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BSL Ltd

BSE Code : 514045 | NSE Symbol : BSL | ISIN:INE594B01012| SECTOR : Textiles |

NSE BSE
 
SMC up arrow

191.40

0.70 (0.37%) Volume 1670

26-Apr-2024 10:34:59

Prev. Close

190.70

Open Price

192.05

Bid Price (QTY)

190.50(2)

Offer Price (QTY)

191.40(1)

 

Today’s High/Low 192.85 - 190.10

52 wk High/Low 238.90 - 155.95

Key Stats

MARKET CAP (RS CR) 195.96
P/E 14.08
BOOK VALUE (RS) 103.7711083
DIV (%) 15
MARKET LOT 1
EPS (TTM) 13.52
PRICE/BOOK 1.8348074249102
DIV YIELD.(%) 0.79
FACE VALUE (RS) 10
DELIVERABLES (%) 83.47
4

News & Announcements

22-Apr-2024

BSL Ltd - BSL Limited - Loss of Share Certificates

22-Apr-2024

BSL Ltd - BSL Limited - Other General Purpose

16-Apr-2024

BSL Ltd - BSL Limited - Loss of Share Certificates

16-Apr-2024

BSL Ltd - BSL Limited - Other General Purpose

20-Jan-2024

BSL schedules board meeting

19-Oct-2023

BSL to convene board meeting

28-Aug-2023

BSL to hold AGM

31-Jul-2023

BSL to conduct board meeting

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
A K Spintex Ltd 539300
Adhunik Synthetics Ltd 514055
Adhunik Yarns Ltd 514452
AKC Synthetics Ltd 514039
Alok Industries Ltd 521070 ALOKINDS
Amar Polyesters Ltd (Wound-up) 514270
Ambika Silk Mills Co Ltd 503723
Anjani Synthetics Ltd 531223
Ankit Yarns Ltd 514262
Arhat Industries Ltd 523812
Arihant Industries Ltd 503897 ARIHANTIND
Aryan Finefab Ltd (Wound Up) 514134 ARYAFINFAB
Ashok Fashions Ltd (Wound-up) 523718
AYM Syntex Ltd 508933 AYMSYNTEX
Bahuma Polytex Ltd 514256
Bala Techno Industries Ltd 514199
Banswara Textile Mills Ltd(merged) 502722
Baroda Dyeing Ltd 526359
Betex India Ltd 512477
Binayaka Tex Processors Ltd 523054
Bindal Textile Mills Ltd 514026
Blue Blends (India) Ltd 502761 BLUEBLENDS
Bluechip Tex Industries Ltd 506981
Bombay Silk Mills Ltd (Wound-Up) 503728
Bonanza Industries Ltd 523133
Delta Polysters Ltd 530311
Deora Polytex Ltd 512427
Donear Industries Ltd 512519 DONEAR
E-Land Apparel Ltd 532820 ELAND
Emtex Industries (India) Ltd 521099 EMTEXIND
Enkay TexoFood Inds. (Merged) 514154 ENKTEXFOOD
Enkay Texofood Industries Ltd 514254
Essjay Synthetics Ltd 514466
Fairdeal Filaments Ltd(Merged) 514474
Faze Three Autofab Ltd 532459
Faze Three Ltd 530079 FAZE3Q
Flora Textiles Ltd 530705
Ganesha Ecosphere Ltd 514167 GANECOS
Garden Silk Mills Ltd 500155 GARDENSILK
Garlon Polyfab Industries Ltd 514306
Gini Silk Mills Ltd 531744
Global Syntex (Bhilwara) Ltd 531872
Gravity (India) Ltd 532015
GSPL (India) Ltd 531915
Gujarat Nitrates Ltd 530503
Gupta Synthetics Ltd 514116
Hani Industries Ltd 523800
Haryana Texprints (Overseas) Ltd 514296
Hitesh Textile Mills Ltd 531284
Hytone Texstyles Ltd 514258
India Polyspin Ltd 514490
Indian Polyfins Ltd 514292
Indo Rama Textiles Ltd(merged) 532501 INDORAMTEX
Indus Fila Ltd 532821 INDUSFILA
Integral Knit Company Ltd 514298
Jai Bharat Synthetics Ltd 531239
Jaihind Synthetics Ltd 514312
Jattashankar Industries Ltd 514318
Jaybharat Fabrics Mills Ltd 507924
Jaybharat Textiles & Real Estate Ltd 512233
Kamadgiri Fashion Ltd 514322
Kamaldeep Synthetic Ltd 514416
Kapil Cotex Ltd 512036
Karan Fibres & Fabrics Ltd 521090
Kashiram Pannalal Industries Ltd 523321
Kayel Syntex Ltd 514228
Kaypee Mantex Ltd (Merged) 514226
Khator Fibre & Fabrics Ltd 521127
Konark Synthetic Ltd 514128
Krimpex Synthetics Ltd 514078
Krishna Synthetics Ltd 514404
