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Balu Forge Industries Ltd.

BSE: 531112 | NSE: | Series: NA | ISIN: INE011E01029 | SECTOR: Machine Tools

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Jun 18, 16:00
235.50 4.95 (2.15%)
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AVERAGE VOLUME
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625
10-Day
1,418
30-Day
616
790
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    230.55

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    230.55

  • Bid Price (Qty.)

    228.00 (5)

  • Offer Price (Qty.)

    235.50 (17)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
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Balu Forge Industries is not listed on NSE

Annual Report

For Year :
2014 2013 2012 2011 2010 2002

Director’s Report

Dear Members, The Directors have pleasure in presenting their 25thAnnual Report on the business and operations of the Company for the year ended 31stMarch, 2014. 1. FINANCIAL RESULTS (Amt in Lacs) PARTICULARS 31.03.2014 31.03.2013 Total Income 8.188 14.91 Depreciation 0.694 0.807 Profit before tax 0.518 (13.159) Provision for tax F& T 0.117 - Profit (Loss) after tax 0.402 (13.178) Prior period adjustments - - Balance brought forward (347.80) (334.62) Balance carried to balance Sheet (347.40) (347.80) 2. REVIEW OF OPERATIONS: The Company has made Profits of Rs. 40120 during the financial year. The scope for development has come down drastically. However, it does not affect its status as a going concern as the Company continues to look for various other business opportunities. 3. DIVIDEND: During the year under review, owing to the accumulated losses, the Directors do not recommend any dividend. 4. DEPOSITS: During the year under review, the Company has not invited or accepted any Deposits from the public. 5. DIRECTORS : Mr. S. G. Bellad who retire by rotation being eligible offers themselves for re-appointment at the ensuing Annual General meeting. The Board recommends appointment of Mr. V G Hiremath, Mr. Ashvin Thumar, Mr. Saurab Rathod and Smt. Meena Umachagi as Independent Directors not liable to retire by rotation for 3 consecutive years for a term upto 31stMarch, 2017. The Company has received requisite notices in writing from members proposing Mr. V G Hiremath, Mr. Ashvin Thumar, Mr. Saurab Rathod and Smt. Meena Umachagi for appointment of Independent Directors in terms of the requirement of Companies Act, 2013.The Company has received declaration from all the Independent Directors of the Company confirming that they meet with criteria of Independence as prescribed under sub-section (6) of section 149 of the Companies Act, 2013 and under clause 49 of the Listing Agreements with the Stock Exchanges. None of the Directors of your Company is disqualified under Section 162 (2) of the Companies Act, 2013. As required by law, this position is also reflected in the Auditors'' Report. 6. AUDITORS & AUDITOR''S REPORT: The Board recommends the appointment of M/s. Mohandas & Co., Chartered Accountants, as statutory auditors of the Company for the years ending from March 31, 2015 upto March 31, 2018 in place of Gupta Saharia & Co., Chartered Accountants. They have also confirmed their appointment shall be within the limits prescribed under Section 141(3)(g) of the Act and it is not disqualified to be appointed as statutory auditor in terms of the provisions of the proviso to Section 139(1), Section 141(2) and Section 141(3) of the Act and the provisions of the Companies (Audit and Auditors) Rules, 2014. Necessary Resolutions for their appointment have been passed. There are no adverse observations made by the Auditors in their Report. 7. SUBSIDIARIES: Since the Company has no subsidiaries, provision of Section 212 of the Companies Act, 1956 is not applicable. 8. AUDIT COMMITTEE: Audit Committee is consisting of Mr. Vijay Hiremath- Chairman, Mr. S G Bellad and Mrs. Meena Umachagi as Members of the Audit Committee. 9. SHAREHOLDERS AND INVESTOR GRIEVANCE COMMITTEE: Shareholders and Investor Grievance Committee is consisting of Mr. Shivaputra Guruputrappa Bellad Chairman, Mr. V G Hiremath and Mrs. Meena Umachagi as Members of the Shareholders and Investors Grievance Committee. 10. COMPLIANCE CERTIFICATE: The Company has obtained Compliance Certificate pursuant to provisions of Section 383A of the Companies Act, 1956 from a Practicing Company Secretary and is annexed hereto and forming part of this report. 11. DIRECTOR''S RESPONSIBILITY STATEMENT: Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956, with respect to Directors Responsibilities Statement, it is hereby confirmed: a) that in the preparation of the annual accounts for the financial year ended 31st March, 2014 the applicable accounting standards had been followed along with proper explanation relating to material departures. b) that the directors has selected such accounting policies and applied them consistently and made judgments and estimates that were 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 the year review. c) that the Directors had taken proper and sufficient care for the maintenance of adequate accounting records 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 irregularities, and, d) The Directors had prepared the accounts for the financial year ended 31st March, 2014 on a going concern basis. 12. STATEMENTS OF PARTICULARS UNDER COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988: Information in accordance with the provisions of Section 217(1)(e) of the Act read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, regarding Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo is not applicable in case of your Company. 13. FOREIGN EXCHANGE: During the year under review, there were no foreign exchanges Earnings or outgo. 14. STOCK EXCHANGES: The Company''s shares are listed on the following Stock Exchanges: a) BSE Limited. b) Bangalore Stock Exchange Limited. The Company has received an approval from BSE Limited vide its letter no. 20130731-16- dated 31st July, 2013 for its revocation of suspension of trading in Equity shares of the Company .The shares of the company are freely traded on BSE Ltd. The company has also submitted an application for delisting its shares from Bangalore Stock Exchange Limited. 15. PARTICULARS OF EMPLOYEES: The Company has no employee in the category specified under Section 217(2A) of the Companies Act, 2013. 16. CORPORATE GOVERNANCE: The Corporate Governance Report forms an integral part of this Report and is set out as separately in this Report. The Certificate of the Auditors of the Company certifying compliance with the conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreement with Stock Exchanges is annexed with the Report on Corporate Governance. 17. HUMAN RESOURCES: Progressive policies to encourage excellence both in individual and team spirit are in place. 18. WHISTLE BLOWER POLICY AND VIGIL MECHANISM: Your Company recognizes the value of transparency and accountability in its administrative and management practices. The Company promotes the ethical behavior in all its business activities. The Company has adopted the Whistle blower Policy and Vigil Mechanism in view to provide a mechanism for the directors and employees of the Company to approach Audit Committee of the Company to report existing/probable violations of laws, rules, regulations or unethical conduct. 19. ACKNOWLEDGEMENTS: Your Directors wish to place on record their appreciation for the assistance and co-operation received from the Company''s Bankers, Government Agencies, Financial Institutions, Customers, Investors and Business constituents and look forward to maintain the same in future. By the Order of the Board For BELL AGROMACHINA LTD. S G Bellad Place:Mumbai Chairman Date:14.08.2014 Din: 02547125

Director’s Report