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18 ‘w§~B©, Jwédma, 7 gßQ o§~a 2017

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Á`m g^mgXm§Zr EOrE_À`m B©-_VXmZm_Üò AmYrM _VXmZ Ho bo Amho Vo g^mgXgôg Cn{ñWV amhy ímH VmV, na§Vw Ë`m§Zm EOrE_À`m {RH mUr nwÝhm _V XoVmòUmaZmhr dÁ`m dº rMo Zmd dm Á`m g^mgXm§Mo Zmd g^mgXm§À`m ao{OñQá dm bm^mWr© _mbH`m§Mr gyMr _Üò CnbãY Amho Ë`m§Zm {ZYm©{aV Vmar»m ~wYdma {X. 20 gßQo¨~a,2017 AWm©V EOrE_ H {aVm _VXmZ H aÊ`mH {aVm hoVwH {aVm {ZYm©{aV Vmar»mgyMZoÀ`m Ramdm§da _VXmZ h¸ ~Omdy ímH VmV.Oa H moÊmË`mhr Mm¡H ímrH {aVm Oa H moÊmVhrhr VH« ma Agë`mg dm namoj B©-_VXmZmg§~§YmV H mhr Agë`mg H moUË`mhr Mm¡H ímrH {aVm g^mgXm§Zrwww.evotingindia.com da CnbãY Frequently Asked Questions

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EOrE_Mr gyMZm H§ nZrMr do~gmB©Q www.mmwlindia.com d EZEgS rEb do~gmB©Qwww.evoting.nsdl.com da CnbãY Amho. H moÊmË`mhr Mm¡H ímrH {aVm Oa H moÊmVrhr VH« ma Agë`mg dmnamoj B©-_VXmZmg§~§YmV H mhr Agë`mg H moUË`mhr Mm¡H ímrH {aVm g^mgXm§Zr www.evoting.nsdl.com daCnbãY Frequently Asked Questions (FAQs) d eovting manual dmMmdo d Qmob \« r H« . 180022 2990 da g§nH© gmYyZ `m da B©_ob [email protected] nmRdmdo d lr. _ho¨Ð Ho ímdMmiHo , ímoaoŠg Sm`Zm{_H (B§{S`m) n«m. {b. (`w{ZQ : _r{S`m _°{Q´Šg dëS©dmB©S {b{_QoS), `w{ZQ H« . 1, bwW«mB§S. n«r_m`gog, g’o X nyb, A§Yoar Hw bm© amoS, A§Yoar (nyd©), _w§~B©, _hmamîQ´ - 400 072, B©[email protected] da g§nH© gmYmdm. namoj B©-_VXmZmH {aVm gyMZm EOrE_À`m gyMZoV AmYrMXoÊ`mV Amë`m AmhoV d gXa {d{^Þ nÌ ^mJYmaH m§À`m do~gmB©Qda n«{gÕ H aÊ`mV Ambo Amho. H moÊmË`mhrMm¡H ímrH {aVm namoj B©-_VXmZ/_VXmZmH {aVm nmob nÎmm lr. Jwa{d§Xa {g§h _mo§Jm `m§Zm H§ nZr g{Md `m§Zm g§nH©gmYmdm. Ë`m§Mo B©-_ob Am`Sr [email protected] Agm Amhoo.H§ nZrÀ`m g§MmbH _§SimMr gôH {aVm E_PoS A°ÝS Agmo{gEQ²g `m§Zm n«°{ŠQqgJ H§ nZr g{Md åhÊmyZn[a{ZarjH åhÊmyZ nmob d namoj B©-_VXmZ n{H« ò_Üò ñnï d nmaXím©H nÕVrZo _VXmZ H aÊ`mg Zo_bo Amho.Ahdmb n{a{ZarjH Ahdmb åhÊmyZ Kmo{fV H aÊ`mV òB©b d H§ nZrMr do~gmB©Q www.mmwlindia.com dan«{gÕ H aÊ`mV òB©b d EZEgSrEb do~gmB©Q da namoj B©-_VXmZmÛmao AmYrM _V {Xbobo g^mgX gôgCn{ñWV amhy ímH VmV, na§Vw Ë`m§Zm EOrE_À`m {RH mUr nwÝhm _V XoVm òUma Zmhr. g^mgXmZo XmoÝhr ßm«H mao _V{Xbobo Agë`mg namoj B©-_VXmZmÛmao ~rEgB© {b. (~rEgB©) {Xbobo _V ½m«mø Yabo OmB©b d ßm«Ë`j _Vn{ÌHo Ûmao{Xbobo _V dm{f©H gd©gmYmaÊm g^m AWm©V {X. 29 gßQo¨~a, 2017 amoOrZwgma Ramd _§Oya H aÊ`mV òB©b.Oo g^mgX OrE_À`m {RH mUr BboŠQ´ m°{ZH _VXmZ ßm«Umbr dm _Vn{ÌH m/_VXmZn{ÌHo À`m _mÜ`_mVyZ _VXoÊ`mMr gw{dYmhr CnbãY Agob. Á`m g^mgXm§Zr gôÀ`m AmYr namoj B©-_VXmZmÛmao Amnbo _V {XboboAgVrb Vo gôg Cn{ñWV amhy ímH Vrb, na§Vw Ë`m§Zm EOrE__Üò nwÝhm _V XoVm òUma Zmhr d H§ nZrMo Zmo¨XÊmrH¥ VH m`m©b` gôÀ`m gwédmVrZ§Va 48 VmgmV ~§X H aÊ`mV òB©b. H§ nZr H m`Xm, 2013 À`m AZwÀNoX 91 A§VJ©Vg^mgXm§Mo a{OñQa d ímoAa Q´ mÝg\ a ~wŠg H§ nZrMo ím{Zdma, {X. 23 gßQo¨~a, 2017 Vo Jwédma, {X. 28gßQo¨~a, 2017 (XmoÝhr {Xdg g_m{dï) dm{f©H gd©gmmYmaÊm gôÀ`m hoVwH {aVm ~§X am{hb.

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Mog ~«mB©Q ñQrb {b.grAmÈZ : L99999MH1959PLC11479

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Xya. H« . : 022-27606679, \° Šg H« . : 022-27690627B©_ob : [email protected], do~gmBQ : www.chasebright.com

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B©-_VXmZ H mbmdYr _§Jidma, {X. 26 gßQo¨~a, 2017 amoOr g. 9.00 dm. gwé hmoB©b dJwédma {X. 28 gßQo¨~a, 2017 amoOr gm`§. 5.00 dm. g§nob.

2. namoj B©-_VXmZmMm _moSçwb grSrEgEbÛmao B©-_VXmZ {X. 28 gßQo¨~a, 2017 amoOr gm`§.5.00 Z§Va nma nSë`mda AH m`©V H aÊ`mV òB©b d EH Xm _VXZ Ho boë`m ì`{º§ Zm nwÝhmH moÊmË`mhr n{a{ñWVrV {X. 28 gßQo¨~a, 2017 amoOr gm`§. 5.00 Z§Va _VXmZ H aVm òÊmmaZmhr.

3. dm{f©H gd©gmYmaÊm gôMr gyMZm g^mgXm§Zm nmR{dÊ`mV òB©b. B©-_VXmZ n«{H« `m H§ nZrMrdo~gmBQ www.chasebright.com da CnbãY Amho.

4. g^mgX hoën So ñH AmaQ rE _o. ímoaoŠg S m`Zm{_H (B§{S`m) n«m. {b. `m§[email protected] da H moÊmË`mhr Mm¡H ímrH {aVm B©boŠQ´ m°{ZH_VXmZmg§~§YmV {X. 26 gßQo¨~a, 2017 Vo {X. 28 gßQo¨~a, 2017 Xaå`mZ g. 10.00 Vogm`§. 6.00 n`ªV g§nH© gmYVm òB©b.

Mog ~«mB©Q ñQrb {b. H {aVmghr/-

A{dZmím OOmo{X`m{RH mÊm : _w§~B© AÜ`j d ì`dñWmnH r` g§MmbH{X. 06.09.2017 SrAmÈZ 00074886

"MrZer `wÕPmë`mg nmH’ m`Xm CRdob!'

Zdr {X„r, {X. 6 (d¥Îmg§ñWm) -^maVmMm ^y^mJ Q ßß`mQ ßß`mZo{Ji§H¥ V H aÊ`mMo YmoaU MrZZoAmIbo AgyZ `m‘wio {Z‘m©U hmoUmè`mg§Kfm©Mm bm^ KoÊ`mÀ`m à`ËZmVnm{H ñVmZ Amho, Ago {ZarjUbîH aà‘wI {~nrZ amdV `m§Zr~wYdmar òWo Zm|Xdbo. `m àH mam‘wioAmnë`mbm H Xm{MV EH mMdoir XmoZAmKmSçm§da bT mdo bmJy eHo b,Agm Bemamhr Ë`m§Zr {Xbm. g|Qa ’ m°ab±S doë’o Aa ñQ {SO `m g§ñWoZoAm`mo{OV Ho boë`m EH m n[ag§dmXmVVo ~mobV hmoVo.

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57th Annual Report2016-2017

Chase Bright Steel Limited


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Board of Directors

Shri Avinash Jajodia (Chairman & Managing Director)

Smt. Manjudevi Jajodia (Whole-Time Director)

Shri. N. G. Khaitan (Independent Director)

Shri. P. L. Dabral (Independent Director)

Shri. K. S. Shikari (Independent Director)

Shri. Hemant Murarka (Independent Director)

Smt. Kanika Vijayvergiya (Independent Director)

Key Managerial Personnel: Ms. Sampada Sakpal (Chief Financial Officer)

Bankers: Bank of Baroda HDFC Bank Ltd.

Statutory Auditors: M/s. Mahendra Kumbhat and Associates

Internal Auditors: M/s. P. M. Bavishi & Co.

Secretarial Auditors: M/s. Leena Agrawal & Co., Mumbai

Registrar and Share Transfer Agent: M/s. Sharex Dynamic (India) Pvt. Ltd. Unit No. 1, Luthra Indl. Premises Safed Pool, Andheri-Kurla Road, Andheri (East), Mumbai – 400072. Tel. 022-2851 6338/2851 5606

Registered Office & Works: R-237, TTC Industrial Area, MIDC, Rabale, Navi Mumbai - 400701Tel.: 022-2760 6679Fax: 022-2769 0627

Corporate Identification No. (CIN): L99999MH1959PLC011479Website : www.chasebright.com

Email: [email protected]

Annual Report 2016-17

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CHASE BRIGHT STEEL LIMITEDCIN: L99999MH1959PLC011479

Registered Office: R-237, TTC Industrial Area,MIDC, Rabale, Navi Mumbai – 400701Tel.: 022-27606679, Fax No.: 022-27690627

Email: [email protected], Website: www.chasebright.com

NOTICENotice is hereby given that the 57th Annual General Meeting of the Members of Chase Bright Steel Limited, will be held on Friday, 29th September, 2017 at 11.00 A.M. at R-237, TTC Industrial Area, MIDC, Rabale, Navi Mumbai – 400 701, to transact the following business:

1. To receive, consider, and adopt the Audited Financial Statements of the Company for the year ended March 31, 2017, along with the Reports of the Directors and Auditors thereon.

2. To appoint a Director in place of Mr. Avinash Jajodia (holding DIN 00074886), who retires by rotation and being eligible, offers himself for re-appointment.

3. To appoint auditors of the Company to hold office from the conclusion of this Annual General Meeting to the conclusion of the next Annual General Meeting and to fix their remuneration, and if thought fit, to pass, with or without modification(s) the following resolution as an Ordinary Resolution.

“RESOLVED THAT pursuant to the provisions of section 139 of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, and pursuant to the recommendation made by the Audit Committee of the Board of Directors, M/s. Mahendra Kumbhat & Associates, Chartered Accountants, Firm Registration No.105770W who are being eligible, offer themselves for re-appointment be and are hereby appointed as auditors of the company to hold office until the conclusion of next Annual General Meeting to audit the accounts of the Company for the financial year 2017-18 and the Board of Directors be and are hereby authorised to fix such remuneration and out of pocket expenses as being determined by the Audit Committee in consultation with the auditors, in addition to reimbursement of all out of pocket expenses as may be incurred in connection with the audit of the accounts of the Company.”

SPECIAL BUSINESS4. To consider and if thought fit, to pass with or without modification(s), the following resolution as a Ordinary

Resolution:

“RESOLVED THAT pursuant to the provisions of section 149(6), 152 and 161 of the Companies Act 2013, and the Rules framed there under, read with Schedule IV to the Act, as amended from time to time and other applicable provisions and on a recommendation of Nomination and Remuneration Committee of the Company, consent of the Members, be and is hereby accorded to the appointment of Ms.Kanika Vijayvergiya (DIN No. 07651318), as an Additional Independent Director of the Company, who has submitted a declaration that she meets the criteria for independence as provided in Section 149 (6) of the Act and who is eligible for appointment as an Additional Independent Director of the Company, with effect from 11th November, 2016 and that she shall hold office upto the date of the Annual General Meeting of the Company to be held in the year 2017 or the last date on which Annual General Meeting should have been held, whichever is earlier and upon such terms and conditions as decided by the Board in this regard.”

5. To consider and, if thought fit, to pass with or without modification, the following resolution as an Ordinary Resolution.

Re-Appointment of Ms. Kanika Vijayvergiya as an independent Director of the Company.


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“RESOLVED THAT pursuant to the provisions of Sections 149, 152 read with Schedule IV and the Companies (Appointment and Qualification of Directors) Rules, 2014 and all other applicable provision, if any, of the Companies Act, 2013 (Act”) as amended from time to time, Ms. Kanika Vijayvergiya (DIN-07651318) a non-executive director of the Company who has submitted a declaration that she meets the criteria for independence as provided in Section 149 (6) of the Act and who is eligible for re-appointment be and is hereby re-appointed as an Independent Director on the Board of the company to hold office for 5 consecutive years for a terms, upto the conclusion of the 62nd Annual General Meeting of the Company.

6. To consider and, if thought fit, to pass with or without modification, the following resolution as a Special Resolution.

“RESOLVED THAT pursuant to the provisions of Sections 196, 197 and 203 and any other applicable provisions read with Schedule V and all other applicable provisions of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (including any statutory modification(s) or re-enactment thereof for the time being in force), approval of the Members be and is hereby accorded to the re-appointment of Shri Avinash Jajodia (DIN: 00074886 ) as Chairman and Managing Director of the Company, for a period of 3 (three) years with effect from 12th June 2017 to 11th June 2020, on a remuneration as set out in the statement annexed to the notice convening this Meeting with liberty to the Board of Directors (hereinafter referred to as “the Board” which term shall be deemed to include the, Nomination and Remuneration Committee of the Board) to alter and vary the terms and conditions of the said re-appointment and / or remuneration as it may deem fit and as may be acceptable to Shri Avinash Jajodia, subject to the same not exceeding the limits specified under Schedule V to the Companies Act, 2013 or any statutory modification(s) or re-enactment thereof;”

“RESOLVED FURTHER THAT in event of no profits or inadequacy of profits, in any financial year, during the of term of Mr. Avinash Jajodia, the Company shall pay Mr. Avinash Jajodia, the existing remuneration as minimum remuneration by way of salary, perquisites and / or allowance, performance based rewards/ incentives exceeding the limit laid down in Schedule V to the Companies Act, 2013, as applicable to the Company or such other limits, as may be prescribed.”

7. To consider and if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution:

“RESOLVED THAT pursuant to the provisions of Sections 188(1), 188(1)(f) and other applicable provisions, if any, of the Companies Act, 2013 including statutory modification or re-enactment thereof for the time being in force, the consent of the Company be and is hereby accorded to Mr. Abhinav Jajodia who is a relative of Mr. Avinash Jajodia, Chairman & Managing Director, be and is hereby appointed as an executive of the company (i.e. to hold an office or place of profit under the Company) from August 01, 2017, with such designation as the Board of Directors of the Company may, from time to time, decide, on the following terms and conditions:

1. Salary: ` 25,000/- (Rupees Twenty Five Thousand only) per month and be broken into various components as per HR policy of the company, with a provision for increase in salary of not more than `


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a) Leave Encashment at the end of the tenure.

b) Contributions to Provident Fund, Superannuation Fund or Annuity Fund, to the extent these, either singly or put together, are not taxable under the Income-Tax Act, 1961.

c) Gratuity payable at a rate not exceeding half a month’s salary for each completed year of service

“RESOLVED FURHTER THAT the Board shall have the authority from time to time (a) to make applicable to Mr. Abhinav Jajodia such revisions in the aforesaid salary scale or grade together with revisions in such allowances, benefits, amenities, facilities and other perquisites including contribution to provident fund, gratuity fund, superannuation fund, etc. as are introduced from time to time in respect of employees of the Company in equivalent salary scale or grade; and (b) to promote him to any higher position/ designation or salary scale or grade in due course together with such allowances,

By Order of the Board

Avinash JajodiaDate: 4th August, 2017 (DIN 00074886)Place: Mumbai Chairman & Managing Director

NOTES:1. The Statement pursuant to section 102 (1) of the Companies Act, 2013 as set out in the Notice is

annexed.

2. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE ANNUAL GENERAL MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF SELF AND THE PROXY NEED NOT BE A MEMBER.

3. The Proxy form duly stamped, completed and signed should reach at the Registered Office of the Company not less than 48 hours before commencement of the meeting.

4. Pursuant to section 105 of the Companies Act, 2013 read with the Companies (Management and Administration) Rules, 2014 a person shall not act as proxy for more than fifty (50) members and holding in the aggregate not more than 10% of the total share capital of the Company carrying voting rights. A member holding more than 10% of the total share capital of Company carrying voting rights may appoint a single person as proxy and such person shall not act as proxy for any other person or shareholder.

5. The Register of Members and Share transfer Books of the Company will remain closed from Monday, 25th September, 2017 to Friday, 29th September, 2017 (both days inclusive).

6. The Register of Directors and Key Managerial Personnel and their shareholding, maintained under section 170 of the Companies Act, 2013 will be available for inspection by the members at the AGM.

7. Members /Proxies should bring the attendance slip duly filled in for attending the meeting.

8. Shareholders holding shares in physical mode are requested to –

a) Opt for Dematerialization of their shareholding through any of the SEBI registered Depository Participant.

b) Avail nomination facility in respect of their shareholding in the Company by submitting Nomination Form SH-13 prescribed pursuant to the provisions of Section 72 of the Companies Act, 2013, available


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for download on the website of the company.

c) Contribute to the cause of Green Initiative by registering their e-mail addresses, there by facilitating the Company to send them by way of an email, copies of Notice/s, Annual Report etc. Performa of E-Communication Registration Form is available for download on the website of the Company.

d) Submit a notarized copy of their PAN Card, with a view to comply with KYC norms.

9. Members desiring any information with regards to Accounts are requested to write to the Company by 25th September, 2017, so as to enable the Management to keep the information ready.

10. ForRoute map to reach the venue of the AGM please refer to page no. 68

11. Instructions for e-voting

The Business of this meeting may be transacted through electronic system and the Company is providing facility for voting by electronic means.

i) The process and manner of voting by electronic means, the time schedule including the time period during which the votes may be casted and all other necessary instructions and information in this respect have been given in a separate sheet attached hereto forming part of this notice.

ii) The company has appointed M/s. Leena Agrawal, Practising Company Secretary (FCSNo.6607andCP No. 7030 as scrutinizer to the e-voting process in a fair and transparent manner.

iii) The Scrutinizer shall, within a period not exceeding three (3) working days from the conclusion of the e-voting period, unlock the votes in the presence of at least two (2) witnesses, not in the employment of the Company and make a Scrutinizer’s Report of the votes casted in favour or against, if any, forthwith to the Chairman of the Company.

iv) In case of those members, who do not have access to e-voting facility they can be the assent /dissent form sent herewith or can be downloaded from our website www.chasebright.com and convey their assent/dissent to each one of the items of business to be transacted at the ensuing AGM and send the form to reach Smt. Leena Agrawal, Scrutinizer appointed by the Company.

v) Members can choose either one of the two options, namely e-voting or voting through physical assent/dissent form. In case the votes are casted through both the formats, then votes casted through e-voting shall stand cancelled and those votes casted through physical assent/ dissent form would be considered, subject to the assent /dissent form being found to be valid.

vi) Subject to the receipt of sufficient votes, there solution shall be deemed to be passed at the 57th Annual General Meeting of Company scheduled to be held on Friday, 29th September, 2017. At the said Annual General Meeting, the Chairman shall declare the results of voting on there solutions set out in the Notice. The results declared alongwith the Scrutiniser’s Report shall be placed on the Company’s website www.chasebright.com, within two days of the passing of the resolutions at the 57th Annual General Meeting of the Company and shall also be communicated to the Stock Exchange.


Avinash JajodiaDate: 4th August, 2017 (DIN 00074886)Place: Mumbai Chairman & Managing Director


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THE STATEMENT PURSUANT TO SECTION 102 (1) OF THE COMPANIES ACT, 2013 WITH RESPECT TO THE SPECIAL BUSINESS SET OUT IN THE NOTICE IS ANNEXED.ITEM NO. 4 & 5The Board at its meeting held on 11th November, 2016 appointed Ms. Kanika Vijayvergiya as an Additional Independent Director of the Company with effect from 11th November, 2016, pursuant to section 161 of the Companies Act, 2013.

Pursuant to the provisions of Section 161 of the Companies Act, 2013, Ms. Kanika Vijayvergiya will hold office upto the date of the ensuing AGM. The Company has received separate notice in writing under the provision of section 160 of the Companies Act, 2013 from a member along with a deposit of Rs. 1,00,000/- proposing the candidature of Ms. Kanika Vijayvergiya for the office of independent Director to be appointed as such under the provisions of section 149 of the Companies Act, 2013.

The company appointed Ms. KanikaVijayvergiya have been discharging role and function of an independent director. The term of office of the aforesaid directors was liable to determination by retirement of directors by rotation under the erstwhile applicable provision of the Companies Act, 1956.

She is proposed to be appointed as an independent director who shall hold office from the date of this Annual General Meeting upto the expiry of 5 consecutive years.

The company has received (i) consent in writing to act as director in Form No. DIR – 2 pursuant to Rule 8 of Companies (Appointment & Qualification of Directors) Rules, 2014 (ii) intimation in Form DIR -8 in terms of Companies (Appointment & Qualification of Directors) Rules, 2014, to the effect that she is not disqualified under sub-section (2) of section 164 of the Companies Act, 2013.

Ms. Kanika Vijayvergiya, aged about 26 years, Additional Independent Director of our Company, is a Law Graduate from Kota University. She also holds a degree of Bachelor of Commerce from DAVV University. She has experience in the field of management. She has done her diploma in Banking & Accounts. In the opinion of the Board she fulfils the conditions specified in the Companies Act, 2013 and the Rules made thereunder and meets the criteria of independence specified in section 149 (6) of the Act, for appointment as an independent director. The Board considers it would be benefit to the company and it is desirable to continue to avail her services as an independent director.

A copy of the letter of appointment of M.s Kanika Vijayvergiya available for inspection without any fee by the members at the Company’s registered office during normal business hours upto the date of AGM.

No other Director or the Key Managerial Personnel of the Company or relative is concerned and interested financially or otherwise, in respect of the said resolutions.

The Board recommends the resolution set forth in item no. 4 & 5 for the approval of members.

ITEM NO. 6Considering the recommendations of the Remuneration Committee / Nomination & Remuneration Committee, the Board of Directors, in their meetings held on 27th May, 2017 have approved the re-appointment of Mr. Avinash Jajodia, Chairman & Managing Director on their current terms with revised remuneration, as per the details given below;

The terms and conditions of appointment of Mr. Avinash Jajodia as Chairman and Managing Director are as follows:Period of Appointment - From 12th June, 2017 to 11th June, 2020.Salary of ` 2,50,000/- per month.


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Perquisites shall be restricted to an amount equal to the annual salary or ` 30,00,000/- per annum whichever is less as detailed in categories ‘A’ ‘B’ and ‘C.’

PERQUISITESCATEGORY ‘A’

i) HousingThe Company shall provide accommodation to the Chairman & Managing Director. Or he will be entitled to House Rent Allowance at the rate of 50% of the salary.

The Chairman & Managing Director shall also be entitled to all amenities such as gas, electricity, water etc. and furnishing which will be used for personal / private purposes and also for the purpose of his official duties and shall be valued as per Income Tax Rules 1962. This shall however be subject to a ceiling of ten percent of the salary of Managing Director.

ii) Medical ReimbursementMedical and Hospital benefits for self and family, the total cost for which shall not exceed one month’s salary in a year or three month’s salary over a period of three years.

iii) Leave Travel Concession.Leave Travel Concession for self and family once in a year in accordance with the prevailing practice in the company.

iv) Club Membership FeesThe fees of Club Membership subject to a maximum of two clubs but not including admission or life membership fees.

v) Personal Accident Insurance.Personal Accident Insurance of an amount, the annual premium of which does not exceed Rs. 5,000/-.

CATEGORY ‘B’i) Provident Fund

The Company’s contribution towards the provident Fund as per the Rules of the Company as applicable to the other executives of the Company but not exceeding 12% of the salary as laid down under Income Tax Rules, 1962.

ii) Pension/ Superannuation FundThe company’s contribution towards Pension / Superannuation fund as per the rules of the Company. Such contribution shall not exceed 25% of the salary as laid down under Income Tax Rules, 1962.

iii) GratuityGratuity at a rate not exceeding half month’s salary for each completed year of service.

CATEGORY ‘C’Provision of car for use on Company’s business and telephone at residence, will not be considered as perquisites. However, personal long distance calls and use of the car for private purpose shall be billed by the company to the Chairman & Managing Director.


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Earned Leave: On full pay and allowance, as per the rules of the Company, but not exceeding one month’s leave for every eleven months of service. Chairman & Managing Director shall be entitled to encash the leave not availed.

Minimum Remuneration:In the event of Loss or inadequacy of profits, in any financial year, the payment of salary, commission, perquisites and other allowances shall, subject to approval by the Central Government be governed by the provisions of Section II of Part II of Schedule V to the Companies Act, 2013 (corresponding to provision of Section II of Part II of Schedule XIII to the Companies Act, 1956) including any statutory modification(s) or re-enactment thereof, as may for the time being, be in force.

Mr. Avinash Jajodia shall be liable to retire by rotation.

The above should be treated as an abstract required under sec. 190 of the Companies Act, 2013. The directors recommended the resolution for members’ approved.

Mr. Avinash Jajodia may be deemed to be interested in the resolution which pertains to appointment and remuneration payable to him. Further Mrs. Manjudevi Jajodia is related to Mr. Avinash Jajodia and may be deemed to be concerned and interested in the said resolution.

GENERAL INFORMATION(1) Nature of industry :

The Company is engaged in the manufacturing, trading and exporting of bright steel bars

(2) Date or expected date of commencement of commercial production:The Commercial production of the Company has already commenced since 1960.

(3) In case of new companies, expected date of commencement of activities as per project approved by financial institutions appearing in the prospectus:Not Applicable

(4) Financial performance during last three years` in Lakhs

Financial Parameters 2016-2017 2015-2016 2014-2015Turnover (Sales) 2,701.83 4,008.47 3,892.59

Net Loss Before Tax (143.62) (62.79) (26.96)

Net Loss After Tax (112.17) (53.63) (17.42)

Export performance and net foreign exchange earnings.` in Lakhs

2016-2017 2015-2016 2014-2015240.73 214.93 231.99

(6) Foreign investments or collaborators, if any.

None


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II INFORMATION ABOUT THE APPOINTEE:(1) Mr. Avinash Jajodia

1. Background details:

Mr Avinash Jajodia was an academic excellence awardee in school and college throughout the career. Did M.B.A in U.K, from Manchester University. Started working career with company as business executive then become Executive Director of the Company and then Managing Director and then Chairman& Managing Director. He is responsible towards rehabilitating the Company into its present strength.

2. Past remuneration including PF, Superannuation, Gratuity for last three years:` in Lakhs

2016-2017 2015-2016 2014-201520.16 20.16 20.16

3. Recognition and awards;

Been an academic awardee throughout his career. He has been responsible in rehabilitating the company and bring a successful turnaround in the fortunes of the Company.

4. Job profile and his suitability:

Was re-appointed as an Executive Director by the members in the meeting held on 30th September, 2003 and was appointed as Managing Director by the members in the meeting held on 30th September, 2006 and was re-appointed as a Managing Director in the shareholders meeting held on 30th September, 2008 for a period of 3 years and further reappointment in the shareholders meeting held on 30th September 2011 and 30th September, 2014. His responsibilities include the following

a. Gainful operations through efficient and optimum use of Company’s resources.

b. Employee satisfaction.

c. Customer satisfaction.

d. Strategic Decisions for the overall growth of the Company.

Mr. Avinash Jajodia has served the company for over 20 years. He has been instrumental in reviving the Company to its present status. In view of Mr. Jajodia’s vast experience and high esteem which he holds in the Company for his financial acumen and leadership qualities the Board considers him as a suitable professional for shouldering the responsibility of the Managing Director of the Company.

5. Remuneration proposed:

Salary `. 2,50,000/- per month with effect from 12th June, 2017

Perquisites Perquisites shall be restricted to an amount equal to the annual salary or `. 30,00,000/- per annum whichever is less as detailed in categories ‘A’ ‘B’ & ‘C’ as mentioned in the explanatory note annexed to the notice.


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Provident Fund The Company’s contribution towards the provident Fund as per the Rules of the Company as applicable to the other executives of the Company but not exceeding 12% of the salary as laid down under Income Tax Rules, 1962.

Pension/Superannuation Fund The company’s contr ibut ion towards Pension/ Superannuation fund as per the rules of the Company. Such contribution shall not exceed 25% of the salary as laid down under Income Tax Rules, 1962.

Gratuity at a rate not exceeding half month’s salary for each completed year of service.

Minimum Remuneration only in case of absence or inadequacy of profits during any financial year.

To be paid by way of salary, performance linked remuneration perquisites and allowance, subject to the limits specified in Section II of Part II of Schedule V to the Companies Act, 2013.

6. Comparative remuneration profile with respect to industry, size of the company, profile of the position and person (in case of expatriates the relevant details would be w.e.t. the country of his origin):

No data is available for comparison in terms of company’s size and nature of its operations. The remuneration proposed is in line with the remuneration of similar occupants in some of the companies in the Industry and general trend in this regard

7. Pecuniary relationship directly or indirectly with the company, or relationship with the managerial personal if any:

Relative of Mrs Manju Devi Jajodia- Whole time Director

III OTHER INFORMATION:(1) Reasons of loss or inadequate profits

Although the Company has been making profits for the last few years the margins are under pressure due to intense competition resulting in significant reduction in net realizations and contributions.

Mr. Avinash Jajodia as Managing Director of the Company has been working out strategies to meet the challenging situation in the business,

The Company is seeking the permission of the shareholders for making payment to Mr. Avinash Jajodia, Chairman & Managing Director in any of the three years of appointment as laid down in part II in Section II to Schedule V of the Companies Act, 2013 only in the event the Company has no profits or inadequate profits in any such financial year.

(2) Steps taken or proposed to be taken for improvement;

a) Strategic tie-ups and associations.

b) Thrust on exports

c) Improvements in productivity and optimum utilization of resources of the Company


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d) Aggressive implementation of cost reduction and cost control measures.

e) Additional machineries for Value Added Products

(3) Expected increase in productivity and profits in measurable terms;

The Company, by adoption of measures as aforesaid, expects higher turnover in future years with associated higher profits and productivity. Adoption of cost reduction measures and thrust on exports would enable the Company to bring about increase in the profitability.

The Managing Director will perform their respective duties as such with regard to all work of the Company and they will manage and attend to such business and carry out the orders and directions given by the Board from time to time in all respects and conform to and comply with all such directions and regulations as may from time to time be given and made by the Board and the functions of the Whole-time Director will be under the overall authority of the Managing Director.

The Managing Director shall act in accordance with the Articles of Association of the Company and shall abide by the provisions contained in Section 166 of the Act with regard to duties of directors.

Shri Avinash Jajodia satisfy all the conditions set out in Part-I of Schedule V to the Act as also conditions set out under sub-section (3) of Section 196 of the Act for being eligible for their re-appointment. They are not disqualified from being appointed as Directors in terms of Section 164 of the Act.

