To, The Members,
B.C. Power Controls Limited
Your Directors have the pleasure of presenting the Sixteenth Annual Report of the
Company on the business and operations of the Company, together with Audited Statement of
Accounts for the year ended March 31, 2024.
FINANCIAL RESULTS
The Company’s performance during the financial year ended March 31, 2024 as
compared to the previous financial year is summarized as below:
(Amount in Lacs)
PARTICULARS |
2023-24 |
2022-23 |
Income |
|
|
Revenue from operations |
9526.86 |
9373.46 |
Other Income |
322.22 |
274.68 |
Total Income |
9849.07 |
9648.14 |
Expenses |
|
|
Cost of Raw Material Consumed |
- |
358.38 |
Purchase of Stock in Trade |
8923.53 |
9376.45 |
Change in Inventories |
591.20 |
(535.29) |
Employee Benefit Expenses |
32.66 |
75.05 |
Finance Cost |
103.33 |
45.22 |
Depreciation |
- |
7.47 |
Other Expenses |
102.52 |
226.73 |
Total Expenses |
9753.25 |
9554.02 |
Profit Before Tax |
95.83 |
94.13 |
Tax Expense: |
|
|
Current Tax |
24.15 |
24.41 |
Deferred Tax |
- |
- |
n MAT Credit Entitlement |
- |
- |
Net Profit |
71.67 |
69.71 |
Earning per equity share (Face Value 02/- each) |
|
|
Basic |
0.10 |
0.11 |
Diluted |
0.10 |
0.11 |
NATURE OF BUSINESS
Presently the Company is engaged in trading activities only. It trades all type of
ferrous and non-ferrous metals which mainly includes Zinc, Copper Ingots, Copper Rod, Tin
Ingots, Copper Scrap and Nickel etc.
The Company trades the goods in open market as well as on the Multi Commodity Exchange
(MCX) Platform by taking and giving physical delivery of material and other modes also.
The Company purchases the goods from Indian market as well as imports from various
countries.
FINANCIAL PERFORMANCE REVIEW
The business of the Company was almost same during the financial year 2023-24 as
compared to previous years. But your Board of Directors had employed their best efforts to
bring up the business performance of the Company. The total revenue could reach at Rs.
9,849.07 Lacs as at 31 st March, 2024 which is quite low as compared to Rs.
9,648.14 lacs as at 31st March, 2023.
But, your directors hoping, the good business performance in the coming years.
FUTURE PROSPECTUS
Despite stiff competition in Indian and global market, your Company is working in a
direction to create a unique identity amongst the customer and your Directors are
confident of achieving better working results in the coming years.
RESERVES & SURPLUS
The Company’s Reserve & Surplus in the year 2024 is Rs. 2,669.81 lacs as
compared to the previous year it was Rs. 2,598.14 lacs.
No Profit was transferred to any specific reserve created but transferred to general
reserves.
DIVIDEND
The Board of Directors has not recommended any dividend on the Share Capital of the
Company for the period ended 31st March 2024 considering the current cash flow position of
the Company and future funds requirement for growth of business.
DEPOSITS
During the year under review, your Company did not accept any deposits in terms of
Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposit)
Rules, 2014.
LISTING ON STOCK EXCHANGES
Your Company is listed in BSE Limited. The Company has paid the Annual Listing Fee of
BSE for F.Y. 2024-25.
Earlier it was permitted to trade on National Stock Exchange Limited (NSE) also, but
w.e.f. 02.05.2023 the NSE has withdrawn this permission.
CASH FLOW STATEMENT:
In conformity with the provisions of Regulation 34(2)(C) of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 and requirements of Companies Act the Cash
flow Statement for the year ended 31.03.2024 is forming a part of Annual Report.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL P OSITION OF THE
COMPANY W HICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH
THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
No material changes and commitments which could affect the Company’s financial
position have occurred between the end of the financial year of the Company and the date
of this report.
PARTICULARS OF CONTRACTS OR ARRANGEMENT WITH RELATED PARTIES
All transactions of the Company with Related Parties are in the ordinary course of
business and at arm’s length. Information about the transactions with Related Parties
is given in the Financial Statement of the Company which forms a part of this Annual
Report.
