VISHVA VISHAL ENGINEERING LIMITED
ANNUAL REPORT 2003-2004
DIRECTOR'S REPORT
To
the Members.
Your Directors have pleasure in presenting their 18th Annual Report
together with the Audited accounts of the Company for the financial year
ended 31st March. 2004.
Financial Results:
(Amount in Rs.)
F. Year - 2004 F. Year - 2003
Sales & Other Income 13,41,51,149 13,55,54,488
Profit before financial
charge & depreciation 2,14,12,019 2,39,52,881
Less : financial charges 56,51.834 18.67.565
Less : Depreciation 74,75,987 58,38,302
Profit before tax &
extra ordinary items 82,84,198 1,62,47,014
Less : Loss on sale of fixed assets - 48,50,349
Less : Loss on sale of investments 3.305 -
Profit before tax 82,80,893 1,13,96,665
Less : Provision for income tax 22,50.000 11.20,000
Less : Provision for Deferred
tax liability (net) 3,64,531 33,32,200
Profit after tax 56,66,362 69,44,465
Less : Previous year adjustment 1,25,417 -
Less : Income Tat for earlier year 39,34.687 78.577
Balance transferred to
General Reserve 16,06,228 68,65,888
Dividend:
With a view to conserve a the resources, the Directors of the Company have
decided not to recommend any dividend for the current year.
Directors:
Shri Ashish Jan retires by rotation and being eligible offer himself for
re-election.
Shri S.R. Varadarajan retires by rotation and being eligible offer himself
for re-election.
Auditors:
Your Auditors M/s. P.K. Ajitsaria &. Co., Chartered Accountants retires and
offer themselves for reappointmcnt.
Directors Responsibility Statement:
As per section 217 (2AA) of the Companies Act 1956 pursuant to the
requirement under section 217 (2AA) of the Companies Act 1956 with respect
to Directors Responsibility Statement it is hereby confirmed.
1. That in the preparation of the accounts for the financial near ended
31st March, 2004, the applicable accounting standard have been followed
along with proper explanation relating to material departments.
2. That the Directors have selected such accounting policies and applied
them consistently and made judgements and estimates that were 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 financial year and of the profit or loss of
the company for the year under review.
3. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting record in accordance with the provision
of the Companies Act. 1956 for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities.
4. That the Directors have prepared the accounts for the financial year
ended 31st March, 2004 on a going concern basis.
Personnel:
The information required under section 217(2A) of the Companies Act, 1956
read with the Companies (Particulars of employees) Rules 1975 not annexed
as there was no employee who was getting Rs.24,00,000/- per annum or Rs.
2,00,000/- per month.
Acknowledgement:
Your Directors would like to express their appreciation for the assistance
and co-operation received from the Company's bankers. Govt. authorities,
suppliers, customers and all stockholders during the year under review.
Your Directors also wish to place on record the contribution of the
executives, staff and workmen of the Company.
Conservation of Energy, Technology Absorption:
a) Conservation of Energy:
Information relating to Energy Consumption and Conservation as required
under rule 2 of the Companies (Disclosure of particulars in the report of
Board of Directors) Rules. 1989 is given in Annexure-I forming part of this
report.
b) Technology Absorption & Research & Development:
The Company does not have any Research & Development Section.
Registered Office By Order of the Board
31, Maker Chambers III.
3rd Floor, Nariman Point.
Mumbai.
RAJEEV JAIN S.R. VARADARAJAN
Date : 28-08-2004 DIRECTOR DIRECTOR
Place : Bhilai
Conservation of Energy, Technology Absorption, Exchange earning & Outgo.
a) Conservation of Energy:
Wherever possible, energy conservation measures have already been
implemented. However, efforts to conserve and optimise the use of energy
through improved methods and other means will continue. Further information
relating to energy consumption as required under section 2 of the companies
(Disclosure of particulars in the report of the Board of Directors) rules
1938 is given in Annexure - I forming part of this report.
b) Technology, Absorption and Research & Development:
The Company does not have any Research and Development Section.
Annexure 'II' to Directors' Report:
For disclosure of particulars with respect to conservation of Energy :-
Power & Fuel Consumption 2003-04 2002-03
I. Electricity
a) Purchased
Units 4,28.247 223671
Total 20,48,485 1093170
Average rate per unit 4.78 4.89
b) Own Generation:
(i) Through Diesel Generator
Units 2,130 1810
Units/Litre of Diesel Oil 0.888 0.905
Cost/Unit 26.29 23.00
(ii) Through Turbo Generator N.A. N.A.
Units
Cost/Unit
2. Furnace Oil
Qty. (Kg./Ltrs.)
Total Amount/K.Ltrs of Oil
3. Consumption per unit of
production Standard (if any).
Electricity Consumption
(KWH) / MT.
Electricity Consumption
(KWH) / MT.
Electricity Consumption
(KL) / MT.
|