GSK_ Annual_Report_2021-22

173 BIDDLE SAWYER LIMITED Directors’ Report to the Members The Directors have pleasure in submitting their 76 Report for the year ended 31 March 2022. 1. Financial Results for the year ended 31 March 2022 ( ` in lakhs ) Year ended 31 March 2022 Year ended 31 March 2021 Revenue from Operations 80,82.46 12,56.22 Profit before Tax 5,60.48 76.22 Provision for Tax 31.88 - Deferred Tax Charge/ (credit) 1,09.25 18.24 Net Profit for the year 4,19.35 57.98 Opening (loss)/ Surplus brought forward (5,40.76) (5,98.74) Closing (loss)/ Surplus carried forward (1,21.41) (5,40.76) State of Company Affairs During the year under review, your Company has generated total revenue from operations of ` 80,82.46 lakhs as against ` 12,56.22 lakhs during the previous year ended 31 March 2021. The net profit for the year ` 4,19.35 lakhs, as compared to profit of ` 57.98 lakhs during the previous year ended 31 March 2021. DIVIDEND The Directors do not recommend any dividend for the year ended 31 March 2022. AUDITORS AND AUDITOR’S REPORT Members are requested to re-appoint M/s. Cornelius and Davar, Chartered Accountants, as the Auditors of the Company for the ensuing year and x their remuneration. The notes on financial statements referred to in the Auditors Report are self-explanatory and do not call for any further comments and explanations. The Auditor’s Report does not contain any qualification, reservation or adverse remark. Directors’ AND KEY MANAGERIAL PERSONNEL During the year under review, Ms. Puja Thakur resigned as Director of the Company with effect from 31 March 2022. Mr. Juby Chandy was appointed as Additional Director from 1 April 2022 till conclusion of Annual General Meeting. In terms of the provisions of the Companies Act, 2013, Mr. S. Venkatesh retires from the Board of Directors of the Company by rotation and being, eligible, has offered himself for re-appointment at the ensuing Annual General Meeting. The Notice convening the forthcoming Annual General Meeting includes the proposal for reappointment of aforesaid Director. None of the Directors are disqualified for appointment / re-appointment under Section 164 of the Companies Act, 2013. DIRECTORS’ RESPONSIBILITY STATEMENT Pursuant to the requirements of Section 134(5) of the Companies Act, 2013, your Directors confirm that: a) in the preparation of the annual accounts for the financial year ended 31 March 2022 the applicable accounting standards have been followed along with proper explanation relating to material departures, if any; b) the Directors had 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 as on 31 March 2022 and of the profit or loss of the Company for that period; c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) the Directors have prepared the annual accounts for the financial year ended 31 March 2022 on a going concern basis; e) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively. OTHER MANDATORY DISCLOSURES — The Board of Directors met 6 (Six) times during the financial year 2021-22. — As on 31 March 2022, the Company did not have any Subsidiary / Joint Venture / Associate Company