P S Raj Steels Ltd Directors Report

DIRECTORS REPORT

Dear Shareholders

Your Directors are pleased to present the 19^th Annual Report together with the Audited Financial statements for the year ended 31^sl March, 2023.

Financial Results

The companys financial performance for the year ended March 31st 2023 is summarized below:

PARTICULARS	2022-2023	2021-2022
	(Rs. in Lacs)	(Rs. in Lacs)
Sales and Other Income	22544.28	17989.39
Operating Profit (PBIDT)	703.90	707.82
Interest Cost	127.85	121.91
Profit before Depreciation (PBDT)	576.05	585.91
Depreciation	80.32	94.02
Profit before Tax	495.74	491.89
Provision for Taxation	124.90	120.20
Profit after Tax	370.84	371.69

Operations and State of Companys affairs

During the year under review your company did well. Your directors expect that the company will achieve new heights in the ensuing year. There is no change in the nature of the business of the Company during the year.

Change in Director during the year

There is a change in composition of director.

Mr. Gaurav Gupta having DIN: 00593822 appointed as an additional director of the company with effect from dt. 15.04.2023.

Mr. Raj Kumar Gupta having DIN: - 00677045 has resigned from the company with effect from dt. 22.04.2023 and acceptance letter has also been issued by the company to Mr Raj Kumar Gupta on 22.04.2023

Board Comments on Auditor Report

The observations of the Statutory Auditors, when read together with the relevant notes to the accounts and accounting policies are self-explanatory and do not call for any further comment.

Meetings of the Board

Seven meetings of the Board of Directors were held during the year. Details of the same are as follows:

Date	Board Strength	No. of directors present
21/06/2022	2	2
31/08/2022	2	2
06/09/2022	2	2
27/09/2022	2	2
30/09/2022	2	2
28/01/2023	2	2
31/03/2023	2	2

Particulars of loans, guarantees or investments

The company has not given any loan or provide any guarantee or made any investment covered u/s 186 of the company act, 2013.

Auditors

Statutory auditors

M/s Jain Mittal Chaudhary & Associates, Chartered Accountants, Hisar, the companys Auditors retire at the conclusion of this ensuing Annual General Meeting and offer themselves for reappointment to hold office from the conclusion of this Annual General Meeting to the conclusion of Sixth consecutive Annual General and Board of directors of the company be and are hereby authorized to fix such remuneration as may be determined in consultation of auditors.

They have confirmed their eligibility to the effect that their reappointment if made would be within the prescribed limits under the Act and that they are not disqualified for reappointment.

Material changes and commitments affecting financial position between the end of the financial year and date of report

There have been no any material changes and commitment, which affect the financial position of the company which has occurred between the ends of the financial statements relates and the date of this report.

Secretarial auditor

The provisions of Section 204 of the Companies Act, 2013 relating to submission of Secretarial Audit Report is not applicable to the Company.

Deposit

The company has not accepted any deposits within the meaning of section 73 of the Company act. 2013. read with the Companies (Acceptance of deposit) Rule, 2014.

Reserves

An amount of Rs. 3,70,83,547.11/- has been transferred to reserves during the year under review.

Dividend

The Board of Director of your Company, after considering the holistically relevant circumstances and keeping in view of companies dividend policy has decided that it would be prudent, not to recommend any dividend for the year under review.

Change in the nature of business

There is no change in the nature of the business of the Company during the year.

Industrial Relation

Industrial relation continues to be cordial. Your directors express deep appreciation for the dedicated services rendered by workers, staff officers of the company.

Disclosure under Sexual Harassment of Women at Workplace

The Company is committed to provide and promote a safe, healthy and congenial atmosphere irrespective of gender, cast, creed or social class of the employees. The Company has in place the requisites Internal Committee as envisaged in the Sexual Harassment of Women at workplace (Prevention, Prohibition and Redressal) Act, 2013 to redress complaints, if any, received regarding sexual harassment.

Contracts and arrangements with related parties

All contracts/arrangements/transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on an arms length basis.

Your directors draw attention of the members to Note No. 8. to the financial statement which sets out related party disclosures.

Directors Responsibility Statement

Pursuant to requirement under sub-section (3) and (5) of Section 134 of the Companies Act, 2013, with respect to Directors Responsibility Statement, your directors state that:

i. In the preparation of the Annual Accounts, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same;

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 as at 31 st March 2023 and of the profit /loss of the company for that period;

iii. The Directors have 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;

iv. The Directors have prepared the annual accounts on a ‘going concern basis.

v. The directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

Risk Management Policy

The company has laid down procedures to inform Board members about the risk assessment and minimization procedures. These procedures are periodically reviewed to ensure that executive management control risk through means of a properly defined framework. The company has also devised a risk management policy for identification of elements of risks and procedures for reporting the same to the Board.

