Bombay Stock Exchange · Mr. Rajesh Kumar Jain Non-Executive lndependent Director Mr. Jyotirindra...

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Sixth Annual Report 2009 - 2010 1

GALLANTT ISPAT LIMITED

Sixth Annual Report 2009-2010

BOARD OF DIRECTORS

Mr. Chandra Prakash Agarwal Chairman & Managing DirectorMr. Prem Prakash Agarwal Whole Time Director

Mr. Nitin M Kandoi Whole Time DirectorMr. Rajesh Kumar Jain Non-Executive lndependent Director

Mr. Jyotirindra Nath Dey Non-Executive lndependent DirectorMr. Virendra Kumar Keshari Non-Executive lndependent Director

AuditorsANOOP AGARWAL & CO.

Chartered Accountants

Company SecretaryMr. Nitesh Kumar

Registered Office11, Crooked Lane, Second Floor, Kolkata- 700 069

Telefax : 033-2231 2429 Website : www.gallantt.com

BankersState Bank of India

State Bank of MysoreState Bank of Patiala

HDFC Bank

Registrars & Share Transfer AgentsNiche Technologies Pvt. Ltd.

D-511, Bagree Market, 71, B.R.B. Basu RoadKolkata - 700 001

Phone : 033-223570 / 7271 / 3070 / 2234Fax : 033-22156823

Factory OfficeSector-23, GIDA, Sahjanwa, Gorakhpur - Uttar Pradesh

Audit Committee of the BoardMr. Virendra Kumar Keshari - Chairman

Mr. Rajesh Kumar JainMr. Jyotirindra Nath Dey

Share Transfer and Shareholders/lnvestors’ Grievance Committee of the BoardMr. Rajesh Kumar Jain - Chairman

Mr. Virendra Kumar KeshariMr. Jyotirindra Nath Dey

Remuneration Committee of the BoardMr. Jyotirindra Nath Dey - Chairman

Mr. Virendra Kumar KeshariMr. Rajesh Kumar Jain

2 Sixth Annual Report 2009 - 2010


NoticeNotice is hereby given that the Sixth Annual General Meeting of GALLANTT ISPAT LIMITED will be held on Monday,6th September, 2010 at 10.00 A.M. at the Registered Office of the Company at 11, Crooked Lane, Second Floor,Kolkata - 700 069 to transact the following business :

ORDINARY BUSINESS :

1. To consider and adopt the audited Balance Sheet as on 31st March, 2010, Profit and Loss Account for the year ended on thatdate and the Reports of the Board of Directors and Auditors thereon.

2. To reappoint Mr. Nitin M Kandoi, who retires by rotation and being eligible, offers himself for reappointment.

3. To appoint Auditors and to fix their remuneration and in this regard to consider and if thought fit, to pass, with or withoutmodification(s), the following resolution as an Ordinary Resolution :

“RESOLVED THAT M/s.Anoop Agarwal & Co., Chartered Accountants, be and are hereby appointed as Auditors of theCompany, to hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual GeneralMeeting of the Company on such remuneration as shall be fixed by the Board of Directors of the Company.”

NOTES :

1. A MEMBER ENTITLED TO ATTEND AND VOTE IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEADOF HIMSELF AND THE PROXY NEED NOT BE A MEMBER OF THE COMPANY. The proxies to be effective should bedeposited at the Registered Office of the Company not later than 48 hours before the commencement of the meeting.

2. Corporate Members intending to send their authorised representatives to attend the meeting are requested to send a certifiedcopy of the Board Resolution authorizing their representative to attend and vote on their behalf at the Meeting.

3. Members holding shares in dematerialized form are requested to write their Client ID and DP ID numbers in the AttendanceSlip for attending the Meeting.

Registered Office : By Order of the Board11, Crooked Lane,Second Floor,Kolkata - 700 069 Nitesh KumarDate : 25th July, 2010 Company Secretary



Directors’ Report

To The MembersYour Directors have pleasure in presenting the 6th Annual Report of the Company and the Annual Accounts for theyear ended 31st March, 2010.

WORKING RESULTS (Rs. in Lacs)

Financial Results 2010 2009Income from Operation 12245.61 310.56Other Income 301.50 2.37Profit before Interest, Depreciation and Tax 591.39 30.33Less : Interest 200.84 0.00Profit before Depreciation & Tax 390.55 30.33Less : Depreciation 383.36 6.35Profit before Tax 7.19 23.97Provision for Tax- Current 1.11 2.46- Deferred 455.56 31.88- Fringe Benefit tax – 2.16- Earlier year 0.09 0.07Profit after Tax (449.57) (12.60)

2. PERFORMANCE REVIEW

During the year your Company has reported a turnover of 12245.61 Lacs. Profit before Interest, Depreciation and Tax stoodat Rs. 591.39 Lacs and Profit before Depreciation and Tax remains at Rs. 390.55 Lacs. This is the second year of operation.Company had started its commercial operation from March, 2009 when it operated for few days only. During the FinancialYear 2009-1 0 Company has operated throughout the year and reported a satisfactory performance. Company’s Sponge IronUnit (DRI) and Captive Power Plant (CPP) unit has not started functioning and are under implementation status. Afterfunctioning of these units Company will be benefited of fully integration. During the current financial year, your Company tookvarious trategic initiatives to improve its volumes and profitability.

3. DIVIDEND

In view of unavailability of profit Directors are unable to recommend any dividend.

4. DIRECTORS’ RESPOSlBILITY STATEMENT

In compliance with Section 217(2AA) of the Companies Act, 1956, as amended by the Companies (Amendment) Act, 2000your Directors state that :

A. The Applicable Accounting Standards have been followed in the preparation of Annual Accounts.

B. That the accounting policies have been selected and applied consistently and the judgments and estimates made arereasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on 31st March, 2010.

C. That proper and sufficient care has been taken for maintenance of adequate accounting records in accordance with theprovisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detectingfraud and other irregularities.

D. That the Annual Accounts have been prepared on a going concern basis.

5. INITIAL PUBLIC OFFER OF 81,00,000 EQUITY SHARES :

The Company is coming out with Initial Public Offer of 81,00,000 Equity Shares of Rs. 10/- each at a Premium of Rs. 40/- perEquity Share. Draft Prospectus has already been filed with the Securities and Exchange Board of lndia (SEBI) for theirapproval. Further, the Company has obtained In-principle Approval from Bombay Stock Exchange Limited and NationalStock Exchange of lndia Limited for listing of the Equity Shares with them.



6. FIXED DEPOSITS

Your Company has not accepted any deposit within the meaning of Section 58A of the Companies Act, 1956 and rules madethereunder

7. PARTICULARS OF EMPLOYEES

No employee of the Company is covered under section 217 (2A) of the Companies Act, 1956 read with Companies (Particularsof Employees) Rules, 1975, as amended.

