Your Directors are pleased to present before you the 32ndAnnual Report on the business and operations of the Company together with the auditedfinancial statements for the financial year ended 31 March 2021.
The Company's financial performance during the year as compared withthe previous year is summarized below:
Amount (Rs. In Crores)
|PARTICULARS ||STANDALONE ||CONSOLIDATED |
|Year ended ||31 March 2021 ||31 March 2020 ||31 March 2021 ||31 March 2020 |
|Income from operations ||748.97 ||792.76 ||762.26 ||819.68 |
|PBDIT ||93.34 ||19.89 ||69.79 ||(0.73) |
|Profit/(Loss) before Tax ||37.28 ||(46.05) ||17.51 ||(44.50) |
|Tax Expenses ||34.80 ||(15.49) ||57.73 ||(19.14) |
|Profit / (Loss) after Tax ||2.48 ||(30.55) ||(58.41) ||(62.79) |
|Earnings per share on the face value of Re. 1/- each (in Rs.) ||0.11 ||(1.36) ||(2.59) ||(2.79) |
|No. of shares ||22.5440 ||22.5440 ||22.5440 ||22.5440 |
RESULTS OF OPERATIONS AND THE STATE OF COMPANY 'S AFFAIRS Standalone:
The highlights of the Company's performance are as under:
Revenue from operations Rs. 748.97 Cr
PBDIT increased to Rs. 93.34 Cr against Rs.19.89 Cr
Profit before Tax increased to Rs. 37.28 Cr against Loss of Rs. 46.05Cr
Net Profit increased to Rs. 2.48 Cr against Loss of Rs. 30.55 Cr
The consolidated total income from operation of the Company for thecurrent financial year is Rs. 762.26 Crores against Rs. 819.68 Crores in the previous yearrepresenting a decline of 7%.
The consolidated Loss after tax was Rs. 58.41 Crores in FY 2020-21against Loss of Rs. 62.79 Crores in FY 2019-20.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with provisions of Section 129 of Companies Act 2013read with Companies (Accounts) Rule 2014 and applicable Regulation of LODR Agreements withthe Stock Exchanges and Accounting Standard Ind AS-110 on Consolidated FinancialStatements read with Accounting Standard Ind AS-28 on Accounting for Investment inAssociates and Joint Ventures the audited consolidated financial statement is provided inthe Annual Report.
The Construction industry in India consists of the Real Estate as wellas the Urban Development segment. Business and consumer sentiment are expected to be on aslow track to recover due to the Covid pandemic resulting in prolonged distress in thebuilding construction sector. In residential sector affordable housing is expected tostay least affected supported by a mix of public and private spending. Mid-tier andluxury residential construction segments are expected to be severely impacted. Growthacross commercial building construction in India especially office retail andentertainment is expected to record negative growth. As an industry the Construction spacewould feel price increases across commodities which are yet to stabilize and this couldimpact already stressed margins. With diesel steel and other basic construction materialrising to new highs the outlook for our industry looks bleak.
IMPACT OF COVID-19 PANDEMIC
The outbreak of the COVID-19 pandemic was an unprecedented shock to theIndian Economy resulting in a sweeping slowdown in the overall economy. With the 2 wavesof COVID-19 Pandemic the construction industry has come to a standstill. At one time ourmost of the construction sites were running at 50% of their peak capacity. This is becausethe fear of infection is keeping the workers' attendance at less than 65%. Some of ourprojects are also delayed owing to COVID-19 for which we are taking necessary actions.
The extent to which the COVID-19 pandemic will impact the Company'sresults will depend on future developments which today looks highly uncertain. TheCompany has considered internal and certain external sources of information includingeconomic forecasts government policies budgets and construction programs required tomeet performance obligations and likely delays on contractual commitments up to the dateof approval of these financial statements in determining the possible impact from theCOVID-19 pandemic.
Your Directors have not recommended any dividend for the financial yearended 31 March 2021.
UNPAID / UNCLAIMED DIVIDEND
In terms of the provisions of Investor Education and Protection Fund(Accounting Audit Transfer and Refund) Rules 2016 an amount of Rs. 39430.95/- ofunpaid / unclaimed dividends were transferred during the year to the Investor Educationand Protection Fund.
