Your Directors have pleasure in presenting 28th Annual Report together with AuditedStatements of Accountants of the Company for the year ended March 31 2017.
During the year 2016-17 BIBCOL has turnover of 12418.51 lakhs as against the previousyear turnover of 12803.33 lakhs. The Profit Before Tax is 945.44 lakhs for the year ascompared to the previous year loss of -895.84 lakhs. The accumulated losses has beenreduced to 132.94 lakhs as compared of previous year figure of 807.45 lakhs.
In view of the accumulated losses company has not been recommending any dividend forthe year.
Company has obtained license for Ready to use Therpheutic Food (RUTF) and hoping forcommercial sales in the current year. Additionally company is working on diversificationinto Plasma Derived Medicines (PDMs) for long term sustainability and growth.
The company has not accepted/ invited any Deposits from public pursuant to Section 73of the Companies Act 2013 till the end of the year under review.
The Board of the Company has been reconstituted w.e.f. 01.11.2016 with followingcomposition:-
Government Directors (DBT); Sh. C. P. Goyal Managing Director Sh. Roshan Lal Dr.Alka Sharma. Other Directors; Prof. G. Padmanaban Chairman Dr. Chitra Mandal Dr. Y. K.Gupta Dr. Kanury Rao Dr. Mohd. Aslam and Dr. Sudhanshu Vrati.
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 annuallisting fee to Bombay Stock Exchange for the year 2017-2018.
M/s. B. K. Kapur & Co. Chartered Accountants has been appointed as StatutoryAuditors of the Company by Comptroller and Auditor General of India for the period underreview. Comments on the observation of the Auditors' / CAG are given as addendum toDirector's Report and are self-explanatory and/or suitably explained in various Notes onthe 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 Act2013 and theCompanies (Accounts) Rule 2014 the required information relating to conservation ofenergy technology absorption and foreign exchange outgo is available at Annexure andforms an integral part of this report.
DIRECTOR'S RESPONSIBILITY STATEMENT:
Based on the work performed by the Internal Statutory and Secretarial Auditorsincluding audit of internal financial controls over financial reporting by the StatutoryAuditors and reviews performed by the Management and the Audit Committee and subject tothe disclosures in the Annual Accounts and also on the basis of the discussion with theStatutory Auditors of the Company from time to time we state as under:
(a) in the preparation of the annual accounts the applicable accountingstandards had been followed along with proper explanation relating to material departures;(b) the directors had selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the company at the end of thefinancial 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 ofadequate accounting records in accordance with the provisions of this Act for safeguardingthe 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 bythe company and that such internal financial controls are adequate and were operatingeffectively. Since the Company is Government company and it is following the GeneralFinancial Rules of Ministry of Finance Government of India. Further the Company has someRules of its own and in absence of any particular clarity; the Government of Indiaprescribed Rules are being followed.
(f) the directors had devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.
CORPORATE SOCIAL RESPONSIBILITY
The provision of section 135 of the Companies Act 2013 for Corporate SocialResponsibility was not applicable on the company for the Financial Year 2016-17.
Relations with the Employees remained cordial and harmonious throughout the yearthereby strengthening the commitment of the Employees at all level to the growth of theCompany.
In terms of SEBI's (Listing Obligation and Disclosure Requirements) Regulations 2015 areport on Corporate Governance for the year ended 31st March 2017 supported by acertificate from the Practicing Company Secretary confirming compliance of conditionsforms part of this report.
In terms of Section 204(1) of the Companies Act 2013 the Board has appointed M/sAgrawal Manish Kumar & Co. Practicing Company Secretary as Secretarial Auditor forthe 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.
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 inthe annexure to this report.
DISCLOSURES AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013
During the year under review no complaints received on sexual harassment.
The Directors acknowledge with gratitude the co-operation extended by Department ofBiotechnology the administrative department various agencies of the Central GovernmentBanks and all Business Associates during the year under review. The Board also takes thisopportunity to express its deep gratitude for the continuous support received from theShareholders and Whole hearted cooperation given by the employees of the Company workingat various levels.
|Place: Bulandshahr ||For and on behalf of Board of Director |
|Date: 25.08.2017 ||Managing Director |