Mar 31, 2014
Dear Members,
The directors have great pleasure in presenting 20th Annual Report
together with the Audited Financial statements for the year ended on
31st March 2014.
[1] OPERATIONS:
(Amount in Rs. lacs)
Particulars 2013-2014 2012-2013
Turnover and other receipts 3577.31 7301.74
Other Income 96.82 64.68
Profit before Depreciation and Tax 55.23 154.47
Less: Depreciation 113.54 112.79
Balance (58.31) 41.67
Less: Provision for Taxation 0.00 7.94
Deferred Tax (14.26) 18.68
Profit after Tax (72.57) 1.46
During the current year your company has not achieved a reasonable
level of growth in terms of profit in spite of various unfavorable
reasons. Though the company has attained a good turnover growth but
because of additional expenses, the company could not achieve profit as
expected. During the year company has started expansion project and
after successful commissioning of the same. We are hoping that the
phenomenal growth shall be achieved during the next coming years.
[2] MARKET SCENARIO
The products manufactured by your Company are mainly used in
development of infrastructure facilities. Your directors are happy to
inform you that with the more and more emphasis by the Central and
State Governments on infrastructure development, there is a huge
potential demand for the products of the company.
Further due to the addition of versatile range of products, we are now
able to provide wide range which caters to need of all customers under
a one roof.
[3] DIRECTORS
As per provisions of Section 152(6) of the Companies Act, 2013, Mr.
Prabhubhai Patel, Director liable to retire by rotation, offers himself
for re-appointment at the general meeting. Mr. Nareshbhai Patel, Mr.
Rakeshkumar Moghariya and Mr. Bipinchandra Patel are being appointed
as Independent Directors for consecutive five financial years as per
provisions of Section 149 of the Companies Act, 2013. Ms. Jainal
Bhaveshbhai Patel is being appointed as a Woman Director as per
provisions of Section 149 of the Companies Act, 2013. Mr. Ghanshyambhai
Patel, Mr. Darshan Patel and Mrs. Ashlesha Shah, Directors of the
Company have resigned from the Board during the year. Necessary
resolutions for the appointment /re-appointment of the aforesaid
directors have been included in the notice convening the ensuing AGM
and details of the proposal for appointment/re-appointment are
mentioned in the explanatory statement of the notice. Your directors
commend their appointment/re-appointment. All the directors of the
Company have confirmed that they are not disqualified from being
appointed as directors in terms of Section 164 of the Companies Act,
2013 (Previously being Section 274(1) (g) of the Companies Act, 1956).
[4] INSURANCE
The Company has made adequate arrangements for insuring of Factory
buildings, other buildings, Plant and Machineries including erection,
utilities etc. against fire, explosion and other perils.
[5] DEPOSITS
During the year under review, Company has not accepted inter corporate
Deposits, which falls under Section 58A of Companies Act, 1956.
[6] EMPLOYEE RELATION
Relations between the employees and the management continued to remain
cordial during the year under review. The Directors hereby place on
record their appreciation of the efficient and loyal services rendered
by the Company''s employees at all levels.
The information required to be published under the provisions of
section 217 (2A) of the Companies act 1956 read with companies
(particulars of employees) Rules 1975 as amended is given below:
Employees receiving remuneration exceeding Rs. 24 Lacs
Per year if employed for the whole year Nil
Employees receiving remuneration exceeding Rs. 2 Lacs Per
Month if employed for the part of the year Nil
[7] AUDITORS
M/s Mehul Kanani & Co., Chartered Accountants, Ahmedabad, Statutory
Auditor of the Company, (Firm Registration No. 133039W) holds office
until the conclusion of the ensuring Annual General Meeting. As per
newly inserted Section 139 of the Companies Act, 2013, they are
appointed for a term of five consecutive financial years, for which
necessary resolution is put to vote in this AGM, as stated in the item
no. 3 of the notice, they are eligible for appointment to conduct
statutory audit. The company has received certificate from the auditor
to the effect that their appointment if made, would be within the
prescribed limits under the Companies Act.
