Your Directors take immense pleasure in presenting their Thirty Sixth (36th) AnnualReport together with the Standalone and Consolidated Audited Statement of Accounts of BLBLimited ("the Company") for the Financial Year 2016-17.
The summarized standalone and consolidated results of your Company as on 31.03.2017viz.-a-viz. 31.03.2016 are given in the table below :
(Rs. In Lakhs)
| ||FINANCIAL YEAR ENDED |
|PARTICULARS ||STANDALONE ||CONSOLIDATED |
| ||31/03/2017 ||31/03/2016 ||31/03/2017 ||31/03/2016 |
|Profit before Tax for the year ||88 ||75 ||80 ||186 |
|Less: Provision for Taxation || || || || |
| Current Tax ||16 ||14 ||23 ||43 |
| MAT Credit ||18 ||(14) ||10 ||(14) |
| Deferred Tax ||21 ||(7) ||(34) ||(12) |
| Relating to earlier years ||0 ||6 ||(9) ||11 |
|Profit After Tax ||33 ||76 ||90 ||158 |
|Add: Balance brought forward from Previous years ||5979 ||6019 ||6424 ||6382 |
|Add: Deferred Tax Assets reversed ||(126) ||(116) ||(126) ||(116) |
|Surplus available for appropriation ||5886 ||5979 ||6388 ||6424 |
STATE OF COMPANIES AFFAIRS AND SUMMARY OF OPERATIONS (STANDALONE & CONSOLIDATED)
Net revenue from operations for the financial year 2016 -17 of your Company onstandalone basis has increased from Rs. 57.55 crores to Rs. 115.90 crores as compared toprevious financial year viz. 2015-16 however profit after tax decreased to Rs. 33.13lakhs from Rs. 76.45 lakhs for the same period.
The revenue from operations of the Company on consolidated basis increased from Rs.286.51 Crores to Rs. 463.81 Crores as compared to previous financial year and theconsolidated net profit after tax for F.Y. 2016-17 stood at Rs. 90.28 lakhs as comparedRs. 158.17 lakhs for FY 2015-16.
Listing/De - Listing
During the period under review Company had applied for voluntary delisting from BSELimited under Regulation 6(a) and 7 of the Securities and Exchange Board of India(Delisting of Equity Shares) Regulation 2009 however such application was laterwithdrawn by the Board of Directors .
Stock Exchange Membership
During the year under review the Company has surrendered the membership of all thesegments of Metropolitan Stock Exchange of India Limited w.e.f. April 06 2017 and alsothe membership of Equity and Currency Derivative Segment(s) of BSE Limited w.e.f Octoer27 2017.
Further the Company has also initiated the process of surrendering the membership ofBSE Capital Market segment and is currently under voluntary closure period. HoweverCompany still continues to hold membership of NSE Limited.
The Company has 4 (four) wholly owned subsidiaries viz. BLB Commodities Limited BLBGlobal Business Limited Sri Sharadamba Properties Limited and Caprise Commodities Limitedas on March 31 2017. During the period under review Company has liquidated its entireshareholding in Sri Chaturbhuj Properties Limited a wholly owned subsidiary of theCompany.
Further the Company has floated two wholly owned Subsidiaries in the name of"Samagra Capital Limited" and "Sakala Commodities Limited" which wereincorporated on May 18 2017 and May 24 2017 respectively.
Pursuant to the provisions of Section 136 of the Companies Act 2013 the standalonefinancial statement of the Company consolidated financial statements along with relevantdocuments and separate audited accounts in respect of subsidiaries are available on thewebsite of the Company viz "www.blblimited.com".
During the year Company and its wholly owned subsidiary viz. BLB Commodities Limitedhas shifted its Registered Office within the Local Limits of the city and the RegisteredOffice of the BLB Global Business Limited was shifted from NCT of Delhi to the State ofHaryana.
