Mar 31, 2014
Dear Members,
The Directors have the pleasure in presenting their Report on the
business and operations of your Company along with the Audited Accounts
of the company for the year ended 31st March 2014.
FINANCIAL RESULTS :
Current Year Previous Year
PARTICULARS (Rs. In Lac) (Rs. In Lac)
(i) Sales and other income 9788.10 8323.08
(ii) Profit before depreciation 435.38 434.54
(iii) Depreciation 263.83 305.72
(iv) Profit for the year 171.56 128.82
(v) Provision for tax 56.88 50.10
(vi) Profit after tax 114.69 78.72
(vii) Profit brought forward from the
previous year 1007.60 963.16
(viii) Profit available for appropriation 1122.28 1041.88
(ix) Proposed Dividend 51.31 29.50
(x) Tax on Proposed Dividend 8.95 4.78
(xi) Surplus carried to Balance Sheet 1062.02 1007.60
OPERATIONS :
During the year, the Company produced 28,703 MT and sold 29,566 MT of
sponge iron compared to previous year''s production of 24,712 MT and
sales of 24,204 MT. The company produced 11,664 MT and sold 11,668 MT
of Pig Iron as compared to last year''s production of 9,334 MT and sales
of 9,269 MT.
DIVIDEND :
The Board has recommended dividend at 6 % (Six percent) per share i.e.
Rs. 0.60 on prorata basis (Previous year Rs. 0.50) per equity share for
the year ended 31st March, 2014. The dividend if approved by the
shareholders will be paid to those members whose name appears on the
Register of Members on the record date. The total outgo on account of
Dividend (ex-taxes) will be Rs. 51.31 Lac compared to previous year
figure of Rs. 29.5 Lac.
SHARE CAPITAL :
During the year under review, your Company has allotted on preferential
allotment basis 55,00,000 (Fifty Five Lacs) Ordinary (Equity) shares of
Rs. 10/- each at a price of Rs. 20/- per Equity Share (including a
premium of Rs. 10/- per share) to promoters and strategic investors in
accordance with the provisions of the SEBI (Issue of Capital and
Disclosure Requirements) Regulations, 2009 as amended from time to
time. Consequently, the Issued, Subscribed and paid up Share Capital of
the Company stood at Rs. 11,40,00,000/- comprising of 1,14,00,000
Ordinary (Equity) Shares of Rs. 10/- each fully paid-up. During the
year the Authorized Share Capital of the Company has been increased
from Rs. 600,00,000 (Rupees Six Crores only) divided into 60,00,000
Equity Shares of Rs. 10/- to Rs. 12,00,00,000/- (Rupees Twelve Crores
only) divided into 1,20,00,000 Equity Shares of Rs. 10/- each by
creation of 60,00,000 Equity Shares of Rs. 10/-.
DIRECTORS:
Mrs. Sunita Dalmia (DIN- 00605973), Non-Executive Promoter Director who
is liable to retire by rotation at the ensuing Annual General meeting
and, being eligible, offer herself for re-appointment. Your Directors
recommend her reappointment.
SECRETARIAL AUDITOR:
The company has appointed L.N.Panda & Associates, Company Secretaries,
Rourkela, Odisha (under Section 204 of Companies Act 2013) for the
financial year 2014-15. Mr. L.N.Panda has submitted his consent letter
along the eligibility certificate under section 141(3) (g) of companies
Act 2013, for the year 2014-15.
AUDITORS REPORT & AUDITORS'' OBSERVATION:
There is no audit qualification in the Company''s financial statements.
The company continues to adopt practices to ensure best practice as per
Indian Accounting Standards. The Notes on Accounts referred to in the
Auditors'' Report enclosed are self-explanatory and do not call for any
further comments.
AUDITORS:
M/s Rustagi & Co., Chartered Accountants (Reg. No.301094E), Kolkata
retires at the ensuing Annual General Meeting and has given their
consent for re-appointment along with the eligibility certificate as
per Section 141(3) (g) of the Companies Act, 2013.
LISTING:
The shares of the Company are listed at Bombay Stock Exchange. The
Scrip Code at BSE is 518075. The shares of the Company are also listed
at Calcutta Stock Exchange Limited. The Scrip Code at CSE is 13054.
