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Bellary Steels & Alloys Ltd. Directors Report
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You can view full text of the latest Director's Report for the company.
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Year End :2009-03 
The Directors have great pleasure in presenting the Twenty Fifth Annual Report on the performance of your Company for the financial year ended 31st March, 2009 along with Audited Statements of Accounts. Your directors are also pleased to inform you that the Company has successfully completed 25 years and is celebrating its Silver Jubilee this year.

INDUSTRY SCENE

Indian Steel Industry has been posting a healthy growth for last five years. However, the Company has not been encashing on the market opportunities due its sick status. As you know your Company is under BIFR and because of the financial crunch, the Company is not achieving set targets. The turnover of the Company witnessed a decline by 20.83% as compared to the previous year.

FINANCIAL RESULTS

The Sales for the year under review amount to Rs. 4013 Lacs as compared to Rs.5044 lacs for the previous year. The Company has incurred a loss of Rs. 14361 lacs after tax during the year under review as compared to a loss of Rs. 11557 Lacs for the previous year. Interest on the Working Capital and Term Loan has been provided on accrual basis even though the loan funds have eroded over a period. Therefore, huge loss is accumulated every year. The accumulated loss up to the year ended 31.03.2009 is Rs. 80292 lacs as compared to Rs. 65931 lacs for the previous year.

The summarised financial results of the company are as under:

                                        Current year   Previous year
                                        Rs. In Lacs    Rs. In Lacs
                                        2008-09        2007-08

Total Income                            4013           5044
Gross profit /(Loss)                     281           1040
Less : Indirect Expenses                 950            847
Less: Financial charges                12686          11028
Profit/(Loss) before Depreciation
and Income Tax                        (13355)        (10835)
Less: Depreciation                       713            710
Net Profit /(Loss) before Tax         (14068)        (11545)
Prior period items (net)                 284              7
Less: Fringe Benefit Tax                   9              5
Less: Income Tax for the year              0              0
Net Profit/(Loss) after tax           (14361)        (11557)
Add: Balance from the
Previous year                         (65931)        (54374)
Balance carried to balance sheet      (80292)        (65931)
DIVIDEND

In view of the loss incurred by the Company during the year under review, your Directors have not recommended any dividend to the shareholders.

ISP PROJECT

The Company is continuing its full efforts to obtain foreign investment from overseas investors and domestic investors towards additional equity/debt, so that the Blast Furnace Complex could be completed in the first phase. The Directors are hopeful of an early solution and implementation of the Integrated Steel Plant project which has been delayed due to financial crunch.

BIFR

Your Company has become a Sick Industrial Company within the meaning of clause (O) of section 3 of SICA, 1985 on 07.12.2006 With BIFR, New Delhi. IDBI has been appointed as Operating Agency (OA) by BIFR.

DIRECTORS

Shri S. Madhav, Director of your Company retires by rotation at the ensuing Annual General Meeting and is eligible for reappointment.

Mr. C.N.B. Nair was appointed as Special Director of BIFR w.e.f. 20.08.2008 by the Honble BIFR, New Delhi and resigned from the Board w.e.f. 30.04.2009. The Board of Directors wishes to place on record the appreciation for the service rendered by him during his tenure.

AUDITORS

M/s .Manohar Chowdhry & Associates, Chartered Accountants, Bangalore, Auditors of the Company retire at the conclusion of this Annual General Meeting and are eligible for reappointment. As required under section 224(1 -B) of the Companies Act, 1956, the present auditors have furnished the necessary certificate.

FIXED DEPOSITS

Your Company has not accepted any deposits from the public during the period under review.

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO.

Conservation of energy and Technology absorption:

The information required to be furnished under section 217 (1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the report of the Board of Directors) Rules, 1968, is given in Annexure-I forming part of this report.

Foreign Exchange Earnings and Outgo:

The foreign exchange earnings and outgo during the period are as under:

                               Amount 
                               (Rs. In Lacs)

Earnings:                         - Nil -
Outgo:

1. Imports (CIF Value)              NIL
2.  Foreign Travel expenses         120.77
3.  Consultancy                     NIL
PARTICULARS OF EMPLOYEES

There are no employees drawing remuneration beyond the stipulated limit in accordance with section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules 1975 as amended up to date.

INFORMATION UNDER THE LISTING AGREEMENT

The statement containing details as required under Clause 49 of the Listing Agreement with the Stock Exchanges is appended hereto in Annexure -11 and forms part of this report.

CORPORATE GOVERNANCE

The Company has implemented the Code of Corporate Governance as required by the Listing Agreement introduced by Securities & Exchange Board of India.

The report of Directors on the particulars prevalent on Corporate Governance has been annexed as Annexure - III as part of the Annual Report.

DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the provisions of section 217 (2AA) of the Companies Act, 1956, your Directors state:

(i) That in the preparation of the annual accounts, applicable accounting standards have been followed;

(ii) That your Directors have selected such accounting policies and applied them consistently and made judgements 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 of the profit or loss of the Company for the period;

(iii) That your Directors have 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 your Company and for preventing and detecting fraud and other irregularities;

(iv) That your Directors have prepared the annual accounts as a going concern basis.

HUMAN RESOURCE

Your company attaches considerable importance to Human Resource Development (HRD) and harmonious industrial relations. The management is continuously working on the development of human capital, vital in an ever changing business environment towards achieving the goals and realizing the Vision of the Company. Number of Employees on the rolls of the Company as on 31.03.2009 is 224.

ACKNOWLEDGEMENT

The Board expresses its grateful appreciation of the assistance and co-operation received from Financial Institutions and Banks, State, and Central Governments and other Statutory Bodies, customers, suppliers, share holders. Your Directors are grateful for the support extended by them and look forward to receiving their continued support and encouragement. Lastly, your Directors place on record their appreciation for the dedicated efforts put in by the employees during the year under review.

                         for and on behalf of the Board of Directors

Bangalore                                        S.MADHAV S.PARVATHI
31 st August, 2009                        Managing Director Director

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