Krystal Poly-Fab Ltd 523688
Krystal Knitwear Ltd 531393
Kush Industries Ltd 514240 SUZLONFIBR
Libra Filaments Ltd 514205
Lohia Polyester Ltd 514203
Lorenzini Apparels Ltd 540952 LAL
LS Industries Ltd 514446
Madalsa International Ltd 514173
Mahaganesh Texpro Ltd 521139
Mahalaxmi Rubtech Ltd 514450 MHLXMIRU
Mahendra Petrochemicals Ltd 514160 MAHENDSUIT
Mangal Processing Mill Ltd (Wound-up) 526937
Markobenz Ventures Ltd 514060
Maruti Cottex Ltd 531425
Maruti Syntex (India) Ltd (Wound-up) 514201
Matushree Textiles Ltd 503001
Mazda Fabric Processors Ltd 531763
Mazda Textile Industries Ltd 514103
Minaxi Textiles Ltd 531456
Mohit Industries Ltd 531453 MOHITIND
Mrinal Dyeing & Mfg Co Ltd 500291 MARINALDYE
Mrinal Texturising Industries Ltd 523037
Mukund Syntex Ltd 514364
Nahar Fabrics Ltd 40386
Nakoda Ltd 521030 NAKODA
Nevtia Spinners Ltd 531511
Nisha Synthetics Ltd 514126
Nufab Industries Ltd 514207
Oasis Textiles Ltd 514114
Orbit Exports Ltd 512626 ORBTEXP
Orbit Polyester Ltd 531342
Orient Fabritex Ltd 514362
Orton Synthetics Ltd 514408 ORTONSYNTH
Oxford Industries Ltd 514414
Parmeshwari Silk Mills Ltd 540467
Paro Syntex Ltd 514352
Patodia Textile Industries (Merged) 521042
Patodia Textile Industries Ltd 514310
Pradip Overseas Ltd 533178 PRADIP
Prashant India Ltd 519014
Prism Mills Ltd 521115
Pushpsons Industries Ltd 531562
R K Suitings Ltd 531757
Raghuvir Synthetics Ltd 514316
Raj Rayon Industries Ltd 530699 RAJRILTD
Rajasthan Polyesters Ltd 514073
Rajkamal Synthetics Ltd 514028
Ranjan Polysters Ltd 40467
Rishabh Special Yarns Ltd 514177
Ritesh Polyesters Ltd 531057
RSL Textiles (India) Ltd 532463
S.Kumars Nationwide Ltd 514304 SKUMARSYNF
Sajjan Textiles Mills Ltd 521107
Sanrhea Technical Textile Ltd 514280
Santosh Fine Fab Ltd 530035
Santowin Corporation Ltd 512465
Sarita Synthetics and Industries Ltd 530221
Satnam Exports (India) Ltd (Wound Up) 523760
Seasons Textiles Ltd 514264
Shamken Cotsyn Ltd 514209
Shamken Multifab Ltd 514152 SHAMKNFAB
Sharda Textiles Mills (India) Ltd 514032
Shatex Industries Ltd 514185
Sheetal Filaments Ltd 514398
Shekhawati Poly-Yarn Ltd 533301 SPYL
Shree Bhavya Fabrics Ltd 521131
Shree Shyam Fabrics Ltd 514494
Shree Vaishnavi Dyeing & Printings Ltd 521202
Shri Lakshmi Cotsyn Ltd 526049 SHLAKSHMI
Siddhartha Spinfab Ltd 521204
Silkon Silk Mills (Exports) Ltd 514244
Simco Industries Ltd 526099
Siyaram Silk Mills Ltd 503811 SIYSIL
Sonu Synthetics Ltd 512491
Source Industries (India) Ltd 521036
SPBL Ltd(merged) 531702
SSM Mills Ltd 521172
STL Global Ltd 532730 SGL
Subhakti Textiles Ltd 514268
Sun Polytron Industries Ltd 514189 KESWANISYN
Suncity Synthetics Ltd 530795
Sunil Industries Ltd 521232
Supertex Industries Ltd 526133
Surbhi Industries Ltd 514260
Teaktex Processing Complex Ltd 530817
Tuni Textile Mills Ltd 531411
Valson Industries Ltd 530459
Veena Textiles Ltd 521028
Ventura Textiles Ltd 516098
Vijay Textiles Ltd 530151
Vinny Overseas Ltd 543670 VINNY
Vishal Fabrics Ltd 538598 VISHAL
VTM Ltd 532893 VTMLTD
Weizmann Ltd 523011 WEIZMANIND
Yangir Synthetics Ltd 514314

Share Holding

Category No. of shares Percentage
Total Foreign 90487 0.88
Total Institutions 262110 2.55
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 907429 8.82
Total Promoters 5837010 56.71
Total Public & others 3195132 31.04
Total 10292168 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About BSL Ltd

