Dear Members,
The Board of Directors is pleased to present the Twenty Eighth Annual
Report of the Company together with the Audited Financial Statements for the financial
year ended 31st March, 2023.
(Rs in Lakhs)
Particulars |
Standalone |
Consolidated |
|
Year ended |
Year ended |
|
FY 2022-23 |
FY 2021-22 |
FY 2022-23 |
FY 2021-22 |
Total Income |
21,256 |
16,148 |
30,095 |
26,047 |
Earnings Before Interest,
Taxes and Depreciation |
1,460 |
1,837 |
5,461 |
4,781 |
Less : Interest & Finance
Charges |
271 |
32 |
3,321 |
3,568 |
Less : Depreciation |
638 |
1,099 |
7,215 |
6,712 |
Profit Before Tax |
551 |
706 |
(5,075) |
(5,499) |
Less: Provision for Tax
(Current & Deferred) |
(29) |
(5,653) |
(23) |
(5,512) |
Profit After Tax |
580 |
6,359 |
(5,052) |
13 |
Balance carried to Balance
Sheet |
588 |
6,360 |
(5,043) |
15 |
State of the Companys affairs
Resolution Plan of the Company under the Insolvency & Bankruptcy
Code, 2016 (IBC, 2016) was approved by the Honble National Company Law Tribunal
("NCLT"), Kolkata by its order dated 18th April, 2018. The appeals
filed by some of the banks were dismissed by the Honble National Company Law Appellate
Tribunal ("NCLAT") by its order dated 16th August, 2019 finding them
without any merit. The Honble Supreme Court by its order dated 18th January,
2022 had disposed of the civil appeal no. 8411 of 2019 filed by one of the dissenting
banks against the Honble NCLAT order dated 16th August, 2019. The Resolution
Plan has accordingly attained finality.
Promoters and entities forming part of Promoter Group have contributed
RS 6,330 lakhs (RS 4,011.00 lakhs fresh induction and RS 2,319.00 lakhs out of existing
dues) in terms of the approved Resolution Plan. The Company has successfully
completed/handed over/ received completion certificates for the following public interest
projects since the approval of the Resolution Plan:
1. Development & Operation of Bikaner-Suratgarh Section of NH- 62
(Km. 553/869 of NH-11 to Km.173/000 of NH-62) in the State of Rajasthan on DBFOT basis for
Ministry of Road Transport & Highways through PWD, Rajasthan. (PCOD-166.415 kms).
2. Widening & Strengthening of existing National Highway from 2
Lane to 4 Lane from Km 183.000 to163.895 of Sonapur to Guwahati Section of NH-115 (earlier
NH-37 in the State of Assam on EW-II under program of NHDP Package AS-03) for National
Highways Authority of India.
3. Improvement / Upgradation of roads and bridges of Shivganj-
Rafiganj-Goh-Uphara-Devkund-Baidrabad Road (SH-68), Package-1 for Bihar State Road
Development Corporation Ltd.
4. Rehabilitation and up gradation of Pundibari to Baxirhat section of
NH-10 (earlier NH-31) from Km 770.00 to 816.00 of NH-31 in the State of West Bengal to two
lanes with paved shoulders under NHDP-IV on EPC basis for Ministry of Road Transports
& Highways. (In JV with ABCI)
5. Construction of residential accommodation for NHAI Staff at Dwarka,
New Delhi for National Highways Authority of India.
6. Construction of two lane Railway Over bridge at Sonepat Purkhas Moi
Road at Level Crossing No. 29 on Delhi Ambala Railway Line in Sonepat Distt, Haryana for
Haryana State Roads and Bridges Development Corporation Ltd.
7. Construction of 96 flats (Basement + Ground + 12 storey) Tulsi Tower
I/C Internal W/S, S/F, Internal Electrification works, Development work at Tulsi Nagar,
Bhopal, Madhya Pradesh for Madhya Pradesh Housing & Infrastructure Development Board.
