Dear Members,
The directors are pleased to present the 17th Annual Report of the
Company together with audited accounts for the year ended 31st March,
2011.
FINANCIAL RESULTS
(Rs. in Lacs)
Particulars Current Year Previous Year
2010-11 2009-10
Net Sales & Operating Revenues 38313.39 36892.42
Other Income 32.34 47.11
Total Income 38345.73 36939.53
Less: Total Expenditure 37931.05 36697.15
Profit Before Tax 414.68 242.38
Less: Tax Expenses 118.48 38.39
Less: Prior Period Adjustments 11.70 10.43
Profit for the year 284.50 193.56
FINANCIAL AND BUSINESS PERFORMANCE
A detailed analysis into the financial and operational performance for
the year under review is appearing under Management Discussion &
Analysis and Corporate Governance Report, which form part of this
Report.
BOARD OF DIRECTORS
During the period under review there has been no change in the
Directorship of the Company.
Mr. Saurabh Agarwal and Mr. Mahendra Kumar Doogar will retire by
rotation and being eligible, offer themselves for re-appointment.
The brief resume of the Directors who are to be appointed /
reappointed, the nature of their expertise in specific areas, names of
companies in which they hold directorships, committee memberships /
chairmanships, their shareholdings etc. are furnished in the Corpora
Governance Report of the Company.
Your directors recommend their appointment / reappointment at the
ensuing Annual General Meeting
DIVIDEND
The Board of Directors has not recommended any dividend, due to
inadequate profits, for the Financial Year ended 31st March, 2011.
DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to section 217(2AA) of the Companies Act, 1956, with respect
to the Directors'' Responsibility Statement, your Directors confirm:
i) That in the preparation of the Annual Account, the applicable
Accounting Standards have been followed.
ii) That the Directors have selected such Accounting Policies and
applied them consistently and mde 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 ended 31st
March, 2011 and of the Profits of the Company for that year.
iii) That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safe guarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
iv) That the Directors have been prepared the annual accounts on a
going concern basis.
FIXED DEPOSIT
During the period under review, the Company has not invited any fixed
deposits from the public in terms of provisions of Section 58-A of the
Companies Act, 1956 read with the Companies (Acceptance of Deposits)
Rules, 1975.
AUDITORS
M/s S. Singhal & Co., Chartered Accounts, E-127, Industrial Area,
Bhiwadi (Rajasthan), the Statutory Auditors of the Company, having
registration number 001526C with the the ensuing Annual General Meeting
and being eligible, offer themselves for re-appointment as Statutory
Auditors of the Company. The Company has received a letter dated 30th
May, 2011, that their re-appointment, if mde, would be within the limit
prescribed under section 224 (1B) of the Companies Act, 1956.
AUDITORS REPORT
The observation of the Auditors together with Notes to the Accounts as
referred to in the Auditors'' Report are self-explanatory and therefore
do not call for any further comments from the Directors.
CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION AND ANALYSIS
Pursuant to Clause 49 of the Listing Agreement with the stock
exchanges, Management Discussion and Analysis, Corporate Govere Report
is attached as a part of the Annual Report. The Certificate from
Company Secretary in practice regarding compliance of conditions of
Corporate Governance is also annexed.
SUBSIDIARY COMPANY AND CONSOLIDATED RESULTS
Your Company is not having any subsidiary company hence disclosures
regarding subsidiaries and consolidated results as per Accounting
Standard AS-21 and AS-27 issued by the Institute of Chartered
Accountants of India and clause 32 of the Listing Agreement are not
required.
PARTICULARS OF EMPLOYEES
No information as required under Section 217 (2A) of the Companies Act,
1956 read with Companies (Particulars of Employees)
Rules, 1975 to be furnished as none of the employees of the Company is
in receipt of the remuneration in excess of the limits prescribed
therein.
CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY
ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
Additional information regarding conservation of energy, research &
development, technology absorption and foreign exchange earnings and
outgo, required under se
ACKNOWLEDGEMENT
The Board acknowledges with gratitude the co-operation and assistance
provided by the bankers, financial institutions, Government, SEBI,
Stock Exchanges, Local Authorities and other regulatory authorities.
The Board wishes to place on record the contribution mde by the
employees of the Company during the year. Your Directors thanks the
customers, clients, vendors, dealers, distributors, franchisees and
business associates for their continued support at all levels.
By Order of the Board of Directors
KAMDHENU ISPAT LIMITED
Date: 30.05.2011 (Satish Kumar Agarwal) (Sunil Kumar Agarwal)
Place: Gurgaon Chairman & Managing Director Director
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