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Panchmahal Steels Ltd.

BSE: 513511 | NSE: PANCHMSTEL | Series: | ISIN: INE798F01010 | SECTOR: Steel - Medium & Small

BSE Live

Apr 07, 16:00
16.50 0.75 (4.76%)
Volume
AVERAGE VOLUME
5-Day
3,685
10-Day
2,111
30-Day
1,851
2,100
  • Prev. Close

    15.75

  • Open Price

    15.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

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Panchmahal Steels is not listed on NSE

Annual Report

For Year :
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Director’s Report

The Directors of your Company present to you the 35th Annual Report of your Company together with the Statement of Audited Accounts for the year ended 31st March, 2008. FINANCIAL RESULTS (Rs. in crores) Particulars Year ended Year ended 31.03.2008 31.03.2007 Sales & Other Income 509.48 432.09 Total Expenditure 459.18 379.10 Operating Profit 50.30 52.99 Interest, Finance Charges & Exchange Variation 4.99 6.68 Gross Profit for the year 45.31 46.31 Depreciation 4.15 3.69 Profit before Taxation 41.16 42.62 Less: Provision for Taxation 5.60 13.11 Add : Deferred Tax 5.69 - Profit after Tax 41.25 29.51 Deficit brought forward from the previous year 3.64 33.15 Balance carried over to Balance Sheet 37.61 (3.64) OPERATIONS The Company achieved a total income of Rs.509.48 crores as against to Rs.432.09 crores during the previous year and earned an operating profit of Rs.50.30 crores in spite of sharp increases and fluctuations in all raw materials and inputs. With the commissioning of new Steel Melting Shop, your Directors are optimistic of manifold growth in the Companys business over the next few years. DIVIDEND Your Directors do not recommend any dividend for the year. REHABILITATION AND FINANCIAL SCHEMES Your Directors are pleased to inform that the Board for Industrial and Financial Reconstruction (BIFR) vide its Order dtd. 27.03.2008 has discharged your Company from the purview of Sick Industrial Companies Act, 1985 (SICA). As the members are aware, the Company had filed a Scheme of Compromise and/or Arrangement between the Company and its Secured Lenders and Equity Shareholders, under Section 391 of the Companies Act, 1956 in the Honble High Court of Gujarat. The Scheme has been approved by the Equity Shareholders and by the Secured Lenders at their respective court convened meetings and is pending for sanction before the Honble High Court of Gujarat. NEW SMS PROJECT Your Directors are pleased to inform that the New Steel Melting Shop (SMS) has been successfully commissioned on 18th March, 2008 thereby increasing the Companys steel making capacity from 50,000 M.T. to 1,50,000 M.T. per annum. DEPOSITS The Company has not accepted any deposits and as such, no amount of principal or interest was outstanding as on 31st March, 2008. STATUTORY DISCLOSURES 1. The statutory disclosures in accordance with Section 217(1)(e) of the Companies Act, 1956, with respect to conversation of energy, technology absorption and foreign exchange earnings and outgo are made in Annexure-A to this report. 2. The information required under the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 and forming part of the Report, is given in Annexure-B of this report. 3. A Report on Corporate Governance, pursuant to the revised Clause 49 of the listing agreement, along with the Auditors Certificate regarding compliance of conditions of Corporate Governance and Management Discussion and Analysis are separately given as Annexure - C to this report. DIRECTORS RESPONSIBILITY STATEMENT Yours Directors affirm that the audited accounts containing financial statements for the financial year 2007-08 are in full conformity with the requirements of the Companies Act, 1956. They believe that the financial statements reflect fairly, the form and substances of transactions carried out during the year and reasonably present the Companys financial condition and results of operations. These statements are audited by the statutory auditors M/s JRS Patel & Co., Chartered Accountants, Vadodara. Your Directors further confirm that: i) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures; ii) the Directors 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 that period; iii) the Directors have taken proper care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; iv) the Directors have prepared the annual accounts on a going concern basis. Your Companys Internal Auditors have conducted periodic audits to provide reasonable assurances that established policies and procedures have been followed. DIRECTORS In accordance with the provisions of the Companies Act, 1956 and Article 134 of the Articles of Association of the Company, Mr. Nilesh Mehta and Mr. Amal Dhru, Directors of the Company, retire by rotation and being eligible, offer themselves for re-appointment. Your Board of Directors have re-appointed Mr. Pradeep Sharma as Director (Operations) of the Company for a further period of three years with effect from 26* October, 2008. The Board recommends his appointment as Director (Operations) of the Company. AUDITORS The observations made by the Auditors, read with the relevant Notes to the Accounts and Accounting Policies are self explanatory. The Auditors M/s. JRS Patel & Co., Chartered Accountants, retire and offer themselves for re-appointment. APPRECIATION The Directors thank the Banks, Financial Institutions, Shareholders, Customers, Suppliers for their co-operation and support to the Company. The Directors express their appreciation for the dedication and commitment of all its employees. For and on behalf of the Board of Directors Place : Vadodara Ashok Malhotra Date : 29th August, 2008 Chairman & Managing Director

Director’s Report