8. AUDITORS & AUDITORS’ REPORT

M/s. Anoop Agarwal & Co., Chartered Accountants, statutory auditors of the Company hold office until the conclusion of theensuing Annual General Meeting and being eligible offer themselves for re-appointment. The Company has received acertificate from them that their reappointment, if made, would be within the limits laid down under Section 224 (1B) of theCompanies Act, 1956.

The notes on accounts referred to the Auditors’ Report are self-explanatory and therefore, do not call for any further explanation.

9. PARTICULARS RELATING TO CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION FOREIGN EXCHANGEEARNING AND OUTGO

The particulars as prescribed under sub-section 1 (e) of Section 217 of the Act, read with Rule 2 of the Companies (Disclosureof Particulars in the Report of the Board of Directors) Rules, 1988, is annexed hereto and form part of the report.

10. PERSONNEL, INDUSTRIAL RELATIONS AND MARKETING

The industrial relations continued to be cordial. The Directors wish to place on record their appreciation for the contributionof the workers and officers of the Company at all levels.

11. DIRECTORS

At the meeting held on 10th October, 2009 Mr. Virendra Kumar Keshari, Mr. Jyotirindra Nath Dey and Mr. Rajesh Kumar Jainwere appointed as Additional Directors of the Company. At the Extra-ordinary General Meeting of the Company held on 8thDecember, 2010 these Additional Directors were appointed as a regular Director pursuant to the Section 257 of the CompaniesAct, 1956.

During the year Mr. Chandra Prakash Agarwal and Mr. Prem Prakash Agarwal were reappointed as a Managing and Whole-time Directors of the Company respectively.

12. ACKNOWLEDGEMENT

Your Directors wish to place on record their sincere thanks to the Shareholders, Customers, Suppliers, Bankers, CentralGovernment and the State Government agencies who, through their continued support and co-operation, have helped, aspartners, in your Company’s progress.

On behalf of the Board

Place : Gorakhpur Chandra Prakash AgrawalDate : 25th July, 2010 Chairman



CONSERVATION OF ENERGY

(a) Energy Conservation Measures Taken

Energy conservation continued to be an area of priority. Your Company accords highest priority for conservation ofenergy and necessary measures for optimizing energy consumption have been taken i.e., close and vigorously monitoringof various plants and equipments, adopting new and latest technology etc.

(b) Additional investments and proposals, if any, being implemented for reduction of consumption of energy - Nil

(c) In respect of measures at (a) and (b) above for reduction of energy consumption and consequent impact on the cost ofproduction of goods- This has resulted in cost savings for the Company.

(d) Total energy consumption and energy consumption per unit of production as per Form “A” of the Annexure in respect ofindustries specified in the Schedule thereto :

FORM – ADisclosure of Particulars with respect to conservation of energy

A. Power & Fuel Consumption 2009-10 2008-091. Electricity

(a) PurchasedTotal Unit (in Lacs) 408.83 NilAmount (Rs. in Lacs) 1520.46 —Rate Per Unit (Rs.) 3.72 —

(b) Own GenerationTotal Units (in Lacs) Nil NilAmount (Rs. in Lacs) Nil NilRate per Unit (Rs.) Nil Nil

2. CoalQuantity (M.T.) 1697.308 NilTotal Cost (Rs. in Lacs) 65.90 NilAverage Rate (Rs. per M.T.) 3882.38 Nil

3. Furnace OilQuantity (K. Ltrs.) 1195.660 NilTotal Cost (Rs. in Lacs) 302.93 NilAverage Rate (Rs. / K. Ltrs.) 25335.60 Nil

FORM – BDisclosure of Particulars with respect to technology absorption

RESEARCH & DEVELOPMENT (R&D)

Specific areas in which R & D carried out by the Company

No Research & Development work has been carried out by the Company.

TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION

1. Efforts, in brief, made towards technology absorption, adaptation etc.

Ø Absorbing and adapting latest technology in maintenance system.Ø Technical Interaction with expert.Ø Continuous efforts are being made towards improvements in existing production process.

Annexure to Directors’ ReportInformation pursuant to Section 217(1)(e) of the Companies Act, 1956



2. Benefits derived as a result of the above efforts

Ø Improvement in quality of products.Ø Cost reduction.Ø Improvement in the existing process and productivity.Ø Knowledge of updated technology.

FOREIGN EXCHANGE EARNINGS AND OUTGO

1. Activities relating to export, initiative taken to increase exports, development of new export markets for products and exportplans. - Nil

2. Total foreign exchange used and earned. (Rs. in Lacs)

2009-2010 2008-2009

CIF Value of imports 2.69 6.12

Expenditure in foreign currency Nil Nil

Earning in foreign currency Nil Nil



Auditors’ ReportTo the Shareholders1. We have audited the attached Balance Sheet of

GALLANTT ISPAT LIMITED as at 31st March, 2010 theProfit & Loss Account and also the Cash Flow Statementfor the year ended on that date, annexed thereto. Thesefinancial statements are the responsibility of the Company’sManagement. Our responsibility is to express an opinionon these financial statements based on our audit.

2. We conducted our audit in accordance with auditingstandards generally accepted in India. Those standardsrequire that we plan and perform the audit to obtainreasonable assurance about whether the financialstatements are free from material misstatement. An auditalso includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financialstatements. An audit also includes assessing theaccounting principles used and significant estimates madeby management, as well as evaluating the overall financialstatement presentation. We believe that our audit providesa reasonable basis for our opinion.

3. As required by the Companies (Auditor’s Report) Order,2003 issued by the Central Government of India in ternsof section 227(4A) of the Companies Act, 1956, we annexhereto a statement on the matters specified in paragraphs4 and 5 of the said order.

4. Further to our comment in the annexure referred to inParagraph 3 above, we report that :-

a) We have obtained all the information and explanationswhich to the best of our knowledge and belief werenecessary for my audit.

b) In our opinion, proper books of account as requiredby law have been kept by the Company, so far asappears from our examination of the books.

c) The Balance Sheet, Profit and Loss account and CashFlow Statement dealt with by this report are inagreement with the books of Accounts.

d) In our opinion, the Balance Sheet, Profit and Lossaccount and the Cash Flow Statement dealt by thisreport comply with the accounting standards referredto in sub-section (3C) of Section 211 of the CompaniesAct, 1956.

e) On the basis of written representations received fromdirectors and taken on record by the Board ofDirectors, we report that none of the director isdisqualified from being appointed as a director underclause (g) of sub-section (1) of Section 274 of theCompanies Act, 1956 as on 31st March, 2010.

f. In our opinion and to the best of our knowledge andaccording to the explanation given to us, the saidaccounts read together with notes thereon give the

information required by the Companies Act, 1956 inthe manner as required, and give a true and fair viewin conformity with the accounting principles generallyaccepted in India :

i) In case of the Balance Sheet, of the state ofaffairs of the Company as at 31st March, 2010.

ii) In the case of Profit & Loss Account, of the Profitof the Company for the year ended on that date.

iii) In the case of the Cash Flow Statement, of theCash Flows for the year ended on that date.