The above may be treated as a written memorandum setting out the terms of re-appointment of Shri Avinash Jajodia.

Mrs. Manjudevi Jajodia is related to Mr. Avinash Jajodia and may be deemed to be concerned and interested in the said resolution.

Save and except the above, none of the other Directors / Key Managerial Personnel of the Company/ their relatives are, in any way, concerned or interest, financially or otherwise, in these resolutions.

The Board commends the Special Resolution set out at Item Nos. 6 of the Notice for approval of the shareholders.

Item No. 7Members may please note that Mr. Abhinav Jajodia has been appointed as an Executive of the company, he will be looking after overall business of the company. The business of company is going through a tough time and would need to be supported by efficient controls and processes. Keeping in view of scale of operations, the Nomination & Compensation Committee and Board of Directors has proposed to retain him as an executive on the terms and conditions as set out in the resolution from August 01, 2017. The remuneration proposed to be paid to Mr. Abhinav Jajodia is commensurate with his experience and is in line with industry standards prevalent in India.

Mr. Abhinav Jajodia, aged 20 years, holds experience in running the family business.

Since, he is son of Mr. Avinash Jajodia, Chairman and Managing Director of the Company and this appointment is covered under Section 188(1) of the Companies Act, 2013, therefore, approval of the shareholders by way of special resolution at their General Meeting is required.

The Board recommends this special resolution. The monetary value of this transaction is embodied in the resolution and be construed accordingly.


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The particulars of the transaction pursuant to para 3 of Explanation (1) to Rule 15 of Companies (Meeting of Board and its Powers) Rules, 2014 are as under:

Name of the related party: Mr. Abhinav Jajodia

Name of the director or Key Managerial personnel who is related: Mr. Avinash Jajodia and Mrs. Manjudevi Jajodia

Nature of relationship: Mr. Abhinav Jajodia is son of Mr Avinash and Grandson of Mrs. Manjudevi Jajodia

Remuneration: As provided in the resolution

Payment Schedule: Not applicable

Nature, material terms and particulars of the arrangement: Mr. Abhinav Jajodia has been appointed as an executive of the Company on remuneration and terms & conditions as embodied in the resolution given in item no. 7 and his remuneration is proposed to be revised annually as per terms set out in the said item no. 7.

Duration of the contract: Mr. Abhinav Jajodia has been appointed under a contract of employment pursuant to which he may function according to directions as may be given by the Company from time to time. Contract will continue as long as he remains an executive as per the contract of employment Except Mr. Avinash Jajodia and Mrs. Manjudevi Jajodia being his relatives, none of the Directors and Key Managerial Personnel of the Company and their relatives is concerned or interested, financial or otherwise, in the resolution.


Avinash JajodiaPlace: Mumbai (DIN 00074886)Date: 4th August, 2017 Chairman & Managing Director

Registered Office:R-237, TTC Industrial AreaMIDC, Rabale,Navi Mumbai – 400701.

SHAREHOLDER INSTRUCTIONS FOR E-VOTINGThe instructions for shareholders voting electronically are as under:(i) The voting period begins on <26.09.2017 Start Time: 9.00 AM> and ends on <28.09.2017 End Time: 5.00

PM>. During this period shareholders’ of the Company, holding shares either in physical form or in dematerialized form, as on the cut-off date (record date) of <22.09.2017> may cast their vote electronically. The e-voting module shall be disabled by CDSL for voting thereafter.

(ii) The shareholders should log on to the e-voting website www.evotingindia.com.

(iii) Click on Shareholders / Members

(iv) Now Enter your User ID

a. For CDSL: 16 digits beneficiary ID,

b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID,

c. Members holding shares in Physical Form should enter Folio Number registered with the Company.


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(v) Next enter the Image Verification as displayed and Click on Login.

(vi) If you are holding shares in demat form and had logged on to www.evotingindia.com and voted on an earlier voting of any company, then your existing password is to be used.

(vii) If you are a first time user follow the steps given below:

For Members holding shares in Demat Form and Physical FormPAN Enter your 10 digit alpha-numeric PAN issued by Income Tax Department (Applicable for

both demat shareholders as well as physical shareholders) � Members who have not updated their PAN with the Company/Depository Participant

are requested to use the first two letters of their name and the 8 digits of the sequence number in the PAN field.

� In case the sequence number is less than 8 digits enter the applicable number of 0’s before the number after the first two characters of the name in CAPITAL letters. Eg. If your name is Ramesh Kumar with sequence number 1 then enter RA00000001 in the PAN field.

Dividend Bank DetailsOR Date of Birth (DOB)

Enter the Dividend Bank Details or Date of Birth (in dd/mm/yyyy format) as recorded in your demat account or in the company records in order to login.

� If both the details are not recorded with the depository or company please enter the member id / folio number in the Dividend Bank details field as mentioned in instruction (iv).

(viii) After entering these details appropriately, click on “SUBMIT” tab.

(ix) Members holding shares in physical form will then directly reach the Company selection screen. However, members holding shares in demat form will now reach ‘Password Creation’ menu wherein they are required to mandatorily enter their login password in the new password field. Kindly note that this password is to be also used by the demat holders for voting for resolutions of any other company on which they are eligible to vote, provided that company opts for e-voting through CDSL platform. It is strongly recommended not to share your password with any other person and take utmost care to keep your password confidential.

(x) For Members holding shares in physical form, the details can be used only for e-voting on the resolutions contained in this Notice.

(xi) Click on the EVSN for the relevant <Chase Bright Steel Limited> on which you choose to vote.

(xii) On the voting page, you will see “RESOLUTION DESCRIPTION” and against the same the option “YES/NO” for voting. Select the option YES or NO as desired. The option YES implies that you assent to the Resolution and option NO implies that you dissent to the Resolution.

(xiii) Click on the “RESOLUTIONS FILE LINK” if you wish to view the entire Resolution details.

(xiv) After selecting the resolution you have decided to vote on, click on “SUBMIT”. A confirmation box will be displayed. If you wish to confirm your vote, click on “OK”, else to change your vote, click on “CANCEL” and accordingly modify your vote.

(xv) Once you “CONFIRM” your vote on the resolution, you will not be allowed to modify your vote.

(xvi) You can also take a print of the votes cast by clicking on “Click here to print” option on the Voting page.

(xvii) If a demat account holder has forgotten the changed password then Enter the User ID and the image verification code and click on Forgot Password & enter the details as prompted by the system.


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(xviii) Shareholders can also cast their vote using CDSL’s mobile app m-Voting available for android based mobiles. The m-Voting app can be downloaded from Google Play Store. Apple and Windows phone users can download the app from the App Store and the Windows Phone Store respectively. Please follow the instructions as prompted by the mobile app while voting on your mobile.

(xix) Note for Non – Individual Shareholders and Custodians

» Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodian are required to log on to www.evotingindia.com and register themselves as Corporates.

» A scanned copy of the Registration Form bearing the stamp and sign of the entity should be emailed to [email protected]

» After receiving the login details a Compliance User should be created using the admin login and password. The Compliance User would be able to link the account(s) for which they wish to vote on.

» The list of accounts linked in the login should be mailed to [email protected] and on approval of the accounts they would be able to cast their vote.

» A scanned copy of the Board Resolution and Power of Attorney (POA) which they have issued in favour of the Custodian, if any, should be uploaded in PDF format in the system for the scrutinizer to verify the same.

(xx) In case you have any queries or issues regarding e-voting, you may refer the Frequently Asked Questions (“FAQs”) and e-voting manual available at www.evotingindia.com, under help section or write an email to [email protected].


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DIRECTORS’ REPORT

Dear Members,

Your Directors have pleasure in submitting their Fifty-Seventh Annual Report and Statement of Accounts for the year ended 31st March, 2017.

Financial Summary of the CompanyThe Company’s financial performance for the year ended March 31, 2017 is summarised below.

Particular 2016-17`

2015-16`

Profit / (Loss) for the year before tax (1,43,61,558) (62,79,897)

Less: Provision for taxes – –

Less: Income Tax Adjustments 53,115 22,596

Less: Deferred tax / (Assets) (net) (30,91,273) (9,39,631)

Add: Income Tax Refund – –

Profit/(Loss) for the year after tax (1,12,17,130) (53,62,862)

Brief Description of the company’s workingWith the challenging economic conditions in the previous year continuing in the current year, your company has focused on improving productivity, eliminating waste, re-allign the cost structure. The company has made a loss after tax of ` (112.18) lacs as compared to loss of ` (53.63) lacs in the previous year. Turnover has decreased by 25% due to steep fall in iron ore prices hence margin continue to be under pressure and the current scenario looks bleak.

DividendThe Board considering the Companies performance and financial positions for the year under review has not recommended any dividend.

Transfer to ReservesIn view of losses incurred by the Company during the year, no amount has been transferred to the General Reserve

Presentation of Financial Statements:The financial statements for the year ended 31st March, 2017 are prepared in due compliance of the Schedule III of the Companies Act, 2013

Cash Flow Statement:A Cash Flow Statement for the year 2016-17 is included in the annexed Statement of Accounts.


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Extract of the Annual ReturnPursuant to the provisions of Section 92 (3) of the Companies Act, 2013 and Rules framed thereunder, an extract of the annual return as on 31st March, 2017 in the prescribed Form No. MGT-9 is annexed to this Board’s Report - ‘Annexure-I’

Public DepositsThe Company had no unpaid /unclaimed deposits as on 31st March, 2017. It has not accepted any fixed deposits during the year.

Auditor

Statutory AuditorsThe Statutory Auditors of the Company M/s. Mahendra Kumbhat & Associates, Chartered Accountants, retiring at the ensuing Annual General Meeting and have confirmed their eligibility and willingness to accept office of Auditors, if re-appointed. The appointment of Statutory Auditors of the Company shall be from the conclusion of the forthcoming Annual General Meeting till the conclusion of the next Annual General Meeting of the Company. Your Directors recommend their reappointment.

The Notes on financial statement referred to in the Auditors’ Report are self–explanatory and do not call for any further comments. The Auditors Report does not contain any qualification, reservation or adverse remark.

No frauds were reported by auditors under Section 143 (12) of the Companies Act, 2013.

Cost AuditorsPursuant to the provisions of Section 148 of the Companies Act, 2013 and Companies (Cost Records and Audit) Rules, 2014 the company were not covered for the cost audit and consequently the company had not appointed Cost Auditor for the financial year 2016-17.

Secretarial AuditIn accordance with the provision of section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the company has appointed M/s Leena Agrawal & Co., Practising Company Secretaries (MN No.6607, CPNo.7030), Mumbai, to undertake the Secretarial Audit of the company. The Secretarial Audit report for the year 2016-17 in the prescribed form MR-3 is annexed herewith as ‘Annexure-II’ The report does not contain any qualification except the Company has not complied with the provision of section 203 of the Companies Act 2013 with regard to appointment of Key Managerial Personnel, as no Company Secretary is appointed.

And the company has not appointed a qualified company Secretary as a Compliance officer in accordance with regulation 6 of SEBI (listing Obligations & Disclosure Requirements) Regulations, 2015.

Details of Subsidiary/ Joint Ventures/ AssociatesThe Company does not have any subsidiary/ Joint Venture or Associate and hence no disclosure is applicable.

Significant and Material Orders passed by the Regulators or CourtsNo material orders were passed by any Regulators or Courts or Tribunals during the financial year under review impacting the going concern status of the company’s operations in future.


18

Internal Financial ControlsThe company has in place adequate internal financial controls with were tested and no report able material weakness in the design-or operation was observed.

Share CapitalThe paid up Equity Share Capital as at March 31, 2017 stood at ` 1,67,50,000/-. During the year under review, the company has not issued shares with differential voting rights and has not granted any stock option or sweat equity.

Corporate Governance ReportThe Company is falling under criteria 1.a. of the SEBI Circular CIR/CFD/POLICY CELL/7/2014 dated 15th September 2014, and its paid up capital is much below 10 crores and its net worth is also much below 25 crores and hence Corporate Governance report is not applicable to the Company.

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and OutgoConservation of energy During the year under review, the company maintained power factor

to unit throughout the year resulting in getting maximum rebate in electricity bills.

Technology absorption No expenditure is incurred by the Company attributable to Technology absorption during the year.

Expenditure on Research & Development

No expenditure is incurred by the Company attributable to Research & Development during the year.

Foreign exchange earnings and Outgo During the year under review FOB value of export to manufactured goods ` 240.73 lakhs.

Particulars of Contracts or 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 arm’s length basis. During the year, the company had not entered in to any contract/ arrangement/ transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions.

Your Directors draw attention of the members to ‘Note No.31 Part U’ to the financial statement which sets out related party disclosures.

The policy on materiality of related party transactions and dealings with related party transactions as approved by the Board may be accessed on the companies website.

Particulars of Loans, Guarantees or Investments by CompanyThere were no loans or guarantees given or investments made by your company during the financial year 2016-17.

Number of Meetings of the BoardThe Board met 4 times during the financial year 2016-17 on 24.05.2016, 12.08.2016, 11.11.2016, 10.02.2017. The intervening gap between the Meetings was within the period prescribed under the Companies Act. 2013.


19

Appointment of DirectorsMr. Avinash Jajodia, who retires by rotation at the ensuing Annual General Meeting under the provisions of the Companies Act, 2013 and being eligible, offers himself for re-appointment.

Further Mr. Avinash Jajodia is also being reappointed as a Chairman and Managing Director for a period of 3 years w.e.f 12.06.2017

Ms. Kanika Vijayvergiya was appointed as an Additional Independent Director in the board meeting held on November 11, 2016 and that she hold office upto the date Annual General Meeting of the company as on 29th September, 2017, who shall hold office from the date of this 57th Annual General Meeting upto the expiry of 5 consecutive years.

Directors’ Responsibility StatementAs required by sub-section (5) of Section 134 of the Companies Act, 2013, the Directors state that-

a) In the preparation of the annual accounts for the year ended March 31, 2017, 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;

b) 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 March 31, 2017 and of the loss of the Company for the year ended as on that date;

c) 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;

d) The Directors have prepared the annual accounts on a ‘going concern’ basis;

e) The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.

f) The Directors have devised proper systems to ensure compliance with all applicable laws and that such systems are adequate and operating effectively.

DirectorsStatement on Declaration given by Independent Directors:All the Independent Directors have submitted declarations to the company to the effect that they meet the criteria of independence as provided in sub-section (6) of Section 149 of the Companies Act, 2013.

The Company has also devised a Policy on Familiarization Programme for Independent Directors which aims to familiarize the Independent Directors with the Company, nature of the industry in which the Company operates, business operations of the Company etc. The said Policy may be accessed on the Company’s website at the www.chasebright.com


20

Policy on Directors appointment and Remuneration Policy.The Board on recommendation of Nomination & Remuneration Committee, has framed a policy for selection and appointment of Directors, Senior Management and their remuneration. The Policy is also available on the website of Company i.e. www.chasebright.com

Board evaluationPursuant to the provisions of the Companies Act, 2013 the Board of Directors has approved the criteria for performance evaluation of all Directors, the Committees of Directors and the Board as a whole, on the Recommendation of the Nomination and Remuneration Committee of the Company. An annual performance evaluation of all Directors, the Committee of Directors and the Board a saw hole was carried out during year. For the purpose of carrying out performance evaluation, assessment questionnaires were circulated to all Directors and their feedback was obtained and recorded.

Committees of the BoardThe Board of Directors have constituted following committees in order to effectively cater its duties towards diversified role under the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:- � Audit Committee; � Nomination and Remuneration Committee; � Share Transfer Committee; � Stakeholders Relationship Committee;

Employee StrengthThe total number of employees on the rolls of the company was 80 (which include 49 Worker, 29 Staff, and Chairman & Managing Director and Whole Time Director as on March 31, 2017.

Industrial RelationsIndustrial relations at the Company’s plants continue to be cordial.

Ratio of the Remuneration of each Director to the Median Employees Remuneration (Section 197 (12)Details pertaining to remuneration as required under section 197 (12) of the Companies Act, 2013 read with rule 5(1) of the companies (appointment and Remuneration of managerial personnel) rules, 2014 are provided in ‘Annexure-III’ to the Board’s Report.

Disclosure as per the Sexual Harassment of Women at work place (Prevention, Prohibition and Redressal) Act, 2013The Company has always believed in a policy against sexual harassment which has also found its place in the governing Codes of Conduct and Ethics applicable to its employees which includes a mechanism to redress such complaints. During the year under review there were no complaints of sexual harassment at any of the units.


