The Directors have pleasure in presenting the Twenty Ninth Annual
Report on the business and operations of the Company and the accounts
for the financial year ended 31st March, 2012.
Particulars Current Year Previous Year
(Rs. in Lac) (Rs.in Lac)
(i) Sales and other income 3807.36 2781.32
(ii) Profit before depreciation 332.78 293.54
(iii) Depreciation 65.89 65.32
(iv) Profit for the year 266.89 228.22
(v) Provision for Current tax (Net) 68.00 52.00
(vi) Provision for Deferred tax 19.83 26.99
(vii) Profit after tax 179.06 149.23
(viii) Balance in Profit &
Loss Account brought
forward from the previous year 438.49 289.27
(ix) Amount available for
carried forward to Balance Sheet 617.55 438.49
*Regrouped figure of the previous year OPERATIONAL REVIEW
Your Company produced / purchased 7129.89 MT of Castings and other
items and 1898.17 MT of Ingots as compared to 8S2 MT of Castings &
other items and 7402 MT of Ingots of previous year. The above figures
show a net increase in production / purchase of 6277.89 MT in Castings
and other items and a net decrease of SS03.83 MT in Ingots. This is
because your company has concentrated more into production/ purchase of
high value addition items i.e. casting and other items as they are more
revenue generating products. In terms of value, your Company''s total
income under the year under review was 3807.36 Lakhs against the
previous year of 2781.32, thus recording a net increase in income of
Rs. 1026.04 Lakhs. This has resulted in increase in profit by 29.83
Lakhs and the Earning Per Shares worked out to be Rs. 3.98 as compared
to Rs. 3.32 of previous year.
Your Company is striving to accumulate some funds from internal sources
to balance the financial position of the Company in view of growth in
production and business. Thus, keeping in view the current conditions
your Directors have considered it prudent not to recommend any dividend
for the year.
Your Company has not accepted any deposits from the public during the
year under review and as such there are no outstanding deposits in
terms of the Companies (Acceptance of Deposits) Rules, 197S.
Your company has converted the unsecured loan from Krishna Re-Rollers
Private Limited amounting to Rs.6,40,00,000/- (Rupees Six Crores Forty
Lakhs only) into 0% Unsecured Non-Convertible Non-Transferable
Debentures redeemable after a period of seven years.
The Shares of your Company are listed in the Bombay Stock Exchange. The
listing fee for the year 2011-12 has been paid to the Bombay Stock
PARTICULARS OF EMPLOYEES
The Provision of section 217(2A) of the Companies Act,19S6 read with
Companies (Particular of Employees) Rules 197S as amended are not
applicable to the company as no employee has drawn emoluments exceeding
the specified limits.
In accordance with the provisions of Section 2S6 of the Companies Act,
19S6 and the Company''s Article of Association, Mrs. Shweta Kishan
Agarwal, Director of the Company retires by rotation.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The prescribed details as required under section 217(1 )(e) of the
Companies (Disclosure of Particulars on the report of Board of
Directors) Rules 1988 are set out in Annexure ''A'' forming part of
DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 19S6, with respect to Director''s Responsibility Statement, it is
(i) In the preparation of annual accounts for the financial year ended
31st March, 2012, the applicable Accounting Standards as specified by
the Institute of Chartered Accountants of India have been followed and
that there are no material departures;
(ii) That 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 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
provision of the Companies Act, 19S6 for safeguarding the assets of the
company and for preventing and detecting frauds and other
(iv) That the directors have prepared the accounts for the financial
year ended 31st March, 2012 on a ''going concern'' basis.
MANAGEMENT''S DISCUSSION AND ANALYSIS REPORT
In accordance with Clause 49IV(F)(i) of the Listing Agreement,
Management Discussion and Analysis Report for the year under review is
given as a separate statement, as Annexure ''B'', which forms a part
of this Annual Report.
In line to the company''s commitment to good corporate governance
practices, your company has complied with all mandatory provisions of
corporate governance as prescribed under clause 49 of the listing
agreement with the Stock Exchanges. A separate report on corporate
governance and practicing Company Secretary''s certificate thereon are
included as Annexure ''C'', which forms part of the Annual report.
Pursuant to the provisions of clause 49 of the listing agreement, the
CEO/CFO certificate is part of this Annual Report.
AUDITORS AND AUDIT REPORT
M/s K.D Lath & Company, Chartered Accountants, Rourkela, Statutory
Auditors of the company retires at the conclusion of the ensuing Annual
General Meeting of the company. They have confirmed that their re-
appointment, if made, will be within the prescribed limits under
section 224(1B) of the Companies Act, 19S6.
There are no qualifications or adverse remarks in Auditor''s Report
which require any clarification/explanation. The notes to accounts
forming part of the financial statements are self explanatory and needs
no further explanation.
The Directors place their sincere appreciation for the continued
co-operation, guidance, support and assistance provided during the year
by Bank, Financial Institutions, Government Authorities, Customers and
Your directors wish to record their appreciation for the exemplary
services rendered by the employees of the company.
Above all, the directors thank the shareholders for their continued
confidence in the management.
On behalf of the Board of Directors
Place : Mandiakudar H.K AGRAWAL
Date : 04th September, 2012 Managing Director