Incorporated on 24 Oct.'70, BSL Ltd was promoted as Bhartiya Udyog Sangh by S M Sureka and was taken over in 1971 by Jhunjhunwala. It manufactures polyester-viscose, polyester-woollen and 100% woollen fabrics, polyester-wool blended and 100% woollen and worsted yarn. It markets its products under the BSL Suitings brand. It has a wide network of area-wise agents, wholesale dealers and retailers throughout the country. The company came out with a rights issue in Oct.'92 to augment its working capital and to strengthen its equity base. The company was awarded the ISO-9002 certification by BIS in 1994. In 1995-96, the company undertook an expansion programme in its weaving division by installation of 44 sulzer weaving machines. 16 machines have been installed and the balance 28 weaving machines are under erection. The company has formed 100% EOU -- BSL Wulfing, in a joint venture with Wulfing Tuchfabrik Gmbh, Germany, for manufacturing wollen/worsted fabrics. Company has received National Export Award from Prime Minister of India for 100% growth in export of Woollen/Worsted Blended Fabric. Company also installed 1920 spindles in its Worsted Spinning Division increasing its capacity to 7904 spindles. The company had gone into modernisation under the Technology Upgradation Fund Scheme during 2000-2001.The company had replaced its 16 Nos PU-85 Sulzer weaving machines by latest G-6300 Sulzer Rapier Weaving Machines of latest technology and commercial production for these looms commenced w.e.f 28th September 2000. From Finland based company the company has imported 3.10 MW Captive Power Generation Plant on furnace oil. As part of diversification, the Company installed four Nos. Wind Turbine Generators of 0.60 MW each totalling 2.40 MW at Jaisalmer at total cost of Rs. 12 crores during 2004. It commissioned and installed 8448 spindles for production of Synthetic Yarn effective from 25th March, 2005. It further doubled the synthetic spinning capacity resulting to which the commercial production on the same commenced from 27th March, 2007. The erstwhile BSL Wulfing Limited, subsidiary Company was amalgamated with the Company and the assets and liabilities of the BSL Wulfing Ltd. were transferred to and vested in the Company in 2007. The Silk Weaving and Synthetic Spinning Projects commenced their full commercial production in 2008. The Scheme of Amalgamation of Bhilwara Processors Limited with the Company became effective from 1st April, 2009. The Company therefore issued 29,57,469 Equity shares to the shareholders of Bhilwara Processors Limited as per the said Scheme. It installed 20 Toyota Airjet Weaving Machines imported from Japan, which started commercial production from 1st January, 2012. Similarly, it installed 2.00 MW Wind Power Generator at Jaisalmer for captive use effective from 31st March, 2013. It installed 8 Nos. Airjet Looms during the year 2015. Further, it installed 4 No. Picanol Rapier Looms in 2018. Further, installed and commissioned Roof Top Solar Power Project of 2.50 MW Capacity at Mandpam, Bhilwara, Rajasthan, during the year 2018. It installed further 1.17 MW roof top solar plant at its existing site in 2019. It started the Cotton Spinning Plant production effective from 30.03.2023. It o modernized its old PV Spinning Spindles with the latest generation as well as expanded its Weaving capacity.

BSL Ltd Chairman Speech

BSL Ltd Company History

Incorporated on 24 Oct.'70, BSL Ltd was promoted as Bhartiya Udyog Sangh by S M Sureka and was taken over in 1971 by Jhunjhunwala. It manufactures polyester-viscose, polyester-woollen and 100% woollen fabrics, polyester-wool blended and 100% woollen and worsted yarn. It markets its products under the BSL Suitings brand. It has a wide network of area-wise agents, wholesale dealers and retailers throughout the country. The company came out with a rights issue in Oct.'92 to augment its working capital and to strengthen its equity base. The company was awarded the ISO-9002 certification by BIS in 1994. In 1995-96, the company undertook an expansion programme in its weaving division by installation of 44 sulzer weaving machines. 16 machines have been installed and the balance 28 weaving machines are under erection. The company has formed 100% EOU -- BSL Wulfing, in a joint venture with Wulfing Tuchfabrik Gmbh, Germany, for manufacturing wollen/worsted fabrics. Company has received National Export Award from Prime Minister of India for 100% growth in export of Woollen/Worsted Blended Fabric. Company also installed 1920 spindles in its Worsted Spinning Division increasing its capacity to 7904 spindles. The company had gone into modernisation under the Technology Upgradation Fund Scheme during 2000-2001.The company had replaced its 16 Nos PU-85 Sulzer weaving machines by latest G-6300 Sulzer Rapier Weaving Machines of latest technology and commercial production for these looms commenced w.e.f 28th September 2000. From Finland based company the company has imported 3.10 MW Captive Power Generation Plant on furnace oil. As part of diversification, the Company installed four Nos. Wind Turbine Generators of 0.60 MW each totalling 2.40 MW at Jaisalmer at total cost of Rs. 12 crores during 2004. It commissioned and installed 8448 spindles for production of Synthetic Yarn effective from 25th March, 2005. It further doubled the synthetic spinning capacity resulting to which the commercial production on the same commenced from 27th March, 2007. The erstwhile BSL Wulfing Limited, subsidiary Company was amalgamated with the Company and the assets and liabilities of the BSL Wulfing Ltd. were transferred to and vested in the Company in 2007. The Silk Weaving and Synthetic Spinning Projects commenced their full commercial production in 2008. The Scheme of Amalgamation of Bhilwara Processors Limited with the Company became effective from 1st April, 2009. The Company therefore issued 29,57,469 Equity shares to the shareholders of Bhilwara Processors Limited as per the said Scheme. It installed 20 Toyota Airjet Weaving Machines imported from Japan, which started commercial production from 1st January, 2012. Similarly, it installed 2.00 MW Wind Power Generator at Jaisalmer for captive use effective from 31st March, 2013. It installed 8 Nos. Airjet Looms during the year 2015. Further, it installed 4 No. Picanol Rapier Looms in 2018. Further, installed and commissioned Roof Top Solar Power Project of 2.50 MW Capacity at Mandpam, Bhilwara, Rajasthan, during the year 2018. It installed further 1.17 MW roof top solar plant at its existing site in 2019. It started the Cotton Spinning Plant production effective from 30.03.2023. It o modernized its old PV Spinning Spindles with the latest generation as well as expanded its Weaving capacity.