HIGHLIGHTS ON THE PERFORMANCE OF SUBSIDIARIES (Amount Rs.In Lakhs)
|Name of the Subsidiary ||Total Revenue ||Total Expense ||Exceptional Items ||Profit Before Tax ||Tax || ||Profit After Tax |
|Company ||2015-16 ||2016-17 ||2015-16 ||2016-17 ||2015-16 ||2016-17 ||2015-16 ||2016-17 ||2015-16 ||2016-17 ||2015-16 ||2016-17 |
|BLB Commodities Limited ||22838.06 ||34128.33 ||22785.37 ||34089.14 ||3.38 ||0.07 ||56.07 ||39.13 ||23.53 ||-58.95 ||32.55 ||98.08 |
|BLB Global Business Limited ||5286.86 ||1424.55 ||5270.89 ||1454.17 ||0.00 ||0.00 ||15.97 ||29.62 ||-6.68 ||6.57 ||9.29 ||23.05 |
|Sri Sharadamba Properties Limited ||1.25 ||0.00 ||1.03 ||1.77 ||0.00 ||0.00 ||0.22 ||1.77 ||0.16 ||0.00 ||0.06 ||1.77 |
|Caprise Commodities Limited ||2.76 ||308.94 ||2.31 ||325.68 ||0.00 ||0.00 ||0.46 ||16.74 ||-1.26 ||1.51 ||1.71 ||18.25 |
*during the period under review the Company has liquidated its entire investment inSri Chaturbhuj Properties Limited wholly owned subsidiary of the Company.
STATEMENT CONTAINING SALIENT FEATURES OF FINANCIAL STATEMENTS OF SUBSIDIARIES
Pursuant to Sub-Section (3) of Section 129 of the Companies Act 2013 a statementcontaining the salient features of the financial statements of the Company's subsidiariesis set out in the prescribed Form AOC-1 as Annexure-I which forms part of this AnnualReport.
CONTRIBUTION OF SUBSIDIARIES TO THE OVERALL PERFORMANCE OF THE COMPANY(S)
During the period under review the contribution of each subsidiary to the overallperformance of the Company is as follows:
|S.No. ||NAME OF THE SUBSIDIARY COMPANY(S) ||CONTRIBUTION TO THE OVERALL PERFORMANCE OF THE COMPANY IN PERCENTAGE* |
|1. ||BLB Commodities Limited ||48.70% |
|2. ||BLB Global Business Limited ||(36.80)% |
|3. ||Sri Sharadamba Properties Limited ||(2.20)% |
|4. ||Caprise Commodities Limited ||(20.80)% |
|5. ||Sri Chaturbhuj Properties Limited # ||2.31% |
* The aforestated percentage is calculated on profit before exceptional items and taxfigure and excludes the inter-company transactions.
#Company has liquidated its entire investment in M/s. Sri Chatubhuj Properties Limitedw.e.f 28.11.2016 so the remaining Net Asset Value amounting to Rs.186258 has beenconsolidated with the accounts of the Company
SCHEME OF ARRANGEMENT i.e. AMALAGAMATION/MERGER/DEMERGER
During the year under review the Board of Directors of your Company in their meetingheld on December 27 2016 had decided to withdraw Scheme of Merger and Amalgamation of M/sManu Properties Pvt. Ltd. with the Company.
The Board of Directors in their meeting held on March 25 2017 approved the CompositeScheme of Arrangement for Amalgamation of four wholly owned subsidiaries namely BLBCommodities Limited BLB Global Business Limited Caprise Commodities Limited and SriSharadamba Properties Limited with the Company and subsequent Demerger of 'CommoditiesTrading Division' and 'Financial Service Division' of BLB Limited into two newlyincorporate wholly owned subsidiaries i.e. M/s. Sakala Commodities Limited and M/s.Samagra Capital Limited respectively under Sections 230-232 of Companies Act 2013 andother applicable provisions if any. Please note that post demerger your Company will beoperating in real estate business along with other residuary businesses.
The newly incorporated wholly owned subsidiaries namely Sakala Commodities Limited andSamagra Capital Limited shall become separate demerged entities upon allregulatory/statutory approvals on the said Composite Scheme of Arrangement.
The Scheme is subject to and would become effective on receipt of allregulatory/statutory approvals. The said Scheme is pending for approvals from theconcerned regulatory/statutory authorities as on date of this report.
The authorised share capital of your Company as on March 31 2017 stood at Rs.125000000/- comprising of 75000000 equity shares of Re. 1/- each amounting to Rs.75000000/- and 500000 preference shares of Rs. 100/- each amounting to Rs.50000000/-.
