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Gujarat Metallic Coal & Coke Directors Report, Gujarat Metal Reports by Directors
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Gujarat Metallic Coal & Coke
BSE: 531881|ISIN: INE146F01020|SECTOR: Chemicals
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Download Annual Report PDF Format 2010
Directors Report Year End : Sep '13    Sep 12
To The Members,
 
 The Directors present the 20th Annual Report and the Audited financial
 results of the Company for the year ended on 30th September, 2013.
 
 FINANCIAL RESULTS/HIGHLIGHTS
 
 Followings are the highlights of the performance of the Company during
 the year ended on 30th September, 2013.
 
                                              (Rs.in Lacs)
 
                                           Year         Fifteen months
                                           ended        ended
                                           30.09.2013   30.09.2012
 
 Total Income                               41115.54     11743.46
 
 Total Expenditure                          41091.37     11706.40
 
 Profit before Tax                             24.17        37.06
 
 Less: Provision for Tax                       (0.07)       (0.06)
 
 Profit after Tax                              24.24        37.12
 
 Balance brought forward                       58.34       129.13
 
 Profit available for appropriation            82.58       166.25
 
 Provision for tax of earlier years                       (107.91)
 
 Balance carried to Balance Sheet              82.58        58.34
 
 
 
 
 
 
 
 OPERATIONS
 
 During the year under review, the total Income of the company has
 increased due to increased sales activity amid challenging market
 scenario for coal and coke.
 
 DIVIDEND
 
 In order to conserve the resources, your directors do not recommend any
 dividend for the year ended on 30th September, 2013.
 
 SUBSIDIARY COMPANY
 
 The Company has a foreign Subsidiary namely Happy Mining Pty
 Ltd,Australia and Sub-subsidiary Avondale Resources Pty Ltd, Australia.
 The Consolidated Financial Stetements presented by the Company and
 annexed to the Annual report 2012-13 include the financial information
 of the subsidiaries prepared in accordance with the applicable
 accounting standard. The ministry of Corporate affairs vide its
 circular no. 2/2011 dated 8th February, 2011 has granted a general
 exemption under section 212(8) of the Companies Act, 1956 from
 attaching the Balance Sheet, Statement of Profit & Loss and other
 documents of the subsidiary companies to the Balance Sheet upon
 compliance of certain conditions. As the Company is in compliance with
 the said circular and as per consent of the Board through a resolution,
 the Balance
 
 Sheet, Statement of Profit and Loss and other documents of the
 subsidiaries are not attached to this Annual report and
 Accounts.However, the annual accounts of the subsidiary companies and
 related detailed information shall be made available to the
 shareholders of the Company seeking such information in writing. The
 Annual accounts of the subsidiaries companies are available at
 registered office of the Company during the working hours and also
 available at the respective offices of the subsidiary companies during
 the working hours.
 
 CORPORATE GOVERNANCE
 
 Your Company has complied with all mandatory provisions of Corporate
 Governance, as stipulated under the listing Agreement with the Stock
 Exchange as at 30th September, 2013. A separate report on Corporate
 Governance along with Certificate of Auditor confirming the compliance
 is annexed hereto and forms part of this Annual Report.
 
 MANAGEMENT DISCUSSION& ANALYSIS REPORT
 
 Management Discussion and Analysis report for the year under review, as
 stipulated under clause 49 of the Listing Agreement with the Stock
 Exchange in India, is presented in a separate section forming part of
 the Annual Report.
 
 DIRECTORS
 
 Mr. Hironmoy Chatterjee, Director of the Company retires by rotation at
 the forthcoming Annual General Meeting and being eligible, offers
 himself for re-appointment.
 
 The office of Mr. Dinesh Chandra Bajoria as Chairman & Managing
 Director shall expire on 28th June, 2014. The Board recommends the
 re-appointment of Mr. Dinesh Chandra Bajoria as Chairman & Managing
 Director for a further period of 5 years w.e.f. 29th June, 2014.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
 confirm that:
 
 a) In the preparation of annual accounts for the year ended 30th
 September, 2013 the applicable accounting standards had been followed
 and that no material departures have been made from the same.
 
 b) The Directors had selected such accounting policies and practices
 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 year under review and of
 the profit of the Company for the year ended on that date;
 
 c) The Directors have taken proper and sufficient care for 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
 
 d) The Directors had prepared the Annual Accounts for the year ended on
 30th September, 2013 on a ''going concern'' basis.
 
 AUDITORS
 
 M/s N. C. Banerjee & Co., Chartered Accountants, the Statutory Auditors
 of the Company hold office upto forthcoming Annual General Meeting of
 the Company and being eligible, offer themselves for re-appointment. As
 required under the provisions of Section 224(1B) of the Companies Act,
 1956, the Company has received written confirmation from N. C. Banerjee
 & Co., that their re-appointment as Statutory Auditors, if made, would
 be inconformity with the limits prescribed in the said section and that
 they are not disqualified from being appointed as the Statutory
 Auditors of the Company under section 226 of the Companies act, 1956.
 
 AUDITORS'' REPORT
 
 The observations of the Auditors in their reports read with relevant
 notes on the accounts, as annexed are self-explanatory and need no
 further elaboration.
 
 PUBLIC DEPOSITS
 
 The Company has not accepted any public deposits, as defined under
 Section 58A of the Companies Act, 1956, during the year under review.
 
 PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
 FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 The provisions of Section 217(1) (e) read with the Companies
 (Disclosure of Particulars in the Report of the Board of Directors)
 Rules, 1988 regarding conservation of energy, technology absorption are
 not applicable to the Company, as the Company is not involved in any
 manufacturing activities.
 
 FOREIGN EXCHANGE EARNING AND OUTGO
 
 a) Foreign Exchange earning : Rs. 704.08 Lacs
 
 b) Foreign Exchange outgo : Rs.  1.60 Lacs
 
 PARTICULARS OF EMPLOYEES
 
 There was no employee who has drawn salaries and remuneration in excess
 of the limits prescribed under Section 217(2A) of the Companies Act,
 1956. Therefore the statement containing particulars of Employees in
 terms of the said provisions of Act is not applicable to the Company.
 
 ACKNOWLEDGEMENTS
 
 Your Directors wish to place on record their sincere appreciation and
 acknowledgement of the support and co-operation extended by the
 customers, suppliers, bankers, investors, Government and their
 agencies.
 
                             For and on behalf of the Board
 
 Place : Kolkata             Dinesh Chandra Bajoria
 
 Date : 29th November, 2013  Chairman & Managing Director
Source : Dion Global Solutions Limited
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