The Directors of your Company have pleasure in presenting the 8th AnnualReport together with the Audited Statements of Accounts and Auditors Report of yourCompany for the financial year ended 31st March 2018.
The Company's financial performances for the financial year under review along withprevious year's figures are given hereunder:
| || ||(in Rs.) |
|PARTICULAR ||2017-18 ||2016-17 |
|Income from: || || |
|-Business Operations ||Nil ||6900000 |
|-others ||5731571 ||295865 |
|Total Income ||5731571 ||7195865 |
|Less Interest ||Nil ||NIL |
|Expenses (including other expenses) ||572268 ||1150895 |
|Profit before Depreciation ||5159303 ||6044970 |
|Less Depreciation ||NIL ||NIL |
|Profit after depreciation and Interest ||5159303 ||6044970 |
|Less Current Income Tax ||230000 ||1680000 |
|Less Previous year adjustment of Income Tax ||10120 ||9850 |
|Net Profit after Tax ||4918983 ||4355120 |
|Balance carried to Balance Sheet ||4918983 ||4355120 |
|Earning per share (Basic) ||0.74 ||0.66 |
|Earning per Share (Diluted) ||0.74 ||0.66 |
No Dividend was declared for the current financial year by the Company due to moderateprofit and seeing future growth of the Company.
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND
Since there was no Dividend declared in previous years the provisions of Section 125of the Companies Act 2013 do not apply.
AMOUNT TRANSFER TO GENERAL RESERVE IN TERMS OF SECTION 134(3)J OF THE COMPANIES ACT2013
The Company has not proposed any amount for transferring to general reserve for thisfinancial year ended 31st March 2018.
REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS
The net profit for the financial year after tax under review is Rs. 4918983/- ascompared to previous financial year profit of Rs. 4355120 /-. Further Directors arelooking for more growth of the Company in future.
MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANYOCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTS RELATEAND THE DATE OF THE REPORT
No material changes and commitments affecting the financial occurred between the endsof the financial year to which these financial statements relate and the date of thisreport.
STOCK EXCHANGE & LISTING FEES
Company's Equity Shares at present are listed at NSE ITP Emerge. It may be noted thatthere are no payment outstanding to the Stock Exchange by way of listing fees etc.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO
The provision of Section 134 (3)(m) of the Companies Act 2013 read with Rule 8(3) ofthe Companies (Accounts) Rules 2014 do not apply to our Company.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF THECOMPANY
Risk Management is an integral part of the Company's business strategy. The Boardreviews compliance with risk policies monitors risk tolerance limits reviews andanalyzes risk exposure related to specific issues and provides oversight of risk acrossthe organization. The Board nurtures a healthy and independent risk management function toinculcate a strong risk management culture in the Company.
ORDERS PASSED BY REGULATORS/COURTS
No orders passed by the regulators or courts or tribunals impacting the going concernstatus and Company's operations in future.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The disclosures as per Rule 9 of Companies (Corporate Social Responsibility Policy)Rules 2014 is not applicable as Company is not covered under the criteria mentioned inSection 135(1) of Companies Act 2013.
DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP) APPOINTED / RESIGNED DURING THEFINANCIAL YEAR
Mr. Dinesh Gupta has resigned from the post of Whole- time Director of the Companyw.e.f 03.01.2018.
CHANGE IN THE NATURE OF BUSINESS
There were no changes in the nature of business of the Company during the financialyear 2017-18.
PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIESACT 2013
There was no loan and guarantee made by the Company under Section 186 of the CompaniesAct 2013 during the Financial Year under review. However Company has not made anyinvestment for the period under review.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
There was no contract or arrangements made with related parties as defined underSection 188 of the Companies Act 2013 during the financial year under review.
EXPLANATION OR COMMENTS ON QUALIFICATIONS RESERVATIONS OR ADVERSE REMARKS ORDISCLAIMERS MADE BY THE STATUTORY AUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIRREPORTS
There was no qualifications reservations or adverse remarks made by the either by theAuditors or by the Practicing Company Secretary in their respective reports.