The Board of Directors of the Company has seek the approval of Shareholders in ensuing
Annual General Meeting for material related party transactions with M/s Bonlon Industries
Limited, M/s Asier Metals Private Limited, M/s Harshit Finvest Private Limited, M/s Bon
Lon Private Limited and M/s Bon-Lon Securities Limited, for the period from the conclusion
of ensuing Annual General Meeting to the conclusion of 17th Annual General Meeting to be
held in Financial Year 2023-24.
Form AOC 2 pursuant to the provisions of Section 134 (3) (h) of the Companies Act,
2013, read with Rule 8 (2) of the Companies (Accounts) Rules, 2014 is given Annexure- I to
this Directors’ Report.
PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS UNDER SECTION 186
The Company has not given any Loan, Guarantee or made investment falling under section
186 of the Companies Act, 2013. Note 2.4 and 2.6 forming part of Statement of the Company.
DISCLOSURE RELATING TO EQUITY SHARES WITH DIFFERENTIAL RIGHTS
The Company has not issued any equity shares with differential rights during the year
under review and hence no information as per provisions of Rule 4(4) of the Companies
(Share Capital and Debenture) Rules, 2014 has been furnished.
DISCLOSURE RELATING TO SWEAT EQUITY SHARE
The Company has not issued any sweat equity shares during the year under review and
hence no information as per provisions of Rule 8(13) of the Companies (Share Capital and
Debenture) Rules, 2014 has been furnished.
DISCLOSURE RELATING TO EMPLOYEE S TOCK OPTION SCHEME AND EMPLOYEE STOCK PURCHASE SCHEME
The Company has not issued any employee stock option scheme and employee stock purchase
scheme and hence no information as provisions of Rule 12(9) of the Companies (Share
Capital and Debenture) Rules, 2014 and SEBI (Employee Share Based Employee Benefits)
Regulations, 2014, has been furnished.
DISCLOSURES IN RESPECT OF VOTING RIGHTS NOT DIRECTLY EXERCISED BY EMPLOYEES
There are no shares held by trustees for the benefit of employees therefore, no
disclosure under Rule 16(4) of the Companies (Share Capital and Debentures) Rules, 2014
has been furnished.
MATTERS RELATED TO DIRECTORS AND KEY MANAGERIAL PERSONNEL
Directors
As on 31st March 2024, your Board comprises of 06 Directors which includes 02 Executive
Directors, 01 Non-Executive Non-Independent Director and 03 Independent Directors.
Change in Directors during the year under review: During the F.Y. 2023-24, Ms. Siya
Seth was appointed as an Independent Director of the Company by the shareholders of the
Company in 16th Annual General Meeting held on 30 th September 2023
for a period of 5 Years starting from 01.09.2023 to 31.08.2028.
Further Mr. A n il Kumar Jain h a d resigned from the directorship o f the Company
w.e.f. 01.09.2023 due to personal reasons without any other material reason.
Re-appointment of director liable to retire by rotation- In terms of the provisions
Section 152 of the Companies Act, 2013 read with the Articles of Association of the
Company, Mr. Chander Shekhar Jain, Director of the Company is liable to retires by
rotation at the ensuing 16th Annual General Meeting and being eligible offered
them-self for reappointment.
Declarations by Independent Directors
Pursuant to the provisions of sub-section (7) of Section 149 of the Companies Act, 2013
and Regulation 16 of SEBI (LODR) Regulation, 2015, the Company has received individual
declarations from all the Independent Directors confirming that they fulfill the criteria
of independence as specified in Section 149(6) of the Companies Act, 2013 and Regulation
16 of the SEBI (LODR) Regulations, 2015.