Notes to the accounts referred to in Auditor''s report are self
explanatory and therefore do not call for any further comments
[8] QUALIFICATIONS IN AUDITOR''S REPORT
M/s. Mehul Kanani & Co., chartered Accountants, the auditors of the
company has provided certain qualifications on accounts in their
Auditor''s Report. The same are self explanatory and therefore do not
call for any further comments. Directors have discussed the
qualifications made by auditors at arms'' length and have undertaken to
take due care in future.
[9] ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE
In terms of Section 217 (1) of the companies act 1956 read with the
Companies (Disclosure of particulars in the Report of the Board of
Directors) Rules, 1988 with respect to conservation of energy,
technology absorption and foreign exchange earnings/out go is given in
Annexure.
[10] DIRECTORS RESPONSIBILITY STATEMENT
In accordance with the Companies (Amendment) Act, 2000 the Directors
state that:
(a) In the preparation of the annual accounts, all applicable
accounting standards have been followed and proper explanations
relating to material departures if any have been furnished.
(b) Accounting policies as listed in Schedule 2.1 to the financial
statements have been selected and consistently applied and prudent
judgments and estimates have been made so as to give a true and fair
view of the state of affairs of the company as on 31st March, 2014 and
of the profit of the company for the accounting year ended on that
date.
(c) Proper and sufficient care for maintenance of adequate accounting
records has been in accordance with the provisions of this act so as to
safeguard the assets of the company and to prevent and detect fraud and
other irregularities.
(d) The annual accounts have been prepared on a going concern basis.
[11] CORPORATE GOVERNANCE
Report of Directors on Corporate Governance is annexed to and forms
part of this report.
[12] ACKNOWLEDGEMENT
The board wishes to place on record their sincere thanks for the
Co-operation and support received from various agencies of the Central
and State Governments as also financial institutions and bankers to the
company.
Your directors take this opportunity to place on record their
appreciation of the dedicated services put in by employees,
contractors, consultants at all levels and their contribution to the
progress of the Company.
Place: Ahmedabad By order of the Board of Directors
Date: 31/05/2014 For, Gopal Iron & Steels Co. (Guj) Ltd.
(Mr. Bhavesh Patel)
Managing Director
(DIN: 00287559)
Mar 31, 2013
To, The Members,
The directors have great pleasure in presenting 19th Annual Report
together with the Audited Financial statements for the year ended on
31st March 2013.
[1] OPERATIONS
31-03-2013 31-03-2012
Rs. Rs.
Turnover and other receipts 730174255 356395347
Other Income 6468695 3722459
Profit before Depreciation and Tax 15447063 18333414
Less: Depreciation 11279108 8210200
Balance 4167955 10123214
Less: Provision for Taxation 4021814 -754358
Profit carried to Balance Sheet 1461411 10877572
During the current year your company has achieved a reasonable level of
growth in spite of whole world was hit by biggest and largest financial
crisi in the history. During the year company has started expansion
project and after successful commissioning of the same. We are hoping
that the phenominal growth shall be achieved during the next coming
years.
[2] MARKET SCENARIO.
The products manufactured by your Company are mainly used in
development of infrastructure facilities. Your directors are happy to
inform you that with the more and more emphasis by the Central and
State Governments on infrastructure development, there is a huge
potential demand for the products of the company.
Further due to the addition of versatile range of products, we are now
able to provide wide range which caters to need of all customers under
one roof.
[3] DIRECTORS
Mr. Prabhubhai Laxmanbhai Patel retires from the office by rotation and
being eligible offers them for reappointment.
[4] INSURANCE
The Company has made adequate arrangements for insuring of Factory
buildings, other buildings, Plant and Machineries including errection,
utilities etc. against fire, explosion and other perils.
[5] FIXED DEPOSIT
Since your company has not accepted any deposit in terms of Section
58A.of the Companies Act, 1956 from the public, no information is
required to be furnished in respect of outstanding deposits.
[6] EMPLOYEE RELATION
Relations between the employees and the management continued to remain
cordial during the year under review. The Directors hereby place on
record their appreciation of the efficient and loyal services rendered
by the Company''s employees at all levels.
