Consolidated - Pratibha Industries Limited

Transcription

Pr a t i b h a I n d u s t r i e s L i m i t e d
multiprintindia.com
TM
Annual Report 2004 - 2005
P R A T I B H A
An ISO 9001: 2000 Company
Inauguration
of Latur's Integrated
Water Supply Scheme by
Hon. Chief Minister,
Shri Vilasraoji Deshmukh.
Hon. Chief Minister felicitating
Shri Ajit Kulkarni, Managing Director Pratibha Industries Ltd.
Some of the prestigious projects
executed by the Company.
Akot water
supply project
Elevated Service Reservoir
(ESR) - 10 lakh ltr capacity
at Hiwarkhad
Barvi
water supply
scheme
Ghansoli railway station
complex, Navi Mumbai
Construction of Type I, II, III & IV flats
at Kharghar, Navi Mumbai
K # 150
Pratibha Group
Pratibha Industries Ltd.
Te n t h A n n u a l R e p o r t 2 0 0 5
P R A T I B H A
Contents
Six years at a glance
Board of Directors
Overview
Smt. Usha Bhagwan Kulkarni
Directors Report
Chairperson
Auditors Report
Shri Ajit Bhagwan Kulkarni
Managing Director
Balance Sheet
Shri Datta Bhagwan Kulkarni
Profit & Loss Account
Director
Schedules
Shri Vinayak Bhagwan Kulkarni
Cash Flow Statement
Director
Balance Sheet Abstract
Shri Ramdas Bhagwan Kulkarni
Director
Consolidated Financial Statement
Auditors
Jayesh Sanghrajka & Co.
Chartered Accountants
Bankers
Registered Office
The United Western Bank Ltd.
Bank of Baroda
Bank of India
ICICI Bank Ltd.
Punjab National Bank
Usha Kamal,
574, Chembur Naka,
Chembur,
Mumbai 400 071
Administrative Office
Shrikant Chambers Phase -II,
5th Floor, Sion-Trombay Road,
Next to R. K. Studio,
Chembur, Mumbai 400 071
Tel : 5641 4499
Fax: 2520 1135
E-mail: [email protected]
www.pratibhagroup.com
Annual General Meeting to be held on 21st June, 2005 at 11.00 a.m.
at Administrative Office situated at 5th Floor, Shrikant Chamber,
Chembur, Mumbai 400 071, Maharashtra.
3
K # 150
Pratibha Group
P R A T I B H A
Overview
CHAIRMAN'S OVERVIEW
“Our thrust in 2004-05 was on acquiring
new customers and processes.”
VISION
To become a globally recognized, prestigious company through
synergistic business investment, differentiation through
innovation, passion through empowerment,
that bring in delight of shareholders.
MISSION
To benefit society at large through innovations,
quality, productivity, human development and growth,
and to generate sustained surpluses, always striving
for excellence, within the framework of law
and with pride in ethical values.
VALUES
Respect for individuals
Passion for perfection
Achieving the impossible
Different and unique
Integrity
Customer relationship
QUALITY STATEMENT
PIL is committed to excel in all its area of expertise by providing the client &
society at large, with quality infrastructure built in accordance to specifications
and by deployment of modern technology, sophisticated equipments, input of
quality products & strict adherence to safety norms.
4
K # 150
Pratibha Group
P R A T I B H A
Corporate philosophy
COMMITMENT TO SOCIETY / NATION
We respect the society and the environment
to which we belong and will contribute
to its progress and welfare.
PASSION FOR QUALITY
Fairness and justice in all our business
and individual dealing-without this spirit
no man can win respect.
HARMONY AND CO-OPERATION
Alone we are weak.
Together we are strong.
Work together as a family in
mutual trust and responsibility.
GROWTH
Growth is vital. Increasingly seek out ways
and means to constantly move forward.
GRATITUDE
Always repay the kindness of out customers,
associates, community, nation
and friends worldwide with gratitude.
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K # 150
Pratibha Group
P R A T I B H A
Six years at a glance (Consolidated)
(Rs. In Lacs)
PARTICULARS
2004-05
2003-04
2002-03
2001-02
2000-01
1999-00
Total Income
12,144.37
8,181.92
4,284.99
3,531.05
2,961.77
3,731.03
Total Expenditure
10,713.11
7,298.94
3,915.76
3,271.85
2,730.95
3,533.51
1,431.26
882.98
369.23
259.20
230.82
197.52
Interest
520.52
473.65
125.06
103.72
124.08
72.95
Gross Profit
910.74
409.33
244.17
155.48
106.74
124.57
Depreciation
46.53
36.59
26.40
22.46
19.50
15.89
Profit Before Tax
864.21
372.74
217.77
133.02
87.24
108.68
Equity
200.00
200.00
200.00
176.66
140.08
140.08
1,853.90
844.94
479.99
287.57
149.67
78.25
Operating Profit
Reserves
(Rs. In Lacs)
2005
2004
2003
2002
2001
2000
Fixed Assets
Gross Block
Less: depreciation
995.25
153.34
865.23
117.30
488.61
83.19
448.60
56.79
362.40
35.26
298.66
15.76
Net Block
841.91
747.93
405.42
391.81
327.14
282.90
48.70
4709.49
48.70
2,490.50
18.70
665.99
106.42
542.64
106.42
161.96
106.42
127.76
0
0.23
0.46
0.69
0.92
1.15
5,600.10
3,287.60
1,090.57
1,041.56
596.44
518.22
3552.75
2,242.42
410.57
577.24
264.09
261.17
193.45
-
-
0.10
42.59
38.72
Total
3,746.20
2,242.42
410.57
577.34
306.68
299.89
Net Worth
1,853.90
1,044.94
680.00
464.22
289.76
218.33
200.00
200.00
200.00
176.66
140.08
140.08
Reserves & Surplus
1,653.90
844.94
480.00
287.56
149.68
78.25
Total
1,853.90
1,044.94
680.00
464.22
289.76
218.33
What we owned
Investments
Current Assets (net)
Miscellaneous Expenditure
Total
What we owned
Secured Loans
Unsecured Loans
Represented by
Share Capital
6
K # 150
Pratibha Group
P R A T I B H A
Directors report
Your Directors are pleased to present the 10th Annual Repor t and the audited accounts for the year ended
31st March, 2005.
Financial results
(Rs. In Million)
For the year Ended
31.03.2005
31.03.2004
906.37
661.04
Sales & Other Income
91.04
40.92
Less: Depreciation
Profit / (Loss) before Depreciation and Income Tax
4.62
3.65
Less: Provision for Tax Current
5.18
1.20
Less: Provision for Tax Deferred
0.35
3.61
Result of operation
80.89
32.46
Earning Per Share (In Rs.)
40.45
16.23
Operation
The Company achieved a turnover of Rs. 906.37 Million (Previous Year 661.04) registering the splendid growth of 36.77 % on
year to year basis. The net bottom line of the company increased from Rs. 32.46 Million in 2004 to Rs. 80.89 Million in 2005
showing a growth of 149.19%.
The Directors have great pleasure to present the strong financial statements for the year ended on 31st March 2005.
Dividend
The directors are of the opinion to plough back the internal accrual to meet the working capital and fixed capital requirement of
the company towards the various projects. In view of the same it is decided by the board not to declare any dividend for the
current year.
Bonus issue
Your Directors have the pleasure in recommending bonus issue to the extent of four shares for every share held.
Deposits
The Company has not accepted any deposits during the year under review.
Directors
Mr. Vinayak Kulkarni retires by rotation and his appointment is recommended in the ensuing
Annual General Meeting.
There was no other change in the composition of Board of Directors of the Company.
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Pratibha Group
P R A T I B H A
Directors' responsibility statement
Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors' Responsibility
Statement, it is hereby confirmed that:
1. in the preparation of the annual accounts the applicable accounting standards have been followed;
2. 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 a true and fair view of the state of affairs of the Company as at
31st March, 2005 and of the profit of the Company for the year ended on that date.
3. 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; and
4. the Directors have prepared the annual accounts of the Company on a 'going concern' basis.
