मैट्रिक्स
 
 
आशीर्वाद स्टील एंड इंडस्ट्रीज निदेशकों की रिपोर्ट, आशीर्वाद स्टील एंड इंडस्ट्रीज निर्देशकों द्वारा रिपोर्ट

आशीर्वाद स्टील एंड इंडस्ट्रीज

बीएसई: 526847  |  NSE: N.A  |  ISIN: INE338C01012  |  Steel - Sponge Iron

खोजें आशीर्वाद स्टील एंड इंडस्ट्रीज कनेक्शन Mar 14
निदेशकों की रिपोर्ट वर्षांत : Mar '15
 Dear Members,
 
 The Directors present their 29th Annual Report on the business and
 operations of the Company and it''s Audited Statements of Accounts
 together with Auditors'' Report for the financial year ended 31st March,
 2015.
 
                                       Current year      Previous year
                                       (31.03.2015)        (31.03.2014)
                                            Rupees              Rupees
 
 1. SUMMARY OF FINANCIAL
 RESULTS AND PERFORMANCE
 OF THE COMPANY:
 
 Turnover/Income from                   8,58,47,592       19,59,96,654
 Operations(gross)
 
 Less: Excise duty                        33,85,845        1,68,84,790
 
 Profit/(Loss) before                   (16,74,921)          17,31,728
 exceptional and
 
 Extra-ordinary items
 and taxes
 
 Profit/(Loss) before                   (24,54,060)          17,31,728
 taxation
 
 Tax Expenses :
 
 Current Income Tax                             --            3,30,000
 
 Deferred Income Tax                    (11,60,047)        (23,21,146)
 (Assets)
 
 Profit/(Loss) after                     (12,94,013)         37,22,874
 Taxation
 
 2.  DIVIDEND:
 
 Your Directors do not recommend any dividend for the year under review.
 
 3.  RESERVES
 
 No amount has been transferred to the reserves by the Board during the
 year under review.
 
 4.  THE COMPANY''S WORKING/STATE OF AFFAIRS DURING THE YEAR UNDER REVIEW
 :
 
 The Secondary Steel Sector of the country has been passing through a
 very bad phase for the last several years for reasons and circumstances
 beyond control and in line with that the Company''s working has been
 quite unsatisfactory as the Company''s both Sponge Iron Plants at
 Jamshedpur and at Dist. Nalgonda (Telengana) remained closed for whole
 of the year due to non-availability of iron ore and it''s exorbitant
 high unaffordable prices due to closure of most iron ore mines in the
 states of Karnataka and Odisha. The problem was further compounded by
 highly depressed market conditions for steel in the country due to slow
 growth in the consumption and huge steel import at cheaper rates from
 China, South Korea and Russia, etc. The Company''s Nalgonda based Sponge
 Plant, however, operated during April, 2014 and thereafter it was
 closed down. The outlook for the current financial year also is not
 very promising as the iron ore mines still remain closed and steel
 imports in the country are continuing unabated. However, as per recent
 reports; some of the iron ore mines in the State of Odisha are likely
 to re-open in another few months time which is likely to ease the
 availability of iron ore at reasonable rates. The international prices
 of iron ore have also fallen substantially and your Board is working
 out the economics of operating the Nalgonda based plant with imported
 iron ore. However, the selling prices of Sponge Iron remain highly
 subdued and have dropped between Rs.3,000/- to Rs.4,500/- p.m.t. during
 the year under review.  Depending on the circumstances and economic
 viability; your Board will try to re-open the aforesaid two closed
 Sponge Iron Plants as and when the situation improves and operations
 become economically favourable. The Company''s Hydrocarbon Gas Bottling
 Plant at Raigarh (Chhattisgarh) remained closed due to high cost of gas
 thus making the operations economically unviable as it is difficult to
 compete with the Govt. owned Oil Companies. The circumstances mentioned
 as above are beyond the control of the Directors and the Management but
 they will continue to make all out efforts for the betterment of the
 Company.
 
 5.  CHANGE IN NATURE OF BUSINESS OF THE COMPANY:
 
 None during the year.
 
 6.  MATERIAL CHANGES AND COMMITMENTS AFTER THE END OF THE FINANCIAL
 YEAR 31.03.2015 TILL THE DATE OF THIS BOARD REPORT:
 
 No such material changes and commitments have taken place.
 
