DIRECTOR’S REPORT
On behalf of the Board of Directors I hereby present the 29th Annual Report together with Audited Statements of Accountants of the Company for the year ended March 31, 2018.
FINANCIAL RESULTS
During the year 2017-18 BIBCOL has turnover of Rs,3,479.88 lakhs as against the previous year turnover of Rs,12,418.51 lakhs. The (Loss)/Profit before tax is Rs, -795.89 lakhs for the year as compared to the previous year profit of Rs, 922.28 lakhs. The accumulated losses has been increased to Rs, 568.51 lakhs as compared of previous year figure of Rs, 142.83 lakhs.
DIVIDEND
In view of the accumulated losses, company has not been recommending any dividend for the year.
FUTURE OUTLOOK
Company has obtained license for Ready to use Therpheutic Food (RUTF) and low calorie sweetener and hoping for commercial sales in the current year. Additionally company is working on diversification into Plasma Derived Medicines (PDMs) and Oral Cholera Vaccine for long term sustainability and growth.
FIXED DEPOSIT
The company has not accepted/ invited any Deposits from public pursuant to Section 73 of the Companies Act, 2013, till the end of the year under review.
DIRECTORS
There is a change in Board as Dr. Kanury Rao has vacated his office pursuant to the provisions of section 167(1 )(b) of the Companies Act, 2013.
LISTING OF SECURITIES
The shares of the company are listed with Bombay, Delhi and U.P. Stock Exchanges. However the Delhi and U.P. Stock Exchanges are not functional. The company has paid annual listing fee to Bombay Stock Exchange for the year 2017-2018.
AUDITOR’S REPORT
M/s. B. K. Kapur & Co., Chartered Accountants has been appointed as Statutory Auditors of the Company by Comptroller and Auditor General of India for the period under review.
Comments on the observation of the Auditors’ / CAG are given as addendum to Director’s Report and are self-explanatory and/or suitably explained in various Notes on the Accounts.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO-
In accordance with the provisions of Sec.134 (3)(m) of the Companies Act,2013 and the Companies (Accounts) Rule, 2014 the required information relating to conservation of energy, technology absorption and foreign exchange outgo is available at Annexure and forms an integral part of this report.
DIRECTOR’S RESPONSIBILITY STATEMENT:
Based on the work performed by the Internal, Statutory and Secretarial Auditors including audit of internal financial controls over financial reporting by the Statutory Auditors and reviews performed by the Management and the Audit Committee, and subject to the disclosures in the Annual Accounts and also on the basis of the discussion with the Statutory Auditors of the Company from time to time, we state as under:
(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;
(b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;
(c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
(d) the directors had prepared the annual accounts on a going concern basis; and
(e) the directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.
Since the Company is Government company and it is following the General Financial Rules of Ministry of Finance, Government of India. Further the Company has some Rules of its own and in absence of any particular clarity; the Government of India prescribed Rules are being followed.
(f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
CORPORATE SOCIAL RESPONSIBILITY
The provision of section 135 of the Companies Act, 2013 for Corporate Social Responsibility was not applicable on the company for the Financial Year 2017-18.
The company has constituted a CSR Committee of its Directors comprising of Dr. Sudhanshu Vrati, Dr. Mohd. Aslam and Sh. Roshan Lal.
PERSONNEL
Relations with the Employees remained cordial and harmonious throughout the year, thereby strengthening the commitment of the Employees at all level to the growth of the Company.
CORPORATE GOVERNANCE
In terms of SEBI’s (Listing Obligation and Disclosure Requirements) Regulations 2015, a report on Corporate Governance for the year ended 31st March 2017, supported by a certificate from the Practicing Company Secretary confirming compliance of conditions, forms part of this report.
SECRETARIAL AUDIT
In terms of Section 204(1) of the Companies Act, 2013, the Board has appointed M/s Agrawal Manish Kumar & Co., Practicing Company Secretary, as Secretarial Auditor for the conducting secretarial compliance audit for the financial year ended 31st March 2017. Their Report has been annexed with this report and forms part of this Report.
COST AUDIT
Maintenance of cost records as specified by the Central Government under subsection (1) of section 148 of the Companies Act, 2013, is required by the Company and accordingly such accounts and records are made and maintained and the Audit Report has been filed at MCA for the year 2017-18.
EXTRACT OF ANNUAL RETURN
Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014, an extract of the Annual Report are given in the annexure to this report.
DISCLOSURES AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. During the year under review, no complaints received on sexual harassment.
ACKNOWLEDGEMENT
The Directors acknowledge with gratitude the co-operation extended by Department of Biotechnology, the administrative department, various agencies of the Central Government,
Banks and all Business Associates during the year under review. The Board also takes this opportunity to express its deep gratitude for the continuous support received from the Shareholders and Whole hearted cooperation given by the employees of the Company working at various levels.
Place: Bulandshahr For and on behalf of Board of Director
Date: Managing Director
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