VISA Steel Limited Annual Report 2007-08

VISA Steel Limitedschedulesto the BALANCE SHEETVISA Steel Limitedschedulesto the BALANCE SHEET5 InvestmentsRs. Million31March 2008 31 March 2007Long Term - Trade - UnquotedPatrapada Coal Mining Company Private Limited - -100 Equity Shares of Rs. 10/- each, fully paid up[Rs. 1000 (2007; Rs. 1000)]Subsidiary CompanyGhotaringa Minerals Limited 8.90 8.90890,000 Equity Shares of Rs. 10/- each, fully paid up(Including beneficial interest in 44,500 Equity Shares ofRs. 10/- each, fully paid up)8.90 8.906 Inventories - At lower of Cost or Net Realisable ValueStores & Spares* 118.04 58.59Raw Materials** 1,484.62 890.58Finished Goods*** 981.65 189.71By-Products 167.94 41.49Work-in-Progress 36.14 14.752,788.39 1,195.12* Including Capital items lying in stores 76.54 35.19** Including materials in Transit - 196.41*** Including goods lying with Consignment Agents 5.65 20.747 Sundry Debtors - UnsecuredDebts Outstanding for a period exceeding six monthsConsidered Good 138.74 10.38Considered Doubtful 0.34 52.68Other debts - Considered Good 824.66 403.35963.74 466.41Less : Provision for Doubful Debts 0.34 52.68963.40 413.738 Cash and Bank BalancesCash and Cheques in Hand 1.19 20.86Balance with Scheduled Banks in :Current Account 296.10 82.22Share Refund Order Account 0.34 0.38Fixed Deposit Account 559.34 1,624.84856.97 1,728.30Rs. Million31 March 2008 31 March 20079 Loans and Advance - Unsecured, Considered GoodAdvance to Subsidiary - 0.04Advances Recoverable in Cash or in kind or for value to be received 794.28 370.30Deposits withCustoms, Port Trust etc. 6.58 6.56Others 159.77 77.33Advance Payment of Income Tax 13.97 10.56[Net of Provision Rs. 169.32 Million (2007; Rs 85.32 Million)]Fringe Benefit Tax 0.64 -[Net of Provision Rs. 12.60 Million (2007; Rs. Nil)]975.24 464.79Due by Directors - -Maximum Amount due at any time during the year 0.77 1.40Due by an officer - -Maximum Amount due at any time during the year 0.04 0.07Due by a Private Company in which a Director is a Director 1.21 0.7610 LiabilitiesSundry Creditors 4,478.55 1,762.54Advance from Customers 35.61 33.09Other Liabilities 194.53 28.54Share Refund Order Account 0.34 0.384,709.03 1,824.5511 ProvisionsLeave Encashment 5.25 -Fringe Benefit Tax - 1.36[Net of Advance payment of Tax Rs. Nil (2007 Rs. 6.64 Million)]Proposed Dividend 110.00 -Income Tax on Proposed Dividend 18.69 -133.94 1.3612 Miscellaneous Expenditure[To the extent not written off or adjusted]Share Issue Expenses 78.10 104.8878.10 104.88Annual Report 2007-0871