Moneycontrol Be a Pro
Get App
SENSEX NIFTY
BLB Directors Report, BLB Reports by Directors
YOU ARE HERE > MONEYCONTROL > MARKETS > FINANCE - INVESTMENTS > DIRECTORS REPORT - BLB

BLB

BSE: 532290|NSE: BLBLIMITED|ISIN: INE791A01024|SECTOR: Finance - Investments
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Dec 10, 16:00
3.50
-0.2 (-5.41%)
VOLUME 500
LIVE
NSE
Dec 10, 15:32
3.45
-0.2 (-5.48%)
VOLUME 18,918
Download Annual Report PDF Format 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010
Directors Report Year End : Mar '18    Mar 16

Dear Shareholders,

The Directors take immense pleasure in presenting their Thirty Seventh (37th) Annual Report together with the Standalone and Consolidated Audited Financial Statement of Accounts of BLB Limited (“the Company”) for the Financial Year 2017-18.

FINANCIAL PERFORMANCE

The summarized standalone and consolidated results of your Company for the Financial Year 2017-18 ended on 31.03.2018 viz.-a-viz. for the Financial Year 2016-17 ended on 31.03.2017 are given in the table below:

(Rs. In Lakhs)

PARTICULARS

FINANCIAL YEAR ENDED

STANDALONE

CONSOLIDATED

31/03/2018

31/03/2017

31/03/2018

31/03/2017

Income

31084.53

11910.21

51890.25

46557.05

Expenses

30917.97

11825.04

52445.83

46436.27

Profit/ (Loss) before Tax and Exceptional Items

166.56

85.17

(555.58)

120.78

Exceptional Items

-

-

9.68

0.07

Profit/(loss) before Tax for the year Less: Provision for Taxation

166.56

85.17

(565.26)

120.71

- Current Tax

13.80

16.02

16.46

13.71

- Deferred Tax

60.91

37.99

(61.21)

(19.64)

Profit/(loss) After Tax

91.85

31.16

(520.51)

126.64

Other Comprehensive Income net of tax

(15.34)

0.27

(15.34)

0.27

Total Comprehensive Income for the year

76.51

31.43

(535.85)

126.91

Other Comprehensive income arising from Equity Intruments and Income Tax of defined benefit obligation.

STATE OF COMPANIES AFFAIRS AND SUMMARY OF OPERATIONS (STANDALONE & CONSOLIDATED)

Net Revenue from Operations for the Financial Year 2017-18 of your Company on standalone basis has increased from Rs.11910.21 Lakhs to Rs.31084.53 Lakhs (F.Y. 2016-17). Profit after Tax increased to Rs.91.85 lakhs from Rs.31.16 lakhs (F.Y. 2016-17).

The Revenue from Operations of the Company on consolidated basis increased from Rs.46557.05 Lakhs to Rs.51890.25 Lakhs as compared to previous financial year. However, consolidated Net Loss after Tax for F.Y. 2017-18 stood at Rs.520.51 lakhs as compared a consolidated net profit of Rs.126.64 lakhs for F.Y. 2016-17.

INDIAN ACCOUNTING STANDARDS

The Ministry of Corporate Affairs (MCA), vide its notification in the Official Gazette dated February 16, 2015, notified the Indian Accounting Standards (Ind AS) applicable to certain classes of companies. Ind AS has replaced the existing Indian GAAP prescribed under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014.

The same became applicable on the Company w.e.f. 01st April, 2017. The Standalone/Consolidated Financial Statements of the Company have been prepared and presented in accordance with Ind AS and previous year figures in the Standalone/Consolidated Financial Statements have been restated as per Ind AS.

CHANGE IN NATURE OF BUSINESS

During the year under review, there were no changes in nature of business of the company. The main business of company continued to trading and investment in Shares and Securities.

RESERVES AND SURPLUS

The Board of Directors of your Company do not recommend any amount to be carried to the Reserves. Therefore, your company has not transferred any amount to the Reserves during the financial year 2017-18.

TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND

During the period under review and pursuant to the provisions of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, the Company has transferred the unclaimed unpaid dividend for the Financial Year 2009-10 (Interim Dividend) to the Investor Education and Protection Fund and has also transferred the shares of such shareholders who have not claimed their dividend for the Financial Year 2008-09 (Final Dividend) and 2009-10 (Interim Dividend) to the DEMAT account of Investor Education and Protection Fund (IEPF) of the Ministry of Corporate Affairs on 22nd April, 2017.