For Anoop Agarwal & Co.Chartered Accountants

Manish KhandelwalPartner

Place : Gorakhpur Membership No. 057846Date : 25th July, 2010 Firm Reg. No. 324666E

ANNEXURE TO THE AUDITOR’S REPORT(Referred to in paragraph 3 of our report of even date)

i) a) The Company has maintained proper records showingfull particulars, including quantitative details andsituation of fixed assets.

b) Fixed assets have been physically verified by theManagement. According to the information andexplanation given to us, no material discrepancieswere noticed on such verification.

c) No fixed assets have been disposed during the year.

ii) a) The inventory has been physically verified during theyear by the Management. In our opinion, thefrequency of verification is reasonable.

b) The procedures of physical verification of inventoriesfollowed by the management are reasonable andadequate in relation to the size of the company andthe nature of its business.

c) The Company has maintained proper records of itsinventories. No material discrepancies were noticedon physical verification.

iii) a) The Company had taken loan from other companycovered in the register maintained under section 301of the Companies Act, 1956. The number of such partyis one and the maximum amount involved during theyear was Rs.3466.00 Lacs and year end balance isRs.3466.00 lacs. The company has granted loans,secured or unsecured to Companies, firms or otherparties, covered in the register maintained undersection 301 of the Act. The number of such party istwo and the maximum amount involved during theyear was Rs.2761.35 Lacs and year end balance isRs 1.90 lacs.

b) In our opinion, the rate of interest and other termsand conditions on which loan has been taken andgranted from company listed in the register maintained



under section 301 of the Companies Act, 1956 arenot, prima facie prejudicial to the interest of thecompany.

c) The company is regular in repaying the principalamount and interest as stipulated and no amount isoverdue.

iv) In our opinion and according to the information andexplanations given to us, there is adequate internal controlsystem commensurate with the size of the Company andnature of its business, for the purchase of inventories, fixedasset and for the sale of goods and services. During thecourse of our audit, we have not observed any majorweakness in internal control system.

v) According to the information and explanation provided bythe management, the transactions that need to be enteredinto the register maintained U/S 301 of the CompaniesAct, 1956 have been so entered. The transaction exceedingthe value of rupees five lakhs in respect of each party havebeen entered during the year, whose market price at therelevant time of the transaction is not available before usto enable us to comment on the reasonability of the marketprices at the relevant time.

vi) The Company has not accepted any deposit from the publicas stipulated under the Provisions of section 58A and 58AAof the Companies Act, 1956.

vii) The Company has an internal audit system which, in ouropinion, is commensurate with the size and nature of itsbusiness.

viii) The Central Government has prescribed the maintenanceof cost records under section 209(l)(d) of the CompaniesAct, 1956.

ix) a) In our opinion and according to the information andexplanations given to us, Company is generally beenregular in depositing with appropriate authoritiesundisputed statutory dues, as required under thisclause and applicable to the Company during the year.

b) According to the information and explanations givento us, there is no undisputed amount payable inrespect of statutory dues, outstanding for more thansix months from the date they become payable as on31st March, 2010.

c) According to the information and explanations givento us, there are no statutory dues that have not beendeposited with the appropriate authorities on accountof any dispute.

x) The Company have accumulated losses of Rs.462.18 lacsat the end of the financial year but has not incurred anycash losses during the financial year covered by our audit.

xi) Based on our audit procedure and on the basis ofinformation and explanations given by the management,the Company has not defaulted in repayment of dues tofinancial institutions or banks.

xii) According to the information and explanations given to us,the Company has not granted any loans and advances onthe basis of security by way of pledge of shares, debenturesand other securities.

xiii) The Company is not a chit fund or nidhi/mutual benefitfund/society, therefore clause 4(xiii) of the order is notapplicable to the Company.

xiv) In our opinion, the Company is not dealing in or trading inshares, securities, debentures, other investments andcontracts.

xv) According to the information and explanations given to us,the company has not given any guarantee for loans takenby others from banks or financial institutions.

xvi) To the best of our knowledge and belief and according tothe information and explanations given to us, term loanswere applied for the purpose for which these were obtained.

xvii) According to the information and explanations given to usand on an overall examination of the Balance Sheet of theCompany, no funds raised on short term basis have beenused for long term investment.

xviii) The Company has not made any preferential allotment ofshares during the year.

xix) The Company has not issued any debentures during theyear.

xx) During the year the Company has not raised any moneyby way of public issue. Hence clause (xx) of Para 4 of theorder is not applicable.

xxi) In our opinion and according to information andexplanations given to us, no fraud on or by the Companyhas been noticed or reported during the course of our audit.

For Anoop Agarwal & Co.Chartered Accountants

Manish KhandelwalPartner

Place : Gorakhpur Membership No. 057846Date : 25th July, 2010



As at As atSchedule 31st March, 2010 31st March, 2009

A. SOURCE OF FUNDSSHAREHOLDERS’ FUNDSShare Capital A 186,662,970.00 186,662,970.00Reserve & Surplus B 782,958,694.62 827,916,227.49Advance against Equity 70,000,000.00 70,000,000.00

1,039,621,664.62 1,084,579,197.49LOAN FUNDSSecured Loans C 505,216,126.00 154,855,933.94Unsecured Loan D 346,600,589.00 —

851,816,715.00 154,855,933.94

Deferred Tax Liability 48,743,893.00 3,187,668.00

1,940,182,272.62 1,242,622,799.43B. APPLICATION OF FUNDS

FIXED ASSETSGross Block E 1,314,197,052.44 224,901,363,94Less : Accumulated Depreciation 44,951,957.00 3,714,834.00 Adjustment of Subsidy Etc. 290,017,315.85

Net Block 979,227,779.59 221,186,529.94Capital work-in-progress 444,551,129.54 1,003,995,427.32

1,423,778,909.13 1,225,181,957.26

INVESTMENT F 7,100,000.00 7,100,000.00CURRENT ASSETS, LOANS & ADVANCESInventories G 98,280,052.55 5,413,479.00Sundry Debtors H 48,404,215.22 12,194,380.00Cash & Bank Balance I 6,680,753.76 5,223,426.69Loan and Advances J 404,772,717.01 10,602,780.01

558,137,738.54 33,434,065.70

Less : Current Liabilities & Provisions K

Current Liabilities 52,766,898.80 24,602,083.53Provisions 111,100.00 462,575.00

52,877,998.80 25,064,658.53

NET CURRENT ASSETS 505,259,739.74 8,369,407.17MISCELLANEOUS EXPENDITURE L 4,043,623.75 1,971,435.00(To the extent not written off or adjusted)

1,940,182,272.62 1,242,622,799.43Significant Accounting Policies and Notes on Accounts

Balance Sheet As at 31st March, 2010

As per our Report of even date

For Anoop Agarwal & Co.Chartered AccountantsMANISH KHANDELWALPartner CHANDRA PRAKASH AGARWAL Chairman & Managing DirectorMembership No. : 057846 PREM PRAKASH AGARWAL Wholetime DirectorGorakhpur, July 25th, 2010 NITESH KUMAR Company Secretary

(Amount in Rs.)



