Dear Members,
Your Directors are pleased to present their report and financial statements for the
year ended 31st March, 2022.
Financial Results
(In Rs Lacs)
| Particulars |
2021-22 |
2020-21 |
| Profit before Exceptional Items, Depreciation, Finance cost and Tax |
1179.92 |
1,335.05 |
| Less: Depreciation and Amortisation expenses |
15.88 |
18.46 |
| Finance cost |
108.47 |
243.01 |
| Profit Before Tax |
1055.57 |
1073.58 |
| Less: Tax Expense |
314.37 |
279.13 |
| Profit After Tax |
741.20 |
794.46 |
| Add: Other Comprehensive Income (loss) |
36.57 |
13.25 |
| Total Comprehensive income |
777.77 |
807.71 |
| Key Ratios |
|
|
| Earnings per share (Rs) |
4.43 |
4.75 |
| Dividend per share (Rs) |
0.70 |
0.70 |
Performance Highlights
Performance Highlights of the Company are as follows:
(In Rs Lacs)
| Particulars |
FY 22 |
FY 21 |
Change |
| Revenue |
10758.90 |
8,493.65 |
21.05% |
| EBIDTA |
1179.92 |
1335.05 |
-13.14% |
| EBIDTA - % |
10.97% |
15.72% |
|
| Profit Before Tax |
1055.57 |
1073.58 |
-1.68% |
| Profit After Tax |
741.20 |
794.46 |
-6.70% |
Operating Revenue
FY 22 began on a promising note with expectation of relief from the adversities of the
Covid 19 pandemic. But from the middle of April the Corona cases started rapidly
increasing. As a result of the re-emergence of the pandemic, business activities started
getting decelerated. But inspite of the gloom, your Company has been able to achieve
improvement in its top line amidst the bottlenecks created by uncertainties around the
second and third wave of the pandemic in terms of continued supply chain disruptions and
localised lock downs, because of the focussed approach adopted by the Management in
targeting project completion. The inflationary trend in the global economy especially in
ferrous and copper materials has resulted in dip in the margin. However, the Management
has been able to sustain the adversities mainly on account price variation claims with the
Railway Authorities.
The Management of the Company also successfully commenced the Merchant Export Business
under which export of various agri commodities are being successfully executed.
Your Company has started execution of the work awarded by Military Engineering Services
for transmission line works at CWE, Binnaguri, marking its presence in serving the defence
sector of the Country. The Management of the Company is hopeful of garnering such works in
a big way in the times to come considering the satisfactory progress of the work.
Further, continuing with its focus on working in the area of modernisation of
electrical infrastructure, your Company has increased its focus on procuring works in the
area of installation of smart meters in business and residential establishments. Your
Company, has bagged an order for installation of smart meters at Rajarhat, Salt lake/New
Town and Kalyani, West Bengal. This sector in the opinion of the Management is a sun rise
sector and BCPL is fully geared to leave its mark on the same.
Shareholders' Fund
Your Company has been able to keep increasing its member's funds despite all challenges
faced during the FY 22 due to the re-emergence of the Covid 19 pandemic. This has been
made possible because of the extreme hard work, dedication and sincerity of the Company's
work force, and efficient completion of Railway Electrification Projects.
Share Capital
The Authorised Share Capital of your Company as on March 31, 2022 stood at
Rs180,000,000 divided into 18,000,000 equity shares of Rs10/- each. The Issued Share
Capital of your Company is Rs167,236,380 divided into 16,723,638 equity shares of Rs10/-
each and the subscribed and paid-up capital is Rs167,236,380 divided into 16,723,638
equity shares of Rs10/- each fully paid- up.
Earnings
Despite the pandemic and adversities your Company has been able to maintain EBIDTA
margin of 10.97% during the FY 22.
The Management of the Company took the adversities in their stride and made all out
efforts for improvement of the Company's operating efficiencies. This has been possible
with the overall improvement in the productivity of the Company's work force and the
initiatives taken by the Government of India to infuse liquidity through prompt release of
payments by the Railways.
Dividends
The Board of Directors have recommended a final dividend of Rs 0.70 (7%) per equity
share of Rs10 each for the financial year ended 31st March, 2022, subject to approval of
shareholders. The outflow on account of dividend, if approved, would be Rs 117.06 lacs.
In terms of the provisions of Section 124 of the Act, till date no amount is due for
transfer to the Investor Education and Protection Fund, in respect of dividend amounts
lying unclaimed or unpaid for more than seven years from the date they became due.
Pursuant to the changes introduced by the Finance Act, 2020 in the Income-tax, Act
1961, the dividend paid or distributed by a Company shall be taxable in the hands of the
shareholders. Accordingly, in compliance with the said provisions, your Company shall make
the payment after necessary deduction of tax at source.
Management Discussion & Analysis
Review of Economic Scenario and outlook
The last two years have been difficult for the world economy on account of the COVID-19
pandemic. Repeated waves of infection, supply- chain disruptions and, more recently,
inflation have created particularly challenging times for policy-making. Faced with these
challenges, the Government of India's immediate response was a bouquet of safety-nets to
cushion the impact on vulnerable sections of society and the business sector. It next
pushed through a significant increase in capital expenditure on infrastructure to build
back medium-term demand as well as aggressively implemented supply-side measures to
prepare the economy for a sustained longterm expansion.
As economic activity started showing signs of picking-up in the second year of the
pandemic, the global economy faced the fresh challenge of rising global inflation.
COVID-19 related stimulus spending in major economies along with pent-up demand boosting
consumer spending pushed inflation up in many advanced and emerging economies. The surge
in energy, food, non-food commodities, and input prices, supply constraints, disruption of
global supply chains, and rising freight costs across the globe stoked global inflation
during the year. Crude oil prices also witnessed an upswing during the year on the back of
increased demand from recovering economies and supply restrictions by the Organization of
the Petroleum Exporting Countries and its allies (OPEC+).
With the vaccination programme having covered the bulk of the population, economic
momentum building back and the likely long-term benefits of supply-side reforms in the
pipeline, the Indian economy is positioning itself to witness positive GDP growth in
2022-23. Nonetheless, the global environment still remains uncertain. A new wave in the
form of the Omicron variant was sweeping across the world. Inflation had jumped up in most
countries, and the cycle of liquidity withdrawal was being initiated by major central
banks. This is why it is especially important to look at India's macroeconomic stability
indicators and their ability to provide a buffer against the above stresses.
