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Directors Report of Gopal Iron & Steels Co (Gujarat) Ltd.

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

 
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