21

Vigil Mechanism /Whistle Blower PolicyThe Company has adopted a Whistle Blower Policy, to provide a formal mechanism to the Directors, Employees and it stakeholders to report their concerns about unethical behaviour, actual or suspected fraud or violation of the Company’s Code of Conduct or Ethics Policy. The policy provides for adequate safeguards against victimisation of employees who avail of the mechanism and also provides for direct access to the chairman of the Audit Committee. It is affirmed that no personnel of the Company has been denied access to the Audit Committee. The Whistle Blower Policy is posted on the website of the Company at the www.chasebright.com

Particulars of Employees and Related DisclosuresThere were no employees drawing remuneration during the year under review in excess of the limits laid down under Section 197(12) of the Act, read with rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

AcknowledgementYour Directors would like to express their sincere appreciation for the assistance and co-operation received from the financial institutions, banks, 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 Company’s executives, staff and workers.

For and on behalf of the Board of Directors

M/s. Chase Bright Steel Limited

Avinash JajodiaDate:4th August, 2017 (DIN 00074886)Place: Mumbai Chairman & Managing Director


22

Annexure - I

EXTRACT OF ANNUAL RETURNAs on financial year ended 31.03.2017

Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company (Management & Administration) Rules, 2014.

FORM NO. MGT-9I. Registration and Other Details :

CIN: L99999MH1959PLC011479

Registration Date: 16/10/1959

Name of the Company: Chase Bright Steel Ltd.

Category / Sub-Category of the Company Public Limited Company

Address of the Registered office & contact details

R-237, TTC Industrial area, MIDC, Rable, Navi Mumbai - 400701Phone:022-27606679 Email:[email protected]

Whether listed company Yes

Name, Address and Contact details of Registrar and Transfer Agent, if any

Sharex Dynamic (India) Pvt. Ltd. Unit No. 1, Luthra Industrial Premises, Andheri Kurla Road, Safed Pool, Andheri ( E), Mumbai - 400072Phone: 022-2851 5606 / 2851 5644 E-mail : [email protected]

II. Principal Business Activities of the Company:All the business activities contributing 10% or more of the total turnover of the company shall be stated:

Sr. No.

Name and Description of main products / services NIC Code of the Product/ service

% to total turnover of the company

a. Manufacturing of Steel Bars 27151 100%

III. Particulars of Holding, Subsidiary and Associate Companies

Sr. No.

Name and address of the company

CIN/GLN Holding / Subsidiary / Associate Company

% of shares held

Applicable Section

a. Nil Nil Nil Nil Nil


23IV

. SH

ARE

HOLD

ING

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(E

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quity

)

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ry-w

ise

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Cate

gory

of

Shar

ehol

ders

No.

of S

hare

s he

ld a

t the

beg

inni

ng o

f th

e ye

ar [A

s on

01-

Apri

l-20

16]

No.

of S

hare

s he

ld a

t the

end

of t

he ye

ar

[As

on 3

1-M

arch

-201

7]%

Ch

ange

du

ring

th

e ye

arDe

mat

Phys

ical

Tota

l%

of

Tota

l Sh

ares

Dem

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ysic

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tal

% o

f Tot

al

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es

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rom

oter

's

(1) I

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n

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divid

ual/

HU

F

-

10,6

0,36

8 10

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368

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1,04

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10

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368

63.3

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–

b) C

entr

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––

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rp.

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anks

/ FI

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101

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50

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–

(2) F

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divid

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––

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101

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50

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–B.

Pub

lic S

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ing


24

Cate

gory

of

Shar

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ders

No.

of S

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s he

ld a

t the

beg

inni

ng o

f th

e ye

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01-

Apri

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16]

No.

of S

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t the

end

of t

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[As

on 3

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arch

-201

7]%

Ch

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th

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Phys

ical

Tota

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of

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1. In

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–

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––

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(ii) O

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ii) In

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–

(c) O

ther

(spe

cify

)


25

Cate

gory

of

Shar

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No.

of S

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beg

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01-

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No.

of S

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26ii)

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Year

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%

chan

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–

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–

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––

(iii)

Cha

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Sl.

No.

Shar

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at

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begi

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g (0

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% o

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of th

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Date

Incr

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Decr

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ng in

sh

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Reas

onN

o. o

f Sh

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%

of t

otal

Sh

ares

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the

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pany

1Th

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is n

o ch

ange

in p

rom

oter

s’ s

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hold

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durin

g th

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anci

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ar 2

016-

17


27(iv

) Sha

reho

ldin

g Pa

ttern

of t

op te

n Sh

areh

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rs (o

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than

Dire

ctor

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g (0

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6) /

end

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(31-

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% o

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of th

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ny

Date

Incr

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ng /

Decr

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ng in

sh

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oldi

ng

Reas

onN

o. o

f Sh

ares

%

of

tota

l Sh

ares

of

the

com

pany

1.Ra

vish

C. M

alho

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osin

g Ba

lanc

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000

6500

03.

881%

3.88

1%01

/04/

2016

31/0

3/20

17– –

–65

000

–3.

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2.Ro

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ing

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2000

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1.19

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4/20

1631

/03/

2017

– ––

2000

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2016

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17– –

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4.So

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1631

/03/

2017

– ––

1000

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1631

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2017

– ––

1000

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6.Ja

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2016

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17– –

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000

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7.La

lit C

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Bala

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1000

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0.59

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1631

/03/

2017

– ––

1000

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7%

8.N

ikes

h M

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–Cl

osin

g Ba

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2016

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17– –

–89

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9.N

ikes

h M

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364%

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017

– ––

5000

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299


28(v

) Sh

areh

oldi

ng o

f Dire

ctor

s an

d Ke

y M

anag

eria

l Per

sonn

el :

Sl.

No.

Nam

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areh

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t the

be

ginn

ing

of th

e ye

ar 0

1/04

/201

6Cu

mul

ativ

e Sh

areh

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ng

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. L. D

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29V.

INDE

BTED

NESS

In

debt

edne

ss o

f the

Com

pany

incl

udin

g in

tere

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utst

andi

ng/a

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ed b

ut n

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r pay

men

t`

In L

acs

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s ex

clud

ing

depo

sits

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cure

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ans

Depo

sits

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l In

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debt

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t the

beg

inni

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f the

fina

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l ye

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Prin

cipa

l Am

ount

ii) In

tere

st d

ue b

ut n

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aid

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tere

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502.

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90

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ange

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(111

.95)

–(7

.25)

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bted

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at t

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nd o

f the

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l yea

ri)

Prin

cipa

l Am

ount

ii) In

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ut n

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tal (

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3.22

VI. R

emun

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of D

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and

Key

Man

ager

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nnel

A. R

emun

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to M

anag

ing

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ctor

, Who

le-t

ime

Dire

ctor

s an

d/or

Man

ager

: (`

in L

akhs

)

Sl.

No.

Part

icul

ars

of R

emun

erat

ion

Nam

e of

MD

/ WTD

/ M

anag

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tal A

mou

ntAv

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h Ja

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a (C

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(WTD

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as p

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(1) o

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s 17

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26(c

) Pro

fits

in li

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Act,

1961

––

–

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––

3Sw

eat E

quity

––

–


30

Sl.

No.

Part

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ars

of R

emun

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Nam

e of

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/ WTD

/ M

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tal A

mou

ntAv

inas

h Ja

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a (C

MD)

Man

jude

vi J

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ia

(WTD

)4

Com

mis

sion

––

– –

as %

of p

rofit

––

– –

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rs, s

peci

fy…–

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5Ot

hers

, ple

ase

spec

ify–

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Tota

l (A)

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88.

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Ceili

ng a

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B. R

emun

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to o

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s:(`

in L

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)

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icul

ars

of R

emun

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ion

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e of

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ctor

sTo

tal

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nt1.

Inde

pend

ent D

irect

ors

N. G

. Kha

itan

P. L

. Dab

ral

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. Shi

kari

Hem

ant M

urar

kaKa

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jayv

ergi

ya•

Fee

for a

ttend

ing

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d/co

mm

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mee

tings

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mm

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on–

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rs, p

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e sp

ecify

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l (1)

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0.20

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2.Ot

her N

on-E

xecu

tive

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ctor

s•

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for a

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mm

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hers

, ple

ase

spec

ify–

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––

Tota

l (2)

––

––

–To

tal (

B)=(

1+2)

0.40

0.20

0.40

0.40

0.20

1.60

Tota

l Man

ager

ial R

emun

erat

ion

0.40

0.20

0.40

0.40

0.20

1.60

Over

all C

eilin

g as

per

the

Act


31C.

Rem

uner

atio

n to

Key

Man

ager

ial P

erso

nnel

oth

er th

an M

D / M

anag

er /

WTD

(` in

Lak

hs)

Sl.

No.

Part

icul

ars

of R

emun

erat

ion

Key

Man

ager

ial P

erso

nnel

CFO

Com

pany

Se

cret

ary

CEO

Tota

l

1Gr

oss

sala

ry5.

665.

66

(a)

Sala

ry a

s pe

r pro

visio

ns c

onta

ined

in

sect

ion

17(1

) of t

he In

com

e-ta

x Ac

t, 19

61–

––

–

(b)

Valu

e of

per

quis

ites

u/s

17(2

) Inc

ome-

tax

Act,

1961

––

––

(c)

Prof

its in

lieu

of s

alar

y un

der s

ectio

n 17

(3) I

ncom

e- ta

x Ac

t, 19

61–

––

–

2St

ock

Optio

n–

––

–

3Sw

eat E

quity

––

––

4Co

mm

issi

on-

as

% o

f pro

fit-

oth

ers,

spe

cify…

––

––

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rs–

––

–

Tota

l5.

66–

–5.

66

VII.

Pena

lties

/ Pu

nish

men

t / C

ompo

undi

ng O

f Offe

nces

: Non

e


32

ANNEXURE-II

FORM MR 3

Secretarial Audit ReportFor the Financial year ended 31st March 2017.

[Pursuant to section 204 (1) of the companies Act, 2013 and rule No. 9 of the Companies (Appointment and Remuneration or Managerial Personnel) Rules, 2014]

FOR THE FINANCIAL YEAR ENDED MARCH 31, 2017ToThe MembersM/s CHASE BRIGHT STEEL LIMITEDR-237, TTC Industrial Area, MIDC,Rabale, Navi Mumbai,Maharashtra - 400701.

We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by M/s CHASE BRIGHT STEEL LIMITED (hereinafter called “the Company”). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing my opinion thereon.

Based on our verification of the Company’s Books, Papers, Minute Books, Forms and Returns filed and other Records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, we hereby report that in our opinion, the company has, during the financial year commencing from April 01, 2016 and ended March 31, 2017, complied with the statutory provisions listed hereunder and also that the Company has proper Board process and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter :

We have examined the books, papers, minute books, forms and returns filed and other records maintained by M/s CHASE BRIGHT STEEL LIMITED (“The Company”) for the financial year ended on March 31, 2017, according to the provisions of:

i. The Companies Act, 2013 (“the Act”) and Companies Act, 1956 (to the extent applicable) the rules made thereunder including any re-enactment thereof;

ii. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the Rules made thereunder;iii. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;iv. Foreign Exchange Management Act, 1999 and the Rules and Regulations made thereunder to the extent

of Foreign Direct Investment (FDI), Overseas Direct Investment and External Commercial Borrowings made by/in the Company and as such the provisions of the Foreign Exchange Management Act, 1999 and the rules and regulations made were not applicable;

v. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):-(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)

Regulations, 2011;(b) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Redeemable

Preference Shares) Regulations, 2013(c) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992; (d) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)

Regulations, 2015; (e) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,


33

2009 – Not applicable as the Company did not issue any security during the financial year under review;

(f) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 - Not applicable as the Company did not have any scheme for its employees during the financial year under review;

(g) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 - Not applicable as the Company has not issued any debts securities during the financial year under review;

(h) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client - Not applicable as the Company is not Registrar to an issue and Share Transfer Agent during the financial year under review;

(i) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 - Not applicable as the Company has not delist its equity shares from any stock exchange during the financial year under review; and

(j) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 - Not applicable as the Company has not bought back any of its securities during the financial year under review.

vi. We have relied on the certificate obtained by the Company from the Management Committees / Officers for systems mechanism and based on the information and representation made by the Company for due compliance of all applicable Acts., Laws, Orders, Regulations and other legal requirements of central, State and other Government and Legal Authorities concerning the business and affairs of the Company.

We further report that having relied on the systems and mechanism framed by the Company for compliances under the other applicable Acts, Laws and Regulations to the Company and on examination of the relevant documents and records in pursuance thereof, on test check basis, the company has complied with the following Acts, Laws, Rules and Regulations applicable to the Company;

(a) Factories Act, 1948;

(b) Industries (Development and regulation ) Act, 1951

(c) Labour Laws and other incidental laws related to labour and employees appointed by the Company either on its payroll or on contractual basis as related to Wages, Gratuity, Provident Fund, ESIC, Compensation etc;

(d) Acts prescribed under prevention and control of pollution;

(e) Act prescribed under Environment protection

(f) Acts prescribed under Direct Tax and indirect Tax;

(g) Land Revenue laws of respective States;

(h) Labour Welfare Act of respective States

(i) Laws relating to Establishment – O &M of respective States

(j) Local laws as applicable to various offices, warehouses and plants.

We have also examined compliance with the applicable clauses of the following:

(a) Secretarial Standards issued by The Institute of Company Secretaries of India under the provisions of Companies Act, 2013 and

(b) The Listing Agreements entered into by the Company with the Bombay Stock Exchange Limited and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015;


34

During the financial year under report, the Company has complied with the provisions of the New Companies Act, 2013, to the extent applicable and the Rules, Regulations, Guidelines, Standards, etc., mentioned above subject to the following observations ;

We further report that:

a) The Company has not complied with the provision of section 203 of the Companies Act 2013 with regard to appointment of Key Managerial Personnel as no Company Secretary is appointed.

b) The company has not complied with the provisions of Section 134 of the Companies Act regarding signing of Annual Accounts. The Annual Accounts has not been signed by Company Secretary.

c) The company has not appointed a qualified company Secretary as a Compliance officer in accordance with regulation 6 of SEBI (listing Obligations & Disclosure Requirements) Regulations, 2015.

d) The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the year under review were carried out in compliance with the provisions of the Companies Act, 2013.

e) Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation of the meeting.

f) A system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.

g) All decisions of the Board and Committees were carried with requisite majority. Majority decision is carried through while the dissenting members’ views, if any, are captured and recorded as part of the minutes.

We further report that based on review of compliance mechanism established by the Company and on the basis of the Compliance Certificate(s) issued by the Company Secretary and taken on record by the Board of Directors at their meeting(s), we are of the opinion that there are adequate systems and processes in place in the Company which is commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

We further report that during the audit period the Company has not undertaken any specific event/actions having a major bearing on the Company’s affairs in pursuance of the above referred laws, rules, regulations, guidelines and standards.

For Leena Agrawal & Co. (Practising Company Secretaries)

Leena AgrawalProprietress

Place: Mumbai FCS No: 6607Date: 4th August, 2017 CP No: 7030

Note: This report is to be read with our letter of even date which is annexed as Annexure – ‘A’ and forms an integral part of this report.


35

Annexure – ‘A’ of Secretarial Audit ReportTo,The Members,M/s CHASE BRIGHT STEEL LIMITEDR-237, TTC Industrial Area, MIDC,Rabale, Navi Mumbai, Maharashtra - 400701.Our report of even date is to be read along with this letter.

Management’s Responsibility 1. It is the responsibility of the management of the Company to maintain secretarial records, devise proper

systems to ensure compliance with the provisions of all applicable laws and regulations and to ensure that the systems are adequate and operate effectively.

Auditor’s Responsibility 2. Our responsibility is to express an opinion on these secretarial records, standards and procedures followed

by the Company with respect to secretarial compliances. 3. We believe that audit evidence and information obtained from the Company’s management is adequate

and appropriate for us to provide a basis for our opinion.4. Wherever required, we have obtained the management’s representation about the compliance of laws,

rules and regulations and happening of events etc. Disclaimer 5. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the

efficacy or effectiveness with which the management has conducted the affairs of the Company.6. We have not verified the correctness and appropriateness of financial records and books of account of the Company.

