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श्री विष्णु सीमेंट निदेशकों की रिपोर्ट, श्री विष्णु सीमेंट निर्देशकों द्वारा रिपोर्ट

श्री विष्णु सीमेंट

बीएसई: 518018  |  NSE: SRIVISHCEM  |  ISIN: INE286B01015  |  Cement - Major

खोजें श्री विष्णु सीमेंट कनेक्शन Mar 06
निदेशकों की रिपोर्ट वर्षांत : Dec '06
1. The Directors have pleasure in presenting the 23rd Annual Report
 of Sri Vishnu Cement Limited together with Statement of Accounts for
 the year ended 31st December, 2006.
 
 2.  FINANCIAL RESULTS AND APPROPRIATION :
 
                                                 Rs. in Million 
                                           2006          2005-06
                                         (9 months)   (12 months)
 
 Profit for the year before
 Depreciation and taxes                   523.75          177.90
 Less : Depreciation for the year          32.10           40.36
 Profit / before tax                      491.65          137.54
 Less : Provision for taxation            107.25            5.80
 Profit / after tax                       384.40          131.74
 Add : Balance of Loss
 brought forward                         (192.47)        (324.21)
 Profit carried forward                   191.93         (192.47)
 
 3.  DIVIDEND :
 
 In view of the need to conserve available resources, your Directors do
 not propose to recommend any dividend for the financial year 2006.
 
 4.  DEBT SERVICING :
 
 Your Company has met all obligations towards repayment of principal and
 interest on all loans availed from Financial Institutions / Banks.
 
 5.  PUBLIC DEPOSITS :
 
 Your Company has not invited any Fixed Deposits from the shareholders /
 public during the period under review.
 
 6.  DIRECTORS :
 
 Mr. Goran Seifert, is retiring by rotation at the forthcoming Annual
 General Meeting of the Company and being eligible offers himself for
 re-appointment. Mr. Maurizio Caneppele has been reappointed as Managing
 Director of the company with effect from 1st April, 2007 for a period
 of three years.
 
 Mr. H.S. Bawa and Mr. Vijay Shankar Directors of the company have
 resigned the office of the Directorship with effect from IstJune, 2006.
 
 The Board places on record its deep appreciation for the guidance and
 the invaluable services rendered by Mr. H.S. Bawa and Mr. Vijay Shankar
 during the tenure of their office as Directors of the Company.
 
 7.  AUDIT SUB-COMMITTEE :
 
 Following the resignation of its members, the Audit Committee was
 reconstituted on 8* September, 2006 with the following Directors:
 
 1.  Mr. Saroj Kumar Poddar
 2.  Mr. Goran Seifert
 3.  Mr. Michel Lefebvre
 4.  Mr. Maurizio Caneppele
 
 The terms referred to the Audit Committee by the Board are in
 conformity with the requirements of section 292 A of the Companies Act,
 1956.
 
 8.  AUDITORS & AUDITORS REPORT :
 
 The auditors M/s. A.F. Ferguson & Co., Chartered Accountants,
 Hyderabad, retire at the forthcoming Annual General Meeting of the
 Company. They have expressed their intention not to seek re-appointment
 as auditors. The shareholders of the Company have recommended to
 consider the appointment of M/s. BSR & Co., Chartered Accountants,
 Bangalore, as auditors from the conclusion of the Twenty Third Annual
 General Meeting of the Company.
 
 The Company has received a letter from M/s. BSR & Co., Chartered
 Accountants, Bangalore, to the effect that their appointment if made,
 in the forthcoming Annual General Meeting of the Company will be within
 the limit prescribed under Section 224 (1 -B) of the Companies Act,
 1956.
 
 The Board of Directors recommend their appointment.
 
 Your Auditors have not made any adverse comments and therefore, do not
 call for any comments under Section 217(3) of the Companies Act, 1956.
 
 9.  LISTING OF SHARES :
 
 Your Company is a unlisted Company.
 
 10.  OPERATIONS :
 
 The Production and Sales during the year 2005-06 are as under:
                                    2006            2005-06
                                 (9 months)       (12 months)
 
 Clinker Produced (Mts)           7,71,033         10,26,640
 Cement Produced (Mts)            8,25,252         10,68,212
 Cement Sold (Mts)                8,15,563         10,63,814
 (inclusive of Self consumption)
 Clinker Sold (Mts)                   9390            60,613
 
 11.  FUTURE OUTLOOK :
 
 During the period ended 31 st December, 2006 the market witnessed an
 overall growth of around 10% and over 13% in South India while the
 capacity increased by 5%. From an oversupply situation not so long ago,
 we are now witnessing a scenario where demand growth is outstripping
 supply.  The improved demand has helped to achieve higher capacity
 utilisation of the plants and to maintain an overall improvement in
 price realisation. Strong demand have seen from the housing,
 infrastructure, IT/ITES industry, malls and multiplexes. Companies have
 been operating at over 95 per cent capacity utilisation.
 