New projects awards and achievements
During the year under review, company has bagged various new tenders and the order booking position is at a new record high
level as on 31st May 2005.
The company has identified certain horizon projects that might yield good returns, which the directors have opined to carry
through. The Company has therefore sought for additional finance from the bankers. They have responded very positively.
ISO certification
Our efforts to bring in modern management technique and quality assurance standards in the company as a measure to achieve
our goals were also recognized and Moody International Ltd., a worldwide specialist in quality certification since 1911 has
assessed the quality management systems of Pratibha Industries Ltd. and awarded their certificate for quality assurance
standard of ISO 9001 (2000 Revision) on 4th June 2004.
Pratibha Industries Ltd. is now an “ISO 9001 : 2000 Company”.
Conservation of energy
During the year under review, substantial efforts were made to ensure optimum use, and perseverance of energy.
Foreign exchange earning and outgo
During the year under review, company's operation was restricted within the Indian Territory and hence no foreign earnings.
However company has spent amount of Rs. 47,940/- on foreign travel of Directors.
Particulars of employees
Information in accordance with the provision of Section 217 (2A) of Company Act, 1956, read with the Companies (Particular of
Employees) Rules 1975, as amended, regarding employees to the Directors Report is as follows.
None of the Employees of the Company are in receipt of remuneration aggregating to Rs. 24,00,000/- or more p.a., if employed
for the entire year or Rs. 2,00,000/- or more per month, if employed for the year.
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Pratibha Group
P R A T I B H A
Human resource development
Your Company believes in people power. It recognises the fact that people are key to its sustainable success. Consequently, an HR
vision forms an integral part of your Company's overall business vision and strategy. Over the years, the company has facilitated
goal achievement through efficient systems, sustained training and innovative management practices. Technological
advancement and successful completion of complex and high technology demanding projects are supported by an ongoing
recruitment of specialised talent and the retention of outstanding talent through regular training and performance recognition.
The Company provides an invigorating workplace, including a pursuit of excellence. Its biggest strength is a transparent open
door access to the top management as well as a flat and informal structure, facilitating the speedy redressal of issues. HR
philosophy of the company is designed to emerge as an employer of choice through the attraction and retention of the best talent.
Provide opportunity for continuous learning and contribution.
Auditors and auditors' report
M/s. Jayesh Sanghrajka & Co., Chartered Accountants, Statutory Auditors of the Company, hold office until the conclusion of the
forthcoming Annual General Meeting and are eligible for re-appointment. The Company has received letters from them to the
effect that their appointments, if made, would be within the prescribed limits under Section 224(1-B) of the Companies Act,
1956 and also that they are not otherwise disqualified within the meaning of sub section (3) of Section 226 of the Companies
Act, 1956, for such appointment. The notes to the accounts referred to in the Auditors' Report are self-explanatory and therefore
do not call for any further comments.
Internal control system
Management Information Systems (MIS) is the backbone of our control mechanism. Clearly defined roles and responsibilities
down the line for all managerial positions have been institutionalised. All operating parameters are monitored and committed.
Regular internal audits and checks ensure that responsibilities are executed effectively and that the MIS is flawless amongst well
conceived annual planning and budgeting system.
Any material change in the business outlook is reported to the Board. Material deviations from the annual planning and
budgeting are informed to the Board on a quarterly basis. An effective budgetary control on all capital expenditure ensures that
actual spending is in line with the capital budget.
Acknowledgement
Your Directors wish to place on record their appreciation of the dedication and commitment of your Company's employees to the
growth of your Company during a challenging year. Their unstinted support has been and continues to be integral to your
Company's ongoing success.
Your Directors express their gratitude to the Central and State Governments, banks, financial institutions, shareholders and
business associates for their continued co-operation and guidance.
For and on behalf of the Board of Directors
Mrs. Usha Bhagwan Kulkarni
Chairperson
Mr. Ajit Bhagwan Kulkarni
Managing Director
Mumbai
Date: 31st May 2005
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K # 150
Pratibha Group
P R A T I B H A
Auditors' report
CHARTERED ACCOUNTANTS
Unit No. 405, 4th Floor, Hind Rajasthan Centre,
D. S. Phalke Road, Dadar (C. Rly.), Mumbai - 400 014.
Tel: 2411 3263 / 2418 2107 / 2416 5160 Fax : 2416 5160.
To the Members,
Pratibha Industries Limited
We have audited the attached Balance Sheet of Pratibha Industries Limited as at 31st March, 2005 and the Profit and Loss
Account for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date. These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
1. We conducted our audit in accordance with Auditing Standards generally accepted in India. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by the
management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
2. As required by the Companies (Auditor's Report) Order 2003 issued by the Central Government of India in terms of subsection (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure hereto a statement on the matters specified
in paragraphs 4 and 5 of the said Order.
3. Further to our comments in the Annexure referred to in paragraph 2 above, we report that:
a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for
the purposes of our audit;
b) In our opinion, proper books of account, as required by law, have been kept by the Company, so far as appears from our
examination of those books;
c) The Balance Sheet, Profit Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books
of account;
d) In our opinion the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with
the mandatory Accounting Standards referred in sub-section (3C) of section 211 of the Companies Act, 1956;
e) In our opinion, and based on information and explanations given to us, none of the directors are disqualified as on
31st March, 2005 from being appointed as directors in terms of clause (g) of subsection (1) of section 274 of the
Companies Act 1956;
f) Subject to Clause 'g' below in our opinion and to the best of our information and according to the explanations given to us,
the said accounts read together with the Significant Accounting Policies and other notes thereon give the information
required by the Companies Act, 1956, in the manner so required, and present a true & fair view, in conformity with the
accounting principles generally accepted in India:
(i) In so far as it relates to Balance Sheet, of the state of affairs of the Company as at 31st March, 2005;
(ii) In so far as it relates to the Profit and Loss Account, of the profit of the Company for the year ended on that date; and
(iii) In so far as it relates to the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.
g) Write off of balances of Creditors on account of Cessation of Liabilities to the tune of Rs. 19621287.95 and recognition of
Income from various contracts to the tune of Rs. 35,00,000/-, in view of declaration at the time of Search by the Income
Tax Department. The income has increased to that extent. (refer point 3,4 and 13 in Notes to Accounts)
For Jayesh Sanghrajka & Co.
Mumbai,
Date : 31st May 2005
Jayesh Sanghrajka
Partner
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K # 150
Pratibha Group
P R A T I B H A
Annexure to auditors' report
Referred to in Paragraph 2 of our report of even date
1. In respect of its fixed assets:
a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed
assets on the basis of available information.
b. As explained to us, the fixed assets have been physically verified by the management during the year in a phased periodical
manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material
discrepancies were noticed on such physical verification.
c. In our opinion, the Company has not disposed of substantial part of fixed assets during the year and the going concern
status of the Company is not affected.
2. In respect of its inventories:
a. As explained to us, inventories have been physically verified by the management at regular intervals during the year.
b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of
inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature
of its business.
c. The Company has maintained proper records of inventories. As explained to us, there were no material discrepancies
noticed on physical verification of inventory as compared to the book records.
3. In respect of loans, secured or unsecured, granted or taken by the Company to/from companies, firms or other parties covered
in the register maintained under Section 301 of the Companies Act, 1956:
a. The Company has not granted any loans from any parties covered in the registered maintained under section 301 of the
Companies Act 1956. But the Company has taken Unsecured Loans from 1 Party amounting to Rs. 19345000/- covered
in the registered maintained under section 301 of the Companies Act 1956.
b. In our opinion and according to the information and explanations given to us, the rate of interest, wherever applicable and
other terms and conditions are not prima facie prejudicial to the interest of the Company.
c. There is no overdue amount in respect of loans granted by the Company.
4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its business for the purchase of inventory, fixed assets and also
for the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls.