DIVIDEND

Your Directors have not recommended any dividend for the Financial Year 2017-18.

CAPITAL

The Authorised Share Capital of your Company as on March 31, 2018 stood at Rs.12,50,00,000/- comprising of 7,50,00,000 equity shares of Rs.1/- each amounting to Rs.7,50,00,000/- and 5,00,000 preference shares of Rs.100/- each amounting to Rs.5,00,00,000/-.

The Issued, Subscribed and Paid-up Equity Share Capital of your Company as on March 31, 2018, stood at Rs.5,28,65,258/-, comprising of 5,28,65,258 Equity shares of Rs.1/- each.

CHANGES IN SHARE CAPITAL

There was no change in the Share Capital of the Company during the financial year 2017-18.

Disclosure Regarding Issues of Equity Shares with Differential Rights:

The Company has not issued any equity shares with differential rights during the year under review, hence no information as per provisions of Rule 4(4) of the Companies (Share Capital and Debenture) Rules, 2014 has been furnished.

Disclosure Regarding Issues of Employee Stock Options:

The Company has not provided any Stock Option Scheme to the employees during the year under review, hence no information as per the provisions of Rule 12(9) of the Companies (Share Capital and Debenture) Rules, 2014 has been furnished.

Disclosure Regarding the Issues of Sweat Equity Shares:

The Company has not issued any Sweat Equity Shares during the year under review, no information as per provisions of Rule 8(13) of the Companies (Share Capital and Debenture) Rules, 2014 has been furnished.

Disclosures in Respect of Voting Rights not directly exercised by Employees:

There are no shares held by trustees for the benefit of employees, hence no disclosure under Rule 16(4) of the Companies (Share Capital and Debentures) Rules, 2014 has been furnished.

Disclosure Regarding the Issues of Bonus Shares:

The Company has not issued any Bonus Shares during the year under review, hence no information as per provisions of Rule 14 of the Companies (Share Capital and Debenture) Rules, 2014 has been furnished.

BORROWINGS

Total borrowings stood at Rs.310.00 Lakhs as at 31st March, 2018 as against Rs.688.71 Lakhs as on 31st March, 2017.

PUBLIC DEPOSITS

During the year under review, your Company has not accepted any deposits from public and as such, no amount on account of principal or interest on deposits from public was outstanding as on the date of the balance sheet.

Company has received a loan of Rs.4.10 cr. from its director Sh. Brij Rattan Bagri during the year 2017-18 in compliance with the Companies (Acceptance of Deposits) Rules, 2014. The year end balance of loan was Rs.3.10 cr. (Previous year Rs.3.50 cr.)

EXTRACT OF ANNUAL RETURN

Pursuant to Section 92(3) and 134(3)(a) of the Companies Act, 2013 (‘the Act’) and Rule 12(1) of the Companies (Management and Administration) Rules, 2014, extract of Annual Return in Form MGT-9 is annexed as Annexure-III.

SUBSIDIARY COMPANY(IES)

During the Financial Year under consideration there were 6 (Six) wholly owned subsidiaries, namely BLB Commodities Limited, BLB Global Business Limited, Sri Sharadamba Properties Limited, Caprise Commodities Limited, Sakala Commodities Limited and Samagra Capital Limited. Two out of the above six subsidiaries namely “Sakala Commodities Limited” and “Samagra Capital Limited” which were incorporated to meet the requirement of the “Composite Scheme of Arrangement” and have applied for striking off their names from the records of the Registrar of Companies, as the same were no longer required after the withdrawal of the said Scheme, which is later on discussed under the head “SCHEME OF ARRANGEMENT”

Pursuant to the provisions of Section 136 of the Companies Act, 2013, the standalone financial statement of the Company, consolidated financial statements along with relevant documents and separate audited accounts in respect of subsidiaries are available on the website of the Company viz. “www.blblimited.com”.

STATEMENT CONTAINING SALIENT FEATURES OF FINANCIAL STATEMENTS OF SUBSIDIARIES

Pursuant to Sub-Section (3) of Section 129 of the Companies Act, 2013, a statement containing the salient features of the financial statements of the Company’s subsidiaries is set out in the prescribed Form AOC-1 as Annexure-I, which forms part of this Annual Report.