The Issued Subscribed and Paid-up Equity Share Capital of your Company as on March 312017 stood at Rs.52865258/- comprising of 52865258 Equity shares of Re. 1/- each.
Your Directors have not recommended any dividend for the Financial Year 2016-17.
TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND
Pursuant to the provisions of the Investor Education and Protection Fund Authority(Accounting Audit Transfer and Refund) Rules 2016 the Company has transferred all theUnclaimed dividend for the Financial Year 2008-09 (Final Dividend) and 2009-10 (InterimDividend) to Investor Education and Protection Fund (IEPF) of the Ministry of CorporateAffairs within their due date.
TRANSFER TO RESERVES
During the Financial Year ended on March 31 2017 your Company has not transferred anyamount to the General Reserves.
During the period under review your Company has not accepted any deposits from publicand as such no amount on account of principal or interest on deposits from public wasoutstanding as on the date of the balance sheet.
Further Company has received a loan of Rs. 50 lakh from its director Sh. Brij RattanBagri during the year 2016-17 in compliance with the Companies (Acceptance of Deposits)Rules 2014. The year end balance of his loan account is Rs. 350 Lakhs.
LOANS GUARANTEES AND INVESTMENTS
Particulars of loans and guarantee given as per the provision Section 186 of theCompanies Act 2013 are provided in Note Nos. 29 and 36 of Standalone FinancialStatements along with the purpose for which they have been granted which forms part ofthis Annual Report. The outstanding amount of loan granted by Company to its subsidiariesas on March 31 2017 stands to Rs. 23.95 crores (previous year Rs. 17.70 crores)
Further your Company continues to hold investments in securities details of which areprovided in the Note No. 11 of Standalone Financial Statements which forms part of thisAnnual Report. Pursuant to the approval given by the members of the Company in their 35thAnnual General Meeting Company has made divestment of its entire investment in one of itswholly owned subsidiary namely Sri Chaturbhuj Properties Limited during the year.
CORPORATE GOVERNANCE REPORT & MANAGEMENT DISCUSSION AND ANALYSIS REPORT
As required by the SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 (hereinafter referred as Listing Regulations) a separate report on CorporateGovernance is appended along with the Compliance Certificate from M/s ChandrasekaranAssociates Practicing Company Secretaries which forms part of this report as
The Management Discussion and Analysis Report for the year under review as stipulatedunder the Listing Regulations with the Stock Exchanges in India is presented in aseparate section which forms part of the Annual Report.
EXTRACT OF ANNUAL RETURN
Pursuant to Section 92(3) and 134(3)(a) of the Companies Act 2013 ('the Act') and Rule12(1) of the Companies (Management and Administration) Rules 2014 extract of AnnualReturn in Form MGT-9 is annexed as Annexure-III.
STATUTORY AUDITORS THEIR REPORT AND NOTES TO FINANCIAL STATEMENTS
The Statutory Audit report as provided by M/s. Ram Rattan & Associates CharteredAccountants for the financial year 2016-17 forms part of this Annual Report. The reportprovided by them is self-explanatory and do not call for any further comments. There is noqualification observations disclaimer adverse remark or other remarks in the saidReport. Further during the period under review the auditor has no reasons to believe thatan offence of fraud involving any amount has been committed by the Company or itsofficers or employees which needs to be reported to the Audit Committee or CentralGovernment as prescribed under section 143(12) of the Companies Act 2013.
Further as under Section 139 of the Companies Act 2013 and the rules made thereunderit is mandatory to rotate the Statutory Auditors on completion of the maximum termpermitted under the said section. The term of office of M/s. Ram Rattan & AssociatesChartered Accountants New Delhi (FRN 004472N) as Statutory Auditors of the Company whowere appointed at the 33rd Annual General Meeting held on 24th September 2014 asStatutory Auditors of the Company for a period of three (3) years will expire at theconclusion of forthcoming Annual General Meeting of the Company.
