VISA Steel Limited Annual Report 2007-08

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VISA Steel Limitedschedulesto the CONSOLIDATED accountsVISA Steel Limitedschedulesto the CONSOLIDATED accounts13 Segment Information Rs. Million31 March 2008 31 March 2007Business Segment Manufacturing Trading Total Manufacturing Trading TotalSegment Revenue 3,570.39 3,257.66 6,828.05 2,797.77 2,581.51 5,379.28Segment Results 794.52 168.84 963.36 564.90 (70.88) 494.02Less : unallocable expenses net off income 206.84 128.20Less : Interest (net) 85.12 22.62Profit Before Tax 671.40 343.20Provision for taxation 239.88 137.84Profit after Taxation 431.52 205.36Segment Assets 13,956.10 640.03 14,596.13 9,039.91 424.62 9,464.53Add : Unallocated Corporate Assets 1,054.77 712.65Total Assets 15,650.90 10,177.18Segment Liabilities 2,791.36 1,883.65 4,675.01 1,452.73 350.40 1,803.13Add : Unallocated Liabilities 7,505.08 5,206.66Total Liabilities 12,180.09 7,009.79Capital Expenditure 3,930.90 - 3,930.90 3,836.03 - 3,836.03Depreciation 129.62 - 129.62 72.60 - 72.60Non Cash Expenses other than Depreciation 55.10 79.66Geographical Segment Domestic Export Total Domestic Export TotalThe Company also provides for gratuity benefit to the employees. Annual actuarial valuations are carried out by LICI incompliance with Accounting Standard 15 (Revised 2005) on “Employee Benefits”.The Company also provides for leave encashment benefit to the employees. Annual actuarial valuations are carried outby independent actuary in compliance with Accounting Standard 15 (Revised 2005) on “Employee Benefits”. Hitherto,provision for leave encashment was done on accrual basis. Had the earlier basis been followed, charge for the currentyear would have been lower by Rs. 0.06 Million with its consequential effect on the profit for the year. Consequent to suchchange in accounting policy Rs. 0.60 Million (net of tax) has been added to the opening reserves of the General Reserve,as per the transitional provision of the said standard. Lliabilities for leave encashment as at 31 March 2008 would havebeen higher by Rs. 0.84 Million. Employees are not required to make any contribution.The Company also provides for gratuity and leave encashment benefit to the employees. Annual actuarial valuations arecarried out by independent actuary/LICI in compliance with Accounting Standard 15 (Revised 2005) on Employee Benefits.Employees are not required to make any contribution.In respect of Subsidiary CompanyThe Subsidiary Company did not have any employee during the year and consequently, relevant provisions of EmployeesProvident Fund and Miscellaneous Provisions Act, 1952, Employees State Insurance Act, 1948, Payment of Gratuity Act,1972 and Payment of Bonus Act, 1965 are not applicable to the Subsidiary Company.15 Previous year’s figures have been rearranged/re-grouped wherever necessary.Annual Report 2007-08Segment Revenue 6,068.74 759.12 6,827.86 4,296.32 1,082.40 5,378.72Segment Assets 12,097.97 3,552.93 15,650.90 10,177.18 - 10,177.18Capital Expenditure 3,930.90 - 3,930.90 3,836.03 - 3,836.03For and on behalf of the Board of DirectorsVishambhar SaranVishal AgarwalChairmanManaging Director107Notes :a) Business Segment: The internal business segmentation and the activities encompassed therein are as follows;i) Manufacturing: Manufacturing of Chrome Ore based products, Pig Iron, Coke and Ferro Chrome.ii) Trading: Trading of raw material for steel industries.b) Geographical Segment: Segmentation is on the basis of the geographical location of the customers.c) The segment wise revenue, results and assets and liabilities figures relate to the respective amounts directlyidentifiable to each of the segments. Unallocable expenditure includes expenses incurred on common services atthe corporate level and relate to the company as a whole14 Employee BenefitsIn respect of Holding CompanyThe Company has adopted Accounting Standard 