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Balaji Industrial Corporation Ltd.

BSE: 500036 Sector: Metals & Mining
NSE: BALAJIIND ISIN Code: INE455A01018
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Balaji Industrial Corporation Ltd. (BALAJIIND) - Director Report

Company director report

DIRECTORS' REPORT TO THE SHAREHOLDERS

Your Directors have pleasure in presenting their Thirtieth Annual Report together withthe Audited Accounts of the Company for the Financial Year ended March 312014.

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.No. Particulars 2013-14 2012-13
1 Loss before exceptional items (19.32) (1321)
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 afterexceptional items no dividend is recommended

3. FUTURE OUTLOOK/PLANS:

Your Company could not restart various closed operations due to lack of funds. Theentire future planning depends on the decision of BIFR in approving the revival scheme andthe financial support and cooperation of the Banks / Financial Institutions.

4. COMPANY UNDER BIFR:

The Hon'ble Board for industrial and Financial Reconstruction (BIFR) has declared yourcompany 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 itsorder 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 theoperating 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 theorganization. It will be the constant endeavour of your Company to continue to maintainthe 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 ariseas 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 annualgeneral meeting and being eligible offers himself for reappointment. Board recommends hisre-appointment.

8. PARTICULARS OF EMPLOYEES:

During the year there were no employees drawing remuneration as per limits specifiedunder section 217 (2A) of the Companies Act 1956 read with Companies (Particular ofEmployees) Rules 1975.

9. DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 217 (2AA) of the Companies Act 1956 withrespect to Directors' Responsibility Statement it is hereby confirmed'

i) that in the preparation of the annual accounts for the year ended March 31 2014 theapplicable accounting standards had been followed along with proper explanation relatingto material departures;

ii) that in the accounting policies implemented by the Company have been appliedconsistently judgements and estimates have been reasonable and prudent thereby giving atrue and fair view of the state of affairs of the Company at the end of the year and ofthe profit of the Company for the year under review

lii) that the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 1956for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities

iv) that the annual accounts were prepared for the year ended March 312014 on a 'goingconcern' 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 Exchangedue to non compliance of Clause 41 of the Listing Agreement and non-payment of ListingFees.

11. Auditors

M/s PA Reddy & Co. Chartered Accountants Nellore and M/s CNGSN & AssociatesChartered Accountants Chennai Auditors of the company hold office until the conclusion ofthe ensuing Annual General Meeting and are eligible for re-appointment.

With respect to the various observations made by the Auditors in their Report theBoard of Directors wishes to express the following views:

i. The Company has closed most of the bank accounts which are not in operation over theyears. Necessary steps are being taken to close the balance nine bank accounts which arenot in operation. [Refer point no. iv (a) of Auditor's Report]

ii. The Company has extended Corporate Guaranty to a Body corporate in the earlieryears which has been invoked. The Company is confident that as per the Settlement Schemeoffered by the said Body Corporate to their lenders the amount due as perthe guaranteewill be settled. Hence the Company has not made any provisions for the same. [Refer pointno iv(b) of Auditor's Report]

iii. As regards to the disputed Income Tax & Sales Tax the company has appealedbefore various forums and the company is confident that would be in its favor. The companyis 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 theirAgencies Hon'ble BIFR Financial Institutions Banks Shareholders Debenture Holders andCustomers. The Directors have pleasure in placing on record their heartfelt appreciationto all the Employees of the Company.

By Order of the Board
For BALA JI INDUSTRIAL CORPORATION LIMITED
S V NAGARAJA REDDY V SARAVANAN
DIRECTOR (00124414) DIRECTOR (00068562)

Place : Chennai

Dated: 27th May 2014

 

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