Company has transferred 69097 unclaimed equity shares to IEPF account.
b. TRANSFER TO RESERVES
For the year under review the Company has added the entire availablesurplus to the brought forward balance of Surplus as part of the Other Equity and noamount has been transferred to reserves.
c. OPERATIONAL OVERVIEW
The Company currently has 26 ongoing projects located in 11 Statesaggregating to approx. 28.00 million square feet under various stages of construction.
The details of some of the major/prestigious undergoing or completedare as under.
(a) Chennai Metro - Chennai
(b) AIIMS Raipur & AIIMS Patna
(c) HAL Tejas - Bangalore
(d) Mind Space - Hyderabad
(e) Embassy Parcel 9 - Bangalore
(f) DLF Downtown- Gurgaon
(g) Oxygen Business Park - Noida
The Company has a geographic presence in 11 States across India.
The paid-up equity share capital of the Company as at March 31 2021stood at Rs. 225440000/- divided into 225440000/- equity share of Rs. 1 each. As onMarch 31 2021 99.99% of the total paid-up capital of the Company stands in thedematerialized form.
CHANGE IN NATURE OF BUSINESS
There is no change in the nature of business of the Company during theFinancial Year 2020-21.
MATERIAL CHANGES AND COMMITMENTS
The impact of the global pandemic may be different from that estimatedas at the date of approval of it's financial statements and the Company will continue toclosely monitor any material changes to its assessment of economic impact of the COVID- 19pandemic. Except as foregoing no material changes and commitments affecting the financialposition of the Company occurred between the end of the financial year to which thesefinancial statements relate and the date of this Report.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS ORTRIBUNALS
There are no significant material orders passed by the Regulators orCourts or Tribunals which would impact the 'going concern' status of the Company and itsfuture operations. However members' attention is drawn to the details about ContingentLiabilities and Commitments appearing in the Notes forming part of the FinancialStatements.
The Company has not accepted any deposit under Section 73 of theCompanies Act 2013 during the year under review. SUBSIDIARIES
We have four subsidiaries and two step down subsidiaries as on March31 2021:
|Name ||Status |
|B L K Lifestyle Limited ||Wholly-owned Subsidiary Company |
|Security Information Systems (India) Limited ||Wholly-owned Subsidiary Company |
|BLK Infrastructure Limited ||Wholly-owned Subsidiary Company |
|Soul Space Projects Limited ||Subsidiary Company |
|Soul Space Realty Limited ||Step Down Subsidiary Company |
|Soul Space Hospitality Limited ||Step Down Subsidiary Company |
There has been no change in the number of subsidiaries/ step downsubsidiaries or in the nature of business of subsidiaries during the year under review.
None of the above subsidiaries/ step down subsidiaries is a materialIndian subsidiary since there turnover or net worth (i.e. paid- up capital and freereserves) does not exceed 20% of the consolidated turnover or net worth respectively ofthe Company and its subsidiaries in the immediately preceding financial year.
As per provisions of the Section 129 of the Companies Act 2013 readwith Companies (Accounts) Rule 2014 a separate statement containing the salient featuresof the financial statement of the subsidiary companies/associate companies/joint ventureis prepared in the Form AOC-1 and same is enclosed to this report as 'Annexure-A'.
The details of the policy on determining Material Subsidiary of theCompany is available on Company's website athttps://www.blkashyap.com/DOC/PolicyMaterialSubsidiary.pdf
INTERNAL FINANCIAL CONTROLS AND SYSTEMS
Your Company has in place adequate financial control system andframework in place to ensure:
- The orderly and efficient conduct of its business;
- Safeguarding of its assets;
- The prevention and detection of frauds and errors;
- The accuracy and completeness of the accounting records; and
- The timely preparation of reliable financial information.
The Company has a clearly defined Policies Standard OperatingProcedures (SOP) Financial & Operation Delegation of Authority and Organizationalstructure for its business functions to ensure a smooth conduct of its business across theorganization. Our ERP system supports in processes standardization and their automation.
The Company's internal control systems are well established andcommensurate with the nature of its business and the size and complexity of itsoperations. The Audit Committee reviews adequacy and effectiveness of the Company'sinternal control environment and monitors the implementation of audit recommendations. Therecommendations/suggestions of the internal auditors are discussed in the Audit Committeemeetings periodically.
During the year such controls were tested and no reportable materialsweakness in the design or operation were observed.