(Amount in Rs.)For the year ended For the year ended

Schedule 31st March, 2010 31st March, 20091. INCOME

Sales M 1,224,560,507.37 31,056,544.00Other Income N 30,149,533.72 237,262.00Increase/(Decrease) in Stock O 75,685,531.82 1,157,771.00

1,330,395,572.91 32,451,577.00

2. EXPENDITURERaw Material Consumed & Other Manufacturing Exp. P 1,256,486,469.07 28,523,681.00Employee Cost Q 6,126,498.00 131,996.00Administrative & Other Expenses R 28,727,840.71 763,338.05Depreciation 38,335,673.00 635,203.00

Total Expenditure 1,329,676,480.78 30,054,218.05

3. PROFIT BEFORE TAX 719,092.13 2,397,358.95Less : Provision for TaxIncome Tax 111,100.00 246,191.00Fringe benefit Tax — 216,384.00Deferred Tax 45,556,225.00 3,187,668.00

(44,948,232.87) (1,252,884.05)Less : Expenses related to earlier year 9,300.00 7,161.00

4. Profit After Tax (44,957,532.87) (1,260,045.05)Balance brought forward from Last year — —

(44,957,532.87) (1,260,045.05)5. Earning Per Share (EPS)

Basic & Diluted EPS (in Rs.) (2.41) (0.10)Significant Accounting Policies and Notes on Accounts S

Profit & Loss Account For the year ended 31st March, 2010





(Amount in Rs.)As at As at

31st March, 2010 31st March, 2009CASH FLOW FROM OPERATING ACTIVITIESNet Profit before Tax 719,092.13 2,397,358.95Adjustment for :Depreciation 38,335,673.00 635,203.00Interest Received — (219,061.00)Profit on Sale of Investments — (11,858.00)Expenses relating to earlier years (9,300.00) (7,161.00)Cash Flow from Operating Activities before WorkingCapital changes 39,045,465.13 2,794,481.95Less Income Tax paid 462,575.00 95,415.00

Net Cash Flow from operating Activity 38,582,890.13 2,699,066.95

Adjustment for :Inventory (92,866,573.55) (5,413,479.00)Sundry Debtors (36,209,835.22) (12,194,380.00)Loans & Advances (394,169,937.00) 60,504,346.75Current Liabilities 28,164,815.27 15,831,497.28

Cash Flow from Operating Activities (456,498,640.37) 61,427,051.98

CASH FLOW FROM INVESTING ACTIVITIESIncrease in Fixed Assets & Capital WIP (236,932,624.87) (816,142,452.75)Increase in Misc. Expenditure (2,072,188.75) (850,000.00)Interest Received — 219,061.00Profit on Sale of Investment — 11,858.00

Net Cash Flow from Investing Activities (239,004,813.62) (816,761,533.75)

CASH FLOW FROM FINANCING ACTIVITIESIncrease in shareholders fund on amalgamation — 549,792,242.54Increase/Decrease in advance against equity — (9,500,000.00)Increase in Un-secured Loan 346,600,589.00 —Increase in Secured Loan 350,360,192.06 154,855,933.94

Net Cash Flow from Financing Activities 696,960,781.06 695,148,176.48

Net Change in Cash & Cash Equivalent 1,457,327.07 (60,186,305.29)Opening Balance of Cash & Cash Equivalent 5,223,426.69 65,409,731.98

Closing Balance of Cash & Cash Equivalent 6,680,753.76 5,223,426.69

Cash Flow Statement For the year ended 31st March, 2010





(Amount in Rs.)

As at As at31st March, 2010 31st March, 2009

SCHEDULE “A” SHARE CAPITALAUTHORISED2,80,00,000 (Previous year - 2,20,00,000) 280,000,000.00 220,000,000.00Equity Shares of Rs.10 each

ISSUED, SUBSCRIBED AND PAID UP18666297 (Previous year - 18216297) 186,662,970.00 182,162,970.00Equity shares of Rs. 10 each fully paid up in cash

Of the above 15039632 Equity Shares (Net) were issuedas fully paid up for acquiring the General InvestmentDivision of M/S Gallant Udyog Limited and 450000 equity shareswere issued as fully paid up to the share holders of amalgamated being receivedcompanies pursuant to an sceme of arrangement without payment in Cash.

SHARE CAPITAL SUSPENSE — 4,500,000.00Nil Equity Shares (Previous Year 450000) of Rs. 10/-each to be issued as fully paid up pursuant to an scheme ofarrangement without payment being received in Cash,subject to approval of Hon’ble High Court, Kolkata

Total issued, subscribed and paid up Share Capital including

Share Capital Suspense 186,662,970.00 186,662,970.00

SCHEDULE “B” RESERVE & SURPLUSSecurity Premium A/cAs at last Balance Sheet 829,176,272.54 393,484,030.00Add: Addition during the year — 829,176,272.54 435,692,242.54 829,176,272.54(Addition in security premium is created throughamalgamation, being excess of the value of thenet assets of amalgamated companies over thepaid up value of the shares pursuent to schemeof amalgamation)

Reserve & SurplusAs at last Balance Sheet (1,260,045.05) —Add : Addition during the year (44,957,532.87) (46,217,577.92) (1,260,045.05) (1,260,045.05)

782,958,694.62 827,916,227.49

SCHEDULE “C” SECURED LOANSTerm Loans from banks 505,216,126.00 151,580,983.00Overdraft facilities from bank — 3,274,950.94(Refer point No. 2.2 and 2.3 of the Notes on Accounts)

505,216,126.00 154,855,933.94

SCHEDULE “D” UNSECURED LOANSGallantt Metal Ltd. Kutch 346,600,589.00 —

346,600,589.00 —

Schedules to Accounts




SCHEDULE “E” FIXED ASSETS

G R O S S B L O C K D E P R E C I A T I O N N E T B L O C KDESCRIPTION Balance Additions Adjustment Total As on During the Sales/Adj Total WDV WDV

as on during the of subsidy as on 1.4.2009 period during the as on as at as at1.4.2009 period Etc. 31.03.2010 period 31.03.2010 31.03.2010 31.03.2009