For Leena Agrawal & Co. (Practising Company Secretaries)

Leena AgrawalProprietress

Place: Mumbai FCS No: 6607Date: 4th August, 2017 CP No: 7030

Annexure-IIIName of Director / KMPand Designation

Remuneration of Director/

KMP for Financial year

2016-17

Last year Remuneration

% increase in Remuneration

in the Financial year 2016-17

Ratio of remuneration of

each Director/to median

remuneration of employees

Comparison of the remuneration on of the KMP against the performance of the Company

Avinash Jajodia (Managing Director)

20,57,979 21,17,075 -2.87 12.47

There has been a negligible increase in the remuneration on account of weak financial conditions of the company.

Manjudevi Jajodia (Whole-time Director)

8,68,145 8,55,899 1.41 5.26

Sampada Chandrakant Sakpal(CFO)

5,66,400 4,80,000 15.25 3.43

Khuzem Saifuddin Shikari 40,000 40,000 0.00 0.24Nand Gopal Khaitan 40,000 20,000 50.00 0.32Prem Lal Dabral 20,000 20,000 0.00 0.12Hemant Ramgopal Murarka 40,000 40,000 0.00 0.24Kanika Vijayvergiya 20,000 0 100.00 0.12Total 36,52,524.00 35,72,974.00 163.79 22.21


36

INDEPENDENT AUDITORS’ REPORT

To The Members of CHASE BRIGHT STEEL LIMITED

Report on the Financial StatementsWe have audited the accompanying financial statements of CHASE BRIGHT STEEL LIMITED (“the Company”), which comprise the Balance Sheet as at March 31, 2017, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial StatementsThe Company’s Board of Directors is responsible for the matters in section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit.We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by Company’s Directors, as well as evaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

OpinionIn our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the


37

Company as at March 31, 2017, its Loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirementsi. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”), issued by the Central

Government of India in terms of Section 143(11) of the Act, and on the basis of such checks of books and records of the Company as we considered appropriate and according to the information and explanation given to us, we give in the “Annexure A” statement on the matters specified in the paragraph 3 and 4 of the Order, to the extend applicable.

ii. As required by Section 143(3) of the Act, we report that:a We have sought and obtained all the information and explanations which, to the best of our knowledge

and belief, were necessary for the purposes of our audit.b In our opinion proper books of account as required by law have been kept by the Company so far as

appears from our examination of those books.c The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by

this Report are in agreement with the Books of Account.d In our opinion, the aforesaid financial statements comply with the Accounting Standards specified

under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.e On the basis of written representations received from the directors as on March 31, 2017, taken on

record by the Board of Directors, none of the directors is disqualified as on March 31, 2017, from being appointed as a director in terms of Section 164(2) of the Act: and

f with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in “Annexure B”; and

g With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rule, 2014, in our opinion and to our best of our information and according to the explanations given to us :(i) The Company has disclosed the impact of pending litigations on its financial position in its

financial statements – Refer Note “31(K) and 31(L)” to the financial statements.(ii) The Company did not have any long-term contracts including derivatives contracts for which

there were any material foreseeable losses, as required under the applicable law or accounting standards.

(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

(iv) The Company has provided requisite disclosers in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November 2016 to 30th December 2016. Based on audit procedures and relying on the management representation we report that the disclosures are in accordance with books of account maintained by the Company and as produced to us by the management – Refer Note 31(W).

For MAHENDRA KUMBHAT & ASSOCIATESChartered Accountants

Firm Registration No. 105770W (AMAR BAGRECHA)Place : Mumbai PartnerDated : May 27, 2017 Membership No.: 056605


38

“Annexure A” To Independent Auditors’ Report(Referred to in our report of even date)

[Referred in Paragraph (i) under the heading of “Report on Other Legal and Regulatory Requirements” of our report of even date to the member of CHASE BRIGHT STEEL LIMITED on the financial statements for the year ended March 31, 2017.] (i) (a) The Company has maintained proper records showing full particulars including quantitative details

and situation of fixed assets.(b) As explained to us, all the fixed assets have been physically verified by the management, according

to a phased programme designed to cover all the fixed assets at least once during the year, which in our opinion, is at reasonable intervals having regard to the size of the Company and nature of its assets. As informed to us, no material discrepancies were noticed on such verification.

(c) In our opinion and according to information and explanation given to us and on the basis of an examination of the records of the Company, the title deeds of the immovable properties are held in the name of the company.

(ii) The Inventory, except goods – in – transit and stocks lying with third parties, have been physically verified by the management during the year or at the year end. In our opinion, the frequency of such verification is reasonable and adequate in relation to the size of the company and nature of its business. For stocks lying with third parties at the year end, confirmations of such stocks being held have been obtained. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been dealt with in the books of account.

(iii) As the Company has not granted any loan, secured or unsecured, to companies, firms or other parties covered in the register maintained under section 189 of the Act, paragraphs 3(iii)(a), 3(iii)(b) and 3(iii)(c) of the Order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans, and investments.

(v) In our opinion and according to the information and explanation given to us, as the Company has not accepted any deposits from the public, Paragraph 3(v) of the Order to comment on whether the Company has complied with the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the Rules framed thereunder are not applicable.

(vi) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014 as specified by the Central Government under section 148(1) of the Act in respect of its products and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the records with a view to determine whether they are accurate or complete.

(vii) (a) According to the information and explanation given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing the undisputed statutory dues including provident fund, employees’ state insurance, income-tax, sales-tax, wealth-tax, service-tax, custom duty, excise and other material statutory dues, as applicable to it, with the appropriate authorities. Further, According to the information and explanations given to us no undisputed amounts payable in respect of income-tax, wealth-tax, service-tax, sales- tax, customs duty and other material statutory dues were in arrears, as at March 31, 2017 for a period of more than six months from the date they became payable, except Income-tax and TDS dues of ` 0.55 lakhs and NMMC Cess of ` 3.48 lakhs.

(b) According to the information and explanations given to us and on the basis of the books of accounts


39

and records examined by us, as may be applicable, given herein below, are the details of dues of Income-tax, Sales-tax, Wealth-Tax, Service-Tax, Customs Duty, Excise Duty, Value Added Tax, Cess which have not been deposited on account of disputes and the forum where the dispute is pending:

Particulars Financial Period for which the matter pertains

Forum where dispute is pending

Amount in `

MVAT Act, 2002 2008 – 2009 Dy. Commissioner of Sales-tax

5,12,931

(viii) According to the information and explanations given to us and records of the Company examined by us, the Company has not defaulted in repayment of dues to financial institutions or banks or government. Further, the Company has not issued any debentures and hence Paragraph 4 (viii) of the Order, to that extent, is not applicable.

(ix) In our opinion and according to the information and explanations given to us, the Company has utilised the money raised by way of term loans during the year for the purposes for which they were raised. Further, the Company did not raise any money by way of initial public offer or further public offer (including debt instruments) during the year. Accordingly, paragraph 3 (ix) of the Order is not applicable.

(x) Based on the audit procedures performed and according to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.

(xi) According to the information and explanations give to us and based on our examination of the records of the Company, managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company as prescribed under section 406 of the Act. Accordingly, paragraph 3(xii) of the Order is not applicable to the Company.

(xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act, where applicable and details of such transactions have been disclosed in the Financial Statements as required by the applicable accounting standards.

(xiv) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him / her.

(xvi) According to the information and explanations given to us, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934. Accordingly, Paragraph 3(xvi) of the Order is not applicable to the Company.




40

Annexure “B” To Independent Auditors’ Report(Referred to in our report of even date)

[Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”).]We have audited the internal financial controls over financial reporting of Chase Bright Steel Limited (“the Company”) as of March 31, 2017 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial ControlsThe Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI’). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors’ Responsibility Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that

(a) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions


41

and dispositions of the assets of the company;

(b) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and

(c) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2017, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.




42

Balance Sheet as at March 31, 2017Notes As at

March 31, 2017As at

March 31, 2016` `

Equity and LiabilitiesShareholders’ Funds:Share Capital 3 1,68,62,550 1,68,62,550 Reserves and Surplus 4 (2,21,53,358) (1,09,36,228)

(52,90,808) 59,26,322 Non-current Liabilities(a) Long Term Borrowings 5 7,95,71,961 7,07,24,330 (b) Long-term provisions 6 42,44,926 42,32,806

8,38,16,887 7,49,57,136 Current Liabilities(a) Short Term Borrowings 7 14,00,000 95,50,000 (b) Trade payables 8 15,67,48,929 14,50,24,657 (c) Other current liabilities 9 3,74,07,689 3,92,73,647

19,55,56,618 19,38,48,304 Total 27,40,82,697 27,47,31,762

AssetsNon-current Assets(a) Fixed assets

(i) Tangible assets 10 1,26,76,650 1,42,32,807 (ii) Capital Work in Progress 6,00,385 4,82,160

(b) Non-current Investments 11 5,580 5,580 (c) Deferred tax assets (net) 12 84,37,780 53,46,507 (d) Long-term loans and advances 13 2,03,07,424 36,57,886 (e) Trade receivables 14 1,94,96,741 1,36,56,568

6,15,24,560 3,73,81,508 Current Assets(a) Inventories 15 11,49,01,944 11,29,86,579 (b) Trade receivables 16 8,46,19,136 11,35,00,295 (c) Cash and bank balances 17 41,46,837 39,29,666 (d) Short-term loans and advances 18 88,44,540 69,01,573 (e) Other Current Assets 19 45,680 32,141

21,25,58,137 23,73,50,254 Total 27,40,82,697 27,47,31,762

The Notes form an integral part of these financial statements

As per our report even date attached For and on behalf of the Board of DirectorsFor MAHENDRA KUMBHAT AND ASSOCIATES Avinash Jajodia Chairman & Managing Director Chartered Accountants Firm Registration No. 105770W Manju Devi Jajodia (Amar Bagrecha) Hemant Murarka }

Directors

Partner Sampada Sakpal CFO Membership No. 056605

Place : Mumbai Place : Mumbai Dated : May 27, 2017 Dated : May 27, 2017


43

Statement of Profit and Loss Account for the Year ended on March 31, 2017Notes For the year ended

March 31, 2017 `

For the year endedMarch 31, 2016

`

IncomeRevenue from Operations (Gross) 29,87,43,921 44,64,52,577 Less: Excise Duty 2,85,60,556 4,56,05,451 Revenue from Operations (net) 20 27,01,83,365 40,08,47,126 Other Income 21 12,35,586 61,34,007 Total Revenue 27,14,18,951 40,69,81,133 ExpensesCost of Materials Consumed 22 22,36,56,404 32,82,58,386 Changes in Inventories of Finished goods, Work-in-Progress and Stock-in-trade

23 (54,05,535) 1,03,29,031

Employee Benefit Expenses 24 2,23,40,370 1,97,41,716 Finance Costs 25 1,12,82,856 1,48,95,160 Depreciation and Amortization Expenses 26 26,48,382 32,55,854 Other Expenses 27 3,12,58,032 3,67,80,883 Total Expenses 28,57,80,509 41,32,61,030 Profit Before Exceptional and Extraordinary Items and Tax

(1,43,61,558) (62,79,897)

Exceptional Items – –Profit before Extraordinary Items (1,43,61,558) (62,79,897)Extraordinary Items – –Profit before Tax (1,43,61,558) (62,79,897)Less : Tax Expenses

– Current Tax – – – Deferred Tax Liability / (Assets) (Net) (30,91,273) (9,39,631) – Provision for Income-tax for earlier year written back 53,155 – – Income-tax for earlier year written off – 22,596

Profit / (Loss) for the Year (1,12,17,130) (53,62,862)Earning per equity share (nominal value of share ` 10 (Previous Year ` 10 each)Basic and Diluted on the basis of profit from continuing business (̀ ) 30 (6.70) (3.20)Basic and Diluted on the basis of total profit for the year (`) 30 (6.70) (3.20)Number of equity shares used in computing Earnings per share (Basic and Diluted)

16,75,000 16,75,000

The Notes form an integral part of these financial statementsAs per our report even date attached For and on behalf of the Board of DirectorsFor MAHENDRA KUMBHAT AND ASSOCIATES Avinash Jajodia Chairman & Managing Director Chartered Accountants Firm Registration No. 105770W Manju Devi Jajodia (Amar Bagrecha) Hemant Murarka }

Directors




44

CASH FLOW STATEMENT FOR THE PERIOD ENDED MARCH 31, 2017(Pursuant to amendment to clause 32 of the listing agreement)

2016-2017 2015-2016 ` ` `

A. Cash Flow from Operating ActivitiesNet Profit / (Loss) before Tax & extraordinary items (1,43,61,558) (62,79,897)Adjusted for :

Depreciation 26,48,382 32,55,854 Effect of Exchange Rate Change 1,13,263 2,22,162 Financial Charges 1,12,82,856 1,48,95,160 Profit on Sale of Fixed Assets (7,65,116) (26,041)Interest received (2,28,373) (35,712)

1,30,51,012 1,83,11,423 Operating Profit / (Loss) before Working Capital Changes (13,10,546) 1,20,31,526 Adjusted for :

Changes in -Long Term Loans and Advances and other non-current assets (1,58,01,135) (2,61,570)Inventories (19,15,365) (30,28,517)Trade Receivables and other Short Term Loans and Advances 2,10,84,480 1,43,08,099 Trade Payable, other current liabilities and short term provisions 94,63,143 (1,48,05,639)

1,28,31,123 (37,87,627)Cash Generated From Operations 1,15,20,577 82,43,899

Direct Taxes paid 10,21,774 6,41,804 Effect of Exchange Rate Change 1,13,263 2,22,162

9,08,511 Net Cash from Operating Activities (A) 1,06,12,066 73,79,933

B. Cash Flow from Investing Activities :Purchase of Fixed Assets including Capital WIP (15,15,846) (33,62,813)Sale of Fixed Assets including Capital WIP 10,70,512 84,444 Interest Received 2,28,373 35,712

Net Cash Used In Investing Activities (B) (2,16,961) (3,242,657)C. Cash Flow from Financing Activities

Increase / Decrease in Unsecured Loans 0 (86,30,795)Increase / Decrease in Secured Loans 11,04,922 1,77,09,691Increase/Decrease in Capital and Reserves 0 0Interest Paid (1,12,82,856) (1,48,95,160)

(1,01,77,934)Net Cash Used in Financing Activities (C) (1,01,77,934) (58,16,264)Net increase in Cash and Cash Equivalents (A+B+C) 2,17,171 (16,78,988)

Cash and Cash Equivalents at beginning of the year 39,29,666 56,08,654 Cash and Cash Equivalents at the end of the year 41,46,837 39,29,666


Directors




45

Notes Forming Part of the Financial Statements

Note-1 : CORPORATE INFORMATIONChase Bright Steel Ltd. is a Public Limited Company incorporated in India in the year 1959 under the Companies Act, 1956 and having its registered office in Navi Mumbai, Maharashtra. The shares of the Company are listed on the Bombay Stock Exchange. The Company is engaged in manufacture of bright bars made of mild steel, alloy steel and stainless steel etc.

Note-2 : SIGNIFICANT ACCOUNTING POLICIES

i) Basis for preparation of Financial Statements :The financial statements are prepared under the historical cost convention, on accrual basis, in accordance with the provisions of the Companies Act, 2013 and the accounting principles generally accepted in India and comply with the Accounting Standards specified under Section 133 of the Companies Act, 2013 read with rule 7 of the Companies (Accounts) Rules, 2014.

ii) Use of Estimates :The preparation of the financial statements in conformity with the generally accepted accounting principles requires Management to make estimates and assumptions to be made that affect the reported amounts of revenues and expenses during the reporting period, the reported amount of assets and liabilities and the disclosures relating to the contingent liabilities on the date of the financial statements. Examples of such estimates include useful lives of Fixed Assets, provision for doubtful debts / advances, deferred tax etc. Actual results could differ from those estimates. Such difference is recognised in the period(s) in which the results are known / materialised.

iii) Tangible Fixed Assets and Capital Work in Progress : Fixed Assets are stated at cost less accumulated depreciation and impairment losses, if any. Cost comprises the purchase price and any attributable cost of bringing the assets to its working condition for its intended use, net of recoverable duties and interest on borrowings attributable to the acquisition of qualifying Fixed Assets upto the date on which the Assets is ready for its intended use, if any.