HIGHLIGHTS ON THE PERFORMANCE OF SUBSIDIARIES (Amount Rs. in Lakhs)

Name of the Subsidiary Company

Total Revenue

Total Expense

Exceptional Items

Profit/Loss Before Tax

Tax

Profit/Loss After Tax

2017-18

2016-17

2017-18

2016-17

2017-18

2016-17

2017-18

2016-17

2017-18

2016-17

2017-18

2016-17

BLB Commodities Limited

18238.37

34099.12

18904.76

34029.12

(9.68)

(0.07)

(676.07)

69.93

(112.21)

(60.78)

(563.86)

130.71

BLB Global Business Limited

4772.81

1424.10

4762.33

1416.16

-

-

10.48

7.94

2.04

5.40

8.44

2.54

Sri Sharadamba Properties Limited

5.40

0.34

23.73

48.34

-

-

(18.33)

(48.00)

-

(162)

(18.33)

(46.38)

Caprise Commodities Limited

59.94

308.94

107.81

305.12

-

-

(47.87)

3.82

(9.84)

(2.93)

(38.03)

6.75

Sakala Commodities Limited

-

-

-

-

-

-

-

-

-

-

-

-

Samagra Capital Limited

-

-

-

-

-

-

-

-

-

-

-

-

CONTRIBUTION OF SUBSIDIARIES TO THE OVERALL PERFORMANCE OF THE COMPANY

During the period under review, the contribution of each subsidiary to the overall performance of the Company is as follows:

S.No.

NAME OF THE SUBSIDIARY COMPANY(S)

CONTRIBUTION TO THE OVERALL PERFORMANCE OF THE COMPANY IN PERCENTAGE*

1.

BLB Commodities Limited

89.00%

2.

BLB Global Business Limited

-2.50%

3.

Sri Sharadamba Properties Limited

-0.90%

4.

Caprise Commodities Limited

8.14%

5.

Sakala Commodities Limited

0.00%

6.

Samagra Capital Limited

0.00%

* The aforestated percentage is calculated on Profit/ (Loss) before exceptional items and tax figure and excludes the intercompany transactions.

SCHEME OF ARRANGEMENT

During the year under review, the Board of Directors of your Company in their meeting held on 25.10.2017 decided to withdraw Composite Scheme of Arrangement involving Amalgamation of four wholly owned subsidiaries namely, BLB Commodities Limited, BLB Global Business Limited, Caprise Commodities Limited and Sri Sharadamba Properties Limited with the Company and subsequent Demerger of ‘Commodities Trading Division’ and ‘Financial Service Division’ of BLB Limited i.e. to M/s. Sakala Commodities Limited and M/s. Samagra Capital Limited respectively.

Later, on 14th December, 2017 the Company had adopted the Scheme of Arrangement involving Amalgamation of its four wholly owned subsidiaries namely, BLB Commodities Limited, BLB Global Business Limited, Caprise Commodities Limited and Sri Sharadamba Properties Limited with the Company pursuant to the provisions of Sections 230-232 of Companies Act, 2013 and other applicable provisions, if any.

Pursuant to the Order of Hon’ble NCLT, Chandigarh dated 23rd May, 2018, Company has conducted Shareholders meeting on 07th July, 2018 for approving the “Scheme of Arrangement” wherein shareholders duly approved the said scheme.

The Scheme is subject to and would become effective on receipt of all regulatory/statutory approvals. The said Scheme is pending for approvals from the concerned regulatory/statutory authorities as on date of this report.

LOANS, GUARANTEES AND INVESTMENTS

Particulars of Loans, Investment and Guarantees given, as per the provision Section 186 of the Companies Act, 2013 are provided in Note Nos. 5,13 and 36 of Standalone Financial Statements, along with the purpose for which they have been granted which forms part of this Annual Report. The outstanding amount of loan granted by Company to its subsidiaries as on March 31, 2018 stands to Rs.21.75 crores (previous year Rs.23.95 crores)

Further your Company continues to hold investments in securities, details of which are provided in the Note No. 5 of Standalone Financial Statements which forms part of this Annual Report.

CORPORATE GOVERNANCE REPORT & MANAGEMENT DISCUSSION AND ANALYSIS REPORT

As required by the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred as Listing Regulations), a separate report on Corporate Governance is appended along with the Compliance Certificate from M/s Chandrasekaran Associates, Practicing Company Secretaries, which forms part of this report as Annexure-II.

