you are here:

Sharda Ispat Ltd.

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

BSE Live

Nov 30, 15:06
71.90 2.95 (4.28%)
Volume
AVERAGE VOLUME
5-Day
829
10-Day
754
30-Day
622
600
  • Prev. Close

    68.95

  • Open Price

    70.60

  • Bid Price (Qty.)

    65.75 (34)

  • Offer Price (Qty.)

    71.90 (796)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Sharda Ispat is not listed on NSE

Annual Report

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

Director’s Report

Dear Members, The Directors take pleasure in presenting 53rd annual report on the business and operations of your company along with the summary financial statements for the year ended 31st March, 2014. 1) FINANCIAL RESULTS : (Amt. in Rs.) Sr.N Particulars FY 2013-14 FY 2012-13 1 Sales and Service Charges 737,675,898 802,682,485 2 Profit before Interest and Depreciation 22,928,825 23,802,772 3 Less: Interest and Finance Charges 15,230,041 13,543,513 4 Less: Depreciation 7,411,208 7,066,027 5 Profit after Interest and Depreciation 287,576 3,193,232 6 Less :Provision for Taxation a) Current Tax 2,050,000 2,855,000 b) Income Tax (Earlier Years) 88,133 328,169 c) Deferred Tax (2,067,535) (117,203) 7 Net Profit after Taxation 216,978 127,266 8 Add Brought forward Balance of Loss (2,144,783) (2,272,049) 9 Surplus or Deficit carried over to Balance Sheet (1,927,805) (2,144,783) 2. REVIEW OF OPERATIONS & FUTURE OUTLOOK: The financial year 2013-2014 has been a challenging year with subdued economic growth, due to higher inflation, higher interest rates, lower industrial growth and lower investments in the country, along with poor condition of the global economy. The said causes have affected the growth of the industry limiting the product demand with compressed margin. During the year under review, despite the adversities the production performance of the Company has been almost at par as compared to the previous year. However, the lower demand for the products and the high cost of raw materials have been the main causes bringing the financial performance of the Company at marginal level. During the period, the Company witnessed the sales turnover of Rs. 8284.83 Lacs (Own Unit 8242.52 Lacs and Conversion / Service 42.30 Lacs) as against Rs. 9018.41 Lacs (Own unit: 8997.89 Lacs and Conversion / Service 20.52 Lacs) during the previous year. After providing Rs. 74.11 Lacs for depreciation and Rs.152.30 Lacs against interest and further providing Rs. 70,598/- towards taxation (Net), the Company posted net profit after tax of Rs. 2.17 Lacs as against Rs. 1.27 Lacs during the previous year. Looking to the positive signs the businesses are presently reflecting your Directors look forward to better market conditions in the steel sector of the country. The Indian economy is expected to perform comparatively well in the coming years. With a stable government at the centre, significant policy changes are anticipated in the near future. The government focus on infrastructure development, more foreign direct investment inflow and more transparency in governance is likely to significantly increase the business confidence in the country. Improving automobile and consumer durable sectors are expected to raise the flat steel demand compared to last year, while long steel demand is expected to fare relatively better due to an uptick in construction activities and the planned infrastructure growth. 3. DIRECTORS: The Company has, pursuant to the provisions of Clause 49 of the Listing Agreements entered into with Stock Exchanges, appointed Shri H.K. Dass, Shri R.P. Mohanka and Shri Ramesh Mantri as Independent Directors of the Company. The Company has received declarations from the said Independent Directors of the Company confirming that they meet the criteria of independence as prescribed both under sub-section (6) of Section 149 of the Companies Act, 2013 and under the said Clause 49. In accordance with the provisions of Section 149(4) and proviso to Section 152(5) of the Companies Act, 2013, these Directors are being appointed as Independent Directors to hold office as per their tenure of appointment mentioned in the Notice of the forthcoming AGM of the Company. In accordance with the requirements of the Act and the Articles of Association of the Company, Smt. Poonam Sarda retires by rotation and is eligible for re-appointment. 4. PUBLIC DEPOSITS: The Company has not invited or accepted any public deposit during the year under review. 5. AUDITORS'' REPORT & AUDITORS: The Auditor''s Report and its Annextures are self-explanatory. M/s Loya Bagri & Co., Chartered Accountants, Nagpur retire as Statutory Auditors of the Company at the conclusion of 53rd Annual General Meeting and are eligible for re-appointment. Clause No. (7) of the Auditor''s Report needs explanation: Steps are being taken to make necessary application to the Company Law Board/Regional Director for composition of the irregularities in that behalf. 6. LISTING OF SECURITIES: The Shares of the Company continued to be listed at the stock exchanges namely Bombay, Ahmadabad, Kolkataand Pune. The Company has made due payment of the listing fees in respect of the financial year 2014-2015. 7. PARTICULARS OF EMPOYEES : 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 as amended, need not to be furnished as none of the employees was in receipt of remuneration exceeding the prescribed limits. 8. CONSERVATION OF 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 inadequate profit, 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 forms 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 31.03.2014. 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 concern'' basis. 12. DEMATERIALIZATION OF SHARES: The Company has established electronic connectivity with both the Depositories viz. National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) through the Registrar & Transfer Agent of the Company M/s Adroit Corporate Services Private Limited. As on 31.03.2014, 24,76,440 shares have been dematerialized representing 48.78% of the total shares of the Company. The International Securities Identification Number (ISIN) of the Company is INE 385M01012. 13. NDUSTRIAL RELATIONS; During the period under review, the industrial relations have been cordial. 14. ACKNOWLEDGEMENTS: Your directors are pleased to place on record their sincere gratitude to Nagpur Nagrik Sahakari Bank Limited and other Bankers of the Company for their continued financial assistance and co-operation extended to the Company during the year. The Directors wish to convey their appreciation to all of the Company''s employees for their sincere efforts as well as their collective contribution to the Company''s performance. The Directors would also like to thank the shareholders, customers, dealers, suppliers, bankers, Government and all the other business associates for the continuous support given by them to the Company and their confidence in its management. For and on behalf of the Board of Directors Place : Nagpur Date : 11.08.2014 N.K.Sarda Chairman & Managing Director

Director’s Report