VISA Steel Limited Annual Report 2007-08

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VISA Steel LimitedSchedulesto the accountsVISA Steel LimitedSchedulesto the accounts8 QUANTITATIVE INFORMATIONa.) The Company manufactures Pig Iron,Coke, Ferrochrome, ChromeConcentrate and Chrome Powderand trades in Coal, Coke and IronOre Fines. The relevant particularsare as under :Rs. MillionMT 31 March 2008 MT 31 March 2007i.) Licensed Capacity N.A. N.A.ii.) Installed Capacity(As certified by the management)Pig Iron 225,000 225,000Chrome Concentrate 100,000 100,000Chrome Powder 100,000 100,000Coke 400,000 100,000Ferrochrome 50,000 -iii.) Opening StockPig Iron 5,613 67.26 14,342 192.38Chrome Concentrate 7,927 22.46 2,865 8.67Chrome Powder 474 1.84 982 3.88Coal & Coke 1,244 3.06 74,152 247.11Lam Coke 9,164 64.99 - -Iron Ore Fines 20,618 30.10 91,556 96.26189.71 548.30iv.) ProductionPig Iron (Note 1) 53,207 162,858Chrome Concentrate 5,289 12,688Chrome Powder 765 495Lam Coke (Note 2) 156,515 50,755Ferrochrome (Note 3) 17,681 -Note :1. Does not include By-products generated 14,123 18,2282. Includes used for own consumption 41,492 41,591Does not include By-products generated 19,907 8,8883. Does not include By-products generated 333 -v.) PurchasesChrome Concentrate 6,580 47.81Coal & Coke 318,905 2,736.79 497,961 2,038.97Iron Ore Fines 10,890 22.73 58,012 194.15Iron Ore 14,095 29.30 - -Chrome Ore 19,890 188.56 - -2,977.38 2,280.93vi.) Closing Stock *Pig Iron 677 13.36 5,613 67.26Chrome Concentrate 4,557 9.58 7,927 22.46Chrome Powder 207 0.80 474 1.84Coal & Coke 7,536 140.59 1,244 3.06Lam Coke 16,894 205.16 9,164 64.99Iron Ore Fines - - 20,618 30.10Ferrochrome 10,168 612.16 - -981.65 189.71* After adjustment of shortage/excessRs. MillionMT 31 March 2008 MT 31 March 2007vii.) SalesPig Iron 57,922 1,176.38 171,587 2,734.73Chrome Concentrate 8,659 129.38 14,206 113.50Chrome Powder 1,032 9.30 1,003 6.17Coal & Coke 311,369 2,987.15 570,869 2,327.55Iron Ore Fines 13,369 27.14 128,950 230.67LAM Coke 112,837 1,878.58 - -Iron Ore 14,095 45.86 - -Chrome Ore 19,860 193.67 - -Ferrochrome (Note 4) 5,355 369.58 - -By-products 185.14 205.497,002.18 5,618.114. Does not include trial run sales 2,420b.) Details of Raw Material ConsumedChrome Ore 54,409 477.63 22,147 30.89Iron Ore (Note 5) 116,763 243.35 287,706 554.90Coke (Note 6) 23,073 261.77 174,861 845.10Coal 252,945 1,712.73 62,253 357.18Others 46.05 49.892,741.53 1,837.965. Does not include iron ore fines generation 11,230 29,9536. Does not include coke fines generation 3,756 13,461c.) Consumption of Raw Material % %Indigenous 27 744.74 47 855.87Imported 73 1,996.79 53 982.09100 2,741.53 100 1,837.96d.) Stores & Spares Consumed % %Indigenous 100 159.00 100 61.06e.) CIF Value of ImportsRaw Material 2,456.94 2,285.88Finished Goods 2,388.33 1,269.64Capital Goods 43.57 65.32f.) Expenditure in Foreign CurrencyTraveling 0.87 2.01Interest 27.61 41.93Others 0.11 9.40g.) Earning in Foreign CurrencyExport Sales 759.12 1,082.40Annual Report 2007-0879
VISA Steel LimitedSchedulesto the accountsVISA Steel LimitedSchedulesto the accountsRs. MillionMT 31 March 2008 MT 31 March 20079 Directors RemunerationSalaries, Allowances & Bonus 12.56 8.42Retirement benefits 1.92 2.54Perquisites 2.20 1.90Commission 9.25 6.0925.93 18.95Profit for the year before taxationas per Profit & Loss Account 671.35 343.05Add :Depreciation 182.59 97.67Provision for Doubtful Debts 0.34 52.68Directors’ Remuneration 25.93 208.86 18.95 169.30880.21 512.35Less :Depreciation u/s 350 of the Companies Act, 1956 182.59 182.59 97.67 97.67697.62 414.68Commission to Executive Directors 6.75 4.59Commission to Non Executive