5. In respect of transactions covered under Section 301 of the Companies Act, 1956:
a. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of
contracts or arrangements, that needed to be entered into in the register maintained under Section 301 of the Companies
Act, 1956 have been so entered.
b. Transactions aggregating during the year to Rs. 5,00,000/- or more in respect of each party, have been made at prices
which are reasonable having regard to prevailing market prices for such goods and materials available with the Company or
prices at which transactions for similar goods have been made with other parties at the relevant time.
6. The Company has not accepted any deposits from the public.
7. In our opinion, the internal audit system of the Company is commensurate with its size and nature of its business.
8. No cost records and accounts are prescribed by the Central Government under Section 209 (1)(d) of the Companies Act 1956.
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K # 150
Pratibha Group
P R A T I B H A
Continuous Sheet ….
9. In respect of statutory dues:
a. According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and
Protection Fund, Employees' State Insurance, Income-Tax, Sales tax, Wealth Tax, Customs Duty, Excise Duty, Cess and
other statutory dues have been generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as at 31st March, 2005 for a period of more than six months from the date of becoming payable.
b. There are no disputed statutory dues, hence the question of same been deposited does not arise.
10. The Company has no accumulated losses and has not incurred any cash losses during the financial year covered by our audit
or in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the
Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders.
12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the
Company on the basis of security by way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi /mutual benefit fund/ society. Therefore, clause 4(xiii) of the
Companies (Auditor's Report) Order 2003 is not applicable to the Company.
14. In our opinion, the company is not a dealer or trader in shares, securities, debentures and other investments.
15. The Company has given guarantees for loans taken by others from banks or financial institutions. According to the
information and explanations given to us, we are of the opinion that the terms and conditions thereof are not prima-facie
prejudicial to the interests of the Company.
16. The Company has raised new term loans during the year. These term loans were applied for the purposes for which they were
raised.
17. On the basis of an overall examination of the Balance Sheet of the company, in our opinion, there are no funds raised on a
short-term basis which have been used for long term investment, and vice versa.
18. During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the
Register maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures.
20. The Company has not raised any money by way of public issue during the year.
21. In our opinion and according to the information and explanations given to us, no fraud on or by the Company has been
noticed or reported during the year that causes the financial statements to be materially misstated.
Jayesh Sanghrajka
M.No.37430.
Partner
Mumbai,
12
K # 150
Pratibha Group
P R A T I B H A
Balance Sheet as at 31st March, 2005
PARTICULARS
SCH
31.03.2005
31.03.2004
SOURCES OF FUNDS
SHAREHOLDER'S FUNDS
Share Capital
A
20,000,000.00
20,000,000.00
Reserve & Surplus
B
165,390,464.57
84,493,635.66
185,390,464.57
104,493,635.66
748,704.00
399,680.00
155,767,089.32
DEFERRED TAX LIABILITY
LOAN FUNDS
Secured Loans
C
251,388,675.25
Unsecured Loans
D
19,345,000.00
456,872,843.82
260,660,404.98
APPLICATIONS OF FUNDS
FIXED ASSETS
E
Fixed Assets Gross Block
98,593,479.10
86,293,872.14
Less : Depreciation
15,289,378.77
11,721,835.10
83,304,100.33
74,572,037.04
4,869,585.00
4,869,560.00
INVESTMENTS
F
CURRENT ASSETS LOANS & ADVANCES
Inventories
G
208,758,503.00
95,788,957.00
Sundry Debtors
H
322,082,970.25
160,272,895.30
Cash & Bank Balance
I
103,316,302.14
62,862,017.30
Loans, Advances & Deposits
J
196,163,714.04
93,794,682.77
830,321,489.43
412,718,552.37
LESS: CURRENT LIABILITIES & PROVISIONS
Sundry Creditors
K
349,888,774.44
148,969,263.97
Other Liabilities & Provisions
L
22,275,805.00
18,895,983.46
Advances & Deposits
M
WORKING CAPITAL
MISCELLANEOUS EXPENSES
Significant Accounting Policies & Notes to Accounts
89,457,751.50
63,657,403.00
461,622,330.94
231,522,650.43
368,699,158.49
181,195,901.94
N
-
22,906.00
456,872,843.82
260,660,404.98
T
As Per our Report on even Date
Ajit B. Kulkarni
Usha B. Kulkarni
Vinayak B. Kulkarni
Datta B. Kulkarni
Ramdas B. Kulkarni
Jayesh Sanghrajka
Partner
Place : Mumbai
Place : Mumbai
13
Managing Director
Chairperson & Director
Directors
K # 150
Pratibha Group
P R A T I B H A
Profit & Loss Account for the year ended 31st March, 2005
PARTICULARS
SCH
31.03.2005
31.03.2004
879,740,284.58
638,123,959.29
INCOME
Sales
Other Income
O
26,631,045.82
22,917,162.18
906,371,330.40
661,041,121.47
720,326,933.27
36,160,830.14
38,628,877.31
11,487,976.10
4,616,769.67
8,705,658.00
22,906.00
819,949,950.49
551,188,119.01
28,801,806.50
20,474,168.87
5,920,187.75
3,650,913.23
13,708,333.00
22,907.00
623,766,435.36
86,421,379.91
5,000,000.00
349,024.00
37,274,686.11
1,200,000.00
-
(175,527.00)
-
419,617.00
80,896,828.91
36,494,303.11
2,000,000.00
2,000,000.00
40.45
18.25
EXPENDITURE
Cost of goods sold
Establishment Selling & Other Expenses
Finance Charges
Personnel Expenses
Depreciation
Annuity Period Expenses
Preliminary Expenses
P
Q
R
S
E
PROFIT BEFORE TAX
Provision for Income Tax. - Current
Provision for Deferred Tax Liability
EXTRA ORDINARY ITEMS
Income Tax of Earlier Years
Deferred Tax Liability reversed
PROFIT AFTER TAX
Weighted average number of Shares
Basic and Diluted Earning Per Share (Net of Tax)
(of the face value of Rs. 10/- each)
T
Ajit B. Kulkarni
Usha B. Kulkarni
Vinayak B. Kulkarni
Datta B. Kulkarni
Ramdas B. Kulkarni
Jayesh Sanghrajka
Partner
Place : Mumbai
Place : Mumbai
14
Managing Director
Directors
K # 150
Pratibha Group
P R A T I B H A
Schedules annexed to and forming part of the Balance Sheet as at 31st March, 2005
PARTICULARS
31.03.2005
31.03.2004
20,000,000.00
20,000,000.00
20,000,000.00
20,000,000.00
20,000,000.00
20,000,000.00
84,493,635.66
80,896,828.91
47,999,332.55
36,494,303.11
165,390,464.57
84,493,635.66
26,427,171.00
24,285,375.53
Working Capital Finance from consortium of banks
(For Security see Note (b) below)
97,283,934.88
74,482,458.84
Factoring facility
42,215,422.52
12,712,250.00
Working Capital Demand Loans
(For Security see Note (d) below)
10,480,887.90
5,500,000.00
Project specific term fund from Bank- for Akola Project
(For Security see Note (e) below)
74,981,258.95
38,787,004.95
251,388,675.25
155,767,089.32
SCHEDULE - 'A'
SHARE CAPITAL
Authorised Capital
(20,00,000 Equity Shares of Rs. 10/- Each )
Total
(Last year 2000000 equity Share of Rs. 10/- each)
Issued, Subscribed, Called Up & Paid Up
Capital (20,00,000 equity shares of Rs.10 each Fully Paid up)
(Last year 20,00,000/- equity shares of Rs. 10/- each)
Total
SCHEDULE - 'B’ RESERVE & SURPLUS
Profit & Loss Account
Opening Balance
Add During The Year
Total
SCHEDULE - 'C' SECURED LOANS
Loans for Vehicles & Equipments
(For Security see Note (a) below)
(of above Rupees 49,54,326/- is in respect
of assets acquired for Akola Project)
(For Security see Note (c) below)
Total
15
K # 150
Pratibha Group
P R A T I B H A
NOTES :
a. Secured by hypothecation of specific assets / vehicle purchased.
b. Secured against
(i) First charge by way of hypothecation of current assets of the Company namely Stock of Raw Materials, Stock of Work in
Progress & Receivables.
