DINA IRON AND STEEL LIMITED
ANNUAL REPORT 2009-2010
The Members of
DINA IRON & STEEL LIMITED,
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
Profit before interest and
Depreciation 38,620,090.87 35,544,447.08
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.
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
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
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
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
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
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
Place : Patna SANJAY KUMAR BHARTIYA
Date : 04-06-2010. CHAIRMAN.