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Download Document 41st ANNUAL REPORT BURN STANDARD COMPANY LIMITED 41st ANNUAL REPORT 2016 - 2017 1 2 3 6 49 63 64 Comments of the Comptroller 90 and Auditor General of India BOARD OF DIRECTORS (As on 01-04-2017) SHRI MD. ASAD ALAM Chairman and Managing Director SHRI NILOTPAL DEY Director (Finance) SHRI ANIRUDH KUMAR Government Director SMT ABHILASHA JHA MISRA Government Director SHRI SHYAMAL GHOSH Nominee Director SHRI PRAVEEN KUMAR Non-Official part-time Director PROF. BHARATENDU NATH SRIVASTAVA Non-Official part-time Director CIN : U51909WB1976GOI030797 2 - ANNUAL REPORT - 2016-2017 CHAIRMAN'S ADDRESS AT THE 41st ANNUAL GENERAL MEETING OF THE COMPANY Dear Shareholders, On behalf of the Burn Standard Co Ltd Board of Directors, I have pleasure in presenting the 41st Annual Report on the affairs of the Company along with the audited accounts for the year ending 31.03.2017. The notice of the meeting together with Directors' Report and Audited Annual accounts for the nancial year ending 31.03.2017 has already been circulated. 2. PHYSICAL AND FINANCIAL PERFORMANCE 2.1 During the year ended 31.03.2017 the Company achieved total Revenue of Rs.195.38 Crores. In previous year 2015-16 the gure was Rs.138.13 Crores. Total revenue showed an increase of 41% over last year. 2.2 The Company incurred gross loss of Rs.11.02 Crores during the year under report as against the gross loss of Rs.16.58 Crores incurred during the year 2015-16. The Net loss of the Company was Rs.33.51 Crores for the nancial year 2016-17 in comparison to a Net loss of Rs. 28.38 Crores during the nancial year 2015-16. 2.3 The Company produced 545 Nos. wagons during the year against 318 Nos. wagons in the previous year. 2.4 The Company produced liquid metal of 5970 MT and supply 1912 bogies, 2994 Coupler and 903 Draft Gear in the nancial year 2016-17 as compared to production of 4964 MT of Molten Metal, 1558 bogies, 1977 Coupler and 485 Draft Gear. 2.5 The Company registered high turnover in the Current year, but lower net prot. This is due to substantial reduction in price of wagons, . hike in costs of inputs, acute shortage of Working Capital resulting into payment of interest of Rs.10.61 Crore during 2016-17 for interest payment. Due to shortage of working capital, production could not be augmented to utilize the capacity available at our Works. ANNUAL REPORT - 2016-2017 - 3 CHAIRMAN'S ADDRESS Contd.... 3. PROSPECTIVE GROWTH 3.1 Due to reduced margin in wagon production, the Company took the challenge of repair of wagons for East Central Railways at Mughalsarai, beside the regular repair of wagons undertaken at Company's Howrah Works and Burnpur Works. During the year ended 31.03.2017 total 4042 wagons repaired as compared to 2305 wagons repairing done during 2015-16. 3.2 The Company will get sufcient number of Wagon orders for rehabilitation / repair of various types of Railway Wagons to execute the order either in participating in the tender or obtaining order from Indian Railways on nomination basis. 3.3 To revive the Company, diversication in other area such as Marine application, providing logistic support to SAIL with regard to locomotive maintenance, yard and wagon maintenance. 4. RESEARCH & DEVELOPMENT The Company has already got approval to fabricate Steel structure bridge. The Company has also taken the initiative to arrange manufacturing of medium and small ship including house boat for fabrication. Company is striving to develop Draft gear for BD-71 specication as import substitute. 5. ACKNOWLEDGMENT I express my sincere thanks to the different Ministries of Government of India specially, that of Railways, Heavy Industries & Public Enterprises, Steel, Finance, various Departments of Government of India/State Governments, Braithwaite & Company and other peer PSUs for their valued support and look forward to continued support in future. I thank all my colleagues on the Board 4 - ANNUAL REPORT - 2016-2017 CHAIRMAN'S ADDRESS Contd..... for their resolute support and consistent encouragement. I would also place on record my appreciation to the employees for their commitment in the progress of the Company. I also thank the Bankers, Auditors, Lenders, Suppliers and Customers for extending support to the Company throughout the year, the categories of employees and all Trade Unions of all the Units for their contribution during the year and expect that they would continue their sustained efforts for improving the performance of the Company in the coming days. Kolkata ( MD. ASAD ALAM ) Dated : October 24 , 2017 CHAIRMAN & MANAGING DIRECTOR ANNUAL REPORT - 2016-2017 - 5 DIRECTORS' REPORT Gentlemen, The Directors have the pleasure in presenting the 41st Annual Report along with the Audited Accounts for the year ended 31.03.2017. 