Directors* 2.50 1.509.25 6.09* Within the overall limit of 1% of Net Profit 6.98 4.15Note :Includes Rs. 4.51 Million remuneration of one of the Wholetime Directors whose re-appointment and remuneration witheffect from 15 December 2007 are subject to approval of shareholders of the Company.10 Investment in Joint VentureJoint VentureCountry of IncorporationPatrapada Coal Mining Company Private LimitedPercentage of Ownership Interest as at 31 March 2008 0.49%The Company’s interests in the joint venture is reported as Long Term Investment in Schedule 5 and stated at cost. Duringthe current year no Profit and Loss Account has been prepared, as there was no revenue transactions. However, theCompany’s share of each of the assets and liabilities etc. (each without elimination of the effect of transactions between theCompany and the joint venture) based solely on the accounts prepared for the internal management reporting purposes toassess the performance of the joint venture related to its interest in the Joint Venture are :Rs. in MillionIndia31 March 2008 31 March 2007Amounts in respect of Joint Venture-Balance SheetAssetsCapital Work in Progress 0.04 0.03Current Assets [Rs. 1,364 (2007; Rs. Nil)] - -LiabilitiesCurrent Liabilities 0.04 0.0312 Miscellaneous Expenses include Auditors’ Remuneration :Rs. Million31 March 2008 31 March 2007Audit Fees 0.50 0.50Tax Audit Fees 0.10 0.10Other Services 0.40 0.40Re-imbursement of expenses 0.11 0.241.11 1.2413 Operating Leases 7.65 7.36Rent [Including minimum lease payment Rs. Nil (2007: Rs. Nil)][Operating leases for office premises are entered into for a periodof three years and thereafter renewable by mutual consent of boththe parties. The operating leases are cancelable by either party bygiving three month’s notice.]14 Related Party DisclosuresName of the Related Parties :Holding CompanySubsidiary CompanyJoint Venture CompanyEnterprise having significant influenceFellow SubsidiariesKey Managerial PersonnelRelatives of Key Managerial PersonnelEnterprise over which Relatives of KeyManagerial Personnel having significantinfluenceVISA Minmetal AGGhotaringa Minerals Ltd.Patrapada Coal Mining Company Pvt. Ltd.VISA International Ltd.VISA Comtrade AGVISA Coal Pty. Ltd.VISA Comtrade (Asia) Ltd., HongkongVISA Comtrade (Asia) Ltd., SingaporeVISA Power LimitedVISA PLCVISA Comtrade Ltd.North East Resources LimitedMr. Vishambhar SaranMr. Vishal AgarwalMrs. Saroj AgarwalMr.Vikas AgarwalMr Vivek AgarwalMrs Bhawna AgarwalMr Ashok AgarwalKhandadhar Minerals LimitedVISA Aviation LimitedVISA Infrastructure LimitedTastebuds Gourmet Foods Pvt. Ltd.Annual Report 2007-088111 The Company had entered into a joint venture agreement with Baosteel Resources Co. Ltd. and VISA Comtrade AG on17 August 2007 for setting up a 100,000 tpa Ferro Chrome Plant in Orissa. The JV Company, titled “VISA BAO Limited” hasbeen incorporated on 1 February 2008 and has become a subsidiary of VISA Steel Limited w.e.f 23 May 2008. An amount ofRs. 4.71 Million has been paid towards expenses incurred for incorporation of the said Joint Venture during the year, which isincluded under Loans & Advances in Schedule 9.
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Page 12 and 13: CHAIRMAN’SSTATEMENTWe shall conti
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Page 20 and 21: Installation of 25 MW PowerPlant ba
Page 22 and 23: New design of Pushercar has been in
Page 24 and 25: The Joint Venture Company withBaost
Page 26 and 27: Concerted efforts towardsstabilisat
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VISA Steel Limited Annual Report 2007-08

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