VISA Steel Limited Annual Report 2007-08

VISA Steel LimitedBalance Sheetas at 31 March 2008VISA Steel LimitedProfit & loss accountfor the year ended 31 March 2008Rs. MillionSchedule 31 March 2008 31 March 2007SOURCES OF FUNDSShareholders’ FundShare Capital 1 1,100.00 1,100.00Reserves and Surplus 2 2,369.60 3,469.60 2,066.21 3,166.21Loan FundsSecured Loan 3 6,987.73 4,985.85Deferred Taxation [Refer Note 6 Schedule 17] 349.19 197.9210,806.52 8,349.98APPLICATION OF FUNDSFixed Assets 4Gross Block 4,272.29 2,663.12Less : Depreciation 359.02 170.06Net Block 3,913.27 2,493.06Capital Work in Progress including Advances 6,045.76 9,959.03 3,726.50 6,219.56Investments 5 8.90 8.90Current Assets, Loans and AdvancesInventories 6 2,788.39 1,195.12Sundry Debtors 7 963.40 413.73Cash and Bank Balances 8 856.97 1,728.30Interest Accrued on Deposits 19.46 40.61Loans and Advances 9 975.24 464.795,603.46 3,842.55Less : Current Liabilities and ProvisionsLiabilities 10 4,709.03 1,824.55Provisions 11 133.94 1.364,842.97 760.49 1,825.91 2,016.64Miscellaneous Expenditure 12 78.10 104.88[To the extent not written off or adjusted]10,806.52 8,349.98Notes on Accounts 17Rs. MillionSchedule 31 March 2008 31 March 2007INCOMESales 13 6,807.65 5,311.80Other Income 14 20.40 67.486,828.05 5,379.28EXPENDITUREMaterials 15 4,846.95 4,419.95Expenses 16 1,127.16 518.61Depreciation 182.59 97.676,156.70 5,036.23Profit Before Taxation 671.35 343.05Provision for TaxationCurrent Tax 84.00 39.00Fringe Benefit Tax 4.60 5.00Deferred Tax 151.27 239.87 93.84 137.84Profit after Taxation 431.48 205.21Balance brought forward from previous years 329.98 124.77761.46 329.98AppropriationProposed Dividend 110.00 -Income Tax on Proposed Dividend 18.69 -Balance Carried forward to Balance Sheet 632.77 329.98Basic and Diluted Earning Per Share 3.92 1.87Notes on Accounts 17Annual Report 2007-0867The Schedules referred to above form an integral part of the Balance Sheet.This is the Balance Sheet referred to in our report of even date.The Schedules referred to above form an integral part of the Profit & Loss Account.This is the Profit & Loss Account referred to in our report of even date.For and on behalf of the Board of DirectorsPartha Mitra Vishambhar Saran Vishal AgarwalPartner Chairman Managing DirectorFor and on behalf ofLovelock & LewesChartered AccountantsSubhra Giri Manoj Kumar DiggaCompany Secretary Chief Financial OfficerPlace : KolkataPlace : KolkataDate : 28 May 2008 Date : 28 May 2008For and on behalf of the Board of DirectorsPartha Mitra Vishambhar Saran Vishal AgarwalPartner Chairman Managing DirectorFor and on behalf ofLovelock & LewesChartered AccountantsSubhra Giri Manoj Kumar DiggaCompany Secretary Chief Financial OfficerPlace : KolkataPlace : KolkataDate : 28 May 2008 Date : 28 May 2008