డైరెక్టర్ల నివేదిక Kusum Iron & Steel Ltd.

Mar 31, 2014

Dear Shareholders,

The Directors have pleasure in presenting the Twenty Fourth Annual Report together with the Audited Accounts for the year ended 31st March, 2014.

FINANCIAL RESULTS

(Rs. in Lakh)

For the Year For the Year

ended 31-03-14 ended 31-03-13

1. Turnover 144.41 0.54

2. Total Expenditure 129.86 5.05

3. Interest - -

4. Gross Profit/(Loss) 14.55 (4.51)

5. Depreciation 8.03 8.17

6. Provision For Taxation - -

7. Net Profit/(Loss) (4-5-6) 6.52 (12.68)

PRODUCTION

There was no production during the year due to power cut and Labour Problem.

DIVIDEND

Due to non availability of distributable profit, the Directors regret their inability to recommend any dividend in respect of Equity Shares for the year under review.

DIRECTORS

In accordance with the provision of the Companies Act, 1956 and the Company''s Articles of Association, Sri Naresh Kumar Agarwala and Sri Sanjay Kumar Agarwala, Directors of the Company retire by rotation and being eligible, offer themselves for re-appointment.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to Section 217(2AA) of the Companies (Amendment) Act, 2000, the Directors confirm that:

(i) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(ii) the directors had selected such accounting policies and applied them consistently and 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 at the end of the financial year and of the profit or loss of the company for that period;

(iii) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(iv) the directors had prepared the annual accounts on a "going concern basis".

THE CORPORATE GOVERNANCE CODE:

The Company has complied with the conditions of Corporate Governance as stipulated under the Listing Agreement with the Stock Exchanges. A separate section on Corporate Governance along with a certificate from the Auditor''s for the compliance is annexed and forms part of this report.

SUBSIDIARIES:

The Company has no subsidiaries, within the meaning of Section 4 of the Companies Act, 1956.

INFORMATION PURSUANT TO SECTION 217(1)(e) OF THE COMPANIES ACT, 1956:

Information Under Section 217(1)(e) of the Companies Act, 1956, read with the companies (disclosure of particulars in the report of the Board of Directors) Rules, 1988 regarding conservation of energy, technology absorption, foreign exchange earning and outgo is not applicable for your company during the year under review.

AUDITORS

M/s. R.K. BIHANI & ASSOCIATES, Chartered Accountants, Auditors of the Company retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appointed. The company has received a certificate from the Auditor''s that they are qualified under Section 224(1B) of the Companies Act, 1956 to act as the Auditors of the Company, if re-appointed.

PARTICULARS OF EMPLOYEES

None of the employee of the Company is drawing remuneration exceeding the limits specified under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of the Employees) Rules, 1975.

PUBLIC DEPOSIT

The Company has not accepted any deposit(s) within the meaning of Section 58A of the Companies Act, 1956 and the rules made thereof.

FOREIGN EXCHANGE EARNING & OUTGO ACTIVITIES

There is neither inflow nor outflow of Foreign Exchange.

INDUSTRIAL RELATIONS

The factory remained closed through out the year and the Industrial relations continued to be strained.

On 09-05-1997 the Electricity Department disconnected the line. The Electricity Department raised the differential bill from 01-04-1995 to 30-04-1997. The Company has disputed the demand and filed a petition against the above demand to Kolkata High Court. The Honb''le High Court referred the Case to the Chief Electrical Inspector, West Bengal and the Case is under process. The Company has also disputed bill amounting to Rs. 12,83,751/- raised during the Financial Year 1998-99. The Chief Electrical Inspector awarded the same and directed W.B.S.E.B. to issue revised Bill. Subsequently W.B.S.E.D.C.L. has issued revised bill for Rs. 51,96,125/-.

AUDITOR''S REMARK

With reference to the observations made by the Auditors in their report, the directors are to state that the notes submitted by the Board as contemplated under section 217(3) of the Companies Act, 1956; forming part of the Company''s Accounts are self explanatory and therefore do not call for any further clarification.