BSL Ltd Directors Reports

To The Members,

Your Directors have pleasure in presenting the 52nd Annual Report together with the Audited Financial Statements of the Company for the financial year ended on 31 st March 2023.

1. Financial Highlights

( ` in Crore)

For the year ended
Particulars 31.03.2023 31.03.2022
Turnover - a) Domestic 231.51 184.72
- b) Exports 240.23 251.12
471.74 435.84
Profit before Interest, Depreciation and Tax 54.39 41.43
Less : Financial Expenses 18.82 13.63
Profit before Depreciation and Tax 35.57 27.50
Less : Depreciation &Amortisation 10.86 11.52
Profit before Tax& Exceptional Item 24.71 15.98
Less : Exceptional Item 2.15 -
Profit before Tax 22.56 15.98
Taxation - Current Tax 4.27 4.88
- Deferred Tax 1.38 (0.38)
Profit after Tax 16.91 11.48

2. Operations

The division wise performance is as under:

(` in Crore)

For the year ended
Particulars 31.03.2023 31.03.2022
Qty. value Qty. Value
a) Fabrics (Lakh Mtrs.)
- Domestic 87.54 150.82 94.69 133.15
- Exports 95.39 202.65 111.79 199.33
Total 182.93 353.47 206.48 332.48
b) Yarn ( MT)
- Domestic 1856 62.07 1377 34.71
- Exports 1034 35.50 1643 49.63
Total 2890 97.57 3020 84.34
c) Readymade Garments (No. of Pcs.)
- Domestic 12911 0.48 58094 2.04
- Exports - - - -
Total 12911 0.48 58094 2.04
d) Wind Power
Generation (Lakh Units) 25.35 0.99 27.62 1.08
e) Job Work 17.14 13.74
f) Export Incentives 2.09 2.16
Grand Total 471.74 435.84

Your Directors inform that the financial statements of your Company has been drawn on basis of the Ind-AS for the financial year ended on March 31, 2023 with comparatives. Your Company did a major Expansion during the year beside rationalization, modernization. Your Company also focused on cost reduction to improve the profitability along with better product mix and improving efficiency.

As the result of all these measures, your Company recorded a turnover of ` 471.74 Crore as against a turnover of ` 435.84 Crore of previous year.

The Company have achieved profitability of` 16.91 crores as against ` 11.48 crores in the previous Financial year.

3. New venture

The Company has started new plant of 29184 Spindles. It is state of the art, Cotton Spinning unit which has started the commercial production from 30.03.2023.

4. Technology upgradation during the year

The Company has moved away from Fossil fuels. In the Processing Division of Company, the Boiler and Thermopack were running on Coal. By adopting latest technology the Company has completely replaced the Coal and is now using only Agro based fuels. It is yet another landmark step of the Company towards Green/Sustainability Movement. During the year Company also modernized its old PV Spinning Spindles with the latest generation as well as expanded its Weaving capacity.

The total Capex in this year is ` 178.36 Crore.

With commencement of Cotton Spinning Department the Company now is looking for expanding its Yarn market both in Domestic as well as in Overseas arena. The Company is going intensively in the existing Yarn and Fabric Markets both in Export and Domestic sections.

The Company's business with IKEA is on firm footings and growing.

5. Wind power Project

The company has disposed off Wind mills of 4.4 MW located at Jaisalmer (Rajasthan) as its operations had become unviable.

6. Dividend

Your Directors recommend a dividend @ 15 % i.e. ` 1.50 per Equity Share of ` 10/- each for the year ended on 31st March, 2023. This will absorb an amount of ` 154.38 Lakhs. A proposal for confirmation of the dividend for the year ended 31 st March, 2023 shall be placed before the shareholders at the ensuing Annual General Meeting. The proposed dividend, if approved by the Shareholders in the ensuing AGM shall be subject to deduction of tax at source at applicable rates.