The need for a strong and resilient social infrastructure became even more important
during the ongoing COVID-19 pandemic that brought into focus the vulnerabilities in social
infrastructure across countries. Specifically, the pandemic posed the challenge of
balancing livelihoods while saving lives. To save lives and livelihoods amidst the
COVID-crises, India, the country with the second largest population and a large elderly
population, adopted a multipronged approach. Given the nature of the pandemic, the health
response including vaccination strategy remained critical. India also faced the challenges
of sustaining the learning outcomes in schools, building skills and reskilling population,
employment and livelihood to one of the largest labour forces in the world. Government's
response through 'Aatma Nirbhar Bharat Abhiyan' packages and other sector specific
initiatives have provided the necessary support to mitigate the adverse impact of the
pandemic.
The Indian industry experienced an interlude in business activity leading to slowdown
in its performance. With the gradual unlocking of the country, the supportive policy
initiatives which included easing of supply side bottlenecks through easier access to
credit, especially emergency credit line guarantee scheme to MSMEs, relief to the real
estate sector, production-linked incentives for champion sectors and other direct tax
measures, the industrial growth started to recover. In the past few months, record
vaccinations as well as improvement in consumer demand and business confidence have had a
positive impact on the performance of the industrial sector. This period also saw a boost
to digital infrastructure, structural reforms in telecommunications and big-ticket
disinvestment in Air India. The pace of this recovery and further growth is likely to
continue due to consistent efforts of the government to bring in various structural,
fiscal and infrastructural reforms in addition to a slew of measures/ schemes like the
production linked incentive scheme (PLI) to support industries.
Despite facing the unprecedented COVID related challenges Indian railways (IR) has not
only been able to move millions of people but has also been able to keep national supply
chain running. Being the third largest network in the world under single management and
with over 68,102 route kms IR strives to provide a safe, efficient, competitive and world
class transport system. IR is also adopting indigenous new technology such as KAVACH,
Vande Bharat trains and redevelopment of stations for safe and better journey experience.
CAPEX has been increased substantially for IR from an average annual CAPEX during 2009-14
of Rs. 45,980 crores to Rs. 2,15,058 crores during 2021-22. IR is targeting for 100%
electrification of its existing network by December 2023. In order to provide better
amenities IR has embarked on providing Wi-Fi internet services at all stations (excluding
halt stations). As on 5th December 2021, total 6,087 Railway Stations have been equipped
with Wi-Fi facility. In addition to the above, projects connecting difficult terrain such
as Rishikesh - Karnaprayag line as also the rail network to connect all capitals of north
east states are ongoing.
The National Rail Plan lays down the road map for capacity expansion of the railway
network by 2030 to cater to growth up to 2050. It envisages the creation of a future ready
railway system that is able to not only meet the passenger demand but also increase the
modal share of railways in freight to 40-45% from the present level of 2627%. The target
of 40-45% modal share for railways is necessary from the perspective of sustainability and
also from the national commitments made globally for reducing emission levels. The freight
ecosystem is expected to grow from the present level of 4700 MT to 8200 by 2030. At
present the railway capacity is barely able to carry 1220 MT which is around 26-27% of the
modal share. The Plan provides a pipeline of projects, which on completion will increase
railway capacity to capture 45% of freight traffic. Since the railways is already having a
large number of sanctioned projects that need to be completed before taking up new
projects, it has been planned to increase railway capacity in two surges. The first surge
is to be provided by the Vision 2024 plan to prioritize and complete sanctioned projects
so that railway capacity does not fall far behind the targeted modal share such that by
the time capacity is finally created, the traffic would have shifted to another mode. To
prevent further bleeding away of modal share, railway capacity enhancing projects have
been categorized as Super Critical and Critical. 58 projects have been identified as Super
Critical and are targeted for completion by December 2022. 68 projects have been
identified as Critical and have been targeted for completion by March 2024. These projects
are focussed at increasing capacity on routes that serve major mineral, industrial hubs
along with ports and major consumption centres. In addition to these critical projects,
the Ministry of Railway has also targeted 100% electrification of its network by
December2023 upgrading Delhi-Mumbai & Delhi-Kolkata corridors to 160 kmph and also
elimination of level crossings on the Golden Quadrilateral/Golden Diagonal routes. On
completion of Vision 2024 projects, in the second half of the decade, the aim is to
commission new Dedicated Freight Corridors and also High Speed Passenger Corridors,
besides multitracking and signalling upgradation of congested routes The next 10 years
will see a very high level of CAPEX in the railway sector as capacity growth has to be
accelerated such that by 2030 it is ahead of demand. Up to 2014, CAPEX on railway was
barely Rs 45,980 crore per annum and consequently the railway was characterized by high
levels of inefficiency and highly congested routes unable to meet the growing demand. Post
2014, a conscious effort was made to improve the railway sector by substantially
increasing the CAPEX. The CAPEX outlay for 2021-22 is Rs 2,15,000 crs which is more than
five times the 2014 level. As more projects are taken on hand and several sources of
capital funding are developed, the CAPEX will increase further in coming years and the
railway system will actually emerge as an engine of national growth.
The Government has charted out a comprehensive programme for industrial transformation.
With emphasis on supply side measures, the reforms address long known bottlenecks of
insufficient infrastructure, tardy business processes and labour market reforms.
Introduction of the production linked incentive schemes intends to encourage the scaling
up of industries that are strategic in nature or are technology intensive. Initiatives
under Atma Nirbhar Bharat including introduction of structural and procedural reforms,
record vaccinations, various PLI scheme designed to attract investments in sectors of core
competency and cutting edge technology, Make- in-India programme to boost domestic
manufacturing capacity, reduction of corporate tax rate, etc and steps to improve
operational efficiency have helped the industrial sector to keep up its ante. The sector
has started to recover steadily.
Public Private Partnership in infrastructure has been an important source of investment
in the sector. As per the database of the World Bank on private participation in
infrastructure, India is ranked second among developing countries both by the number of
PPP Projects as well as the associated investments. Much of the Indian success in PPPs is
attributed to development of robust institutional structure, financial support, and use of
standardized documents, both process documents like Model Request for Qualification and
Model Request for Proposal as well as substantive documents like the Model Concession
Agreements across infrastructure sectors.