(ii) First charge on the gross block of the Company ( other than those specifically charged to other banks) and collaterally
secured by mortgage of fixed assets belonging to the directors.
(iii) These facilities are further secured by Corporate Guarantees of Pratibha Pipes & Structural P. Ltd.,
Pratibha Precast Concrete Industries P. Ltd. and personal guarantee of all the directors.
c. Secured against
(i) First charge on receivables of the Company, factored with Canbank Factors Ltd.
(ii) This facility is further secured by Corporate Guarantees of Pratibha Pipes & Structural P. Ltd.,
Pratibha Precast Concrete Industries P. Ltd. and personal guarantee of all directors.
d. Working capital Demand Loan represent project specific loan sanctioned by ICICI Bank Ltd. and the was paid off on
15.06.2004. During the current year 2004-05 new loan taken from the United Western Bank Ltd. to finance our
requirement to furnish EMD to various clients.
e. Project specific term fund from Bank represent term loan taken by the company for executing "deferred payment project"
of Akola Muncipal Corporation. "Deferred Payment Project" of Akola Muncipal Corporation. This loan is secured by way of
Bank Guarantee of Akola Muncipal Corporation for Rs. 970.00 Lacs. And further guaranteed by personal guarantees of
the Directors.
Schedules annexed to and forming part of the Balance Sheet as at 31st March, 2005
PARTICULARS
31.03.2005
31.03.2004
SCHEDULE 'D' - UNSECURED LOANS
From Directors, Relatives, Members and Related Concerns
Total
16
19,345,000.00
-
19,345,000.00
-
K # 150
SCHEDULE : E: FIXED ASSETS
GROSS BLOCK
Sr. Particulars
No.
DEPRECIATION
NET BLOCK
Cost as on
01-04-2004
Addn.
Sale/Transfer
Cost as on
31-03-2005
As on
01-04-2004
For the
Year
On
Sale/Transfer
As on
31-03-2005
As on
31-3-2005
As on
31-3-2004
7,500,000.00
-
-
7,500,000.00
-
-
-
-
7,500,000.00
7,500,000.00
-
-
22,114,569.00
457,492.28
360,688.62
-
818,180.90
21,296,388.10
21,657,076.72
12,759,804.96 5,744,776.00
42,302,627.36
7,055,531.56
2,095,122.56 1,030,204.00
8,120,450.12
34,182,177.24
28,232,066.84
1
Goodwill
2
Office Premises
22,114,569.00
3
Plant & Machinery
35,287,598.40
17
4
Furniture & Fixture
5,549,909.90
49,415.00
-
5,599,324.90
900, 129.30
353,334.13
-
1,253,463.43
4,345,861.47
4,649,780.60
5
Electric Installation
658,383.15
11,052.00
7,685.00
661,750.15
145,568.55
31,707.15
2,067.00
175,208.70
486,541.445
512,814.60
6
Office Equipment
2,160,217.00
1,011,480.00
-
3,171,697.00
686,599.76
316,151.87
-
1,002,751.63
2,168,945.37
1,473,617.24
7
Vehicles
12,995,114.69
4,131,006.00
35,690.00
17,090.430.69
2,470,897.65
1,429,149.33
16,955.00
3,883,091.98
8
Computer Software
28,080.00
125,000.00
-
153,080.00
5,616.00
30,616.00
--
36,232.00
13,207,338.71 10,524,217.04
116,848.00
22,464.00
Total
86,293,872.14
18,087,757.96 5,788,151.00
98,593,479.10
11,721,835.10
4,616,769.67
1,049,226.0 15,289,378.77 83,304,100.33 74,572,037.04
Previous Year
48,860,587.14
38,074,447.00
86,293,872.14
8,318,744.87
3,650,913.23
247,823.00 11,721,835.10 74,572,037.04 40,541,842.27
641,162.00
1) Depreciation @100% has been claimed on Individual Assets costing upto Rs. 5000/-
K # 150
Pratibha Group
P R A T I B H A
PARTICULARS
31.03.2005
31.03.2004
500,000.00
500,000.00
1826,960.00
1,826,960.00
1,000.00
1,000.00
26,600.00
26,600.00
25.00
-
SCHEDULE - 'F'
INVESTMENTS
(Long Term - At Cost)
Trade Unquoted (Share Application)
Share Application in Pratibha Ispat P. Ltd.
(Formerly Chimanlal Vijaykumar Steel P. Ltd.)
Share Application in Pratibha Pipes & Structural P. Ltd.
Trade Unquoted
Share Janakalyan Sahakari Bank Ltd.
Shares of Abhudaya Bank Ltd.
The Greater Bombay Co-op. Bank Ltd.
Non Trade - Unquoted
National Saving Certificates (Maturity Value - 15,000)
Bonds U W B Vashi Br.
Total
15,000.00
15,000.00
2,500,000.00
2,500,000.00
4,869,585.00
4,869,560.00
208,758,503.00
95,788,957.00
208,758,503.00
95,788,957.00
SCHEDULE - 'G' INVENTORIES
(AS PER INVENTORIES CERTIFIED AND VALUED
BY THE MANAGEMENT)
Total
SCHEDULE - 'H' SUNDRY DEBTORS
(Unsecured, Considered good)
Debt outstanding for a period exceeding six Months
100,977,575.62
844,425.63
Other Debts
221,105,394.63
159,428,469.67
322,082,970.25
160,272,895.30
2,473,324.42
1,095,103.42
Total
SCHEDULE - 'I' CASH & BANK BALANCE
Cash in hand
Balance With Bank
On Current Account
On Deposit
Total
18
9,342,115.72
2,702,129.58
91,500,862.00
59,064,784.30
103,316,302.14
62,862,017.30
K # 150
Pratibha Group
P R A T I B H A
PARTICULARS
31.03.2005
31.03.2004
SCHEDULE - 'J' LOANS , ADVANCES & DEPOSITS
(Unsecured, Considered Good unless otherwise stated)
Advances recoverable in cash or in kind or for value to be received
Advances with Petron Pratibha Joint Venture
Advances with Unity Pratibha Multimedia Joint Venture
3,002,551.23
4,699,388.88
55,458,168.82
3,823,891.64
Undistributed Profit of Petron Prathiba Joint Venture
1,775,545.00
739,417.00
Prepaid Expenses
5,183,893.00
1,385,965.00
179,650.00
281,550.00
Loans to Staff
T.D.S.
Mobilisation Advances Given
Advance Income Tax Paid
13,001,559.00
8,472,848.00
4,814,352.76
6,733,909.71
3,500,000.00
-
Other Deposits
83,983,914.93
49,316,201.87
Advance to Suppliers
25,264,079.30
18,341,510.67
196,163,714.04
93,794,682.7
Total
SCHEDULE - 'K' SUNDRY CREDITORS
Sundry Creditor (Net)
108,810,805.58
54,566,575.41
Creditors under Bills of Exchange (LC)
241,077,968.86
94,402,688.56
349,888,774.44
148,969,263.97
5,000,000.00
4,024,307.00
Total
SCHEDULE - 'L' OTHER LIABILITIES & PROVISIONS
Provision for Tax
TDS Payable
Provision for Employee Benefits
Other Provisions
Director Remuneration Payable
Electricity Expenses
1,334,259.00
633,139.00
15,124,771.00
13,708,333.00
56,666.00
36,079.00
2,383.00
1,468.00
108,852.00
100,306.00
42,290.00
42,660.00
Employee's ESI Payable
1,496.00
1,366.00
Professional Tax Payable
13,555.00
7,235.00
Salary & Wages Payable
473,913.00
272,445.00
Telephone Exp. Payable
9,134.00
68,645.46
Service Tax Payable
1,051.00
-
Gratuity Fund Payable
Total
107,435.00
-
22,275,805.00
18,895,983.46
SCHEDULE - 'M' ADVANCES & DEPOSITS
Security Deposits
28,768,632.00
20,461,075.00
Mobilisation Advances
58,158,308.50
38,131,174.00
Other Advances
1,507,925.00
1,200,000.00
Secured Advances
1,022,886.00
3,865,154.00
89,457,751.50
63,657,403.00
22,906.00
45,813.00
Total
SCHEDULE - 'N' MISCELLANEOUS EXPENSES
Less : Written Off
Total
19
22,906.00
22,907.00
-
22,906.00
K # 150
Pratibha Group
P R A T I B H A
PARTICULARS
31.03.2005
31.03.2004
Rent Received
Dividend Received
160,000.00
124.00
70,000.00
30.00
Interest on Income Tax Refund
215,162.00
128,652.00
-
16,077.00
26,139,333.82
22,702,403.18
116,426.00
-
26,631,045.82
22,917,162.18
SCHEDULE - 'O' OTHER INCOME
Services Charges Received
Share of Profit from Partnerships
Interest Received From Others
Total
SCHEDULE - 'P' COST OF GOODS SOLD
Opening Stock
Purchases
Add: Direct Expenses
Less: Closing Stock
Total
95,788,957.00
34,482,016.00
754,919,447.14
560,872,726.64
850,708,404.14
595,354,742.64
78,377,032.13
51,622,333.37
208,758,503.00
95,788,957.00
720,326,933.27
551,188,119.01
SCHEDULE - 'Q' ESTABLISHMENT, SELLING & OTHER EXPENSES
Administration & Office Exp.
