| The Members of
DINA IRON & STEEL LIMITED, PATNA
Dear Sirs,
The Directors have pieasure in presenting their 21st annual report with
the audited statement of accounts for the year ended 31st March, 2013.
The working results of the company are setout hereunder: -
1. FINANCIAL RESULTS:
Description For the year ended For the year ended
31-03-2013 31-03-2012
Profit before interest and
Depreciation 35,916,109.18 40,052,582.44
Less *
Interest 20,091,775.33 20,147,131.61
Depreciation 7,412,076.00 8.074,523.24
Profit before tax 8,412,257,85 11,830,927.59
Income Tax for earlier year (187,572.00) 70,115,00
Provision for tax
Current Tax 2,999,500.00 4,457,100.00
Deferred Tax (722,604100) (431,205.00)
Profit for the year 6,322 933.85 7,734,917.59
2 PERFORMANCE ;
The company has earned Net Profit of Rs. 63,22,933.85 after tax during
the year. The board expects better results in the coming year.
3 LISTING OF EQUITY SHARES
The company has moved the Delhi, Calcutta and Magadh Stock Exchange for
delisting of its equ.ty shares. At present the company's shares listed
on BSE only, in accordance with the relevant hstmg agreementS"
4. DIRECTORS:
Sanjay Kumar Bhartiya, Director, retire by rotation at the ensuing
Annual General Meeting and bemg eligible, offer himself for
reappointment.
5. DIRECTOR'S RESPONSIBILITY:
Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000
the Board confirms that:
a) In the preparation of the annual accounts, the applicable accounting
standards have been followed ;
b) Appropriate accounting policies have been selected and applied
consistently and the Board has 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 as at March 31, 2013 and of the Profit of the
Company for the year ended on that date.
c) Proper and sufficient care has been taken 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; and
d) The annua! accounts have been prepared on a going concern basis.
6. PARTICULARS OF EMPLOYEES
There is no employee in respect of whom particulars pursuant to section
217 (2A) of Companies Act, 1956 are required to be given.
7. LABOUR RELATION:
Your Directors have pleasure to inform you that the management has good
relation with the laboures working at the company.
8. STATUTORY ANNUAL AUDIT REPORT :
The Auditors notes on the accounts have been extensively dealt with and
since they are self explanatory, they are not commented upon
9. AUDITORS:
To appoint M/s SUBODH GOEL & CO., Chartered Accountants and fix their
remuneration, the retiring Auditors as Statutory Auditors of the
Company.
10. RAW MATERIAL:
Principal Raw Material of the Company is Sponge Iron which is easily
available to the Company from all around Bihar and neighboring states
on a short call.
Conservation of energy is presented as under:-
Consumption per ton of Production
The company's products comprise a wide range of semi finished and
finished long steel product, The product mix varies each year and the
production process involves several operations ,n dtfferent divisions.
It is therefore not feasible to apportion the cost and consumption per
unit of products
B. TECHNOLOGY ABSORPTION :
As the Directors of the Company are themselves capable in the line of
activity the company undertakes hence there is as such no need for the
technology absorption.
12. INFORMATION PURSUANT TO SECTION 217 OF THE COMPANIES ACT, 1956
There is no employee in receipt of remuneration which requires
disclosure under section 217 (2A) of the Companies Act, 1956 & rules
framed there under.
13. COMPLIANCE CERTIFICATE
As required under section 383(A) (I) of the Companies Act, 1956 the
compliance certificate as per the provisions of companies Act, 1956, in
prescribed form received from a Company Secretary in whole time
practice is appended hereto and forms part of this report.
14. CORPORATE GOVERNANCE
Separate note on "Corporate Governance" and "Management Discussion and
Analysis" is annexed herewith. The Auditor's Certificate on compliance
with the condition of Corporate Governance is also annexed herewith.
15. ACKNOWLEDGEMENT :
Your directors take this opportunity to offer their sincere thanks to
the various departments of the Central & State Govt., Banks, customers
& Suppliers for their continued valuable assistance & support. Your
directors also wish to place on record their appreciation for the
dedicated efforts by officers, staff and workers of the company at all
levels.
For and On behalf of the Board of
Dina Iron & Steel Limited
Place: - Patna SANJAY KUMAR BHART1YA
Date: - 10-08-2013. [CHAIRMAN]
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