 7.  SIGNIFICANT MATERIAL ORDERS PASSED BY REGULATORS OR COURTS OR
 TRIBUNALS AGAINST THE COMPANY:
 
 None.
 
 8.  ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO COMPANY''S
 FINANCIAL STATEMENTS:
 
 In the opinion of the Board, the Company has adequate Financial
 Controls in place with respect to Company''s Financial Statements and
 Operations.
 
 9.  DETAILS OF NAMES OF COMPANIES WHICH HAVE BECOME OR CEASE TO BE THE
 COMPANY''S SUBSIDIARY COMPANIES/ JOINT VENTURE/ ASSOCIATE COMPANIES
 DURING THE YEAR UNDER REVIEW AND THEIR FINANCIAL PERFORMANCE:
 
 Nil and hence Not Applicable.
 
 10.  FIXED DEPOSIT :
 
 The Company has not accepted any deposits during the year from the
 Public under section 73 or 74 (Chapter V) of the Companies Act, 2013
 nor did it receive the same in any of the previous years and hence
 there are no overdue/outstanding Deposits or any interest payable
 thereon and therefore the prescribed details under the Companies Act,
 2013 are not required to be furnished.
 
 11.  STATUTORY AUDITORS :
 
 M/s. A Pradhan & Associates, Chartered Accountants, were appointed as
 Statutory Auditors of your Company in the last Annual General Meeting
 and they being eligible have offered themselves for re-appointment at
 the ensuing Annual General Meeting. No change in Statutory Auditors has
 taken place during the year under review.
 
 12.  AUDITORS'' REPORT :
 
 The observations made in the Auditors'' Report are self-explanatory and
 do not call for any further comments u/s 134(3)(f) of the Companies
 Act, 2013. The Auditors have not made any materially significant
 qualifications in their Report.
 
 13.  EXTRACT OF THE ANNUAL RETURN
 
 The same is annexed with this Report in the prescribed FORM NO. MGT-9.
 
 14.  CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, EXPORTS AND FOREIGN
 EXCHANGE EARNINGS AND OUTGOINGS.
 
 The informations required under Section 134(3)(m) of the Companies Act,
 2013 read with Clause 8 of the Companies (Accounts) Rules 2014, are as
 under:-
 
 (A) CONSERVATION OF ENERGY :
 
 The Power requirement at Company''s Gas Bottling Plant is negligible as
 only bottling of gases is being done. For Sponge Iron Plants, the
 Capacitor Panels of adequate size and number have been installed and
 are maintained to save and economise on power consumption. As the
 Company''s manufacturing units are lying closed; the Company has not
 made any fresh investments on this account nor was there any need to
 take any fresh initiatives on this account.
 
 (B) TECHNOLOGY ABSORPTION :
 
 The Company is using in-house technology and expertise for its LPG
 Bottling Plants. The technology to manufacture Sponge Iron was provided
 by an outside agency long ago. The said technology is fully indigenous
 and is now well established and has been fully absorbed by the Company.
 The Company has not so far made use of any imported technology for its
 products/plants. The Company has not made nor felt necessary to absorb
 any fresh technology and the Company has not incurred any expenditure
 on Research and Development.
 
 (C) FOREIGN EXCHANGE EARNINGS AND OUTGO :
 
 Earnings: Nil (Previous Year: Nil)
 Outgo : Nil (Previous Year : Rs.51,473)
 
 15.  CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY:
 
 As per criteria prescribed under section 135 of the Companies Act,
 2013; the CSR is not applicable to the Company in respect of the
 financial year 2014-15 covered under this Report. The Company will,
 however, formulate and implement CSR Policy as and when it gets
 applicable to the Company.
 
 16.  DIRECTORS :
 
 A) Changes in Directors and Key Managerial Personnel:
 
 During the Year, Mr. Tapas Datta , Mr. Pravin Kumar Chhabra and Mr.
 Lalit Kishore Choudhury were appointed/reappointed as the Independent
 Directors of the Company for a period of 5 Years by the Members in the
 Annual General Meeting held on 22nd September, 2014, Mr. Dalbir
 Chhibbar was re-appointed as the Managing Director of the Comapany for
 a tenure of 5 years effective from 17.05.2014 and Ms.  Manisha Chopra
 was appointed as the Company Secretary of the Company, who also acts as
 the Compliance Officer of the company.
 
