• OPEN AN ACCOUNT
Indian Indices
Nifty
22,055.70 32.35
(0.15%)
Sensex
72,069.50 -678.92
( -0.93%)
Bank Nifty
46,575.90 -18.20
( -0.04%)
Nifty IT
36,886.05 -614.65
( -1.64%)
Global Indices
Nasdaq
16,103.45 130.28
(0.82%)
Dow Jones
38,790.43 75.66
(0.20%)
Hang Seng
16,737.12 16.23
(0.10%)
Nikkei 225
39,740.44 1,032.80
(2.67%)
Forex
USD-INR
82.89 0.00
(0.00%)
EUR-INR
90.24 -0.26
(-0.28%)
GBP-INR
105.56 -0.36
(-0.34%)
JPY-INR
0.56 0.00
(-0.74%)

EQUITY - MARKET SCREENER

NCC Blue Water Products Ltd
Industry :  Aquaculture
BSE Code
ISIN Demat
Book Value()
519506
INE630N01019
10.3383226
NSE Symbol
P/E(TTM)
Mar.Cap( Cr.)
N.A
22.6
8.76
EPS(TTM)
Face Value()
Div & Yield %
0.5
10
0
 

As on: Mar 19, 2024 12:12 PM

To

The Members,

NCC BLUEWATER PRODUCTS LIMITED

Your Directors take pleasure in presenting the 30th Annual Report along with the Audited Financial Statements of the Company for financial year ended March, 31 2023. The financial summary and highlights are stated as under:

Financial Results (Rs. in Lakhs)
Particulars Year ended 31.03.2023 Year ended 31.03.2022
Gross Income 63.43 60.85
Profit before Depreciation and taxation 45.30 43.64
Depreciation
Provision for Tax (11.51) (11.82)
Profit after tax 33.79 31.82
Paid-up equity share capital 775.00 775.00
Reserves excluding Revaluation Reserves 7.11 (26.67)

Dividend

In view of losses suffered in earlier years which are carried forward and as the profit earned in the current FY is meagre, the Board has not recommended any dividend for the year ended 31.03.2023.

The State of the Company's Affairs

During the year, your Company has earned Gross Income of Rs. 63.43 lakhs and net profit of Rs.33.79 lakhs. The Company is exploring various alternatives available for restructuring its business.

The approval of the members is being sought by way of Special Resolution for disposing off the unutilised land owned by the company and located at Chandanada Village, Nakkapalli Mandal, Anakapalli District, Andhra Pradesh. The details of the land proposed to be sold along with the reasons thereof is given in detail in the Explanatory Statement to the Special Resolution mentioned at Item No.4 of the notice convening the AGM.

Amounts Transferred to Reserve

The Board has decided to retain the profit earned and not to transfer the same to the Reserve.

Management Discussion and Analysis

Business Overview and Outlook and the state of the affairs of the Company and the Industry in which it operates, is discussed in detail in the section relating to Management Discussion & Analysis which forms part of this report.

Change in nature of business

There has been no change in the nature of business carried on by the Company during the year under review

Material changes and commitments affecting the financial position of the Company.

There are no Material Changes and Commitments affecting the financial position of the Company which occurred between the end of the financial year to which the financial statements relate and the date of this Report.

Share Capital

During the financial year under review, there has been no change in the Authorized & Paid up Share Capital of the Company.

Directors' responsibility statement

Pursuant to the provisions of Section 134(5) of the Companies Act, 2013, your Directors to the best of their knowledge and ability confirm as under:

(a) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(b) We 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 as at 31st March, 2023 and of the profit of the Company for the financial year ended 31st March, 2023;

(c) We have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the said Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(d) The annual accounts have been prepared on a going concern basis;

(e) The Company had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

(f) We have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

The names of Companies which have become or cease to be its Subsidiaries, Joint Ventures or Associates Companies during the year

The Company does not have any subsidiary, associate and joint-venture companies.

Deposits from Public

During the year the Company has not accepted any Deposit from the public.

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and outgo

The Company did not have any activities either relating to Conservation of Energy or Technology Absorption and therefore the provisions relating to Conservation of Energy or Technology Absorption are not applicable. The Company did not have any foreign exchange earnings and foreign exchange outgo during the year under review.

Particulars of loans, guarantees or investments under Section 186

Pursuant to the provisions of Section 186 of the Companies Act, 2013 read with Companies (Meetings of Board and its Powers) Rules, 2014, the Company has not made any loans, guarantees, investments during the financial year ended 31st March, 2023.

Particulars of contracts or arrangement with Related Parties

The Company has not entered into any related party transactions during the financial year 2022-23.

Directors and KMPs

Smt. Sri Raja Kalidindi Deepthi, Director (DIN-01106956) retires by rotation at the forthcoming Annual General Meeting and being eligible offers herself for re-appointment.

Based on the recommendation of the Nomination and Remuneration Committee and subject to the approval of the members of the Company at the ensuing AGM by way of Special Resolution, the Board of Directors at its meeting held on 10th August 2023 had approved the re-appointment of Sri J S N Raju, as a Whole-time Director of the Company for another term of five (5) years w.e.f. 1st October 2023.

The Independent Directors have submitted the declaration of independence, pursuant to section 149(7) of the Companies Act, 2013 stating that they meet the criteria of independence as provided in sub-section(6) of section 149 of the Companies Act, 2013.

