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Kanishk Steel Industries Ltd.

BSE: 513456 | NSE: | Series: NA | ISIN: INE791E01018 | SECTOR: Steel - Rolling

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Kanishk Steel Industries is not listed on NSE

Annual Report

For Year :
2018 2015 2014 2013 2012 2011 2010 2009 2008

Director’s Report

The Directors have pleasure in presenting the 18th Annual Report, together with the Audited Accounts, for the financial year ended 31st March 2008 FINANCIAL RESULTS : (Rs. In Lakhs) Year Ended Year Ended 31.03.2008 31.03.2007 Profit after Interest & Depreciation 1,541.59 1486.04 Provision for Tax 334.29 214.70 Deferred Tax 110.97 276.57 Fringe Benefit Tax 4.97 2.10 Profit after Tax 1091.36 992.67 Add: Taxation Adjustments of Previous Years 63.67 (1.16) Add: Balance of Profit brought from previous year 1744.77 1137.33 Profit available for Appropriation 2899.81 2128.84 APPROPRIATIONS Interim Dividend Paid - 74.70 Interim Dividend Distribution Tax - 10.48 Equity Dividend Proposed 170.62 170.85 Dividend Distribution Tax 28.99 29.04 Transfer to General Reserve 99.50 99.00 Balance Carried Forward 2600.70 1744.77 OPERATIONS: Your Directors are pleased to report that your company has recorded good performance for the year ended 31st March 2008. These results are attributable to advantages accruing because of backward integration, improved operational efficiency and prudent financial management practices followed by the management. The company achieved a turnover of Rs.44,777.70 Lakhs, as against Rs.35492.57 Lakhs recorded in the previous year. The company has also achieved Profit before taxes Rs1,541.59 Lakhs as against Rs. 1486.03 Lakhs recorded in the previous year. EXPANSION & DIVERSIFICATION PLANS: Your Company has purchased seven numbers windmills and hence the capacity of power generation has increased during the year. Your Company also plans to increase the steel making capacity at Gummidipoondi. DEFERRED TAX LIABILITY Pursuant to the sanction of share-holders through the postal ballot process, an application was made to the High Court of Madras. This related to the provision of deferred tax liablity against the credit in the securities premium account. The sanction of the High Court dated 19th August,2008 has been obtained for debiting the share premium account towards the Deferred tax liabilities and the details are us under Year Amount 2007-08 1,23,29,441 2008-09 1,72,65,485 2009-10 1,84,14,563 2010-11 1,92,04,334 2011-12 1,59,79,385 2012-13 1,27,06,087 The Deterred tax liability for the year 2007-08 is Rs.2,34,26,716/- Hence Rs. 1,23,29,441/- has been debited to securities premium account as per the directives of High Court of Madras and the balance of Rs. 1,10,97,275/- be debited to the Profit&Loss account. Further to the directives of High Court of Madras consequential changes have been made in the Audited Accounts for the year ended 31st March,2008. DIVIDEND: Your Board recommends for your approval a Dividend of 6% i.e. Rs. 0.60 per share which will involve an outgo of Rs.170.62 lakhs. Dividend Distribution Tax @ 16.955% (including surcharge) would involve an additional outlay of Rs. 28.99 lakhs to be borne by the company. DIRECTORS: During the year, Dr. Pravin Kumar Aggarwal, Director, retires by rotation and being eligible offers himself for reappointment. RE-APPOINTMENT OF Mr. RAVI GUPTA Mr. Ravi Gupta has been re-appointed as Managing Director in the Board Meeting held on 31st January, 2008 for a further period of 5 years. Mr. Ravi Gupta brings to the Board his rich experience and the Company stands to benefit significantly from his expertise. AUDITORS REPORT: The observations made in the Auditors Report and Notes on accounts are self-explanatory and do not require any further explanations. FIXED DEPOSITS: The Company has not accepted any deposit during the year. AUDITORS: M/S Chaturvedi & Co., Chartered Accountants, Chennai retire at the conclusion of the ensuing Annual General Meeting and they are eligible for reappointment. STATUTORY DISCLOSURES: Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988: a) Particulars with respect to Conservation of Energy, as required under Part A of the above rules are enclosed as Annexure to this Report. b) As there are no employees who are in receipt of remuneration exceeding the limits prescribed, the statement required under section 217 (2A) of the Companies Act,1956, read with Companies (Particulars of Employees) Rules, 1975 is not provided. c) Directors Responsibility Statement: Pursuant to Section 217(2AA) of the Companies Act, 1956, the Board of Directors of the Company confirm: i) that in the preparation of the Annual Accounts, the applicable Accounting Standards have been followed and that there are no material departures; ii) that they have selected such accounting policies and applied them consistently and made judgements 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 of the Company for the year under review.; iii) that they have 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 iv) that they have prepared the annual accounts on a going-concern basis. CORPORATE GOVERNANCE: Pursuant to Clause 49 of the Listing Agreement with Stock Exchanges, Reports on Management Discussion and Analysis and on Corporate Governance have been included elsewhere in this Annual Report as a separate section. DEMATERIALISATION OF SHARES: The company has entered into an agreement with National Securities Depository Ltd. (NSDL) and Central Depository Services Ltd. (CDSL) for dematerialization of the Companys shares. Members are requested to hold their shares in demat form since it will help in easy trading in shares even though they are informed that holding of shares in demat form is not compulsory but only optional. PERSONNEL: Personnel relations with all employees remained cordial & harmonious throughout the year. Your Directors wish to place on record their deep appreciation of the efficient and loyal services rendered by all staff and workforce of the company, without whose wholehearted efforts, such a good performance would not have been possible. ACKNOWLEDGEMENT: Your Directors take this opportunity to offer their sincere thanks to various Departments of Central Government, Government of Tamilnadu, TNEB, State Bank of Indore, State Bank of Patiala, Corporation Bank and the Customers, Shareholders and investors for their unstinted support and assistance and look forward to their continuing support and encouragement. For and on behalf of the Board of Directors For Kanishk Steel Industries Limited Place : Chennai RAVI GUPTA Date : 27th August 2008 Chairman & Managing Director

Director’s Report