Your Directors present the Forty Third Annual Report together with the Audited Accounts
of the Company for the Financial Year 2018-19.
01 Financial Highlights
The financial results for the current financial year as well as the previous financial
year are tabulated and given below in a summarized form:
|
Year ended 31st March 2019 |
Year ended 31st March 2018 |
|
(Rs. in lakhs) |
(Rs. in lakhs) |
| Total income (including exceptional income) |
458.36 |
1598.80 |
| Profit/Loss before depreciation |
(48.04) |
1073.33 |
| Profit/Loss before tax |
(60.70) |
1062.32 |
| Profit/Loss after Tax (including Deferred Tax |
(59.63) |
1070.64 |
As compared to previous year, during the year under review, we dont have any
substantial income from our completed projects, which are under disputes at various
stages. The Company is awaiting decisions in its favour so as to realize substantial
portion of the claims in due course.
It may please be noted that during the year, as there was substantial reduction in
receipts and at the same time the fixed expenses remain constant, the Company has made a
loss of Rs.60.70 Lakhs against a profit of Rs.1062.32 Lakhs during the year 2017-18.
The Company is also expecting a reasonable income from the newly started Plantation
Division in the succeeding years.
Your Directors confirm that there has been no material changes and commitments
affecting the financial position of your Company which occurred between the end of the
financial year to which the Financial Statements relate and the date of this Annual
Report. The state of the Companys affairs is as given above.
02. Liabilities with Banks and other Financial Institutions
There are no new facilities availed from any Banking Institutions by the Company during
the reporting year.
03 Dividend & Transfer to Reserve
The Company still holds a negative net worth and hence no dividend is recommended.
There is no transfers to the General Reserves during the year under Report.
04 Present Status And Future outlook
In the year under review also the Company has neither undertaken any new contracts due
to absence of prequalification and other resources, nor entered into any new ventures.
05 Orders from Regulatory Authorities Impacting going concern status of the Company
There are no such orders from any regulatory authorities, Courts or Tribunal.
06 Details of subsidiaries and Joint Venture Associates
Your Company does not have any subsidiary within the meaning of the Companies Act,
2013. A statement showing the names of Joint Venture Companies and Associate Companies are
given below:-
| Description of relationship |
Names of related parties |
|
PATI-BEL Joint Venture, Delhi |
| Associates and Joint Ventures |
PATI -BEL Joint Venture, Kochi |
|
BEL-TBL Joint Venture, Kochi |
|
BEL-ACC Joint Venture, Kochi |
|
BEL-ABL Joint Venture, Kochi |
07 Fixed Deposits
The Company does not have Deposits as contemplated under Chapter- V of the Companies
Act, 2013. Further, the Company has not invited or accepted any such deposits during the
year ended 31st March, 2019.
08. Auditors
As required under Section 139 0f the Companies Act 2013, the retiring Auditors, M/s.
Sankar & Moorthy, have given their consent for reappointment and a certificate that
the appointment, if made, will be in accordance with the prescribed conditions and they
satisfy the criteria provided in Section 141 of the Act.
It is proposed to reappoint the above firm as the Statutory Auditors of the Company to
hold office from the conclusion of this Annual General Meeting until the conclusion of the
48th Annual General Meeting, subject to ratification at every Annual General
Meeting.
09 Auditors ‘ Report
The observation of the Auditors in their Report read with relevant Notes to the
Accounts are self explanatory and give complete information and addresses the
observations, if any. The Audit report does not have any qualification or reservations or
adverse comments.
10 Annual Return
The extracts of the Annual Return pursuant to the provisions of Section 92(3) of the
Companies Act, 2013 read with Rule 12 of the Companies (Management and Administration)
Rules, 2014 in the prescribed Form MGT-9 is attached herewith as Annexure.
11 Other disclosures
a. Conservation of Energy
Energy conservation measures are taken in all activities of the Company by careful
monitoring and implementation of suitable measures for optimizing energy consumption.
b. Research & Development &Technology Absorption
On account of the nature of operations of the Company, no special efforts have been put
in this regard.
c. Foreign Exchange earnings and outgo
No foreign exchange was used or earned during the year and previous year.
