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બાલાજી ઇન્ડસ્ટ્રીયલ કોર્પોરેશન ડિરેક્ટર્સ રિપોર્ટ, બાલાજી ઇન્ડસ્ટ્રીયલ કોર્પોરેશન ડિરેક્ટર્સ દ્વારા રિપોર્ટ

બાલાજી ઇન્ડસ્ટ્રીયલ કોર્પોરેશન

બીએસઈ: 500036  |  ઍનઍસઈ : BALAJIIND  |  ISIN: INE455A01018  |  Steel - Medium & Small

શોધો બાલાજી ઇન્ડસ્ટ્રીયલ કોર્પોરેશન કનેક્શન � Mar 11
ડિરેક્ટર્સ રિપોર્ટ વર્ષાન્ત : Mar '14
Dear Members,
 
 The Directors have pleasure in presenting their Thirtieth Annual Report
 together with the Audited Accounts of the Company for the Financial
 Year ended March 31,2014.
 
 1.  Summary of Financial Results
 
 The financial results of the company for the year ended 31.03.2014 are
 given below: 
                                                       (Rs. in Crores)
 
 S.   Particulars                                  2013-14     2012-13
 No.
 
 1    Loss before exceptional items                (19.32)     (13.21)
 
 2    Exceptional items                              54.90        1.92
 
 3    Profit before tax                              35.58     (11.29)
 
 4    Tax expense
      (a) Deferred Tax                               (.35)      (0.34)
 
 5    Profit/(Loss) for the year                     35.93     (10.95)
 
 6    Basic & diluted EPS                             5.77      (2.89)
 
 2.  DIVIDEND:
 
 As the company incurred operational losses during the year though there
 is profit after exceptional items no dividend is recommended.
 
 3.  FUTURE OUTLOOK/PLANS:
 
 Your Company could not restart various closed operations due to lack of
 funds. The entire future planning depends on the decision of BIFR in
 approving the revival scheme and the financial support and co-operation
 of the Banks / Financial Institutions.
 
 4.  COMPANY UNDER BIFR:
 
 The Hon''ble Board for industrial and Financial Reconstruction (BIFR)
 has declared your company as a Sick industrial company within the
 meaning of Clause (o) of sub-section (1) of Section 3 of the Sick
 Industrial Companies (Special Provisions) Act, 1985 vide its order
 dated 07.03.2007 and IFCI was appointed as Operating Agency (OA) under
 section 17 (3) of the Act with directions to prepare a revival scheme
 for the company.
 
 After several hearings, the Board had directed the company to submit
 DRS to the operating agency and the company had submitted DRS and the
 case is pending before BIFR.
 
 5.  INDUSTRIAL RELATIONS:
 
 Your Company maintains harmonious industrial relations at all levels in
 the organization. It will be the constant endeavour of your Company to
 continue to maintain the good industrial climate.
 
 6.  ENERGY, TECHNOLOGY, FOREIGN EXCHANGE:
 
 Information in accordance with the provisions of Section 217(1 )(e) of
 the Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules, 1988 do not arise as there are no operations during
 the year under review.
 
 7.  DIRECTORS:
 
 Shri. V Saravanan director of the company retires by rotation at the
 forth coming annual general meeting and being eligible offers himself
 for reappointment. Board recommends his re-appointment.
 
 8.  PARTICULARS OF EMPLOYEES:
 
 During the year, there were no employees drawing remuneration as per
 limits specified under section 217 (2A) of the Companies Act, 1956,
 read with Companies (Particular of Employees) Rules, 1975.
 
 9.  DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 Pursuant to the requirement under Section 217 (2AA) of the Companies
 Act, 1956 with respect to Directors'' Responsibility Statement, it is
 hereby confirmed:
 
 i) that in the preparation of the annual accounts for the year ended
 March 31, 2014 the applicable accounting standards had been followed
 along with proper explanation relating to material departures;
 
 ii) that in the accounting policies implemented by the Company have
 been applied consistently, judgements and estimates have been
 reasonable and prudent thereby giving a true and fair view of the state
 of affairs of the Company at the end of the year and of the profit of
 the Company for the year under review;
 
 iii) that the Directors have taken proper and sufficient care 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) that the annual accounts were prepared for the year ended March
 31,2014 on a ''going concern'' basis.
 
 10.  Listing of Shares with the Stock Exchanges
 
 The shares of your Company are listed with the following Stock
 Exchanges:
 
 The Madras Stock Exchange Limited BSE Limited
 
 The Stock Exchange, Ahmedabad
 
 Trading of company''s equity shares was suspended from Trading in Mumbai
 Stock Exchange due to non compliance of Clause 41 of the Listing
 Agreement and non-payment of Listing Fees.
 
 11.  Auditors
 
 M/s PA Reddy & Co., Chartered Accountants, Nellore and M/s CNGSN &
 Associates, Chartered Accountants, Chennai Auditors of the company hold
 office until the conclusion of the ensuing Annual General Meeting and
 are eligible for re-appointment.
 
 With respect to the various observations made by the Auditors in their
 Report, the Board of Directors wishes to express the following views:
 
 i.  The Company has closed most of the bank accounts which are not in
 operation over the years. Necessary steps are being taken to close the
 balance nine bank accounts which are not in operation. [Refer point no.
 iv (a) of Auditor''s Report]
 
 ii.  The Company has extended Corporate Guaranty to a Body corporate in
 the earlier years which has been invoked. The Company is confident that
 as per the Settlement Scheme offered by the said Body Corporate to
 their lenders, the amount due as perthe guarantee will be settled.
 Hence, the Company has not made any provisions for the same. [Refer
 point no, iv(b) of Auditor''s Report]
 
 iii. As regards to the disputed Income Tax & Sales Tax, the company has
 appealed before various forums and the company is confident that would
 be in its favor. The company is seeking certain reliefs / concessions
 from Central / State Government.  [Refer SI No. ix(b) of Annexure to
 Auditor''s Report].
 
 12.  Corporate Governance
 
 A Report on Corporate Governance along with Auditor''s Certificate is
 annexed herewith.
 
 13.  Acknowledgement
 
 The Board hereby acknowledge the support from various Government
 Departments and their Agencies, Hon''ble BIFR, Financial Institutions,
 Banks, Shareholders, Debenture Holders and Customers. The Directors
 have pleasure in placing on record their heartfelt appreciation to all
 the Employees of the Company.
 
                                         By Order of the Board
                               For BALAJI INDUSTRIAL CORPORATION LIMITED
 
 Place: Chennai                S V NAGARAJA REDDY        V SARAVANAN
 Dated: 27th May, 2014         DIRECTOR (00124414)   DIRECTOR (00068562)
સ્તોત્ર: રેલીગેર ટેકનોવા


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