The information required to be published under the provisions of
section 217 (2A) of the Companies act 1956 read with companies
(particulars of employees) Rules 1975 as amended is given below:
Employees receiving remuneration exceeding Rs. 24 Lacs Nil
Per year if employed for the whole year
Employees receiving remuneration exceeding Rs. 2 Lacs Nil
Per Month if employed for the part of the year
[7] AUDITORS AND AUDITORS REPORT
M/S Kantilal Patel & Co. Chartered Accountants, (Firm Registration No.
104744W) auditors of the Company hold the office until the conclusion
of the forth coming Annual General Meeting and being eligible offers
themselves for re-appointment. The Company has received certificate
from the said auditors to the effect that their appointment if made
would be within the provisions U/S 224(1) of the Companies Act.
[8]'' SECRETARIAL COMPLIANCE CERTIFICATE
- The Secretarial''Compliance Certificate issued by M/s. A. Shah &
Associates, Company Secretaries, pursuant to the requirement of proviso
to sub-section (1) of section 383A of the Companies Act, 1956 is
enclosed herewith.
[9] OTHER INFORMATION
In terms of Section 217 (1) of the companies act 1956 read with the
Companies (Disclosure of particulars in the Report of the Board of
Directors) Rules, 1988 with respect to conservation of energy,
technology absorption and foreign exchange earnings/out go is given in
Annexure - 1.
[10] DIRECTOR''S RESPONSIBILITY STATEMENT
In accordance with the Companies (Amendment) Act, 2000 the Directors
state that:
(a) In the preparation of the annual accounts, all applicable
accounting standards have been followed and proper explanations
relating to material departures if any have been furnished.
(b) Accounting polices as listed in Schedule 2.1 to the financial
statements have been selected and consistently applied and prudent
judgments and estimates have been made so as to give a true and fair
view of the state of affairs of the company as on 31st March, 2013 and
of the profit of the company for the accounting year ended on that
date.
(c) Proper and sufficient care for maintenance of adequate accounting
records has been in accordance with the provisions of this act so as to
safeguard the assets of the company and to prevent and detect fraud and
other irregularities.
(d) The annual accounts have been prepared on a going concern basis.
[11] CORPORATE GOVERNANCE
Report of Directors on Corporate Governance is annexed to and forms
part of this report.
[12] RESUMPTION OF TRADING AT BSE
During the month of April 2007 trading in Equity Shares of the company
has been resumed and investor would have opportunity to exit / invest
whatever may be.
The company has paid listing fees to Bombay Stock Exchange Limited for
the year 2012-2013.
[13] ACKNOWLEDGEMENT
The board wishes to place on record their sincere thanks for the
Co-operation and support received from various agencies of the Central
and State Governments as also financial institutions and bankers to
the company.
Your directors take this opportunity to place on record their
appreciation of the dedicated services put in by employees,
contractors, consultants at all levels and their contribution to the
progress of the Company.
Place: Ahmedabad
By order of the Board of Directors
For Gopal Iron & Steels Co. (Guj) Ltd.
Date: 07-06-2013
(Bhavesh Patel)
Managing Director
Mar 31, 2012
To, The Members,
The directors have great pleasure in presenting 18th Annual Report
together with the Audited Financial statements for the year ended on
31st March 2012.
[1] OPERATIONS
31-03-2012 31-03-2011
Rs. Rs.
Turnover and other receipts 356395347 439540200
Other Income 3722459 2904343
Profit before Depreciation
and Tax 18333414 11965304
Less: Depreciation 8210200 5888841
Balance 10123214 6076463
Less: Provision for Taxation -754358 1032392
Profit carried to Balance Sheet 10877572 5044071
During the current year your company has achieved a reasonable level of
growth in spite of whole world was hit by biggest and largest financial
crisi in the history. During the year company has started expansion
project and after successful commissioning of the same. We are hoping
that the phenomenal growth shall be achieved during the next coming
years.
[2] MARKET SCENARIO
The products manufactured by your Company are mainly used in
development of infrastructure facilities. Your directors are happy to
inform you that with the more and more emphasis by the Central and
State Governments on infrastructure development, there is a huge
potential demand for the products of the company.
Further due to the addition of versatile range of products, we are now
able to provide wide range which caters to need of all customers under
one roof.