Sri J S N Raju, Wholetime Director and Sri K Vidya Sagar, Chief Financial Officer and Sri M.Venugopal, Company Secretary are the Key Managerial Personnel of the company in accordance with the provisions of the Section 2(51) and 203 of the Companies Act, 2013.

During the year, Sri M.Venugopal was appointed as Company Secretary of the Company with effect from 24th August, 2022.

Meetings of Board of Directors

During the Financial year the Board has met 5 times i.e. on 27th May, 2022, 11 th August, 2022, 24th August, 2022, 10th November, 2022 and 13th February, 2023

Familiarization Programme

The details of the familiarization programme formulated for Independent Directors is hosted on the Company's website and the web link thereto is http://www.nccbpl.com.

Meeting of Independent Directors

Pursuant to provisions of the Companies Act, 2013 read with rules made there under and Secretarial Standard-I issued by the Institute of Company Secretaries of India and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a meeting of the Independent Directors of the Company for the Financial Year 2022-23 was held on February 13, 2023.

Composition of Audit Committee

The Committee met four times during the Financial Year i.e. on 27th May, 2022, 11th August, 2022, 10th November, 2022 and 13th February 2023.

Composition of Nomination and Remuneration Committee

The Committee met two times during the Financial Year i.e. 27th May 2022 and 24th August 2022.

Composition of Stakeholders Relationship Committee

The Committee met one time during the Financial Year i.e. 27th May 2022

Whistle Blower Policy / Vigil Mechanism

Pursuant to Section 177 of the Companies Act, 2013 and the Rules framed thereunder and pursuant to the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Company has established a mechanism through which all the stakeholders can report the suspected frauds to the appropriate authority. The Whistle Blower Policy which has been approved by the Board of Directors of the Company has been posted on the website of the Company (http:// nccbpl.com).

Annual Return

Pursuant to Section 92 (3) of the Companies Act, 2013 a copy of the annual return for the financial year ended 31st March 2023 has been placed on the website of the Company at http://www.nccbpl.com.

Corporate Governance

Pursuant to the Regulation 15 (2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company is exempted from furnishing Corporate Governance Report.

Evaluation of performance of the Board, Members of the Board and the Committees of the Board of Directors.

The Nomination and Remuneration Committee has laid down criteria for performance evaluation of Directors, Board level Committees and the Board as a whole and also the evaluation process for the same.

Pursuant to provisions, the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, annual performance evaluation of the Directors including Chairman, Board and its Committees viz., the Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee has been carried out. The Nomination and Remuneration Committee reviews the said Performance Evaluation on annual basis. The Performance evaluation of Independent Directors was carried out by the entire Board of Directors without participation of the directors who are subject to the evaluation.

Compliance with Secretarial Standards

The Company has complied with applicable provisions of the Secretarial Standards issued by the Institute of Company Secretaries of India and approved by the Central Government under Section 118 (10) of the Companies Act, 2013.

Reporting of Frauds by the Auditors

During the period under review, there were no frauds reported to the Central Government under Section 143(12) of the Companies Act, 2013 by your Auditors.

Corporate Social Responsibility

The company has a CSR Policy. Provisions of Section 135 of the Act relating to CSR are not applicable to the Company.

Remuneration Policy

The Company has not paid any remuneration to its Directors.

Investor Education and Protection Fund (IEPF)

The company was not required to transfer any shares/dividend to the IEPF Authority during the Financial Year 2022-23.

Details of Adequacy of Internal Financial Controls

The Company is well equipped with adequate internal financial controls. The Company has a continuous monitoring mechanism which enable the organization to maintain the standards of the control systems in taking corrective actions on timely basis.

Details of Significant and Material orders passed by Regulators or Court or Tribunal impacting the going concern status and company's operations in future.

There has been no order passed by the Regulators or Court or Tribunal.

Statutory Audit

M/s. K P Rao & Co., (Firm Registration No. 003135S), Chartered Accountants who were appointed as Statutory Auditors of the Company for a term of Five years from the conclusion of the 29th Annual General Meeting till conclusion of 34th Annual General Meeting conducted the Statutory Audit for the F.Y - 2022-23. The Independent Auditors' Report to the Members of the Company in respect of the Financial Statements for the Financial Year ended March 31, 2023 forms part of this Annual Report and do not contain any qualifications(s) or adverse observations.

Secretarial Audit

As per the provisions of the Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board appointed M/s. BS & Company, Company Secretaries LLP to conduct Secretarial Audit of the records and documents of the Company for the financial year 2022-23.

The Secretarial Audit Report for the Financial Year ended March 31, 2023 in Form No MR-3 is annexed to the Board's Report. The Secretarial Audit Report to the Members of the Company for the Financial Year ended March 31, 2023 does not contain any qualifications or adverse observations

Particulars of Employees

At present there are no employees whose particulars are to be given under Rule 5(2) & 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, as amended from time to time.

The ratio of the remuneration of each Director to the median employee's remuneration and other details in terms of Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, currently not applicable as no Director or KMP has drawn remuneration from the Company except Mr M Venu Gopal, Company Secretary. Further, there are no other employees on rolls of the Company.

Acknowledgements

The Directors thank the Company's Members, Bankers and officials of concerned Government Departments for their co- operation and continued support to the Company.

By Order of the Board

For NCC Bluewater Products Limited

J S N Raju U Jayachandra
Place: Hyderabad Wholetime Director Director
Date : 10.8.2023 (DIN No.02143715) (DIN No.02428646)