Auditors Remuneration
157,300.00
150,000.00
Advertisement Exp
294,290.00
396,962.00
Bad Debts
79,786.00
-
Books & Periodicals
21,263.00
23,570.00
Computer & Software Exps.
98,172.00
247,580.00
3,527,881.00
3,279,662.00
Discount
506,458.65
209,911.50
Donation
40,208.00
39,006.00
816,796.89
976,862.00
Legal & Professional Fees
Electricity Charges
Fees & Subscription
Pooja & Festival Expenses
General Expenses
Insurance Charges ( Car Policy)
7,035.00
44,600.00
480,787.00
495,397.50
683,352.34
627,616.00
3,013,025.00
640,113.00
Insurance Charges ( Others )
64,775.00
-
Laboratory Charges
28,634.00
3,020.00
Loss on Sale of Fixed Assets
1,796,775.00
208,039.00
Motor Car Expenses
2,313,708.31
1,152,464.34
696,347.00
135,701.00
1,487,547.79
1,139,915.81
885,302.75
927,960.75
Octroi Charges
Postage & Telegram & Telephone
Printing & Stationery
Registration Fees
Repair & Maintenance
Royalty Expenses
Security Service Charges
Service Charges
Sewarage Charges
Tender Expenses
Conveyance & Travelling Expenses
Rent Rates & Taxes
Total
20
77,865.00
1,550.00
126,557.00
145,776.00
2,000.00
894,100.00
195,129.00
842,733.00
36,287.80
16,506.00
161,657.00
-
728,715.00
1,621,742.86
634,806.00
1,962,150.25
15,525,037.88
13,091,691.00
35,474,436.27
28,287,693.15
K # 150
Pratibha Group
P R A T I B H A
PARTICULARS
31.03.2005
31.03.2004
593,509.87
390,960.35
Selling & Marketing Expenses
Sales Promotion
Brokerage
Total
92,884.00
123,153.00
686,393.87
514,113.35
36,160,830.14
28,801,806.50
951,538.64
1,499,990.00
SCHEDULE - 'R' FINANCE CHARGES
Bank Charges & Commission
Bank commission LC/ BG
14,584,196.42
7,063,329.33
Factoring Charges
3,486,200.00
1,698,224.00
Interest on Mobilisation
5,341,227.69
1,749,333.31
Interest Paid( Bank) Net
12,221,852.13
7,777,575.67
1,895,009.43
685,716.56
148,853.00
-
38,628,877.31
20,474,168.87
5,998,467.00
1,746,099.00
842,465.00
3,302,164.00
1,350,000.00
-
Interest Paid(Finance)
Interest others
Total
SCHEDULE - 'S' PERSONNEL EXPENSES
Salaries & Wages
Directors Remuneration
Director Medical Exp
609,405.00
265,882.00
Staff Welfare Expenses
Contribution to PF, ESIC etc.
1,288,540.10
942,026.75
Incentive
Insurance Charges (Key Man)
1,003,000.00
54,500.00
1,425.00
-
4,190.00
Staff Training Exp.
Total
21
11,487,976.10
5,920,187.75
K # 150
Pratibha Group
P R A T I B H A
SCHEDULE 'T’
SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared to comply in all material aspects with the applicable accounting principles in India, the
accounting standards issued by the Institute of Chartered Accountants of India and the relevant provisions of “The Companies
Act, 1956. The Significant Accounting Policies are as follows:A. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention in accordance with the generally accepted
accounting principles in India and the provisions of the Companies Act, 1956.
B. Use of Estimates
The presentation of financial statements requires estimates and assumptions to be made that affect the reported amount of
assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the
reporting period. Difference between the actual results and estimates are recognized in the period in which the results are
known/materialized.
C. Fixed Assets
Fixed Assets are stated at cost of acquisition, including any attributable cost for brining the asset to its working condition for its
intended use, less accumulated depreciation and impairment loss.
D. Intangible Assets
Intangible Assets are stated at cost of acquisition. Computer software is amortized over a period of five years.
E. Depreciation
Depreciation on fixed assets has been provided on Straight Line method at the rates and in the manner prescribed in Schedule
XIV to the Companies Act, 1956. Depreciation @ 100% is charged on the individual assets costing less than Rs. 5000.00
F. Foreign Currency Transactions
a) Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the
transaction.
b) Monetary items denominated in foreign currencies at the year end and not covered by forward exchange contracts are
translated at year end rates and those covered by forward exchange contracts are translated at the rate ruling at the date of
transaction as increased or decreased by the proportionate difference between the forward rate and exchange rate on the date of
transaction, such difference having been recognized over the life of the contract. During the year under review, there was no
foreign currency monetary item.
G. Investments
Current investments are carried at the lower of cost and quoted/fair value, computed category wise. Long Term Investments are
stated at cost. Provision for diminution in the value of long-term investments is made only if such a decline is other than
temporary in the opinion of the management.
H. Inventories
Items of inventories are measured at lower of cost or net realizable value. Cost of inventories comprise of all cost of purchase, cost
of conversion and other cost incurred in bringing them to their respective present location and condition.
i. Raw materials are valued at cost on Weighted Average Method.
ii. The value of contracts, irrespective of whether the progress of work is below or at the reasonable extent is valued
at estimated cost consisting of the costs that relate directly and that which can be allocated to the specific contract.
iii. Stores, spares and Fuel are carried at cost.
iv. Purchase goods and raw materials in transit are carried at cost.
v. Scrap is carried at net of realizable value.
22
K # 150
Pratibha Group
P R A T I B H A
I. Revenue Recognition
CONSTRUCTION CONTRACT SALES: In view of revised AS -7, “Accounting for Construction Contracts” issued by “The Institute
of Chartered Accountants of India” which has become mandatory from 01st April 2004, the Company is following “percentage of
Completion method as stipulated. Major revenue of the Company is from the execution of Long term Fixed Price Contracts and
are recognized on the basis of percentage of completion. Profit is recognized and taken as the revenue of the year only when the
work on the contract has progressed to a reasonable extent.
CLAIM FOR EXTRA WORK AND ESCALATION: The Company's claim for extra work and escalation in rates relating to execution
of contracts are reckoned in the year in which the said claims are finally accepted by the clients.
RETIREMENT BENEFITS: Contribution to defined contribution scheme such a Provident Fund, Employees Pension Scheme, are
charged to the Profit & Loss Account as incurred. The Company has taken comprehensive policy from the Life Insurance
Corporation of India for its Gratuity liability. The yearly premium is charged to Profit and Loss account.
TAXES ON INCOME: Current tax is determined as the amount of tax payable in respect of estimated taxable income for the year, in
consultation with the tax experts.
Deferred tax is recognized, subject to the consideration of prudence, on timing differences, being the difference between taxable
incomes and accounting income, that originate in one period and are capable of reversal in one or more subsequent periods.
