172@29@16@15!~!172@29@0@53!~!|commonstore|commonfiles|moneycontrol_header.php?cid=0&s_cid=0&radar_off=0&is_revamped_header=0&is_responsive=1&sec=PNC_ANNUALREPORT&priceinter=1&frommc=1!~!|commonstore|commonfiles|moneycontrol_header.php

Network18 Presents

partnered by

  • Galaxy Note20 | 20 Ultra
Moneycontrol
SENSEX NIFTY

Network18 Presents

  • partnered by
  • Galaxy Note20 | 20 Ultra
you are here:

Bilpower Ltd.

BSE: 531590 | NSE: BILPOWER | Series: NA | ISIN: INE952D01018 | SECTOR: Metals - Non Ferrous

BSE Live

May 13, 16:00
0.56 0.00 (0.00%)
Volume
No Data Available
1,982
  • Prev. Close

    0.56

  • Open Price

    0.57

  • Bid Price (Qty.)

    0.57 (1205)

  • Offer Price (Qty.)

    0.00 (0)

Bilpower is not traded on BSE in the last 30 days

NSE Live

May 13, 15:41
0.55 0.00 (0.00%)
Volume
No Data Available
100
  • Prev. Close

    0.55

  • Open Price

    0.55

  • Bid Price (Qty.)

    0.55 (400)

  • Offer Price (Qty.)

    0.00 (0)

