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Chase Bright Steel Ltd.

BSE: 504671 Sector: Metals & Mining
NSE: N.A. ISIN Code: N.A.
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NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
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Chase Bright Steel Ltd. (CHASEBRIGHTST) - Director Report

Company director report



The Members

Your directors have pleasure in presenting the 54th Annual Report on the business andoperations of your company together with the Audited Statement of Accounts of the Companyfor the year ended 31st March 2014.


Your Company’s performance for the financial year ending 31st March 2014 is statedbelow:

Particular For the year ended on March 31 2014 For the year ended on March 31 2013
Rs. Rs.
Profit / (Loss) before tax (5984313) 7087667
Less: Provision for tax 2275000
Less: Deferred Tax Assets / (Liabilities) 1678293 (54947)
Net profit/ (Loss) for the year after tax (4306020) 4757720
Less: Losses brought down from earlier year (1021357) (5779077)
Balance Losses carried to Balance Sheet (5327377) (1021357)


The company’s working suffered a setback because of the introduction of the LocalBody Tax on Incoming material in Navi Mumbai from April 2013.

The high dependency on the Automobile sector also added to the depressed workingbecause of severe recession in the auto sector and delayed payments.

The company is now shifting its focus on tapping new sectors and also adding newmachinery for making value added products.

The current year also does not look very encouraging however the management is makingearnest efforts by tapping new markets and new products.


Mr. Hemant Murarka who was an appointed as an Independent additional director of thecompany effective from May 30 2014 and holds office upto the forthcoming AGM. He isproposed to be reappointed as an independent director upto May 29 2019. As per theprovisions of section 149 and other applicable provisions if any of the Companies Act2013 Mr. N. G. Khaitan Mr. P.L. Dabral and Mr. K. S. Shikari are proposed to beappointed as an independent director of the company for a period of 5 consecutive yearscommencing from 30th September 2014. In the opinion of the Board they fulfill theconditions specified in the Act and the Rules made thereunder for appointment asindependent directors and are independent of the management.

Mrs. Manju Devi Jajodia is due for retirement by rotation and is eligible forre-appointment. Mr. Avinash Jajodia was reappointed as Chairman and Managing Director Yourapproval for their appointments as Directors have been sought in the Notice convening theAnnual General Meeting of the Company


During the year under review the Company had no employees whose particulars arerequired to be mentioned pursuant to the provisions of Section 217(2A) of the CompaniesAct 1956 read with the rules there under.


As regards observation of the Auditors attention is drawn towards the Notes onaccounts to the Annual Accounts which is self-explanatory.


M/s. A. J. Mehta & Associates Chartered Accountants the present auditors retireat the conclusion of the ensuing Annual General Meeting and have express theirunwillingness to be re-appointed for a further term. A notice has been received from ashareholder pursuant to section 140 read with section 115 of the Companies Act 2013proposing a resolution for appointment of M/s. Mahendra Kumbhat & AssociatesChartered Accountants as auditors of the company. The subject resolution is appearing asitem No. 3 of the notice convening the Annual General Meeting which forms part of thisAnnual Report. M/s. Mahendra Kumbhat & Associates Chartered Accountants have alsogiven their consent to act as auditors if appointed and confirmed that the appointment if made would be in compliance of section 141 of the Companies Act 2013 read with theCompanies (Audit & Auditors) Rules 2014.


Pursuant to Section 217 (2AA) of the Companies Act 1956 after due enquiry and on thebasis of the information from the operating management and relying upon the report of theAuditors regarding compliance with Accounting Standards the Directors confirm that;

a. in the preparation of the annual accounts the applicable accounting standards hadbeen followed along with appropriate explanation relating to material departures.

b. the accounting policies have been consistently applied and are reasonable andprudent judgments and estimates have been made so as to give a true and fair view of thestate of affairs of the company at the end of the financial year and of the profit of thecompany for that year.

c. proper and sufficient care has been taken for the maintenance of adequate accountingrecords in accordance with the provisions of this Act for safeguarding the assets of theCompany and for preventing and detecting fraud and other irregularities.

d. the annual accounts have been prepared on a going concern basis.


As required under 217(1)(e) of the Companies Act 1956 read with Companies (Disclosureof particulars in the Report of the Board of Directors) Rules 1988 the relevantinformation is given below;


The Company’s operations involve low energy consumption. Wherever possible energyconservation measures are being implemented.


The Company has no specific Research and Development Programme.


Foreign Exchange earning through Export aggregate to Rs. 288.88 lakhs (Previous YearRs. 576.83 lakhs). Particulars of foreign Exchange earned and utilized during the year isgiven in notes of the account.


The Company’s securities is listed at The Stock Exchange Mumbai. The outstandinglisting fee payable to the stock exchanges as on March 31 2014 Rs. Nil.


In accordance with requirement of Section 383A of the Companies Act 1956 Certificatefrom a Practising Company Secretary is enclosed certifying that all secretarialcompliance in respect of the Company for the year ended March 31 2014 have been compliedwith the Marked as Annexure - ‘A’


Your Directors would like to place on record the sincere thanks for the valuableassistance and co-operation received from various agencies of the Government as well asfrom the Company’s Bankers Shareholders and other business associates. Yourdirectors also wish to place on record their appreciation for the committed services ofall the employees of the company.

For & On behalf of the Board
Place: Mumbai Avinash Jajodia
Date: 9th August 2014 Chairman & Managing Director

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