Such Fixed Assets except leasehold land have been valued at cost less depreciation. Leasehold Land has been shown at its Original Cost.

iv) Impairment of Assets : If internal / external indications suggest that an asset of the Company may be impaired, the recoverable amount of asset / cash generating unit is determined on the date of Balance Sheet and if it is less than its carrying amount, the carrying amount of asset / cash generating unit is reduced to the said recoverable amount. Subsequently, if there is a change in the indication, since the last impairment was recognised, so that recoverable amount of an asset exceeds its carrying amount, an impairment recognised for an asset in prior accounting period is reversed. The recoverable amount is measured as the higher of the net selling price and value in use of such assets/cash generating unit, which is determined by the present value of the estimated future cash flows.

An impairment of intangible assets is conducted annually or more often if there is an indication of any decrease in value. The impairment loss, if any, is charged to the Statement of Profit and Loss.


46

Notes Forming Part of the Financial Statementsv) Depreciation / Amortisation :

a) Depreciation on tangible Fixed Assets is provided on written down value method over the useful lives and residual value of assets as prescribed under Part C of Schedule II of the Companies Act, 2013.

b) Depreciation in respect of addition to / deletion from the Fixed Assets, provided on the pro-rata basis with reference to the date of additions to / deletion from the assets.

vi) Investments :a) Investments that are readily realisable and intended to be held for not more than 12 months are

classified as current investments. All other investments are classified as long term investments.

b) Current Investments are carried at lower of the cost and fair value determined on an individual investment basis.

c) Investments, which are long term, are stated at cost less diminution in value, if any. A provision for diminution, if any, is made to recognise a decline, other than temporary, in the value of investments.

vii) Inventories :Inventories are valued at cost or net realisable value, whichever is lower. Cost comprises of all costs of purchases including transport and other costs, if any, including the excise duty incurred in bringing the inventories to their present location and condition. The Cost is arrived at on weighted average cost basis. Due allowance is estimated and made for defective and obsolete items, wherever considered necessary.

viii) Revenue Recognition :a) Revenue is recognised to the extent that it is probable that the economic benefits will flow to the

Company and the revenue can be reliably measured.

b) Revenue from Sale of Goods is recognised when the significant risks and rewards of ownership of the good have passed to the buyer. Sales include packing charges, excise duty and are net of returns. Sale of goods in respect of export sales is recognised as and when the shipment of goods takes place.

c) Export incentives under “Duty Entitlement Pass Book Scheme” and “Duty Drawback Scheme” of the Government of India are recognised in the year in which the export sales are accounted for.

d) Interest revenue is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable.

ix) Excise Duty :a) The excise duty is paid / provided on Bright Steel Bars manufactured during the year. The same has

been included in the valuation of closing inventory of finished goods.

b) Cenvat credit available on Raw Materials, Fuel and Packing materials, stores, spares and capital goods and Service Tax credits on services availed are accounted for by reducing purchase cost of the related materials or the expenses respectively.

x) Foreign Currency Transactionsa) Transactions in foreign currencies are recorded, on initial recognition in the reporting currency, by

applying the foreign currency amount the exchange rate between the reporting currency and the


47

Notes Forming Part of the Financial Statementsforeign currency at the date of the transactions.

b) Monetary items which are denominated in foreign currency are translated at the exchange rates prevailing at the Balance Sheet date and profit / loss on translation is credited / charged to the Statement of Profit and Loss.

c) In respect of forward exchange contracts entered into towards hedge of foreign currency risks, the difference between the forward rates and the exchange rate at the inception of the contract is recognised as income or expenditure over the life of the contract. Further, the exchange differences arising on such contracts are recognised as income or expenditure along with exchange difference on the underlying assets / liabilities. Profit or loss on cancellation / renewals of forward contracts is recognised for during the year.

xi) Employees Benefits :a) Defined Contribution Plan - Contribution as per the Employees’ Provident Funds and Miscellaneous

Provisions Act, 1952 towards Provident Fund and Family Pension Fund are provided for as a specific contribution of the Employees costs to fund these benefits as specified under the law.

b) Gratuity - In accordance with applicable Indian laws, the Company provides for gratuity, a defined benefit retirement plan (“Gratuity Plan”) covering all employees. The Gratuity Plan provides a lump sum payment to vested employees, at retirement or termination of employment, an amount based on the respective employee’s last drawn salary and the years of employment with the Company. Liability with regard to Gratuity Plan is accrued based on actuarial valuation at the Balance Sheet date carried out by an independent actuary. Actuarial gain or loss is recognized immediately in the statement of profit and loss as income or expense. The Company has an employee gratuity fund.

c) Compensated Absences - The Company provides for the encashment of leave with pay based on policy of the Company in this regard. The employees are entitled to accumulate such leave subject to certain limits, for the future encashment. The Company records an obligation for Leave Encashment in the period in which the employee renders the services that increases this entitlement. The Company measures the expected cost of compensated leave as the additional amount that the Company expects to pay as a result of the unused entitlement that has accumulated at the Balance Sheet date.

xii) Borrowing Costs :Borrowing costs, attributable to the acquisition or construction of qualifying assets, are capitalised as part of the cost of such assets upto the date when the asset is ready for its intended use. Other borrowing costs are charged as an expense in the period in which the same are incurred. Borrowing costs comprise of interest and other cost incurred in connection with borrowing of funds.

xiii) Taxation :a) Current Tax - Provision for current tax is made on the estimated taxable income at the rate applicable

to the relevant assessment year.

b) Deferred Tax - Deferred tax is recognised, subject to consideration of prudence, on timing differences between taxable and accounting income which originates in one period and are capable of reversal in one or more subsequent periods. The tax effect is calculated on accumulated timing differences at the year end based on tax rates and laws enacted or substantially enacted as of the balance sheet date.


48

Notes Forming Part of the Financial Statements In the event of unabsorbed depreciation and carry forward of losses, deferred tax assets are

recognised only to the extent that there is virtual certainty that sufficient future taxable income will be available to realise such deferred tax assets. In other situations, deferred tax assets are recognised only to the extent that there is a reasonable certainty that sufficient future taxable income will be available to realise such deferred tax assets.

The Company offsets deferred tax assets and deferred tax liabilities if it has a legally enforceable right and these relate to taxes on income levied by the same governing taxation laws.

xiv) Provisions and contingent liabilities and contingent assets :a) The Company recognises as Provisions, the liabilities being present obligations arising from past

events, the settlement of which is expected to result in an outflow of resources and which can be measured only by using a substantial degree of estimation.

b) Contingent Liability is disclosed by way of a note to the financial statements after careful evaluation by the management of the facts and legal aspects of the matters involved.

c) Contingent Assets are neither recognised nor disclosed.

xv) Earnings per share :a) Basic earnings per share are calculated by dividing the net profit / (loss) after tax for the period

attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. Partly paid equity shares are treated as a fraction of any equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period.

b) For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.


49

Notes Forming Part of the Financial StatementsAs at

March 31, 2017 `

As at March 31, 2016

`NOTE - 3 : SHARE CAPITALAuthorised :19,00,000 (Previous Year 19,00,000) Equity Shares of 10/- each 1,90,00,000 1,90,00,000 1,00,000 (Previous Year 1,00,000) - 15% Redeemable Preference Shares of ` 10/- each

10,00,000 10,00,000

2,00,00,000 2,00,00,000 Issued :16,75,000 (Previous Year - 16,75,000) Equity Shares of 10/- each fully paid up

1,67,50,000 1,67,50,000

1,00,000 (Previous Year - 1,00,000) 15% Redeemable Preference shares of ` 10/- each fully paid up)

10,00,000 10,00,000

1,77,50,000 1,77,50,000 Subscribed :16,75,000 (Previous Year - 16,75,000) Equity Shares of ` 10/- each fully paid up (Of the above, 11,25,000 equity shares of ` 10/- each were allotted as per the Scheme of Amalgamation Chase Atherton Steel Pvt. Ltd. with the Company.)

1,67,50,000 1,67,50,000

1,00,000 (Previous Year - 1,00,000) 15% Redeemable Preference Shares of ` 10/- each 10,00,000 10,00,000 Less: 88,745 (Previous Year 88,745) Preference Shares

redeemed8,87,450 8,87,450

1,12,550 1,12,550 1,68,62,550 1,68,62,550

a) Reconciliation of the shares outstanding at the beginning and at the end of the Reporting PeriodAs at March 31, 2017 As at March 31, 2016

Nos. Amount Nos. AmountEquity SharesAt the beginning of the year 16,75,000 1,67,50,000 1,67,50,000 1,67,50,000 Issued during the year - Bonus – – – –Issued during the year – – – –Outstanding at the end of the year 16,75,000 1,67,50,000 1,67,50,000 1,67,50,000 Preference SharesAt the beginning of the year 11,255 1,12,550 11,255 1,12,550 Issued during the year – – – –Redeemed / bought back during the year – – – –Outstanding at the end of the year 11,255 1,12,550 11,255 1,12,550


50

Notes Forming Part of the Financial Statementsb) Terms / Rights attached to Equity Shares

The Company has only one class of equity shares having a par value of ` 10/- per share.

Each holder of the Equity Shares is entitled to one vote per share held.

Dividend, if any, proposed by the Board of Directors will be subject to the approval of the Shareholders in the ensuing Annual General Meeting except in case of Interim Dividend.

In the event of liquidation of the Company, the holders of the Equity Shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Terms / Rights attached to 15% Redeemable Preference Shares

The Company has only one class of preference shares having a par value of ` 10/- per share. The said shares are cumulative in nature.

Dividend, if any, proposed by the Board of Directors will be subject to the approval of the Shareholders in the ensuing Annual General Meeting except in case of Interim Dividend.

In the event of liquidation of the Company, the holders of the preference Shares will be entitled to receive amounts to the extent of their holding in the company before any distribution of remaining assets of the Company to the Equity Shareholders of the Company.

Arrears of Redeemable Cumulative Preference Shares Dividend – ̀ 1,18,177/- (Previous year – ̀ 1,18,177/-).

The Balance 11,255 (Previous Year - 11,255) - 15% Preference Shares of ̀ 10/- each are yet to be redeemed. The time for redemption was extended up to 10.05.1999 vide resolution passed at the Board Meeting of the Company held on 16.07.1991. Further extension is being sought for.

c) Shares held by holding / ultimate holding company and / or their subsidiaries / AssociatesThere are no shares held by holding / ultimate holding company and / or their subsidiaries / Associates

d) Details of Shareholders holding more than 5% of each class of shares issued by the Company

Name of the Shareholder As at March 31, 2017 As at March 31, 2016Nos. % of

Share-holding

Nos. % of Share-holding

Equity SharesM/s. Swan Investment & Trading Pvt. Ltd. 1,05,850 6.32% 1,05,850 6.32%Shri Avinash Jajodia 10,03,001 59.88% 10,03,001 59.88%Preference SharesThe New India Assurance Co. Ltd. 11,255 100.00% 11,255 100.00%

e) Terms of Securities issued with conversion option into Equity / Preference SharesThere are no securities issued with conversion option into equity / preference shares


51

Notes Forming Part of the Financial StatementsNOTE - 4 : RESERVES AND SURPLUS

As atMarch 31, 2017

`

As atMarch 31, 2016

`Capital Redemption ReserveAs per last Balance Sheet 8,87,450 887,450

8,87,450 887,450 Securities Premium AccountAs per last Balance Sheet 4,29,750 4,29,750

4,29,750 4,29,750 General Reserve As per last Balance Sheet 178,550 178,550

178,550 178,550 SurplusOpening Balance (1,24,31,978) (70,69,116)Add / (Less) : Profit / (Loss) for the year (1,12,17,130) (53,62,862)Closing Balance (2,36,49,108) (1,24,31,978)Total Reserves and Surplus (2,21,53,358) (1,09,36,228)

NOTE - 5 : LONG TERM BORROWINGSTerm Loans (Secured)From ICICI Bank - Motor Car Loan 2,68,891 5,50,428 From HDFC Bank - Motor Car Loan 53,201 3,54,244 From Reliance Capital Ltd. (for Machinery) 3,30,154 9,21,024 From Religare Finvest Ltd. - Loan 5 1,46,79,163 1,59,03,057 From Religare Finvest Ltd. - Loan 3 New 2,62,62,397 2,85,28,284 From Religare Finvest Ltd. - Loan 6 1,35,20,114 –Term Loans (Unsecured)From Religare Finvest Ltd. - Loan 4 – 16,67,293 From Shriram City Finance - Loan 2 1,58,041 –From Other Corporates 2,43,00,000 2,28,00,000

7,95,71,961 7,07,24,330 Terms and Conditions of the Secured Loans

Term Loan from ICICI Bank - DusterThe Loan is secured by hypothecation of Motor Car and with Company being the main borrower and one of the directors being co-borrower.

The loan is repayable in 36 equated Monthly Installments (EMI) of ̀ 28,772/- each commencing from February 2016 and ending on January 2019. The rate of interest being 14.99% p.a.


52

Notes Forming Part of the Financial StatementsTerm Loan from HDFC Bank - Honda CityThe Loan is secured by hypothecation of Motor Car and with Company being the main borrower and one of the directors being co-borrower.

The loan is repayable in 36 equated Monthly Installments (EMI) of ` 26,939/- each commencing from June 2015 and ending on May 2018. The rate of interest being 10.16% p.a.

Term Loan from Reliance Capital Ltd. for MachineryThe Loan is secured by hypothecation of Machinery and with Company being the main borrower and one of the directors being co-borrower.

The loan is repayable in 36 equated Monthly Installments (EMI) of ` 57,458/- each commencing from October 2015 and ending on September 2018. The rate of interest being 15.00% p.a.

Term Loan from Religare Finvest Ltd. - Loan 3 NewThe Loan is secured by Mortgage of Company’s property - Land and Building at R-237, TTC, MIDC Rabale, Navi Mumbai and with Company being the main borrower and two of the directors being co-borrowers.

The loan is repayable in 118 equated Monthly Installments (EMI) of ̀ 5,14,432/- each commencing from January 2015 and ending on October 2024. The rate of interest being 14.20% (floating rate) p.a.

Term Loan from Religare Finvest Ltd. - Loan 5The Loan is secured by Mortgage of Company’s property - Land and Building at R-237, TTC, MIDC Rabale, Navi Mumbai and with Company being the main borrower and two of the directors being co-borrowers.

The loan is repayable in 118 equated Monthly Installments (EMI) of ` 2,71,716/- each commencing from July 2015 and ending on April 2025. The rate of interest being 13.70% (floating rate) p.a.

Term Loan from Religare Finvest Ltd. - Loan 6The Loan is secured by Mortgage of Company’s property - Land and Building at R-237, TTC, MIDC Rabale, Navi Mumbai and with Company being the main borrower and two of the directors being co-borrowers.

The loan is repayable in 120 equated Monthly Installments (EMI) of ` 2,28,412/- each commencing from June 2016 and ending on May 2026. The rate of interest being 13.50% (floating rate) p.a.

Terms and Conditions of the Unsecured LoansTerm Loan from Citi - Loan 1The Loan is unsecured with Company being the main borrower and two of the directors being co-borrowers.

The loan is repayable in Monthly Installments (MI) of ` 2,392/- (13 installments) each commencing from April 2015 and ending on April 2016. The rate of interest being 13.35% p. a.

Term Loan from Citi - Loan 2The Loan is unsecured with Company being the main borrower and two of the directors being co-borrowers.

The loan is repayable in Monthly Installments (MI) of ̀ 4,603/- (12 installments) each commencing from August 2015 and ending on July 2016. The rate of interest being 14.69% p. a.

Term Loan from Religare Finvest Ltd. - Loan 4 - NewThe Loan is unsecured with Company being the main borrower and two of the directors being co-borrowers.


53

Notes Forming Part of the Financial StatementsThe loan is repayable in 24 equated Monthly Installments (EMI) of ̀ 33,708/- each commencing from April 2015 and ending on March 2017. The rate of interest being 19.50% p. a.

Term Loan from Shriram City Union Finance Ltd. - Loan 1The Loan is unsecured with Company being the main borrower and two of the directors being co-borrowers.