Opportunities and Threats
A lot of emphasis is given to Railway Electrification in recent years with a view to
reduce the Nation's dependence on imported petroleum based energy and to enhance the
country's energy security, with a vision of providing eco-friendly, faster and energy
efficient mode of transportation, keeping in mind the huge cost savings and considerable
reduction in carbon foot print. Railways will develop new products and efficient logistics
services for small farmers, and small and medium enterprises. It will also take steps
towards integration of postal and railway networks to provide seamless solutions for
movement of parcels. 100 PM- GatiShakti Cargo Terminals for multimodal logistics
facilities will be developed over next three years. Multimodal connectivity between mass
urban transport and railway stations will be facilitated on priority. 400 new-generation
Vande Bharat trains will be manufactured over next three years. 2,000 km of network will
be brought under Kavach, the indigenous technology for safety and capacity augmentation.
'One Station- One Product' concept will be popularised to help local businesses and supply
chains.
Aided by the Government policy and initiatives your Company foresees a very bright
future for organisations which are providing dedicated services for the Railway
Electrification Eco System.
Your Company faced the bottlenecks created by uncertainties around the second and third
wave of the pandemic in terms of continued supply chain disruptions and localised lock
downs. The inflationary trend in the global economy especially in ferrous and copper
materials as well as increasing rates of freight has resulted in dip in the margin.
However, the Management has been able to sustain the adversities mainly on account price
variation claims with the Railway Authorities.
Further, with the re-emergence of pandemic, localised lock downs, the availability of
labour and their movement from one site to another within India following the health
protocols posed a challenge for the Company. However, your Company is expected to mitigate
such problems through hedging strategies, efficient management and internal control
system.
Company's Operations
Your Company has a pan India presence in executing electrification projects under
Indian Railways. It has a strong order book position with path-breaking orders in the
railway electrification segment received from Indian Railways as well as the Rail Vikas
Nigam Limited (RVNL), Military Engineering Services (MES), WEBEL (West Bengal Electronics
Industry Development Corporation Limited) and Tata Steel Limited.
Your Company has bagged order from MES at CWE, Binnaguri, marking its presence in
serving the defence sector of the Country. And an order from WEBEL for installation of
smart meters in business and residential establishments, which is expected to mark the
entrance of the company as a new technological service provider in the coming days.
Your Company is quite enthused in updating its esteemed stakeholders about their recent
success in completing a project in the last FY that was successfully inaugurated by the
Hon'ble Rail Minister, Shri Piyush Goyal, dedicating to the Nation, railway
electrification project in Katwa- Azimganj and Monigram-Nalhati sections of Howrah and
Malda Divisions.
Subsidiary Company - BCL Bio Energy Private Limited
Entry into Rice Bran Oil Extraction
Keeping in mind BCPL's objective of contributing to India's foreign exchange reserves
directly or indirectly, the Company has decided to enter the Rice Bran Oil sector for
extracting oil from Rice Bran through the Solvent Extraction Process. The Project would
contribute to India's food energy and Foreign Exchange Reserves as the country is a net
importer of edible oils. Further the residual cake after extraction of oil is widely
exported from India to countries like Bangladesh, Vietnam. The total project cost has been
envisaged at 46 Crores and the same is proposed to be met through a mixture of Debt and
Equity under BCPL's subsidiary, BCL Bio Energy Private Limited. Land for the project has
already been acquired at Burdwan, West Bengal. Details of subsidiary in Form AOC-1 is
provided in Annexure 1.
Ethanol Project
The ethanol project is facing head winds in terms of rapidly increasing prices of
grains like maize and rice, the raw materials for ethanol production, which may not be
proportionately compensated through higher realisations. Under this backdrop the
Management of BCL Bio Energy Private Limited has decided to adopt a wait & watch
approach before progressing further in the project.
Consolidated Financial Statements
The duly audited Consolidated Financial Statements as required under the Indian
Accounting Standard 110, provisions of Regulation 33 of the Listing Regulations and
Section 136 of the Act have been prepared after considering the audited financial
statements of your Company's subsidiaries and appear in the Annual Report of the Company
for the year 202122.
Focus, Outlook and Future Projections
Your Company focus on Railway Electrification has been able to carve a niche for itself
in the field, whereby it has become a highly acceptable partner for the Railways. This has
been possible because of the Company's focus on efficient execution management system.
Your Company has started export of food products like maize, onions, oil cakes and
other commodities to Bangladesh. This is a business having a very short working capital
cycle which ensures higher Return on Equity of the Company. The promoters of the Company
are highly experienced in the line of business and have been exporting for more than 20
years through its associate company. Your Company is expected to cater to the needs of the
importing countries by supplying them standard products with adequate quality checks.
After getting the approval of the Board your Company has initiated the process of
setting up an Edible oil production facility that would enable production of Rice Bran oil
at Burdwan, West Bengal. The venture would be undertaken through the Company's subsidiary
BCL Bio Energy Private Limited(BCL).
Project for extraction of Crude Rice Bran Oil from Rice Bran of 300 TPD and the
residual cake called Deoiled Rice Bran. The Unit is envisaged in the Burdwan District of
West Bengal about 100 kms from Kolkata. The promoters are well experienced in the trade of
food grains through their export business of animal feed exports. Crude Rice Bran Oil is a
high demand product and is readily saleable to oil refineries. The residual product
Deoiled Rice Bran is exported to Bangladesh, Vietnam and various other countries. The
project would be taken up in two phases. Phase I would be for extraction of Crude Oil only
and the Phase II would be a forward integration phase wherein the crude oil would be
refined for use as edible oil as a cooking medium. The project is viable considering the
availability of raw material within the vicinity of the unit i.e. Burdwan District, West
Bengal and the huge demand for Rice Bran Oil and Deoiled Rice Bran in the state of West
Bengal. The unit is also capable of producing soya bean and rapeseed oil which are high
value addition products.
The diversification would be in line with the Company's philosophy of contributing to
the country's Foreign Exchange through reduced outflows and dependence on imported oil and
related price fluctuation, which leads to price inflation, thereby,
- Reducing significant burden on the government's exchequer due to its dependence on
the international market for edible oils causing price volatility affecting both the
consumers and producers.
- Encouraging use of Rice bran, a "little known" food which is highly
nutritious and delivers a powerhouse of health supporting nutrients which is either thrown
away or used for low-level animal feed.
- Promoting the nutritional composition of rice bran that has led the discovery of
varied health benefits.
- Promoting rice bran to be used for the enrichment of foods, due to its high nutrient
content.
- Encouraging use of Rice Bran Oil as a good source of unsaturated fats, vitamin E, and
other important nutrient, thereby enhance health immunity and reduce risk of heart
ailment.