7. Credit Ratings

During the period under review, Brickwork Ratings India Pvt. Ltd. and India Ratings and Research (Rating Agency) has reaffirmed the ratings with changes in outlook as follows:

(a) Brickwork Ratings India Pvt. Ltd.

S. No. Facilities Ratings
1. Term Loans BWR BBB+ (Stable)(Reaffirmation and change in Outlook)
2. Fund Based limits BWR A2
3. Non Fund Based limits (Reaffirmation)

(b) India Ratings & Research

S. No. Instrument Type Rating/Outlook
1. Term loan IND BBB-/Stable
2. Fund-based working IND BBB-/ Stable/IND
capital facilities A3
3. Non-fund-based facilities IND A3

8. Contribution to Exchequer

Your Company has contributed an amount of ` 28.31 Crores as against previous year ` 23.70 Crores in terms of Taxes & Duties to the Exchequer.

9. Management Discussion and Analysis Report

Management Discussion and Analysis Report for the year under review, as stipulated under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), is presented in a separate section, forming part of the Annual Report.

10. Green Movement and Sustainability

The Company has been committed to Green operations for Decades.

Green Generation Data for the Year 2022-23

A) Total Unit Consumption for 2022-23 465.96 Lakhs Kwh
B) Green Generation
1.Solar Plant (4.51mw) 67.13 Lakhs Kwh
2.Wind Mill (4.40mw) 38.73 Lakhs Kwh
Total Generation ( Solar+wind) 105.86 Lakhs Kwh
C) Total Green Generation % age 22.72 %

Zero Liquidation Discharge: The Company has been operating at Zero Liquidation Discharge since 2015.The Company has also obtained Zero Discharge for Hazardous Chemicals programme (ZDHC) certificate.

Vegan Certificate: The Company is one of the few Textile Companies having Vegan Certificate from Switzerland.

Recycled Raw Materials: The Company has focused on using Recycled Polyester staple fiber as a part of Global sustainability movement. In the year 2022-23, the Company's 62% of Fiber consumption was of Recycled Fibers.

Agro-Fuel: The Process House Division of the Company has changed over to the Agro- Fuel from Fossil Fuels resulting saving of 19053.77 MT of CO2 emission.

Thus, the Company is transforming in to a Green Company due to:

a) Zero liquid discharge.

b) Zero discharge for Hazardous Chemicals.

c) Use of Agro- Fuel in Boiler and Thermopack.

d) More than 20% of energy by renewal sources

e) More than 50% use of Recycled Synthetic Fibers.

11. Annual Return

Pursuant to Section 92(3) read with Section 134(3) (a) of the Companies Act, 2013 a Copy of the Annual Return is available on the website of the company at the web-link as: https://www.bslltd.com/investors

12. Statutory Auditors

M/s SSMS & Associates, Chartered Accountants (FRN: 019351C) were appointed as Statutory Auditors of your Company at the AGM held on September 28, 2022 for a second term of five consecutive years from conclusion of 52nd Annual General Meeting till the conclusion of the 56th AGM to be held in the calendar year 2027. Further, M/s SSMS & Associates have confirmed their independence and eligibility under the provisions of the Companies Act, 2013 and Listing Regulations.

The report of the Statutory Auditors along with notes to Schedules is enclosed to this Report. The observations made in the Auditors' Report are self-explanatory and therefore do not call for any further comments.

13. Secretarial Auditors

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s v. M. & Associates, Company Secretaries, Jaipur, (FRN: P1984RJ039200) to undertake the Secretarial Audit of the Company. Further, the Board has approved the re-appointment of M/s V. M. & Associates, Company Secretaries as Secretarial Auditors of the Company to carry out secretarial audit for the Financial Year 2023-24. They have confirmed their eligibility and independence for the said reappointment. The Secretarial Audit Report for financial year 2022-23 in Form MR -3 is enclosed herewith as Annexure I. There are no reservations, qualifications, adverse remark or disclaimer contained in the Secretarial Audit Report.

14. Internal Auditors

Pursuant to Section 138 of the Companies Act, 2013 read with The Companies (Accounts) Rules, 2014, the Company has appointed M/s A.L. Chechani & Co., Chartered Accountants (FRN: 05341C) as the internal auditors of the Company for the financial year 2022-23. Further, the Board has approved the re-appointment of M/s A.L. Chechani & Co., Chartered Accountants as Internal Auditors of the Company to carry out Internal Audit for the Financial Year 2023-24. They have confirmed their eligibility for the said re appointment.

The role of internal auditors includes but not limited to review of internal audit observations and monitoring of implementation of corrective actions required, reviewing of various policies and ensure its proper implementation, reviewing of SOPs and their amendments, if any.

15. Maintenance of Cost Records

The Company has maintained required cost accounts and records as prescribed under sub-section (1) of section 148 of the Companies Act, 2013.