12 Directors
i) Retirement & Re-election
Sri. Sunny C. Madathil is retiring by rotation at this Annual General Meeting. He,
being eligible, offers himself for re-appointment as a Director liable to retire by
rotation.
ii) Resignation
There is no case of resignation during the year.
13 Number of Board Meetings
During the Financial Year five meetings of the Board were held.
14 Particulars of Employees and Key Managerial Personnel(KMP)
The information required pursuant to Section 134 and 197 read with relavant Rules, the
remuneration and other details of KMP for the year ended 31st March, 2019 are
given in the extract of the Annual Return.
15 Risk Management Policy
The Board of Directors look into the element of risk associated with the Company. At
present the Company has not identified any element of risk which may threaten the
existence of the Company.
16 Key Management Personnel etc
| Managing Director |
Mr. Tomy C Madathil |
| Enterprises owned or significantly influenced by key management personnel or their
relatives |
Bhagheeratha Energy Controls Ltd. |
The Company is not having any ongoing projects of its own or in collaboration with the
Joint Ventures and Associate Companies.
17 Bankers
Your Directors place on record their sincere gratitude to the banks who have extended
support in the past and present as well.
18 Directors Responsibility Statement
Pursuant to the requirements under Section 134(3)(c) of the Companies Act, 2013 (the
Act) with respect to the Directors Responsibility Statement, your Directors, based on
their knowledge and belief and the information and explanations obtained, 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) accounting policies are selected and applied consistently and judgments and
estimates are made that are reasonable and prudent so as to give a true and fair view of
the state of affairs of your Company for the financial year ended 31st March 2019 and of
the profit and loss of your Company for the financial year ended 31st March 2019;
(c) proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 for
safeguarding the assets of your Company and for preventing and detecting fraud and other
irregularities;
(d) annual accounts are prepared for the financial year ended 31st March 2019 on a
‘Going Concern basis;
(e) internal financial controls have been laid down and followed by your company and
that such internal financial controls are adequate and were operating effectively;
(f) proper systems have been devised to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
19 Internal Financial Control
The Board has adopted the policies and procedures for ensuring the orderly and
efficient conduct of its business, including adherence to the Companys policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records and the timely preparation of reliable
financial statements. The Company has a process in place to continuously monitor the same
and identify gaps, if any, and implement new/or improved controls whenever effect of such
gaps would have material effect on the Companys operations.
20 Particulars of Contracts or Arrangements Made with Related Parties
During the year, the Company had not entered into any
contract/arrangements/transactions with Related Party which could be considered material
in accordance with the policy of the Company.
21 Particulars of Loans, Guarantees or Investments made Under Section 186 of The
Companies Act, 2013
There were no loans, guarantees or investments made by your Company under Section 186
of the Companies Act, 2013 during the year under review and hence the said provision is
not applicable.
22 Vigil Mechanism
Provisions of vigil mechanism were not applicable to the Company during the year under
review.
23 Details of Frauds reported by the Auditors to the Board
There were no frauds reported by the Auditors to the Board during the year under
review.
24 Secretarial Standards
The Company has complied with the provisions of the Secretarial Standards during the
year under review.
25 Disclosure under The Sexual Harassment of women at workplace (Prevention,
prohibition and Redressal) Act, 2013
There were no complaints reported under The Sexual Harassment of women at workplace
(Prevention, prohibition and Redressal ) Act, 2013 during the year under review.
26 The annual return of the Company has been published on the Companys website, i.e,
www.belkochi.com.
27 Other Matters
Stakeholders Relationship Committee of Directors consider and resolve the grievances of
security holders of the company.
The company has not issued any Equity Shares during the year under review.
28 Acknowledgement
Your Directors thank the Central and State Governments and other Institutions which are
having business dealings with the Company for their continued support and co-operation.
The Directors are also placing on record their appreciation for the services rendered by
employees at all levels.
|
For and on behalf of the Board of Directors |
|
|
Sd/- |
Sd/- |
| Place: Kochi |
JORTIN ANTONY |
TOMY C. MADATHIL |
| Date : 23rd August 2019 |
Director |
Managing Director |
|
(DIN:01413965) |
(DIN:00111597) |
+91-9892691696
