Bharat Immunological & Biological Corporation Ltd Directors Report.

On behalf of the Board of Directors I hereby present the 32nd Annual Report together with Audited Statements of Accountants of the Company for the year ended March 31, 2021.

FINANCIAL RESULTS

During the year 2020-21 BIBCOL has turnover of Rs. 8,533.36 Lakhs as against the previous year turnover of Rs. 6,683.65 lakhs. Total Comprehensive Income for the year is of Rs. 475.44 Lakhs as compared to the previous year Comprehensive income of Rs. -1020.36 lakhs. Company is continued to deposit a part of sale of hand sanitizer in Prime Ministers Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund). In the year 2020-21, Rs. 16406 has been deposited.

DIVIDEND

In view of the accumulated losses, company has not been recommending any dividend for the year.

FUTURE OUTLOOK

Company is in diversification mode and two projects namely Oral Cholera Vaccine and plasma derived medicines are under execution. Further the company is working for getting sanction for Covaxin Project to augment the production of Covaxin in the country.

FIXED DEPOSIT

The 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

Dr. Sanjay Kumar Mishra has joined as Managing Director w.e.f. 17.09.2021. Sh. Chandra Prakash Goyal has been relieved as Managing Director of the company on 16.09.2021.

LISTING OF SECURITIES

The shares of the company are listed with Bombay Stock Exchange. The company has paid annual listing fee to Bombay Stock Exchange for the year 2021-2022. AUDITORS REPORT

M/s. Rasool Singhal & Co., Chartered Accountants has 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 Directors 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 OUTGO

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.

DIRECTORS RESPONSIBILITY STATEMENT:

Based on the work performed by the Internal, Statutory and Secretarial Auditors including audit of internal financial controls over financial reporting by the Statutory Auditors and reviews performed by the Management and the Audit Committee, and 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;

(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 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.

Since the Company is Government company and it is following the General Financial Rules of Ministry of Finance, Government of India. Further the Company has some Rules of its own and in absence of any particular clarity; the Government of India prescribed Rules are being followed.

(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.

CORPORATE SOCIAL RESPONSIBILITY

The provision of section 135 of the Companies Act, 2013 for Corporate Social Responsibility was not applicable on the company for the Financial Year 2020-21.

The company has CSR Committee of its Directors comprising of Dr. Sudhanshu Vrati, Dr. Mohd. Aslam and Sh. Roshan Lal.

PERSONNEL

The company has always considered its human resource as the most important resource. Emphasis was laid on competency building of employees for higher roles in the Company. The company has trained its employees in-house training on various topics for capability enhancement and skill development. The topics for training were chosen to promote overall development and to foster understanding, collaboration, teamwork and leadership qualities amongst the employees in the organization.

CORPORATE GOVERNANCE

In terms of SEBIs (Listing Obligation and Disclosure Requirements) Regulations 2015, a report on Corporate Governance for the year ended 31st March 2021, supported by a certificate from the Practicing Company Secretary confirming compliance of conditions, forms part of this report.

SECRETARIAL AUDIT

In terms of Section 204(1) of the Companies Act, 2013, the Board has appointed M/s Agrawal Manish Kumar & Co., Practicing Company Secretary, as Secretarial Auditor for the conducting secretarial compliance audit for the financial year ended 31st March 2021. Their Report has been annexed with this report and forms part of this Report.

COST AUDIT

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 accordingly such accounts and records are made and maintained and the Audit Report has been filed at MCA for the year 2020-21. M/s Sunny Chhabra & Co. is the cost auditor of the company.

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.

DISCLOSURES AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. During the year under review, no complaints received on sexual harassment.

ACKNOWLEDGEMENT

The Directors acknowledge with gratitude the co-operation extended by Department of Biotechnology, the administrative department, various agencies of the Central Government, Bank 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.

Place: Bulandshahr For and on behalf of Board of Director
Date : 29.10.2021 Managing Director