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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 '13    « Mar 12
To The Members,
 
 The have pleasure in presenting the 33rd Annual Report of the Company
 alongwith the Audited Statement of Accounts for the year ended 31st
 March, 2013:
 
 FINANCIAL RESULTS
 
                                           (Rs. in Lacs) 
 
                                       Current
                                       Year         Previous 
                                                    year
  
 Revenue from Operations
  and Other Income                      20129.48    22294.24
 
 Profit before Interest, 
 Depreciation and Tax                     902.80     1079.63
 
 Less :
 
 Financial Costs                          690.28      606.18
 
 Provision for Depreciation               136.15      145.85
 
 Taxes : Current Tax                       12.19       64.00
 
 Deferred Tax/Earlier year
 
 tax adjustment                          (78.99)      759.63 
 
                                         102.64       918.67
 
 Profit after Tax                        143.17       160.96
 
 Add:
 
 Balance b/f from Previous Year         2637.37      2476.41
 
 Profit available for appropriations    2780.54      2637.37
 
 Appropriations
 
 Transferred to General Reserve           25.00        25.00
 
 Surplus Carried to Balance Sheet       2755.54      2612.37
  
                                        2780.54      2637.37
 
 OPERATIONS
 
 During the year under review the Company has recorded a lower Income
 from operations which is placed at Rs.20129.48 lacs as compared to
 Rs.22294.24 lacs of previous year thus representing a decline of about
 9.71% which is attributed to lower production resulting in lower sales
 and profitability. As a result the net profit after taxes has declined
 from Rs.160.96 lacs to Rs.143.17 lacs recording a fall of about 11.05 %.
 Your management is seized of the matter and making all out efforts to
 improve the performance of the Company by optimum utilisation of
 resources.
 
 EXPORTS
 
 We are pleased to inform you that during the year under review, the
 Company continued to export its products to African Countries.
 
 However due to prevailing general recessionary conditions world wide,
 the exports were lower at Rs.871.07 lacs as compared to Rs.2268.39 lacs in
 the previous year.
 
 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 2013-14.
 
 FIXED DEPOSITS
 
 During the year, your Company has not accepted any fixed deposits
 within the meaning of Section 58 A of the Companies Act, 1956 and the
 Rules made there under.
 
 DIRECTORS
 
 M r. Mohinder Kumar Jain and Mr. Jawahar Jain, Directors of the company
 retire by rotation at the forthcoming Annual General Meeting and being
 eligible offer themselves for re-appointment.
 
 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
 sub-section (IB) of Section 224 of the Companies Act, 1956.
 
 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 M r. 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 five 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
 233 B of the Companies Act, 1956 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 2013-14.
 
 The Cost Audit Report for the financial year 2012-13 will be filed with
 the Central Government as per provisions of the Companies Act, 1956.
 
 SECRETARIAL COMPLIANCE CERTIFICATE
 
 M/s RCS & Company, the Secretarial Auditors of the Company retire at
 the ensuing Annual General Meeting.  The reappointment 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
 a compliance certificate for the financial year 2013-14. The Board
 recommends to reappoint M/s RCS & Company, the Secretarial Auditors and
 to fix their remuneration.
 
 Further, the Secretarial Compliance Certificate for financial year
 2012-13 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 in 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 217(2AA) of the Companies Act, 1956 is given in Annexure-IV
 forming part of this report.
 
 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 : 14.08.2013           CHAIRMAN & MANAGING DIRECTOR
Source : Dion Global Solutions Limited
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