- Reducing requirement of any new land for the production of oil seeds as Rice Bran is
a by-product of rice after its milling, which is grown in abundance in Burdwan District of
West Bengal and promote employment generation.
The construction activities on the project have already commenced and clearance from
various Government department is steadily progressing. The project would be operational in
around 9 months and its working is expected to be reflected in the accounts of FY23
onwards.
Risks and Concerns
The Management of the Company endeavours to identify elements of risk in different
areas of operations and to develop mechanism for initiating actions required to mitigate
the risks.
The Management on a timely basis informs the Board about risks that may threaten the
existence of the Company and also about measures that they propose to take in order to
mitigate the risks.
The Company has a Risk Management policy approved by the Audit Committee and the Board
of Directors. The Policy provides a framework for identification of risks inherent in the
business operations of the Company, and devises mitigation methods in a dynamic manner and
on a continuous basis which are periodically reviewed and modified considering the size
and complexity of the business and the regulatory as well as business requirements. The
hedging policy laying down the technique, guidelines and procedures to mitigate the risk
from high volatile as well as high value items forms part of the Risk Management policy.
This hedging tool is devised for mitigating risk due to price fluctuation. The Risk
Management Policy can be viewed at the following web link:
https://www.bcril.com/policies.php
With the entire world grappling with the effects of re-emergence of the Pandemic
specially for the new Omicron variant, there were some uncertainties/ disruptions in the
supply chains, availability of labour and their movement. Your Company continues to
provide special attention to these areas requiring flexibilities of operation and quick
decision making.
Impact of re-emergence of Covid 19
Your Company has been able to achieve improvement in its top line amidst the
bottlenecks created by uncertainties around the second and third wave of the pandemic,
because of the focussed approach adopted by the Management in targeting project
completion. However, the Directors consider it necessary to record the latest position in
this regard in their Report as under:
• Business: The business operations were impacted from the middle of April 2021
where the Corona cases started rapidly increasing. As a result of the re-emergence of the
pandemic, business activities started getting decelerated. However, your Company being
engaged in the activities of national importance, has been able to achieve improvement in
its top line amidst the bottlenecks created by uncertainties around the second and third
wave of the pandemic in terms of continued supply chain disruptions and localised lock
downs, because of the focussed approach adopted by the Management in targeting project
completion. Your Company has been continuously maintaining all measures of social
distancing, health & hygiene protocols as per Government instructions at its
registered office as well as at all work sites. Maintaining all social distancing
protocols, we are in process of execution of our existing commitments.
Currently, most of our worksites are functioning, subject to local regulations and
orders.
• Steps taken to ensure smooth and safe functioning of operations: All facilities
are regularly sanitized as per the recommendations of the respective Governments to ensure
that work conditions are safe. Recommendations of Covid appropriate behaviour relating to
monitoring of employees' body temperature, mandatory wearing of masks, enforcing social
distancing, use of good hygiene practices have been implemented and are being adhered to.
• Employees: The safety of our employees are paramount and several measures have
been undertaken to ensure their well-being and good health. Where possible, staggered
shifts have been implemented to ensure minimum interaction and proper social distancing.
Also we are increasing use of digital means in our business operations with our extant
capacity through virtual meetings.
• Impact on capital and financial resources, cost reduction, assets, liquidity
position, future operations: Your Company's capital and Banking facilities remain intact.
There was a temporary impact in the revenue, however your Company faces no liquidity
concerns since it had sufficient unutilised Banking limits and has also been granted
additional credit limits under the Covid Emergency Scheme by the Bank in terms of the
Government of India's Atmanirbhar Policies.
Though the Company witnessed some temporary delay in its work in progress and
receivable collection during the lockdown period, it has been able to manage its resources
and ensure collection of its receivables from the Indian Railways. Further the Railways
have taken the initiative of releasing the Bank Guarantees against the running projects in
proportion to the works completed, thereby providing further impetus to your Company's
finances.
Your Company has initiated cost reduction through optimal use of its existing resources
to adjust to the new norms for business and is expected to come out of the pandemic and
lockdown related challenges with improved efficiency and effectiveness in all aspects of
the Company's operations.
Your Company does not expect a material impact of COVID 19 on the Company's liquidity
and future performance, as of the date of the Directors' Report.
• Existing Contracts/agreements: Your Company is well positioned to fulfil its
obligations and existing contracts and arrangements.
• Non-fulfilment of obligations by any party:
Your Company does not foresee any eventuality which will have significant impact on the
business in case of non-fulfilment of any obligations by any party.
Operational Efficiency
Your Company is constantly directing its efforts towards efficiency enhancement in all
fronts starting from administrative office to project locations.
Your Company has also started various programmes for training the work force in
achieving improvements in micro level efficiency through training and workshops.
Your Company also encourages leadership skills amongst its employees which have helped
maintaining a loyal and efficient work force.
Though lock down procedures impacted the revenue of the company in the short term, with
the help of better use of technology and staff productivity we hope to come out of the
universal pandemic without a drastic negative impact.
Safety
Your Company has, as a policy, always strived to ensure safety and security of its work
force. Safety is of paramount importance in our area of work and we, at BCPL, are ever
focussed on improving the safety of our workers and the safety of lives. With a view to
achieve this, your Company constantly organises training programmes for educating about
the ways and means of working under strict safe conditions. Your Company procures the best
safety gears comprising of helmets, safety belts and undertakes regular safety checks to
ensure that the rules are followed. The Company has a dedicated safety officer to ensure
compliance of the rules.
We have reviewed our health and safety policy and framed the rules as per the Covid
appropriate behaviour directions of the Government of India. Your Company is taking utmost
care of its staff and work force during the pandemic crisis period following all norms of
vaccination, sanitization, social distancing, mandatory mask wearing, thermal check before
entry and maintaining proper hygiene. Your company is strictly implementing the 'STAY SAFE
AND ZERO TOLERENCE' policy for prevention of the pandemic. We are increasing the use of
digital means in our business operation through virtual meetings at all levels, be it
internal and/or client or stakeholders' meetings.
Quality Control
Your Company is aware about its responsibility in terms of delivery of safe Railway
Electrification Eco System for the safety of lives and property that use the services of
the Railways for meeting their transport requirements.
With a view to achieving the best standards in its construction efforts the Company has
in place a system of checks and balances whereby the work performed by its employees is
thoroughly checked by trained engineers in terms of safety standards set by the Railway
Administration.
Further your Company has a system of identifying its vendors based on their credibility
in terms of delivering quality products within committed time.
