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जेनिथ स्टील ट्यूब्स एंड इंडस्ट्रीज निदेशकों की रिपोर्ट, जेनिथ स्टील ट्यूब्स एंड इंडस्ट्रीज निर्देशकों द्वारा रिपोर्ट

जेनिथ स्टील ट्यूब्स एंड इंडस्ट्रीज

बीएसई: 526267  |  NSE: N.A  |  ISIN:  |  Steel - Medium & Small

खोजें जेनिथ स्टील ट्यूब्स एंड इंडस्ट्रीज कनेक्शन
निदेशकों की रिपोर्ट वर्षांत : Mar '10
The Directors have pleasure in presenting the Twenty sixth Annual Report
 together with the Audited Statement of  Account of the Company For
 the year ended 31st March, 2010. 
 
 1.FINANCAL RESULTS                      Year Ended        Year Ended
                                         31/03/2010        31/03/2009
                                             (Rs.)             (Rs.)
 
                                         2 37.29,010      7,31(92,444
 Sales and Conversion Charges 
 (Net of Sales Tax (VAT) ) 
 
 Loss for the year after providing     (59,74,51,087)   (50,97,18,393)
 Interest & Finance Charges    
  
 profit/(Loss) before depreciation     (60,86,43,878)   (50,97,18,939)
 
 Less: Depreciation                      2,09,98,980      1,40,20,386 
 
 Profit/(Loss) for the year            (62,96,42,858)    (52,7,38,779)
 
 Add : Write back of 
 interest,H.P.chrgs                     14,34,03,065     42,40,18,894
 including Lease chrgs due to OTS.
 
 Add/(less) Prior period 
 Adjustments                                 (60,377)          37,000
 
 Less: Fringe Benefit Tax
 
 Surplus/(Deficit) b/f
 from last year                      (2,58,21,19,432) (2,48,23,62,547)
 
 Deficit carried to 
 Balance Sheet                       (3,06,84,19,602) (2,58,21,19,432)
 
 2.  OPERATIONS:
 
 During the year under review the company continued to operate on job
 work basis in view of the lack of working capital and only a part of the
 total capacity could be utilised as the desired level of job work was
 not available. the galvanized plant of the company continued to remain
 closed. The net loss for the year was Rs. 4863.00 Lacs mainly due to
 provision on account of interest and finance charges and depreciation
 and the same is after adjustment of Rs. 1434.03 Lacs write back due to
 one Time Settlement (OTS) of SICOM Ltd. and SBI capital Markets Ltd.
 
 3.  GENERAL REVIEW AND ONE TIME SETTLEMENT:
 
 As reported earlier that the company was declared a sick company by the
 Board for Industrial and Financial Reconstruction (BIFR) on 3rd May
 2001, under sub-section (1) of section 17 of the sick Industrial
 Companies (Special Provisions) Act, 1985 as defined under sub-section
 (1) of section 3 of the SICA 1985 . The company has already submitted
 one time settlement proposal which is under consideration. It was
 reported last year the company has submitted One Time Settlement (OTS)
 proposal to secured as well as unsecured lenders of the company. The
 same was being pursued regularly during this year also which resulted
 positively as majority of the secured as well as unsecured lenders of
 the company have either agreed or shown their willingness to settle
 their dues. As per the Draft Rehabilitation scheme (Which cutoff date
 of 31st March, 2009) the SICOM Ltd. and SBI capital Markets Ltd. has
 accepted the company''s proposal for the OTS and the company has made
 full & final payment. The company continued to negotiate and do the
 needful with remaining parties in the best interest of all concerned.
 IN the mean time the Draft rehabilitation Scheme (DRS) has been
 submitted to BIFR through IFCI Ltd. who is the Operating Agency (OA)
 and the approval of the same is awaited.
 
 4. DIVIDEND
 
 In view of losses, your board has decided not to recommend any dividend
 for the year ended 31st March, 2010.
 
 5. BOARD OF DIRECTORS
 
 In terms of the Articles of Association of Association of the Company
 and as per the provisions of the Companies Act, 1956 Shri G.D.singi
 Director of the company retires by rotation and being eligible offers
 himself for re-appointment.
 
 6.  SECRETARIAL COMPLIANCE REPORT
 
 Your directors attach a copy of compliance certificate issued by a
 practicing Company Secretary for the year ended 31st March, 2010
 pursuant to proviso under Section 383A (1) of the Company Act,1956.
 
 7.  DIRECTORS RESPONSIBILITY STATEMENT
 
 The Directors hereby confirm:
 
 i.  that in the preparation of the annual accounts, 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 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 profit &
 Loss of the company for that year.
 
 iii. the Directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of the company and
 for preventing and detecting fraud and other irregularities.
 
 iv.  that the Directors had prepared the annual accounts on a going
 concern basis.
 
 8.  AUDITORS
 
 M/s. Khandelwal Jain & Co, Chartered Accountants, present Auditors of
 the company retire at the conclusion of the ensuing Annual General
 Meeting and being eligible, offer themselves for re- appointing. The
 company has received a Certificate from them certifying that their
 appointment, if made would be within the limits specified under Section
 224(1-B) of the Companies Act, 1956,
 
 9.  AUDITORS REPORT
 
 Observations made in the Auditors'' Report are self-explanatory and
 therefore do not call for any further comments under section 217(3) of
 the Companies Act, 1956.
 
 10.FIXED DEPOSITS
 
 Your company has not accepted any deposits from the public within the
 meaning of Section 58A of the Companies Act, 1956 and rules made
 thereunder during the year.
 
 11.PARTICULARS OF EMPLOYEES
 
 Information required to be given under Section 217 (2A) of the
 companies Act, 1956 with the companies (particulars Employees) Rules,
 1975 are not applicable to the company, as the company has not employed
 any employee whose salary exceeds the limits as laid down in the said
 section.
 
 12.INFORMATION ON ENERGY CONSERVATION & FOREIGN EXCHANGE EARNING &
 OUTGO
 
 Information required to be given under section 217(e) of the Companies
 Act, 1956 read with the Companies (Disclosure of particulars in the
 Report of the Board of Directors) Rules. 1988 requiring disclosure of
 particulars regarding conservation of Energy , Technology absorption
 and foreign exchange earnings and out go is given in the prescribed
 format annexed hereto (Annexure I) and forms part of this report.
 
 13.ACKNOWLEDGMENTS
 
 Your Directors wish to thank company''s Bankers/Financial
 Institutions, staff , workmen Government agencies and client for their
 support in running the company and look forward for the same.
 
                                        FOR AND ON BEHALF OF THE BOARD
 
 REGSTERED OFFICE                                   CHAIRMAN
 
 S.No. - 67, P.O.- Vikramgadh,
 
 Taluka Jawhar. 
 
 Dist. - Thane 401 605
 
 Dated: 30th August, 2010
स्रोत: रेलीगरे टेचनोवा

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