To the Members of ENSA STEEL INDUSTRIES LIMITED
The Directors have pleasure in presenting the 28th Annual Report
together with the Audited Statement of Accounts of the Company for the
year ended 30th June, 2012.
(Rupees in Lacs)
Particulars Year Ended Year Ended
OPERATING PROFIT (PBIDT) (1.76) (0.74)
Interest 0.07 0.28
GROSS PROFIT (1.83) (1.02)
Depreciation 80.96 93.80
PROFIT/(LOSS) BEFORE TAX (82.79) (94.82)
Provision for Tax - -
NET PROFIT/(LOSS) AFTER TAX (82.79) (94.82)
Transfer to General Reserve - -
Balance carried to Balance Sheet (82.79) (94.82)
In the absence of profit, your directors do not recommend any dividend.
During the year under review, the Company''s turnover declined to Rs.
129.61 lacs against Rs.443.19 lacs in the previous year. Your Company
has incurred a Loss of Rs. 82.79 lacs in the current year in compared
to loss of Rs. 94.82 lacs in the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS
A separate report on Management Discussion and Analysis is enclosed as
a part of the Annual Report
REPORT ON CORPORATE GOVERNANCE
In Pursuance of the system of Corporate Governance Instituted by SEBI,
forming part of the Listing Agreement with the Stock Exchanges, a
report thereon is saperately attached to this report.
Shri J.C. Sandesara and Shri T. R. Thakkar, Directors of the Company,
retire by rotation at the ensuing Annual General Meeting and being
eligible offer themselves for re-appointment. The Board recommends
DIRECTORS'' RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act, 1956, the
i) That in the preparation of the Annual Accounts for the year ended
30th June, 2012, the applicable Accounting Standards had been followed
along with proper explanation relating to material departures;
ii) That the Directors had selected such accounting policies and
applied them consistently and made judgements 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
loss of the Company for the year under review;
iii) That 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
iv) that the Directors have prepared the Annual Accounts for the year
ended 30th June, 2012 on a ''going concern'' basis.
The Company has not accepted any deposits from the Public during the
year under review.
AUDITORS AND THEIR REPORT
M/s. H. S. Hathi & Co., Chartered Accountants, Auditors of the Company
shall retire at the forthcoming Annual General Meeting and having
furnished Certificate pursuant to Section 224(1B) of the companies Act,
1956,they being eligbile have given their consent for re-appointment.
The Board recommends their re-appointment. The observations made by the
Auditors are self explanatory and have been dealt with in the notes
forming part of the Accounts and hence need no further clarification.
PARTICULARS OF EMPLOYEES
No employee of the Company is covered under the provisions of Section
217(2A) of the Companies Act, 1956, read with the Company''s
(Particulars of Employees) Rules 1975 as amended.
We have examined the attached Cash Flow Statement of Ensa Steel
Industries Limited for the year ended 30th June 2012 and 30th June,
2011. The statement has been prepared by the company in accordance with
the listing agreements of the Stock Exchanges and is based on and in
agreement with the corresponding Profit & Loss Account and Balance
Sheet of the Company covered by our report of the even date to the
members of the Company.
PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO:
In accordance with the provisions of Section 217(1)(e) of the Companies
Act, 1956 the required information relating to conservation of energy,
technology absorption is not applicable. There was no foreign exchange
earnings and outgo during the year under review.
Your Directors take this opportunity to express their appreciation for
the assistance and continued co-operation extended by Bankers and Local
Governments. Your Directors are also pleased to record their
appreciation of the valued contribution, devotion and sense of
commitment extended by the employees of the Company.
For and on behalf of the Board
R. J. Sandesara-Director
Place : Mumbai J. C. Sandesara-Director
Date : 27th August,2012