RISK MANAGEMENT POLICY & IMPLEMENTATION
The Company has constituted a Risk Management Committee in currentfinancial year as required under Regulation 21 (5) of SEBI (LODR) Regulations 2015.According to said regulation the provisions of Risk Management Committee shall beapplicable to top 1000 listed entities determined based on market capitalization.
The Company has developed and adopted a Risk Management Policy. Thispolicy identifies all perceived risks which might impact the operations and on a moreserious level also threaten the existence of the Company.
Risks are assessed department wise such as Estimation Risk CompetitionRisk Raw Material Risk Financial risks Pandemic Risk Information technology relatedrisks Legal risks Operational Risk etc. The Management also ensures that the Company istaking appropriate measures to achieve prudent balance between risk and reward in bothongoing and new business activities.
The Company also takes adequate insurance to protect its assets.
RELATED PARTY TRANSACTIONS
As per the provision of Companies Act 2013 and Regulation 23 of'Listing Regulations' the Company has formulated a Policy on Related Party Transaction toensure transparency between the Company and the Related Parties. The Policy on materialityof related party transactions and dealing with related party transactions as approved bythe Board may be accessed on the Company's website at the link:https://www.blkashyap.com/DOC/RelatedPartyTranPolicy.pdf
All related party transactions that were entered into during thefinancial year were on arm's length basis and were in the ordinary course of the business.During the year the Company had not entered into any contract / arrangement / transactionwith related parties which could be considered material in accordance with the policy ofthe Company on materiality of related party transactions.
Information on related party transactions pursuant to Section 134(3)(h)of the Companies Act 2013 read with rule 8 (2) of the Companies (Accounts) Rule 2014 aregiven in Form AOC-2 as 'Annexure -B' and the same forms part of this report.
Prior approval of the Audit Committee is obtained on a quarterly basisfor the transactions which are of a foreseen and repetitive nature. The transactionsentered into pursuant to the approval so granted are audited and a statement givingdetails of all related party transactions is placed before the Audit Committee and theBoard of Directors for their approval on a quarterly basis.
Your Directors draw attention of the members to Note 31 to thefinancial statement which sets out related party disclosures.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to section 134(3)(c) and 134(5) the Board of Director to thebest of their knowledge and ability confirms that:
i. In the preparation of the annual accounts the applicable accountingstandards have been followed and there are no material departures.
ii. The directors have selected such accounting policies and appliedthem consistently and made judgments and estimates that were reasonable and prudent so asto give a true and fair view of the state of affairs of the Company at the end of thefinancial year and of the profits of the Company for the year under review;
iii. The directors have taken proper and sufficient care for themaintenance of adequate accounting records in accordance with the provisions of theCompanies Act 2013 for safeguarding the assets of the Company and for preventing anddetecting fraud and other irregularities;
iv. The directors have prepared the annual accounts of the Company on agoing concern basis.
v. The directors had laid down internal financial controls to befollowed by the company and that such internal financial controls are adequate and wereoperating effectively.
vi. The directors had devised proper system to ensure compliance withthe provisions of all applicable laws and that such system were adequate and operatingeffectively.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
In accordance with the provisions of the Company's Act 2013 Mr. VinodKashyap Director of the Company will retire by rotation at the forthcoming Annual GeneralMeeting and being eligible offer himself for re-appointment. Your Directors recommend hisre-appointment as Director of the Company. The brief resume of Mr. Vinod Kashyap and otherrelevant details are given in the accompanying Notice of AGM.
The details of Director being recommended for reappointment as requiredunder the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 arecontained in the accompanying Notice convening the ensuing Annual General Meeting of theCompany. Appropriate Resolution(s) seeking your approval to the re-appointment of Directorare also included in the Notice.
NUMBER OF MEETINGS OF THE BOARD
The Board meets on regular intervals to discuss on Company/businesspolicy strategy and financial results apart from other Board business. A tentativecalendar of Meetings is prepared and circulated in advance to the Directors to facilitatethem to plan their schedule and to ensure meaningful participation in the meetings.
During the year Four Board Meetings were convened and held. The detailsof which are given in the Corporate Governance Report which forms part of this report. Theintervening gap between the Meetings was within the period prescribed under the CompaniesAct 2013.
Pursuant to the requirements of Schedule IV to the Companies Act 2013and the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 aseparate Meeting of the Independent Directors of the Company was also held on February 102021 without the presence of Non-Independent Directors and members of the management toreview the performance of NonIndependent Directors and the Board as a whole theperformance of the Chairperson of the company taking into account the views of ExecutiveDirectors Non-Executive Non-Independent Directors and also to assess the qualityquantity and timeliness of flow of information between the Company management and theBoard.