8. Construction of Police Line & Residential Quarters at Kondli
Check Post, Delhi for Ministry of Home Affairs, Delhi Police through RITES Ltd.
9. Redevelopment of Police Colony Delhi Cantt, Delhi for Ministry of
Home Affairs, Delhi Police through RITES Ltd.
10. Construction of 222 flats (Basement +Ground +10 storey) at
Keelandev, Bhopal for Madhya Pradesh Housing & Infrastructure Development Board.
11. Construction of various buildings i/c residences of National Law
University in Rajiv Gandhi Education City at Rai in Sonepat District, Haryana for PWD (B
& R), Haryana
The qualification/bidding capacity of the Company has substantially
increased with completion /handing over of these projects. Bank Guarantees of RS 204.19
crores have been released duly discharged by the clients as against Bank Guarantees of RS
210.51 crores outstanding as on 18.04.2018 (except the Bank Guarantees encashment of which
was already accounted for in the approved Resolution Plan).
The commercial operations of toll collections for 172.384 kms of the
BOT project at Suratgarh-Bikaner Section of NH-62 in the state of Rajasthan was commenced
by Suratgarh Bikaner Toll Road Pvt Ltd., 100% owned subsidiary of the Company since
17.02.2019. At present, toll collections for 166.415 kms is being collected. During the
period under review, construction of additional length of 3.851 km was completed. The toll
collection for the additional length will start after receiving the completion certificate
and tolling approvals from the authority, which is under consideration and is expected to
be received in FY 2023-24. Ministry of Road Transport and Highways has awarded new order
by way of change in scope of work to Suratgarh Bikaner Toll Road Company Pvt Ltd, which is
being executed by the Company for work value of RS 2,348 lakhs on EPC basis and is
expected to be completed in FY 2023-24.
The total income of the Company during the FY 2022- 23 was RS 21,256
lakhs on standalone basis and RS 30,095 lakhs on consolidation basis as against H 16,148
lakhs on standalone basis and RS 26,047 lakhs on consolidation basis during FY 2021-22.
The Company had profit after tax of RS 580 lakhs on standalone basis and loss of RS 5,052
lakhs on consolidation basis during FY 2022-23 as against profit of RS 6,359 lakhs on
standalone basis and profit of RS 13 lakhs on consolidation basis during FY 2021-22.
Honble NCLAT vide order and judgement dated 23.05.2023 has dismissed
the appeal filed by one of the banks against Honble NCLT, Kolkata order dated 11.03.2022
and has directed all stakeholders to carry out all their obligations for implementation of
the approved Resolution Plan under IBC, 2016. Honble NCLT by its order dated 11.03.2022
had directed working capital consortium to take necessary steps for implementation of
approved Resolution Plan and the period from 18.04.2018 till 18.01.2022 when the Honble
Supreme Court passed the order & judgement dated 18.01.2022 be formally excluded from
the calculation of the period of implementation of the Resolution Plan and all dates
mentioned in the Resolution Plan are consequentially extended for implementation of the
Resolution Plan.
As part of the approved Resolution Plan there is waiver of interest/
penal interest/interest on interest/other penal charges on the delayed payments from the
date of NPA till the implementation of the resolution plan by Banks. The Banks are yet to
implement the approved Resolution Plan and therefore interest etc. have not accrued to
them. Accordingly, no provision for interest amounting to RS 612 lakhs and RS 2,302 lakhs
(31st March, 2022; RS 385 lakhs and RS 385 lakhs) has been made for year ended
31st March, 2023. The ageing of the borrowings has been taken as per Honble
NCLT/ NCLAT order and may undergo changes after implementation of the Plan.
On account of cost over-run arising due to client responsibility
delays, clients suspension/ termination of projects, deviation in design, change in scope
of work, etc. significant amounts have been withheld. The Company is perusing its
receivables and have taken all steps including arbitration proceedings and has been
successful in winning some arbitration awards.
There are lot of opportunities in the core competency area of the
Company. With impetus of the government on infrastructure sector, the Company is poised
for growth trajectory and the level of operations is expected to increase substantially
after the documentation by the banks.
