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Sharda Ispat Ltd.

BSE: 513548 | NSE: | Series: NA | ISIN: INE385M01012 | SECTOR: Steel - Medium & Small

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Nov 29, 16:00
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243
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    72.00

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  • Offer Price (Qty.)

    72.00 (384)

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Dec 27, 11:22
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Sharda Ispat is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2006

Director’s Report

The Directors are pleased to present the 45th Annual Report and the Audited Statement of Accounts for the year ended 31stMarch, 2006. 1. FINANCIAL RESULTS: Rs. Rs. SALES AND SERVICE CHARGES 102,85,63,553 Gross Profit before interest, Depreciation, 3,01,01,043 Taxation Provisions & other adjustments Add/Less: Depreciation (-) 1,44,57,354 fnterest (-) 2,44,58,141 Taxation Provision/Adjustment (-) 2,01,300 Prior Period Adjustment (Net) (-) 7,175 (-) 3,91,23,970 Net Loss After Taxation Provision 90,22,927 Add: Brought forward balance of P/L Account 24,75,71,436 Balance of loss carried to Balance Sheet 25,65,94,363 2. REVIEW OF OPERATIONS: Due to consistent losses being incurred by the Company during the previous years, there was an acute shortage of working capital and thereby there has been underutilization of production capacity by the Company. Consequently, the Company incurred heavy loss during the year under review. During the period, the production of Rolled Products and By Products made by the Company aggregately in own account and conversion account was 64711 MT as against 59757 MT during the last year. Accordingly, the Company in its own account posted sales turnover of Rs. 11013.05 Lacs as against Rs. 15141.27 Lacs during the last year. The decline in production and consequently in sales turnover of own account has been due to shortage of working capital as aforesaid. After providing Rs. 144.57 Lacs for depreciation and Rs. 244.58 Lacs towards interest, the Company incurred net loss of Rs. 88.14 Lacs as against Rs. 90.31 Lacs during the previous year. Taking into account the prior period adjustment and fringe benefit tax, the net loss after taxation of the Company is Rs. 90.23 Lacs. 3. DIRECTORS: During the period under review, Shri. V. P. Agrawal ceased to be Director of the Company by resignation which was duly accepted by the Board at their meeting held on 07.11.2005. Shri J. C. Saboo and Shri A.K. Mukherjee retire by rotation and being eligible, offer themselves for reappointment. During the current year, the tunure of five years of appointment of Shri. J. K. Sarda and Shri N. K. Sarda as Managing Director and Joint Managing Director of the Company respectively has been expired on 31.07.2006. Further, the Board of Directors of the Company at their meeting held on 31.07.2006 has appointed respectively Shri. J. K. Sarda and Shri N. K. Sarda as Chairman and Vice-Chairman of the Board of Directors of the Company for the period till otherwise decided, effective from 01.08.2006. 4. FIXED DEPOSITS: The Company did not accept any fixed deposits during the year under review. No deposits were outstanding as on 31.03.2006. 5. AUDITORSREPORT & AUDITORS: The Auditors Report and its Annexures are self-explanatory. M/s Loya Bagri & Co. Chartered Accountants retire as statutory Auditors of the Company at the conclusion of 45th Annual General Meeting and are eligible for reappointment. 6. LISTING OF SECURITIES: The Shares of the Company are presently listed at the stock exchanges namely Mumbai, Ahmedabad, Kolkata, and Pune.The Company has made the due payment of the listing fees to all Stock exchanges in respect of the financial year 2006-2007. 7. PARTICULARS OF EMPLOYEES: The particulars of employees as required under the provisions of Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 are not furnished as none of the employees was in receipt of remuneration exceeding the prescribed limits. 8. ENERGY TECHNOLOGY, FOREIGN EXCHANGE: The information in accordance with the provisions of Section 217 (1) (e) of the Companies Act, 1956 read with Companies ( Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 regarding conservation of energy, technology absorption, foreign exchange earnings and outgo, is given in the Annexure forming part of the report. 9. DIVIDEND: Due to losses incurred by the Company, your Directors express their inability to recommend any dividend for this year. 10. CORPORATE GOVERNANCE: A section on Corporate Governance and a certificate from the Auditors of the Company regarding compliance of Corporate Governance as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges is given herein after separately and form part of this Annual Report. 11. DIRECTORS RESPONSIBILITY STATEMENT: Pursuant to section 217 (2AA) of the Companies Act, 1956 your Directors to the best of their knowledge and belief hereby confirm that: i) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanations relating to material departure. ii) Appropriate accounting policies have been selected and applied consistently and have made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31.03.2006 and of the . loss of the Company for the year ended 31.03.2006. iii) Proper and sufficient care has been taken 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. iv) The annual accounts have been prepared on a going concernbasis; 12. REFERENCE TO THE BOARD FOR INDUSTRIAL & FINANCIAL RECONSTRUCTION (BIFR) : The Company is a sick industrial Company under the Sick Industrial Companies. (Special Provisions) Act, 1985. As already reported, as per the directives of BIFR the Company has already done One Time Settlement with IDBI Bank by making arrangement for payment in installments. The necessary funds to repay the outstanding loan dues owed to IDBI Bank are going to be arranged during the current year. Besides, the Company is also in talk with IFCI Ltd. and State Bank of India for their respective One Time Settlement of outstanding loan dues. 13. ACKNOWLEDGEMENT: Your directors are grateful to various Government Departments, Banks, Financial Institutions and Business Associates for their continued co-operation and guidance extended to the Company during the year. The Directors express their thanks for the sincere and dedicated efforts put in by the workers, staff and officers during the year. The Director also thank the share holders for their continued faith in the Company. For and on behalf of the Board of Directors Place :Nagpur (J.K.SARDA) Date: 16th August, 2006 (Chairman)

Director’s Report