VARUN BEVERAGES LIMITED
ANNUAL REPORT 2002
DIRECTORS' REPORT
TO
THE MEMBERS,
The Directors hereby present the 8th Annual Report on the business and
operations of the Company together with the Audited statement of Accounts
for the period of nine months ending 31st December, 2002
FINANCIAL RESULTS
(In Rs.) (In Rs.)
December 31, 2002 March 31, 2002
Profit before Tax 107,823,606 54,546,914
Provision for Tax 8,500,000 4,200,000
Provision for deferred Tax 39,645,012 -
Profit after Tax 59,678,594 50,346,914
Balance as per last year 172,967,116 123,560,079
Transitional deferred Tax (80,022,617) -
Liabilities at April 1, 2002
Income Tax Adjustment (596,279) (937,663)
Wealth Tax Paid (18,896) (2,214)
Balance Carried to Balance Sheet 152,007,918 172,967,116
PARTICULARS REGARDING CONSERVATION OF ENERGY ETC.
Information in accordance with the provisions of Section 217 (1)(e) of the
Companies Act, 1956 read with Companies (Disclosure of Particulars in the
Report of Board of Directors) Rules, 1988 regarding Foreign Exchange
Earnings and outgo and conservation of energy are annexed hereto and forms
part of this report: However, the information regarding technology
absorption as contained in Form 'B' of the Annexure attached to
aforementioned rules is not applicable to the Company during the period
under review.
AUDITORS' REPORT
The observations made by the Auditors in their Report are specific
reference to certain points contained in accounting policies and notes on
accounts. The points have been well explained in the accounting policies/
notes on accounts and therefore, do not require any further
clarification/explanation.
DIRECTORS
In accordance with the requirements of the Companies Act, 1956 and
Company's Articles of Association Shri Ravi Kant Jaipuria and Shri K. K.
Mudgil, Directors of the Company are due for retirement by rotation and are
eligible for re-appointment.
PARTICULARS OF EMPLOYEES:
As required by Section 217 (2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules, 1975, there is no employee who
is in receipt of a remuneration of Rs.24,00,000/- per year, if employed for
the whole year or Rs.2,00,000/- per month if employed for the part of the
year.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
hereby confirm that:
i) in the preparation of the accounts for the period, the applicable
accounting standards had been followed and that there are no material
departure;
ii) they have, in selection of the accounting policies, consulted the
Statutory Auditors and have applied them consistently and made judgements
and estimates that are reasonable and prudent so as to give a true and fair
view of the state of affairs of the Company at the end of the period and of
the profit or loss of the company for that period;
iii) they have taken proper and sufficient care, to the best of their
knowledge and ability, for the maintenance of adequate accounting records
in accordance with the provisions of Companies Act, 1956 for safeguarding
the assets of the Company and for preventing and detecting fraud and other
irregularities;
iv) they have prepared the annual accounts on a going concern basis.
AUDIT COMMITTEE
The Company has an Audit Committee, whose composition, role, functions and
powers are in accordance with the requirements of the Companies Act, 1956.
The Audit Committee comprises of Shri C.K. Rastogi as chairman with Shri R.
K. Jaipuria and Shri K. Shankar as members.
AUDITORS
The existing Auditors M/s O. P Bagla D Co., Chartered Accountants, who
retire at this Annual General Meeting and being eligible offer themselves
for re-appointment.
PUBLIC DEPOSITS:
The Company has not invited or accepted any deposits during the period from
the Public under Section 58A of the Companies Act, 1956.
APPRECIATION
Your Directors wish to place on records their deep appreciation of the
support and co-operation received from the Banks and other Lending
Institutions. The Directors also place on record their appreciation of the
unstinting efforts put in by the employees at all levels.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS for VARUN BEVERAGES LTD.
PLACE: NEW DELHI
DATE : 14th March, 2003 WHOLE TIME DIRECTOR DIRECTOR
ANNEXURE
FORM-A
(SEE RULE - 2)
ALWAR, JODHPUR AND KOSI UNITS:
FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY:
CURRENT PERIOD PREVIOUS YEAR
A. POWER AND FUEL CONSUMPTION
I. ELECTRICITY
(a) PURCHASED
Unit 269470 808325
Total Amount (in Rs.) 12356571 3981087
Rate/Unit (in Rs.) 4.58 4.52
(b) OWN GENERATION
(i) Through Diesel Generator
Units 8113972 14839314
Units per ltr. of Diesel oil 3.32 3.29
Cost/Unit (in Rs.) 5.30 4.80
(ii) Through steam turbine/generator N.A. N.A.
Units
Units per ltr. of fuel oil/gas
Cost/Unit
2. COAL (specify quality and where used) N.A. N.A.
Quantity (tones) Total Cost Average Rate
3. FURNACE OIL INCLUDING LDA
Quantity (K. Ltrs.) 608487 642531
Total Amount (in Rs.) 4435590 8069852
Average Rate (in Rs.) 7.29 12.56
4. OTHERS/INTERNAL GENERATION N.A. N.A.
Quantity
Total Cost Rate/Unit
B. CONSUMPTION PER UNIT OF PRODUCTION
Standards Current Previous
(if any) Period Year
1 2
Products (with details) unit C/s 8581796 6874828
Electricity 1.26 1.21
Furnace Oil 0.07 0.02
Coal (specify quality) - -
Others (specify) - -
FOREIGN EXCHANGE EARNINGS AND OUTGO
Current period Previous year
(Rs. in Lacs) (Rs. in Lacs)
1. Earning in Foreign Currency NIL NIL
2. Outgo in Foreign Currency
Value of imports (CIF)
Capital Goods 30.56 484.0
Stores, Spares & Raw Material 267.86 257.72
Expenditure in foreign Currency
Imports 298.42 741.77
Travelling 9.44 6.81
Others 0.30 -
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