The Management Discussion and Analysis Report for the year under review, as stipulated under the Listing Regulations with the Stock Exchanges in India is presented in a separate section which forms part of the Annual Report.

STATUTORY AUDITORS, THEIR REPORT AND NOTES TO FINANCIAL STATEMENTS

In the 36th Annual General Meeting held on 16th September, 2017, M/s R.K. Ahuja & Co. Chartered Accountants, (FRN 031632N) had been appointed as Statutory Auditors of the Company for a period of Five (5) years subject to ratification at every Annual General Meeting. Ratification of appointment of Statutory Auditors is being sought from the members of the Company at the ensuing Annual General Meeting to hold the office from the conclusion of this Annual General Meeting till the conclusion of the Forty First (41st) Annual General Meeting of the Company at such remuneration as may be recommended by the Audit Committee and as may be mutually agreed upon between the auditors and the Board of Directors of the Company.

The report of the Statutory Auditors along with Notes on Standalone and Consolidated Financial Statements for the year ended 31.03.2018 is enclosed with the Annual Report. There are no qualification, reservation, adverse remarks or disclaimer in the Auditors’ Report on Standalone and Consolidated Financial Statements.

Further, during the year, the Auditors’ has not reported any fraud u/s 143(12) of the Companies Act, 2013 and rules made there under.

SECRETARIAL AUDIT

In terms of Section 204 of the Companies Act, 2013 and Rules made there under, Company has appointed M/s. Chandrasekaran Associates, Practicing Company Secretaries, to conduct the Secretarial Audit of the Company for the financial year 2017-18.

The report of the Secretarial Auditors for the financial year 2017-18 is enclosed as Annexure-IV to this report. The report is self-explanatory and do not call for any further comments. There is no qualification, observations, disclaimer, adverse remark or other remarks in the Secretarial Auditors’ Report.

INTERNAL FINANCIAL CONTROLS

The internal financial controls with reference to the Financial Statements are commensurate with the size and nature of business of the Company. Your Company continuously invests in strengthening the internal control processes and systems. The internal control process and systems provide a reasonable assurance in respect of providing financial and operational information, complying with applicable statutes, safeguarding of assets of the Company and ensuring compliance with corporate policies. Procedures to ensure conformance with the policies, processes and standards have been put in place covering all activities.

The processes and financial activities are subjected to independent audits by internal as well as statutory auditors. Implementations of recommendations from various audit reports are regularly monitored by the senior management.

During the year under review M/s. Ramesh Jain & Associates, Chartered Accountants, (FRN : 002889N), Internal Auditors of the Company resigned from the position of Internal Auditors of the Company, therefore the Company has appointed M/s. Ram Rattan & Associates, Chartered Accountants, New Delhi (FRN 004472N) as the Internal Auditors of the Company, w.e.f. 14.12.2017.

RELATED PARTY TRANSACTIONS

The Company has also adopted a Related Party Transaction Policy which is also available on the website of the Company viz “www.blblimited.com”. In the policy, the criteria for determining the material transactions has been defined according to which any contract or transaction or arrangement are to be considered material if the transaction(s) to be entered into individually or taken together with previous transactions during a financial year exceeds 10% of the annual consolidated turnover of the Company as per the last audited financial statement of the Company.

The contracts or arrangements with related parties referred to in sub-section (1) of Section 188 read with Section 2(76) of the Companies Act, 2013 entered into by the Company are in the ordinary course of business and on arm’s length basis. There is no material transaction with related parties during the year as defined under Listing Regulations and as per company’s Related Party Transaction Policy. Further, as per Companies Act, 2013 and rules made there under, the term “Material Transactions” has not been defined and therefore for the purpose of material transactions as mentioned in the Form AOC-2, the Company has taken the definition from the Regulation 23 of the Listing Regulations read with Related Party T ransaction Policy and has concluded that no transaction falls under material transaction as per the requirement.

The prescribed Form AOC-2 is enclosed and forms part of this Report as Annexure-V. Your directors draw attention of members to Note No. 34 to the standalone financial statements which set out related party disclosures.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Sh. Brij Rattan Bagri (DIN: 00007441) Director of the Company retires by rotation at the forthcoming Annual General Meeting and being eligible, offers himself for re-appointment. The Board recommends the same for your approval.

