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Dina Iron & Steel Ltd.

BSE: 532003 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE649G01013
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Dina Iron & Steel Ltd. (DINAIRON) - Director Report

Company director report

DINA IRON AND STEEL LIMITED ANNUAL REPORT 2009-2010 DIRECTOR'S REPORT To, The Members of DINA IRON & STEEL LIMITED, Dear Sirs, Your Directors have pleasure in presenting their 18th annual report with the audited statement of accounts for the year ended 31st March, 2010. The working results of the company are setout hereunder : - 1. FINANCIAL RESULTS : Description For the year ended For the year ended 31-03-2010 31-03-2009 Profit before interest and Depreciation 38,620,090.87 35,544,447.08 Less : Interest 18,962,395.00 17,659,721.74 Depreciation 8,999,772.00 9,750,407.00 Profit before tax 10,657,923.87 8,134,318.34 Income Tax for earlier year 279,291.00 - Provision for tax Current Tax 4,184,000.00 3,014,162.00 Deferred Tax (561,371.00) (48,968.00) Fringe Benefit Tax - 33,284.00 Profit for the year 6,756,003.87 5,135,840.34 2. PERFORMANCE : The company has earned Net Profit of Rs 6,756,003.87 . after tax during the year. The board expects better results in the coming year. 3. LISTTING OF EQUITY SHARES The company has moved the Delhi, Calcutta and Magadh Stock Exchange for delisting of its equity shares. After the said delisting the equity share of the company will be listed only on Mumbai Stock Exchange. 4. DIRECTORS : Sanjay Kumar Bhartiya, Director, retire by rotation at the ensuing Annual General Meeting and being eligible, offer himself for reappointment. DIRECTOR'S RESPONSIBILITY: Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000 the Board confirms that: In the preparation of the annual accounts, the applicable accounting standards have been followed ; 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, 2010 and of the Profit of the Company for the year ended on that date. 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 The annual accounts have been prepared on a going concern basis. 5. 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. 6. LABOUR RELATION : Your Directors have pleasure to inform you that the management has good relation with the laboures working at the company. 7. 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 8. AUDITORS : To appoint M/s SUBODH GOEL & CO., Chartered Accountants and fix their remuneration, the retiring Auditors as Statutory Auditors of the Company. 9. 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. 10. PARTICULARS OF CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUTGO. As required by Section 217 (1)(e) of the Companies Act, 1956 read with companies (disclosure of particulars in the report of Board of the Directors) Rules, 1988 we report that during the year there has been no foreign exchange earnings and as well as no outgo. A statement regarding particulars of conservation of energy is presented as under:- A. CONSERVATION OF ENERGY : FORM - A Form of disclosure of particulars with respect to conservation of energy. Current Year Previous Year 2009-10 2008-09 1) Power & Fuel consumption : a) Electricity (Purchased) Unit (KWH) 46816670 45961907 Total Amount (Rs. In lacs) 1577.50 1449.61 Average Rate/per unit 3.37 3.15 b) Furnace Oil (Consumed) Unit (Ltr.) 569,522.000 151,391.000 Total Amount (Rs. In lacs) 144.78 32.84 Average Rate/(Ltr.) 25.42 21.69 c) Coal Quantity (MT) 306.875 439.230 Total Amount (Rs. In lacs) 6.46 8.82 Average Rate/(MT) 0.02 0.02 2) Consumption per Ton of Production The company's products comprise a wide range of semi finished and finished long steel products. The product mix varies each year and the production process involves several operations in different divisions. It is therefore not feasible to apportion the cost and consumption per unit of production. 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. 11. 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. 12. 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. 13. 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 Sd/- Place : Patna SANJAY KUMAR BHARTIYA Date : 04-06-2010. CHAIRMAN.