Registered Office: For and on behalf of the Board "Mitruka House", 42-M.G. Road, Sanjay Kumar Agarwala Siliguri - 734 005 Director

Dated:- The 30th day of May, 2014

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Mar 31, 2013

Dear Shareholders,

The Directors have pleasure in presenting the Twenty Third Annual Report togetherwith the Audited Accounts for the year ended 31st March,2013.

FINANCIAL RESULTS (Rs.in Lakh)

For the Year For the Year ended 31-03-13 ended 31-03-12

1. Turnover 0.54 1.64

2. Total Expenditure 5.05 6.05

3. Interest

4. Gross Profit/(Loss) (4.51) (4.41)

5. Depreciation 8.17 8.17

6. Provision For Taxation

7. Net Profit/(Loss) (4-5-6) (12.68) (12.58)

PRODUCTION

There was no production during the year due to power cut and Labour Problem.

DIVIDEND

Due to non availability of distributable profit, the Directors regret their inability to recommend any dividend in respect of Equity Shares for the year under review.

DIRECTORS

In accordance with the provision of the Companies Act, 1956 and the Company''s Articles of Association, Sri Ashok Kumar Agarwala and Sri Amar Nath Jha, Directors of the Company retire by rotation and being eligible, offer themselves for re-appointment.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to Section 217(2AA) of the Companies (Amendment) Act, 2000, the Directors confirm that:

(i) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(ii) the directors had selected such accounting policies and applied them consistently and 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 at the end of the financial year and of the profit or loss of the company for that period;

(iii) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(iv) the directors had prepared the annual accounts on a "going concern basis".

THE CORPORATE GOVERNANCE CODE :

The Company has complied with the conditions of Corporate Governance as stipulated under the Listing Agreement with the Stock Exchanges. A separate section on Corporate Governance along with a certificate from the Auditor''s for the compliance is annexed and forms part of this report.

SUBSIDIARIES :

The Company has no subsidiaries, within the meaning of Section 4 of the Companies Act, 1956.

INFORMATION PURSUANT TO SECTION 217(1)(e) OF THE COMPANIES ACT.1956 :

Information Under Section 217(1)(e) of the Companies Act, 1956, read with the companies (disclosure of particulars in the report of the Board of Directors) Rules, 1988 regarding conservation of energy, technology absorption, foreign exchange earning and outgo is not applicable for your company during the year under review.

AUDITORS

M/s.R.K.BIHANI & ASSOCIATES, Chartered Accountants, Auditors of the Company retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appointed. The company has received a certificate from the Auditor''s that they are qualified under Section 224(1 B) of the Companies Act, 1956 to act as the Auditors of the Company, if re-appointed.

PARTICULARS OF EMPLOYEES

None of the employee of the Company is drawing remuneration exceeding the limits specified under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of the Employees) Rules, 1975.

PUBLIC DEPOSIT

The Company has not accepted any deposit(s) within the meaning of Section 58A of the Companies Act, 1956 and the rules made thereof.

FOREIGN EXCHANGE EARNING & OUTGO ACTIVITIES

There is neither inflow nor outflow of Foreign Exchange.

INDUSTRIAL RELATIONS

The factory remained closed through out the year and the Industrial relations continued to be strained.

On 09-05-1997 the Electricity Department disconnected the line. The Electricity Department raised the differential bill from 01-04-1995 to 30-04-1997. The Company has disputed the demand and filed a petition against the above demand to Kolkata High Court. The Honb''le High Court referred the Case to the Chief Electrical Inspector, West Bengal and the Case is under process. The Company has also disputed bill amounting to Rs. 12,83,751/- raised during the Financial Year 1998-99. The Chief Electrical Inspector awarded the same and directed W.B.S.E.B. to issue revised Bill. Subsequently W.B.S.E.D.C.L. has issued revised billforRs.51,96,125/-.

AUDITOR''S REMARK

With reference to the observations made by the Auditors in their report, the directors are to state that the notes submitted by the Board as contemplated under section 217(3) of the Companies Act, 1956; forming part of the Company''s Accounts are self explanatory and therefore do not call for any further clarification.