[3] DIRECTORS
Mr. Ghanshyam Narottambhai Patel retires from the office by rotation
and being eligible offers them for reappointment.
[4] INSURANCE
The Company has made adequate arrangements for insuring of Factory
buildings, other buildings, Plant and Machineries including errection,
utilities etc. against fire, explosion and other perils.
[5] FIXED DEPOSIT
Since your company has not accepted any deposit in terms of Section 58A
of the Companies Act, 1956 from the public, no information is required
to be furnished in respect of outstanding deposits.
[6] EMPLOYEE RELATION
Relations between the employees and the management continued to remain
cordial during the year under review. The Directors hereby place on
record their appreciation of the efficient and loyal services rendered
by the Company''s employees at all levels.
The information required to be published under the provisions of
section 217 (2A) of the Companies act 1956 read with companies
(particulars of employees) Rules 1975 as amended is given below:
Employees receiving remuneration exceeding Rs. 24 Lacs Nil
Per year if employed for the whole year
Employees receiving remuneration exceeding Rs. 2 Lacs Nil
Per Month if employed for the part of the year
[7] AUDITORS AND AUDITORS REPORT
Mr. Mehul S. Kanani the auditors of the Company has tendered their
resignation and mentioned his inability to continue as a Statutory
Auditor of the Company. Due to this your directors propose the name of
M/S Kantilal Patel & Co. Chartered Accountants, (Firm Registration No.
104744W) to be Auditor of the Company hold the office until the
conclusion of the forth coming Annual General Meeting. The Company has
received certificate from the said auditors to the effect that their
appointment if made would be within the provisions under section 224(1)
of the Companies Act.
[8] OTHER INFORMATION
In terms of Section 217 (1) of the companies act 1956 read with the
Companies (Disclosure of particulars in the Report of the Board of
Directors) Rules, 1988 with respect to conservation of energy,
technology absorption and foreign exchange earnings/out go is given in
Annexure - 1.
[9] DIRECTOR''S RESPONSIBILITY STATEMENT
In accordance with the Companies (Amendment) Act, 2000 the Directors
state that:
(a) In the preparation of the annual accounts, all applicable
accounting standards have been followed and proper explanations
relating to material departures if any have been furnished.
(b) Accounting policies as listed in Schedule 23 to the financial
statements have been selected and consistently applied and prudent
judgments and estimates have been made so as to give a true and fair
view of the state of affairs of the company as on 31st March, 2012 and
of the profit of the company for the accounting year ended on that
date.
(c) Proper and sufficient care for maintenance of adequate accounting
records has been in accordance with the provisions of this act so as to
safeguard the assets of the company and to prevent and detect fraud and
other irregularities.
(d) The annual accounts have been prepared on a going concern basis
[10] CORPORATE GOVERNANCE
Report of Directors on Corporate Governance is annexed to and forms
part of this report.
[11] RESUMPTION OF TRADING AT BSE
During the month of April 2007 trading in Equity Shares of the company
has been resumed and investor would have opportunity to exit / invest
whatever may be.
The company has paid listing fees to Ahmadabad Stock Exchange Limited
and Bombay Stock Exchange Limited for the year 2011 -2012.
[12] ACKNOWLEDGEMENT
The board wishes to place on record their sincere thanks for the
Co-operation and support received from various agencies of the Central
and State Governments as also financial institutions and bankers to the
company.
Your directors take this opportunity to place on record their
appreciation of the dedicated services put in by employees,
contractors, consultants at all levels and their contribution to the
progress of the Company.
Place: Ahmadabad
By order of the Board of Directors
For Gopal Iron & Steels Co. (Guj) Ltd.
Date: 07-06-2012
(Bhavesh Patel)
Managing Director
Mar 31, 2010
The directors have great pleasure in presenting 16th Annual Report
together with the Audited Financial statements for the year ended on
31st March 2010.
[1] OPERATIONS
31-03-2010 31-03-2009
Rs. Rs.