On the recommendation of Audit Committee of the Company the board of directors hasidentified subject to the approval of shareholders of the Company at ensuing AnnualGeneral Meeting (AGM) M/s R.K. Ahuja & Co. Chartered Accountants (FRN 031632N) asStatutory Auditors of the Company in place of retiring Auditors M/s. Ram Rattan &Associates Chartered Accountants New Delhi (FRN 004472N) pursuant to Section 139 of theCompanies Act 2013. The Company has received an eligibility certificate from M/s. R.K.Ahuja & Co. Chartered Accountants (FRN 031632N) and they will hold office for a termof five consecutive years i.e. from the conclusion of ensuing 36th AGM till the conclusionof 41st AGM of the Company subject to ratification by the members at every AGM.
The Board places on record its appreciation for the services rendered by M/s. RamRattan & Associates Chartered Accountants as the Statutory Auditors of the Company.
In terms of Section 204 of the Companies Act 2013 and Rules made there under Companyhas appointed M/s. Chandrasekaran Associates Practicing Company Secretaries to conductthe Secretarial Audit of the Company for the financial year 2016-17.
The report of the Secretarial Auditors for the financial year 2016-17 is enclosed asAnnexure-IV to this report. The report is self-explanatory and do not call for any furthercomments. There is no qualification observations disclaimer adverse remark or otherremarks in the Secretarial Auditors' Report.
INTERNAL FINANCIAL CONTROLS
The internal financial controls with reference to the Financial Statements arecommensurate with the size and nature of business of the Company. Your Companycontinuously invests in strengthening the internal control processes and systems. Theinternal control process and systems provide a reasonable assurance in respect ofproviding financial and operational information complying with applicable statutessafeguarding of assets of the Company and ensuring compliance with corporate policies.Procedures to ensure conformance with the policies processes and standards have been putin place covering all activities.
The processes and financial activities are subjected to independent audits by internalas well as statutory auditors. Implementations of recommendations from various auditreports are regularly monitored by the senior management. The Board of directors of theCompany have also appointed an Internal Auditor M/s. Ramesh Jain & AssociatesChartered Accountants (FRN : 002889N) to ascertain inter-alia their views on theadequacy of internal control systems and keep the board of directors informed of its majorobservations periodically. Internal and statutory audit reports and findings includingcomments by the management if any are periodically placed before the Audit Committee ofthe Board of Directors.
RELATED PARTY TRANSACTIONS
The Company has also adopted a Related Party Transaction Policy which is also availableon the website of the Company viz "www.blblimited.com". In the policy thecriteria for determining the material transactions has been defined according to which anycontract or transaction or arrangement are to be considered material if the transaction(s)to be entered into individually or taken together with previous transactions during afinancial year exceeds 10% of the annual consolidated turnover of the Company as per thelast audited financial statement of the Company.
The contracts or arrangements with related parties referred to in sub-section (1) ofSection 188 read with Section 2(76) of the Companies Act 2013 entered into by the Companyare in the ordinary course of business and on arm's length basis. There is no materialtransaction with related parties during the year as defined under Listing Regulations andas per company's Related Party Transaction Policy. Further as per Companies Act 2013 andrules made there under the term "Material Transactions" has not been definedand therefore for the purpose of material transactions as mentioned in the Form AOC-2 theCompany has taken the definition from the Regulation 23 of the Listing Regulations readwith Related Party Transaction Policy and has concluded that no transaction falls undermaterial transaction as per the requirement.
The prescribed Form AOC-2 is enclosed and forms part of this Report as Annexure-V. Yourdirectors draw attention of members to Note No. 33 to the standalone financial statementswhich set out related party disclosures.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Sh. Keshav Chand Jain (DIN: 00007539) Director of the Company retires by rotation atthe forthcoming Annual General Meeting and being eligible offers himself forre-appointment. The Board recommends the same for your approval.
During the year Mr. Rajesh Kumar Damani (DIN: 01405935) Mr. Manas Jain (DIN:02785654) and Smt. Dhwani Jain (DIN: 06985038) continues to be Independent Directors ofthe Company. Mr. Vikram Rathi (DIN: 00007325) was re-appointed as an Executive Director ofthe Company w.e.f 30.01.2017. Mr. Vikash Rawal continues to be the Chief Financial Officerof the Company and Mr. Brij Rattan Bagri Non-Executive Director of the Company continuesto be the Chairman of the Company.