Your Company depends on vendors approved by RESEARCH DESIGNS & STANDARDS
ORGANISATION (RDSO) for procuring equipment required in execution of projects. Considering
the ambitious plans of the Government towards Railway Electrification, timely procurement
may play out as a considerable risk in future. In order to mitigate the risk, your Company
is constantly developing new vendor base so that any challenge on this front can be
effectively dealt with in case an occasion for scarcity of supply of equipment arises.
Further the Board of Directors have laid down a standard procurement policy for
ensuring the orderly and efficient conduct of its business. The Policy provides a
framework for procurement of materials as may be required by issuing purchase orders
pursuant to these standard terms and conditions, thereby devising mitigation methods for
orderly supply chains and for operating standard negotiating terms. The Procurement Policy
can be viewed at the following web link: https://www.bcril.com/policies.php.
Environment
The aim of your Company is to develop business while improving its environmental
performance in order to create a more sustainable future. In order to achieve this, your
Company continues to focus on measures for the conservation and optimal utilization of
energy in all the areas of its operations. Work Sites are encouraged to consistently
improve operational efficiencies, minimize consumption of natural resources and reduce
water, energy consumption and carbon emissions while maximizing productivity.
Following the recommendations of Covid appropriate behaviour, employees in work sites
are encouraged to ensure that social distancing and health and hygiene sanitisations are
maintained.
Increasing the use of digital means in our business operation is encouraged by
arranging virtual meetings at all levels, be it internal with the employees and work sites
or Railway personnel, client or other stakeholders.
Health of Employees
Your Company recognises the importance of maintaining health of its employees who work
away from home for considerable period of time. With a view to providing the best medical
facilities to its employees, whenever required, your Company has tied up with Medical
Insurance provider for its employees to avail the best medical attention without worrying
about the cost.
With the outbreak of COVID19 attack, we have also learnt to be vigilant and be aware of
health, hygiene and cleanliness at home and at work places. Your Company provided remote
specialised training at various units through video conferencing on personal hygiene, safe
work habits and best practices in sanitation and disinfection in the work place. Regular
vigilance was also maintained to ensure that Covid appropriate behaviour are followed at
the work place.
Your Company is taking utmost care of its staff and work force. Major Precautionary
measures taken against COVID19 at all units of the Company
• Regular sanitization of office premises, godown, materials and vehicles.
• Full compliance with guidelines on usage of face covers/ masks, daily recording
of temperature, social distancing, staggered attendance and hand sanitization facility.
• Vehicles are checked and sanitized during entry and self-declaration forms are
being filled up by all outstation staff.
• Display of Posters for COVID19. Awareness at prominent places of all business
units.
• Distribution of Masks, caps, hand sanitizers to all the employees.
Directors' Responsibility Statement
Your Directors wish to inform that the Audited Accounts containing Financial Statements
for the financial year ended 31st March, 2021 are in full conformity with the requirements
of the Act.
They believe that the Financial Statements reflect fairly, the form and substance of
transactions carried out during the year and reasonably present your Company's financial
condition and results of operations.
Your Directors further confirm that in preparation of the Annual Accounts:
i) The applicable accounting standards have been followed and wherever required, proper
explanations relating to material departures have been given,
ii) The Directors 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
the profit or loss of the Company for that period,
iii) Proper and sufficient care has been taken 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,
iv) The Accounts have been prepared on a going concern basis,
v) The Directors have laid down internal financial controls to be followed by the
Company and ensure that such internal financial controls are adequate and operating
effectively,
vi) The Directors have devised proper systems to ensure proper compliance with the
provisions of all applicable laws and that such systems were adequate and operating
effectively.
Corporate Governance
Your Company re-affirms its commitment to the standards of corporate governance. This
Annual Report carries a Section on Corporate Governance and benchmarks your Company with
the relevant provisions of the Listing Regulations.
Pursuant to the Listing Regulations, as amended, a certificate obtained from a
Practising Company Secretary certifying that the Directors of the Company are not debarred
or disqualified from being appointed or to continue as directors of the companies by the
Securities and Exchange Board of India/Ministry of Corporate Affairs, forms part of the
report as Annexure 5 to the Corporate Governance Report.
In terms of Section 204 of the Act read with Rule 9 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 (as amended), your Board at its meeting
held on 14th August, 2021 appointed Messrs Anjan Kumar Roy & Co., Company Secretaries
(FCS-5684 CP No.4557) as the Secretarial Auditor to conduct audit of the secretarial
records for the financial year ended 31st March, 2022 and to submit the Secretarial Audit
Report.
The Secretarial Audit Report as received from Messrs Anjan Kumar Roy & Co., Company
Secretaries in the prescribed Form No. MR-3 is annexed to this Board's Report and marked
as Annexure 4.
An Annual Secretarial Compliance report as per Securities and Exchange Board of India
circular dated 8th February, 2019 is also attached as Annexure 6 as an additional
disclosure.
In terms of Regulation 34 of the Securities Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter "Listing
Regulations"), a Report on Corporate Governance along with Compliance
Certificate issued by Statutory Auditors of the Company is attached as Annexure 8 and
forms integral part of this Report (hereinafter "Corporate Governance Report").
Secretarial Auditors and Secretarial Standards
Messrs Anjan Roy & Co., Practising Company Secretaries, have been appointed as the
Secretarial Auditor of the Company with effect from 14th August, 2021. The report of the
Secretarial Auditor is enclosed to this report and forms part of this report.
During the year under review, the Company has duly complied with the applicable
provisions of the Secretarial Standards on meetings of the Board of Directors (SS-1) and
General Meetings (SS-2) issued by the Institute of Company Secretaries of India (ICSI).
Policy on Appointment and Remuneration of Directors and Key Managerial Personnel
The Company has formulated a Remuneration Policy pursuant to the provisions of Section
178 and other applicable provisions of the Act and Rules thereof. There has been no change
in the said policy during the financial year ended 31st March, 2022. The Policy is
available at the following web link: www.bcril.com/policies.php
Qualification or Reservations in the Statutory/Secretarial Audit Reports
Your Board has the pleasure in confirming that no qualification, reservation, adverse
remark or disclaimer has been made by the Statutory Auditors and the Company Secretary in
Practice in their Audit Reports issued to the members of the Company. However, the
Secretarial Audit report specifies that a condonation of delay in efiling of an MCA form
is pending with the Ministry of Corporate Affairs. Your company will accordingly file the
same after condonation of delay is approved by the appropriate authority.
