The Directors have pleasure in presenting the Nineteenth Annual Report
of your Company together with the Audited Accounts for the year ended
March 31st, 2012.
(Rupees in Lakhs)
FINANCIAL RESULTS Year Year
Income from Operations 31168.03 21066.81
Profit before Interest,
Depreciation and Tax 795.90 915.08
Depreciation 204.73 215.77
Interest 281.36 224.77
Profit before Tax (PBT) 309.81 474.54
Profit after Tax (PAT) 296.04 482.06
REVIEW OF OPERATIONS AND FUTURE OUTLOOK
The Company has made a profit of Rs. 296.04 Lakhs (After Tax) during
the year and is hopeful of maintaining and improving its positions in
Your Directors do not recommend any dividend at this stage as the
Company requires ploughing back of the profits to the working capital
of the Company and expects good results in the coming years.
In accordance with the provisions of the Companies Act, 1956 and the
Company''s Articles of Association, Shri Kamlesh Kumar Rathi & Shri
Anurag Rathi, Directors of the Company retire by rotation at the
forthcoming Annual General Meeting and being eligible for
re-appointment. They have confirmed that they are not disqualified
under Section 274(1) (g) of the Companies Act, 1956 and they are
eligible to be re-appointed as Directors of the Company.
During the year, your Company had produced 68943.260 MT Steel Bars and
32513.370 MT Ingots/Billets as against production of 57131.230 MT Steel
Bars and 33133.475 MT ingots during the corresponding period of last
During the year, there is no change in the capital of the Company.
M/sA. K. Vaish & Co., Chartered Accountants, retire at the conclusion
of this Annual General Meeting and being eligible, offers themselves
for re-appointment. They have confirmed that their re-appointment, if
made, would be in conformity with the limits prescribed under Section
224 of the Companies Act, 1956.
All the provisions of Corporate Governance have duly complied as
provided in the listing agreement of Bombay Stock Exchange with which
the Company shares are listed.
A separate report on ''Corporate Governance'' alongwith Auditors
Certificate for its remarks is annexed hereto as a part of this report.
MANAGEMENT DISCUSSION AND ANALYSIS
Pursuant to Clause 49 of the Listing Agreement with Stock Exchange, A
Management Discussion and Analysis Report, highlighting the performance
and prospectus of the Company''s business is attached and forming part
of this report.
STATUS OF LISTING
The Company''s shares are listed at Bombay Stock Exchange Ltd. The
Company has paid the listing fees to the Stock Exchange, Mumbai for the
The Company''s shares are currently traded in compulsory DMAT Segment in
The Company has not invited or accepted any deposits pursuant to
Section 58-A of the Companies Act, 1956. Hence, no information is
required to be appended to this report in terms of Non-Banking
Financial Companies Acceptance of Public Deposits (Reserve Bank of
India Directions, 1998).
DIRECTOR''S RESPONSIBILITY STATEMENT
The Board of Directors of your Company state:-
I) That in the preparation of the annual accounts, the applicable
accounting standards had been followed;
ii) That the Directors had 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 & Loss of the Company for that period;
iii) That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting record 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 had prepared the annual accounts on a going
PARTICULARS OF EMPLOYEES
During the year under review, there was no employee who falls under the
Section 217(2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
- The information required to be furnished under Section 217 (1)(e) of
the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the Report
of the Board of Directors ) Rules 1988 relating to Conservation of
Energy, Technology Absorption and Foreign Exchange earnings and outgo
are as follow:
A) CONSERVATION OF ENERGY:
The Company had taken adequate steps to improve the conservation of
energy and this is a continous process and forms an integral part of
responsibilities of departmental heads.
Some of the energy conservation steps taken are as follow:
I) Optimum Capacity utilisation.
ii) Optimization of pump and motor operations through standard
iii) Strict quality checks on inputs thus saving electricity
iv) Minimization of handling losses.
v) Total Energy Consumption and Energy Consumption per unit of
production is optimum as per industry standards.
During the year under review, the Company has consumed 4,18,14, 486
units of Electricity and 1,34,484.824 MMBTU of Gas.
The Company is using technology, which is best available in the Steel
Industry and always step forward to upgrade the same.
C) FOREIGN EXCHANGE EARNINGS AND OUTGO (IN Rs.)
During the year under review:
Foreign Exchange Earned: NIL
Foreign Exchange Outgo: Rs. 1,30,719.00
During the year, your Company maintained harmonious and cordial
Your Directors take this opportunity to offer their sincere thanks to
the various Departments of the Central and State Governments, Bankers
to the Company, all customers, dealers, suppliers and contractors for
their continued, valued assistance and support. Your directors also
wish to place on record their appreciation for dedicated services
rendered by all officers, staff and workers of the company at all
By order of the Board of Directors
FOR RATHI BARS LIMITED
Place: New Delhi Kamlesh Kumar Rathi Anupam Rathi
Date: 5th September, 2012 (Managing Director) (Whole Time Director)