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Directors Report of Inertia Steel Ltd.

Mar 31, 2014

The Members

The Directors herewith presents the 30th Annual Report on the business and operations of your Company together with audited accounts for the year ended 31st March, 2014.

FINANCIAL RESULTS

The summary of financial results of your company is as under:

(Amount in Rs.) PARTICULARS 2013-14 2012-13

Total Income 95,000 1,00,500

Total Expenditure 92,795 92,008

Profit / (Loss) for the year. 2,205 8,492

Less: Provision for tax

Current Tax 700 2,700

Income Tax of Earlier year (11,460) -

Net Profit / (Loss) after tax 12,965 5,792

Earnings per share (Basic & Diluted (Face Value of Rs. 10/- each) 0.05 0.02

DIVIDEND

With a view to conserve the resources of the Company, the Board of Directors do not recommend any dividend for the year under review.

DIRECTORS

In accordance with the provisions of the Companies Act, 1956 / 2013 and Articles of Association of the Company Shri H. G. Joshi (DIN 00024800), Director retires at the ensuring Annual General Meeting and is eligible for re-appointment.

Pursuant to the provisions of Section 149 of the Companies Act, 2013 and Clause 49 of the Listing Agreement, Shri Suresh Ajmera (DIN 01341331) and Shri Dhanesh Ajmera (DIN 02446635), the existing Independent Director of the Company is to be re-appointed as an Independent Director for the fresh term. The Company has received a notice in writing from a member under Section 160 of the Companies Act, 2013 proposing the candidature of Shri Suresh Ajmera and Shri Dhanesh Ajmera for the office of Director. The Board recommends their appointment for the approval of shareholders as an Independent Director for 5 (Five) consecutive years vv.e.f. the date of ensuing AGM.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors'' Responsibility Statement, it is hereby confirmed that:

(i) in the preparation of the annual accounts for the year ended 31s'' March, 2014, the applicable accounting standards have been followed and there are no material departures;

(ii) the Directors 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 319 March, 2014 and of the profit of the Company for the year ended on that date;

(iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

(iv) the Directors have prepared the annual accounts of the Company on a going concern basis.

AUDITORS AND AUDITORS'' REPORT

M/s Kaloti & Lathiya., Chartered Accountants, the Statutory Auditors of the Company holds office till the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment.

Pursuant to the provision of Section 139 of the Companies Act, 2013 and Companies (Audit and Auditors) Rules, 2014, M/s Kaloti & Lathiya., Chartered Accountants, Statutory Auditors, being eligible for re-appointment, the Board of Directors of your Company proposes the re-appointment of M/s Kaloti & Lathiya., Chartered Accountants, as the statutory auditor of the Company for a period of 3 years, to hold office from the conclusion of this 30th Annual General Meeting till the conclusion of the 33rd Annual General Meeting.

The Company has received the consent letters / certificate from the statutory auditors to the effect that their re-appointment, if made, would inter-alia be within the prescribed limits under Section 139 & 141 of the Companies Act, 2013 and that they are not disqualified for re-appointment. The members are requested to appoint auditors.

The Report of Auditors of the Company and the notes forming part of the financial statements are self explanatory and hence requires no explanation from the Board of Directors.

DEPOSITS

The Company has not accepted any deposits covered under Section 58A and 58AA of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975 during the financial year under review.

COMPLIANCE CERTIFICATE

In accordance with the requirements of Section 383A of the Companies Act, 1956, Certificate from Practicing Company Secretary is annexed certifying that, all the legal requirements, in respect of the Company for the year ended 31st March, 2014 have been complied with.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

As the Company does not own an undertaking where manufacturing operations are carried out, the information to be furnished under section 217(1)(e) of the Companies Act, 1956 regarding technology absorption and energy conservation are not applicable.

However, there were no foreign exchange earnings and outgo during the year under review.

PARTICULARS OF EMPLOYEES

During the year under review, none of the employees of the Company have received remuneration in excess of limits specified in Section 217(2A) of the Companies Act.

ACKNOWLEDGEMENT

Your Directors take this opportunity to place on record their great appreciation and gratitude for the whole-hearted support, assistance, co-operation and valuable guidance that has been forthcoming from all those who are associated with the operations of the Company during the period under review.

For and on behalf of the Board of Director INERTIA STEEL LIMITED

Date :29th May, 2014 Place : Mumbai HARI GOPAL JOSHI CHAIRMAN (DIN 00024800)


Mar 31, 2013

To the Members

The Directors herewith presents the 29th Annual Report on the business and operations of your company together with audited accounts for the year ended 31st March, 2013.

Financial Results

The summary of financial results of your company is as under:

(Amount in Rs.)

Particulars 2011-12

Total Income 1,88,680

Total Expenditure 6,34,835

Profit/(loss) for the year (4,46,155)

Provision for tax 5,300

Net profit/(loss) after tax (4,51,455)

Dividend

With a view to conserve the resources of the company, the board of directors do not recommend any divide nd for the yea r u nder review.

Auditors Report

The Report of Auditors of the Company is self explanatory and the Board offers no further explanation.

Deposits

The Company has not accepted any deposits covered u/s 58A and 58AA of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975 during the financial year under scrutiny.

