MINUTES of the proceeding of the Board of Directors of FIMA INDIA PRIVATE LIMITED

held at the registered office of the Company at Western Edge-II, A/206, Western Express
Highway, Borivali - East, Mumbai 400 066 on (DATE) day of October, 2014 at (TIME).
PRESENT:

1. Mr. Stephen Jakob (Director)

2. Mr. Sunil Biyani (Director)

1. CHAIRMAN
Mr. Stephen Jakob was voted to the Chair.
2. MINUTES OF THE PREVIOUS MEETING
Minutes of the previous Board Meeting were read and approved.
3. NOTICE UNDER SECTION 274(1)(g)
The Chairman placed before the meeting Notice under section 274(1)(g) of the
Companies Act, 1956 from the following Directors:
1. Mr. Sunil Biyani
2. Mr. Stephen Jakob
The Board then took on record that as on 31.03.2014, no Director is disqualified under
section 274(1)(g) of the Companies Act, 1956.
4. EQUITY VS LOAN FUND
The Board discussed in details the different ways to raise funds in the company which
may be required in future for expansion. It was discussed that funds can be raised in
the company by way of issue of equity share or by way of raising loans. However in
case of loan funds given by FIMA Germany to FIMA India, certain guidelines have to be
followed by FIMA India as regulated by the Reserve Bank of India. The process of
equity money transfer was explained to the board. The Chairman suggested that the
company should have an opinion from professional detailing the procedures to be
followed in this regard and a comparative analysis of these two options.
5. DIFFERENT LICENSES TO APPLY
The Board discussed in details various registration of company shall have to make for
smooth functioning for the day to day operations. It was discussed that the company
should get itself registered under the Shops & Establishment Act. It was also decided
that the company should apply for VAT registration and Importer & Exporters Code.

6. BUDGET ALLOCATION
The Board discussed the importance of budget preparation so that funds can be
allocated to different heads. The yearly budget planning has been discussed and
finalized, it is important now to break it down to a monthly budget planning so that
funds can be allocate correctly.
7. LICENCE AGREEMENT FOR DESIGN SOFTWARE
It is still to be prepared and to be submitted by FIMA Germany.
8. COMMISSION AGREEMENT
It was discussed. It is to be prepared and to be submitted for signature by FIMA
Germany.
9. VOTE OF THANKS
There being no other business activities, the meeting ended with a vote of thanks to
the Chair.

CHAIRMAN