16. Cost Auditors

Pursuant to Section 148 of the Companies Act, 2013 read with Rule 6(2) of the Companies (Cost Records and Audit) Rules, 2014 as amended from time to time, your Company has been carrying out audit of cost records relating to Textile Divisions every year. The Board of Directors, on the recommendation of Audit Committee, has appointed M/s N.D. Birla & Co., Cost Accountants, (FRN: 000028) as Cost Auditor to audit the cost accounts of the Company for the financial year 2023-24. As required under the Companies Act, 2013, a resolution seeking member's approval for the remuneration payable to the Cost Auditor forms part of the Notice convening the Annual General Meeting.

17. Reporting of frauds by auditors

During the year under review, the Statutory Auditors, Secretarial Auditors, Internal Auditors and Cost Auditors have not reported to the audit committee, under Section 143 (12) of the Companies Act, 2013, any instances of fraud committed against the Company by its officers or employees, the details of which would need to be mentioned in the Board's report.

18. Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3) (m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, is enclosed herewith as per Annexure II.

19. Particulars of Loans given, Guarantees given, Investments made and Securities provided

During the year under review, the Company has not given any Loans, Guarantees, Investments and Securities covered under the provisions of section 186 of the Companies Act, 2013.

20. Contracts and Arrangements with Related Parties

All related party transactions that were entered into during the financial year were on an arm's length basis and were in the ordinary course of business. There are no materially significant related party transactions made by the Company with promoters, Directors, key managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large. All Related Party Transactions are placed before the Audit Committee as also the Board for approval.

The policy on Related Party Transactions as approved by the Board is uploaded on the Company's website at the web link as: https:// static1.squarespace.com/static/6206a24e38ca4200c0141c78/t/ 6304b6bf8c53cd3d6e72b49b/1661253314155/BSL-Related-Party-Transaction-Policy.pdf Particulars of Related Parties contracts or arrangements u/s section 188 of the Companies Act, 2013 are given in Form AOC-2 and enclosed herewith as per Annexure III.

21. Internal Financial Controls

The Internal Financial Controls with reference to financial statements as designed and implemented by the Company are adequate. During the year under review, no material or serious observations has been received from the Statutory Auditors and the Internal Auditors of the Company on the inefficiency or inadequacy of such controls.

22. Internal Control Systems

The Company has adequate Internal Control Systems, commensurate with the size, scale and complexity of its operations. The Audit committee quarterly reviews the Executive summary on the internal audit findings along with the recommendations and management comments. Further, the Action Taken Report/ Compliances as discussed in the previous meeting is placed in the next meeting along with the detailed report. The Internal Auditors also ensure proper compliance of all policies and Standard Operating Procedures (SOPs) adopted by the Company. Based on the report of Internal Auditors, management undertakes corrective action in their respective areas and thereby strengthens the controls.

23. vigil Mechanism/ Whistle Blower Policy

The Company has a vigil Mechanism named Whistle Blower policy to deal with instance of fraud and mismanagement, if any. The Details of the Whistle Blower Policy is explained in the Corporate Governance Report and also posted on the Company's website at the web link as: https://static1.squarespace.com/ static/6206a24e38ca4200c0141c78/t/63f0bb3f5deaf66a981baab 9/1676720960354/6.+Whistle-Blower-Policy.pdf None of the personnel of the Company have been denied access to the Audit Committee. During the year, the Company has not received any Whistle Blower Complaints.

24. Nomination & Remuneration Policy

The Nomination and Remuneration Committee formulated and recommended to the Board a policy containing certain benchmark which is reasonable and sufficient to attract, retain and motivate Managerial Personnel and other employees, ensuring that it covers the matters mentioned in Section 178 of the Act which was duly approved by the Board.

The Policy reflects on certain guiding principles of the Company such as the level and composition of remuneration is reasonable and sufficient to attract, retain and motivate employees of the quality required to run the Company successfully, Relationship of remuneration to performance is clear and meets appropriate performance benchmarks and Remuneration to Directors, Key Managerial Personnel and Senior Management involves a pay reflecting short and long term performance objectives appropriate to the working of the Company and its goals. It also lay down the criteria for performance evaluation of Independent Directors and other Directors, Board of Directors and Committees of the Board of Directors. The same has been posted on company's Website and can be accessed via Link as: https://static1.squarespace. com/static/6206a24e38ca4200c0141c78/t/6304b69d7926221e aadd376d/1661253278802/BSL-Nomination-and-Remuneration-Policy.pdf

25. Corporate Social Responsibility

Pursuant to the provisions of Section 135 of the Companies Act, 2013 and the Companies (Corporate Social Responsibility Policy) Rules, 2014, every company which ceases to be a company covered under subsection (1) of section 135 of the Act for three consecutive financial years shall not be required to constitute a CSR Committee.

During the current year, the company has incurred expenditure of ` 11.21 lakhs on CSR activities. Details about the CSR policy and initiatives taken by the Company on CSR during the year are available on the Company's website at the web link as: https://static1.squarespace.com/ static/6206a24e38ca4200c0141c78/t/6304b689094c27649440e 1aa/1661253258668/BSL-CSR-Policy.pdf The Annual Report on our CSR activities is enclosed herewith as per Annexure Iv.