COMPANY'S POLICY RELATING TO DIRECTORS APPOINTMENT PAYMENT OF REMUNERATION ANDDISCHARGE OF THEIR DUTIES
All Directors Key Managerial Personnel and senior management of the Company haveconfirmed compliance with the Code of Conduct applicable to the Directors and employees ofthe Company. The Code of Conduct is available on the Company's website. All Directors haveconfirmed compliance with provisions of section 164 of the Companies Act 2013.
Further the Independent Directors have submitted their disclosures to the Board thatthey fulfill all the requirements as stipulated in Section 149(6) of the Companies Act2013 so as to qualify themselves to be appointed as Independent Directors under theprovisions of the Companies Act 2013 and the relevant rules. Disclosures are given in AnnexureI'.
EVALUATION OF THE BOARD'S PERFORMANCE
The Companies Act 2013 mandates formal annual evaluation by the Board of its ownperformance and that of its committees and Individual Directors. Schedule IV to theCompanies Act 2013 provides that the performance evaluation of Independent Directorsshall be done by the entire Board of Directors excluding the Directors being evaluated.
Pursuant to the provisions of the Companies Act 2013 the Board has carried out annualevaluation of performance of Directors individually Board as a whole and followingCommittees of the Board of Directors.
i) Audit Committee
ii) Nomination and Remuneration Committee
iii) Stakeholder Relationship Committee
Pursuant to the provisions of the Companies Act 2013 the Board has carried out theannual performance evaluation of its own performance the Directors individually as wellas the evaluation of the working of its Audit and Nomination and Remuneration Committee.
An exercise was carried out to evaluate the performance of individual Directorsincluding the Chairman of the Board who were evaluated on parameters such as level ofengagement and contribution independence of judgement safeguarding the interest of theCompany etc. The performance evaluation of the Independent Directors was carried out bythe entire Board. The performance evaluation of the Chairman and the Non IndependentDirectors was carried out by the Independent Directors who also reviewed the performanceof the Secretarial Department. The Directors expressed their satisfaction with theevaluation process.
The company follows a policy on remuneration of Directors and Senior ManagementEmployees. The policy is approved by the Nomination and Remuneration Committee and theBoard.
HUMAN RESOURCE MANAGEMENT & SAFETY
During the financial year the Company had cordial relations with workers staff andofficers. Company believes in empowering its employees through greater knowledge teamspirit and developing greater sense of responsibility.
REPORT UNDER THE PREVENTION OF SEXUAL HARASSMENT ACT 2013
There were no complaints reported under the Prevention of Sexual Harassment of Women atWorkplace (Prevention Prohibition and Redressal) Act 2013.
PARTICULARS OF EMPLOYEES
Information in accordance with the provisions of Section 197(12) of the Companies Act2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 regarding employees is given in Annexure II'.
The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule12 of the Companies (Management and administration) Rules 2014 as prescribed in Form No.MGT-9 is furnished in Annexure IV' and is attached to this Report.
NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW
The Company had 7 (Seven) Board Meetings conducted during the financial year underreview.
The Company has neither invited nor accepted any deposits from the public during thefinancial year. There is no unclaimed or unpaid deposit lying with the Company.
M/s Sanjay Chopra & Co. Chartered Accountants New Delhi were appointed asStatutory Auditors for a period of Five financial years for the Financial year 2014-15 to2018-19 in the Annual General Meeting held on 01st August 2014.
INTERNAL CONTROL SYSTEM & INTERNAL AUDITORS
The Company has adequate internal control systems and procedures designed toeffectively control the operations. The internal control systems are designed to ensurethat the financial and other records are reliable for the preparation of financialstatements. The Company has well designed Standard Operating Procedures.
Mr. Raman Kumar Chartered Accountant has been appointed in Company for the purpose ofInternal Audit.
Independent Internal Auditor conducts General Accounting & Statutory Compliancewith specified standards. Planned periodic reviews are carried out by Internal Audit. Thefindings of Internal Audit are reviewed by the top management and by the Audit Committeeof the Board of Directors.