Land 44,029,432.00 118,480,970.00 30,024,055.78 132,486,346.22 – – – – 132,486,346.22 44,029,432.00Computer 1,153,177.00 1,534,155.00 506,788.87 2,180,543.13 129,918.00 389,092.00 – 519,010.00 1,661,533.13 1,023,259.00Motor Car 6,030,019.74 4,739,882.00 1,989,756.51 8,780,145.23 1,220,176.00 866,243.00 – 2,086,419.00 6,693,726.23 4,809,843.74Two Wheeler 225,136.00 77,166.00 55,850.78 246,451.22 33,355.00 26,874.00 – 60,229.00 186,222.22 191,781.00Vehicle 8,919,661.00 457,582.00 1,732,460.59 7,644,782.41 1,758,150.00 923,967.00 – 2,682,117.00 4,962,665.41 7,161,511.00CommercialOffice 451,227.75 1,113,321.00 319,159.88 1,245,388.87 14,948.00 56,343.00 – 71,291.00 1,174,097.87 436,279.75EquipmentFurniture & – 510,574.75 94,329.50 416,245.25 – 14,222.00 – 14,222.00 402,023.25 –FixtureFactory Building 76,113,841.18 30,694.00 14,067,824.23 62,076,710.95 215,913.00 2,521,945.00 – 2,737,858.00 59,338,852.95 75,897,928.18(Flour Mill)Plant & 87,978,869.27 21,681,912.82 20,260,004.27 89,400,777.82 342,374.00 5,001,507.00 – 5,343,881.00 84,056,896.82 87,636,495.27Machinery (Flour Mill)Plant & Machinery – 239,907,456.02 61,162,000.71 178,745,455.31 – 8,454,021.00 – 8,454,021.00 170,291,434.31 –(Rolling Mill)Plant & Machinery – 275,354,069.54 77,763,466.21 197,590,603.33 – 9,775,165.00 – 9,775,165.00 187,815,438.33 –(SMS)Electrical Installation – 73,757,048.44 16,045,108.25 57,711,940.19 – 4,174,426.00 – 4,174,426.00 53,537,514.19 –Factory – 96,775,307.00 17,879,392.21 78,895,914.79 – 2,700,959.00 – 2,700,959.00 76,194,955.79 –Building(Rolling Mill)Factory Building (SMS) – 143,008,641.00 26,421,074.35 116,587,566.65 – 3,991,254.00 – 3,991,254.00 112,596,312.65 –Factory – 25,554,805.00 4,721,290.95 20,833,514.05 – 713,224.00 – 713,224.00 20,120,290.05 –Building(Common)Misc Assets – 23,709,513.93 5,408,824.49 18,300,689.44 – 775,199.00 – 775,199.00 17,525,490.44 –Non Factory Building – 62,602,590.00 11,565,928.28 51,036,661.72 – 852,682.00 – 852,682.00 50,183,979.72 –Total 224,901,363.94 1,089,295,688.50 290,017,315.85 1,024,179,736.59 3,714,834.00 41,237,123.00 – 44,951,957.00 979,227,779.59 221,186,529.94

(Amount in Rs.)


SCHEDULE “F” INVESTMENTS

Long Term (Quoted)Gallantt Metal Limited (at cost) 7,100,000.00 7,100,000.003510000 Equity Shares Face Value of Rs. 10/- each

7,100,000.00 7,100,000.00

Market Value of quoted investment 93,541,500.00 36,328,500.00

Amount in Rs.



Schedules to Accounts(Amount in Rs.)


SCHEDULE “G” INVENTORIES(As valued & certified by the management)

Raw Material 18,707,822.20 2,283,097.00Finished Stock 76,843,302.82 1,157,771.00Stores Items 2,728,927.53 1,972,611.00

98,280,052.55 5,413,479.00

SCHEDULE “H” SUNDRY DEBTORS(Unsecured considered Good)

Exceeding six months — —

Others 48,404,215.22 12,194,380.00

48,404,215.22 12,194,380.00

SCHEDULE “I” CASH & BANK BALANCESCash Balance in Hand 4,052,976.34 2,928,770.82(As Certified by the Management)With Schedule Banks:- In Current Account 283,383.42 328,708.87- In Fixed Deposit 2,344,394.00 1,965,947.00

6,680,753.76 5,223,426.69

SCHEDULE “J” LOANS & ADVANCESAdvances to Others 161,625,320.25 9,430,581.25PICUP 242,800,000.00 —Tax Deducted at Source 241,296.76 393,598.76Security Deposits 106,100.00 778,600.00

404,772,717.01 10,602,780.01

SCHEDULE “K” CURRENT LIABILITIES & PROVISIONSCURRENT LIABILITIESCreditors 37,921,860.52 21,541,462.16Bank Balance Overdrawn - 967,296.37Other Liabilities 14,845,038.28 2,093,325.00

52,766,898.80 24,602,083.53

ProvisionsFor Income Tax 111,100.00 246,191.00For Fringe Benefit Tax - 216,384.00

111,100.00 462,575.00Total 52,877,998.80 25,064,658.53



(Amount in Rs.)


SCHEDULE “L” MISCELLANEOUS EXPENDITUREPreliminery Expenses 1,059,148.00 1,221,435.00Public Issue Expenses 2,984,475.75 750,000.00

4,043,623.75 1,971,435.00

SCHEDULE “M” SALESAtta 7,741,483.00 277,825.00Maida 442,293,884.00 22,077,560.00Suji 81,274,687.00 1,680,373.00Chokar 114,910,101.00 7,020,786.00M. S. Bars 581,543,683.94 –Miss Rolled Bars 4,929,874.78 –Less : Cash Discount 6,898,777.35 –Claims on Sales 1,234,429.00 –

1,224,560,507.37 31,056,544.00

SCHEDULE “N” OTHER INCOMEInsurance on Sale 141,798.00 6,343.00Interest Recd from Other – 219,061.00Miscellaneous Income 30,007,735.72 –Profit (Loss) on Sale of Investment – 11,858.00

30,149,533.72 237,262.00

SCHEDULE “O” INCREASE (DECREASE) IN STOCK

Closing Stock- Stock in Trade 76,843,302.82 1,157,771.00Opening stock- Stock in Trade 1,157,771.00 –

75,685,531.82 1,157,771.00

SCHEDULE “P” RAW MATERIAL CONSUMED & OTHER MANUFACTURING EXPWheat 524,372,752.00 27,083,009.00Raw Material & Consumables in Steel 553,921,202.70 –Packing Material 8,843,748.39 335,163.00Power & Fuel 152,046,211.00 1,105,509.00Other Manufacturing Expenses 17,302,554.98 –

1,256,486,469.01 28,523,681.00

SCHEDULE “Q” EMPLOYEE COST

Salaries, Wages & Bonus 5,922,888.00 118,636.00Provision/Contribution to PF & Other Funds 203,610.00 12,011.00Staff Welfare – 1,349.00

6,126,498.00 131,996.00




(Amount in Rs.)