Directors

in accordance with the provisions of the Companies Act, 1956 and Articles of Association of the Company Shri Hari Gopal Jishi, Director retires by rotation and is eligible for re-appointment.

Director''s Responsibility Statement

Pursuant to sub-section (2AA) of Section 217 of the Companies, Act, 1956, the Board of Directors of the company hereby state and confirm that:

i) All the applicable accounting standards have been followed along with proper explanations relating to material departures in the preparation of the accounts enclosed herewith. ii) Annua! accounts are prepared on the principle of a Going Concern.

iii) Accounting policies selected, applied and judgments and estimates made in that behalf to the extent necessary are reasonable and prudent so as to give true and fair view of the state of affairs at the end of the financial year and of the profit or loss of the company for the year under review.

iv) Sufficient care has been taken for maintenance of the adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and the procedures, practices and control systems in the day-to-day management are sound enough to prevent and detect the occurrence of frauds and irregularities.

Compliance certificate

In accordance with the requirements of Section 383A of the Companies Act, 1956, Certificate from practicing Company Secretary, is enclosed certifying that all the legal requirements, in respect of the Company for the year ended 31st March, 2013 have been complied with.

Conservation Of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo

As the Company does not own an undertaking, where manufacturing operations are carried out, the information to be furnished u/s 217 (l)(e) of the Companies Act, 1956 regarding technology absorption and energy conservation are not applicable.

Similarly there were no foreign exchange earnings and outgo during the year under review.

Particulars of Employees

During the year under review, none of the employees of the company have received remuneration in excess of limits specified in Section 217{2A) of the Companies Act.

Auditors

M/s Kaloti & Lathiya., Chartered Accountants, the auditor of the Company retires at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. The members are requested to appoint auditors for the current year and fix the remuneration.

Acknowledgement

Your Directors take this opportunity to place on record their great appreciation and gratitude for the whole-hearted support, assistance, co-operation and valuable guidance that has been forthcoming from all those who are associated with the operations of the Company during the period under review.

On behalf of the Board of Directors

(Hari Gopal Joshi)

Chairman


Mar 31, 2011

The Director herewith presents the 27th Annual Report on the business and operation of your company together with audited accounted for the year ended 31st March, 2011

Financial Results

The summary of financial results of your company is as under:

(Amount in Rs.)

Particulars 2010-11 2009-10

Total Income 160405 35000

Total Expenditure 148739 25428

Profit (loss) for the year 11666 9572

Provision for tax 3900 3500

Net profit (Loss) after tax 7766 6072

Balance b/f from previous year 144965 138893

Balance carried to next year 152731 144965

Dividend

with a view to conserve the resources of the company the board of directors do not recommend any dividend for year under review.

operations

During the year under review the total income from operations was Rs.160405/- as compared to Rs.35000/- during the corresponding period of period of prevision year. the company has earned profit of Rs.7766/- after making necessary provision for tax as against Rs.6072/- in the previous year.

Auditors Report

The Report of Auditors of the company is self explanatory and the Board offers explanation.

Deposits

The company has not accepted any deposits covered us 58A and 58A of companies Act, 1956 and companies (Acceptance of Deposits ) Rules, 1975 during the under scrutiny.

Director

In accordance with the provision companies Act, 1956 and Articles of Association of the Company shir Suresh Ajmera, director retires by rotation and is eligible for re-appointment.

Director's Responsibility Statement.

Pursuant to Sub-section (2AA) of the companies, Act, 1956, the Board of Directors of the company hereby state and confirm that;

i) All the applicable accounting standards have been Following along With proper explanations relation to material departures in the preparation of the accounts enclosed herewith.

ii) Annual accounts are prepared on the principle of a Going concern.

iii) Accounting policies selected, applied and judgments and estimates made in that behalf to the extent necessary are reasonable and prudent so as to give true and fair view of the state of affairs at the end of the financial year and of the profit or loss of the company for the year under review.

iv) Sufficient care has been taken for maintenance of adequate accounting records in accordance with the provisions of the companies Act, 1956, for safeguarding the assets of the company and the procedures, practices and control systems in the day to-day management are sound enough to prevent and detect the occurrence of frauds and irregularities.

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

As the company does not own and an undertaking, where manufacturing operations are carried out, the information to be furnished u/s 217 (1)(e) of the companies Act 1956 regarding technology absorption and and energy conservation are not applicable.

Similarly there were no foreign exchange earnings and outgo during the year under review.

Particulars of Employees

As requires under section 217(2A) of the companies Act, 1956 no employed for whole or part of the year was in receipt of remuneration in excess of limits laid down in the companies (particulars of Employees) Rules, 1975 and therefore no such particulars are furnished herewith.

Auditors

M/s Kaloti & Lathiya., Chartered Accountants, the auditor of the company retires at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. The members are requested to appoint auditors for the current year and fix the remuneration.

Acknowledgement

Your Directors take this opportunity to place on record their great appreciation and gratitude for the whole-hearted support, assistance, co-operation and valuable guidance that has been forthcoming from all those who are associated with the operations of the company during the period under review.

On behalf of the Board of Directors

Place: Mumbai (Hari Gopal Joshi)

Date: 01.09.2011 Chairman

 
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