Key Managerial Personnel
As on the date of this report, in compliance with the requirements of Section 203 of
the Companies Act, 2013 following are the Key Managerial Personnel of the Company:
Mr. Chander Shekhar Jain |
- Managing Director |
Mr. Nitin Aggarwal |
- Whole Time Director |
Mr. Manoj Jain |
- Chief Financial Officer |
Ms. Dimple Malik |
- Company Secretary & Compliance Officer |
POLICY ON DIRECTORS APPOINTMENT AND POLICY ON REMUNERATION
Pursuant to Section 134(3)(e) and Section 178(3) of the Companies Act, 2013, the Policy
on appointment of Board members including criteria for determining qualifications,
positive attributes, independence of a Director and the Policy on remuneration of
Directors, KMP and other employees is forming a part of Corporate Governance Report.
It is thereby, affirmed that remuneration paid to the Directors, Key Management
Personnel and other employees is as per the Remuneration Policy of the Company.
NUMBER OF M EETINGS OF BOARD AND COMMITTEE OF BOARD OF DIRECTORS
MEETINGS OF BOARD OF DIRECTORS
The Board of Directors met 05 times during the financial year ended March 31, 2024 in
accordance with the provisions of the Companies Act, 2013 and rules made there-under.
Directors of the Company actively participated in the meetings and contributed valuable
inputs on the matters brought before the Board of Directors from time to time.
Additionally, during the financial year ended March 31, 2024 the Independent Directors
held a separate meeting in compliance with the requirements of Schedule IV of the
Companies Act, 2013.
COMMITTEES MEETINGS
The Audit Committee met 05 times during the financial year ended March 31, 2024. The
nomination and remuneration committee met 03 times during the financial year ended March
31, 2024. The Shareholders Grievances Committee met 03 times during financial ended March
31, 2024. The Corporate Social Responsibility Committee met 01 time during the financial
ended March 31, 2024. Members of the Committees discussed the matter placed and
contributed valuable inputs on the matters brought before.
DIRECTOR’S RESPONSIBILITY STATEMENT
In terms of Section 134(5) of the Companies Act, 2013, in relation to the audited
financial statements of the Company for the year ended March 31, 2024, the Board of
Directors hereby confirms that:
1. In the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to material departures;
2. The Directors had selected such accounting policies have been selected and
applied consistently and the Directors 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 as
on March 31, 2024 and of the profits of the Company for the year ended on that date; 3.
The Directors had taken proper and sufficient care was taken for the maintenance of a
dequate a ccounting records in a ccordance with the provisions of the Companies Act, 2013
for safeguarding the assets of the Company and preventing and detecting fraud and other
irregularities; 4. The Directors has prepared annual accounts of the Company have been
prepared on a going concern basis; 5. The Directors had laid down internal financial
controls have been laid down be followed by the Company and that such internal financial
controls are adequate and were operating effectively;
6. The Directors had d evised proper systems have been devised to ensure
compliance with the provisions of all applicable laws and that such systems were adequate
and operating effectively.
AUDIT COMMITTEE
An Audit Committee is in existence in accordance with the provisions of Section 177 of
the Companies Act, 2013. Kindly refer to the section on Corporate Governance, under the
head, ‘Audit Committee’ for matters relating to constitution, meetings and
functions of the Committee.
NOMINATION AND REMUNERATION COMMITTEE
The Company has constituted a Nomination a nd Remuneration Committee a nd formulated
the criteria for d etermining the qualification, positive attributes a nd independence of
a Director (the Criteria). The Nomination a nd Remuneration Committee has recommended to
the Board a policy relating to the remuneration for Directors, Key Managerial Personnel
and other employees, as required under Section 178 (1) of the Companies Act, 2013.
Kindly refer section on Corporate Governance, under the head, ‘Nomination and
Remuneration Committee’ for matters relating to constitution, meetings, functions of
the Committee and the remuneration policy formulated by this Committee.
PERFORMANCE EVALUATION OF THE BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS
Pursuant to applicable provisions of the Companies Act, 2013 and the Listing Agreement
with Stock Exchanges, the Board of Directors, in consultation with its Nomination &
Remuneration Committee, has formulated a framework containing, inter-alia, the criteria
for performance evaluation of the entire Board of the Company, its Committees and
Individual Directors, including Independent Directors.
A structured q uestionnaire has been prepared, covering various a spects of the
functioning of the Board and its Committee, such as, adequacy of the constitution and
composition of the Board and its Committees, matters addressed in the Board and Committee
meetings, processes followed at the meeting, Boards focus, regulatory compliances and
Corporate Governance, etc.