Registered Office:

For and on behalf of the Board

"Mitruka House",

42-M.G. Road, Sd/-

Naresh Kumar Agarwal

Siliguri-734005 Director

Sd/-

Sanjay Agarwal

Director

Dated:- The 06 The day of June.2013

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Mar 31, 2010

The Directors have pleasure in presenting the Twentieth Annual Report together with the Audited Accounts for the year ended 31st March,2010.

FINANCIAL RESULTS (Rs.in Lakh)



For the Year For the Year ended 31-03-10 ended 31-03-09

1. Turnover -- --

2. Total Expenditure 2.45 0.77

3. Interest 4.19 3.81

4. Gross Profit/(Loss) (6.64) (4.58)

5. Depreciation 8.20 8.22

6. Provision For Taxation -- --

7. Net Profit/(Loss) (4-5-6) (14.84) (12.80)



PRODUCTION

There was no production during the year due to power cut and Labour Problem.

DIVIDEND

Due to non availability of distributable profit, the Directors regret their inability to recommend any dividend in respect of Equity Shares for the year under review.

DIRECTORS

In accordance with the provision of the Companies Act, 1956 and the Companys Articles of Association, Sri Shiv Kumar Gupta and Sri Amar Nath Jha, Directors of the Company retire by rotation and being eligible, offer themselves for re-appointment.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 217(2AA) of the Companies (Amendment) Act, 2000, the Directors confirm that:

(i) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(ii) the directors had selected such accounting policies and applied them consistently and 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 at the end of the financial year and of the profit or loss of the company for that period;

(iii) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(iv) the directors had prepared the annual accounts on a "going concern basis".

THE CORPORATE GOVERNANCE CODE :

The Company has complied with the conditions of Corporate Governance as stipulated under the Listing Agreement with the Stock Exchanges. A separate section on Corporate Governance along with a certificate from the Auditors for the compliance is annexed and forms part of this report.

SUBSIDIARIES :

The Company has no subsidiaries, within the meaning of Section 4 of the Companies Act, 1956.

INFORMATION PURSUANT TO SECTION 217(1)(e) OF THE COMPANIES ACT,1956 :

Information Under Section 217(1)(e) of the Companies Act, 1956, read with the companies (disclosure of particulars in the report of the Board of Directors) Rules, 1988 regarding conservation of energy, technology absorption, foreign exchange earning and outgo is not applicable for your company during the year under review.

AUDITORS

M/s.R.K.BIHANI & ASSOCIATES, Chartered Accountants, Auditors of the Company retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appointed. The company has received a certificate from the Auditor’s that they are qualified under Section 224(1B) of the Companies Act, 1956 to act as the Auditors of the Company, if re-appointed.

PARTICULARS OF EMPLOYEES

None of the employee of the Company is drawing remuneration exceeding the limits specified under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of the Employees) Rules, 1975.

PUBLIC DEPOSIT

The Company has not accepted any deposit(s) within the meaning of Section 58A of the Companies Act, 1956 and the rules made thereof.

FOREIGN EXCHANGE EARNING & OUTGO ACTIVITIES

There is neither inflow nor outflow of Foreign Exchange.

INDUSTRIAL RELATIONS

The factory remained closed through out the year and the Industrial relations continued to be strained.

On 09-05-1997 the Electricity Department disconnected the line. The Electricity Department raised the differential bill from 01-04-95 to 30-04-97. The Company has disputed the demand and filed a petition against the above demand to Kolkata High Court. The Honble High Court referred the Case to the Chief Electrical Inspector, West Bengal and the Case is under process. The Company has also disputed bill amounting to Rs.12,83,751/- raised during the Financial Year 1998-99. The Chief Electrical Inspector awarded the same and directed W.B.S.E.B. to issue revised Bill. Subsequently W.B.S.E.B. has issued revised bill for Rs.51,96,125/-.

AUDITORS REMARK

With reference to the observations made by the Auditors in their report, the directors are to state that the notes submitted by the Board as contemplated under section 217(3) of the Companies Act, 1956; forming part of the Companys Accounts are self explanatory and therefore do not call for any further clarification.



Registered Office: For and on behalf of the Board

"Mitruka House",

42-M.G.Road,

Siliguri-734005 S/d. S.K.Agarwala S/d. N.K.Agarwala

Director Director

Dated:- The 24th day of July, 2010