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Shree Steel Wire Ropes Ltd.

BSE: 513488 | NSE: | Series: NA | ISIN: INE387D01025 | SECTOR: Steel - Medium & Small

BSE Live

Oct 28, 15:44
16.60 -1.35 (-7.52%)
Volume
AVERAGE VOLUME
5-Day
1,113
10-Day
806
30-Day
977
3,528
  • Prev. Close

    17.95

  • Open Price

    16.50

  • Bid Price (Qty.)

    16.60 (21)

  • Offer Price (Qty.)

    17.85 (50)

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.)

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Shree Steel Wire Ropes is not listed on NSE

Annual Report

For Year :
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Director’s Report

14th DIRECTORS' REPORT FOR THE YEAR ENDED 31ST MARCH 2006 Your Directors have pleasure in presenting the 14th Annual Report together with Audited Accounts for the year-ended 31st March, 2006. 1. FINANCIAL RESULTS: (Rs. In Lacs) 31st March,2006 31st March, 2005 SALES 166.25 82.24 NET PROFIT / (LOSS) BEFORE TAX 81.77 8.04 Less: PROVISION FOR TAXATION 2.33 0.00 Add/(Less): APPROPRIATION ACCOUNT - 8.40 NET PROFIT/ (LOSS) AFTER TAX 79.44 16.44 BALANCE B/F FROM EARLIER YEAR (Rs.146.52 less Rs.141.92 which is kept intact to be adjusted pursuant to Hon'ble (4.60) (162.96) Bombay High Court order dated 13.04.2006 in the year 2006-07) BALANCE CARRIED TO BALANCE SHEET 74.84 (146.52) 2. REVIEW OF OPERATIONS During the year under review, your company witnessed increase in the turnover and Labour charges received, which stood at Rs.115.25 Lacs and 96.03 Lacs respectively, as against Rs.82.24 Lacs and 82.74 Lacs respectively in the accounting year 2004-05. During the year under consideration the Company also achieved a turnover of Rs.51.00 Lacs from its construction division. 3. ISO 9002 CERTIFICATION Your Company has already obtained ISO 9002 Certification. 4. CORPORATE GOVERNANCE A separate report on Corporate Governance is produced as a part of the Annual Report along with the Auditors statement on its compliance. 5. DEPOSITS The Company had accepted the deposits from the public as per the Section 58A of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975. 6. DEPOSITORY SYSTEM The Company has entered into an agreement with the National Securities Depository Limited (NSDL) as well as the Central Depository Services (India) Limited (CDSL) to enable shareholders to hold shares in a dematerialised form. The Company also offers simultaneous dematerialisation of the physical shares lodged for transfer. 7. DIRECTORS RESPONSIBILITY STATEMENT As required under the provisions of Section 217 (2AA) of the. Companies Act, 1956, the Directors hereby confirm: i) that in preparation of the Annual Accounts for the year ended 315' March,2006, the applicable accounting standards had been followed along with proper explanation. ii) that the directors had selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give true and fair view of the state of affairs of the company at the end of financial year ended 31 March, 2006 and the prof it/(Loss) of the Company for the year under review; iii) that proper and sufficient care has been taken for 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) that the annual accounts for the year ended 315t March,2006 have been prepared on a going concern basis 8. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUTGO Information in accordance with the provisions of Section 217(1)(e) of the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 is given in annexure and forms part of this report. 9. EMPLOYEES: There were no employees coming under the purview of Section 217(2A) of the Companies Act, 1956 and the rules frame there under. 10. DIRECTORS Mr.Chandru Chawla, Director of the Company is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offer himself for re-appointment. Subject to approval of Members; the remuneration committee and Board of Directors of the company recommended the appointment of Mr.Chandru Chawla & Mr.Manoj Jeswani as Executive Director of the company for the period of three years w.e.f. 1st April,2005 Mr.Ashish Sajnani & Mr.Subhash Motwani appointed as additional director of the company on 28, December,2005. They hold office as a directors of the company till the ensuing Annual General Meeting. The company has received notices from the members pursuant to section 257 of the Companies Act, 1956 of their intention to move resolutions at the ensuing Annual General Meeting for appointment of them as a Director. 11. AUDITORS M/s. N. D. Mehta Associates, Chartered Accountants, Mumbai who were appointed as Auditors to hold office until the conclusion of the ensuing Annual General Meeting are eligible for re-appointment. The Company has received the Certificate from them to this effect. 12. HIGH COURT ORDER FOR REDUCTION OF CAPITAL The Company has obtained the High Court, Bombay order dated:13th April,2006 for reduction of capital i.e. The Issued and Subscribed Share Capital of the Company reduced from Rs.4,73,07,000/- (Rupees Four Crore Seventy Three Lacs Seven Thousand Only) divided into 47,30,700 Equity Shares of Rs.10/- each to Rs.3,31,14,900/- (Rupees Three Crore Thirty One Lacs Fourteen Thousand Nine Hundred Only) divided into 33,11,490 Equity Shares of Rs.10/-each.by cancelling the existing equity share capital to the extent of Rs.1,41,92,100/- ( Rupees One Crore Forty One Lacs Ninety Two Thousand One Hundred Only) divided into 14,19,210 equity shares of Rs.10/- each. The Existing paid up share capital of the company is correspondingly reduced. 13. DISCLOSURE UNDER SECTION 274 None of the Directors of the company are disqualified for being appointed as Directors as specified under section 274 of the Companies Act, 1956 as amended by the Companies (Amendment) Act, 2000. 14. ACKNOWLEDGEMENTS Your Directors wish to place on record, the appreciation for the continued support of the customers, Bankers and Suppliers. Your Directors acknowledge and thank the employees for their valuable contribution and involvement. Signed on: 30th June 2006

Director’s Report