The loan is repayable in Monthly Installments (MI) of ̀ 1,46,250/- (8 installments), of ̀ 1,22,850/- (8 installments) and of ` 23,400/- (8 installments) each commencing from April 2015 and ending on March 2017. The rate of interest being 8.50% p.a.

Term Loan from Shriram City Union Finance Ltd. - Loan 2The Loan is unsecured with Company being the main borrower and two of the directors being co-borrowers.

The loan is repayable in Monthly Installments (MI) of ` 1,51,563/- (10 installments), of ` 1,27,313/- (10 installments) and of ` 24,250/- (10 installments) each commencing from May 2016 and ending on October 2018. The rate of interest being 15.55% p.a.

As atMarch 31, 2017

`

As atMarch 31, 2016

`

NOTE - 6 : LONG TERM PROVISIONSProvision for Employee BenefitsProvision for Leave Encashment 15,30,048 14,65,186 Provision for Gratuity 27,14,878 27,67,620

42,44,926 42,32,806 NOTE - 7 : SHORT TERM BORROWINGSLoans from Directors 14,00,000 95,50,000

14,00,000 95,50,000 NOTE - 8 : TRADE PAYABLESTrade Payables 15,67,48,929 14,50,24,657

15,67,48,929 14,50,24,657 NOTE - 9 : OTHER CURRENT LIABILITIESa) Current maturities of long term debts 65,30,377 61,23,086 b) Interest accrued but not due on borrowings 7,19,926 6,49,741 c) Interest accrued and due on borrowings 1,00,318 19,99,612 d) Statutory Dues Payable 1,34,09,322 1,71,38,423 e) Advances from Customers 24,12,226 42,23,865 f) Overdrawn Bank Balances 26,90,692 –g) Salary / Wages payable 24,89,435 25,50,633 h) Provision for Gratuity - Current Liability 7,94,154 –i) Others Payables 82,61,239 65,88,287

3,74,07,689 3,92,73,647


54


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55


March 31, 2017 `


`

NOTE - 11 : NON CURRENT INVESTMENTSInvestment in Unquoted Equity Instruments (At Cost)

166 Shares of the Bombay Mercantile Co. Op. Bank Ltd. @ ` 30/- per share4,980 4,980

12 Shares of Steel Chamber Kalamboli Business and Office Premises Co. Op. Soc. Ltd.

600 600

5,580 5,580Aggregate of Unquoted Investments - Cost 5,580 5,580

NOTE - 12 : DEFERRED TAX ASSETS / (LIABILITIES)Deferred Tax Assets on account of

Depreciation – 13,812 Business Loss 65,78,068 23,93,520 Others 18,98,886 29,39,175

84,76,954 53,46,507 Deferred Tax Liabilities

Depreciation 39,174 44,06,876 39,174 –

Net Deferred Tax Assets 8,437,780 5,346,507

NOTE - 13 : LONG TERM LOANS AND ADVANCESSecurity Deposits(Unsecured considered good)

10,09,128 13,03,023

Taxes Paid (Net of Provision for taxation - ` 59,30,000/- - Previous Year - ` 1,19,05,000/-)

32,03,266 23,54,863

Advance for Purchase of Immovable Assets 1,59,97,370 –Prepaid Expenses 97,660 –

TOTAL 2,03,07,424 36,57,886

NOTE - 14 : TRADE RECEIVABLES(Unsecured, considered good unless stated otherwise)Trade Receivables outstanding for a period exceeding six months from the date they were due for payment

Considered doubtful – –Considered good 1,94,96,741 1,36,56,568

1,94,96,741 1,36,56,568 Less : Provision for Doubtful Debt – –

1,94,96,741 1,36,56,568 TOTAL 1,94,96,741 1,36,56,568


56


March 31, 2017 `


`

NOTE - 15 : INVENTORIES(Valued at lower of the cost and net realisable value unless stated otherwise)Raw Materials 7,94,41,745 8,29,31,915

Work in Progress 3,04,69,481 2,22,68,548 Finished Goods 49,90,718 77,86,116

TOTAL 11,49,01,944 11,29,86,579

NOTE - 16 : TRADE RECEIVABLE(Unsecured, considered good unless stated otherwise)Trade Receivables outstanding for a period exceeding six months from the date they were due for payment

Unsecured, considered good 3,00,41,473 5,77,16,587 Other Trade Receivables

Unsecured, considered good 5,45,77,663 5,57,83,708 TOTAL 8,46,19,136 11,35,00,295

NOTE - 17 : CASH AND BANK BALANCESCash and Cash Equivalents(i) Balances with banks in current accounts 22,70,881 20,31,515 (ii) Cheques / drafts on hand – 2,74,448 (iii) Cash on hand 18,75,956 16,23,703

TOTAL 41,46,837 39,29,666

Note - 18 : SHORT TERM LOANS AND ADVANCES(Unsecured, considered good unless stated otherwise)a) Advances to suppliers 3,40,651 –b) Loans to advances to employees 8,29,150 7,64,201 c) Prepaid expenses 5,97,349 6,66,695 d) Export Incentives receivable – 78,889 e) Balance with Government Authorities (Excise / Service Tax / VAT -

including refund receivable)67,65,895 47,11,921

f) Loans and advances to others 3,11,495 6,79,867 TOTAL 88,44,540 69,01,573

Note - 19 : OTHER CURRENT ASSETSAccruals

Interest accrued on deposits 45,680 32,141 TOTAL 45,680 32,141


57

Notes Forming Part of the Financial StatementsFor the Year ended

March 31, 2017`

For the Year endedMarch 31, 2016

`NOTE - 20 : REVENUE FROM OPERATIONSSale of Products

Domestic 25,66,47,462 40,94,86,322 Exports 2,48,49,157 2,20,54,667

Other Operating RevenuesJob Work / Processing Income 1,61,93,110 1,21,62,374 Commission Received (TDS ` /- Nil – Previous Year - 200,253) – 20,02,530 Export Incentives 10,54,192 7,46,684

Revenues from Operations (Gross) 29,87,43,921 44,64,52,577 Less : Excise Duty 2,85,60,556 4,56,05,451 Revenues from Operations (Net) 27,01,83,365 40,08,47,126 Sale of Products

Bright Bars 27,89,53,028 42,76,76,037 Scrap 25,43,591 38,64,952

TOTAL 28,14,96,619 43,15,40,989

NOTE - 21 : OTHER INCOMEInterest (TDS ` 5,076/- - Previous Year - ` 3,571/-) 2,28,373 35,712 Sundry Balances written back 1,13,128 –Profit on sale of Fixed Assets (Net of Loss, if any) 7,65,116 26,041 Excess / (Short) Provision written back 87,080 10,55,065 Profit from Future & Option Trading – 50,12,889 Other Income 41,889 4,300

TOTAL 12,35,586 61,34,007

NOTE - 22 : COST OF RAW MATERIALS CONSUMEDInventory at the beginning of the year 8,29,31,915 6,94,23,643 Add: Purchases including goods in transit 22,18,11,464 34,18,66,751

30,47,43,379 41,12,90,394 Less : Raw Materials sold during the year 16,45,230 1,00,093

30,30,98,149 41,11,90,301 Less: Inventory at the end of the year including goods in transit 7,94,41,745 8,29,31,915 Cost of Raw Materials Consumed 22,36,56,404 32,82,58,386

Details of Raw Materials consumedWire Rods 22,36,56,404 34,17,66,658

22,36,56,404 34,17,66,658 Details of Inventories of Raw Materials

Wire Rods 7,94,41,745 8,29,31,915 TOTAL 7,94,41,745 8,29,31,915


58



`


`

NOTE - 23 : (INCREASE) / DECREASE IN INVENTORIESInventories at the end of the yearWork in Progress 3,04,69,481 2,22,68,548 Finished Goods 49,90,718 77,86,116

3,54,60,199 3,00,54,664 Inventories at the beginning of the yearWork in Progress 2,22,68,548 2,94,42,967 Finished Goods 77,86,116 1,09,40,728

3,00,54,664 4,03,83,695 TOTAL (54,05,535) 1,03,29,031

NOTE - 24 : EMPLOYEES BENEFIT EXPENSESSalaries, Wages, Bonus, Ex-gratia etc. 1,55,80,731 1,40,59,260 Contribution to Provident and Other Funds 18,73,768 16,94,917 Exgratia 84,000 82,000 Provision for Gratuity 11,41,412 3,54,188 Workman and Staff Welfare Expenses 7,34,335 5,78,377 Directors' Remuneration and Perquisites 29,26,124 29,72,974

TOTAL 2,23,40,370 1,97,41,716

NOTE - 25 : FINANCE COSTSInterest :Fixed Period Loans 81,87,530 75,28,279 Others 30,95,326 73,66,881

TOTAL 1,12,82,856 1,48,95,160

NOTE - 26 : DEPRECIATION AND AMORTISATION EXPENSESDepreciation of Tangible Assets 26,48,382 32,55,854 Depreciation of Tangible Assets - Opening Adjustment - -

TOTAL 26,48,382 32,55,854


59



`


`NOTE - 27 : OTHER EXPENSESJob Work / Processing Charges Paid 33,44,536 42,69,215 Acid, Chemicals, Stores, Spares and Loose Tools Consumed 1,00,67,852 87,91,638 Power, Fuel and Water Charges 54,61,290 55,40,859 Transport, Octroi, Forwarding & Clearing Charges 19,44,748 32,66,880 NMMC Cess and LBT Paid 2,51,343 33,93,200 Repairs and Maintenance -

Building 94,563 56,013 Electrical 2,46,593 1,88,524 Plant and Machinery 13,62,590 12,05,854 Others 4,28,687 2,53,043

Insurance Charges 10,21,178 8,79,067 Rent, Rates and Taxes 6,12,209 10,85,190 Exchange Difference 1,13,263 2,22,162 Bank Charges 1,01,113 57,829 Hire Charges 1,45,400 1,40,000 Advertisement and Business Promotion Expenses 1,82,333 1,46,818 Directors' Travelling Expenses 9,07,299 14,87,191 Travelling Expenses - Others – 28,138 Conveyance Expenses and Allowance 2,46,280 2,49,590 Communication Expenses 5,41,158 4,49,873 Membership and Subscription 2,67,005 2,16,592 Motor Car Expenses 6,07,434 6,44,910 Printing and Stationery 1,93,474 1,48,409 Legal and Professional Charges 16,24,669 20,01,887 Commission and Brokerage 1,00,744 –Security Charges 2,13,600 2,16,000 Miscellaneous, General and Administrative Expenses 9,93,707 8,14,342 Sundry Balances written off – 4,22,320 Auditors' Remuneration (Net of Service Tax) (Refer Note No. 28) 90,000 90,000 VAT Audit Fees 30,000 30,000 Penalty on Profession Tax / Excise Duty – 30,325 Profession Tax 2,000 2,000 Bad Debts – 2,85,939 Excise Duty / Service tax - paid / reversed – 1,27,361 Donation 25,501 35,000 Prior Period Expenses (Refer Note No. 29) 37,463 4,714

3,12,58,032 3,67,80,883


60



`


`

NOTE - 28 : AUDITORS’ REMUNERATIONAs Auditor

For Statutory Audit (Net of Service Tax) 90,000 90,000 90,000 90,000

NOTE - 29 : PRIOR PERIOD INCOME (NET OF EXPENSES)Income

Power, Fuel and Water Expenses – 4,470 Excise Duty on stores and Spares – 741

– 5,211 Expenses

Processing Charges paid 14,230 5,766 Repairs and Maintenance - Others – 833 Electricity Expenses 8,130 –General Expenses 3,863 –Communication Expenses 20 1,700 Testing Expenses – 1,506 Staff welfare Expenses – 120 Price Difference 11,220 –

37,463 9,925 Net Prior Period Income / (Expenditure) (37,463) (4,714)

NOTE - 30 : EARNINGS PER SHARE (EPS - BASIC AND DILUTED)Profit / (Loss) after tax for calculation of Basic and Diluted EPS (1,12,17,130) (53,62,862)No. of shares used for calculation of Basic and Diluted EPS 16,75,000 16,75,000 Earning per Share - Basic and Diluted (Face value of ` 10/-) (6.70) (3.20)

NOTE – 31 : ADDITIONAL INFORMATION TO THE FINANCIAL STATEMENTS(A) Contingent Liabilities –

Year endedMarch 31, 2017

`

Year ended March 31, 2016

`Contingent Liabilities and Commitmentsi) On Import of 108 MT of Raw materials wherein the Hon’ble

High Court, Delhi has asked Customs Authorities to adjudicate the matter.

17,52,000 17,52,000

ii) Income-tax demands / matters pertaining to Tax Deducted at Source for financial years 2007 – 2008 to 2011 – 2012.

2,090 7,19,678

iii) MVAT Appeal for financial year 2008 – 2009 5,12,931 5,12,931iv) Income-tax demands (including interest on late payment of

tax) which are under rectification by the Income-tax Dept. Amount not

ascertainableAmount not

ascertainablev) Estimated amount of contracts remaining to be executed on

capital account2,05,00,000 4,70,000


61

Notes Forming Part of the Financial Statements(B) Arrears of Redeemable Cumulative Preference Shares Dividend – ̀ 1,18,177/- (Previous year– ̀ 1,18,177/-).

(C) Purchase of Raw Material viz 108 tonnes of steel was cleared by the Company at a lower rate of duty i.e. at 75% (i.e. at pre- budget rate) against 175% (as increased by the budget proposal 1981) as per the orders passed by a division bench of the High Court at Delhi in the matter of a writ petition filed by the Company, challenging the validity of the budget proposal. As per the said orders, the Company has furnished a bond, till further order of the court. The said writ petition has been disposed off for adjudication by customs. There is a contingent liability of ` 17.52 lakhs (Previous Year ` 17.52 lakhs).

(D) The amounts of certain Sundry Debtors, Sundry Creditors, Advances and Lenders are subject to confirmations / reconciliation and adjustments, if any. The management does not expect any material difference affecting the current year’s financial statements.

(E) In the opinion of the Board of Directors, unless otherwise stated in the Balance Sheet, the current assets, loans and advances have value of realisation, in the ordinary course business, at least equal to the amount stated in the Balance Sheet.

(F) Unsecured Loans include that of the Directors and their Associates.

(G) The sales-tax assessment of the Company has been finalised upto and including the accounting year 2012 – 2013 except accounting year 2008 – 2009 for which the Company has preferred an appeal with the appropriate authority.

(H) The Income-tax Assessments of the Company are completed upto March 31, 2014 (Assessment Year 2014 – 2015).

(I) Sundry Creditors include ` NIL (Previous Year ` NIL) due to Small Scale Industrial Undertakings (SSI’s) to the extent such parties have been identified from the available information / documents with the company.

(J) As per the information available with the Company in response to the enquiries from all existing suppliers with whom the Company deals, none of the suppliers are registered under the Micro, Small and Medium Enterprises Development Act, 2006.

(K) One of the creditors of the Company has filed legal case against the Company for recovery of dues. However, the same is being contested by the Company.

(L) The Company has filed legal cases or is in the process of filing legal cases against various parties to recover amounts due from them.

(M) The Company does not expect any shortfall on realisation of assets on aggregate basis, despite accumulated losses as on March 31, 2017.

(N) Disclosures pursuant to Accounting Standard – 15: Employees’ Benefit


62

Notes Forming Part of the Financial Statements2016-2017

`2015-2016

`A Defined Contribution Plan

The Company has recognised the following amounts in the Profit & Loss Accounts for the year:1. Contribution to Employees’ Provident Fund / Employees’ Family

Pension Fund18,67,918 16,89,031

B Define Benefits PlanNet Assets / (Liability) recognized in the Balance SheetA. Funded Status

a) Present Value of Defined Benefit Obligations 35,09,032 27,67,620b) Fair Value of Plan Assets 27,14,878 27,67,620c) Net Assets / (Liability) Recognised in the Balance Sheet Nil Nil

Total Expenses recognized in the statement of Profit & Loss A/c.A. Component of Employer Expenses

a) Current Service Cost 3,88,248 3,22,169b) Interest Cost 2,05,599 1,82,031c) Expected Return on Plan Assets (2,46,700) (2,37,700)d) Actuarial Losses / (Gains) 5,42,831 54,287e) Actuarial Losses / (Gain) on Plan Assets 2,45,445 2,40,795f) Total Expenses recognized in Statement of Profit & Loss. 11,35,423 5,61,582g) Short Term Compensated absences paid during the year

charged to Profit & Loss A/c. Nil Nil

Reconciliation of Defined Benefit Obligation and Fair Value of AssetsA. Change in Defined Benefit of Obligations

a) Present Value of DBO at beginning of the year 27,67,620 24,88,432b) Current Service Cost 3,88,248 3,22,169c) Interest Cost 2,05,599 1,82,031d) Actuarial (Gains) / Losses 5,42,831 54,287e) Benefits paid (3,95,266) (2,79,299)f) Present value of DBO at the end of the year 35,09,032 27,67,620

B. Change in the Fair Value of Assetsa) Plan Assets at the beginning the year 27,67,620 24,88,432b) Adjustment to Opening Fair Value of Plan Assets – 23,570c) Expected Return on Plan Assets 2,46,700 2,37,700d) Actual Company Contributions 4,00,000 75,000e) Employees Contributions (58,731) 4,63,012f) Actuarial gains / (Losses) on Plan Assets (2,45,445) (2,40,795)g) Benefits paid (3,95,266) (2,79,299)h) Plan Assets at the end of year 27,14,878 27,67,620

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand factors in the employment markets.


