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Annual Report 2018-2019

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Annual Report 2018-2019 CIN: L65999WB2001GOI093759 BALMER LAWRIE & CO. LTD. PROGRESS OVER THE YEAR ` / Lakhs Year Share Reserves Loan Gross Current Current Net Profit Provision Profit Dividend No. of Capital & Surplus Funds block Assets Liabilities Turnover before for after (incl. Tax Employees Taxation Taxation Taxation on div.) (Nos.) 2009-2010 1629 44567 - 31088 69397 46182 110984 15298 3569 11729 4368 1415 2010-2011 1629 51755 - 33573 78133 52002 123656 18104 4995 13109 4921 1417 2011-2012 1629 60262 - 38803 87813 54166 147077 19027 5220 13807 5300 1440 2012-2013 1629 70671 - 42843 93787 55009 157205 22352 6075 16277 5869 1465 2013-2014 2850 79114 - 46923 101256 61875 159797 21962 6295 15667 6002 1431 2014-2015 2850 87456 - 60629 96704 50458 176731 21044 6300 14744 6204 1365 2015-2016 2850 96883 - 40004 108439 55349 165731 24021 7701 16320 6893 1248 2016-2017 11400 105199 - 42681 123132 57148 177946 25411 8369 17042 9650 1153 2017-2018 11400 114185 1490 46590 125436 53830 179710 26112 7630 18482 13786 1128 2018-2019 11400 118620 1367 49123 117405 52206 185672 28010 9160 18850 14710 1069 1 CIN: L65999WB2001GOI093759 CONTENTS Company Information 3 Management Team 4 Chairman’s Address 6 Board’s Report 14 Management Discussion and Analysis Report 38 Business Responsibility Report 55 Extract of Annual Return 69 Report on Corporate Governance 79 Auditors’ Certificate on Compliance of Corporate Governance 106 Secretarial Audit Report 107 Certificate of Non-disqualification of Directors 111 Independent Auditors’ Report on Standalone Financial Statements 112 Comments of Comptroller & Auditor General of India [C&AG] 125 Balance Sheet 126 Statement of Profit & Loss 127 Cash Flow Statement 128 SignificantAccounting Policies 130 Notes to Accounts 138 Information in respect of Subsidiaries, Associates & Joint Ventures 182 Independent Auditors’ Report on Consolidated Financial Statements 184 Comments of Comptroller & Auditor General of India [C&AG] - CFS 193 Consolidated Financial Statement 194 Office & Plant Locations 242 2 CIN: L65999WB2001GOI093759 Company Information Board of Directors : Shri Prabal Basu, Chairman & Managing Director : Shri D Sothi Selvam, Director (Manufacturing Businesses) : Shri Kalyan Swaminathan, Director (Service Businesses) : Shri Shyam Sundar Khuntia, Director (Finance) & Chief Financial Officer : Shri Ratna Sekhar Adika, Director (Human Resource & Corporate Afairs) : Shri Vijay Sharma, Government Nominee Director : Ms. Perin Devi Rao, Government Nominee Director : Ms. Atreyee BorooahThekedath, Independent Director : Shri Sunil Sachdeva, Independent Director : Shri Vikash Preetam, Independent Director : Shri Arun Tandon, Independent Director : Shri Arun Kumar, Independent Director : Shri Anil Kumar Upadhyay, Independent Director : Shri Bhagawan Das Shivahare, Independent Director Company Secretary : Ms. Kavita Bhavsar Registered Office : Balmer Lawrie & Co. Ltd. 21, Netaji Subhas Road Kolkata – 700 001 Bankers : Allahabad Bank : Bank of Baroda : Canara Bank : HDFC Bank Limited : IndusInd Bank Limited : Standard Chartered Bank : State Bank of India : Vijaya Bank Statutory Auditors : Messrs Dutta Sarkar & Co. 7A, Kiron Sankar Roy Road, 2nd floor Kolkata – 700 001 Branch Auditors : For Western Region Messrs PM Dalvi & Co. 10, Anand Bhuvan DV Deshpande Marg