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Financial Result 
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2.(ii) Board Meetings and attendance:Eighteen Board Meetings were held during the financial year ended on 31st March, 2006 and the gap between two Board Meetings did not exceed four months.The dates on which Board meetings were held are as follows :-
2.(iii) Attendance of each Director at the Board meetings and last Annual General Meeting (AGM) and the number of Companies and committees where he is Director/Member:
3. Audit CommitteeThe Audit Committee was Constituted in accordance with the code of Corporate Governance and presently consists of three non-executive directors Shri Deepak Kumar Garg, Shri Mohan Lal and Shri Yogesh Mathur with Shri Deepak Kumar Garg as its Chairman.(i) The terms of reference of the Audit Committee are as per the guide lines set out in clause no. 49 of the listing agreement with the Delhi Stock Exchange where the shares of the Company are listed. (ii) The Audit Committee had five Meetings during the financial year 2006-07 ended on 31st March, 2007 as per details thereof and the names of Directors who attended the said meetings, are as here-under :- Details of the Audit Committee Meetings held during the financial year 2005-06 and attended by the Directors:-
4. Remuneration CommitteeThe Board has not constituted a Remuneration Committee as it is not mandatory. The same will be constituted as and when the need will arise.5. Remuneration PolicySitting fees of Rs.200/- for attending Board Meeting is paid to each of the directors, who are not paid any remuneration.Since Shri N. K. Sureka opted to be an honorary Managing Director of the company, no remuneration in the capacity as Managing Director was paid to him during the financial year 2006-07 ended on 31st March, 2007.
6. Code of Conduct for the Directors & senior Managerial personnelIn compliance to the provisions of Clause 49 of the Listing Agreement, the Board has laid downa code of conduct for all the Board Members and Senior Managerial Personnel and all Board Members and Senior Managerial Personnel have affirmed compliance of code of conduct as on 31st March, 2007 and a declaration to that effect duly signed by the Managing Director is attached and forms part of this report .
This Committee, was constituted on 30th January, 2004, with a view to redress
shareholders’/ investors’ complaints etc. relating
to delay in transfer of shares, demat, non-receipt of annual
accounts, delays in balance sheet, split, duplicate, transmission,
etc. of the shares issued by the Company. This Committee consists
of two Non-executive directors namely Shri Deepak Kumar Garg
and Shri Yogesh Mathur with Shri Deepak Kumar Garg as its Chairman. |
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Corporate Governance | Number of pending transfers | Nil |
| Number of Shareholders' Complaints received |
Nil |
| Number of Compliants not solved | Nil |
8. General Body Meetings
(i) Details of Location and time of holding of last three AGMs| AGM for the financial Year ended | Venue | Date | Time |
| 2003-2004 31th AGM |
602, Chiranjiv Tower, 43, Nehru Place, New Delhi-110019 |
30.09.2004 | 2.00 P.M |
| 2004-2005 31th AGM |
602, Chiranjiv Tower,
43, Nehru Place, New Delhi-110019 |
30.09.2005 | 2.00 P.M |
| 2005 -2006 32st AGM |
602,Chiranjiv Tower, 43, Nehru Place, New Delhi-110019 |
30.09.2005 | 11.00 A.M. |
9. Brief Resume of Directors seeking re-appointment
Shri Yogesh Mathur :Shri Yogesh Mathur is in service having 17 years working experience in Gas Plant. He was appointed as a director of the company on 1st January, 2004. He is liable to retire by rotation at the ensuing Annual General Meeting and, being eligible, offers himself for re-appointment.
Shri Mohan Lal :
Shri Mohan Lal is having 24 years’ working experience in the Steel Industry. He was appointed as a director of the company on 1st December, 2003. He is liable to retire by rotation at the ensuing Annual General Meeting and, being eligible, offers himself for re-appointment.
10. Disclosure
(a) Materially Significant related party transactionsDuring the period, no transaction of material nature, had been entered into by the Company
with the management or their relatives that may have potential conflict with the interests of the Company .
(b) Details of non-compliance by the company, penalties, strictures imposed on the Company by Stock Exchange or SEBI or any statutory authority, on any matter related to capital markets, during the last three years.
There was no instance of penalties, strictures imposed on the company by Stock Exchange or SEBI or any statutory authority as well as non-compliance of any matter related to the capital markets during the last three years.