Directors and Key Managerial Personnel
Your Company's Board is duly constituted and in compliance with the requirements of the
Act, the Listing Regulations and provisions of the Articles of Association of the Company.
Your Board has been constituted with requisite diversity, wisdom, expertise and experience
commensurate to the scale of operations of your Company.
Composition of Board
The Board comprises 8 Directors of which, 3 are Executive Directors (2 of whom are part
of the promoter group), 1 is Non-Executive (part of the promoter group) and 4 are
Non-Executive, Independent Directors. The composition of the Board is in conformity with
Regulation 17 of the Listing Regulations read with Section 149 of the Act.
Structure of the Board of Directors
| Name of Di ector |
Executive/ Non-Executive |
Inde pend ent |
Lady |
| Aparesh Nandi |
Non-Executive |
No |
No |
| Jayanta Kumar Ghosh |
Executive |
No |
No |
| Uday Narayan Singh |
Executive |
No |
No |
| Debasis Sircar |
Executive |
No |
No |
| Sanghamitra Mukherjee |
Non-Executive |
Yes |
Yes |
| Swapan Kumar Chakraborty |
Non-Executive |
Yes |
No |
| Sudipta Kumar Mukherjee |
Non-Executive |
Yes |
No |
| Ranajit Kumar Mondal |
Non-Executive |
Yes |
No |
Meetings of the Board
During the year 2021-2022, the Board of Directors met 5 (Five) times. For details of
the meetings of the Board of Directors, please refer to the Corporate Governance Report.
Changes in Board Composition
Details of Directors' appointment/reappointment and change in board composition during
the financial year under review are as follows:
| Name of Director Designation & Category |
Reason and date of appointment/reappointment/ retirement/ resignation |
| Mr Aparesh Nandi |
Mr Aparesh Nandi (DIN:00722439), NonExecutive Chairman, Non- |
| Non-Executive Chairman/ Promoter (NonIndependent) |
Independent Director of the Company retired by rotation and was re-appointed pursuant
to Section 152(6) of the Act at the 25th Annual General Meeting held on 12th August, 2021.
He is due to retire by rotation at the ensuing Annual General Meeting and being eligible,
offers himself for reappointment pursuant to Section 152(6) of the Act. |
| Mr Ranajit Kumar Mondal |
Mr Ranajit Kumar Mondal (DIN-09022104) was appointed as a Non-Executive |
| Non-Executive - Independent Director |
- Independent Director for a period of five consecutive years with effect from 14th
August, 2021 as per Sections 149 and 160 of the Act. Based on the recommendation of the
Nomination and Remuneration Committee, the Board of Directors of the Company approved the
appointment Ranajit Kumar Mondal as an Additional Director of the Company with effect from
14th August, 2021 to hold office as a NonExecutive, Independent Director of the Company
for a term of 5 (five) consecutive years, subject to approval of the Members of the
Company at the ensuing AGM. The Company has received a Notice under Section 160 of the Act
from a Member of the Company signifying the candidature of Mr Mondal for his appointment
as a Director of the Company at the ensuing AGM. Your Board recommends appointment of Mr
Mondal as a NonExecutive, Independent Director of the Company for a term of 5 (five)
consecutive years commencing from 14th August, 2021. |
In the opinion of the Board, the Independent Directors possess the attributes of
integrity, expertise and experience as required to be disclosed under Rule 8(5)(iiia) of
the Companies (Accounts) Rules, 2014 (as amended).
The following are the independent directors of the Company:
1. Dr Sanghamitra Mukherjee
2. Mr Swapan Kumar Chakraborty
3. Mr Sudipta Kumar Mukherjee
4. Mr Ranajit Kumar Mondal (appointed on 14th August, 2021)
The Company has received declarations from Independent Directors that they meet the
criteria of independence as prescribed u/s 149(6) of the Companies Act, 2013 and as
required under the Listing Regulations. In the opinion of the Board, they fulfil the
condition for appointment/ reappointment as Independent Directors on the Board.
The Board of Directors confirms that the Independent Directors have affirmed compliance
with the Code for Independent Directors as prescribed in Schedule IV to the Act and also
with the Company's Code of Conduct applicable to all the Board Members and Senior
Management Personnel of the Company for the financial year ended on 31st March, 2022.
The Company arranges detailed presentation on various business aspects to ensure
familiarising the Independent directors about the different aspects of the prevailing
business environment, economy, performance of the Company and its strategies.
Statement of Evaluation of Board of Directors and Committees thereof
Your Company understands the requirements of an effective Board Evaluation process and
accordingly conducts the Performance Evaluation every year in respect of the following:
i. Board of Directors as a whole.
ii. Committees of the Board of Directors.
iii. Individual Directors including the Chairman of the Board of Directors.
In compliance with the requirements of the provisions of Section 178 of the Act, the
Listing Regulations and the Guidance Note on Board Evaluation issued by SEBI, your Company
has carried out a performance evaluation process internally for the Board/Committees of
the Board/Individual Directors including the Chairman of the Board of Directors for the
financial year ended 31st March, 2022.
The key objectives of conducting the Board Evaluation process were to ensure that the
Board and various Committees of the Board have appropriate composition of Directors and
they have been functioning collectively to achieve common business goals of your Company.
Similarly, the key objective of conducting performance evaluation of the Directors through
individual assessment and peer assessment was to ascertain if the Directors actively
participate in the Board/Committee Meetings and contribute to achieve the common business
goals of the Company. The Directors carry out the aforesaid performance evaluation in a
confidential manner and provide their feedback on a rating scale of 1-5.
This year also, the outcome of such performance evaluation exercise was discussed at a
separate Meeting of the Independent Directors held on 29th March, 2022 and was later
tabled at the Board Meeting held on 30th May, 2022. After completion of internal
evaluation process, it was noted that the Board and the Committees are working
effectively.
Pursuant to Section 178(3) of the Act and Regulation 17(6) of the Listing Regulations,
the Remuneration Committee is entrusted with responsibility of formulating criteria for
determining qualifications, positive attributes and independence of an independent
director. This can be viewed at
https://www.bcril.com/policy.php
Committees of the Board
A. Audit Committee
The Board of Directors of your Company has duly constituted an Audit Committee in
compliance with the provisions of Section 177 of the Act, the Rules framed thereunder read
with Regulation 18 of the Listing Regulations. The terms of reference of the Audit
Committee have been duly approved by the Board of Directors.