The respective listing fees for the above Stock Exchanges up to the
year 2014-15 have been paid.
RECONCILIATION OF SHARE CAPITAL:
As directed by Securities Exchange Board of India (SEBI),
Reconciliation of Share Capital is being carried out quarterly by a
practicing Company Secretary. The findings of the Reconciliation of
Share Capital were satisfactory.
PERSONNEL :
The Provision of section 217(2A) of the Companies Act, 1956 read with
Companies (Particular of Employees) Rules 1975 as amended are not
applicable to the company as no employee has drawn remuneration in
excess of the limits specified therein.
DIRECTOR''S RESPONSIBILITY STATEMENT:
Pursuant to section 217(2AA) of the Companies Act, 1956 the Board of
Directors of the Company Confirm that;
(i) in the preparation of annual accounts, the applicable Accounting
Standards as specified by the Institute of Chartered Accountants of
India have been followed and that there has been no material departures
from the same;
(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 at the end of the financial year and of the profit or
loss of the company for that period.
(iii) the Directors have taken proper and sufficient care, to the best
of their for the maintenance of adequate accounting records in
accordance with the provision of the Companies Act 1956 for
safeguarding the assets of the company and for preventing and detecting
fraud and other irregularities; and
(iv) the annual accounts have been prepared on going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The prescribed details as required under section 217(1) (e) of the
Companies (Disclosure of Particulars on the report of Board of
Directors) Rules 1988 are set out in annexure ''A'' forming part of this
report.
REPORT ON CORPORATE GOVERNANCE:
Pursuant to Clause 49 of the Listing Agreement with Stock Exchanges,
the following form part of this annual report:
(i) Report on Corporate Governance - (Annexure ''B'');
(ii) Management Discussion & Analysis Report - (Annexure ''C'').
AUDITORS:
The members are requested to appoint the Auditors for the current year
and fix their remuneration. Messrs Rustagi & Company, Chartered
Accountants (Reg. No.301094E), Kolkata, the existing Auditors of the
Company have given their consent for re-appointment along with the
eligibility certificate as per Section 141(3) (g) of the Companies Act,
2013.
ACKNOWLEDGEMENT AND APPRECIATION:
Your Directors place on record their appreciation of the continued
support, cooperation and assistance from our shareholders, customers,
suppliers, employees and other business associates including various
agencies of the Central and State Governments and Bankers.
On behalf of the Board of Directors
Place: Barpali Y. K. Dalmia
Date: 09.08.2014 Chairman
Mar 31, 2013
Dear Shareholders,
The Directors have the pleasure in presenting their Report on the
business and operations of your Company along with the Audited Accounts
of the company for the year ended 31st March 2013.
FINANCIAL RESULTS:
Current Year Previous Year
PARTICULARS (Rs. In Lac) (Rs. In Lac)
(i) Sales and other income 8323.08 9331.48
(ii) Profit before depreciation 434.54 515.68
(iii) Depreciation 305.72 325.79
(iv) Profit for the year 128.82 189.89
(v) Provision for tax 50.10 56.56
(vi) Profit after tax 78.72 133.33
(vii) Profit brought forward from
the previous year 963.16 891.54
(viii) Profit available for appropriation 1041.88 1024.87
(ix) Proposed Dividend 29.50 53.10
(x) Tax on Proposed Dividend 4.78 8.61
(xi) Surplus carried to Balance Sheet 1007.60 963.16
OPERATIONS:
During the year, the Company produced 24712 MT and sold 24204 MT of
sponge iron compared to previous year''s production of 30532 MT and
sales of 29834 MT. The Company produced 9334 MT and sold 9269 MT of Pig
iron as compared to last year''s production of 9978 MT and sales of
10079MT. The production continues to suffer for raw material
constraints due to mining problem.
DIVIDEND:
The Board has recommended dividend at 5 % (Five percent) per share i.e.