During the year, Mr. Rajesh Kumar Damani (DIN: 01405935), Mr. Manas Jain (DIN: 02785654) and Smt. Dhwani Jain (DIN: 06985038) continues to be Independent Directors of the Company. Sh. Keshav Chand Jain and Sh. Vikram Rathi, continues to be the Director(s) of the Company and Mr. Vikash Rawal continues to be the Chief Financial Officer of the Company.

DECLARATION BY INDEPENDENT DIRECTORS

Mr. Rajesh Kumar Damani (DIN: 01405935), Mr. Manas Jain (DIN: 02785654) and Smt. Dhwani Jain (DIN: 06985038) are the Independent Directors on the Board of your Company. In the opinion of the Board and as declared by these Directors, each of them meets the criteria of independence as specified in Regulation 16 of the Listing Regulations and Section 149 (6) of the Companies Act, 2013 and the Rules made thereunder.

DETAILS OF BOARD MEETINGS

During the year under review, 7 (Seven) Board meetings were held, details of which are given in the relevant paragraphs of Corporate Governance Report which forms part of this report.

SEPARATE MEETING OF INDEPENDENT DIRECTORS

The Company has convened and held a separate meeting of independent directors on 17.03.2018 during the period under review.

COMMITTEES OF BOARD

The Composition of Committees, i.e. Audit Committee, Nomination and Remuneration Committee, Stakeholder Relationship Committee; since the last Annual General Meeting has changed.

Further details of the same like date of reconstitution of Committees, number of committee meetings, attendance of committee members and other terms of reference are given in the relevant paragraphs of Corporate Governance Report which forms part of this report.

Your Board has accepted all the recommendation(s) made by the Audit Committee during the year.

DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to the requirement of clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, your Directors confirm that:

a. in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

b. 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 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;

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; and

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.

EVALUATION OF BOARD PERFORMANCE

The Board has framed a performance evaluation policy which is displayed on the website of the company, viz. www.blblimited.com, for evaluating its own performance and its Committees, Executive Director, Non-executive Directors including Independent Directors. Pursuant to the Section 134(3)(p) and Schedule IV of the Companies Act, 2013 read with Regulation 17 of the Listing Regulations, the Board in their meeting held on 10.04.2018 have carried out an evaluation of Independent Directors, the directors individually, as well as the evaluation of the working of its Committees.

Based on the Performance Evaluation carried out by the Board of the Company, the performance of the Board and its Committees and Individual Directors of the Company was found satisfactory.

As per Schedule IV to the Companies Act, 2013 and Regulation 25 of the Listing Regulations, a separate meeting of Independent Directors was held on March 17, 2018, where Independent Directors, reviewed the performance of Non-Independent Directors, the Board as a whole, and the Chairman of the Company and found their performances to be satisfactory.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

At present, the provisions of Section 135 of the Companies Act, 2013 are not applicable to the Company.

MATERIAL CHANGES AND COMMITMENT

There is no material changes and commitments affecting the financial position of the Company between the end of financial year of the Company and the date of this report.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS

No significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status and the Company’s operations in future.

Stock Exchange Membership - Single Registration

During the year under review, the Company has applied for the single registration for the Membership held on National Stock Exchange of India Limited (NSE) and BsE Limited (BSE), which was granted on March 26, 2018 (SEBI Registration No. : INZ000171635).

RISK MANAGEMENT POLICY

a. Development of Risk Management Policy: In terms of the requirement of the Companies Act, 2013 and the Listing Regulations, the Company has developed and implemented the Risk Management Policy and the Audit Committee of the Company reviews the same periodically.

b. Implementation of Risk Management Policy: The Company recognizes that risk is an integral and unavoidable component of business and hence is committed to managing the risk in a proactive and effective manner. The Risk Management Policy approved by the Board has been effectively implemented. The Company’s Management systems, organizational structures, processes, standards, code of conduct and behaviors together form the Risk Management System of the Company and are managed accordingly. In the opinion of Board, none of the risks which have been identified may threaten the existence of the Company.

c. Identification of Key Risks which may Threaten the Existence of the Company and Risk Mitigation: The common risks faced by the Company include Market Risk, Technology risk, Operational Risk, Reputation Risk, Financial and Accounting Risk Regulatory and Compliance Risk, Human Resource Risk and Business Continuity Risk. Your Company has well defined processes and systems to identify, assess & mitigate the key risks. A platform for exception reporting of violations is in place which is reviewed regularly and remedial measures are being undertaken immediately. The risk management process consists of risk identification, risk assessment, risk prioritization, risk treatment or mitigation, risk monitoring and documenting the new risks.

