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Vallabh Steels Directors Report, Vallabh Steels Reports by Directors
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Vallabh Steels
BSE: 513397|ISIN: INE457E01016|SECTOR: Steel - Tubes & Pipes
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Directors Report Year End : Mar '14    « Mar 13
The Members,
 Vallabh Steels Limited
 
 We have pleasure in presenting the 34th Annual Report of the Company
 alongwith the Audited Statement of Accounts for the year ended 31st
 March, 2014:
 
 FINANCIAL RESULTS
                                                      (Rsin Lacs)
                                            Current Year  Previous year
 Revenue from Operations 
 and Other Income                            16959.54      20129.48
 
 Profit before Interest, 
 Depreciation and Tax                          637.03          568.32
 
 Less :
 Financial Costs               302.36                 355.80
 
 Provision for Depreciation    110.27                 136.15
 
 Taxes : Current Tax                -                  12.19
 
 Deferred Tax/Earlier year
 
 tax adjustment                (35.11)        377.52  (78.99)  425.15
 
 Profit after Tax                             259.51           143.17
 
 Add:
 
 Balance b/f from Previous                   2730.53          2612.37
 Yfear
 
 Profit available for                       29 90.04          2755.54
 appropriations
 
 Appropriations
 
 Transferred to General                        25.00            25.00
 Reserve
 
 Surplus Carried to                          2965.04          2730.54
 Balance Sheet
 
                                            29 90.04          2755.54
 
 OPERATIONS
 
 During the year under review the Company has recorded a lower Income
 from operations which is placed at Rs. 16959.54 lacs as compared to Rs.
 20129.48 lacs of previous year thus representing a decline of about
 16.27 % which is attributed to lower production resulting in lower
 sales. However the net profit after tax is Rs.259.51 lacs from
 Rs.143.17 lacs recording a jump of about 81.26 %. This has been made
 possible due to optimum utilisation of resources which has resulted in
 cost control.
 
 EXPORTS
 
 We are pleased to inform you that during the year under review, the
 Company continued to export its products to African Countries.
 
 Despite wide fluctuation in prices and stiff competition the company
 registered higher exports at Rs. 998.08 lacs as compared to Rs. 871.07
 lacs in the previous year recording a jump of about 15%.
 
 DIVIDEND
 
 With a view to conserve resources for Company''s immediate requirements,
 your directors do not recommend any dividend for the year under
 consideration.
 
 LISTING OF SHARES
 
 The Equity Shares of the Company are listed at BSE Limited, Phiroze
 Jeejeebhoy Towers, Dalal Street, Mumbai. The company has duly paid the
 listing fee to BSE Limited, Mumbai upto the Financial Year 2014-15.
 
 FIXED DEPOSITS
 
 During the year, your Company has not accepted any fixed deposits
 within the meaning of Section 73 of the Companies Act, 2013 and the
 Rules made thereunder.
 
 DIRECTORS
 
 Mr. Rahul Jain and Mr. Mohinder Pal Gupta, Directors of the company
 retire by rotation at the forthcoming Annual General Meeting and being
 eligible offer themselves for re-appointment.
 
 Further reappointment of Mr. Mohan Lal, Mr. Mohinder Pal Gupta, and Mr.
 Jawahar Jain as independent directors as per Sections 149, 150 & 152 of
 the Companies Act, 2013 for a period of 5 years upto the conclusion of
 the 39th Annual General Meeting of the Company in the calendar year
 2019 for each director is proposed to be made.
 
 CORPORATE GOVERNANCE
 
 Your company has been practicing the principle of good Corporate
 Governance over the years. The Board of Directors supports the broad
 principles of Corporate Governance. In addition to the basic governance
 issues as dictated by compliance of statutory requirements, the Board
 lays strong emphasis on transparency, accountability and integrity.
 Corporate Governance Report and Management Discussion and Analysis
 along with Certificate of the Auditors of your company pursuant to
 clause 49 of the Listing Agreement with the Stock Exchange(s) has been
 annexed to the report as Annexure-I.
 