SCHEDULE “R” ADMINISTRATIVE & OTHER EXPENSES

Selling & Distribution Expenses 2,703,926.50 76,374.00Cash Discount – 78,779.00Directors Remuneration 497,637.00 25,000.00Repairs & Maintenance – –Others 137,107.00 76,966.00Freight & Handling – 17,370.00Bank Commission & Financial Charges 28,207.04 7,466.00Interest 20,056,259.75 –Auditor’s Remuneration 138,757.00 5,208.00Certification Charges 73,449.00 –Insurance Expenses 830,018.42 –Legal & Professional Expenses 310,125.00 75,000.00ROC Expenses 33,500.00 –Misc. Expenses 132,591.00 13,800.05Office Expenses 107,498.00 3,949.00Postage Expenses 80,424.00 5,980.00Power & Fuel 71,330.00 –Printing& Stationery 93,577.00 6,330.00Rates & Taxes 172,307.00 –Repair & Maintanance (Motor Car) 895,180.00 –Tax on Cash Withdrawal 2,653.00 23,525.00Telephone Expenses 667,918.00 68,358.00Travelling & Conveyance 1,430,589.00 279,233.00Preliminary Expenses Written Off 264,787.00 –

28,727,840.71 763,338.05




Schedules to AccountsSCHEDULE FORMING PART OF THE ACCOUNTS AS ON 31ST MARCH 2010Schedule ‘ S ’- Significant Accounting Policies and Notes to AccountsSignificant Accounting Policies

A. Basis of Preparation of Financial Statement :

a) The financial statements have been prepared in compliance with all material aspects of the mandatory AccountingStandards issued by the Institute of Chartered Accountants of India (ICAI) and relevant provision of the Companies Act,1956 and in accordance with the generally accepted accounting principles in India.

b) The financial statements are based on historical cost and are prepared on accrual basis.

B. Revenue Recognition :

a) Sale of goods is recognized when they are invoiced to customers and are net of excise duty, Sales Tax.

b) Insurance, duty drawback and other claims are accounted for on receipt basis or as acknowledged by the appropriateauthorities.

C. Fixed Assets :

a) Fixed Assets are stated at their original cost of acquisition/installation less accumulated depreciation and net off subsidiesduties and taxes. The cost of assets comprises of purchase price and directly attributable cost of bringing the assets toworking condition for its intended use.

b) Capital work in progress : All expenses incurred for acquiring, erecting and commissioning of the fixed assets includinginterest on loan utilized for meeting capital expenditure are shown under capital work in progress. The advance givenfor acquiring fixed assets is also shown along with capital work in progress.

D. Depreciation :

Depreciation on fixed assets has been provided on straight line method (SLM) at the rates and manner prescribed underSchedule XIV to the Companies Act, 1956 of India.

E. Preliminary Expenses :

Preliminary expenses are amortized over a period of 5 years from the date of commencement of commercial operation.

F. Investments :

a) Long Term lnvestments are carried at cost after deducting provision, if any, for diminution in value considered to beother than temporary in nature.

b) Current lnvestments are stated at lower of cost and fair value

G. Impairment :

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value being higher of value in useand net selling price. An impairment loss is recognized as an expense in the Profit and Loss Account in the year in which anasset is impaired.

The impairment loss recognized in prior accounting period is reversed if there has been an improvement in recoverableamount.

H. Earning per share :

Basic and Diluted Earnings per shares are calculated by dividing the net profit attributable to the ordinary shareholders bythe weighted average number of ordinary shares outstanding during the year.

I. Borrowing Cost :

Borrowing Costs that are directly attributable to the acquisition or construction of Qualifying Assets are capitalized as part ofcost of such assets. Other Borrowing Costs are charged as expense in the year in which these are incurred.



J. Valuation of Inventories :

a) Raw materials, Stores & Spares and packing material are valued at cost. Costs of Inventories are ascertained on FIFObasis.

b) Work-in-progress is valued at cost which includes cost of inputs and other overheads upto the stage of completion.

c) Finished Goods are valued at lower of cost and net realizable value.

K. Excise Duty, Sales Tax & Custom Duty :

i) The CENVAT credit available on purchase of raw materials and other eligible inputs is adjusted against excise dutypayable on clearance of goods produced. The unadjusted CENVAT credit is shown under the head “Loans and Advances”.

ii) The company is eligible for interest free loan from State Government of Uttar Pradesh of the equivalent amount of theVAT liability paid for 15 years which shall be repayable after 15 years.

L. Taxation :

(a) Provision for current income tax is determined on the basis of the amount of tax payable on taxable Income for the year.

(b) In accordance with Accounting Standard 22 on “Accounting for Taxes on Income” issued by the Institute of CharteredAccountants of India, deferred tax liabilities and assets are recognized at substantively enacted tax rate, subject to theconsideration of prudence, on timing difference, being the difference between the taxable income and accountingincome that originate in one period and are capable of reversal in one or more subsequent periods. At each balancesheet date the Company re-assesses unrecognized deferred tax assets.

M. Foreign Currency Transaction :

(a) Transactions in foreign currency are recorded at the rate of exchange prevailing on the date of transaction. Year endbalance of foreign currency transaction is translated at the year end rates. Exchange differences arising on settlementconversion of monetary items are recognized as income or expense in the year in which they arise except in caseswhere they relate to acquisition of fixed assets in which case they are adjusted to the carrying cost of such assets.

N. Employee Benefits :

The company contributes to the employee’s provident fund maintained under the Employees Provident Fund Scheme of theCentral Government and the same is charged to the Profit & Loss Account. Provision for gratuity is made on the basis ofactuarial valuation at the year end in conformity with the Accounting Standard - 15.

O. Prior Period Items :

Prior period items,if any, are included in respective heads of accounts and material items are disclosed by way of notes onaccounts.

P. Contingent Liabilities :

Contingent Liabilities are determined on the basis of available information and which are not provided for is disclosed by wayof notes to the Accounts.

NOTES ON ACCOUNTS1. Contingent Liabilities

a) Contingent Liabilities not provided for in respect of (Rs. in lacs)

Description 2009-2010 2008-2009

i) Guarantees given by the bank on behalf of the Company 174.91 164.91

ii) Claims not acknowledged as debts (Amount paid to 11.14 4.18Commercial Tax Department, UP)

b. Estimated amount of contracts remaining to be executed on capital account is Rs. 12002.55 lacs




2. Secured Loan of the Company consists the following :(Rs. in lacs)

Description 2009-2010 2008-2009

Term Loan 5,052.16 1,515.81

Overdraft Facility — 32.75

Total Secured Loan 5,052.16 1,548.56

2.1. (a) Primary Securitiesi) Term Loans

(a) First Pari pasu charge over all the borrower’s fixed assets (Present & Future).(b) Second Pari pasu charge over all the borrowers’ current assets including Debtors, Stock etc.

ii) Corpoarte & Personal GuaranteePersonal Guarantee of the Sri C. P. Agarwal, Sri Prem Prakash Agarwal and Sri Nitin M. Kandoi.

