VATSA CORPORATIONS LIMITED
ANNUAL REPORT 2002-2003
DIRECTOR'S REPORT
To,
The Members
Your Directors have pleasure in presenting their Fifteenth Annual General
Report together with the Audited Accounts for the period ended 31st
October, 2003.
FINANCIAL RESULTS
(Rs. in lacs)
2002-2003 2001-2002
Gross income
(including other receipts) 7008.02 32667.11
Profit before Tax & Depreciation 40.41 40.34
Less: Depreciation 40.34 40.35
Profit before tax 0.07 11.41
Less : Provision for taxation Nil Nil
Profit After Tax 0.07 11.41
Profit available for appropriation 0.07 11.41
Profit (Loss) as per balance sheet (12965.40) (12976.81)
Total Profit C/f (12965.33) (12965.40)
DIVIDEND :
To augment the reserves and consolidate the operations, your Directors do
not recommend the Dividend for the year ended 31st October, 2003.
BUSINESS PERFORMANCE
The performance of your company during the year under review stands
satisfactory. The total gross income during the current year was Rs. 70.08
crores. The total gross income during the last year was Rs. 326.67 Crores.
There is a profit of Rs. 0.07 lacs as against the profit of Rs. 11.41 lacs
for the last year ended 31st October, 2002.
The Company has Rent Receivable (Net) from the following branches
Net Rent
Rs.
Opera House Looker Holders 4,32,24538/-
Lokhandwala Loker Holders 3,52,62,538/-
Total : 7,84,87,076/-
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company Mr. M. J. Williams retires by
rotation at the ensuing Annual General Meeting and eligible for
reappointment.
FIXED DEPOSIT :
The Company discontinued to accept Fixed Deposits from the public within
the prescribed limit under Section 58 (A) of the Companies Act, 1956.
PERSONNEL :
The provisions of the section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1956 as amended, does not
apply to the Company.
CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS
AND OUTFLOW.
The provisions of Section 217(2A) of the Companies Act, 1856 read with the
Companies (Disclosure of particulars in the report of the Board of
Directors) Rules 1988 as amended, does not apply to the Company. There was
no foreign earnings and out flow during the year under review.
AUDITORS :
M/s. A. R. VISHWAKARMA & CO. Chartered Accountant, the Auditors of the
Company retire at the forthcoming Annual General Meeting and being hereby
eligible and recommended for appointment.
SUSPENSION OF TRADING FORM STOCK EXCHANGES
The trading of the Company Suspended from all stock exchanges due to
unsolved Investors Complaints mainly for fake & forged shares.
ACKNOWLEDGEMENT :
Your Board of Directors wish to place their appreciation for the sincere
and devoted Services rendered by the Executive and staff at all levels of
the company for its success.
Your Directors would like to express their grateful appreciation for the
Assistance and Co-operation received from their Advocates & Solicitors,
Consultants, Stock Exchanges, SEBI, RBI State and Central Government
authorities at all levels, CBDT Officials, Bankers during the year under
review.
For and behalf of the Board of Directors
Director
Place : Mumbai
Date : 30th December, 2003
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