The Audit Committee also met the company's Statutory Auditors to ascertain their viewson the financial statements including the Financial Reporting Systems Compliance toAccounting Policies and Procedures the adequacy and effectiveness of the InternalControls and Systems followed by the Company.
The Chairman informed the Board that pursuant to provisions of Section 204 of theCompanies Act 2013 Secretarial Audit is compulsory for every Listed Company. So for thesame the Board considered and approved the appointment of Kanishk Arora & Co. CompanySecretaries Delhi as Secretarial Auditors of the Company for auditing the secretarial andrelated records of the Company.
A Secretarial Audit was conducted during the financial year by the Secretarial AuditorM/s. Kanishk Arora & Co. The Secretarial Auditors Report is attached as AnnexureIII'.
There are no qualifications or observations or remarks made by the Secretarial Auditorin their Report.
Company does not appoint cost auditor as the provisions related to Cost Audit is notapplicable to the Company.
SUBSIDIARIES JOINT VENTURES AND ASSOCIATE COMPANIES
Company does not have any subsidiary joint ventures and associate Companies within themeaning of the Companies Act 2013. Therefore the disclosure of particulars with respectto information related to performance and financial position of the Subsidiaries jointventures or associate Companies subject to rule 8(1) of Companies (Accounts) Rules 2014is not applicable.
DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES
1. Names of companies which have become to be its Subsidiaries joint ventures orassociate companies during the year: N.A.
2. Names of companies which have ceased to be its Subsidiaries joint ventures orassociate companies during the year: N.A.
ANNEXURES FORMING A PART OF DIRECTOR'S REPORT
The Annexures referred to in this Report and other information which are required to bedisclosed are annexed herewith and form a part of this Report:
I Declaration by Independent Directors
II Particulars of Employees under Section 197(12) of the Companies Act 2013
III Secretarial Audit Report
IV Extract of the Annual Return in Form MGT-9
DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL MECHANISM
The Audit Committee consists of the following members:-
a. Mr. Udit Barathi Non-Executive and Independent Director
b. Mr. Ishwar Anand Non-Executive and Independent Director
c. Mr. Rajesh Gupta Managing Director
The above composition of the Audit Committee consists of independent Directors viz.Mr. Udit Barathi and Mr. Ishwar Anand who form the majority.
The Company has established a vigil mechanism and overseas through the committee thegenuine concerns expressed by the employees and other Directors. The Company has alsoprovided adequate safeguards against victimization of employees and Directors who expresstheir concerns. The Company has also provided direct access to the chairman of the AuditCommittee on reporting issues concerning the interests of co-employees and the Company.
The Whistle Blower Policy is available on the Company's website.
a. BUY BACK OF SECURITIES
The Company has not bought back any of its securities during the year under review.
b. SWEAT EQUITY
The Company has not issued any Sweat Equity Shares during the year under review.
c. BONUS SHARES
No Bonus Shares were issued during the year under review.
d. EMPLOYEES STOCK OPTION PLAN
The Company has not provided any Stock Option Scheme to the employees.
DIRECTORS RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 134(5) of the Companies Act 2013 theBoard hereby submits its responsibility Statement:
a) In the preparation of the annual accounts the applicable accounting standardshad 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;
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) The directors had devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.
The Company's Internal Auditors have conducted periodic audits to provide reasonableassurance that the Company's approved policies and procedures have been followed.
Directors place on record their sincere thanks to bankers business associatesconsultants and various Government Authorities for their continued support extended toyour Companies activities during the year under review. Directors also acknowledgegratefully the shareholders for their support and confidence reposed on your Company.
| ||FOR AND ON BEHALF OF THE BOARD OF DIRECTORS |
| ||BDR BUILDCON LIMITED |
| ||Sd/- ||Sd/- |
|Date: 08.08.2018 ||Rajesh Gupta ||Renu Gupta |
|Place: New Delhi ||Managing Director ||Director |
| ||DIN- 00163932 ||DIN- |
| ||R/o-B-393 Block-B ||R/o- B-393 Block-B |
| ||New Friends Colony ||New Friends Colony |
| ||New Delhi-110 025 ||New Delhi-110 025 |