VIGIL MECHANISM

Your Company has established a Vigil Mechanism (Whistle Blower Policy) as per the requirements of Section 177(9) & (10) of the Companies Act, 2013 and Regulation 22 of the Listing Regulations. The vigil mechanism is a channel through which the Directors and Employees of the Company have a secure mechanism to report genuine concerns including any unethical behavior, actual or suspected frauds taking place in the Company for appropriate action or reporting.

The functioning of the vigil mechanism is reviewed by the Audit Committee periodically. None of the Directors or employees have been denied access to the Audit Committee of the Board.

The vigil mechanism (Whistle Blower Policy) may be accessed on the Company’s website “www.blblimited.com”.

COMPANY’S POLICY ON APPOINTMENT AND REMUNERATION

The Nomination and Remuneration Committee of your Company has framed a “Nomination, Remuneration and Evaluation Policy” on director’s appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director. The said policy has been approved by the Board of Directors of your Company.

The detailed “Nomination, Remuneration and Evaluation Policy” is annexed herewith as Annexure-VI and also may be accessed on the website of the company viz. “www.blblimited.com”.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company always endeavors to create and provide an environment that is free from discrimination, intimidation, abuse and harassment including sexual harassment. It is also believed that, it’s the responsibility of the organization to protect the integrity and dignity of its woman employees. Therefore the Company has “Prevention of Sexual Harassment Policy” in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013.

Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. As per the policy, any woman employee may report her complaint to ICC which is formed for this purpose.

The following is a summary of sexual harassment complaints received and disposed off during the year 2017-18:

Number of complaints pending as on the beginning of the financial year : Nil

Number of complaints filed during the financial year : Nil

Number of complaints pending as on the end of the financial year : Nil

CONSOLIDATED FINANCIAL STATEMENTS

In accordance with Section 129(3) of the Companies Act, 2013, the company has prepared Consolidated Financial Statements of the Company and its subsidiary companies for the financial year 2017-18 which form part of the Annual Report.

DISCLOSURE ABOUT RECEIPT OF ANY COMMISSION BY MANAGING DIRECTOR/WHOLE TIME DIRECTOR FROM A COMPANY AND ALSO RECEIVING COMMISSION/REMUNERATION FROM ITS HOLDING OR SUBSIDIARY COMPANY

None of the Whole Time Director were in receipt of commission from the Company or commission / remuneration from its subsidiary companies. Hence, no disclosure pertaining to provisions of Section 197(14) of Companies Act 2013 has been furnished. REPORTING OF FRAUD AS PER SECTION 143(12)

Reporting of fraud is necessary pursuant to Section 143(12) of the Companies Act, 2013. During the Financial Year 2017-18, no such reporting of Fraud has been made by Auditors against the Directors/ officers or employees of the Company.

SEBI COMPLIANCES

Your Company is a SEBI registered trading and clearing member of the National Stock Exchange of India Limited & BSE Limited. Details of designated persons for SEBI compliances are mentioned in Corporate Governance Report.:

PARTICULARS OF EMPLOYEES

The information as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) & (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company forms part of this report as Annexure-VII.

HUMAN RESOURCES

Your Company treats its “human resources” as one of its most important assets. Your Company continuously invests in attraction, retention and development of talent on an ongoing basis.

DETAILS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The disclosures to be made under sub-section (3) (m) of Section 134 of the Companies Act, 2013 read with Rule 8 (3) of the Companies (Accounts) Rules, 2014 by your Company are explained as under:

(C) Foreign exchange earnings and Outgo-

The total foreign exchange used and the total foreign exchange earned during the year as compared to the previous financial year has been provided hereunder:

ACKNOWLEDGEMENT

Your Directors place on record their appreciation for employees at all levels, who have contributed to the growth and performance of your Company.

Your Directors also thank the clients, vendors, bankers, shareholders and advisers of the Company for their continued support.

Your Directors also thank Regulators, Stock Exchanges and other Statutory Authorities for their continued support.

For and on behalf of the Board of Directors of

BLB LIMITED

(BRIJ RATTAN BAGRI)

Place : New Delhi CHAIRMAN

Date : 02.08.2018 (DIN: 00007441)

Source : Dion Global Solutions Limited
Quick Links for blb
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.