15 (revised 2005) on Employee Benefits with effect from 1 April 2007.The obligations on Employee Benefits as on that date due to the application of the new standard amounting to Rs. 0.60Million (net of related tax of Rs. 0.30 Million) has been added with the opening balance of the General Reserve in terms ofthe transitional provision of the said standard. The charge to the Profit & Loss Account is higher by an amount of Rs. 0.06Million with its consequential effect on the profit before tax for the current year.The Company maintains a provident fund with Regional Provident Fund Commissioner, contributions are made by theCompany to the funds, based on the current salaries. In the provident fund schemes, contribution are also made by theemployees. An amount of Rs. 3.57 Million has been charged to the Profit & Loss Account on account of the above definedcontribution schemes.Subhra GiriCompany SecretaryManoj Kumar DiggaChief Financial OfficerPlace : KolkataDate : 28 May 2008
VISA Steel Limitedconsolidated cash flow statementfor the year ended 31 March 2008Rs. MillionSl. No. Particulars 31 March 2008 31 March 2007VISA Steel Limitedconsolidated cash flow statementfor the year ended 31 March, 2008Notes to Consolidated Cash Flow Statement1 Cash and cash equivalents consist of cash in hand and balance with banks and deposits with banksRs. MillionA. Cash flow from operating activities :Net profit before Tax and Extraordinary items 671.40 343.20Adjusted for :Depreciation 182.59 97.67Interest Expense 311.52 188.73Interest Income (226.43) (166.11)Miscellaneous Expenditure written off 26.78 26.98Bad Debts Written Off 74.48 -Bad Debts Recovery - (7.87)Advance Written off 6.19 -Provision for Doubtful Debts 0.34 52.68Provision for Doubtful debts written back (52.68) -Liabilities no longer required written back (net) - (2.04)Unrealised Foreign exchange gain 24.94 (16.50)Operating profit before working capital changes 1,019.13 516.74Adjustments for changes in working capital :- (Increase)/Decrease in Sundry Debtors (572.47) (25.44)- (Increase)/Decrease in Loans and Advances (511.52) (188.85)- (Increase)/Decrease in Inventories (1,551.93) (44.17)- Increase/(Decrease) in Trade and Other Payables 2,714.87 (418.73)Cash generated from operations 1,098.08 (160.45)- Taxes Paid (55.45) (15.16)Net cash from operating activities 1,042.63 (175.61)B. Cash flow from Investing activities :Purchase of fixed assets (1,410.50) (800.91)Capital Work in Progress (2,363.33) (2,704.26)Proceeds from Sale of fixed assets - 6.17Interest Received 209.13 104.01Net cash used in investing activities (3,564.70) (3,394.99)31 March 2008 31 March 2007Cash and Cheques in hands 1.19 20.86Balance with Scheduled Bank inCurrent Account 297.08 82.64Share Refund Order Account 0.34 0.38Fixed Deposit Account 562.34 859.76 1629.83 1712.85Cash & cash equivalents 860.95 1733.712 The above Consolidated Cash Flow Statement has been prepared under the ‘Indirect Method’ as set out in the AccountingStandard on ‘Cash Flow Statements (AS-3)’ issued by the Institute of Chartered Accountants of India.This is the Consolidated Cash Flow Statement referred to in our report of even dateFor 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 2007-08109C. Cash flow from financing activities :Share Issue Expenses - (83.00)Proceeds from long term borrowings 2,774.25 2,864.10Repayment of long term borrowings (200.81) (112.26)Proceeds from short term borrowings 829.71 (250.00)Repayment of short term borrowings (1,401.27) 623.41Interest Paid (352.57) (233.06)Net cash used in financing activities 1,649.31 2,809.19Net Increase in Cash & Cash Equivalents (872.76) (761.41)Cash and cash equivalents as at 1 April 2007 1,733.71 2,495.12Cash and cash equivalents as at 31 March 2008 860.95 1,733.71
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VISA Steel Limited Annual Report 2007-08

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