The management is of the opinion that majority of its projects are eligible for Deduction u/s 80IA of the Income Tax Act and hence
the Provision for the same is made at 10% of actual liability as the management is of the opinion that only 10% of the Revenue
shall be from non 80IA eligible projects.
Sales Tax on Works Contracts: Where the Company has contractual right to claim equal amounts regarding the said liability from
the clients, the same is not charged as expenditure.
Where the ultimate liability would be on the Company, the same is accounted for provisionally as per the information and the
final adjustment for the same would be done as and when the demand from concerned authorities is made on the company.
During the year under review sales tax expenses incurred include amount paid on account of assessment order received
during the year.
J. Borrowing Costs
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of
such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other
borrowing costs are charged to revenue.
K. Contingent Liabilities
These are disclosed by way of notes on the Balance Sheet. Provision is made in the accounts in respect of those contingencies
which are likely to materialize into liabilities after the year end, till the finalization of accounts and have material effect on the
position stated in the Balance Sheet.
L. ACCOUNTING STANDARDS COMPLIANCE
·
AS 1 Disclosure of Accounting policies
The Company is following accrual basis of accounting on a going concern concept. Accounting policies are suitably disclosed as
notes annexed to the Balance Sheet and Profit & Loss Account.
·
AS 2 Valuation of Inventories
As per practice consistently followed Items of inventories are measured at lower of cost or net realizable value. Cost of inventories
comprise of all cost of purchase, cost of conversion and other cost incurred in bringing them to their respective present location
and condition.
·
AS 3 Cash Flow Statements
Cash flow statement has been prepared under indirect method.
23
K # 150
Pratibha Group
P R A T I B H A
·
AS 4
Contingencies and Event Occurring after the Balance Sheet Date.
There are no contingencies and events after the Balance Sheet dates that affect the financial position of the company.
·
AS 5
Net profit or loss for the period, prior period items and changes in accounting policies.
During the year under review, there is no material changes in the accounting policies and policies are consistently followed by the
company.
Profit and Loss account doesn't contain any item materially affecting and having reference of prior period.
·
AS 6
Depreciation Accounting
Depreciation on fixed assets is provided on straight line method at the rates and in the manner prescribed in Schedule XIV to the
Companies Act 1956.
·
AS 7
Accounting for Construction Contracts
Reference may be made to the point I of part 1 of Schedule 22.
CONSTRUCTION CONTRACT SALES: In view of revised AS -7, “Accounting for Construction Contracts” issued by “The Institute
of Chartered Accountants of India” which has become mandatory from 01st April 2004, the Company is following “percentage of
Completion method as stipulated. Major revenue of the Company is from the execution of Long term Fixed Price Contracts and
are recognized on the basis of percentage of completion. Profit is recognized and taken as the revenue of the year only when the
work on the contract has progressed to a reasonable extent.
·
AS 8
Accounting for Research and Development
Expenditure relating to capital items is debited to fixed assets and depreciated at applicable rates. Revenue expenditure is
charged to Profit & Loss account of the year in which they are incurred.
·
l
·
a.
Capital Expenses during the year
Nil (P. Y. Nil)
b.
Revenue Expenses during the year
Nil (P. Y. Nil)
AS 9
Revenue Recognition
i.
Income and expenditure are accounted on going concern basis.
ii.
Company's majority of income consist of income from Contract and hence revenue is recognized as per the guidelines
aid down by AS -7.
AS 10 Accounting for Fixed Assets
Fixed Assets are stated at cost of acquisition, including any attributable cost for brining the asset to its working condition for its
intended use, less accumulated depreciation and impairment loss.
·
AS 11 Accounting for the effects of changes in foreign exchange rates.
a) Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the
transaction.
b) Year end monetary items denominated in foreign currencies end and not covered by forward exchange contracts are
translated at year end rates and those covered by forward exchange contracts are translated at the rate ruling at the date of
transaction as increased or decreased by the proportionate difference between the forward rate and exchange rate on the date
of transaction, such difference having been recognized over the life of the contract. During the year under review, there was no
foreign currency monetary item.
·
AS 12 Accounting for Government Grants
The company has not received any government grant.
·
AS 13 Accounting for Investments
Current investments are carried at the lower of cost and quoted/fair value, computed category wise. Long Term Investments are
stated at cost. Provision for diminution in the value of long-term investments is made only if such a decline is other than
temporary in the opinion of the management.
·
AS 14 Accounting for Amalgamation
This standard is not applicable to the company for the year under review.
24
K # 150
Pratibha Group
P R A T I B H A
·
AS 15 Accounting for Retirement Benefits
Contributions to defined contribution scheme such a Provident Fund, Employees Pension Scheme, are charged to the Profit &
Loss Account as incurred. The Company has taken comprehensive policy from the Life Insurance Corporation of India for its
Gratuity liability. The yearly premium is charged to Profit and Loss account.
·
AS 16 Borrowing Cost
All the borrowing costs are charged to revenue except to the extent they are attributable to qualifying assets which are capitalized.
A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. During the year there was
no borrowing cost attributable to qualifying assets and hence no borrowing cost was capitalized.
·
AS 17 Segment Reporting
The Company is dealing in only one segment namely infrastructure development segment.
·
AS 18 Related Party Disclosure
As per the accounting standard 18 issued by the Institute of Chartered Accountants of India, the company's related parties are
given below:
KEY MANAGEMENT PERSONNEL (KMP)
a. SMT. USHA B. KULKARNI CHAIRPERSON AND DIRECTOR
b. SHRI AJIT B. KULKARNI MANAGING DIRECTOR
c. SHRI VINAYAK B. KULKARNI DIRECTOR
d. SHRI DATTA B. KULKARNI DIRECTOR
RELATIVES OF KEY MANAGEMENT PERSONNEL
a. SMT. VANDANA V. KULKARNI - WIFE OF SHRI VINAYAK B. KULKARNI
b. SMT. SUNANDA D. KULKARNI - WIFE OF SHRI DATTA B. KULKARNI
c. SHRI SANJAY V. KULKARNI SON OF SHRI VINAYAK B. KULKARNI
d. MISS GEETA D. KULKARNI DAUGHTER OF SHRI DATTA B. KULKARNI
Enterprises over which the KMP exercise significant influence and with which the company has transactions during the
year (“Group”)
a. Pratibha Pipes & Structural P. Ltd.
b. Pratibha & Heng Structural Private Limited (Formerly known as Pratibha Ispat Pvt. Ltd.)
c. Pratibha Ispat Private Limited (Formerly known as Chimanlal Vijaykumar Steel Private Limited).
d. Petron Pratibha Joint Venture
e. Unity Pratibha Joint Venture
Nature of Transaction
“Group”
KMP
RELATIVES OF KMP
TOTAL
Purchase of Goods
136745596
-
-
136745596.00
Sales of Goods
-
18421025
-
18421025.00
Remuneration paid
-
2588564
415463
3004027.00
Total
158170648.00
25
K # 150
Pratibha Group
P R A T I B H A
·
AS 19 Leases:
During the year under review, the company has received a rent of Rs160000/- for the lease of its premises. However the said
lease is for a short term period and its continuity is not certain.
·
AS 20 Earning Per Share
Disclosure is made in Profit & Loss Account as per the requirement of the standard.
·
As
21 Consolidated Financial Statements
The company does not have any subsidiary and hence this standard on presenting consolidated financial statements does not
arise. However Company does have joint venture, governed by AS -27, wherein as the reference is made of AS -21. As per the
requirement of AS -27, Consolidation of joint ventures is made.
·
AS 22 Accounting for Taxes on Income
Deferred tax is recognized, subject to the consideration of prudence, on timing differences, being the difference between taxable
incomes and accounting income, that originate in one period and are capable of reversal in one or more subsequent periods.
The management is of the opinion that majority of its projects are eligible for Deduction u/s 80IA of the Income Tax Act and hence
the Provision for the same is made at 10% of actual liability as the management is of the opinion that only 10% of the revenue
shall be from non 80IA eligible projects.