Internal Financial Controls

Your company has adequate internal financial control system commensurate with its size and operations. During the year, such controls were tested and no reportable material weakness in the design or operation was observed.

Corporate Social Responsibility

As the company does not fall under the criteria specified under section 135 (Corporate Social Responsibility) of the Companies Act, 2013, hence section 135 and rules made thereunder and disclosure required to made pursuant to said provisions are not applicable to the company.

Particulars of loans, guarantees or investments

Loans, guarantees and investments covered under Section 186 of the Companies Act, 2013 form part of the notes to the financial statements provided in this Annual Report.

Cost Audit

The Company had appointed M/s A.G Agarwal & Associates, Cost Accountants as the Cost Auditors of the Company for the financial year 2022-23 under Section 148 of the Companies Act, 2013 to conduct Cost Audit relating Cost Records maintained by the Company in respect of other machinery.

As required under Rule 14 of the Companies (Audit and Auditors) Rules, 2014, for the purpose of subsection (3) of Section 148 of the Companies Act, 2013, the remuneration payable to the Cost Auditors for the year under review as recommended by Audit Committee and considered and approved by Board will be placed before the Members for ratification at the ensuing Annual General Meeting.

Particulars of Employees and related disclosures

None of the employee is in receipt of remuneration in excess of the limits prescribed under Rule 5(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

Subsidiaries, joint ventures or associate companies

The company does not have any subsidiary/Joint Venture/ Associate Company further during the reporting period no Company has become or ceased to be a subsidiary/joint venture or associate.

CONSERVATION OF ENERGY

The following measures are employed by the Company for conservation of energy:-

a) The steps taken on conservation of energy:

1. Installation of LED lights to reduce power consumptions.

2. To optimise the combustion of annealing furnaces, the atmospheric air is pre-heated by flue gases at 220?C to reduce fuel consumption.

3. Using the Operating pumps near the best efficiency point for saving energy.

4. By maintaining power factor near to 1.00 to save energy.

5. installation of variable frequency drive and A.C. Motors at bright annealing lines and slitting machines resulted energy cost saving and significant reduction in DC motor maintenance cost.

6. Timer provided for auto controlling of plant and street lighting.

7. Installed 2x25KW frequency drive in place of DOL starters at rolling mills screw down for proper utilisation of screw speed, resulting saving of energy consumption.

8. Power purchases through IEX.

9. At plant area used roof extractors instead of exhaust fans for air circulation saving electrical energy.

b) The steps taken by the Company for utilising alternate sources of energy:

1. As bester sheets replaced with the polycarbonate transparent sheets at different intervals in order to achieve better illumination during day time and hence significant reduction in power consumption by switching off shed lights during day time at the plant.

c) The capital investment on energy conservation equipments:

1. Day light linked control system to be installed on the street lights to shut off the streetlights automatically.

2. Installing localised capacitor can improve the Power Factor of the plant & improve the voltage profile of the LT distribution & decrease the distribution losses in the cable networks.

3. More LED lights will be installed in different areas of plant to reduce power consumption.

B). TECHNOLOGY ABSORPTION

The Company has made the below mentioned efforts for the technology absorption in an effective manner:

1. Efforts in brief, made towards technology absorption and innovation	: NIL
2. Benefits derived as a result of the above efforts e.g. product improvement, cost reduction, product development, import substitution etc.	: NIL
3. In case of imported technology (imported during the last 3 years reckoned from the beginning of the financial year) following information may be furnished	: NIL
a) Technology imported
b) Year of import
c) Has technology fully absorbed
d) If not fully absorbed, areas where this has not taken place, reasons therefore and future plans of action
4. Expenditure on Research and development	: NIL

Foreign Exchange Earnings & Outgo

Earnings: Rs. Nil	Previous year Rs. Nil
Outgo: Rs.	Previous year Rs.

Acknowledgement

Your Directors would like to express their sincere appreciation for the assistance and co-operation received from the financial institutions, Government Authorities, customers, vendors and members during the year under review. Your directors also wish to place on record their deep sense of appreciation for the committed services by the Companys executives, staff and workers.

Place: -HISAR	SH. DEEPAK KUMAR	SH. GAURAV GUPTA
Date: -01/09/2023	Director	Director
	DIN: 00677030	DIN: 00593822
	H.No. 164, Sector- 9/11, Hisar, 125001	H.No. 163, Sector-9/11, Hisar, 125001