During the year Ms. Swati Sharma has resigned from the position of Company Secretaryand Compliance Officer of the Company effective from August 13 2016 and Ms. Abha Garg wasappointed as Company Secretary and Compliance officer of the company w.e.f. August 172016.
DETAILS OF BOARD MEETINGS
During the year under review 8 (Eight) Board meetings were held details of which aregiven in the relevant paragraphs of Corporate Governance Report which forms part of thisreport.
COMMITTEES OF BOARD
During the year under review and as on date the Composition of Committees i.e. AuditCommittee Nomination and Remuneration Committee Stakeholder Relationship Committee;remain unchanged and the details like number of committee meetings attendance ofcommittee members and other terms of reference are given in the relevant paragraphs ofCorporate Governance Report which forms part of this report.
Your Board has accepted all the recommendation(s) made by the Audit Committee duringthe year.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement of clause (c) of sub-section (3) of Section 134 of theCompanies Act 2013 your Directors confirm that: a. in the preparation of the annualaccounts the applicable accounting standards had been followed along with properexplanation relating to material departures;
b. the directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial year and ofthe profit of the company for that period; c. the directors had taken proper andsufficient care for the maintenance of adequate accounting records in accordance with theprovisions of this Act for safeguarding the assets of the company and for preventing anddetecting fraud and other irregularities;
d. the directors had prepared the annual accounts on a going concern basis;
e. the directors had laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively;
f. and the directors had devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.
DECLARATION BY INDEPENDENT DIRECTORS
Mr. Rajesh Kumar Damani (DIN: 01405935) Mr. Manas Jain (DIN: 02785654) and Smt. DhwaniJain (DIN: 06985038) are the Independent Directors on the Board of your Company. In theopinion of the Board and as declared by these Directors each of them meets the criteriaof independence as specified in Regulation 16 of the Listing Regulations and Section 149(6) of the Companies Act 2013 and the Rules made thereunder.
EVALUATION OF BOARD PERFORMANCE
The Board has framed a performance evaluation policy which is displayed on the websiteof the company viz. www.blblimited.com for evaluating its own performance and itsCommittees Executive Director Non-executive Directors including Independent Directors.
Pursuant to the Section 134(3)(p) and Schedule IV of the Companies Act 2013 read withRegulation 17 of the Listing Regulations the Board in their meeting held on May 30 2017have carried out an evaluation of Independent Directors the directors individually aswell as the evaluation of the working of its Committees.
Based on the Performance Evaluation carried out by the Board of the Company theperformance of the Board and its Committees and Individual Directors of the Company wasfound satisfactory.
As per Schedule IV to the Companies Act 2013 and Regulation 25 of the ListingRegulations a separate meeting of Independent Directors was held on March 18 2017 whereIndependent Directors reviewed the performance of Non-Independent Directors the Board asa whole and the Chairman of the Company and found their performances to be satisfactory.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
At present the provisions of Section 135 of the Companies Act 2013 are not applicableto the Company.
MATERIAL CHANGES AND COMMITMENT
There is no material changes and commitments affecting the financial position of theCompany between the end of financial year of the Company and the date of this report.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS
No significant and material orders were passed by the regulators or courts or tribunalsimpacting the going concern status and the Company's operations in future.
RISK MANAGEMENT POLICY
a. Development of Risk Management Policy: In terms of the requirement of the CompaniesAct 2013 and the Listing Regulations the Company has developed and implemented the RiskManagement Policy and the Audit Committee of the Company reviews the same periodically.
b. Implementation of Risk Management Policy: The Company recognizes that risk is anintegral and unavoidable component of business and hence is committed to managing the riskin a proactive and effective manner. The Risk Management Policy approved by the Board hasbeen effectively implemented. The Company's Management systems organizational structuresprocesses standards code of conduct and behaviors together form the Risk ManagementSystem of the Company and are managed accordingly.
c. Identification of Key Risks which may Threaten the Existence of the Company and RiskMitigation: The common risks faced by the Company include Market Risk Technology riskOperational Risk Reputation Risk Regulatory and Compliance Risk Human Resource Risk andBusiness Continuity Risk. Your Company has well defined processes and systems to identifyassess & mitigate the key risks. A platform for exception reporting of violations isin place which is reviewed regularly and remedial measures are being undertakenimmediately.