Similarly, for evaluation of Individual Director’s performance, the questionnaire
covers various aspects like his/ her profile, contribution in Board and Committee
meetings, execution and performance of specific duties, obligations, regulatory
compliances and governance, etc. Board members had submitted their response on a scale of
5 (excellent) 1 (poor) for evaluating the entire Board, respective Committees of which
they are members and of their peer Board members, including Chairman of the Board. The
Independent Directors had met separately without the presence of Non-Independent Directors
and the members of management and discussed, inter-alia, the performance of
Non-Independent Directors and Board as a whole and the performance of the Chairman of the
Company after taking into consideration the views of executive and Non-Executive
Directors.
The Nomination and Remuneration Committee has also carried out evaluation of every
Directors performance.
The performance evaluation of all the Independent Directors have been done by the
entire Board, excluding the Director being evaluated. On the basis of performance
evaluation done by the Board, it shall be determined whether to extend or continue their
term of appointment, whenever the respective term expires.
The Directors expressed their satisfaction with the evaluation process.
CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
Pursuant to Section 135 of Companies Act, 2013, the Company was not required to spent
any funds toward Corporate Social Responsibility during the financial year 2023-24 as the
Company was not fulfilling the criteria mentioned in Section 135 (1) of Companies Act,
2013 during previous year ended on 31st March 2023.
OTHER BOARD COMMITTEES
For d etails of other board committees viz. Shareholders/ Investors Grievance
Committee, kindly refer to the section on Corporate Governance.
VIGIL MECHANISM FOR THE DIRECTORS AND EMPLOYEES
The Company has established a vigil mechanism, through a Whistle Blower Policy, where
Directors and employees can voice their genuine concerns or grievances about any unethical
or unacceptable business practice. A whistle-blowing mechanism not only helps the Company
in detection of fraud, but is also used as a corporate governance tool leading to
prevention and deterrence of misconduct.
It provides direct access to the employees of the Company to approach the Compliance
Officer or the Chairman of the Audit Committee, where necessary. The Company ensures that
genuine Whistle Blowers are accorded complete protection from any kind of unfair treatment
or victimization.
The W histle B lower Policy is d isclosed on the website of the Company
www.bcpowercontrols.com.
RISK MANAGEMENT POLICY
The Board of Directors of the Company has formulated a Risk Management Policy which
aims at enhancing shareholders’ value and providing an optimum risk reward thereof.
The risk management approach is based on a clear understanding of the variety of risks
that the organization faces, disciplined risk monitoring and measurement and continuous
risk assessment and mitigation measures.
INTERNAL FINANCIAL CONTROLS
The Company has in place adequate internal financial controls related to financial
statement. During the year, such controls were tested and no reportable material
weaknesses were observed for inefficiency or inadequacy of such controls. Some of the
controls are outlined below: The Company has adopted accounting policies, which are in
line with the Accounting Standards and other applicable provisions of the Companies Act,
2013; Changes in polices, if any, are approved by the Audit Committee in consultation with
the Auditors; In preparing the financial statement, judgment and estimates have been made
based on sound policies. The basis of such judgments and estimates are approved by the
Auditors and the Audit Committee;
PARTICULARS OF EMPLOYEES AND REMUNERATION
Your Directors appreciate the significant contribution made by the employees to the
operations of your Company during the period.
The information required on particulars of employees as per Section 197(12) of the
Companies Act, 2013 and Rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, is given in a separateAnnexure- II to this
Directors’ Report.
As per the provisions contained in the proviso to Section 136(1) of the Companies Act,
2013, the some of the aforesaid particulars are not being sent as a part of this Annual
Report. Any Member interested in obtaining a copy of the same may write to the Company
Secretary at the registered office of the Company.
OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013
In order to prevent sexual harassment of women at work place a new act The Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 has
been notified on 9th December, 2013. Under the said Act every company is required to set
up an Internal Complaints Committee to look into complaints relating to sexual harassment
at work place of any women employee. Pursuant to the legislation The Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, the Company has a
Policy on Prevention of Sexual Harassment at Workplace.
