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Bengal Steel Industries Ltd.

Directors Report

BSE: 512404ISIN: INE523W01017INDUSTRY: Steel

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You can view full text of the latest Director's Report for the company.
Market Cap. (Rs.) 0.02 Cr. P/BV 0.00 Book Value (Rs.) 20.07
52 Week High/Low (Rs.) 0/0 FV/ML 10/50 P/E(X) 0.33
Bookclosure 31/08/2023 EPS (Rs.) 0.15 Div Yield (%) 0.00
Year End :2014-03 
Dear Members,

The Directors have pleasure in presenting their 67th Annual Report together with the Audited Accounts of the company for the Financial year ended 31 st March, 2014.

                                      2013 - 2014          2012 - 2013
                                          (Rs)                 (Rs)
FINANCIAL RESULTS

Total Revenue                           4,800,000            4,802,100

Profit before Depreciation                826,393            3,831,743

Less : Depreciation                       160,215              206,528

Net Profit before Taxation                666,178            3,625,215

Less : Provision for Taxation              32,000              585,000

Net Profit after Taxation                 634,178            3,040,215

Add : Balance Brought forward          38,691,295           35,651,080

Balance Carried Forward to             39,325,473           38,691,295
Balance Sheet
COMPANY PERFORMANCE:

In the light of challenging business conditions, the working results of your Company during Financial year ended on 31st March, 2014 was satisfactory.

DIVIDEND:

The Directors have considered to plough back the profit in business for better financial strength and as such they have not recommended any dividend for the year under review.

CORPORATE GOVERNANCE:

The Principles of Good Corporate Governance through professionalism, accountability, transparency, trusteeship and control have always been followed by your Company and it has complied with all the applicable provisions of Corporate Governance as per clause 49 of the Listing Agreements with the Stock Exchanges.

A separate Report on Corporate Governance as prescribed by the Listing Agreements forms part of the Annual Report 2013-14 along with the Auditor's Certificate on its compliance in Annexure "A".

DIRECTORS:

Mr. V. N. Agarwal, Director, retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the requirement of Section 217(2AA) of the Companies Act, 1956 the Directors state as follows:-

i) That in the preparation of the Annual Accounts for the Financial year ended 31 st March, 2014 the applicable accounting standards had been followed along with 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 your company at the end of the Financial year and of the profit or loss of your company for that period;

iii) That the Directors had taken proper and sufficient care to the best of their knowledge and ability for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956. They confirm that there are adequate systems and controls for safeguarding the assets of your company and for preventing and detecting fraud and other irregularities;

iv) That the Directors had prepared the Annual Accounts for the Financial year ended 31 st March, 2014 on a "going concern" basis.

AUDITORS:

M/s J. N. Banerjee & Co., Chartered Accountants, Auditors of the Company, hold office till the conclusion of this Annual General Meeting. They have expressed their willingness to continue as the Statutory Auditors of the Company, if so reappointed and have furnished to the Company the requisite certificate to the effect that their re- appointment if effected would be within the limits prescribed under section 224(1 B) of the Companies Act, 1956. Accordingly, approval of the Shareholders will be sought at the ensuing Annual General Meeting of the Company to the re-appointment of and remuneration payable to M/s J. N. Banerjee & Co., Chartered Accountants, as Statutory Auditors to hold office from the conclusion of this Annual General Meeting till the conclusion of next Annual General Meeting.

COMMENTS ON AUDITORS OBSERVATIONS:

As regards the observations made by the Statutory Auditor's in their Report your Directors are of the opinion that:

i) Value of Land & Building could not be segregated in absence of adequate details and without incurring huge expenses.

ii) As per Management opinion, there is no impairment loss, due to discontinuation of operation and disposal of fixed assets of ingot plant.

iii) In the opinion of the Management, diminution in market value of investments held at costs are temporary in nature.

PUBLIC DEPOSIT:

The provisions of Section 58A of the Companies Act, 1956 and the rules framed thereunder in respect of acceptance of deposits are not applicable to your Company.

PARTICULARS OF EMPLOYEES:

Disclosures in terms of sub-section (2A) of section 217 of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 are not applicable to your Company.

INFORMATION AS TO CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

The provisions of Section 217(1 )(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 in respect of Conservation of Energy, Technology Absorption & Foreign Exchange Earnings and Outgo are not applicable during the year under review.

CODE OF CONDUCT:

Your Company has formulated Code of Conduct which applies to Board Members and Senior Management Personnel of the Company. Confirmations towards adherence to the Code during the Financial year 2013-14 have been obtained from all the Board members and Senior Management Personnel in terms of the requirements of Clause 49 of the Listing Agreement and a declaration relating to compliance of this code during the year under review by all Board members and Senior Management Personnel has been given by the Director of the Company which accompanies this report.

ACKNOWLEDGEMENT:

Your Directors would like to thank shareholders, bankers and all 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

                                                   V. N. AGARWAL
Place: Kolkata                                  K. K. GANERIWALA
Date: 30th May, 2014                                   DIRECTORS
 
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AMFI Registered Number - 29900 (ARN valid upto 24th July 2025) - AMFI-Registered Mutual Fund Distributor since June 2008.
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