The Directors have pleasure in presenting their Report on the business
and operations of your Company along with the Audited Accounts of the
company for the year ended 31 st March 2012.
Current Year Previous Year
PARTICULARS (Rs.In Lac) (Rs. In Lac)
Sales and other income 9331.48 6625.40
Profit before depreciation 515.68 454.29
Depreciation 325.79 283.33
Profit for the year 189.89 170.96
Provision for tax 56.56 63.08
Profit after tax 133.33 107.88
Profit brought forward from the
previous year 891.54 838.70
Profit available for appropriation 1024.87 946.59
Proposed Dividend 53.10 47.20
Tax on Proposed Dividend 8.61 7.84
Surplus carried to Balance Sheet 963.16 891.55
During the year, the Company produced 30532 MT and sold 29834 MT of
sponge iron compared to previous year''s production of 30220 MT and
sales of 29708 MT. The company produced 9978 MT and sold 10079 MT of
Pig Iron as compared to last year''s production of 4022 MT and sales of
4092 MT. The EPS for the current Year is at Rs. 2.26.
The Board has recommended dividend at 9 % (Nine percent) per share i.e.
Rs. 0.90 (Previous year Rs. 0.80) per equity share for the year ended 31 st
March, 2012. The dividend if approved by the shareholders will be paid
to those members whose name appears on the Register of Members on the
record date. The total outgo on account of Dividend (ex- taxes) will be
Rs. 53.10 Lacs compared to previous year figure of Rs. 47.20 Lacs.
Sri S.N.Kabra and Smt. Sunita Dalmia who retire by rotation & being
eligible offer themselves for re-appointment.
The shares of the Company are listed at Bombay Stock Exchange. The
Scrip Code at BSE is 518075. The shares of the Company are also listed
at Calcutta Stock Exchange Limited. The Scrip Code at CSE is 13054.
The respective listing fees for the above Stock Exchanges up to the
year 2012-13 have been paid.
RECONCILIATION OF SHARE CAPITAL :
As directed by Securities Exchange Board of India (SEBI),
Reconciliation of Share Capital is being carried out quarterly by a
practicing Company Secretary. The findings of the Reconciliation of
Share Capital were satisfactory.
The Provision of section 217(2A) of the Companies Act, 1956 read with
Companies (Particular of Employees) Rules 1975 as amended are not
applicable to the company as no employee has drawn remuneration in
excess of the limits specified therein.
DIRECTOR''S RESPONSIBILITY STATEMENT :
Pursuant to section 217(2AA) of the Companies Act, 1956 the Board of
Directors of the Company Confirm that;
(i) in the preparation of annual accounts, the applicable Accounting
Standards as specified by the Institute of Chartered Accountants of
India have been followed and that there has been no material departures
from the same;
(ii) 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 or
loss of the company for that period.
(iii) the Directors have taken proper and sufficient care, to the best
of their for the maintenance of adequate accounting records in
accordance with the provision of the Companies Act 1956 for
safeguarding the assets of the company and for preventing and detecting
fraud and other irregularities; and
(iv) the annual accounts have been prepared on going concern basis.
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 this
REPORT ON CORPORATE GOVERNANCE :
Pursuant to Clause 49 of the Listing Agreement with Stock Exchanges,
the following form part of this annual report:
(i) Report on Corporate Governance - (Annexure ''B'');
(ii) Management Discussion & Analysis Report - (Annexure ''C'').
The members are requested to appoint the Auditors for the current year
and fix their remuneration. Messrs Rustagi & Company, Chartered
Accountants, Kolkata, the existing Auditors of the Company have
furnished the certificate of their eligibility for reappointment under
Section 224 (1) of the Companies Act, 1956.
ACKNOWLEDGEMENT AND APPRECIATION :
Your Directors place on record their appreciation of the continued
support, cooperation and assistance from our shareholders, customers,
suppliers, employees and other business associates including various
agencies of the Central and State Governments and Bankers.
On behalf of the Board of Directors
Place: Barpali Y K. Dalmia
Date: 28.07.2012 Chairman