26. Committees

The Company has constituted Audit Committee, Nomination & Remuneration Committee, Stakeholders Relationship Committee and Share Transfer Committee. The details of the committees have been given in the Corporate Governance Report which is integral part of the Board's Report. All the recommendation of the Audit Committee was accepted by the Board. No employee was denied access to the Audit Committee

27. Meetings

During the year Four Board meetings were held, the dates being 13th May, 2022, 12th August, 2022, 10th November, 2022, and 13th February, 2023. The intervening gap between the meetings was within the period prescribed under the Companies Act, 2013, Secretarial Standards-1 issued by Institute of Company Secretaries of India (ICSI) on Meeting of the Board of Directors and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

28. Directors & Key Managerial Personnel

1. Change in Directors and Key Managerial Personnel a. Shri Shekhar Agarwal, (DIN: 00066113) and Shri Praveen Kumar Jain (DIN: 09196198) Director will retire by rotation at the ensuing Annual General Meeting and being eligible, offers themselves for reappointment. The Board recommends their re-appointment. b. Shri Arun Kumar Churiwal (DIN: 00001718), Whole time Director designated as Executive Chairman and Shri Ravi Jhunjhunwala (DIN: 00060972), Director retired by rotation and re-appointed at previous Annual General Meeting held on 28th September, 2022. c. Ms. Aanchal Patni has resigned from the post of Company Secretary and Compliance Officer on 11 th November, 2022 and Mr. Shubham Jain has been appointed as Company Secretary and Compliance officer w.e.f. 12 th November, 2022.

2. Statement on Declaration given by Independent Directors

All Independent Directors have given declarations that they meet the criteria of Independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and affirmed the compliance of Code of Independent Directors as laid down in Schedule IV of the Companies Act, 2013. Further, the Independent Directors have confirmed that they are Independent of the Management and have registered themselves on Independent Director's Databank and have passed/ exempted from The Indian Institute of Corporate Affairs (IICA) Exams.

3. Annual Evaluation of Board

In compliance with the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Guidance Note on Board Evaluation issued by SEBI, during the financial year under review, your Board of Directors, Nomination and Remuneration Committee and Independent Directors in their separate Meeting, carried out annual evaluation of its own performance as well as Board Committees and also of the individual Directors in the manner as enumerated in the Nomination and Remuneration Policy of the Company viz. Leadership & stewardship abilities, Assess policies, structures & procedures, Regular monitoring of corporate results against projections, Contributing to clearly define corporate objectives & plans, Obtain adequate, relevant & timely information, Review achievement of strategic and operational plans, objectives, budgets, Identify, monitor & mitigate significant corporate risks, Directly monitor & evaluate KMPs, senior officials, Review management's Succession Plan, Effective meetings, Clearly defining role & monitoring activities of Committees and Review of ethical conduct etc.

Your Directors feel pleasure in informing the members that the performance of the Board as a whole and its members individually was adjudged satisfactory. More detail on the same is given in the Corporate Governance Report.

29. Corporate Governance

The Company is committed to maintain the highest standards of corporate governance and adhere to the corporate governance requirements set out by the SEBI. The Report on Corporate Governance along with the Certificate of Auditors M/s SSMS Associates, Chartered Accountants, 16, Basement Heera Panna Market, Pur Road, Bhilwara (Rajasthan) confirming compliance to conditions of Corporate Governance as stipulated under Regulation 34(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, form part of the Annual Report.

30. Particulars of Employees and related disclosures

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided as per Annexure v.

Disclosures required in terms of the provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5(2) and Rule 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided as per Annexure vI. 31. Transfer of Unpaid and Unclaimed Amounts to Investor Education and Protection Fund

Pursuant to the provisions of Section 125 of the Companies Act, 2013, the declared dividend for the financial year 2014-15, which remained unpaid or unclaimed for a period of seven years, have been transferred by the Company on 07/12/2022 to the IEPF established by the Central Government pursuant to Section 125 of the said Act. As on 31st March, 2023, the Company has transferred ` 20,04,215 to Investor Education and Protection Fund.

Pursuant to the provisions of Section 125 of the Companies Act, 2013, the declared dividend for the financial year 2015-16, which remained unpaid or unclaimed for a period of seven years, will be transferred by the Company to the IEPF established by the Central Government pursuant to Section 125 of the said Act.The company has uploaded the full details of Unpaid Dividend on its website at https://www.bslltd.com/investors.

32. Transfer of Unpaid Shares to Investor Education and Protection Fund

The Company, in pursuance to the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("IEPF Rules 2016"), had transferred all shares in respect of which dividend has not been paid or claimed by the shareholders for seven consecutive years or more in the name of designated demat account of the IEPF Authority. A notice had been sent to all concerned shareholders at their registered address. The Company had also published such notice in English Newspaper i.e. 'The Financial Express' and in Hindi Newspaper i.e. 'Nafa Nuksan' & Business Remedies informing the concerned shareholders about the same. The company has uploaded the full details of such shareholders and shares transferred to IEPF account on its website at www.bslltd.com.