COMMITTEES OF THE BOARD
The Board has six committees viz; Audit Committee Nomination andRemuneration Committee Stakeholders' Relationship Committee Corporate SocialResponsibility Committee Risk Management Committee and Executive Committee. The detailspertaining to the composition of above committees & their meetings are givenseparately under the Corporate Governance Report which forms part of this report.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS
The Company's policy on directors' appointment and remuneration andother matters provided in Section 178(3) of the Act has been disclosed in the CorporateGovernance report which forms part of the Board's report.
Pursuant to the provisions of Section 134(3) Section 149(8) andSchedule IV of the Act read with Listing Regulations Annual Performance Evaluation of theBoard the Directors as well as Committees of the Board has been carried out. Theperformance evaluation of all the Directors and the Board as a whole was conducted basedon the criteria and framework adopted by the Board details of which are provided in theCorporate Governance Report. The properly defined and systematically structuredquestionnaire was prepared after having considered various aspects and benchmarks of theBoard's functioning composition of the Board and its Committees performance of specificduties obligations and governance. The performance evaluation of the IndependentDirectors was carried out by the entire Board and the performance evaluation of theChairman and Non-Independent Directors was carried out by the Independent Directors intheir separate meeting. The Board of Directors expressed their satisfaction with theevaluation process.
DECLARATION BY INDEPENDENT DIRECTORS
The Company has received declaration from the Independent Directorsthat they meet the criteria of independence as prescribed u/s 149(6) of the Companies Act2013. In the opinion of the Board they fulfill the condition for appointment/re-appointment as Independent Directors on the Board. Further in the opinion of theBoard the Independent Directors also possess the attributes of integrity expertise andexperience as required to be disclosed under Rule 8(5) (iiia) of the Companies (Accounts)Rules 2014.
The observation made in the Auditors' Report read together withrelevant notes thereon are self-explanatory and hence do not call for any furthercomments under Section 134 of the Companies Act 2013.
There were no qualifications reservations or adverse remarks made bythe Auditors in their report.
DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SECTION 143(12)
During the year under review there were no frauds reported by theauditors to the Audit Committee or the Board under section 143(12) of the Companies Act2013.
COST ACCOUNTS AND COST AUDIT
In terms of Section 148 of the Companies Act 2013 read with Rule 8 ofthe Companies (Accounts) Rules 2014 it is stated that the cost accounts and records aremade and maintained by the Company as specified by the Central Government undersub-section (1) of Section 148 of the Companies Act 2013.
The Board of Directors of the Company on the recommendation of theAudit Committee approved the appointment of and remuneration payable to M/s. Sanjay Gupta& Associates Cost Accountants as the Cost Auditors of the Company to audit the costrecords for the financial year ending March 31 2022. The Company has received theirwritten consent that the appointment is in accordance with the applicable provisions ofthe Companies Act 2013 and rules framed thereunder. As per the statutory requirement therequisite resolution for ratification of remuneration of the Cost Auditors by the membersof the Company has been set out in the Notice convening 32nd AGM of theCompany.
Pursuant to provisions of section 204 of the Companies Act 2013 andThe Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 thecompany has appointed Sharma Jain & Associates a firm of company Secretaries inpractice to undertake the Secretarial Audit of the Company for the financial year ended on31 March 2021.
SECRETARIAL AUDIT REPORT
As required under section 204 (1) of the Companies Act 2013 theCompany has obtained a secretarial audit report.
There were no qualifications reservations or adverse remarks made bythe Practicing Company Secretary in their report.
The Secretarial Audit report is annexed herewith as "Annexure-C"
PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS:
Loans guarantees and investments covered under the provisions ofsection 186 of the Companies Act 2013 forms part of the notes to the financial statementsprovided in the Annual Report.
CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
The Company in compliance with Section 135 of the Companies Act 2013has constituted a Corporate Social Responsibility Committee (CSR Committee) of the Boardof Directors. The CSR Committee comprising Mr. H.N. Nanani as the Chairman and Mr. VinodKashyap Mr. Vineet Kashyap and Mr. Vikram Kashyap as other members.