Bilpower is not traded on NSE in the last 30 days

Annual Report

For Year :
2014 2013 2012 2011 2010 2009 2008 2007

Director’s Report

Dear Members, The Directors of your Company have pleasure in presenting Twenty Fifth Annual Report together with the Audited Accounts and Auditors'' Report for the year ended 31st March, 2014. 1. Financial Performance: The financial performance of the Company for the year ended 31st March, 2014 is as summarized below:- (Rs. in Lacs) Particulars 2013-2014 2012-2013 Gross Turnover & Other Income 568.70 3769.49 Profit / (Loss) before Exceptional Item, Interest, Depreciation & Taxation (227.87) (1246.12) Less- Exceptional Item (Provision for Doubtful Debts) 3154.37 755.79 Profit / (Loss) before Interest, Depreciation & Taxation (3382.24) (2001.91) Less - Interest 38.70 2268.91 Profit / (Loss) before Depreciation & Taxation (3420.94) (4270.82) Less - Depreciation 33.76 42.40 Profit / (Loss) before tax (3454.70) (4313.22) Less- Provision for Taxation (Incl. Deferred Tax) 6.82 (122.42) Net Profit / (Loss) for the year (3461.52) (4190.80) Add - Surplus brought forward from previous Year (4362.71) (171.91) Profit / (Loss) available for Appropriations (7824.23) (4362.71) Appropriations:- Transfer to General Reserve - Balance Carried to Balance Sheet (7824.23) (4362.71) 2. Performance Review: For the year 2013-14, the Turnover of the Company has decreased and stood at Rs. 384.64 Lakhs and Net Loss incurred is Rs. 3461.52 Lakhs. The substantial loss has resulted due to exceptional item and lower capacity utilization coupled with falling margins. 3. Dividend: Your Directors do not recommend any dividend for the year under review in view of losses incurred. 4. Directors: Mr. Rajendrakumar Anandilal Choudhary, Director, retire from the Board by rotation and being eligible has offered himself for re-appointment at the ensuing Annual General Meeting. Pursuant to Sections 149, 150 & 152 of the Companies Act, 2013 read with Companies (Appointment and qualification of Director) Rules, 2014 along with Schedule IV or re-enactment thereof for the time being in force, the Independent Directors can hold office for a term of Five consecutive years on the Board of your Company. Accordingly, it is proposed to appoint Mr. Kesavan Mudakkarappillil Sugathan and Mr. Lalit Laxiram Agarwal, existing Directors as Non - Executive Independent Directors for a term of five consecutive years and shall not be liable to retire by rotation. The Company has received requisite notice from the respective directors proposing their candidature for appointment as an Independent Director and has also received declaration from the aforesaid Independent Directors confirming that they meet the criteria of Independence as prescribed under provisions of Section 149(6) of the Companies Act, 2013 and Clause 49 of the Listing Agreement with the Stock Exchanges. Brief resume of the Directors proposed to be appointed/ re-appointed, qualification, experience and the names of the Companies in which they hold directorship, membership of the board committees, as stipulated in the clause 49 of the listing agreement are provided in the Report on Corporate Governance forming a part of the annual report. 5. Directors'' Responsibility Statement: Pursuant to the requirement under Section 2I7(2AA) of the Companies Act, 1956, the Directors, to the Best of their knowledge and belief, confirm that: - a) In the preparation of the annual accounts for the financial year 2013-14, the applicable accounting standards have been followed and there are no material departures; b) Appropriate accounting policies have been selected and applied consistently and such judgments & estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2014 and of the Profit / loss of the Company for the accounting year ended on that date; c) Proper & sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, I956 for safeguarding the assets of the Company and for preventing & detecting fraud and other irregularities; and d) The annual accounts of the Company have been prepared on a going concern basis. 6. Auditors: M/s. Bansal Bansal & Co, Chartered Accountants, who are the Statutory Auditors of the Company, hold office till the conclusion of the forthcoming AGM and are eligible for re-appointment. Pursuant to the provisions of section 139 of the Companies Act, 2013 and the Rules framed there under, it is proposed to appoint M/s. Bansal Bansal & Co as statutory auditors of the Company from the conclusion of the Twenty Fifth Annual General Meeting (AGM) till the conclusion of Twenty Sixth Annual General Meeting (AGM). The Company has received a Certificate from them that their re-appointment, if made, would be within the limits and that they are not disqualified for such an appointment under the Companies Act, 2013. Their reappointment is recommended by the board. 7. Auditors'' Report: As regards Auditor''s remarks in the Audit report, comments of the Board of Directors are as under: a) Auditor Remark: The financial statements of the company have been prepared on a going concern basis, notwithstanding the fact that its net worth is fully eroded due to high losses for the financial years 2011-2012, 2012-2013 and 2013-2014. The appropriateness of the said basis is interalia dependent on the company''s ability to infuse requisite funds for meeting its obligations, rescheduling of debt and resuming normal operations. Boards Comments on the same: The above Auditors remarks are self explanatory. b) Auditor Remark: The company has sent letters to customers in respect of trade receivables for confirming balances outstanding as at March 31,2014, but in most of the cases the customers have not sent written confirmation confirming the balance outstanding as at March 31,2014. In the absence of confirmation any provision to be made for adverse variation in the carrying amounts of trade receivables is not quantified. Boards Comments on the same: The Board considers all outstanding balance of customers as on 31st March, 2014 as good and recoverable excepting those considered doubtful and provided for during the financial year 2013-14. c) Auditor Remark: The Company has not provided for Interest payable to State Bank of India amounting to Rs. 2341.46 lacs (on various loans from State Bank of India) for the Financial Year 2013-2014. The Company has also not made any provision for penal interest claimed by the Bank. As a result the Loss for the year ended 31st March, 2014 is understated by Rs. 2341.46 lacs and current Liabilities as at 31st March, 2014 are also understated by Rs. 2341.46 Lacs. The amount of penal interest cannot be quantified as the details have not been received from the Bank. Boards Comments on the same: Based on the Legal advice received by the Company, it has been decided not to provide any interest on liability of State Bank of India. d) Auditor Remark: The Lender Bank of Bil Energy Systems Limited has pursuant to certain Corporate Guarantees given by the Company demanded from the Company their dues from Bil Energy Systems Limited amounting to Rs. 84.69 crores. No provision has been made in the accounts for the probable loss that may arise on account of above demand of Rs. 84.69 crores. Boards Comments on the same: Bil Energy Systems Limited, the Borrower in whose favour the Company has given Corporate Guarantee to State Bank of India, has Informed the Company that they are in negotiation with the Lender Bank for settlement/ Re-schedulement of dues and Hence no provision has been made in the account. e) As regards Auditors'' remarks in Annexure to their report under Item No. 1 (b) & 2 (a), with regard to Physical verification reports of fixed assets and inventories, the same are self explanatory; f) As regards Auditors'' remarks in Annexure to their report under Item No. 7, with regard to report of internal audit, Company has in house internal audit system commensurate with the size and nature of its business and hence no formal audit report is available. 8. Cost Auditors: Jayant J. Paleja, Practicing Cost Accountant, has been appointed as Cost Auditor to conduct cost audit of the records of the Company for the financial year 2014-2015. The Company has received a Certificate from them that their appointment would be within the limits and that they are not disqualified for such an appointment under the Companies Act, 2013. Their appointment is accepted by the board. 9. Tax Provisions: The Company has made adequate provisions as required under the provisions of Income Tax Act, 1961 as well as other relevant laws governing taxation on the Company. 10. Fixed Deposits: During the year ended on 31st March, 2014, the Company has not accepted any Fixed Deposit from public under Section 58A & 58AA of the Companies Act, 1956 read with the Companies (Acceptance of Deposits) Rules, 1975. 11. Management''s Discussion and Analysis Report: A detailed review of the operations, performance and future outlook of the Company and its businesses is given in the Management''s Discussion and Analysis Report, which forms part of this Report as Annexure I. 12. Corporate Governance: We adhere to the principal of Corporate Governance mandated by the Securities and Exchange Board of India (SEBI) and have implemented all the prescribed stipulations. As required by Clause 49 of the Listing Agreement, a detailed report on Corporate Governance forms part of this Report. The Auditors'' Certificate on compliance with Corporate Governance requirements by the Company is attached with the Corporate Governance Report as Annexure II. 13. Energy Conservation and Technology Absorption: In view of the nature of business of the Company the information required under Section 217(1) (e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in Report of the Board of Directors) Rules, 1988 with respect to conservation of Energy, Technology absorption is not given as electricity purchased and consumption per unit of sales is not sizeable. 14. Foreign Exchange earnings and outgo: Your Company earned/spent foreign exchange as under during the year. Earnings : Rs. Nil Outgo : Rs. Nil 15. Particulars of Employees: There are no employees covered under Section 2I7(2A) of the Companies Act, 1956. 16. Acknowledgement: The Board wishes to place on record its sincere appreciation for the assistance and co-operation received from Bankers, Government Departments and other Business Associates for their continued support towards the conduct of operations of the Company efficiently. The directors express their gratitude to the shareholders for their continuing confidence in the Company. The directors also acknowledge the hard work and persuasive efforts put in by the employees of the Company in carrying forward Company''s vision and mission. On behalf of the Board of Directors, For Bilpower Limited Sureshkumar Anandilal Choudhary Din: 00494510 Mumbai, 28th May, 2014 Chairman

Director’s Report