 AUDITORS
 
 M/s Raj Gupta & Co., Chartered Accountants, Auditors of the company,
 retire at the conclusion of this Annual General Meeting and are
 eligible for re-appointment. They have furnished a certificate to the
 effect that their re-appointment, if made, will be in accordance with
 Section 1 39(1) of the Companies Act, 2013.
 
 AUDITORS'' REPORT
 
 The Auditors'' Report read with the relevant notes on accounts for the
 year under review is self explanatory and do not call for any further
 comments as there are no adverse remarks in the Auditors'' Report.
 
 AUDIT COMMITTEE
 
 Presently the constituent members of the Audit Committee are Mr.
 Mohinder Pal Gupta, Mr. Mohan Lal and Mr. Jawahar Jain. Mr. Mohinder
 Pal Gupta is the Chairman of the said Committee. The statutory auditors
 and internal auditors are the permanent invitees to the audit committee
 meetings. The Committee met four times during the year under review.
 
 COST AUDITORS
 
 The Board of Directors has appointed M/s. Meenu & Associates, Cost
 Accountants, Ludhiana as the Cost Auditors of the Company under Section
 148 of the Companies Act, 2013 for which application to the Central
 Government has already been made seeking approval for appointment of
 Cost Auditors to conduct audit in respect of all the Units of the
 Company for the financial year 2014-15.
 
 The Cost Audit Report for the financial year 2013-14 will be filed with
 the Central Government as per provisions of the Companies Act, 1956.
 
 SECRETARIAL AUDITORS
 
 M/s RCS & Company, the Secretarial Auditors of the Company retire at
 the ensuing Annual General Meeting.  The appointment of the Secretarial
 Auditors is to be approved by the members at the ensuing Annual General
 Meeting to verify the Secretarial records and to provide Secretarial
 Audit Report for the financial year 2014-15. The Board recommends to
 appoint M/s RCS & Company, the Secretarial Auditors and to fix their
 remuneration.
 
 Further, the Secretarial Compliance Certificate for financial year
 2013-14 received from M/s RCS & Company, Practicing Company Secretaries
 is annexed and forms part of this report as Annexure-II.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO.
 
 Information as per Section 217(1)(e) read with Companies (Disclosure of
 particulars in the Report of Board of Directors) Rules, 1988 are given
 in the Annexure-III forming part of this report.
 
 PERSONNEL AND INDUSTRIAL RELATIONS
 
 The Management - Employees relations remained cordial throughout the
 year. The results achieved during the year have been possible only with
 the dedication and hard work at all levels of workers, staff and
 executives of the Company.
 
 Statement pursuant to Section 217(2A) of the Companies Act, 1956 and
 the companies (Particulars of Employees) rules, 1975 as amended :
 
 None of the employees of the Company is receipt of remuneration in
 excess of Rs.60.00 lacs per annum or Rs.5.00 lacs per month during the
 year under review and as such the information under this head is NIL.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Directors'' Responsibility Statement pursuant to the provisions of
 Section 2 17(2AA) of the Companies Act, 1956 is given in Annexure-IV
 forming part of this report.
 
 CORPORATE SOCIAL OBJECTIVES
 
 Corporate Social Responsibility(CSR) activities of Vallabh Steels
 Limited reflect its philosophy of enhancing value to the society and
 the environment around us.
 
 Our Philosophy works with objectives of contributing to the sustainable
 development of the society and to create a greener and cleaner
 environmental around us.
 
 The CSR activities done by the Company are identified after conducting
 a proper market research to identify the social and environment needs
 which are need of the hour.
 
 ACKNOWLEDGEMENT
 
 Your Directors take this opportunity to express their sincere thanks
 and appreciation to the team of executives, staff members and workers
 at all levels for their co-operation, hard work, dedication and
 devotion. Our thanks are also due to the Bankers, Government
 Authorities and Business constituents for their continued support and
 co-operation extended from time to time to the Company.
 
                                    By order of the Board of Directors
 
                                                                  Sd/-
 PLACE : LUDHIANA                                   (KAPIL KUMAR JAIN)
 DATED : 14.08.2014                       CHAIRMAN & MANAGING DIRECTOR
Source : Dion Global Solutions Limited
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