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Meenakshi Steel Industries Ltd.

BSE: 512505 Sector: Financials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Meenakshi Steel Industries Ltd
NSE 05:30 | 01 Jan Meenakshi Steel Industries Ltd

Meenakshi Steel Industries Ltd. (MEENAKSHISTEEL) - Director Report

Company director report

MEENAKSHI STEEL INDUSTRIES LIMITED ANNUAL REPORT 2004-2005 DIRECTORS' REPORT TO THE SHARE HOLDERS Dear Shareholders, Yours Directors have pleasure in presenting to you the 20th Annual Report together with the Audited Accounts of the Company for the year ended 31st March, 2005. FINANCIAL RESULTS 2004-05 2003-04 Particulars Rs. Rs. Profit before tax 16,73,397 28,54,519 Provision for taxation 2,80,000 7,16,000 Excess Provision for Taxation for earlier years written back Nil 32,777 Profit after tax 13,93,397 21,71,296 Transfer to Special Reserve 2,78,680 4,27,704 Balance brought forward from earlier year 1,64,42,408 1,46,98,816 Balance of profit carried to Balance Sheet 1,75,57,125 1,64,42,408 DIVIDEND With a view to conserve the resources of the Company, your Directors do not recommend any dividend for the year under review. DIRECTORS Shri O P Bhalotia and Shri A K Kothari retire by rotation from the Board and being eligible offer themselves for reappointment. DIRECTOR RESPONSIBILITY STATEMENT Your Directors confirm that i. in the preparation of the annual accounts, the applicable accounting standards have been followed alongwith proper explanation relating to material departures, if any; ii. the 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 financial year ended on 31st March, 2005 and of the profit of the Company for that year; iii. the Directors have taken proper and sufficient care 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; iv. the Directors have prepared the annual accounts on a going concern basis. PUBLIC DEPOSITS The Company has not accepted any deposits from the public during the year under review. EMPLOYEES The Company had no employees of the category specified in Section 217(2A) of the Companies Act, 1956. AUDITORS M/s. Vijay R Tater & Co., Chartered Accountants, the Statutory Auditors of the Company retire and being eligible offer themselves for re-appointment. AUDITORS REPORT The observations made in the Auditors Report are self explanatory and therefore, do not call for any further comments on the Auditors Report under Section 217 of the Companies Act, 1956. COMPLIANCE CERTIFICATE Pursuant to the proviso to Section 383A (1) of the Companies Act, 1956 read with the Companies (Compliance Certificates) Rules, 2001 framed thereunder, your Company has obtained a Compliance Certificate from Girish Murarka and Company, Company Secretaries, Mumbai for the financial year ended 31st March, 2005 confirming that the Company has complied with all the provisions of the Companies Act, 1956. A copy of such certificate is attached with this Report and forms an integral part. The observations made in the Compliance Certificate are self explanatory and therefore do not call for any comments. REPORT ABOUT CONSERVATION OF ENERGY Since the Company is not having any manufacturing activity, Directors have nothing to report on conservation of energy, research and development and technology absorption. FOREIGN EXCHANGE EARNINGS AND OUTGO Foreign Exchange earned during the year under review - Rs. Nil Foreign Exchange spent during the year under review - Rs. Nil APPRECIATION Your Directors place on record their deep appreciation of the assistance and contribution received from their bankers, employees, etc. For and on behalf of Board of Directors Director Director Place : Mumbai Date : 27/08/05 SCHEDULE TO THE BALANCE SHEET AS AT MARCH 31, 2005 As per para 9BB of the Non Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998. (Amount in Rupees) PARTICULARS Liabilities Side Amount Amount Outstanding Overdue 1. Loans and Advances availed by the NBFC inclusive of interest accrued thereon but not paid: (a) Debentures : Secured NIL NIL Unsecured (Other than falling within the meaning of public deposits) NIL NIL (b) Deferred Credits NIL NIL (c) Term Loans NIL NIL (d) Inter Corporate Loans & Borrowings NIL NIL (e) Commercial Paper NIL NIL (f) Public Deposits NIL NIL (g) Other Loans (specify nature) NIL NIL 2. Break up of 1(f) above (outstanding public deposits inclusive of interest accrued thereon but not paid) NOT APPLICABLE (a) in the form of Unsecured Debentures (b) in the form of partly secured debentures i.e. debentures where there is shortfall in the value of security (c) other public deposits Assets Side Amount outstanding 3. Break up of Loans & Advances including bills receivables (other than those included in (4) below) (a) Secured NIL (b) Unsecured 8,389,503 Less : Provisions Nil 8,389,503 4. Break up of Leased Assets and stock on hire and hypothecation loans counting towards EL / HP activities NOT APPLICABLE (i) Lease Assets including lease rentals under Sundry Debtors (a) Financial Lease (b) Operating Lease (ii) Stock on Hire including hire charges under Sundry Debtors (a) Assets on Hire (b) Repossessed Assets (iii) Hypothecation Loans counting towards EL / HP activities (a) Loans where assets have been repossessed (b) Loans other than (a) above 5 Break Up of Investments Current Investments 1. Quoted (i) Shares : (a) Equity NIL (b) Preference NIL (ii) Debentures & Bonds NIL (iii) Units of Mutual Fund NIL (iv) Government Securities NIL (v) Others NIL 2. Unquoted (i) Shares : (a) Equity NIL (b) Preference NIL (ii) Debentures & Bonds NIL (iii) Units of Mutual Fund 13,227,792 (iv) Government Securities NIL (v) Others NIL Long Term Investments 1. Quoted (i) Shares : (a) Equity 11,413,324 (b) Preference NIL (ii) Debentures & Bonds NIL (iii) Units of Mutual Fund NIL (iv) Government Securities NIL (v) Others NIL 2. Unquoted (i) Shares : (a) Equity 6,032,888 (b) Preference NIL (ii) Debentures & Bonds NIL (iii) Units of Mutual Fund NIL (iv) Government Securities NIL (v) Others NIL (Amount in Rupees) 6. Borrower group wise classification of all leased assets, stock on hire and loans and advances Category Amount net of provisions Secured Unsecured Total 1. Related Parties (a) Subsidiaries NIL NIL NIL (b) Companies in the same Group NIL NIL NIL (c) Other related parties NIL NIL NIL 2. Other than Related Parties NIL 8,389,503 8,389,503 Total NIL 8,389,503 8,389,503 Less : Provisions NIL - - Net NIL 8,389,503 8,389,503 7. Investor Groupwise classification of all investments (Current and Long Term) in shares and securities (both quoted and unquoted) Market Value Breakup Book Value Category or fair value or NAV 1. Related Parties (a) Subsidiaries NIL NIL (b) Companies in the same Group NIL NIL (c) Other related parties NIL NIL 2. Other than Related Parties 77,752,587 30,674,004 Total 77,752,587 30,674,004 B. Other Information Amount (I) Gross Non Performing Assets (a) Related Parties NIL (b) Other than Related Parties NIL (ii) Net Non Performing Assets (a) Related Parties NIL (b) Other Than Related Parties NIL Assets acquired in satisfaction of debt NIL On behalf of the Board of Directors Director Director Place : Mumbai Date : 27 AUG 2005