DIRECTORS REPORT To,The Members,Vishwaraj Sugar Industries Limited.,Belgaum. The Directors hereby present the Twenty First Annual Report together with audited Statements of Account for the year ended 31st March 2016. Financial Results (Sugar unit, Co-gen unit and Distillery) (Rs. In Lakhs) | Particulars | Current Year2015-16 | Previous Year2014-15 |
| Net Sales | 33,564.66 | 27,624.85 |
| Other Income | 897.43 | 926.96 |
| Total | 34,462.09 | 28,551.82 |
| Profit/(Loss ) before financial charges & Depreciation | 3953.74 | 2,847.08 |
| Financial Charges | 2,118.45 | 1,814.09 |
| Depreciation | 1,133.96 | 1,011.33 |
| Profit/Loss before tax | 701.33 | 21.66 |
| Less: Provision for Current tax | 142.99 | 4.13 |
| Provision for Deferred Tax (Liability/Asset) | 259.88 | 343.31 |
| Provision for MAT Credit Entitlement | (142.99) | (4.13) |
| Net Profit after tax | 441.45 | (321.65) |
| Profit/Loss brought forward | 18,592.11 | 18,913.76 |
| Profit/Loss Carried forward to the Balance Sheet | | |
| - Reserve & Surplus | 18,628.21 | 18,592.11 |
| - MAT Credit Entitlement | (142.99) | 4.13 |
Deposits: There were no Deposits in the company outstanding as on 31st march 2016 nor the company has accepted any deposits during the financial year 2015-16. Directors and Company Secretary:1. Mr. Umesh V. Katti Chairman2. Mr. Nikhil U. Katti Managing Director 3. Mr. Mallikarjun K. Pujar Whole-Time-Director4. Mr. Lava R. Katti Director5. Mr. Kush R. Katti Director6. Mrs. Sheela U. Katti Director7. Mr. Rajaram Shiralkar Director8. Mr. Shrinivas R. Koujalgi Director9. Mr. Surendra S. Khot Director10. Miss. Sneha P. Patil Company Secretary - Mr. Lava Katti and Mr. Kush Katti Directors of the Company retire by rotation and being eligible, offer themselves for re-appointment. - Mr. Mukesh Kumar Executive Director (Independent) resigned from the post due to his personal reasons with effect from 15th June, 2016. The Board would like to place on record their sincere appreciation for his ability, unstinting commitment and outstanding contribution to the Company during his tenure on the Board since 2011. - Mr. Jibu Cherian, Director (Independent) resigned from the post due to his personal reasons with effect from 15th June, 2016. The Board would like to place on record their sincere appreciation for his ability, unstinting commitment and outstanding contribution to the Company during his tenure on the Board since 2011 Dividend: The Company has declared Interim Dividend of 10% on the Paid-up Capital for the year ending 31/03/2016 during the financial year 2015-16. Annual Return: The extract of Annual Return pursuant to the provisions of Section 92 of the Companies Act, 2013 read with Rule 12 of the Companies (Management and Administration) Rules, 2014 is furnished in Annexure-A and is attached to this Report. Number Board Meetings: The company has held Twelve (12) Board meetings during the year 2015-16. Directors Responsibility Statement: In compliance with the requirements of Section 134(3)(c) of the Companies Act, 2013 the Directors confirm that In preparation of the annual accounts for the year ended 31st March 2016 the applicable accounting standards have been followed along with proper explanation relating to material departures; The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give fair view of the state of affairs of the company at the end of the financial year and of profit and loss of the company for that period; The directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; The directors have prepared the annual accounts ongoing concern basis. The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively. Details in respect of fraud reported by auditors under sub section (12) of section 143 other than those which are reportable to the Central government: No such frauds have been detected by auditors during the year under review. Compliance of Sec 149(6) of Companies Act, 2013 (A Statement on declaration given by Independent Directors)The Independent Directors have submitted their disclosures to the Board that they fulfill all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 so as to qualify themselves to be appointed as Independent Directors under the provisions of the Companies Act, 2013 and the relevant rules.
Comment on Declaration of Independent Directors : The Company has obtained declarations given by the Directors in due compliance of law.