You are here » Home » Companies » Company Overview » Bharat Line Ltd

Bharat Line Ltd.

BSE: 501815 Sector: Financials
NSE: N.A. ISIN Code: N.A.
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr)
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr)
Buy Price
Buy Qty
Sell Price
Sell Qty

Bharat Line Ltd. (BHARATLINE) - Director Report

Company director report

To the Members

Your Directors have pleasure in presenting the 69th Annual Report along with AuditedFinancial Statements for the year ended 31st March 2015.

1. FINANCIAL RESULTS:

(Rs. in Lakhs)
2014-15 2013-14
Revenue from Operations 260.86 245.47
Other Income 42.00 79.57
Operating Profit before interest and Depreciation (PBIDTA) 302.86 325.04
Finance costs 00.69 00.23
Depreciation 6.35 6.51
Profit before tax and after Exceptional Item 162.56 182.85
Provision for taxation 60.00 68.00
Net Profit aftertax 102.56 114.85
Surplus Brought Forward From Previous Year 34.92 33.12
Balance Available for Appropriation 137.48 147.97
Less Transfer to General Reserve 37.00
Less Proposed Dividend 65.00 65.00
Less Tax on Dividend 13.00 11.05
Balance carried to Balance Sheet 47.48 34.92

2. OPERATIONS:

The total revenue of the Company for the financial year ended on 3TS March2015 were Rs.302.86_Lakhs as against Rs.325.04 Lacs during the last financial year endedon 31st March 2014. Similarly the net profits after tax during the year wasRs. 102.56 Lacs and Rs.114.85 Lacs profit in the previous year.

3. DIVIDEND:

Your Directors recommend dividend of Rs 6.50 p. per share (650%) to the EquityShareholders of tire Company for the year under review.

4. EVENT SUBSEQUENT TO THE DATE OF FINANCIAL STATEMENTS:

No major event has occurred subsequent to the date of Financial Statements.

5. CHANGE IN THE NATURE OF BUSINESS IF ANY:

There is no change in the nature of Business during the year under the i ev iew.

6. VIGIL MECHANISM/WHISTLE BLOWER POLICY:

The Company has framed a Whistle Blower Policy to deal with instances of fraud andmismanagement if any.

7. EXTRACT OF ANNUAL RETURN:

Extract of the Annual Return as provided under Section 92(3) of the Companies Act 2013in Form MGT-9 is annexed herewith as ANNEXURE-I to this Report.

8. NUMBER OF BOARD MEETINGS:

The Board of Directors met 6 (six) times in the year the details of which are providedin the Corporate Governance Report.

9. PARTICULARS INVESTMENTS:

Please refer Notes No.8

10. RELATED PARTY TRANSACTIONS: ANNEXURE-II

No transactions that were entered with related party during the year under review.

11. RISK MANAGEMENT:

In line with the regulatory requirements the Company has framed a Risk ManagementPolicy to identify and access the key business risk areas and a risk mitigation process. Adetailed exercise is being carried out at regular intervals to identify evaluate manageand monitor all business risks. The Board periodically reviews the risks and suggestssteps to be taken to control and mitigate the same through a properly defined framework.

12. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:

There are no significant and material orders passed by the Regulators / Courts whichwould impact the going concern status of the Company and its future operations.

13. INTERNAL CONTROL SYSTEM:

Your Company has adequate system of internal controls to ensure that all the assets aresafeguarded and are productive. Necessary checks and controls are in place to ensure thattransactions are properly verified adequately authorized correctly recorded and properlyreported.

14. HUMAN RESOURCES: Your Company treats its human resources as its important asset andbelieves in its contribution to the all round growth of your Company. Your Company takessteps from time to time to upgrade and enhance the quality of this asset and strives tomaintain it in agile and responsive form. Your Company is an equal opportunity employerand practices fair employment policies. Your Company is confident that its Human Capitalwill effectively contribute to the long term value enhancement of the organization.

