VISA Steel Limited Annual Report 2007-08

More documents

Recommendations

Info

VISA Steel Limitedauditor’s reportTO THE BOARD OF DIRECTORS OF VISA STEEL LIMITEDON THE CONSOLIDATED FINANCIAL STATEMENTSVISA Steel Limitedauditor’s reportTO THE BOARD OF DIRECTORS OF VISA STEEL LIMITEDON THE CONSOLIDATED FINANCIAL STATEMENTS1. We have audited the attached Consolidated Balance Sheet of VISA Steel Limited (‘the Company’) and its subsidiary(‘the Group’) as at 31 March 2008, the Consolidated Profit and Loss Account for the year ended on that date annexedthereto and the Consolidated Cash Flow Statement for the year ended on that date, which we have signed underreference to this report. These consolidated financial statements are the responsibility of the Company’s management.Our responsibility is to express an opinion on these Consolidated Financial Statements based on our audit.2. We conducted our audit in accordance with generally accepted auditing standards in India. Those Standards requirethat we plan and perform the audit to obtain reasonable assurance whether the Consolidated Financial Statementsare free of material misstatements. An audit includes, examining on a test basis, evidence supporting the amounts anddisclosures in the Consolidated Financial Statements. An audit also includes assessing the accounting principles usedand significant estimates made by management, as well as evaluating the overall Consolidated Financial Statementspresentation. We believe that our audit provides a reasonable basis for our opinion.3. We report that:The re-appointment and remuneration amounting to Rs. 4.51 Million for one of the Whole Time Directors of the HoldingCompany with effect from 15 December 2007 is subject to the approval of shareholders of the Company.4. We did not audit the financial statements of the subsidiary and joint venture, whose financial statements reflect totalassets of Rs. 18.68 Million as at 31 March 2008 and total revenues of Rs. 0.24 Million and total net cash outflow of Rs.1.43 Million for the year then ended. The financial statements of the subsidiary have been audited by other auditorswhose report has been furnished to us, and our opinion, in so far as it relates to the amounts included in respect ofthe subsidiary, is based solely on the report of the other auditors and in so far as it relates to the amounts included inrespect of the joint venture, is based solely on the accounts, which are not audited, prepared by the management of theCompany for the internal management reporting purposes to assess the performance of the joint venture.6. On the basis of the information and explanation given to us and on the consideration of the separate audit report onindividual audited financial statements of the Company and its aforesaid subsidiary and unaudited financial statementsof joint venture prepared by the Company as stated in paragraph 3 above and subject to our remarks in paragraph 4above, in our opinion the Consolidated Financial Statements give a true and fair view in conformity with the accountingprinciples generally accepted in India:(a) in the case of the Consolidated Balance Sheet, of the state of affairs of the Group as at 31 March 2008;(b) in the case of the Consolidated Profit and Loss Account, of the results of operations of the Group for the yearended on that date; and(c) in the case of the Consolidated Cash Flow Statement, of the cash flows of the Group for the year ended on thatdate.Partha MitraPartnerMembership Number 50553For and on behalf ofPlace: KolkataLovelock & LewesDate: 28 May 2008Chartered AccountantsAnnual Report 2007-085. We report that the Consolidated Financial Statements have been prepared by the Company in accordance with therequirements of Accounting Standard 21, Consolidated Financial Statements and Accounting Standard 27, FinancialReporting of Interest in Joint Ventures issued by the Institute of Chartered Accountants of India and on the basis of theseparate audited financial statements of the Company and its Subsidiary and unaudited financial statements of jointventure prepared by the Company included in the Consolidated Financial Statements.91