Shivaji Park, Dadar West Mumbai – 400 028 : For Southern Region Venkat & Rangaa, LLP Majestic Apartments Flat no. 5, I Floor 13 Soundararajan Street T Nagar, Chennai – 600 017 : For Northern Region Messrs Kumar Chopra & Associates B-12 G.F. Kalindi Colony Near Maharani Bagh New Delhi – 110 065 Internal Auditors : Messrs Hari Bhakti & Co. LLP 705, Leela Business Park, Andheri Kurla Road, Andheri (East), Mumbai - 400059 Registrar & : Karvy Fintech Private Limited Share Transfer Agent Kolkata Branch Apeejay House, Block “B”, 3rd Floor, 15 Park Street, Kolkata 700 016 Tel: 033 6628 5900 Registered Office Karvy Selenium, Tower B, Plot No- 31 & 32, Financial District, Nanakramguda, Serilingampally, Mandal, Hyderabad - 500032 Toll Free No: 18003454001 Email:[email protected] 3 CIN: L65999WB2001GOI093759 MANAGEMENT TEAM Sl Name Qualification Designation Date of Date of Total No Birth Joining in years of BL experience as on 30.06.2019 1. SHRI PRABAL B.COM [HONS], CHAIRMAN & 18.10.1963 04.04.1988 33 BASU ACA,ACMA,ACS, MANAGING DIRECTOR EPGM (MIT) 2. SHRI D SOTHI B.TECH., MBA, DIRECTOR 31.07.1960 02.01.2015 36 SELVAM PG DIPLOMA IN [MANUFACTURING JOURNALISM BUSINESSES] & MASS COMMUNICATION 3. SHRI KALYAN B.COM,ACMA, ACS DIRECTOR [SERVICE 15.02.1960 02.11.2009 36 SWAMINATHAN BUSINESSES] 4. SHRI SHYAM B.Sc., FCA, CMA DIRECTOR [FINANCE] 01.05.1960 28.03.2016 34 SUNDAR KHUNTIA & CHIEF FINANCIAL OFFICER 5. SHRI RATNA B.A., MSW DIRECTOR [HUMAN 10.06.1964 27.01.2014 31 SEKHAR ADIKA RESOURCE & CORPO- RATE AFFAIRS] 6. SHRI R M BE. [CHEMICAL] CHIEF OPERATING 11.08.1967 31.12.2014 28 UTHAYARAJA OFFICER [LEATHER CHEMICALS] 7. SHRI ABHISHEK BE (COMPUTER CHIEF INFORMATION 28.01.1973 09.02.2015 24 AGARWAL SCIENCE), MS OFFICER (SOFTWARE SYSTEMS) 8. SHRI MANAS B.COM [HONS], CHIEF OPERATING 03.09.1968 16.03.2015 28 KUMAR GANGULY CMA[Inter] OFFICER [LOGISTICS] 9. SHRI SREEJIT B.Sc., B.TECH CHIEF OPERATING 04.06.1967 01.04.2016 26 BANERJEE OFFICER [GREASES & LUBRICANTS] 10. SHRI SANDIP DAS B.COM,ACA SENIOR VICE 25.12.1962 24.05.1993 30 PRESIDENT [FINANCE] 11. SHRI ROMON B.COM, PGDMM, HEAD [LOGISTICS 22.11.1972 02.11.1998 25 SEBASTIAN LOUIS PGDMSM INFRASTRUCTURE] 12. SHRI SUNDAR B.COM HEAD [INDUSTRIAL 18.02.1961 23.01.1984 35 SHERIGAR PACKAGING] 13. MS KAVITA B.COM [HONS], FCS, COMPANY 11.02.1968 08.12.2014 29 BHAVSAR LL.B, PGDFM SECRETARY 4 CIN: L65999WB2001GOI093759 Sl Name Qualification Designation Date of Date of Total No Birth Joining in years of BL experience as on 30.06.2019 14. SHRI AMIT KUMAR M.Ch.E., MBA [Fin] HEAD [TECHNICAL] 04.01.1962 08.10.1987 33 BASAK 15. MS SANDHYA MA [ENG], DIP HEAD [TICKETING] 24.09.1959 08.09.2015 35 MALIK [TRAVEL & TOUR- ISM] 16. SHRI RAJ KUMAR B.E. (Mech), EXE VP & BUSINESS HEAD- 31.12.1974 31.10.2011 20 MAITY MGT (GENL MGT, VACATIONS STRATEGY) DEPUTED / SECONDED FROM BALMER LAWRIE TO JOINT VENTURE COMPANY 1. SHRI SANTANU BE CHIEF EXECUTIVE 05.10.1961 16.09.2002 36 CHAKRABARTI OFFICER -TSL DEPUTED FROMTHE GOVT. OF INDIA TO BALMER LAWRIE 1. SHRI VINOD M.Sc. IN SOIL CHIEF VIGILANCE 11.04.1963 10.10.2018 32 KUMAR - SCIENCE & AGRI. OFFICER IFS CHEMISTRY 5 CIN: L65999WB2001GOI093759 CHAIRMAN’S ADDRESS Good Morning Esteemed Members It gives me immense pleasure in welcoming you all to Before we begin, I would like to take this opportunity the 102nd Annual General Meeting of the Company. In to express my gratitude to all of you for your continued its journey of 152 years, your Company has witnessed support