During the year under review, the Audit Committee comprised Independent Directors,
namely, Mr. Sudipta Kumar Mukherjee (Chairman), Mr. Swapan Kumar Chakraborty (Member) and
Mr. Uday Narayan Singh, Executive Director & CFO. Powers and role of the Audit
Committee are included in Corporate Governance Report. All the recommendations made by the
Audit Committee were accepted by the Board of Directors.
Whistle Blower Policy
In terms of the provisions of Section 177 of the Act and the Rules framed therein read
with Regulation 22 of the Listing Regulations, your Company has a vigil mechanism in place
for directors and employees of the Company through which genuine concern regarding various
issues relating to inappropriate functioning of the organisation can be raised. The
Whistle Blower Policy has been uploaded in the website of the Company at
www.bcril.com/policies.php
The Vigil Mechanism of your Company is governed by the 'Whistle Blower Policy'
Mechanism, which provides for adequate safeguards against victimization of director(s)/
employee(s) who avail of the mechanism and also provides for direct access to the Chairman
of the Audit Committee in exceptional cases.
C. Nomination and Remuneration Committee
The Company has a Nomination & Remuneration Committee. The details of the committee
are given in the Report on Corporate Governance - Annexure 7.
C. Stakeholders' Relationship and Investor Grievance Committee
The Company has a Stakeholders' Relationship and Investor Grievance Committee. The
details of the committee are given in the Report on Corporate Governance - Annexure 7.
D. Corporate Social Responsibility Committee
The Company has a Corporate Social Responsibility Committee. The details of the
committee are given in the Report on Corporate Governance - Annexure 7. A report on the
CSR activities/initiatives undertaken by the Company is provided in Annexure 2.
Your Company has spent an amount of Rs13.10 lacs towards donation to other institutions
during the financial year 2021-2022. Your Directors have set up a new company 'BRIL Social
Foundation' and transferred earmarked amount of Rs45.39 lacs which would be directly used
for the CSR activities and the CSR committee will finalise the mode of disbursement and
utilization of the amount. As such total amount spent on CSR is Rs58.49 lacs during the
year 2021-22 as against its 2% obligation amounting to Rs 22.43 lacs, thereby utilising
the unspent amount of the previous financial years that could not be utilised due to the
pandemic. The Corporate Social Responsibility Policy has been uploaded in the website of
the Company at
www.bcril.com/policies.php
Prevention of Sexual Harassment
Your Company had framed a policy on Prevention of Sexual Harassment of Women at
workplace pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013 which commits to provide a workplace that is free from all forms
of discrimination, including sexual harassment. The Policy can be viewed at the following
weblink: www.bcril.com/polies.php
Pursuant to 134(3)(q) read with the Companies (Accounts) Rules, 2014, the Company has
complied with the provisions relating to constitution of Internal Complaint Committee
(ICC) under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013. As per the Policy, any complaint received shall be forwarded to an
Internal Complaint Committee ("ICC") formed under the Policy for redressal. The
investigation shall be carried out by ICC constituted for this purpose. From the date of
inception, there has been no such complaint received.
Familiarization Programme of Independent Directors
The Company believes that the best training is imparted when dealing with actual roles
and responsibilities on the job. To this extent, the Company arranges detailed
presentation by Key Functional Heads on various aspects including the business
environment, economy, performance of the Company, industry scenario, financial controls,
the Company's strategy, safety policy and practices at work sites etc. Visits to the
Company's works are also undertaken from time to time. Details of Familiarization
Programmes imparted during the year under review has been available at the following
weblink:
https://www.bcril.com/compliance.php
Business Responsibility
Creating shared value is your Company's fundamental way of working and contributing to
society while ensuring long-term business success. Your Company has been conducting
business in a way that delivers long-term shareholder value and benefits to society.
Statutory Auditors
Messrs. L B Jha & Co., Chartered Accountants was appointed as Statutory Auditors of
the Company in the 25th AGM held on 12th August 2021 for a period of 5 years till 2025-26.
The report of the Statutory Auditors M/s. L B Jha & Co. alongwith notes to
Schedules is enclosed with this report. The observations made in the Auditors' Report are
self-explanatory and therefore do not call for any further comments.
With regard to the issue of non-preparation of accounts of the Joint Ventures for the
FY 202122, the Board has analysed the matter and does not foresee any material impact on
the finances of the Company once the accounts are available.
Listing with Stock Exchanges
Your Company is listed with BSE Limited and has paid the listing fees to the Exchange.
Your Company was listed with the SME Exchange of BSE Limited and was migrated to the main
board of the BSE Limited on the 4th January, 2021. The address of the Stock Exchange and
other information for shareholders are given in this Annual Report.
Cost Accounts and Cost Auditors
Cost audit applicability provisions are contained under rule 4 of the Companies (Cost
Records and Audit) Rules, 2014 are not applicable to the Company. Hence no cost accounts
are required to be maintained nor are Cost Auditors required to be appointed by the
Company.
Details of Loans and Investments
Details of the loans given by your Company under Section 186 of the Act during the
financial year ended 31st March, 2022 are as follows:
Phoenix Overseas Limited - Related Company with common promoters - Guarantee Given
against loan from Bank of India amounting to Rs 36.09 Crores.
Related Party Transactions
The Company has always been committed to good corporate governance practices, including
in matters relating to Related Party Transactions (RPTs). Endeavour is consistently made
to have only arm's length transactions with all parties including Related Parties.
The Board of Directors of the Company had adopted the Related Party Transaction policy
regarding materiality of related party transactions and also on dealings with Related
Parties in terms of Regulation 23 of the Listing Regulations and Section 188 of the Act.
The policy is available at the following weblink: https://www.bcril.com/policies.php
All related party transactions have been carried out at arms' length basis in the
ordinary course of business. There is material related party transaction i.e. transaction
exceeding 10% of the annual consolidated turnover as per the last audited financial
statements of the Company during the year by your Company. Accordingly, the disclosure of
Related Party Transaction as required under Section 134(3)(h) of the Act in Form AOC-2 is
provided in Annexure 1. Members may refer to notes no.35 to the financial statement which
sets out related party disclosures.