 Mr. Puranmal Agarwal and Mr. Yudhbir Chhibbar, the retiring directors
 by rotation, were re-appointed as the Directors of the Company by the
 members in the Annual General Meeting held on 22nd September, 2014. Mr.
 Suresh Kumar Agarwal and Mrs. Sushma Chhibbar, the Directors of the
 Company, retire by rotation at the ensuing AGM and being eligible offer
 themselves for re-appointment.
 
 B) Decleration by an Independent Director(s) and Re-Appointment, If
 Any:
 
 Declaration given by Independent Directors meeting the criteria of
 independence as provided in sub-section (6) of Section 149 of the
 Companies Act, 2013 and Rule 5 of the Companies (Appointment and
 Qualification of Directors) Rules, 2014 has been received and taken on
 record.
 
 C) Formal Annual Evaluation:
 
 Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
 the Listing Agreement, the Board has carried out an annual performance
 evaluation of its own performance, the Directors individually as well
 as the evaluation of the working of its Audit, Nomination and
 Remuneration Committee. During the year under Report, the Independent
 Directors met on 20th March, 2015 inter alia, to discuss the
 Performance evaluation of Non Independent Directors and Board of
 Directors as a whole and of the Chairman and Managing Director and
 Evaluation of the quality of flow of information between the Management
 and Board for effective performance by the Board and were satisfied
 overall.
 
 17.  BOARD MEETINGS HELD DURING THE YEAR :
 
 During the year the Board of Director''s Meetings were held on six
 occasions e.g. on 21st May, 2014; 30th May, 2014; 30th July, 2014; 13th
 October, 2014; 7th November, 2014 and 16th January, 2015. The
 Independent Directors held their separate annual meeting on 20th March,
 2015.
 
 18.  AUDIT COMMITTEE:
 
 As Per Corporate Governance Report annexed hereto.
 
 19.  VIGIL MECHANISM:
 
 The Company believes in the conduct of its affairs in a fair and
 transparent manner to foster professionalism, honesty, integrity and
 ethical behaviors in all its business activities and has put in place a
 mechanism of reporting illegal or unethical behavior. The Company has
 adopted a Vigil Mechanism through which the employees, Directors and
 other stakeholders are free to report to Senior Management any
 unethical behaviour, improper practices and wrongful conduct taking
 place in the Company for taking appropriate action. The confidentiality
 of those reporting violations is maintained and they are not subjected
 to any discriminatory practice.
 
 20.  NOMINATION & REMUNERATION COMMITTEE :
 
 As per Corporate Governance Report annexed hereto.
 
 21.  LOANS, GUARANTEES AND INVESTMENTS:
 
 Refer Note: 40 in the Financial Statements of Accounts.
 
 22.  RELATED PARTY TRANSACTIONS (Prescribed Form No.- AOC-2 enclosed):
 
 During the financial year under review, the Company has sold some raw
 materials of its Sponge Iron Plant at Jamshedpur to an Associate
 Company at prevailing market rates as the Company''s said plant was
 lying closed for the last few years.
 
 23.  MANAGERIAL REMUNERATION:
 
 The particulars are mentioned in the Corporate Governance Report as
 annexed to this Board Report.
 
 24.  SECRETARIAL AUDIT REPORT:
 
 A Secreterial Audit Report given by J. Patnaik & Associates, a Company
 Secretary in Practice, is annexed hereto in the prescribed Form No.MR-3
 of Companies Act, 2013.
 
 25.  CORPORATE GOVERNANCE :
 
 Corporate Governance Report along with the Certificate of the Auditors
 confirming compliance of conditions of Corporate Governance as required
 under Clause 49 of the Listing Agreement with the Stock Exchange is
 annexed hereto.
 
 26.  RISK MANAGEMENT POLICY:
 
 The Company''s biggest risk is with regard to procurement of critical
 raw materials namely Iron-Ore and Coal but it has virtually no control
 on the same. As most of the Iron-Ore Mines in the Country still remain
 closed and Coal has to be sourced only from Government-Owned Companies
 who decided and fix the prices arbitrarily. The other risks is the wide
 fluctuations in the selling price of Sponge-Iron which again depend on
 Demand and Supply and your Company being a small player has no control
 or influence on the same.
 
 Hence, due to these uncontrolable external elements, your Company is
 unable to formulate or implement any suitable Risk Management Policy to
 safeguard its business interests.
 