·
AS 23 Accounting for Investments in Associates in Consolidated Financial Statements.
As pre the guidelines of the Accounting Standard 23, investments in associates in consolidated financial statements have been
accounted as per the guidelines issued in Accounting Standard 13. (ACCOUNTING FOR INVESTMENTS)
·
AS 24 Discontinuing Operation
The company has not discounted any operations during the year.
·
AS 25 Interim Financial Reporting
Company being closely held company and not listed on any stock exchange, this standard is not applicable to the Company.
·
AS 26 Intangible Assets
Intangible Assets are stated at cost of acquisition. Computer software is amortized over a period of five years.
·
AS 27 Financial Reporting of Interest in Joint Ventures
The investments in joint venture are governed by the AS-27 “Financial Reporting of Interest in Joint Venture” issued by the
Institute of Chartered Accountants of India. During the year under review there were two active investments in the joint venture
namely 1. Petron Pratibha Joint Venture and 2. Unity Pratibha Multimedia Joint Venture. As per para 1, of AS 27,
This statement should be applied in accounting for interests in joint ventures and the reporting of joint venture assets, liabilities,
income and expenses in the financial statements of ventures and investors, regardless of the structures or forms under which the
joint venture activities take place.
Accordingly income, expenses assets and liabilities are incorporated in the consolidated balance sheet of the
The Company had also entered into a Joint Venture with Mahavir Construction Co. in the name of Mahavir Pratibha JV to bid for
Construction of 2 Roads. The JV had been successful in procuring the 2 Contracts from the MMRDA. The Construction of each
road is done separately by each member of the JV. As each contract is executed separately by each entity using their own
resources, the revenue and the expenses from the contract executed by the company has been accounted for completely in the
books of the Company. All the assets and liabilities of the contract are also recognised in the books of the company.
Notes on Accounts
1. The previous year's figures have been reworked, regrouped, rearranged and reclassified wherever necessary.
2. On account of prudence and as originally recommended by Accounting Standard 26 on “Intangible Assets”, issued by the
Institute of Chartered Accountants of India, expenditure on Computer Software will be to the Profit and Loss Account by
amortized over 5 years.
3. Purchases are stated at a figure net of Balances written off on account of Cessation of Liabilities to the tune of Rs. 196.21 Lacs.
The Write-off is an unilateral act by the company and is subject to the approval and confirmation of the various creditors. The
amount has been written off in view of the declaration made at the time of search in the case of the Company by the Income Tax
Department on 17.02.2005.(Refer note 13).
26
K # 150
Pratibha Group
P R A T I B H A
4. Sales and Contract Receipts include a Sum of Rs. 35.00 Lacs received from various contracts executed by the company. The
Said sum represents Miscellaneous income received as a result of the execution of the Contracts.
5. Balances of Debtors, Creditors, Loan and Advances, Unsecured Loan are subject to confirmation, reconciliation adjustment if
any. In the opinion of the Directors, the Current Assets, Loan and Advances will realize the value stated in the Balance sheet if
realized in the ordinary course of the Business.
6. Contingent Liability
(Rs. In Lacs)
2004-2005
2003-2004
a. On Letter of Credit Opened by Banks
3302.53
339.00
b. On Guarantee given by Banks
3714.35
2867.57
c. Corporate Guarantee
5895.00
2073.11
(Security offered as margin for the above facilities are not reduced)
7. Annuity Interest Reserve
During the year 2003-2004, company had entered into an agreement with Akola Municipal Corporation wherein the company
been awarded construction and maintenance of road in the Akola city on deferred payment basic. The payment from Akola
Municipal Corporation will be effected in 120 monthly installments (i.e. 10 yrs.). The company has taken project specific loan
from the bank. As per terms of sanction this amount repayable within a period of 10 years. Hence the company has to incur the
interest burden for the period of 10 years. However the project is scheduled to be completed within 18 months and all the
revenue
Will be received. By providing for annuity reserve, the company has followed the matching concept principal of accounting. As
per the principal of matching concept, the revenue for the period/project is matched with the amount spends to earn that revenue.
8. Payment to Auditors:
2004-05
2003-04
(i) Audit Fees
55100
50000
(ii) Tax Audit Fees
11020
10000
(iii) In other Capacity
91180
90000
157300
150000
9. Investments are carried in the books at cost. The Directors is of the opinion that the investment would realize the invested
amount on sale and accordingly no provision for diminution in value of share is made.
10. Donation made by the Company are within the limits prescribed u/s. 293(1) (e) of the Companies Act 1956.
11. Sundry Creditors include amount payable to various Small Scale Industrial (SSI) Units.
12. Managerial Remuneration:
Computation of Net Profit U/s. 198 read with 309 (5) of the Companies Act, 1956.
Profit as per Profit & Loss A/c.
Add: Managerial Remuneration
31.03.2005
31.03.2004
86421379.61
37274686.11
1746099.00
1350000.00
Add: Loss on Sale of Fixed Assets
1796775.00
208039.00
Add: Reserve for Annuity
8705658.00
13708333.00
98669911.91
52541058.11
10853690.31
5779516.39
Managerial Remuneration ceiling @ 11%
Actually paid is within the limit as calculated above
27
K # 150
Pratibha Group
P R A T I B H A
13. There was a search and seizure action by the Income Tax Department in the case of the Company, sister concern and
directors of the Company on 17th and 18th February 2005. During the Course of the search action, Cash worth Rs. 35.00 Lacs
was found at the premises of the Company and the same was seized by the Income Tax Department. The total declaration made
during the search was Rs. 300 Lacs. In case of the company the declaration out of the above 300.00 Lacs, was Rs. 196.21 Lacs
in case of cessation of liabilities and Rs. 35.00 Lacs of cash seized on account of Income from various contracts.
14. Earning in Foreign Exchange
:
Nil (P. Y. Nil)
15. Expenditure in Foreign Currency
:
INR. 47940/- (P.Y. 4534073)
Additional information desired under clause 4D of Schedule VI of the Company Act 1956.
CIF Value of Import
:
INR NIL (P.Y. 4534073.00)
16. Balance Sheet abstract and Company's General Business Profile (in terms of Part IV of Schedule VI) is enclosed herewith.
For & on Behalf of Board of Directors
Jayesh Sanghrajka
Partner
Director
Ajit B. Kulkarni
Managing Director
Usha B. Kulkarni
Chairperson &
Vinayak B. Kulkarni
Director
Datta B. Kulkarni
Director
Mumbai
Date: 31st May 2005
Ramdas B. Kulkarni
Director
Mumbai
Dated 31st May 2005
28
K # 150
Pratibha Group
P R A T I B H A
Auditors' report
Tel: 2411 3263 / 2418 2107 / 2416 5160 Fax : 2416 5160.
We have verified enclosed Cash Flow Statement of M/s. PRATIBHA INDUSTRIES LTD. for the period ended March 31st 2005
from the books and records maintained by the Company in the ordinary course of business and have, found it in accordance
therewith.