 Cement industry in India is poised for strong growth going forward,
 driven by continued investments in the housing and infrastructure
 sectors
 
 12.  MERGER OF SRI VISHNU CEMENT LIMITED (SVCL) WITH ZUARI CEMENT
 LIMITED (ZCL) :
 
 The Board of Directors at its meeting held on 8th September, 2006
 approved the scheme of amalgamation between SVCL and ZCL. Subsequently,
 your company has filed an application under Section 391 of Companies
 Act before the Honble High Court of Andhra Pradesh seeking
 dispensation of the meetings of secured and unsecured creditors, and
 seeking direction for conveing the equity shareholders meeting to
 obtain their consent. The Honble High Court vide its order dated 22nd
 January, 2007 dispensed with meetings of secured and unsecured
 creditors, and has directed the meeting of shareholders on 1 st March,
 2007.
 
 Similar application was filed by ZCL seeking dispensation of the
 meetings of secured creditors, unsecured creditors, preference
 shareholders and equity shareholders. The Court vide its order dated
 21st January, 2007 dispensed with the meetings of both creditors and
 shareholders. Both the companies will file confirmation petition for
 approval of the scheme of amalgamation before the Honble High Court of
 Andhra Pradesh once the consent of SVCL is obtained at the Meeting
 convened on 1st March, 2007.
 
 13.  CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO:
 
 A.  Conservation of Energy :
 
 Information disclosing particulars of Conservation of Energy is given
 in Annexure A to this report.
 
 B.  Foreign Exchange Earnings and outgo :
 
 The earnings in foreign exchange and expenditure in foreign currency is
 noted under schedule 18, Notes on Accounts annexed to Statement of
 Accounts.
 
 C.  Technology Absorption :
 
 Apart from carrying on minor modifications to achieve energy
 efficiency, your Company has absorbed no new technology during the
 year.
 
 14.  ENVIRONMENT & SAFETY :
 
 The company continued its policy of Tree plantation and green belt
 development activities with special thrust by engaging services of
 professional agencies to select trees suitable for the area.
 
 15.  DIRECTORS RESPONSIBILITY STATEMENT :
 
 Your Directors confirm :
 
 i) that in the preparation of annual accounts, the applicable
 accounting standards have been followed along with proper explanation
 relating to material departures;
 
 ii) that the directors have selected such accounting policies and
 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 as at 31st December, 2006 and of the profit
 or loss of the Company for the period ended 31st December, 2006;
 
 iii) that the directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956, for safeguarding the assets of
 the company and for preventing and detecting fraud and other
 irregularities.
 
 iv) That the directors have prepared the annual accounts on a going
 concern basis.
 
 16.  PERSONNEL :
 
 None of the employees of the Company are in receipt of remuneration of
 more than Rupees twenty four lakh per annum or Rupees two lakh per
 month where the employment is for a part of the financial year, and as
 such the list of employees as contemplated under section 217(2A) of the
 Companies Act, 1956 is not enclosed to this report.
 
 17.  INDUSTRIAL RELATIONS :
 
 Industrial relations remained cordial and peaceful throughout the year.
 
 18.  ACKNOWLEDGEMENTS :
 
 Your Directors wish to place on record their appreciation of the
 assistance and support received from Financial Institutions and
 Companys Bankers and the customers of the Company for their valued
 patronage. Your Directors also wish to place on record their sincere
 appreciation for dedicated efforts put in by the employees at all
 levels.
 
                     For and on behalf of the Board of Directors
 Place : Bergamo, Italy             Saroj Kumar Poddar
 Date : 16th February,2007          Chairman
 
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `1008 Cr की बिकवाली की
  • MARKET CUES : DIIs ने कैश में `538 Cr की खरीदारी की
  • MARKET CUES : FIIs ने F&O में `379 Cr की खरीदारी की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `656 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स ऑप्शंस में `1075 Cr की खरीदारी की
  • MARKET CUES : स्टॉक फ्यूचर्स में `36 Cr की बिकवाली की
  • MS ON BPCL : Overweight रेटिंग, लक्ष्य `571/Sh
  • CS ON AARTI IND : Outperform रेटिंग, लक्ष्य `980/Sh
  • CS ON APOLLO HOSP : लक्ष्य `1,300 से बढ़ाकर `1,600/Sh
  • NOMURA ON ESSAR CASE : बैंकों की अब 90% तक रकम की रिकवरी संभव

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