and trust that you have placed in this Company. many historical moments of the country. It has also May I now present the Annual Report of 2018-19 and seen closing of licence raj, opening up of economy, brief all concerned stakeholders about the Company’s economic liberalization, transition from the Indian performance during the financial year 2018-19. Companies Act, 1913 to the present Companies Act, 2013, introduction of Goods & Service Tax (GST), THE BUSINESS ENVIRONMENT introduction of Insolvency and Bankruptcy code etc. It During the last five years, India’s economy has done has been an incredible journey filled with challenges, well. By opening up several pathways for trickle-down, opportunities and change. Very few Indian companies the government has ensured that the benefits of growth have seen all of these. India has around three dozen and macroeconomic stability reach the bottom of the century-old companies that are listed and still actively pyramid. One such initiative is the promulgation of the traded. We are one of them. Aadhaar (Targeted Delivery of Financial and Other Though we are very proud of our glorious past and Subsidies, Benefits, and Services) Act, 2016. The heritage, we do not believe in resting on our laurels. linking of mobile numbers with bank account numbers We continue to earn profits by pro actively seizing and subsequently Aadhaar, created a JAM (Jan Dhan, the opportunities in the present, such that we are Aadhaar, Mobile) trinity that further secured Direct able to live up to our commitment to all stakeholders Benefit Transfers (DBT) to the intended beneficiaries. in the future. In our pursuit to sustain our market Further, average inflation in these five years was less leadership in chosen business segments, we have than half the inflation level of the preceding five years, recently launched the new avatar of our travel portal, matching the lowest levels attained in the country’s “FlylikeKing.com”. Further, to maintain our position as post-independence period. India took a few giant India’s largest 210L MS Drum manufacturer, we have strides forward and became the sixth largest economy inaugurated the new Industrial Packaging plant for by sustaining growth rates higher than China, thereby steel drum manufacturing in Vadodara, Gujarat. We earning the epaulette of being the fastest growing are constantly innovating and leveraging our strengths major economy in the world. to be a future ready company. As articulated by Hon’ble Prime Minister, Shri Narendra The agenda is set out in the Notice of the meeting. Modi, India aims to grow into a USD 5 trillion economy 6 CIN: L65999WB2001GOI093759 by 2024-25, which will make India the third-largest Chemicals, Lubricants, Food & Fruit Pulp, Edible Oils economy in the world. and various Liquid and Semi Liquid substances. India continued to remain the fastest growing Balmer Lawrie’s Industrial Packaging is acclaimed for major economy in the world in 2018-19 despite a superior product quality, high reliability in supplies, slight moderation in the GDP growth from 7.2% modern manufacturing systems and customer centric in 2017-18 to 6.8% in 2018-19. The moderation experienced personnel. It enjoys a high brand value, in the economic growth was due to lower growth in large, diverse and growing customer base and pan “agriculture & allied”, “trade, hotel, transport, storage, India presence.
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