Your Company has established a Vigil Mechanism (Whistle Blower Policy) as per therequirements of Section 177(9) & (10) of the Companies Act 2013 and Regulation 22 ofthe Listing Regulations. The vigil mechanism is a channel through which the Directors andEmployees of the Company have a secure mechanism to report genuine concerns including anyunethical behavior actual or suspected frauds taking place in the Company for appropriateaction or reporting.
The functioning of the vigil mechanism is reviewed by the Audit Committee periodically.None of the Directors or employees have been denied access to the Audit Committee of theBoard.
The vigil mechanism (Whistle Blower Policy) may be accessed on the Company's website"www.blblimited.com".
COMPANY'S POLICY ON APPOINTMENT AND REMUNERATION
The Nomination and Remuneration Committee of your Company has framed a"Nomination Remuneration and Evaluation Policy" on director's appointment andremuneration including criteria for determining qualifications positive attributesindependence of a director. The said policy has been approved by the Board of Directors ofyour Company.
The detailed "Nomination Remuneration and Evaluation Policy" is annexedherewith as Annexure-VI and also may be accessed on the website of the company viz."www.blblimited.com".
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013
The Company always endeavors to create and provide an environment that is free fromdiscrimination intimidation abuse and harassment including sexual harassment. It is alsobelieved that it's the responsibility of the organization to protect the integrity anddignity of its woman employees. Therefore the Company has "Prevention of SexualHarassment Policy" in line with the requirements of The Sexual Harassment of Women atthe Workplace (Prevention Prohibition & Redressal) Act 2013.
Internal Complaints Committee (ICC) has been set up to redress complaints receivedregarding sexual harassment. All employees (permanent contractual temporary trainees)are covered under this policy. As per the policy any woman employee may report hercomplaint to ICC which is formed for this purpose.
The following is a summary of sexual harassment complaints received and disposed offduring the year 2016-17:
|Number of complaints pending as on the beginning of the financial year ||: ||Nil |
|Number of complaints filed during the financial year ||: ||Nil |
|Number of complaints pending as on the end of the financial year ||: ||Nil |
PARTICULARS OF EMPLOYEES
The information as required under Section 197(12) of the Companies Act 2013 read withRule 5(1) & (2) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 in respect of employees of the Company forms part of this report asAnnexure-VII.
Your Company treats its "human resources" as one of its most importantassets. Your Company continuously invests in attraction retention and development oftalent on an ongoing basis.
DETAILS OF CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS ANDOUTGO
The disclosures to be made under sub-section (3) (m) of Section 134 of the CompaniesAct 2013 read with Rule 8 (3) of the Companies (Accounts) Rules 2014 by your Company areexplained as under:
|(A) Conservation of energy- || |
|(i) the steps taken or impact on conservation of energy ||The Company is a stock broking Company and requires normal consumption of electricity. The Company takes all necessary steps to reduce the consumption of energy. Your Company is not an industry as listed in Schedule to Rule 2 of the Companies (Disclosure of Particulars in the Report of Board of Directors) Rule 1988. |
|(ii) the steps taken by the company for utilising alternate sources of energy || |
|(iii) the capital investment on energy conservation equipments || |
|(B) Technology absorption- || |
|(i) the efforts made towards technology absorption ||The Company is engaged in the Stock Broking Business and accordingly has not absorbed any Technology. |
|(ii) the benefits derived like product improvement cost reduction product development or import substitution || |
|(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)- || |
|(a) the details of technology imported; || |
|(b) the year of import; || |
|(c) whether the technology been fully absorbed; || |
|(d) if not fully absorbed areas where absorption has not taken place and the reasons thereof; and || |
|(iv) the expenditure incurred on Research and ||No expenditure was incurred on Research and |
|Development ||Development. |
(C) Foreign exchange earnings and Outgo-
The total foreign exchange used and the total foreign exchange earned during the yearas compared to the previous financial year has been provided hereunder:
|Foreign Exchange Earnings & Outgo ||Current Year (2016-17) ||Previous Year (2015-16) |
|Inflow ||NIL ||NIL |
|Outflow ||NIL ||NIL |
Your Directors place on record their appreciation for employees at all levels who havecontributed to the growth and performance of your Company.
