On behalf of the Board of Directors I hereby present the 30th Annual Reporttogether with Audited Statements of Accountants of the Company for the year ended March31 2019.
During the year 2018-19 BIBCOL has turnover of Rs.8364.56 lakhs as against theprevious year turnover of Rs.3479.88 lakhs. The (Loss)/Profit before tax is Rs. -737.35lakhs for the year as compared to the previous year profit of Rs.-795.89 lakhs. Theaccumulated losses has been increased to Rs. 1250.26 lakhs as compared of previous yearfigure of Rs. 568.51 lakhs.
In view of the accumulated losses company has not been recommending any dividend forthe year.
Company has diversified into new area and two projects namely Development andproduction of Oral Cholera Vaccine and Development and production of Plasma DerivedMedicines have been approved and the work on project execution has begun.
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.
There are two changes in Board as Dr. Chitra Mandal w.e.f 03.04.2019 has vacated heroffice and Dr. Madhu Dikshit has been added w.e.f. 21.06.2019 in Board of the company.
LISTING OF SECURITIES
The shares of the company are listed with Bombay Stock Exchange. The company has paidannual listing fee to Bombay Stock Exchange for the year 2019-2020.
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 to Director'sReport and are self-explanatory and/or suitably explained in various Notes on theAccounts.
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 accounting standards hadbeen followed along with proper explanation 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 and loss of the company for that period;
(c) the directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets 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 by thecompany and that such internal financial controls are adequate and were operatingeffectively.
Since the Company is Government company and it is following the General Financial Rulesof Ministry of Finance Government of India. Further the Company has some Rules of its ownand in absence of any particular clarity; the Government of India prescribed Rules arebeing followed.
(f) the directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.
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 2018-19.
The company has CSR Committee of its Directors comprising of Dr. Sudhanshu Vrati Dr.Mohd. Aslam and Sh. Roshan Lal.
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 2019 supported bya certificate 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 31stMarch 2019. Their Report has been annexed with this report and forms part of this Report.
Maintenance of cost records as specified by the Central Government under sub-section(1) of section 148 of the Companies Act 2013 is required by the Company and accordinglysuch accounts and records are made and maintained and the Audit Report has been filed atMCA for the year 2018-19. M/s Sunny Chhabra & Co. is the cost auditor of the companyat the fee of Rs. 30000 for the year.
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
The company has complied with provisions relating to the constitution of InternalComplaints Committee under the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013. During the year under review no complaints receivedon sexual harassment.
The Directors acknowledge with gratitude the co-operation extended by Department ofBiotechnology the administrative department various agencies of the Central GovernmentBank 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: ||Managing Director |