11. Means of Communication
The quarterly, half yearly and yearly results are published in English in widely circulating "Money Makers" and in Hindi in "Maha Laxmi" from Delhi & Haryana.
12. General Shareholder information
| AGM : Date, time and venue | 32nd AGM to be held on on Friday the 24th August, 2007 at 10.30 A.M. at 602 , Chiranjiv Tower, 43, Nehru Place, New Delhi-110019 |
| Financial Calendar:(Tentative) | |
| Results for quarter ending June, 30, 2006 | 31st day of July, 2007 |
| Results for quarter ending September 30, 2006 | Last week of October, 2007 |
| Results for quarter ending December, 31, 2006 | Last week of January, 2008 |
| Results for quarter ending March 31, 2007 | Last week of April, 2008 |
| · Date of Book closure | 20th August, 2007 to 24th August, 2007 (both days inclusive) |
| · Stock Code - Physical Demat ISIN Number for NSDL and CDSL. |
3506 on Delhi Stock Exchange INE073F01018 |
| · High/low of market price of the Companys' shares traded on the Stock Exchange during the financial year ended 31st March, 2007 | The shares have not been traded during
the financial year 2006-07. The last quoted price was
of Rs.24/- per Share as per transaction on Delhi Stock
Exchange held on 28-08-2001. Since the Delhi Stock Exchange was not conducting any trading of securities of its listed companies, the securities of the Company were traded on the Gauhati Stock Exchange during the financial year 2002-03 @ 3.50 per share as per the transaction held on 10-02-2003. |
| · Registrar & Transfer Agents | M/s. RCMC Share Registry Pvt. Ltd. 1515, (1st Floor) Bhisham Pitamah Marg Kotla Mubarakpur, (Near South Extn.), New Delhi - 110003 Phone No. 24692346, 24601017 Fax No. 24692345 |
| · Share Transfer System | All the transfers received are processed by the Registrar and Share Transfer Agent. Share Transfers are registered and returned within maximum of 30 days from the date of lodgment if documents are complete in all respect. In case the shares are transferred through Demit mode, the procedure is adopted as stated in Depositories Act, 1996. |
· Share holding pattern as on 31-03-2007
| Category | No. of Shares | Percentage |
| Promoters | 15,78,760 | 26.31 |
| Persons acting in concert | - | - |
| Mutual Funds and UTI | - | - |
| Banks, Financial Institution & Insurance Companies. | - | - |
| FII's | - | - |
| Private Corporate Bodies | 35,84,100 | 59.74 |
| Indian Public | 8,37,140 | 13.95 |
| NRIs/ OCBs | - | - |
| Total | 60,00,000 | 100.00 |
· Distribution of shareholding as on 31st March, 2006.
| No. of Shares | Folios | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Declaration of Managing Director
The Code of Conduct for the Directors and the Senior Managerial Personnel was adopted by the Board of Directors. All the Board Members and Senior Managerial Personnel have affirmed that they have complied with the code of conduct.| PLACE : NEW DELHI DATE : 8th August, 2007 |
SD/- N. K. Sureka Managing Director |
ANNEXURE TO THE REPORT OF THE DIRECTORS :
CERTIFICATE FROM AUDITORS REGARDING COMPLIANCE OF CONDITIONS OF COROPORATE GOVERNANCE
ANNEXURE
A the Shareholders of the Bihariji Ispat Udyog Ltd.
We have examined the compliance of conditions of Corporate Governance by Bihariji Ispat Udyog Ltd., for the period ended on 31st March, 2007 as stipulated in clause 49 of the Listing Agreement of the said Company with the Stock Exchange.
The Compliance of conditions of Corporate Governance is the responsibility of the management. Our examination was limited to procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in the above mentioned Listing Agreement.
As required by the Guidance Note issued by the Institute of Chartered Accountants of India, we have to state that no investor grievances is pending for a period exceeding one month against the company as per the records maintained by the Investors’ Grievance Committee.
We further state that such compliance is neither an assurance
as to the future viability of the Company nor the efficiency
or effectiveness with which the management has conducted the
affairs of the Company.
| PLACE : NEW DELHI DATE : 30th June 2007 |
FOR SALARPURIA & PARTNERS CHARTERED ACCOUNTANTS Kamal Kumar Gupta SD/- PARTNER M. No. 89190 |
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