The CSR Policy is available on our website at:https://www.blkashyap.com/DOC/CSRPolicy.pdf
Annual Report on CSR activities as required under the CompaniesCorporate Social Responsibility Policy Rules has been annexed to this Report as "AnnexureE" which forms an integral part of this report.
VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has in place an alert procedure "Vigil Mechanism /Whistle Blower Policy" to deal with instance of fraud and mismanagement if any.
In staying true to our values of Strength Performance and Passion andin line with our vision of being one of the most respected companies in India the Companyis committed to the high standards of Corporate Governance and stakeholder responsibility.
The procedure "Vigil Mechanism / Whistle Blower Policy"ensures that strict confidentiality is maintained whilst dealing with concerns and alsothat no discrimination will be meted out to any person for a genuinely raised concern.
The policy on vigil mechanism and Whistle Blower Policy may be accessedon the Company's website at https://www.blkashyap.com/DOC/WhistleBlower2014.pdf
INSIDER TRADING REGULATIONS
The Company has adopted a Code of Conduct for Prevention of InsiderTrading with a view to regulate trading in securities by the Directors and designatedemployees of the Company. The Code requires pre-clearance for dealing in the Company'sshares and prohibits the purchase or sale of Company shares by the Directors and thedesignated employees while in possession of unpublished price sensitive information inrelation to the Company and during the period when the Trading Window is closed. The Boardis responsible for implementation of the Code.
All Board Directors and the designated employees have confirmedcompliance with the Code.
PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
As per the requirement of The Sexual Harassment of Women at Workplace(Prevention Prohibition & Redressal) Act 2013 and the rules made thereunder yourCompany has formulated an internal policy on Sexual Harassment of Women at Workplace(Prevention Prohibition & Redressal).
The policy aims at educating employees on conduct that constitutessexual harassment ways and means to prevent occurrence of any such incident and themechanism for dealing with such incident in the unlikely event of occurrence.
The Internal Complaints Committee is responsible for redressal ofcomplaints related to sexual harassment of women at the workplace in accordance withprocedures regulations and guidelines provided in the Policy.
Disclosures in relation to the Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Act 2013
The Company is committed to providing and promoting a safe and healthywork environment for all its employees. A policy which is in line with the statutoryrequirements is in place
a. number of complaints filed during the financial year - Nil
b. number of complaints disposed of during the financial year - Nil
c. number of complaints pending as on end of the financial year - Nil LISTING
The Equity Shares of the Company are listed on National Stock Exchangeof India Limited and BSE Limited. The requisite annual listing fees have been paid tothese Exchanges.
PARTICULARS REGARDING CONSERVATION OF ENERGY TECHNOLOGY ABSORPTIONFOREIGN EXCHANGE EARNINGS AND OUTGO
The Company has taken suitable measures for conservation of energy. Thecore activity of the company is civil construction that is not an energy intensiveactivity. At every possible level Company is trying to conserve the use of energy i.e.power & fuel.
There is no information to be furnished regarding Technology Absorptionas your Company has not undertaken any research and development activity in anymanufacturing activity nor any specific technology is obtained from any external sourceswhich needs to be absorbed or adopted. Innovation is a culture in the Company to achievecost efficiency in the construction activity to be more and more competitive in theprevailing environment that cannot be quantified.
While there was no Foreign Currency earning during the year underreview the Foreign Currency outgo was NIL.
Your Company does not have any stock options scheme.
Your company continues to enjoy ISO 9001:2015 ISO 14001:2004 and OHSAS18001:2007 accreditation for meeting international standards of Quality EnvironmentalOccupational Health and Safety Management Systems.
HEALTH AND SAFETY
The Company places highest value on ensuring the safety of itsemployees labours third parties and visitors. At each of our project sites it isensured that safe work practices are followed and environment is protected. Every possiblemeasure is taken to protect environment and ensure occupational health and safe workingplaces for its employees. Our constant and collective efforts for ensuring accident-freeoperations fail proof risk management and a cleaner safer environment have paid richdividends over the decades leading to better growth opportunities and enhanced trust. TheCompany has been accredited with OHSAS 18001:2007 certification which reinforces & isbenchmark for the quality of safety standard and practices which are regularly been usedat project sites.
