DIRECTOR'S REPORT Your Directors have pleasure in presenting 26th Annual Report together with Audited Statements of Accountants of the Company for the year ended March 31, 2015. FINANCIAL RESULTS During the year 2014-15 BIBCOL has turnover of Rs. 14,622.07 lacs as against the previous year turnover of Rs. 20,275.35 lacs. The Profit Before Tax is Rs. 2,09.33 lacs for the year as against off previous year Profit Before Tax of Rs. 11,00.97 lacs. The accumulated losses has been reduced upto Rs. 1,86.54 lacs as against of previous year figure of Rs. 341.13 lacs. DIVIDEND Since there is still accumulated loss of Rs. 1,86.54 lacs, it has not been recommended any dividend for the current year. No dividend was declared on want of surplus income. FUTURE OUTLOOK The company is working on different feasible scientific projects like Blood Products, Rubella Measles vaccine and licensing for Ready to use Therapheutic food for malnourished children, dispersible Iron -Folic Acid tablets for treatment of anemia and Mineral Vitamin Mix powder. Company is aiming for commercialization of these products in the near future. FIXED DEPOSIT Your company has not accepted/ invited any Deposits from public pursuant to Section 73 of the Companies Act, 2013, till the end of the year under review. DIRECTORS The Board of the Company has variation in its composition during the year as follows:- Managing Director Sh. Sreeshan Raghavan has been superannuated in August 2015 and same has been entrusted to Mrs. Veena Tamta Bhatia as Managing Director, Ms. Anuradha Mitra and Sh. K. Sreenivasulu have been ceased as Member of the Board due to vacation of their parent post. LISTING OF SECURITIES The shares of the company are listed with below mentioned Stock Exchanges: (a) The Bombay Stock Exchange, Mumbai (b) The Delhi Stock Exchange Limited, New Delhi. The company has paid annual listing fee to the above Stock Exchanges for the year 2014-2015. AUDITOR'S REPORT M/s. Hari & Associates, Chartered Accountants have been appointed as Statutory Auditors of the Company by Comptroller and Auditor General of India for the period under review. Comments on the observation of the Auditors' / CAG are given as addendum to Director's Report and are self-explanatory and/or suitably explained in various Notes on the Accounts. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND~PDT50-- In accordance with the provisions of Sec. 134 (3)(m) of the Companies Act,2013 and the Companies (Accounts) Rule, 2014 the required information relating to conservation of energy, technology absorption and foreign exchange outgo is available at Annexure and forms an integral part of this report. DIRECTOR'S RESPONSIBILITY STATEMENT: On the basis of compliance certificates received from the Internal Auditors and Executives of the Company, subject to the disclosures in the Annual Accounts and also on the basis of the discussion with the Statutory Auditors of the Company from time to time, we state as under: (a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; (£>) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial 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 of adequate accounting records in accordance with the provisions of this Act for safeguarding the 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; and (e) the directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively. (f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively. The Company's Internal Auditor has conducted periodic audit to provide reasonable assurance that the Company's established policies and procedures have been followed. The Audit Committee constituted by the board reviews the internal control and financial reporting issues with the Internal Auditor. Further the Board, based on declaration by independent directors under sub-section (6) of section 149, state that there is no disqualification as mentioned in the provision of this section of the Companies act, 2013 during the period. PERSONNEL Relations with the Employees remained cordial and harmonious throughout the year, thereby strengthening the commitment of the Employees at all level to the growth of the Company. CORPORATE GOVERNANCE Pursuant to Clause 49 of the Listing Agreement, (a) Report of the Directors on the Practice prevalent on Corporate Governance in the company and (b) Practicing company secretary's Certificate on Compliance of mandatory requirements of Corporate Governance are given in the annexure to this report. 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 in the annexure to this report. ACKNOWLEDGEMENT The Directors acknowledge with gratitude the co-operation extended by various agencies of the Central Government, banks and all business Associates during the year under review. The board also takes this opportunity to express its deep gratitude for the continuous support received from the Shareholders and Whole hearted cooperation given by the employees of the Company working at various levels. For and on behalf of Board of Director Managing Director Place: Bulandshahr Date: 31.08.2015 |