3. Managerial Remuneration paid/payable to Directors (Rs. in lacs)

Description 2009-2010 2008-2009

Managing Director

Remuneration 3.00 —

Whole-time Director/Director

Remuneration 4.43 6.00

4. Payment to Auditors (Including Service Tax, wherever applicable)

Particulars As at 31.03.2010 As at 31.03.2009

Statutory Auditors

i) Audit Fees 1.00 0.99

ii) For certification works 0.60 —

iii) For Tax & VAT Audit 0.35 0.11

Total 1.95 1.10

5. Segment Reportinga) Primary Segment (By Business Segment)

The Company is engaged in the business of production of Iron, Steel & Wheat Products. The Company has tworeportable business segments i.e. Steel and Agro which have been identified in line with the Accounting Standard-17on “Segment Reporting”. Information about Primary Segment is as follows :

(Rs. in Lacs)

Particulars 2009-2010 2008-2009

1. Segment Revenue

a) Steel 5,864.74 —

b) Flour 6,382.29 310.57

c) Un-allocable Income 300.07 —

Sub Total 12,547.10 310.57

Net Segment Revenue 12,547.10 310.57





Particulars 2009-2010 2008-2009

2. Segment Results

a) Steel (748.05) —

b) Flour 717.30 21.66

Sub Total (30.75) 21.66

Add : Un-allocable Income 300.07 —

Less : Interest 200.56 —

Less : Other Un-allocable Expenses 61.66 (2.31)

Profit before Tax 7.10 23.97

3. Capital Employed (Segment Assets less Segment Liabilities)

Particulars 2009-2010 2008-2009

a) Steel 6495.56 3656.42

b) Agro 1680.11 1786.01

c) Un-allocable 2220.54 5403.36

Total Capital Employed 10396.21 10845.79

6. Impairment of AssetsPursuant to Accounting Standard (AS 28)-Impairment of Assets issued by Institute of Chartered Accountant of India, theCompany assessed its fixed assets for impairment as at March 31, 2010 and concluded that there has been no significantimpaired fixed asset that needs to be recognized in the books of accounts.

7. Earning/Expenditure in Foreign exchange

Particulars 2009-2010 2008-2009

(a) Expenditure Value of Import on CIF basis

Capital Goods 2.69 6.12

Travelling Expenses – 0.51

8. During the year the company has filed a draft prospectus in SEBl for the capital to be raised through initial public offer (IPO).The issue size will be of 81,00,000 equity shares of Rs. 10/- each at a premium of Rs. 40/- comprising of 14,00,000 equityshares of promoter’s contribution and net offer to the public of 67,00,000 equity shares.

9. Earnings per Shares

The following reflects the income and share data used in the computation of Basic Diluted Earnings per Shares.

(Amount in Rupees)

Particulars 2009-2010 2008-2009

Amount used as the numeratorNet profit attributable to the ordinary (4,49,57,532.87) (12,60,45.60)Shareholders for Basic Earnings per shares (Rs.)

No. of Ordinary Shares used as denominator 18628078 12859716Weighted average number of ordinary Sharesin issue applicable to Basic Diluted Earnings per shares

Earnings Per Shares Basic & Diluted (Rs.) (2.41) (0.10)

(Rs. in lacs)

(Rs. in lacs)

(Rs. in lacs)



10. Deferred Tax (Rs. in lacs)Deferred Tax assets and liabilities arising on account of temporary timing differences are as under

Particulars 2009-2010 2008-2009

Deferred Tax LiabilitiesOn account of Timing difference in Depreciation (489.93) (34.37)

Deferred Tax AssetsMinimum Alternate Tax 2.46 2.46Disallowance under Income Tax 0.03 0.03

Deferred Tax Assets/Liability (Net) (493.00) (31.88)

11. Disclosure as per section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 :

The company has not received any intimation from “suppliers” regarding status under the Micro, Small and Medium EnterprisesDevelopment Act 2006 and hence disclosures, if any, relating to amount unpaid as at the year end together with the interestpaidlpayable as required under the said act have not been furnished.

12. Sundry Creditors include Rs. Nil (Previous Year Rs. Nil) due to Small Scale industrial undertaking to the extent such partieshave been identified from the available documents/information.

13. Balance of the Sundry Debtors, Creditors, Loans and advances are subject to confirmation from respective parties.

14. Other Receivable under the head Loans & Advances includes Excise duty and service tax of Rs. 654.36 lacs and VATreceivable of Rs. 87.87 Lacs.

15. As per Government Order of State Government of Uttar Pradesh the company is eligible for interest free loan of equivalentamount of VAT liability paid for 15 years and which shall be re-payable after 15 years. The company has claimed Rs. 502.76lacs up to 31st March, 2010 on account of this tax aliability the amount is yet to be received. However no provision of thisamount has been made in the books.

16. (a) As per incentive scheme of State Government of Uttar Pradesh vide Government Order No. 1502/77-6-2006-10 tax/04dated 1st June, 2006 and which have been elaborated in Government Order No. 2941/77-6-2006-10 tax/04 dated 3othNovember, 2007 and amended from tlme to time the company is eliglble for incentives I e. Capital investment subsidy@ 20% of flxed capital investment, infrastructure subsidy @ 10% of total fixed capital investment and 5% additionalcapital subsidy being the first unlt in Purvanchal region. During the year the company has provided Rs 24.28 crore ofsuch incentives of the capital investment made upto 31st May, 2009.

(b) The Incentive receivable of Rs. 24.28 crores has been shown under the head “Loans & Advances” and credited in fixedassets in the ratio of capital investment made.

17. Persuant to the scheme of arrangement approved by Honourable High Court at Kolkata vide its order dated 8th April, 2009w.e.f. 01st April 2008 in amalgamation of the companies namely, Zircon Commercial Pvt Limited, D.R. Advisory Services Pvt.Limited, Mantra Vanijya Pvt. Limited, Dynasty Sales Pvt. Limited, Sridhar Tie-up Pvt. Limited, Sanhati Trade link Pvt. Ltd. andMrinmoyee Sales Pvt. Limited (all the transferor companies) with Gallantt lspat Limited (the transferee company), the transfereecompany has allotted 4,50,000 equity shares to the share holders of the erstwhile transferor company during the year andthe excess of assets over liabilities taken over of Rs. 43,56,85,082 has already been credited to security premium account inthe year 2008-09.

18. Related Party Disclosures (As identified by the Management) :

(a) Name of Related Parties and Description of Relationship.

I. Associate Company & Firm Gallant Udyog Ltd. Gallantt Metal LtdChandra Prakash Agrawal & Sons (HUF)

II. Key Managerial personnel Mr. Chandra Prakash Agrawal Mr. Prem Prakash AgrawalMr. Nitin KandoiMr. Mayank AgrawalMr. Ashutosh Agrawal




(b) Related Party Transaction & Balance

Nature of Transaction Associates Key Management TotalPersonnel

Purchase of Goods 660.16 – 660.16Sale of Goods – – –Loan Taken 11,593.40 – 11,593.40Loan Given – – –Loan Repayment 8,143.40 – 8,143.40Interest Paid 28.42 – 28.42Advances 1.90 – 1.90Remuneration Paid – 13.71 13.71Balance of Loan taken as on 31.03.2010 3,466.01 – 3,466.01

19. During the year the company has purchased a land at Hariom Nagar, Gorakhpur. However, the company has executed anExchanged Deed dated March 31, 2010 with Mr. Chandra Prakash Agrawal Karta of Chandra Prakash Agrawal 8 Sons HUFthrough which the company has exchanged the land measuring 3200 sq ft situated at Hariom Nagar Gorakhpur with the landmeasuring 4000 sq ft situated at Bank Road Gorakhpur. The stamp duty and other expenses incurred has been sharedequally by the concerned parties and the amount receivable from Chandra Prakash Agrawal 8 Sons HUF of Rs. 1.90 lacshas been shown under the heading “Advances” as on March 31,2010.