1.0 OVERALL PERFORMANCE: 1.1 During the year ended 31.03.2017, the Company achieved Total Revenue of Rs.195.38 crores. In previous year (2015-16) the gure was Rs.138.13 crores. 1.2 The Company incurred Operating Loss or Gross Loss of Rs. 11.02 crores during the year under report which is much lower than the Gross Loss of Rs.16.58 crores incurred during the previous year (2015-16). 1.3 During the year under report, the Company produced 545 wagons as against 318 wagons in the previous year (2016-17),1912 Bogies as against 1716 Bogies in the previous year(2015-16) 2. STATE OF COMPANY AFFAIRS / OPERATING RESULTS u/s 134(3)(i) & (j): During the year 2016-17, the Company registered Net Loss of Rs.33.51 lakh against Net Loss of Rs. 28.37crores for the previous year 2015-16. The salient features of Operating Results for the year 2016-17 vis-à-vis previous year 2015-16 are tabulated below: (Rupees in Crores) Particulars 2016-17 2015-16 Sales / Total revenue 195.38 138.13 Gross Margin / (loss) (11.02) (16.58) Cash Prot / (loss) (without GOI interest, (31.13) (25.85) Depreciation & EOI) Net Prot / Loss [excluding Tax & (33.51) (28.37) Extra-ordinary item] Since the Company is incurring loss there is no transfer to reserve. 6 - ANNUAL REPORT - 2016-2017 DIRECTORS' REPORT Contd.... 3. FINANCIAL& CAPITAL STRUCTURE : The capital structure of the Company as on 31.03.2016 vis-à-vis 31.03.2017 is as follows: Particulars 2016-17 2015-16 Authorised Capital 185.00 185.00 Issued and subscribed capital 184.63 184.63 Reserve & Surplus (including Revaluation Reserve) 142.60 176.11 Non-current Liabilities 75.13 78.99 TOTAL 402.36 439.73 REPRESENTED BY Fixed Assets 470.63 472.92 Long term loan and advances 0.63 0.0063 Other Non Current Assets 0.00 0.00 Net Current Assets (Working Capital) -68.28 -33.19 TOTAL 402.36 439.73 4. RECENT GROWTH AND PROSPECTIVE GROWTH : In nancial terms the turnover was up by 41%.The Company incurred Operating Loss of Rs. 11.02 crores during the year under report as against the Operating Loss of Rs 16.58 Crores incurred during 2015-16. Various steps have already been taken by the management, duly supported by Ministry of Railways, for turning around the nance of the company. 5. SECURED ORDER POSITION: The order available for execution is 2037 VU wagons of Rs. 25062.95 Lakh and Rs 1934.98 Lakh for Railway components i.e. total order available for execution of ANNUAL REPORT - 2016-2017 - 7 DIRECTORS' REPORT Contd.... Rs 26997.93 Lakh in 2016-17 against Rs 26907.93 Lakh VU wagons and Rs 4360 Lakh for Railway component in corresponding year 2015-16. Export: At present there is no export order. 6. RESEARCH & DEVELOPMENT: Burn Standard stands for quality. The workforce has been motivated in such a way which can produce only the quality products. Every section of the shops and each stage of production are always under strict vigilance of the quality control supervisors. As a result, Burn Standard can produce any product within its manufacturing range conrming to global specications to the entire satisfaction of the customers. Burn Standard has already developed Light Weight Low Height 25 Ton Axle Load Bogie (LWLH 25) for Broad Gauge Wagon which is rst time in India by a wagon manufacturer. Burn Standard is also in the process of manufacturing BOXNS Wagon tted with 25T Axle Load Bogie against prevailing 22.9 Ton Axle Load Bogie. A prototype has been manufactured and passed by RDSO for bulk production. Development of 71-BD Draft Gear which is an import substitute is also in the process and is likely to be developed shortly. 7. PERSONNEL & INDUSTRIAL RELATIONS: 7.1 During the year 2016-17, the strength of permanent employees as on 31.03.2017 was 525 as against 610 as on 31.03.2016. The reduction in manpower has been effected due to natural separation like superannuation, death etc as also by restricting recruitment. 7.2 Pursuant to Company's policy of continuous skill development including enrichment of professional knowledge vis-à-vis strength of employee having been reduced considerably, only selected employees of different Units and Head Ofce at different levels were nominated for different Seminars / Training Programmes / Workshops organized both In-house and Out-house during the year under review. 7.3 The Company provided both statutory and non-statutory welfare facilities to the employees of different Units within its nancial limitations. 8 - ANNUAL REPORT - 2016-2017 DIRECTORS' REPORT Contd.... 7.4 Overall industrial relation in the Company was satisfactory. 8. MOU PERFORMANCE : Based on nancial performance and achievement of other parameters laid down, your company is likely to be rated fair as per the Memorandum of Understanding (MoU), signed by the Company with the Government of India for the Financial Year 2017-18.
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