The Company in its endeavour for zero tolerance towards any kind of harassment,
including sexual harassment, or discrimination at the workplace has in accordance with the
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
During the year under review, the Company has not received any complaint under the
provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition &
Redressal) Act, 2013.
No. of Complaint at the beginning of F.Y. |
No. of Complaints received during the year |
No. of Complaints resolved during the year |
No. of Complaints pending at the end of F.Y. |
0 |
0 |
0 |
|
ANNUAL RETURN
As required pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the
Companies (Management and Administration) Rules, 2014, a draft annual return in Form MGT 7
is placed on website of the Company a t http://bcpowercontrols.com/investors-corner/.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars as required under the provisions of Section 134(3) (m) of the Companies
Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 in respect of
conservation of energy, and technology absorption have not been furnished considering the
nature of activities undertaken by the Company during the year under review.
Foreign Exchange Inflow: Nil
Foreign Exchange Outflow: Rs: 332.14 Lacs
CORPORATE GOVERNANCE
A report on Corporate Governance and the certificate from the Secretarial Auditor
regarding compliance with the conditions of Corporate Governance have been furnished in
the Annual Report and form a part of the Annual Report.
MANAGEMENT AND DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis report has been separately furnished in the
Annual Report and forms a part of the Annual Report.
AUDITORS
STATUTORY AUDITORS
M/s. Garg Bros & Associates, Chartered Accountants (Firm Registration No.-
001005N), (“the Audit Firm”), were appointed as Statutory Auditors of the
Company at the 11 th AGM held on September 30, 2019 for a period of five years
to hold office upto the conclusion of 16th AGM. So, the term of appointment of
the Statutory Auditors will be completed on the conclusion of 16th AGM of the
Company, scheduled to be held on September 30, 2024.
Now, in pursuant to the provisions of Section 139(2) of the Companies Act, 2013, they
will not be eligible for re-appointment as statutory auditors of the Company.
So, now on recommendation of Audit Committee, the Board of Directors in their meeting
held on 04th September 2024 have considered and recommended to the shareholders
to appoint M/s Gaur & Associates, Chartered Accountants (Firm Registration No.-
005354C) as Statutory Auditors of the Company in ensuing Annual General Meeting to hold
office for a period of 5 (five) consecutive years, starting from the conclusion of this 16th
AGM till the conclusion of the 21st AGM of the Company to be held in year 2029.
The Audit Report given by M/s Garg Bros & Associates for the Financial Year
2023-24, forming part of this Annual Report.
The Reports of Statutory Auditor do not contain any qualification, reservation or
adverse remarks. During the year the Statutory Auditors have not reported any matter under
Section 143 (12), therefore no detail is required to be disclosed under the applicable
provisions of the Act.
SECRETARIAL AUDITOR
As required under provisions of Section 204 of the Companies Act, 2013, the report in
respect of the Secretarial Audit carried out by M/s Dabas S Co., Company Secretaries,
Company Secretaries in Form MR-3 for the F.Y. 2023-24 is attached asAnnexure- III’
which forms part of this Report.
INTERNAL AUDITORS
M/s Shyam Goel & Associates, Chartered Accountants, performed the duties of
internal auditors of the Company during the F.Y. 2023-24 and their report was reviewed by
the audit committee from time to time.
ACKNOWLEDGEMENTS AND APPRECIATION
Your Directors take this opportunity to thank the customers, suppliers, bankers,
business partners/associates, financial institutions and various regulatory authorities
for their consistent support/encouragement to the Company.
Your Directors would also like to thank the Members for reposing their confidence and
faith in the Company and its Management.
|
By Order of the Board of Directors |
|
For, B.C. Power Controls Limited |
Date: September 04, 2024 |
|
Place: New Delhi |
(Chander Shekhar Jain) |
(Nitin Aggarwal) |
|
Managing Director |
Whole Time Director |
|
|
DIN: |
|
Add: C-2/317, |
Add: H. NO. 31-A, |
|
2nd Floor, Janakpuri, |
Kamla Nagar, |
|
New Delhi-110058 |
New Delhi- 110007 |