Changes in the Nature of Business, if any
There has been no change in the nature of business of the Company
during the FY 2022-23. The change in name of the Company after the approval of the
shareholders in the Annual General Meeting held on 30.07.2022, was approved by Registrar
of Companies, Delhi and it had issued fresh certificate of incorporation dated 31.08.2022
pursuant to change in name of the Company.
Changes in Share Capital
During the period under review, there has been no change in the
authorised and paid up share capital of the Company.
Non-Convertible Debentures
In terms of the approved Resolution Plan, the Company had issued
0.10 % p.a. Secured Non-Convertible Debentures aggregating to RS 88,085
lakhs on 30th April, 2018 to the working capital banks who had voted in favour
of approved Resolution plan. These debentures will be reissued after reconciliation in
demat form on the execution documents by the Banks. The aforesaid debentures are
redeemable in terms of the approved Resolution Plan in 39 unequated quarterly
installments.
The approved Resolution Plan has not been implemented by the working
capital banks and as such repayment obligations has not started and the requirement of
making deposits /investments equivalent to 15% of the non-convertible debentures maturing
during the FY 2023-24 or at 31st March, 2024 cannot be ascertained. The Company
will comply with the requirement as and when the approved resolution plan is implemented
by the banks.
The Company has made provisions for payment of liquidation value to
dissenting financial creditors in terms of the approved Resolution Plan and will be paid
in priority on documentation by the working capital banks before any recovery is made by
assenting financial creditors.
Transfer to Reserves
During the period under review, no amount is to be transferred to
General Reserve.
Dividend
The Directors do not recommend any dividend for the year.
Management Discussion and Analysis Report
Management Discussion and Analysis Report is enclosed as Annexure-A and
forms an integral part of this Annual Report.
Material Changes and Commitments, if any, affecting the financial
position of the Company which have occurred between the end of the Financial Year of the
Company to which the Financial Statements relate and the date of the Report
Other than as stated elsewhere in this report, there are no material
changes and commitments affecting the Financial Position of the Company which have
occurred between the end of the Financial Year of the Company to which the Financial
Statements relate and the date of the Report.
Annual Return
The Annual Return of the Company as on 31st March, 2023 is
available on the Companys website and can be accessed at weblink: https://
www.mblinfra.com/uploadimages/pdf/pdf_1686826448.pdf
The Company has complied with the requirement of Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 ("LODR") relating to Corporate Governance Report ("CGR").
A section titled "Corporate Governance Report" along with the
Practicing Company Secretary Certificate on Corporate Governance pursuant to requirement
of Regulation 34 read with Para C of Schedule V of the Listing Regulations confirming
compliance with the conditions of the Corporate Governance is annexed as Annexure-B and
forms integral part of this Report. The Company has complied with the applicable
Secretarial Standards issued by the Institute of Company Secretaries of India.
Board Meetings
During the year 4 (four) Board Meetings were convened and held, details
of which are provided in enclosed Corporate Governance Report. Directors participated in
the meetings of the Board and Committees held in person/ through video conferencing/ other
audio visual means. The intervening gap between the meetings was within the period
prescribed under the Act and LODR.
Independent Directors Declaration
The Company has received declarations from Mr. Ashwini Kumar Singh, Ms.
Sunita Palita, Mr. Ranjit Datta and Mr. Ram Dayal Modi,
Independent Directors of the Company confirming that they meet the
criteria of independence as laid down under Section 149(6) of the Act and Regulation 16 of
LODR. In the opinion of the Board, the Independent Directors possess the requisite
expertise and experience and are persons of high integrity and repute. There has been no
change in the circumstances affecting their status as independent directors of the Company
and they are not aware of any circumstances or situation that could impair or impact their
ability to discharge their duties with an objective independent judgement and without
external influence.
Board Evaluation
The Board, in terms of the policy devised by Nomination &
Remuneration Committee and pursuant to the provisions of the Act and LODR, has carried out
an annual performance evaluation of its own as well as its committees and individual
directors. The manner in which the evaluation has been carried out is stated in the
enclosed CGR.