Policy on Appointment and Remuneration of Directors, Key Managerial Personnel and other
Employees
The Company has formulated a Remuneration Policy pursuant to the provisions of Section
178 and other applicable provisions of the Act and Rules thereof. The policy is based on
the guiding principle aimed towards retaining and rewarding performers. There has been no
change in the said policy during the financial year ended 31st March, 2022. The Policy is
available at the following weblink: www.bcril.com/policies.php
Policy to Determine Material Events
As per the Listing Regulations, the Company has framed a policy for determination of
materiality, based on criteria specified in the Regulations. The Policy is available at
the following web link: https://www.bcril.com/policies.php
Policy for Preservation of Documents
As per Regulation 9 of Listing Regulations, the Company has framed a policy for
Preservation of Documents, based on criteria specified in the said Regulations. The Policy
is available at the following web link:
https://www.bcril.com/policies.php
Significant Changes
During the financial year 2021-2022, no significant change has taken place which could
have an impact over the financial position of the Company.
Public Deposits
Your Company has not accepted any Public Deposits under Chapter V of the Companies Act,
2013.
Extract of the Annual Return
The Annual Return of the Company in Form MGT7 in accordance with Section 92(3) of the
Act, read with Companies (Management and Administration) Rules, 2014 (as amended), is
available on the website of the Company at https://www.bcril.com/annualreport.php. As per
the notification of the MCA dated 28th August, 2020 is not required to annex to this
Report as such the same is not attached in this report and available at the aforesaid
weblink.
Significant and Material orders passed by the Regulators/Courts/ Tribunals
Pursuant to Section 134(3)(q) of the Act read with Companies (Accounts) Rules, 2014, it
is stated that no significant or material orders were passed by the Regulators or Courts
or Tribunals which impacts the going concern status and Company's operations in future.
There is no material changes and commitments, affecting the financial position of the
Company which have occurred between the end of the financial year to which the financial
statements relates and the date of the report.
Internal Controls and their adequacy
Your Company's Internal Control Systems are commensurate with the nature, size and
complexity of its business. The Board of Directors have laid down internal financial
control measures to be followed by the Company and such procedures have been adopted by
the Company for ensuring the orderly and efficient conduct of its business, including
adherence to Company's policies, safeguarding of its assets, prevention and detection of
frauds and errors, accuracy and completeness of accounting records and timely preparation
of reliable financial information. Good governance, well defined systems and processes,
risk assessment, a vigilant control function, communication and monitoring and an
independent internal audit function are the foundation of the internal control systems.
Internal Audit department provides assurance on functioning and quality of internal
controls along with adequacy and effectiveness through periodic reporting. Internal Risk
and Control function also evaluates organisational risk along with controls required for
mitigating those risks. The control activities include continuous monitoring, routine
reporting, digital business environment with minimum possible interference, checks and
balances, purchase policies, authorization and delegation procedures, audits including
compliance audits, which are periodically reviewed by the Audit Committee. Your Company
has a Code of Conduct for all directors and senior management and a clearly articulated
and internalized delegation of financial authority. Your Company also takes prompt action
on any violations of the Code of Conduct. The Code of Conduct for directors and senior
management can be viewed at the following web link: https://www.bcril.com/policies.php.
Internal Financial Controls and their adequacy
The Directors had laid down internal financial controls to be followed by your Company
and such policies and procedures adopted by your Company for ensuring the orderly and
efficient conduct of its business, including adherence to your Company's 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 information. The Audit Committee evaluates the internal financial
control system periodically.
Information regarding Conservation of Energy, Technology Absorption and Foreign
Exchange Earnings and Outgo
The Company's activities during the year do not entail disclosure with respect to
conservation of energy, technology absorption, etc. in accordance with the provisions of
Section 134(3)(m) of the Company Act, 2013. The Company's foreign exchange earnings is Rs
2737.77 lacs and no foreign exchange outgo is recorded for the FY22.
Information regarding Employees and related disclosures
In terms of the provisions of Section 197(12) read with Rule 5(2) and 5(3) of Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 particulars of certain
category of employees have been set out in Annexure 3 of this report.
Your Company considers people as its biggest assets and 'Believing in People' is at the
heart of its human resource strategy. Concerted efforts have been put in talent
management, and strong performance management and learning and training initiatives to
ensure that your Company consistently develops inspiring, strong and credible leadership.
Your Company also organises employee felicitation events wherein well performing employees
are rewarded. Inspite of the challenges faced by the employees during this pandemic
period, they had cooperated in all aspects for the benefit of the Company.
The statement of Disclosure of Remuneration under Section 197 of the Act and Rule 5(1)
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
("Rules"), is appended as Annexure - 3 to the Report. The information as per
Rule 5(2) of the Rules, forms part of this Report.
Ratio of remuneration of Director or Key Managerial Personnel to the median of the
employees:
| Name of Director /KMP |
Remunera tion |
Ratio as to that of the median employee |
Percen tage increas e in remun eratio n |
| Mr Jayanta Kumar Ghosh |
50,82,112 |
12.70:1 |
25.66 |
| Mr Uday Narayan Singh |
40,81,112 |
10.20:1 |
29.57 |
| Mr Debasis Sircar |
25,40,160 |
6.35:1 |
97.28 |
| Ms Devshree Sinha |
8,34,195 |
2.08:1 |
9.25 |
Note: The median employee remuneration for 2021-22 is Rs 4,00,104/-.
Cautionary Statement
Statements in this Report, particularly those which relate to Management Discussion and
Analysis, describing the Company's objectives, projections, estimates and expectations may
constitute 'forward looking statements' within the meaning of applicable laws and
regulations. Actual results might differ materially from those either expressed or implied
in the statement depending on the circumstances.
Appreciation
Your Company has been able to operate efficiently because of the culture of
professionalism, creativity, integrity and continuous improvement in all functions and
areas as well as the efficient utilization of the Company's resources for sustainable and
profitable growth.
Your Directors hereby wish to place on record their appreciation for the undaunted
efforts inspite of the challenges faced by the employees during the pandemic. Your
Directors also wish to place on record their appreciation for the efficient and loyal
services rendered by each and every employee, without whose whole-hearted efforts, the
overall satisfactory performance would not have been possible. The Industrial Relations
were generally satisfactory during the year. Your Company wishes to put on record its deep
appreciation of the cooperation extended and efforts made by all employees. Your
Directors look forward to the long term future with confidence.
Your Company continued to receive co-operation and unstinted support from the Railways,
Suppliers, and others associated with the Company as its business partners. The Directors
wish to place on record their appreciation for the same and your Company will continue in
its endeavour to build and nurture strong links with concerned parties, based on
mutuality, respect and co-operation with each other and consistent with National interest.
| On behalf of the Board of Directors |
| Jayanta Kumar Ghosh Managing Director |
| Uday Narayan Singh Executive Director & CFO |
| Date - 30/05/2022 |
| Place - Kolkata |
|