Rs. 0.50 (Previous year Rs. 0.90) per equity share for the year ended 31st
March, 2013. The dividend if approved by the shareholders will be paid
to those members whose name appears on the Register of Members on the
record date. The total outgo on account of Dividend (ex-taxes) will be
Rs. 29.5 Lac compared to previous year figure of Rs. 53.10 Lac.
FINANCE:
The market for steel has remained sluggish and therefore sponge iron
market was subdued. The price of sponge iron decreased in the later
part of the year. Earning per share has decreased to Rs. 1.33 as compared
to previous year (Rs. 2.26) In order to meet the long term working
capital requirements; it is proposed to make issue of equity shares on
preferential allotment basis to promoters and strategic investors.
DIRECTORS:
Sri R.PAgarwal who retires by rotation & being eligible offer himself
for re-appointment. Sri Y.K.Dalmia has been reappointed as the Chairman
of the Company for a period of five years with effect from September
01, 2013 subject to the approval of share holders at the ensuing Annual
General Meeting.
LISTING:
The shares of the Company are listed at Bombay Stock Exchange. The
Scrip Code at BSE is 518075. The shares of the Company are also listed
at Calcutta Stock Exchange Limited. The Scrip Code at CSE is 13054.
The respective listing fees for the above Stock Exchanges up to the
year 2013-14 have been paid.
RECONCILIATION OF SHARE CAPITAL:
As directed by Securities Exchange Board of India (SEBI),
Reconciliation of Share Capital is being carried out quarterly by a
practicing Company Secretary. The findings of the Reconciliation of
Share Capital were satisfactory.
PERSONNEL:
The Provision of section 217(2A) of the Companies Act, 1956 read with
Companies (Particular of Employees) Rules 1975 as amended are not
applicable to the company as no employee has drawn remuneration in
excess of the limits specified therein.
DIRECTOR''S RESPONSIBILITY STATEMENT:
Pursuant to section 217(2AA) of the Companies Act, 1956 the Board of
Directors of the Company Confirm that;
(i) in the preparation of annual accounts, the applicable Accounting
Standards as specified by the Institute of Chartered Accountants of
India have been followed and that there has been no material departures
from the same;
(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 at the end of the financial year and of the profit or
loss of the company for that period.
(iii) the Directors have taken proper and sufficient care, to the best
of their for the maintenance of adequate accounting records in
accordance with the provision of the Companies Act 1956 for
safeguarding the assets of the company and for preventing and detecting
fraud and other irregularities; and
(iv) the annual accounts have been prepared on going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The prescribed details as required under section 217(1) (e) of the
Companies (Disclosure of Particulars on the report of Board of
Directors) Rules 1988 are set out in annexure ''A'' forming part of this
report.
REPORT ON CORPORATE GOVERNANCE:
Pursuant to Clause 49 of the Listing Agreement with Stock Exchanges,
the following form part of this annual report:
(i) Report on Corporate Governance - (Annexure ''B'');
(ii) Management Discussion & Analysis Report - (Annexure ''C'').
AUDITORS:
The members are requested to appoint the Auditors for the current year
and fix their remuneration. Messrs Rustagi & Company, Chartered
Accountants, Kolkata, the existing Auditors of the Company have
furnished the certificate of their eligibility for reappointment under
Section 224 (1) of the Companies Act, 1956.
COST AUDITOR:
As per the Companies (Cost Accounting Records) Rules 2011, the Company
filled the Cost Audit Report along with Cost Compliance Report for the
financial year 2011-12 in XBRL format.
The Board of Directors, subject to the approval of the Central
Government, appointed M/S Tanmaya S. Pradhan & Co. Cost Accountants,
bearing firm registration No. 000177, as cost auditor for conducting
the cost audit for the financial year 2013-14 in place of the existing
Cost auditor, M/S Ray, Nayak & Associates, who have furnished No
objection Certificate in regard to above appointment.
ACKNOWLEDGEMENT AND APPRECIATION:
Your Directors place on record their appreciation of the continued
support, cooperation and assistance from our shareholders, customers,
suppliers, employees and other business associates including various
agencies of the Central Government and State Governments and Bankers.
On behalf of the Board of Directors
Place: Barpali Y. K. Dalmia
Dated: the 28th
day of August, 2013 Chairman
Mar 31, 2010
The Directors have pleasure in presenting the 19th Annual Report along
with the Audited Accounts of the company for the year ended 31st March
2010.
