| The Directors present the Annual Report and Audited Accounts of the
Company for the year ended 31st March, 2011.
1. The operating results of the Company for the year are as follows :
(Rs.'000)
2010-2011 2009-2010
The profit/(loss) for the year after
meeting all expenses but before
providing for depreciation and Taxation is (97 45) 1 96 60
From which have to be deducted :
Depreciation for the current year 15 95 30 25 71 29
(16 92 75) (23 74 69)
Capital Work-in-progress and other
Capital Assets Written off in Balance
Sheet as on 30.09.2000 now
Written back 2 45 80 64 -
Net Profit / (Loss) 2 28 87 89 (23 74 69)
To which have to be added :
The Balance brought forward from
previous year (6 66 30 56) (6 42 55 87)
To be carried forward to
next year's account (4 37 42 67) (6 66 30 56)
2. In view of losses your Directors do not recommend payment of any
dividend for the year ended 31st March, 2011.
3. The Company's Steel Plant at Malanpur (Madhya Pradesh) continues to
remain under suspension of operation since October, 1998. The necessary
permission from the Labour Secretary, Govt, of Madhya Pradesh for
closure of the Plant was obtained and confirmed by High Court at
Gwalior,
The Company has been declared as a sick company by Board for Industrial
& Financial Reconstruction (BIFR) pursuant to an application filed
u/s.15(1) of Sick Industrial Companies (Special Provisions) Act.
4. The Company has filed a Draft Rehabilitation Scheme for its revival
before the BIFR which is under their consideration for approval. After
approval, the Scheme will be effective from 01.04.2009.
5. The Company had no employee during the year in respect of which a
statement pursuant to Section 217(2A) of the Companies Act, 1956 read
with the rules there under is required to be annexed. Hence, information
as per Companies (Disclosure of particulars in the Report of Board of
Directors) Rules, 1988, as amended, has not been provided in this
report.
6. Shri N K Jaipuria retires by rotation and being eligible offers
himself for reappointment.
7. The Audit Committee consists of Shri P K Rateria, Shri N K
Jaipuria, Directors and Shri N K Jain, Executive Director of the
Company.
8. The Auditors M/s. Asit Mehta & Co., Chartered Accountants, retire
and are eligible for re-appointment. You are requested to consider
their re-appointment and authorise the Board of Directors to fix their
remuneration for the current year. Notes referred to in the Auditors'
Report are self explanatory.
9. Pursuant to Clause 49 of the Listing Agreement with the Stock
Exchange, the Management Discussion & Analysis and Corporate Governance
Report are made a part of the Annual Report. A Certificate from the
Auditors of the Company regarding compliance of conditions of Corporate
Governance is given in Annexure, which is attached hereto and forms
part of the Directors' Report.
10. Directors Responsibility Statement
a) In the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanations relating to
material departures;
b) 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 year.
c) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities;
d) The Directors have prepared the Annual Accounts on a going concern
basis.
For and on behalf of the Board of Directors
Kolkata N K Jain P K Rateria
The 22th day of
September, 2011 Executive Director Director |