As on 31st March, 2023, the Company has transferred 214016 no. of shares to IEPF Demat Account which accounts 2.08% of total shareholding of the company.

The Company, in pursuance to the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, will transfer all shares in respect of which dividend has not been paid or claimed by the shareholders for seven consecutive years or more in the name of designated demat account of the IEPF Authority. A notice to all concerned shareholders in this regard will be sent at their registered address. The Company will also publish such notice in English Newspaper and Hindi Newspaper to inform the concerned shareholders about the same.

33. Secretarial Standards

The Company has followed the applicable Secretarial Standards, i.e. SS-1, relating to ‘Meetings of the Board of Directors' and SS-2, relating to ‘General Meetings'.

34. Other Disclosures Under Companies Act, 2013

The Company has not invited/ accepted any deposits from the public during the year ended March 31, 2023. There were no unclaimed or unpaid deposits as on March 31, 2023.

There is no change in the nature of business during the financial year 2022-23.

The Board of Directors of your Company transferred ` 1.50 crores to the Reserves for the year under review.

There have been no material changes and commitments, if any, affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of the report.

During the year under review, there has been no such significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Company's operations in future.

Details about Risk Management have been given in the Management Discussions & Analysis.

The Company does not have any subsidiary, joint venture & associate company.

During the year, the Company has not received any complaint under the Sexual Harassment of Woman at Workplace (Prevention, Prohibition and Redressal) Act, 2013. More detail on the same is given in the Corporate Governance Report.

There is no change in capital structure of the Company.

No application has been made under the Insolvency and

Bankruptcy Code; hence the requirement to disclose the details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their status as at the end of the financial year is not applicable.

35. Directors' Responsibility Statement

To the best of our knowledge and belief and according to the information and explanations obtained, we make the following statements in terms of section 134(3) (c) of the Companies Act, 2013: a. that in the preparation of the annual financial statements for the year ended 31st March, 2023 the applicable accounting standards have been followed along with proper explanation relating to material departures, if any; b. that such accounting policies as mentioned in Note one of the notes to the Financial Statements have been selected and applied consistently and judgment and estimates have been made 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 year ended on that date; c. that proper and sufficient care has been taken 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. that the annual financial statements have been prepared on going concern basis; e. that the internal financial controls were in place and that the internal financial controls were adequate and were operating effectively; and f. that the system to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

36. Acknowledgements

Your Directors place on record their deep appreciation to employees at all levels for their hard work, dedication and commitment. We would like to thank all our clients, customers, vendors, dealers, bankers, investors, other business associates, Central and State Government for their continued support and encouragement during the year and their confidence towards the management.

For and on behalf of the Board of Directors

For BSL LTD.

Place : Kolkata(W.B.) ARUN KUMAR CHURIWAL
Date :08th May, 2023 CHAIRMAN
DIN: 00001718
Regd. Office:
26, Industrial Area,
Gandhi Nagar,
Bhilwara-311001 (Rajasthan)

   

BSL Ltd Company Background

Arun ChuriwalNivedan Churiwal
Incorporation Year1970
Registered Office26 Industrial Area,Gandhi Nagar
Bhilwara,Rajasthan-311001
Telephone91-01482-249101-102/245000,Managing Director
Fax91-01482-246807 / 246157
Company Secretary
AuditorSSMS & Associates
Face Value10
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarMCS Share Transfer Agent Ltd
F-65 1st Floor ,Okhla Industrial Are,Phase I ,New Delhi-110020

BSL Ltd Company Management

Director NameDirector DesignationYear
Arun ChuriwalChairman / Executive Director2023
Nivedan ChuriwalED / Joint MD / Promoter2023
Ravi JhunjhunwalaNon Executive Director2023
Shekar AgarwalNon Executive Director2023
Sushil JhunjhunwalaIndependent Non Exe. Director2023
A N ChoudhuryIndependent Non Exe. Director2023
G P SinghalIndependent Non Exe. Director2023
Abhilasha MimaniIndependent Non Exe. Director2023
J C LaddhaIndependent Non Exe. Director2023
Praveen Kumar JainExecutive Director & CFO2023

BSL Ltd Listing Information

BSL Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Sale of ProductsNA000424.5106
Sale of ServicesNA0007.3638
Other Operating revenuesNA0005.4324
Job ChargesNA0000
Synthetic Spinning SpindlesNo0000
Top Fibre & Yarn DyeingMT0000
Top Fibre Dyeing - Job workKg0000
FabricsMtr0000
Grey Fabric - JobworkMtr0000
YarnNA0000
Yarn Spinning - Job workKg0000
FibreNA0000
AdjustmentNA0000
Captive ConsumptionKg0000
Power-Wind EnergyUni0000
Vortex YarnKg0000
Worsted YarnKg0000
Worsted Yarn-JobworkKg0000
P V YarnKg0000
Readymade GarmentsNo0000
LoomsNo0000
Spindles-Woollen/Worsted YarnNo0000
Worsted Spinning SpindlesNo0000

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