63

Notes Forming Part of the Financial Statements(O) Earnings in Foreign Currency (on accrual basis)


`


`

a) FOB value of export of manufactured goods 2,40,72,892 2,14,93,154

(P) CIF Value of Imports and Expenditure in Foreign Currency (on accrual basis)


`


`

a) C. I. F. Value of Imports Nil Nilb) Expenditure in Foreign Currencies (on accrual basis)

Travelling Expenses 1,98,050 2,81,269

(Q) Details of Raw-Materials / Intermediates Consumed :

Quantity MT

Value`

Quantity MT

Value`

Wire Rods 2,687 22,36,56,404 4,215 32,82,58,386

(R) Value of Imported and Indigenous Consumption :

% Value`

% Value`

A. Raw Materials : Imported Nil Nil Nil NilIndigenous 100.00 22,36,56,404 100.00 32,82,58,386Total 100.00 22,36,56,404 100.00 32,82,58,386

B. Stores, Spares and Loose ToolsImported Nil Nil Nil NilIndigenous 100.00 1,00,67,852 100.00 87,91,638 Total 100.00 1,00,67,852 100.00 87,91,638

(S) TAXATION :i) Deferred taxation.

Accumulated As at

March 31, 2016`

Charge / Credit During the Year

`

AccumulatedAs at

March 31, 2017`

Deferred Tax Liability 1. Depreciation / Others (13,812) 52,986 39,174

Total (A) (13,812) 52,986 39,174


64

Notes Forming Part of the Financial StatementsAccumulated


`

Charge / Credit During the Year

`

AccumulatedAs at

March 31, 2017`

Deferred Tax Assets on account of:1. Employees’ benefits / Expenses

Under Section 43B / 40(ia)29,39,175 (10,40,289) 18,98,886

2. Business Loss 23,93,520 41,84,548 65,78,068Total (B) 53,32,695 31,44,259 84,76,954Net Deferred Tax Liability / (Assets) (A–B)

(53,46,507) (30,91,273) (84,37,780)

ii) The Deferred Tax Asset (Net) for the year of ̀ 30,91,273/- (Previous Year ̀ 9,39,631/-) is reduced from the Current Year’s loss (Previous year reduced from the Loss) and added to the balance in Deferred Tax Assets (Previous Year - added to the Deferred Tax Assets).

(T) Segment Reporting as per AS 17:-Primary Segment :The Company operates only one primary segment viz. manufacture and sale of Bright Bars and has entire turnover from sale of Bright Bars and / or processing of Bright Bars.

Secondary Segment: Details as per Geographic region:Country For the Year ended

March 31, 2017(`)


(`)India 22,80,86,906 36,38,80,871France 67,40,179 NILSouth Africa 1,37,04,322 1,25,22,198Slovenia 44,04,656 95,32,469Total 25,29,36,063 38,59,35,538The above figures are net of Excise Duty.

(U) Related Party InformationDisclosures in respect of related parties (as defined in Accounting Standard 18), with whom transactions have taken place during the year given below:

1) Relationshipa) Enterprise where control of Key Management Personnel and / or their relatives exists.

1. Rose Investments Pvt. Ltd. 2. Swan Silver Wares Pvt. Ltd.3. Economic Forge Pvt. Ltd.

b) Key Management Personnel 1. Shri Avinash Jajodia - Chairman and Managing Director 2. Smt. Manjudevi Jajodia – Executive Director c) Relative of Key Management Personnel

1 Smt. Sonali Avinash Jajodia2 Smt. Rajanidevi Jajodia

Note : Related Party relationship is as identified by the company and relied upon by the auditors.


65

Notes Forming Part of the Financial Statements 2) Transaction with Related Parties

Particulars RelatedParties

Referred in 1(a) above

(`)

Related Parties

Referred in 1(b) above

(`)

RelatedParties

Referred in 1(c) above

(`)

Total

(`)

Sales and Other Income (including sale of raw materials)

62,80,658(83,73,217)

NIL(NIL)

NIL(NIL)

62,80,658(83,73,217)

Expenses 46,44,161(26,22,951)

29,26,124(39,34,334)

1,80,000(1,80,000)

77,50,285(67,37,285)

Finance received(excluding interest payable)

15,00,000(NIL)

20,00,000(30,00,000)

NIL(NIL)

35,00,000(30,00,000)

Finance Repaid(excluding interest paid)

NIL(NIL)

1,01,50,000(77,00,000)

NIL(Nil)

1,01,50,000(77,00,000)

Sundry Debtors Receivable NIL(NIL)

NIL(NIL)

NIL(NIL)

NIL(NIL)

Sundry Creditor Payable 21,98,583(5,55,344)

NIL(NIL)

NIL(NIL)

21,98,583(5,55,344)

Loan Amount Payable(excluding Interest payable)

1,50,00,000(1,35,00,000)

14,00,000(95,50,000)

Nil(NIL)

1,64,00,000(2,30,50,000)

Other Amounts Payable 1,00,318 (25,45,344)

2,27,036(3,76,412)

13,500(13,500)

3,40,854(29,35,256)

The figures in brackets are for previous year.

(V) Disclosures in respect of Derivative Instruments:a. There are no derivative instruments like Forward Exchange Contracts etc. outstanding at the end

of the year as on March 31, 2017 and at the end of the year as on March 31, 2016.

b. The foreign currency exposures that are not hedged by a derivative instrument are as follows :

Details Currency Amount outstanding as on March 31, 2017

Export Debtors Euro Nil Nil

Details Currency Amount outstanding as on March 31, 2016

Export Debtors USD 33,711.44 ` 25,31,577


66

Notes Forming Part of the Financial Statements(W) Disclosure relating to Specified Bank Notes* (SBNs) held and transacted during the period from 8th

November, 2016 to 30th December, 2016

Particulars SBNs

(Amounts in `)

Other Denomination

Notes (Amounts in `)

Total

(Amounts in `)

Closing cash on hand on 8th November, 2016 10,10,000 6,74,206 16,84,206

(+) Permitted Receipts Nil 6,53,589 6,53,589

(-) Permitted Payments Nil 1,82,019 1,82,019

(-) Amount Deposited in Banks 10,10,000 Nil 10,10,000

Closing Cash on hand on 30th December, 2016 Nil 11,45,776 11,45,776

* Specified Bank Notes (SBNs) mean the bank notes of denomination of the existing series of the value of five hundred notes and one thousand notes as defined under the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs No. S.O. 3407(E), dated the 8th November, 2016.

Note – 32 : Figures of the previous year have been regrouped / reclassified / rearranged, wherever necessary, to conform with the current year’s classification and presentation. Amounts and other disclosures for the preceding year are included as an integral part of the current year’s financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

Signature to Notes 1 to 32


Directors



TEA

R H

ERE


Registered Office: R-237, TTC Industrial Area, MIDC, Rabale, Navi Mumbai-400 701Tel.: 022-27606679, Fax No.: 022-27690627, Email: [email protected]

Website: www.chasebright.com

PROXY FORM[Pursuant to section 105(6) of the Companies Act, 2013 and rule 19(3) of the Companies (Management and Administration) Rule, 2015].

Name of the Member(s): ___________________________________________________________________________________________

Registered address:_______________________________________________________________________________________________

Email ID: ________________________________________________________________________________________________________

Folio No. / Client ID: ______________________________________________________________________________________________

DP ID: __________________________________________________________________________________________________________

I / We, being the member(s) of ____________ shares of the above named Company, hereby appoint

1. Name: _________________________________________________Address: ____________________________________________

______________________________Email Id: ________________________________________Signature __________________, or failing him / her

2. Name: _________________________________________________Address: ____________________________________________


3. Name: _________________________________________________Address: ____________________________________________


as my / our proxy to attend and vote (on a poll) for me / us and on my/ our behalf at the 57th Annual General Meeting of the Company, to be held on Friday, 29th September, 2017 at 11.00 A.M. at the R-237, TTC Industrial Area, MIDC, Rabale, Navi Mumbai - 400701 and at any adjournment thereof in respect of such resolutions as are indicated below:

Sr. No.

Ordinary Resolutions For Against Abstain

1. Adoption of the Audited Balance Sheet as at and the Statement of Profit and Loss for the financial year ended on March 31, 2017

2. Appointment of Mr. Avinash Jajodia [DIN 00074886] who retires by rotation

3. Appointment of Auditors and fix their remuneration

4. Appointment of Ms. Kanika Vijayvergiya [DIN 07651318], as an Additional Director.

5. Re-appointment of Ms. Kanika Vijayvergiya [DIN 07651318], as an Independent Director.

Special Resolutions6. Re-Appointment of Avinash Jajodia as Chairman & Managing Director of the Company.

7. Appointment of Mr. Abhinav Jajodia as an Executive of the company.

Signed this ______________________ Day of _____________ 2017.

Signature of shareholder

Signature of first proxy holder Signature of second proxy holder Signature of third proxy holder

Note:1. This form of proxy in order to be effective should be duly completed and deposited at the Registered Office of the Company not less than 48

hours before commencement of the meeting.2. For the detailed resolutions, explanatory statements and notes, please refer to the Notice of 57th Annual General Meeting.3. It is optional to indicate your preference by putting a `√’ in the appropriate column against the resolutions indicated in the box above. If you

leave the ‘For’ or ‘Against’ or ‘Abstain’ column blank against any or all resolutions, your proxy will be entitled to vote in the manner as he/she thinks appropriate.

4. Please complete all details before submission.

Affix a Revenue Stamp


68


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the

AGM


69

Cut h

ere


Registered Office: R-237, TTC Industrial Area,MIDC, Rabale, Navi Mumbai – 400701Tel.: 022-27606679, Fax No.: 022-27690627

Email: [email protected], Website: www.chasebright.com

BALLOT FORM(to be returned to the scrutinizer appointed by the company)

Sr. Nos.

Particulars Details

1 Name of the First Named Shareholder (in Block Letters)

2 Name (s) of the Joint Holder (s) if any

3 Postal address

4 Registered Folio No./*Client ID No. (*Applicable to investors holding shares in dematerialized form)

5 Number of Equity Share(s) held

I/We hereby exercise my vote in respect of Resolution (s) set out in the notice of 57th Annual General Meeting (AGM) to be held on Friday, 29th September, 2017 at 11.00 A.M. at R-237, TTC Industrial Area, MIDC, Rabale, Navi Mumbai - 400701, or any adjournment thereof by recording my assent or dissent to the said resolution by placing the tick (√) mark at the appropriate box below:

Item No.

Description Resolution No. of shares

I/We assent to the

resolution

I/We dissent from the

resolution (against)

1. Ordinary Resolution for adoption of Audited Financial Statements for the year ended March 31, 2017.

2. Ordinary Resolution to appoint Director in place of Mr. Avinash Jajodia (DIN: 00074886), who retires by rotation and being eligible offers himself for re-appointment.

3. Ordinary Resolution to re-appoint M/s. Mahendra Kumbhat & Associates, Chartered Accountants, Mumbai, having Firm Registration No.105770W as Statutory Auditors of the Company to hold office from the conclusion of this Annual General Meeting till the conclusion of next Annual General Meeting to audit the accounts of the Company for the financial year 2017-18 on such remuneration and out of pocket expenses as may be mutually agreed by them with the Board of Directors.

4. Ordinary Resolution to appointment of Ms. Kanika Vijayvergiya (DIN No. 07651318), as an Additional Independent Director of the Company, with effect from 11th November, 2016 and that she shall hold office upto the date of the Annual General Meeting of the Company.

5. Ordinary Resolution of Ms. Kania Vijayvergiya (DIN: 07651318), Independent Director of the company who is eligible for re-appointment be and is hereby re-appointed as an Independent Director on the Board of the company to hold office for 5 consecutive years for a terms, upto the conclusion of the 62nd Annual General Meeting of the Company.


70

Item No.

Description Resolution No. of shares

I/We assent to the

resolution

I/We dissent from the

resolution (against)

6. Special Resolution for re-appointment of Shri Avinash Jajodia (DIN: 00074886 ) as Chairman and Managing Director of the Company, for a period of 3 (three) years with effect from 12th June 2017 to 11th June 2020.

7. Special Resolution for appointment of Mr. Abhinav Jajodia, Executive of the company, who is a relative of Mr. Avinash Jajodia, Chairman & Managing Director of the company.

Place:Date: (Signature of the shareholder)

Instructions:1) This Ballot Form is provided for the benefit of Members who do not have access to e-voting facility.

2) A Member can opt for only one mode of voting i.e. either though e-voting or by Ballot. If a Member cast votes by both modes, then voting through Ballot shall prevail and E-voting shall be treated as invalid.

3) For detailed instruction on e-voting, please refer to the notes appended to the AGM Notice.

4) The scrutinizer will collage the votes downloaded from the e-voting system and votes received through post to declare the final result for each of the Resolutions form part of the AGM Notice.

Process and manner for Members opting to vote by using the Ballot Form:1) Please complete and sign the Ballot Form and send it so as to reach the Scrutinizer appointed by the Board of Directors

of the Company, M/s. Leena Agrawal & Co., Practicing Company Secretary, (Membership No.: FCS 6607), 204, Mhatre Pen Building, Senapati Bapat Marg, Dadar West, Mumbai – 400028.

2) The form should be signed by the Member as per the specimen signature registered with the Company/ Depositories. In case of joint holding, the Form should be completed and signed by the first named Member and in his/her absence, by the next named joint holder. A power of Attorny (POA) holder may vote on behalf of a Member, mentioning the registration number of the POA registered with the Company or enclosing an attested copy of the POA. (Exercise of vote by Ballot is not permitted through proxy).

3) In case the share are held by Companies, trusts, societies, etc, the duly completed Ballot Form should be accompanied by a certified true copy of the relevant Board Resolution /Authorisation.

4) Votes should be cast in case of each resolution, either in favour or against by putting the tick (√ ) mark in the column provided in the Ballot.

5) The voting rights of shareholders shall be in proportion of the shares held by them in the paid up equity share capital of the Company as on 22.09.2017 as per the Register of Members of the Company.

6) Duly completed Ballot Form should reach the Scrutinizer not later than 5.00 pm. On 27th September, 2017, Ballot form received after this date will be strictly treated as the reply from the Members has not been received.

7) A Member may request for a duplicate Ballot Form, if so required. However, duly filled in and signed duplicate Form should reach the Scrutinizer not later than the date and time specified in serial no. 6 above.

8) Unsigned, incomplete, improperly or incorrectly tick marked Ballot Forms will be rejected. A form will also be rejected if it is received torn, defaced or mutilated to an extent which makes it difficult for the Scrutinizer to identify either the Member or as to whether the votes are in favour or against or if the signature cannot be verified.

9) The decision of the Scrutinizer on the validity of the Ballot Form and any other related matter shall be final.

10) The results declared along with Scrutinizers Report, shall be placed on the Company’s website: www.chasebright.com and on the website of the Central Depository Securities Limited within two days of the passing of the Resolutions at the AGM of the Company on 29th September, 2017 and communicated to the BSE where the shares of the Company are listed.


71

NOTES

If undelivered, please return to :

Chase Bright Steel Ltd.R-237, TTC Industrial Area, MIDC,Rabale, Navi Mumbai - 400 701.Tel.: 022-2760 6679

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