Turnover and other receipts 691213606 505850092
Other Income 995192 1803031
Profit before Depreciation and Tax 13209501 6871343
Less: Depreciation 5954727 5763222
Balance 7254774 1108126
Less Provision for Taxation 853674 516284
Profit crried to Balance Sheet 6401100 581842
During the current year your company has achieved a reasonable level of
growth in spite of whole world was hit by biggest and largest financial
crisi in the history. We are hoping that the phenominal growth shall be
achieved during the next coming years.
[2] MARKET SCENARIO
The products manufactured by your Company are mainly used in
development of infrastructure facilities. Your directors are happy to
inform you that with the more and more emphasis by the Central and
State Governments on infrastructure development, there is a huge
potential demand for the products of the company Further due to the
addition of versatile range of products, we are now able to provide
wide range which caters to need of all customers under one roof.
[3] DIRECTORS
Mrs. Ashlesha Shah retires from the office by rotation and being
eligible offers them for reappointment.
[4] INSURANCE
The Company has made adequate arrangements for insuring of Factory
buildings, other buildings, Plant and Machineries including errection,
utilities etc. against fire, explosion and other perils.
[5] FIXED DEPOSIT
Since your company has not accepted any deposit in terms of Section 58A
of the Companies Act, 1956 from the public, no information is requited
to be furnished in respect of outstanding deposits.
[6] EMPLOYEE RELATION
Relations between the employees and the management continued to remain
cordial during the year under review. The Directors hereby place on
record their appreciation of the efficient and loyal services rendered
by the Companys employees at all levels.
The information required to be published under the provisions of
section 217 (2A) of the Companies act 1956 read with companies
(particulars of employees) Rules 1975 as amended is given below:
Employees receiving remuneration exceeding Rs. 24 Lacs Nil
Per year if employed for the whole year
PEmployees receiving remuneration exceeding Rs. 2 Lacs Nil
Per Month if employed for the part of the year
[7] AUDITORS REPORT
Mr. Jigar Shah the auditors of the Company hold the office until the
conclusion of the forth coming Annual General Meeting and being
eligible offers themselves for re- appointment. Members are requested
to appoint them as auditors and fix their remuneration. Auditors
comment in their audit report read along with notes on accounts is self
explanatory.
[8] OTHER INFORMATION
In terms of Section 217 (1) of the companies act 1956 read with the
Companies (Disclosure of particulars in the Report of the Board of
Directors) Rules, 1988 with respect to conservation of energy,
technology absorption and foreign exchange earnings/out go is given in
Annexure - 1.
[9] DIRECTORS RESPONSIBILITY STATEMENT
In accordance with the Companies (Amendment) Act, 2000 the Directors
state thai:
(a) in the preparation of the annual accounts, all applicable
accounting standards have been followed and proper explanations
relating to material departures if any have been furnished.
(b) Accounting polices as listed in Schedule 17 to the financial
statements have been selected and consistently applied and prudent
judgments and estimate. have been made so as to give a true and fair
view of the state of affairs of the company as on 31st March, 2010 and
of the profit of the company for the accounting year ended on that
date.
(c) Proper and sufficient care for maintenance of adequate accounting
records has been in accordance with the provisions of this act so as to
safeguard the assets of the company and to prevent and detect fraud and
other irregularities.
(d) The annual accounts have been prepared on a going concern basis.
[10] CORPORATE GOVERNANCE
Report of Directors on Corporate Governance is annexed to and forms
part of this report.
[11] RESUMPTION OF TRADING AT BSE
During the month of April 2007 trading in Equity Shares of the company
has been resumed and investor would have opportunity to exit / invest
whatever may be.
The company has paid listing fees to Ahmedabad Stock Exchange Limited
and Bombay Stock Exchange Limited for the year 2009-2010.
[12] ACKNOWLEDGEMENT
The board wishes to place on record their sincere thanks for the
Co-operation and support received from various agencies of the Central
and State Governments as also bankers to the company.
Your directors take this opportunity to place on record their
appreciation of the dedicated services put in by employees,
contractors, consultants at all levels and their contribution to the
progress of the Company.
Place: Ahmedabad
By order of the Board of Directors
For Gopal iron & Steels Co. (Guj) Ltd.
Date: 27-05-2010
(Bhavesh Patel)
Managing Director