VISA Steel Limited Annual Report 2007-08

Employee growth seamlesslyaligned with organisational growththrough empowerment and byoffering a challenging workplace,aimed towards the realisation oforganisational goals.CEO / CFO CertificationA Certificate from the Managing Directorand the Chief Financial Officer, pursuant toClause 49(V) of the Listing Agreement hadbeen tabled at the Board Meeting held on 28May 2008 and is also annexed to this Report.AuditorsThe Auditors of the Company, M/s. Lovelock& Lewes, Chartered Accountants, Kolkata,retire at the conclusion of the forthcomingAnnual General Meeting and being eligible,offer themselves for re - appointment.Qualification to Auditors’reportThe Auditors’ qualification under Paragraph4 of their report read along with the notes toItem no. 9 of Schedule 17 is self explanatoryand does not require any further commentsfrom the Directors.Particulars ofConservation of Energy,Technology Absorbtion andForeign Exchange Earningsand OutgoInformation pursuant to Section 217 (1) (e)of the Companies Act, 1956 read with theCompanies (Disclosure of Particulars in theReport of the Board of Directors) Rules,1988 in respect of Conservation of Energyand Technology Absorption and ForeignExchange Earnings and Outgo is given inAnnexure I forming part of this Report.Human Resourceshuman resources, which assumes utmostsignificance in achievement of corporateobjectives. Your Company integratesemployee growth with organisational growthin a seamless manner through empowermentand by offering a challenging workplace,aimed towards realisation of organisationalgoals. To this effect, your Company hasset up an HR training centre at its plant forknowledge-sharing and imparting needbased training to its employees.The information required under Section217 (2A) of the Companies Act 1956read with the Companies (Particulars ofEmployees) Rules 1975, as amended are setout in Annexure II to this report.Consolidated FinancialStatementsIn terms of Clause 32 of the ListingAgreement with Stock Exchanges,Consolidated Financial Statements,conforming to Accounting Standard 21 issuedby the Institute of Chartered Accountants ofIndia, are attached as a part of the AnnualReport.Corporate GovernanceYour Company is committed in maintainingthe highest standards of CorporateGovernance and adheres to the stipulationsprescribed under Clause 49 of the ListingAgreement with the Stock Exchanges.A Report on Corporate Governance &Shareholder Information together with theAuditors’ Certificate thereon is annexed aspart of the Annual Report.Management, as required under Clause 49of the Listing agreement and all Directorsand Senior Managers have affirmedcompliance with the Code for 2007-08. Acertificate, signed by the Managing Director,affirming compliance of Directors & SeniorManagement, forms part of the Report onCorporate Governance.AcknowledgementYour Directors record their sincereappreciation for the assistance, supportand guidance provided by banks, financialinstitutions, customers, suppliers, regulatory& government authorities, project & otherbusiness associates and stakeholders.Your Directors also thank the employeesof the Company for their contributionand commitment towards your Companyperformance and growth during the periodunder review.Your Directors value your involvementas shareholders and look forward to yourcontinuing support.For and on behalf of the BoardKolkataVishambhar Saran28 May 2008 ChairmanAnnual Report 2007-0833Your Company places emphasis onrecruitment, training & development ofYour Company had also adopted a “Codeof Conduct” for its Directors and Senior