Directors & Key Managerial Personnel
The shareholders in the Annual General Meeting held on 29.08.2018 had
approved re-appointment of Mr. Anjanee Kumar Lakhotia as Managing Director of the Company
for a period of 5 years w.e.f. 26th May, 2019. On the recommendation of the
Nomination & Remuneration Committee and subject to approval of the shareholders in the
ensuing annual general meeting, the Board in its meeting held on 29th May, 2023
approved re-appointment of Mr. Anjanee Kumar Lakhotia as Managing Director of the Company
w.e.f. 26th May, 2024 for a further period of 5 years, liable to retire by
rotation. Necessary consent from Mr. Anjanee Kumar Lakhotia to act as Managing Director of
the Company, if appointed, and declaration that he is not disqualified to act as a
director has been received. The Board is of opinion that his re-appointment is appropriate
and in the best interest of the Company.
The shareholders in the Annual General Meeting (AGM) held on 30th
July, 2022 approved re-appointment of Mr. Surender Aggarwal as a Whole Time
Director/Executive Director upto 30.09.2023. On the recommendation of the Nomination &
Remuneration Committee and subject to approval of the shareholders in the ensuing AGM, the
Board in its meeting held on 29.05.2023, approved re-appointment of Mr. Surender Aggarwal
as Whole- time Director /Executive Director of the Company w.e.f. 1.10.2023 upto
30.09.2024, liable to retire by rotation. Necessary consent from Mr. Surender Aggarwal to
act as Whole-time Director of the Company, if appointed, and declaration that he is not
disqualified to act as a director has been received. The Board is of opinion that his
re-appointment is appropriate and in the best interest of the Company.
Mr. Surender Aggarwal is liable to retire by rotation at the ensuing
AGM and being eligible offers himself for reappointment. The brief resume/profile of Mr.
Anjanee Kumar Lakhotia and of Mr Surender Aggarwal is attached with Notice for the ensuing
AGM.
Pursuant to Section 203 of the Companies Act, 2013, the Key Managerial
Personnel of the Company are Mr. Anjanee Kumar Lakhotia, Chairman & Managing Director,
Mr. Surender Aggarwal, Executive Director, Mr. Darshan Singh Negi, Chief Financial Officer
and Mr. Anubhav Maheshwari, Company Secretary and Compliance Officer.
Directors Responsibility Statement
The Directors hereby confirm that:
a) in the preparation of the annual accounts for the year ended 31st
March, 2023, the applicable accounting standards had been followed along with proper
explanations, wherever required;
b) they have 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 profit of the Company for that period;
c) they have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting fraud and other irregularities;
d) they have prepared the annual accounts on a going concern basis;
e) they have laid down Internal Financial Controls to be followed by
the Company and that such Internal Financial Controls were adequate and operating
effectively; and
f) they have proper systems to ensure compliance with the provisions of
all applicable laws and that such systems are adequate and operating effectively.
Corporate Social Responsibility (CSR)
The CSR policy of the Company is in accordance with the requirement of
the Companies (CSR policy) Rules, 2014 and is available on the
Companys website at https://www.mblinfra.com/uploadimages/
pdf/pdf_1684306419.pdf. The expenditure on activities undertaken are in accordance to
schedule VII of the Act.
The Annual Report on the CSR activities is enclosed as Annexure-C and
forms integral part of this Report.
Performance of Subsidiary Companies
The contribution of the Subsidiary Companies to the overall performance
of the Company is given as note 49 of the consolidated Financial Statement. Pursuant to
Section 129(3) of the Act and Ind AS-110 issued by the ICAI consolidated financial
statements includes financial statement of subsidiary companies. The statement containing
salient features of the financial statement of the subsidiary companies is enclosed as Annexure-D
and forms integral part of the Report. During the period the name of MBL (Udaipur
bypass) Road Ltd has been struck off and application for MBL (Haldia) Toll Road Company
Ltd is under process with MCA as they have no business.