FINANCIAL RESULTS: Current Previous
Year Year
(Rs. In Lac) (Rs. In Lac)
(i) Sales and other income 5604.72 6189.35
(ii) Profit before depreciation 531.27 433.32
(iii) Depreciation 325.90 231.80
(iv) Profit for the year 205.37 201.52
(v) Provision for tax 64.00 72.96
(vi) Profit aftertax 141.37 128.55
(vii) Profit brought forward from
the previous year 745.66 617.10
(viii) Profit available for
appropriation 887.02 745.66
(ix) Proposed Dividend 41.30 -
(x) Tax on Proposed Dividend 7.02 -
(xi) Surplus carried to Balance
Sheet 838.70 745.66
OPERATIONS
During the year, the Company produced 24367 MT of sponge iron compared
to 21285 MT of previous year. The production of Pig Iron for the year
was 8612 MT as compared to last years production of 4594 MT. The
production was constrained due to difficulty in procurement of desired
grade of raw materials i.e. coal & iron and adverse logistic conditions
from mines area during the year.
Sales of Sponge iron during the year totaled to 24729 MT compared to
21116 MT of previous year. Pig iron sales during the year totaled to
8485 MT in comparison to last years sale of 4890 MT. Companys focus
on the quality consistency and better marketing strategies contributed
to higher profitability. The same resulted to an EPS of Rs. 2.40.
DIVIDEND
Your Directors recommend payment of maiden dividend at 7% (seven
percent) i.e. Re. 0.70 per equity share for the year ended 31st March,
2010. The dividend if approved will be paid to those members whose name
appears on the Register of Members on the record date.
DIRECTORS
Sri S.N. Kabra retires by rotation & being eligible offer himself for
re-appointment and Mr. Dillip Kumar Agarwal has resigned from the Board
effective from 01.07.2010.
LISTING:
The company has received in-principle approval for revocation of
suspension in trading in the Companys shares from Bombay Stock
Exchange Ltd. The Company has completed all the requirements of the
Bombay Stock Exchange and trading in Companys shares are likely to be
resumed shortly. The shares of the Company are also listed at Calcutta
Stock Exchange Limited and Bhubaneswar Stock Exchange Limited. Board
has approved at its meeting held on 30.07.2010 for delisting of shares
from Bhubaneswar Stock Exchange Ltd. voluntarily to save resources.
PERSONNEL
The Provision of section 217(2A) of the Companies Act, 1956 read with
Companies (Particular of Employees) Rules 1975 as amended are not
applicable to the company as no employee has drawn remuneration in
excess of the limits specified therein.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to section 217(2AA) of the Companies Act, 1956 the Board of
Directors of the Company
Confirm that;
(i) In the preparation of annual accounts, the applicable Accounting
Standards as specified by the Institute of Chartered Accountants of
India have been followed and that there has been no material departure
from the same;
(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 at the end of the financial year and of the profit or
loss of the company for that period.
(iii) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act 1956 for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities; and
(iv) The annual accounts have been prepared on going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The prescribed details as required under section 217(1) (e) of the
Companies (Disclosure of Particulars on the report of Board of
Directors) Rules 1988 are set out in annexure A forming part of this
report.
REPORT ON CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement with Stock Exchanges,
the following form part of this annual report
(i) Report on Corporate Governance - (Annexure B);
(ii) Management Analysis Report - (Annexure C).
AUDITORS
The Auditors, M/s Rustagi & Company, Chartered Accountants, retire at
the conclusion of the ensuing Annual General Meeting and, are eligible,
for reappointment.
ACKNOWLEDGEMENT
Your Directors are pleased to place their sincere appreciation for the
continued co-operation, guidance, support and assistance provided
during the year by Canara Bank, SIDBI, Government Authorities,
Shareholders, Customers and suppliers. They take this opportunity to
record their appreciation of the contribution made by all the employees
to the operations of the company during the year.
On behalf of the Board of Directors
Place : Barpali Y. K. DALMIA
Date: 30.07.2010 Chairman