kusum iron steel ltd Directors report

To,

The Members,

Your Directors have pleasure in presenting the 26* Annual Report of the Company together with the Audited Financial Statements for the year ended 31st March 2016.

FINANCIAL HIGHLIGHTS:	31.03.2016	31.03.2015
	(Rs. in lakhs)	(Rs. in lakhs)
Total Receipts	-	5.49
Less: Total expenditure	3.93	8.08
Less: Interest	-	-
Profit/ (Loss) before taxation	-3.93	-2.59
Less: Depreciation	-2.06	-2.06
Less: provision for Taxation	-	-
Profit/ (Loss) after Taxation	-5.99	-4.65

OPERATIONS:

Company did not have any operating activity during the year.

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.

NUMBER OF MEETINGS OF THE BOARD

There were 7 (Seven) Board Meetings held during the FY 2015-16. The dates on which the meetings were held i.e.23-04-2015, 15-06-2015,29-07-2015, 21-08-2015, 30-09-2015, 17-12-2015 28-03-2016

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Pursuant to the Provisions of the Section 152(6)(d) of the Companies Act, 2013, Sri Sanjay Kumar Agarwala, Sri Naresh Kumar Agarwala retires by rotation and being eligible offers himself for re-appointment.

DIRECTORS RESPONSIBILITY STATEMENT:

Your Directors wish to inform members that the Audited Accounts containing Financial Statements for the year ended 31st March, 2016 reflect true & fair view, the form and substance of transactions carried out during the year and reasonably present the Companys financial condition and results of operation.

Your Directors further confirm that:

In the preparation of the Annual Accounts:

1. the applicable accounting standards have been followed along with proper explanation relating to material departures.

2. the directors had 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 the financial year and of the profit or loss of the company for the year.

3. the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

4. the directors have prepared the annual accounts on a going concern basis.

5. the directors has laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

6. the directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate & operating effectively.

SUBSIDIARY COMPANY

The Company has no subsidiaries, within the meaning of Section 2(87) of the Companies Act, 2013.

EXTRACT OF ANNUAL RETURN

The details of the extract of the Annual Return in form MGT 9 is annexed herewith and forms part of this report. (Annexure I). ^

AUDITORS :

M/S R.K.BIHANI & ASSOCIATES., Chartered Accountants, were re-appointed as the Statutory Auditors at the Annual General Meeting of 2013-2014 for the term of 5 years. As per the provisions of Section 139 of the Companies Act, 2013, the appointment of Auditors is required to be ratified by Members at every Annual General Meeting.

AUDITORS REPORT

The observations made in the Auditors Report are self-explanatory and do not call for any further explanation.

ENERGY, TECHNOLOGY & FOREIGN EXCHANGE

Information pursuant to Section 134(3)(m) read with Rule 8 of the Companies Act, 2013 are not applicable to the Company and there has been no foreign exchange earning or expenditure incurred during the year.

Your Directors further confirm that:

In the preparation of the Annual Accounts:

1. the applicable accounting standards have been followed along with proper explanation relating to material departures.

2. the directors had 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 the financial year and of the profit or loss of the company for the year.

3. the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

4. the directors have prepared the annual accounts on a going concern basis.

5. the directors has laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

6. the directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate & operating effectively.

SUBSIDIARY COMPANY

The Company has no subsidiaries, within the meaning of Section 2(87) of the Companies Act, 2013.

EXTRACT OF ANNUAL RETURN

The details of the extract of the Annual Return in form MGT 9 is annexed herewith and forms part of this report. (Annexure I).

AUDITORS:

M/S R.K.BIHANI & ASSOCIATES., Chartered Accountants, were re-appointed as the Statutory Auditors at the Annual General Meeting of 2013-2014 for the term of 5 years. As per the provisions of Section 139 of the Companies Act, 2013, the appointment of Auditors is required to be ratified by Members at every Annual General Meeting.

AUDITORS REPORT

The observations made in the Auditors Report are self-explanatory and do not call for any further explanation.

ENERGY, TECHNOLOGY & FOREIGN EXCHANGE

Information pursuant to Section 134(3) (m) read with Rule 8 of the Companies Act, 2013 are not applicable to the Company and there has been no foreign exchange earning or expenditure incurred during the year.

Prescribed in the Policy. No employee of the company has been denied access to the Audit Committee

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION. PROHIBITION AND REDRESSAL) ACT. 2013

The Company has in place an Anti-harassment policy in line with the requirements of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,2013. There were no complaints received during the financial year 2015-16.

LISTING

The Company is listed on the following stock exchanges

The Stock Exchange, Mumbai	The Calcutta Stock Exchange Limited
Phiroze Jeejeebhoy Towers	7, Lyons Range
Dalai Street, Mumbai - 400 001	Kolkata - 700 107
Madras Stock Exchange Ltd
Exchange Building, Post Box No.183
11, Fourth Line Beach,
Chennai - 600 001

Depositories for Equity Shares: NSDL & CDSL

The Company has paid the Annual Listing Fees for the financial year 2015-16 to the stock exchanges.

CORPORATE GOVERNANCE REPORT

Corporate Governance is not applicable to the Company.

ACKNOWLEDGEMENT

Your Directors wish to place on record their appreciation for the co-operation received by the company from Bankers, employees and officers of the company. t

REGISTERED OFFICE:

"Mitruka House",

42-M.G.Road,

Siliguri-734005

Dated: 01.08.2016