Your Directors also thank the clients vendors bankers shareholders and advisers ofthe Company for their continued support.
Your Directors also thank Regulators Stock Exchanges and other Statutory Authoritiesfor their continued support.
| ||For and on behalf of the Board of Directors of |
| ||BLB LIMITED |
| ||(BRIJ RATTAN BAGRI) |
|Place : New Delhi ||CHAIRMAN |
|Date : 02.08.2017 ||(DIN: 00007441) |
[Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 ofCompanies (Accounts) Rules2014] Statement containing sailent features of the financialstatement of Subsidiaries/ Associate Companies/ Joint Ventures Part A : Subsidiaries
(Amount in INR Except % of Shareholding)
|Name of Subsidiary ||BLB Commodities ||BLB Global ||Sri Sharadamba ||Caprise Commodities |
| ||Ltd ||Business Ltd ||Properties Limited ||Limited |
|Period of reporting ||April 1 2016 to March 31 2017 ||April 1 2016 to March 31 2017 ||April 1 2016 to March 31 2017 ||April 1 2016 to March 31 2017 |
| ||(Audited) ||(Audited) ||(Audited) ||(Audited) |
|Reporting Currency ||INR ||INR ||INR ||INR |
|Share Capital (Equity) ||70000000 ||43370000 ||24000000 ||15000000 |
|Reserve & Surplus ||75172230 ||2412212 ||23013717 ||(1653648) |
|Total Assets ||1137502173 ||96223944 ||98698631 ||13422336 |
|Total Liabilities ||992329943 ||50441731 ||51684914 ||75984 |
|Investments || || || || |
|Turnover ||3410273736 ||138275372 || ||30379365 |
|PBT ||3912811 ||(2961705) ||(177203) ||(1674099) |
|Provision for Tax ||(5895419) ||657064 ||169 ||151130 |
|Profit after Tax ||9808230 ||(2304641) ||(177372) ||(1825229) |
|Proposed Dividend || || || || |
|% of Shareholding ||100 ||100 ||100 ||100 |
* during the period under review Company has liquidated its entire investment in theM/s. Sri Chaturbhuj Properties Limited a wholly owned subsidiary of the Company as perthe resolution passed by the Board of Directors in their meeting held on 26.10.2016
Part B : Associates and Joint Ventures
Statement pursuant to Section 129(3) of the Companies Act 2013 related to AssociateCompanies and Joint Ventures
Note : The company did not have any Associates and/or Joint Ventures
| ||For and on behalf of the Board of Directors |
| ||(BRIJ RATTAN BAGRI) ||(VIKRAM RATHI) |
| ||Chairman ||Executive Director |
| ||DIN - 00007441 ||DIN - 00007325 |
|Place: New Delhi ||(VIKASH RAWAL) ||(ABHA GARG) |
|Date : 30.05.2017 ||Chief Financial Officer ||Company Secretary |
CORPORATE GOVERNANCE CERTIFICATE
SCO (Shop Cum Office) No. 22 Spring Field Colony Extension No. 1 Near Sector 31-32Faridabad HR 121003
We have examined all relevant records of BLB Limited (the Company) for the purpose ofcertifying all the conditions of the Corporate Governance under SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015 for the financial year ended 31st March2017. We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of certification.
The compliance of the conditions of Corporate Governance is the responsibility of themanagement. Our examination was limited to the procedures and implementation thereof. Thiscertificate is neither an assurance as to the future viability of the Company nor of theefficacy or effectiveness with which the management has conducted the affairs of theCompany.
On the basis of our examination of the records produced explanations and informationfurnished we certify that the Company has complied with the conditions of the CorporateGovernance under SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
|For Chandrasekaran Associates || |
|Company Secretaries || |
|Lakhan Gupta || |
|Partner || |
|Membership No. 36583 ||Date: 02.08.2017 |
|Certificate of Practice No. 13725 ||Place: New Delhi |