Your Directors further state that during the year under review there were no casesfiled pursuant to the Sexual Harassment of Women at Workplace (Prevention Prohibition andRedressal) Act 2013.

15. PARTICULARS OF JOINT VENTURES OR ASSOCIATE COMPANY:

The Company does not have any Joint Venture with any person or an associate Company asdefined under Section 2(6) of the Companies Act 2013 ('the Act')

16. FIXED DEPOSITS: During the year under review your Company has not accepted anyfixed deposits and there were no unclaimed deposits or interest thereon as on 31st March2015.

17. DIRECTORS:

DIRECTORS: In accordance with the provisions of the Companies Act 2013 and Articles ofAssociation of the Company MR. D G KAMDAR will retire by rotation at the ensuing annualgeneral meeting and is eligible for re-appointment

Declaration from Independent Directors: As per the provisions of Companies Act 2013the independent directors of the Company to be appointed by the members for a term up tofive years and no independent director shall be liable to retire by rotation.

Criteria for appointment of Independent Directors

The Independent Directors shall be of high integrity with relevant expertise andexperience with Directors having expertise in the fields of marketing finance lawgovernance and general management so as to have a diverse Board.

18. DIRECTORS' RESPONSIBILITY STATEMENT:

As stipulated under Section 134(3)(c) of the Companies Act 2013 your Directorsconfirm as under:-

i) that in the preparation of the accounts for the financial year ended 31st March2015 the applicable accounting standards have been followed along with proper explanationrelating to material departures;

ii) that the Directors have selected such accounting policies and applied themconsistently and made judgments and estimates that were 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 of the Company for the year under review;

iii) that the Directors have taken proper and sufficient care for maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 2013for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;

iv) that the Directors have prepared the accounts for the financial year on goingconcern basis.

v) the Directors have laid down internal financial controls which are adequate andwere operating effectively.

vi) the Directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.

19. PARTICULARS OF EMPLOYEES: Disclosures pertaining to remuneration and other detailsas required under Section 136 (1) of the Act are provided as per ANNEXURE -III.

20. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS ANDOUTGO:

The Information pursuant to Section 134(3) (m) of the Companies Act 2013 read withRule 8 of The Companies (Accounts) Rules 2014 is given in ANNEXURE -IV to this report.

21. AUDITORS:

i) Statutory Auditors: The Auditors M/s. Vatsaraj & Co. Chartered Accountantsretire at this Annual General Meeting and being eligible offer themselves forreappointment.

ii) Secretarial Auditors: Secretarial Audit is not applicable to the Company

iii) Cost Auditors: Cost Audit is not applicable to the Company

22. PURCHASE OF SHARES OF THE COMPANY: The Company does not give any loan guarantee orsecurity or any financial assistance to the employees of the Company for die purpose ofpurchase or subscription for any shares of the Company or its holding Company pursuant toSection 67(2) of the Companies Act 2013.

23. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE: The provisions of Section 135 of theCompanies Act 2013 are not presendy applicable to the Company.

24. ISSUE OF SHARES WITH DIFFERENTIAL VOTING RIGHTS:

The Company has not issued any shares with differential Voting Rights pursuant to theprovisions of Rule 4 of the Companies (Share Capital and Debenture) Rules 2014.

25. ISSUE OF SWEAT EQUITY SHARES:

During the year under review the Company has not issued any sweat equity shares to anyof its employees pursuant to the provisions of Rule 8 of the Companies (Share Capital andDebenture) Rules 2014.

26. EMPLOYEE STOCK OPTION:

The Company does not have any Employee Stock Option Scheme for its employees.

27. APPRECIATION:

Your Company is grateful for the continued co-operation and support extended to it bythe Government Shareholders and Banks. Your Directors also express their warmappreciation for the dedicated and sincere services rendered by the Employees of theCompany.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
OF THE BHARAT LINE LIMITED
AG KAMDAR
Place: Mumbai CHAIRMAN
Dated: 24th August 2015. DIN NO. 00012646

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard