed compliance with the Code of behavior.

    assertion via the Chairman & Managing Director

    it is hereby declared that the enterprise has obtained from each and every particular person member of the Board of administrators and the Senior management confirming that none of them has violated the conditions of the spoke of Code of conduct.

    27. RELATIONSHIP BETWEEN administrators INTER-SE

    directors are involving every other within the which means of the time period “relative” as per section 2(77) of the Act and SEBI (listing obligations and Disclosure requirements) laws, 2015. particulars given in corporate Governance report forming part of this file.

    28. PARTICULARS OF LOANS, guarantees AND INVESTMENTS

    all over the yr under evaluation, the enterprise has now not made any loans or, guarantee, or supplied any safety or made any investments pursuant to the provisions of section 186 of the agencies Act, 2013 study with suggestions made there below.

    29. TRANSACTIONS WITH connected parties

    The business has not entered into any transaction with linked birthday party as outlined in part 188 of the companies Act, 2013. therefore, part 188(1) isn't relevant to the company.

    30. INTERNALCONTROLSYSTEMANDTHEIRADEQUACY

    The suggestions about internal manage techniques and their adequacy is set out in the administration discussion & evaluation file which is attached and kinds a part of this file.

    31. possibility management

    The possibility administration is overseen by using the Audit Committee of the enterprise on a continual groundwork. The Committee oversees enterprise''s process and guidelines for choosing risk tolerance and review administration''s dimension and comparison of universal chance tolerance to established degrees. most important dangers recognized via the agencies and capabilities are systematically addressed via mitigating movements on a continuous foundation.

    32. FAMILIARIZATION software FOR impartial administrators

    The business has practice of conducting familiarization application of the unbiased administrators as detailed within the corporate Governance report which varieties a part of the Annual file.

    33. VIGIL MECHANISM

    The business has centered a vigil mechanism for adequate safeguards against victimization of directors and employees of the enterprise. For details, please refer to the company Governance record connected to the Annual report.

    34. PECUNIARY RELATIONSHIP OR TRANSACTIONS OF NON-government administrators

    right through the yr, the Non-executive administrators of the enterprise had no pecuniary relationship or transactions with the business.

    35. ACKNOWLEDGMENTS

    The directors want to bring their appreciation to business buddies for his or her assist and contribution all the way through the year. The administrators would additionally want to thank the personnel, shareholders, purchasers, suppliers, alliance partners and bankers for the continued support given with the aid of them to the company and their self assurance reposed in the management.

    by using ORDER OF THE BOARD OF administrators

    Dated: 27.05.2016 (Satish Kumar Agarwal) (Sunil Kumar Agarwal)

    region: New Delhi Chairman & Managing Director whole Time Director

    DIN - 00005981 DIN - 00005973



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    IBM 000-885 Exam (IBM Tivoli Storage Manager Express V5.3.7) Detailed Information



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