PARTICULARS OF EMPLOYEES
The information required under Section 197 of the Act read with rule5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014are given below:
a. The ratio of the remuneration of each director to the medianremuneration of the employees of the Company for the financial year:
|Non-executive directors ||Ratio to median remuneration |
|Mr. H.N. Nanani ||- |
|Justice C.K. Mahajan (Retd.) ||- |
|Mr. Naresh Lakshman Singh Kothari ||- |
|Ms. Poonam Sangha ||- |
|Mr. Sharad Sharma ||- |
|Mr. Vivek Talwar ||- |
|Mr. Settihalli Basavraj || |
* No remuneration was paid to Non-executive directors except sittingfees.
|Executive directors ||Ratio to median remuneration |
|Mr. Vinod Kashyap ||14.96 times |
|Mr. Vineet Kashyap ||14.96 times |
|Mr. Vikram Kashyap ||14.96 times |
b. The percentage increase in remuneration of each director chiefexecutive officer chief financial officer company secretary in the financial year:
|Directors Chief Executive Officer Chief Financial Officer and Company Secretary ||% increase in remuneration in the financial year |
|Mr. Vinod Kashyap ||Nil |
|Mr. Vineet Kashyap ||Nil |
|Mr. Vikram Kashyap ||Nil |
|Mr. Manoj Agarwal 'CFO' ||Nil |
|Mr. Pushpak Kumar 'CS' ||Nil |
c. The percentage increase in the median remuneration of employees inthe financial year: Nil
d. The number of permanent employees on the rolls of Company: 962
e. Average percentile increase already made in the salaries ofemployees other than the managerial personnel in the last financial year and itscomparison with the percentile increase in the managerial remuneration and justificationthereof and point out if there are any exceptional circumstances for increase in themanagerial remuneration:
Average percentile increase in the remuneration for allemployees and managerial personnel was Nil.
Remuneration to executive directors was paid during FY 2020-21in terms of Schedule V of the Companies Act 2013.
f. Affirmation that the remuneration is as per the remuneration policyof the Company:
The Company affirms remuneration is as per the remuneration policy ofthe Company.
g. The statement containing particulars of employees as requiredunder Section 197(12) of the Act read with Rule 5(2) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 is provided in a separate 'Annexure-D'forming part of this report.
The Company is committed to maintain the highest standard of CorporateGovernance and adhere to the Corporate Governance requirements set out by SEBI.
The report on Corporate Governance as stipulated under LODR Regulation2015 forms an integral part of the Annual Report.
The requisite Certificate from the Auditors of the Company confirmingcompliance with the conditions of Corporate Governance as stipulated under the ListingRegulations is appended to the Corporate Governance Report.
MANAGEMENT DISCUSSION AND ANALYSIS
In terms of the provisions of Regulations 34 of the SEBI (ListingObligation and Disclosure Requirements) Regulations 2015 the Management's Discussion andAnalysis is set out in this Annual Report.
BUSINESS RESPONSIBILITY REPORT
As required under Regulation 34 of the listing Regulations the BusinessResponsibility Report is provided in a separate section & forms part of Annual Report.
EXTRACT OF ANNUAL RETURN
As for the Requirement of section 92(3) of the act and rules frametheir under the extract of the Annual Return for F.Y. 2020-21 is uploaded of the websiteof the company and the same is available act https://www.blkashyap.com/investor-relations/
The Company is also periodically uploading Annual Reports FinancialResults Shareholding Pattern Corporate Governance Reports etc. on its website viz.www.blkashyap.com within the prescribed time limit.
Your directors would like to express their gratitude for the supportassistance and cooperation received from the Financial Institutions Bankers andGovernment Authorities Regulatory Authorities Stock Exchanges Joint Ventures Partners/Associates during this outbreak of a global pandemic which has send tremors in all sectorsof the economy. Your Company is no exception and is fighting the adversities. Yet thetrust that it has gained over the years has been of immense additional support.
The Board also wishes to place on record its appreciation of thecontinued support from Client Vendors and Investors during the year. We place on recordour appreciation of the contribution made by employees at all levels. Our efforts atconsolidating our position would not have been possible but for their hard worksolidarity cooperation and support. The Board expects to continue to receive theircontinued support and cooperation in future also.
| || ||For and on behalf of the Board of Directors of |
| || ||B.L. KASHYAP AND SONS LIMITED |
|Place: New Delhi ||(VINOD KASHYAP) ||(VINEET KASHYAP) |
|Dated: 12 August 2021 ||CHAIRMAN ||MANAGING DIRECTOR |
| ||DIN: 00038854 ||DIN: 00038897 |