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ANNUAL ACCOUNT

The Directors have pleasure in submitting their Report together with the Audited Accounts of your company for the year ended March 31, 2009.
Year in Retrospect

Financial Performance

The overall performance for the year was satisfactory with strong growth. During the year under review, your company recorded total income of Rs. 61.82 Crores against Rs. 41.06 Crores in the previous year recorded an increase of 50% on an annualized basis. Net Profit for the financial year ended March 31,
2009 increased to Rs. 4.91 crores from Rs. 3.02 crores in the previous year, showing a growth of over 62% on an annualized basis mainly due to better operating efficiencies and strong revenue growth. Shareholders’ equity (Net Worth) increased to Rs. 25.14 crores from Rs. 19.16 crores in the previous year.


INDUSTRY DEVELOPMENTS

The iron & steel business is capital intensive and require large investments in manufacturing units to service bulk volumes at competitive prices. Towards the beginning of the last quarter of 2008, the country started witnessing the impact of the global economic downturn and liquidity crunch coupled
with falling commodity prices. The steel industry in India witnessed a sharp correction in steel prices and a slowdown in domestic and international demand. These conditions apart from impacting the existing scale of operations also compelled industries to defer their expansion plans. While the Government of India and the reserve Bank of India have taken steps to revive the flagging demand through stimulus packages, your company continues to see reduced off-take and pressure on prices with varing intensities from its key customer segment.
As a part of its process of integration, the company has proposed to set-up 10MW Captive Power Plant to cater to its increasing need for power.


BUSINESS SEGMENTS

As mentioned in last year’s report, your company classified its business into two broad segments, viz. Direct Reduced Iron Captive Power Plant in line with its operating model.


FINANCE

Cash generation from operations was to the tune of Rs. 12.87 crores as compared to Rs. 10.14 crores in the preceding year. The capital expenditure of Rs. 1.34 crores was mainly towards the setting up of offline Crusher to cater to its need for crushing the iron ore of large size. Interest cost of the company has decreased from 2.42 crores to 1.73 crores mainly owing to better realization and temporary  cash surplus.
The Company has successfully raised Rupee term Loan and Cash Credit facilities of Rs. 30.00 crores from Banks and financial institution. The proceeds of term loan and cash credit have been utilized for meeting capital expenditure requirements, working capital requirement and general corporate purposes.


HUMAN RESOURCES

People are considered to be one of the most valuable resources by BPSPL. Industry relations were cordial and an atmosphere of understanding prevailed throughout the year, we continue to train and motivate our workforce, to increase their contribute to the growth of the company.


ENVIRONMENT,  SAFETY,  ENERGY CONSERVATION AND TECHNOLOGY ABSORPTION    

Safety and environment protection remain a key concern to the company. Investments are continuosly made in projects that reduce/treat waste and increase energy efficiencies.
Our Endeavour has been to maximize the efficient use of energy and ensure the safe and responsible discharge of residual wastes, while minimizing any adverse environmental impact and waste generation.
Information under section 217(e) read with companies (Disclosure of particulars in the report of Directors) Rules, 1988 are given in the Annexure, forming part of this report.
DIRECTOR’S RESPONSIBILITY STAEMENT
As required by the provisions of section 217(2AA) of the companies Act, 1956, with respect to Directors Responsibility Statement, it is hereby confirmed:

  • That in the preparation of the Annual Accounts, the applicable accounting stands have been followed and that no material departures have been made from the same;
  • That the Directors had selected such accounting policies and applied them consistently and made judgments and estimate that are reasonable and prudent so as to give a true and view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for the that period;
  • That the Directors had 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;
  • That the Directors had prepared the annual accouts on a going concern bas


DIRECTORS

In accordance with the provisions of the Companies Act, 1956, Mr. Rajkumar Kejriwal, Mr. Pradeep Kumar Murarka and Mrs. Saroj Kejriwal retire by rotation and being eligible offers themselves for re-appointment.


PARTICULAR OF EMPLOYEES

The statement of particular of employees pursuant to the provisions of Section 217(2A) of the Companies Act, 1956, read with Rules made there under as amended up to date are given by way of Annexure to this Report. In accordance with the provisions of Section 217(2A) of the Companies Act, 1956 and the rules frames there under, the names and other particulars of employees are set out in the annexure to the Director’s Report.


PUBLIC DEPOSITS

The Company has not accepted any deposits from the public during the year within the meaning of section 58A of the Companies Act, 1956.


AUDITORS

M/s Amitabh Agarwal & Co., Raipur, the existing auditors of the company would retire at the conclusion of forthcoming annual general meeting and being eligible offer themselves for re-appoitment.


ACKNOWLEDGEMENT

Your Directors wish to place on record their appreciation of the unstinting efforts made by all employees in ensuring excellent all-round operational performance. We also wish to thank our Customers, Vendors, shareholders and Bankers for their continued support.

                                                                                                                                    For and on behalf of the Board

                                                                                                                                               
                                                                                                                                                       Rajkumar Kejriwal
                                                                                                                                                       Managing Director

Place : Raipur
Date  : The 28th day of August 2009
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