VISA Steel LimitedVISA Steel LimitedCONSOLIDATED Balance SheetCONSOLIDATED Profit & loss accountas at 31 March 2008 for the year ended 31 March 2008Rs. MillionRs. MillionSchedule 31 March 2008 31 March 2007SOURCES OF FUNDSShareholders’ FundShare Capital 1 1,100.00 1,100.00Reserves and Surplus 2 2,369.74 3,469.74 2,066.31 3,166.31Minority Interest 1.08 1.08Loan FundsSecured Loan 3 6,987.74 4,985.85Deferred Taxation[Refer Note 6 Schedule 16] 349.19 197.9210,807.75 8,351.16APPLICATION OF FUNDSFixed Assets 4Gross Block 4,272.53 2,663.36Less : Depreciation 359.02 170.06Net Block 3,913.51 2,493.30Capital Work in Progress including Advances 6,051.20 3,729.22Add : Share of Joint Venture [Refer Note 10 Schedule 16] 0.04 9,964.75 0.03 6,222.55Current Assets, Loans and AdvancesInventories 5 2,788.39 1,195.12Sundry Debtors 6 963.40 413.73Cash and Bank Balances 7 860.95 1,733.71Interest Accrued on Deposits 19.47 40.80Loans and Advances 8 975.84 466.395,608.05 3,849.75Less : Current Liabilities and ProvisionsLiabilities 9 4,709.21 1,824.66Provisions 10 133.94 1.364,843.15 764.90 1,826.02 2,023.73Miscellaneous Expenditure 11 78.10 104.88[To the extent not written off or adjusted]10,807.75 8,351.16Notes on Consolidated Accounts 16The Schedules referred to above form an integral part of the Consolidated Balance Sheet.This is the Consolidated Balance Sheet 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 2008INCOMESchedule 31 March 2008 31 March 2007Sales 12 6,807.65 5,311.80Other Income 13 20.40 67.48EXPENDITURE6,828.05 5,379.28Materials 14 4,846.95 4,419.95Expenses 15 1,127.11 518.46Depreciation 182.59 97.676,156.65 5,036.08Profit Before Taxation 671.40 343.20Provision for TaxationCurrent Tax 84.01 39.00Fringe Benefit Tax 4.60 5.00Deferred Tax 151.27 239.88 93.84 137.84Profit after Taxation before share of Minority Interest 431.52 205.36Minority Interests [Rs. 4,241 (2007; Rs. 16,484)] - (0.01)Net Profit 431.52 205.35Add : Balance brought forward from previous years 330.08 124.73Appropriation761.60 330.08Proposed Dividend 110.00 -Income Tax on Proposed Dividend 18.69 -Balance Carried forward to Balance Sheet 632.91 330.08Basic and Diluted Earning Per Share 3.92 1.87Notes on Consolidated Accounts 16The Schedules referred to above form an integral part of the Consolidated Profit & Loss Account.This is the Consolidated 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 2008Annual Report 2007-0893
Page 4: proxyVISA STEELAT A GLANCEVISA Stee
Page 8 and 9: integrating the value chainWith com
Page 10 and 11: integrating the value chainWith the
Page 12 and 13: CHAIRMAN’SSTATEMENTWe shall conti
Page 14 and 15: 0103 05 07 09 11PROFILE OF THEBOARD
Page 16 and 17: CORPORATESOCIAL RESPONSIBILITYCOMMI
Page 18 and 19: Our priority is to be aresponsible
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
Page 28 and 29: Corporate Governance is a six prong
Page 30 and 31: The Company periodically identifies
Page 32 and 33: ShareholdersInformationThe Company
Page 35 and 36: VISA Steel Limitedannexureto audito
Page 37 and 38: VISA Steel LimitedVISA Steel Limite
Page 39 and 40: VISA Steel Limitedschedulesto the P
Page 41 and 42: VISA Steel LimitedSchedulesto the a
Page 50 and 51: VISA Steel Limitedschedulesto the C
Page 58 and 59: Ghotaringa Minerals LimitedDIrecTOR
Page 60 and 61: Ghotaringa Minerals Limitedbalance
Page 62 and 63: Ghotaringa Minerals LimitedSCHEDULE
Page 64 and 65: Ghotaringa Minerals LimitedGhotarin

VISA Steel Limited Annual Report 2007-08

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?