| 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) |