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Pithampur Steels Directors Report, Pithampur Steel Reports by Directors
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Pithampur Steels
BSE: 513611|ISIN: INE077H01015|SECTOR: Steel - Medium / Small
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Download Annual Report PDF Format 2013 | 2012 | 2011
Directors Report Year End : Mar '12    Mar 11
To,The Members,
 
 The have pleasure in presenting to you the Annual Report along with the
 audited accounts for the year ended on 31st March 2012.
 
 FINANCIAL RESULTS
 
                                               (Amount in Rs.)
 
 Sr.   Particulars                           31.03.2012       31.03.2011 
 No.
 
 1.    Income                               239,537,668      490,086,334
 
 2.    Total expenditure
 
      (i) Cost of Goods Sold                239,537,668      490,364,679
 
      (ii) Administrative Expenses              177,102          189,659
 
      (iii) Depreciation                        207,827          247,347
 
 3.    Profit/(Loss) before tax              (1,565,772)        (715,351)
 
       Add: Prior period income                                        - 
 
       Profit before tax after prior period  (1,565,772)        (715,351)
       item
 
 4.    Provision for Taxation                         -                -
 
       Provision of FBT                               -                -
 
       Provision for Deferred tax liabilities     3,945         (292,156)
 
       Profit after tax                      (1,569,717)        (423,195)
 
 DIVIDEND
 
 Keeping in mind the expansion plans of the Company and also to conserve
 the resources of the Company and to utilize the resources for the new
 industry at Nardhana, Dist. Dhule, the Board of Directors does not
 recommend a dividend for the financial year 2011-12.
 
 REVIEW OF OPERATION AND FUTURE PROSPECTS
 
 During the year under review the sales turnover of Rs. 238,348,232/- as
 compared to previous years of Rs. 510,981,711/- and net loss of
 Rs.1,569,717 /- as compared to previous year profit of Rs. 423,195/-.
 
 The Company is planned to shift its whole operations to its new project
 location at MIDC, Nardhana Industrial Area, Dist. Dhule and close its
 activities from Pithampur Dist. Dhar. As the company have only assets
 of building and land at the Pithampur Dist. Dhar. The plant and
 machinery are turned into scrap and these are written down fully in the
 financial year.  Also the company is not received any subsidy etc.
 therefore the Company is not in a position to compete with others due
 to its increase cost of production.
 
 In the process of shifting, the Company has already purchased land
 situated at MIDC, Nardhana Industrial Area, Dist. Dhule and taking off
 possession from MIDC Authorities. The power and water has reached to
 the site and the Company will start building construction activity
 their. The company is in process to do joint collaboration with a
 Russian steel industry for its Nardhana Project.
 
 The year 2011-12 has been eventful for the Company in multiple facets.
 Your Board of Directors has expected huge opportunities in the business
 of infrastructure and construction activities.
 
 DIRECTORS
 
 Shri Sachin Sharma and Shri Hemant Kokatay are being liable for retire
 by rotation and offer them self to appoint further as Director of the
 Company.
 
 The brief particulars of all Directors, for which approval of members
 for their appointment or re-appointment are sought, have been provided
 in the Notice of Annual General Meeting pursuant to Clause 49 of the
 Listing Agreement relating to Corporate Governance.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to the provisions of Sec 217(2AA) of Companies Act, 1956, the
 directors state that:
 
 that in preparation of the annual accounts, the applicable accounting
 standards have been followed along with proper explanations relating to
 material departures, if any.
 
 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 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 that period.
 
 that the directors have taken proper and sufficient care of the
 maintenance of adequate accounting records in accordance with the
 provisions of this act for safeguarding the assets of the company and
 for preventing and detecting fraud and other irregularities.
 
 that the directors have prepared the annual accounts on a going concern
 basis.
 
 DEPOSITS
 
 The company has not accepted any deposit from the public attracting the
 provisions of Sec 58A of the Companies Act 1956.
 
 AUDITORS
 
 The retiring Auditors, M/s. Ashish Vyas & Co, Chartered Accountants,
 Dewas, being eligible, offer themselves for appointment. They have
 furnished a certificate to the effect that their appointment if made,
 would be within the prescribed limits under Sec 224(1 B) of the
 Companies Act 1956.
 
 AUDITORS'' REPORT
 
 Report of the auditors and their observations and notes to the accounts
 of the company for the year under review are attached herewith which
 are self-explanatory and do not require further explanation.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, ADAPTATION AND
 INNOVATION & FOREIGN EXCHANGE EARNING AND OUTGO
 
 This information required to be given under section 217 (1) (c) of the
 Companies Act, 1956 read with the Companies (Disclosure of particulars
 in the Report of the Director) Rules 1988 is annexed herewith.
 
 PARTICULARS OF EMPLOYEES
 
 The information required under Sec 217(2A) of the Companies Act 1956 is
 not given as there was no employee in receipt of remuneration during
 the year, exceeding the limits prescribed by the Companies (Particulars
 of Employees) Rules, 1975 as revised.
 
 LISTING
 
 Your Company continues to be listed on the Stock Exchange, Mumbai where
 the Company''s shares are being traded. The Company has paid Listing
 fees for the year 2012-13.
 
 CORPORATE GOVERNANCE
 
 Your Company believes that Corporate Governance is a voluntary code of
 self discipline. In line with this policy, the Board of Directors
 strongly believes that it is very important that the company follows
 healthy Corporate Governance practices and reports to shareholders the
 progress made on the various measures undertaken. Therefore, your
 directors have been reporting the initiatives on Corporate Governance
 measures adopted by your company.
 
 MANAGEMENT DISCUSSION AND ANALYSIS
 
 Management discussion and analysis Report is provided in separate
 section and forming part of this report.
 
 ACKNOWLEDGEMENT
 
 The company has developed a very cordial, warm and close relationship
 with the investors, various Government and Semi-Government Departments,
 Banks and Financial Institutions, Customers, Suppliers and other
 service providers. The Board of Directors wish to gratefully
 acknowledge the co-operation, assistance and guidance received from all
 of them. The company could make the progress it has in these years due
 to the dedication and creativity of its staff at all levels. The Board
 of Directors wishes to place on record its warm appreciation for these
 efforts.
 
                         For and on behalf of the Board of Directors
 
                                      Sd/-          Sd/-
 
                                  Suresh Sharma    Sachin Sharma
 
                                    Director       Managing Director
 
 Place: Indore (M.P.)
 
 Date: 02/09/2012
Source : Dion Global Solutions Limited
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