 27.  DISCLOSURES ABOUT REMUNERATION TO DIRECTORS VIS-A-VIS EMPLOYEES
 AND OTHER PARTICULARS AS REQUIRED UNDER RULE 5 OF COMPANIES
 (APPOINTMENT & REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014:
 
 Rule 5(1) :
 
 A.  During the year no Remuneration was paid to any of the Directors
 including Managing Director except nominal sitting fees to the
 Independent Directors for attending the Board Meetings and therefore,
 the computation of ratio of remuneration of each Director to the median
 remuneration of the employees of the Company are not furnished. Out of
 the Key Managerial Personnels; only Chief Financial Officer''s salary
 was increased from Rs.18,500/- per month to Rs.20,000/- per month and
 due to closure of all the manufacturing units of the Company and
 resultant financial hardship; no increment to the employees was awarded
 during the year under review.
 
 The remuneration paid and/or payable to the Key Managerial Personnels
 are very reasonable and is commensurate with their performances. The
 remuneration paid to the employees is as per the remuneration policy of
 the Company which is dynamic in nature and changes as per the financial
 performance of the Company and also of an individual employee.
 
 Rule 5(2) :
 
 B.  No employee of the Company during the financial year was in receipt
 of remuneration aggregating to Rs.60 lacs or more if employed for the
 whole year and Rs.5 lacs per month if employed for a part of the
 financial year. No employee of the Company is holding 2% or more of the
 Equity Shares of the Company.
 
 28.  DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
 (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013:
 
 The Board of Directors and/or the Management of the Company has not
 received any complaint on this account from any of the employees of the
 Company or from any other person.
 
 29.  DIRECTORS'' RESPONSIBILITY STATEMENT :
 
 The Directors'' Responsibility Statement referred to in clause (c) of
 sub-section (3) of Section 134 of the Companies Act, 2013, states :-
 
 (i) that in the preparation of the annual accounts for the financial
 year ended 31st March, 2015, the applicable accounting standards had
 been followed alongwith proper explanation relating to material
 departures.
 
 (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 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 the Directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 2013 for safeguarding the assets of
 the Company and for preventing and detecting fraud and other
 irregularities.
 
 (iv) that the Directors have prepared the accounts for the financial
 year ended 31st March, 2015 on a going concern basis.
 
 (v) that the Directors had laid down internal financial controls to be
 followed by the Company and that such internal financial controls are
 adequate and were operating effectively.
 
 (vi) that the Directors had devised proper systems to ensure compliance
 with provisions of all applicable laws and that such systems were
 adequate and operating effectively.
 
 30.  ACKNOWLEDGEMENT :
 
 Your Directors would like to convey their sincere appreciation for the
 assistance and co-operation received from the valued customers,
 suppliers and shareholders during the year under review. Your Directors
 also wish to place on record their appreciation for the contribution of
 the employees.
 
                                         For and on behalf of the Board
 
 Place : Kolkata                  Dalbir Chhibbar       Puranmal Agrawal
 Dated :29th May, 2015            Managing Director.            Chairman
 
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `3044.94 Cr की बिकवाली की
  • MARKET CUES : DIIs ने कैश में `3576.23 Cr की खरीदारी की
  • MARKET CUES : FIIs ने F&O में `3083.41 Cr की खरीदारी की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `1506.20 Cr की खरीदारी
  • MARKET CUES : इंडेक्स ऑप्शंस में `310.99 Cr की खरीदारी
  • MARKET CUES : स्टॉक फ्यूचर्स में `1256.31 Cr की खरीदारी
  • MARKET CUES : स्टॉक ऑप्शंस में `9.91 Cr की खरीदारी
  • LPG CYLINDER PRICES CUT : गैर-सब्सिडी LPG `61.50/सिलेंडर सस्ता
  • CHINA CAIXIN DATA : मार्च मैन्युफैक्चरिंग PMI 50.1(45.5 अनुमान)
  • CHINA CAIXIN DATA (MoM) : मार्च मैन्युफैक्चरिंग PMI 40.3 से बढ़कर 50.1

अभी देखें

OUR WINNING PICKS

DID YOU INVEST?

INTRADAY PICKS!

(August 06, 2018)

AT (Rs)



GAIN (Rs)

ALL TIME WINNERS

RECO PRICE

PEAK PRICE

OUR PACKAGES

Super Combo

Powerful mix of both trader and investor packs with timely expert advice.

Technical

Designed especially for traders looking to tap the profit opportunities of volatile markets.

Fundamental

For all investors looking to unearth stocks that are poised to move.