20. Adjustment of subsidies etc under the heading ‘Fixed Assets’ as on March 31, 2010 includes Rs. 2428.00 lacs receivablefrom PlCUP and Rs. 472.17 lacs on account of duties and taxes.

21. Misc income includes Rs. 300.00 lacs receivable against compensation for releasing and vacating the land.

22. During the year the company has transferred 1/3rd of its all the administrative expenses including depreciation to pre-operativeexpenses pending capitalisation.

Licensed and Installed Capacity, Production, Stocks and turnover

(a) Capacity and Production

Items Unit As at 31.03.2010 As at 31.03.2009Licensed Installed Actual Licensed Installed ActualCapacity Capacity Production Capacity Capacity Production

Flour Mill MT NA 108000 51137.900 NA 108000 2717.90M.S. Billet MT NA 162380 29349.121 NA NA NAM.S. Bar MT NA 167400 26054.928 NA NA NAMisroll Bar 1009.763 – – NA

(b) Stock & Turnover (Rs. in lacs/Qty. Mt.)

Items As at 31.03.2010 As at 31.03.2009

Opening Stock Sales Closing Stock Opening Stock Sales Closing StockQty. (MT) Amount Qty. (MT) Amount Qty. (MT) Amount Qty. (MT) Amount Qty. (MT) Amount Qty. (MT) Amount

Maida 75.190 8.83 32260.109 4422.94 141.090 16.93 Nil Nil 1696.00 220.78 75.190 8.83

Suji 12.000 1.44 5811.462 812.75 52.530 6.43 Nil Nil 126.70 16.80 12.000 1.44

Atta 3.040 0.33 628.858 77.41 12.250 1.32 Nil Nil 23.03 2.78 3.040 0.33

Bran 120.20 0.99 12244.039 1149.10 89.800 7.38 Nil Nil 769.88 70.21 12.020 0.99

M.S. Billet Nil Nil Nil Nil 1475.174 341.67 Nil Nil Nil Nil NIl NilM.S. Bar Nil Nil 24602.430 5815.44 1452.498 366.03 Nil Nil Nil Nil NIl Nil

Misroll Bar Nil Nil 296.530 49.30 167.243 28.68 Nil Nil Nil Nil NIl Nil


(Rs. in Lacs)






(c) Raw Material consumption

Items As at 31.03.2010 As at 31.03.2009Quantity (MT) Amount Quantity (MT) Amount

Wheat 49675.001 5243.73 263.999 270.83Coal 1697.308 65.90 NIL NIL

Iron Scrap 1044.793 145.00 NIL NIL

Sponge Iron 29118.579 4288.44 NIL NIL

Pig Iron 2040.196 377.08 NIL NILBillet 38.507 7.38 NIL NIL

Met Coke 969.351 68.89 NIL NIL

Billet* 27911.247 — NIL NILMisrol Bar* 545.990 — NIL NIL

Other Material NA 586.52 NIL NIL

10782.94 270.83

* Represents own produced materials consumed.

Value of Consumption of Imported & Indigenous Raw MaterialsParticulars Year ended 31.03.2010 Year ended 31.03.2009

Rs. in lacs % of Total Rs. in lacs % of TotalImported Nil Nil Nil NilIndigenous 10782.94 100.00 270.83 100.00

Previous year figures have been regrouped and reclassified wherever necessary to facilitate comparison with Current yearfigures.

(Rs. in Lacs)



PERSONS CONSTITUTING GROUP COMING WITHIN THE DEFINITION OF “GROUP” FOR THE PURPOSE OF REGULATION3(1)(e) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES ANDTAKEOVERS) REGULATIONS, 1997 INCLUDE THE FOLLOWING :

M/s. Gallantt Metal LimitedM/s. Gallantt Udyog LimitedM/s. Chandra Prakash Agarwal & Sons (HUF)Mr. Chandra Prakash AgarwalMr. Prem Prakash AgarwalMr. Nitin M KandoiMs. Madhu AgarwalMs. Shyama AgrawalMs. Shruti KandoiMr. Santosh Kumar AgarwalMs. Uma AgrawalMr. Mayank AgarwalMs. Priyanka GuptaMs. Priya SaraffMs. Chandani AgrawalMs. Stuti AgrawalMr. Prakhar AgrawalMs. Nandika KandoiMs. Karuna KandoiMs. Manju AgrawalMs. Anju PansariM/s. Santosh Kumar Agarwal & Sons (HUF)M/s. Prem Prakash Agarwal & Sons (HUF)



GALLANTT ISPAT LIMITEDRegistered Office :

11, Crooked Lane, 2nd Floor, Kolkata - 700 069

FORM OF PROXY

I/We .........................................................................................................................................................................................................................................................................

of ..............................................................................................................................................................................................................................................................................

............................................................................................................................................................. being Member/Member(s) in the above named Company,

hereby appoint ...................................................................................................................................................................................................................................................

of ..............................................................................................................................................................................................................................................................................

or failing him .................................................................................................... of .............................................................................................................................................

................................................................................................................................................ as my/our proxy to attend and vote for me/us on my/our behalf at

the 6th Annual General Meeting of the Company to be held on Monday, 6th September, 2010 at 10.00 A.M. at the Registered Office : 11,Crooked Lane, Second Floor, Kolkata - 700 069 and any adjournment thereof.

Signed this .......................................................................................................................... day of ..................................................................................................... 2010

Shares Held ............................................ Client ID No. .........................................

DP ID No. ................................................. Reg. Folio No. .......................................

Note : The proxy to be effective should be deposited at the Registered Office of the Company not less than 48 hours before thecommencement of the Meeting.

GALLANTT ISPAT LIMITEDRegistered Office :

11, Crooked Lane, 2nd Floor, Kolkata - 700 069

ATTENDANCE SLIP

(Please complete this Attendance Slip and hand it over at the entrance of the Meeting Hall)

Shares Held ............................................ Client ID No. ..........................................

DP ID No. ................................................. Reg. Folio No. ........................................

............................................................................................................................................................................................... (Please write your name in BLOCK letters)

I hereby record my presence at the 6th Annual General Meeting of the Company held at the Registered Office : 11, Crooked Lane, SecondFloor, Kolkata - 700 069 on Monday, 6th September, 2010 at 10.00 A.M.

____________________________________

Member’s/Proxy’s Signature

(To be signed at the time of handing over the slip)

Notes : 1. Members/Proxy holders are requested to bring their copies of the Annual Report with them at the meeting.

2. Please carry with you this Attendance Slip and hand over the same duly signed at the space provided, at the entrance of theOffice.

AffixRe. 1/-

RevenueStamp

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Bombay Stock Exchange · Mr. Rajesh Kumar Jain Non-Executive lndependent Director Mr. Jyotirindra...

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Transcript of Bombay Stock Exchange · Mr. Rajesh Kumar Jain Non-Executive lndependent Director Mr. Jyotirindra...