Suratgarh Bikaner Toll Road Company Pvt. Ltd. is a material subsidiary
of the Company as per thresholds laid down under Listing Regulations. The Board of
Directors of the Company has approved a policy for determining material subsidiaries which
is in line with the Listing Regulations as amended from time to time. The policy has been
uploaded on website of the Company at weblink https://
www.mblinfra.com/uploadimages/pdf/pdf_1684306201.pdf.
The Audited accounts of each subsidiary is placed on the website of the
Company www.mblinfra.com and copy of separate financial statement in respect of each
subsidiary shall be provided to any shareholder of the Company.
During the year, the Board of Directors reviewed the affairs of the
Subsidiary Companies. Summary of the BOT projects undertaken by the Company through its
subsidiary companies is as under:
Project |
SPV/Subsidiary companies |
Type |
Current Status |
Development & Operation of
Bikaner- Suratgarh Section of NH - 15 in the State of Rajasthan |
Suratgarh Bikaner Toll Road
Company Private Limited |
Toll |
Operational (PCOD 166.415 km) |
Strengthening, Widening,
Maintaining and Operating of 18.303 kms Waraseoni- Lalbarra Road in the state of Madhya
Pradesh |
MBL (MP) Toll
Road Company Limited |
Toll + Annuity |
Operational |
Auditors
Statutory Auditors
M/s SARC & Associates, Chartered Accountants, (Firm Registration No
. 006085N) were re-appointed as Statutory Auditors of the Company in the AGM held on 30th
July, 2022 for a further period of 5 (Five) consecutive years till the Annual General
Meeting to be held in the calendar year 2027, at such remuneration mutually agreed and
approved by the Board.
The Auditors have confirmed that they are not disqualified from
continuing as Statutory Auditors of the Company and hold a valid certificate issued by
Peer Review Board of the ICAI.
The Auditors report does not contain any qualifications, reservations
and adverse remarks or disclaimer. The note on financial statements referred to Auditors
Report are self- explanatory and do not call for further comments. There has been no fraud
reported by the Statutory Auditors during the period. The Auditors attended the previous
AGM of the Company
Secretarial Auditors
The Secretarial Audit was conducted by M/s Mehak Gupta &
Associates, Practicing Company Secretary for the FY 2022-23. The Secretarial Audit Report
is enclosed as Annexure-E and forms integral part of the Directors Report. The
Secretarial Audit Report does not contain any reservations or remarks or disclaimers
except for delay in submission for filing of Related Party transactions for the half year
ended 31st March, 2022. The Company had made submissions to NSE & BSE that
the said filing was within the stipulated period and the time line for compliance of
Regulation has to be read separately and cannot be inter-link or connected with any other
regulation as is the case of the Company. Since no reply was received from the exchanges,
the Company has paid fine under protest with a request that an opportunity be provided to
it for making submissions/representation before the relevant Committee. Further reply from
Exchanges is awaited. There has been no fraud reported by the Secretarial Auditor during
the period.
The Board of Directors of the Company on the recommendation of the
Audit Committee has appointed M/s Mehak Gupta & Associates, Practicing Company
Secretary to conduct Secretarial Audit of the Company for the FY 2023-24.
Pursuant to Circular No. CIR/CFD/CMD1/27/2019 dated 8th
February, 2019, issued by SEBI, the Company has also obtained Annual Secretarial
Compliance Report from M/s. Anjali Yadav & Associates, Practicing Company Secretaries,
on compliance of all applicable SEBI Regulations and circulars/ guidelines issued
thereunder and the copy of the same has been submitted with the Stock Exchanges within the
prescribed due date.
The Secretarial Audit Report of Kuldeep Dahiya & Associates,
Practicing Company Secretary, for material unlisted company is enclosed as Annexure-F.
The Secretarial Audit report does not contain any reservation or adverse remarks or
disclaimers. There has been no fraud reported by the Secretarial Auditor during the
period.
Cost Auditors
As per the requirements of Section 148 of the Act read with the
Companies (Cost Records and Audit) Rules, 2014 as amended from time to time, company is
required to maintain cost records and accordingly such accounts are made and maintained
every year. The Board of Directors on the recommendation of Audit Committee has appointed
M/s Dipak Lal & Associates, Cost Accountant as Cost Auditors of the Company for the
Financial Year ending 2023-24 at a remuneration of RS 35,000/- (Rupees Thirty five
thousand only) plus applicable taxes and reimbursement of out of pocket expenses, subject
to ratification by members in the ensuing AGM.
The Cost Audit report for FY 2021-22 does not contain any qualification
or reservation or adverse remark or disclaimer. There has been no fraud reported by the
Cost Auditor during the year.
Particulars of Loans, Guarantees or Investments
Details of loans, guarantees or investments made under Section 186 of
the Act are given in the note to the financial statements.
Particulars of Contract or Arrangements with Related Parties
The Company related party transactions ("RPT") are with its
Subsidiary Companies, Special Purpose Vehicles, Associate Companies, Joint
Ventures/Enterprise-Participation, which are entered for synergy of operation, long-term
sector environment strategy, legal requirements, liquidity and capital requirement of
Subsidiary Companies, Associate Companies, Joint Venture/ Enterprise Participation.
All contracts/arrangements/transactions entered by the Company with
related parties for the year under review were on arms length basis and in the ordinary
course of business. Hence, disclosure in form AOC-2 under the Act read with the rules made
therein is not required. The Company has not entered into any contract/ arrangement/
transaction which would be considered as material in accordance with the policy of the
Company on the materiality of the related party transaction. The details of RPT
transactions forms part of the notes to audited financial statements.
None of the transaction with any related parties were in conflict with
the Company interest.
The policy on Related Party Transactions as approved by the Board may
be accessed on the weblink https://www.mblinfra.com/ uploadimages/pdf/pdf_1684306279.pdf.
Significant and Material Orders
The civil appeal filed against the Honble NCLAT order dated 16.08.2019
was dismissed by Honble Supreme Court by order dated 18.01.2022 whereby the Honble
Supreme Court has, inter alia, upheld the Resolution Plan. The Resolution Plan has
attained finality with the dismissal of the civil appeal by Honble Supreme Court. Honble
NCLAT vide order & Judgement dated 23.05.2023 has dismissed the appeal filed by one of
the banks against Honble NCLT, Kolkata order dated 11.03.2022 and has directed all
stakeholders to carry out all their obligations for implementation of the approved
Resolution Plan under IBC, 2016. Honble NCLT by its order dated 11.03.2022 had directed
working capital consortium to take necessary steps for implementation of approved
Resolution Plan and the period from 18.04.2018 till 18.01.2022 when the Honble Supreme
Court passed the order & judgement dated 18.01.2022 be formally excluded from the
calculation of the period of implementation of the Resolution Plan and all dates mentioned
in the Resolution Plan are consequentially extended for implementation of the Resolution
Plan.
There are no other significant and material orders passed during the
year by the regulators, courts or tribunals impacting the going concern status and
Companys operations in the future.
Further the members attention is drawn to the notes forming part of
Financial Statements including statement of contingent liabilities and commitments.
Details of Conservation of Energy, Technology
Absorption and Foreign Exchange Earnings and outgo:
i) Conservation of energy is an ongoing process in the Companys
activities. As the core activities of the Company are not energy intensive activity, no
information is to be furnished regarding conservation of energy.
ii) The Company had not undertaken any research and development
activity for any manufacturing activity nor was any specific technology obtained from any
external sources, which needs to be absorbed or adapted.
iii) During the period under review, the Company has not made any
expenditure nor made any earnings in foreign currency.
Risk Management
The Company has a mechanism in place to inform Board Members about the
risk assessment and minimisation procedures. The Company has in place Risk Management
Policy and Risk Manual which helps in framing, implementing and monitoring the risk
management plan of the Company. The details of the identification of the various risk
associated with the business of the Company which in the opinion of the Board may threaten
existence of the Company is detailed in the Annual Report.
Committees of Board
The Board of Directors have the following committees:
1. Audit Committee
2. Nomination and Remuneration Committee
3. Stakeholders Relationship Committee
4. Corporate Social Responsibility Committee
Apart from above, the Board has two (non-statutory) committees namely
Banking Committee and Management Committee.
The composition, terms of reference and number of meetings of the
Committees during the period under review is covered in the enclosed CGR.
Particulars of the Employees
During the period under review no employee was paid remuneration in
excess of the limit specified under Rule 5(2) of the Companies (Appointment and
Remuneration) Rules, 2014. Disclosure pursuant to Section 197(12) of the Act forms part of
Report. The Reports and Accounts are being sent to Members and other entitled thereto,
excluding the information on employees particulars which is available for inspection by
the Members at the Registered Office of the Company during business hours on any working
day. If any member is interested in obtaining a copy thereof, such member may write to
Company Secretary in this regard.
Remuneration Policy
The Company has in place Remuneration Policy for Directors, Key
Managerial Personnel and Senior Management Personnel to align with the requirement of the
Act and LODR. The brief particulars of the remuneration policy are stated in the enclosed
CGR and is available on the website of the Company at weblink https://www.
mblinfra.com/uploadimages/pdf/pdf_1684306398.pdf. There has been no changes in the policy
during the year.
Statement in respect of Adequacy of Internal
Financial Controls with Reference to the Financial Statements
The purpose of the internal control is to prevent risk arising in
course of operations by adopting appropriate controls and process, especially with regard
to conformity with the laws, compliance with the strategy, the quality of accounting and
reporting, and the quality of process and protection of assets amongst others.
Your Company has an effective internal control system commensurate to
its size, scale and complexities of its operations. The Company has in-house Internal
Audit Department comprising of professional executives. The Internal Audit Department has
conducted the Internal Audit in line with the scope formulated, functioning, periodicity
and methodology agreed with the Audit Committee. The Internal Audit Department monitors
and evaluates the efficacy and adequacy of the internal control system in the Company, its
compliance with operating systems and accounting procedures and policies adopted by it.
Based on the reports of the internal audit, process owners undertake corrective action in
their respective areas and thereby strengthening the controls. The Company has appointed
consultants/professionals to conduct Cost Audit and Secretarial Audit and observations
made, if any, are reviewed by the Management periodically and corrective actions, if
required, are taken.
Whistle Blower Policy/ Vigil Mechanism
The Company has in place Vigil Mechanism/ Whistle Blower Policy for
director and employees to report genuine concerns. The policy is available on the website
of the Company www.mblinfra.com and the brief particulars of the establishment of Vigil
Mechanism is provided in the enclosed CGR.
Deposits
During the period under review, no deposits were accepted by the
Company.
Disclosures under Sexual Harassment of Women at
Workplace (Prevention, Prohibition & Redressal) Act, 2013.
Your Company has in place a policy on Prevention of Sexual Harassment
at workplace. This policy is in line with the requirements of The Sexual Harassment of
Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. All employees,
whether permanent, contractual, temporary and trainees are covered under this Policy. As
per the said Policy, an Internal Complaints Committee is also in place to redress
complaints received regarding sexual harassment. During the period under review, no
complaint was pending neither any complaint was filed pertaining to Sexual Harassment
Policy.
Acknowledgements
We convey our grateful appreciation for the valuable patronage and
co-operation received and goodwill enjoyed by the Company from all the Stakeholders, its
esteemed customers, shareholders, business associates, banks, financial institutions,
Government authorities and other stakeholders.
We place on record our appreciation to the contribution made by the
employees at all levels.
|
By Order of the Board |
|
for MBL Infrastructure Ltd. |
Place: New Delhi |
Anjanee Kumar Lakhotia |
Date: 29th May,
2023 |
Chairman & Managing
Director |
+91-9892691696