Mumbai,
Jayesh Sanghrajka
Partner
29
K # 150
Pratibha Group
P R A T I B H A
CASH FLOW STATEMENT FOR THE YEAR ENDED ON 31.03.2005
A
31.03.2005
31.03.2005
86,421,379.91
37,274,686.11
CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax and extraordinary items
Adjustment for :
Depreciation
4,616,769.67
3,650,913.23
Loss / (Profit) on Sale of Assets
1,796,775.00
208,039.00
8,705,658.00
13,708,333.00
Preliminary Expenses Written Off
Finance Charges
Dividend Received
Operating Profit before working Capital Changes
22,906.00
22,907.00
38,628,877.31
20,474,168.87
(124.00)
(30.00)
140,192,241.89
75,339,017.21
Adjustment for:
Inventories
(112,969,546.00)
61,306,941.00)
Sundry Debtors
(161,810,074.95)
(97,049,819.15)
Loans & Advances
(102,369,031.27)
(24,707,720.17)
Sundry Creditors
200,919,510.47
50,780,124.23
Other Liabilities
(5,325,836.46)
2,804,272.46
Advances & Deposits
25,800,348.50
33,050,103.00
(155,754,629.71)
(96,429,980.63)
38,628,877.31
20,474,168.87
5,175,527.00
1,200,000.00
(59,366,792.13)
(42,765,132.29)
(18,087,757.96)
(38,074,447.00)
Finance Charges paid (Net)
Direct Taxes Paid
Net cash used in operating activities
B
CASH FLOW FROM INVESTMENT ACTIVITIES
Additions to Fixed Assets
Deletion to Fixed Assets (net)
2,942,150.00
185,300.00
Redemption / (Purchase) of Investments
(25.00)
(3,000,000.00)
Dividend Received
124.00
30.00
(15,145,508.96)
(40,889,117.00)
Net cash used in investing activities
C
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of Share Capital
-
Proceeds from Long Term Borrowings (Net)
43,316,937.37
(13,390,885.02)
Proceeds from Short Term Borrowings (Net)
71,649,648.56
128,101,459.34
114,966,585.93
114,710,574.32
40,454,284.84
31,056,325.03
Opening Cash and Cash Equivalents 31.03.2004
62,862,017.30
31,805,692.27
Closing Cash and Cash Equivalents 31.03.2005
103,316,302.14
62,862,017.30
Net cash from financing activities
D
-
NET INCREASE IN CASH AND CASH EQUIVALENTS
Notes
1. The above statement has been prepared in indirect method as described in AS - 3 issued by ICAI.
As per our report on even date
Ajit B. Kulkarni
Usha B. Kulkarni
Vinayak B. Kulkarni
Datta B. Kulkarni
Ramdas B. Kulkarni
Jayesh Sanghrajka
Partner
Place : Mumbai
Place : Mumbai
30
Managing Director
Directors
K # 150
Pratibha Group
P R A T I B H A
STATEMENT PURSUANT TO PART - IV OF SCHEDULE VI TO THE COMPANIES ACT, 1956
Balance Sheet Abstract and Company's General Business Profile
I.
REGISTRATION DETAILS
Registration No.
II.
0
Balance Sheet
3
Date
Date
9
1
0
7
0
3
6
0
2
Month
State Code 1
0
0
5
Year
CAPITAL RAISED DURING THE YEAR (AMOUNT IN THOUSANDS)
Public Issue
Rights Issue
N
I
L
Bonus Shares
N
I
L
N
I
L
Private Placement
N
III.
1
I
L
POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS (AMOUNT IN THOUSANDS )
Total Liabilities
Total Assets
4
5
6
8
7
2
4
5
6
8
7
2
6
5
3
9
0
7
4
9
8
6
9
N
I
L
9
5
0
8
9
6
N
I
L
SOURCES OF FUNDS
Paid-up-Capital
Reserves & Surplus
2
0
0
0
0
3
3
1
Secured Loans / Unsecured loans
2
7
0
Deferred Liabilities
7
APPLICATION OF FUNDS
Net Fixed Assets
Investments
8
3
3
0
4
6
8
6
9
9
N
I
L
4
Net Current Assets
Misc. Expenditure
3
Accumulated Losses
IV.
PERFORMANCE OF THE COMPANY (AMOUNT IN THOUSANDS)
Turnover
Total Expenditure
9
+
-
0
6
3
7
1
2
1
8
Profit/(Loss) Before Tax
ü
8
6
4
+
V.
0
-
4
9
Profit/(Loss) After Tax
ü
Earning Per Share (Amount in Rupees)
4
-
1
8
0
Dividend Rate (%)
5
GENERIC NAMES OF THREE PRINCIPAL PRODUCTS/SERVICES OF THE COMPANY
Item Code No (ITC Code)
N
A
Product Description
Building & Construction
As per our attached report of even date
Ajit B. Kulkarni
Usha B. Kulkarni
Vinayak B. Kulkarni
Datta B. Kulkarni
Ramdas B. Kulkarni
Jayesh Sanghrajka
Partner
Place : Mumbai
Place : Mumbai
st
Date : 31 May 2005
31
Managing Director
Directors
K # 150
Pratibha Group
P R A T I B H A
Auditors' report
Tel: 2411 3263 / 2418 2107 / 2416 5160 Fax : 2416 5160.
The Members of Pratibha Industries Limited
We have audited the attached consolidated balance sheet of Pratibha Industries Limited and its joint ventures, as at 31st March,
2005, the consolidated profit and loss account and also the consolidated cash flow statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our
opinion.
We report that the consolidated financial statements have been prepared by the company in accordance with the requirement of
the Accounting Standard 21, consolidated financial statements and Accounting Standard 27 reporting of interest in Joint
Ventures, issued by the Institute of Chartered Accountants of India and on the basis of separate audited / certified financial
statements, we are of the opinion that:
In the case of the consolidated balance sheet gives true and fair view of the consolidated state of affairs of the company and its
joint ventures as at 31st March 2005;
In the case of the consolidated profit and loss account gives a true and fair view of the consolidated Profit / Loss for the year ended
on that date; and
In the case of the consolidated cash flow statement gives a true and fair view of the consolidated cash flows for the year ended on
that date.
Jayesh Sanghrajka
M.No.37430.
Partner
Mumbai,
32
K # 150
Pratibha Group
P R A T I B H A
Pratibha Industries Ltd. (Consolidated)
Consolidated Balance Sheet as at 31st March, 2005
PARTICULARS
SCH
31.03.2005
31.03.2004
SOURCES OF FUNDS
SHAREHOLDER'S FUNDS
Share Capital
A
20,000,000.00
20,000,000.00
Reserve & Surplus
B
165,390,464.57
84,493,635.66
185,390,464.57
104,493,635.66
748,704.00
399,680.00
DEFERRED TAX LIABILITY
LOAN FUNDS
Secured Loans
C
355,274,551.43
224,242,088.24
Unsecured Loans
D
19,345,000.00
-
Total
374,619,551.43
224,242,088.24
560,758,720.00
329,135,403.90
99,525,058.10
86,522,682.14
APPLICATIONS OF FUNDS
FIXED ASSETS
E
Fixed Assets Gross Block
Less : Depreciation
15,334,188.98
11,729,925.10
Net Block
84,190,869.12
74,792,757.04
4,869,585.00
4,869,560.00
INVESTMENTS
F
CURRENT ASSETS LOANS & ADVANCES
Inventories
G
276,673,699.00
160,065,864.02
Sundry Debtors
H
429,111,203.10
224,287,246.76
Cash & Bank Balance
I
103,515,567.72
70,358,049.44
Loans, Advances & Deposits
J
1 70,168,790.74
102,704,507.75
979,469,260.56
557,415,667.97
CURRENT LIABILITIES & PROVISIONS
Sundry Creditors
K
381,756,068.15
182,627,588.97
Other Liabilities & Provisions
L
33,406,435.23
26,440,377.14
Advances & Deposits
M
WORKING CAPITAL
MISCELLANEOUS EXPENSES
92,608,491.30
98,897,521.00
507,770,994.68
307,965,487.11
471,698,265.88
249,450,180.86
N
Total
-
22,906.00
560,758,720.00
329,135,403.90
Ajit B. Kulkarni
Usha B. Kulkarni
Vinayak B. Kulkarni
Datta B. Kulkarni
Ramdas B. Kulkarni
Jayesh Sanghrajka
Partner
Place : Mumbai
Place : Mumbai
st
Date : 31 May 2005
33
Managing Director
Directors
K # 150
Pratibha Group
P R A T I B H A
Consolidated Profit & Loss Account for the year ended 31st March, 2005
PARTICULARS
SCH
31.03.2005
31.03.2004
1. Contracts Receipts
O
1,213,945,481.95
817,977,567.83
2 Other Income
P
491,712.00
214,759.50
1,214,437,193.95
818,192,327.33
INCOME
EXPENDITURE
1. Cost of work done
Q
989,878,904.89
681,129,007.86
2. Establishment Selling & Other Expenses
R
50,707,833.52
39,481,678.25
3. Finance Charges
S
52,051,829.35
29,542,866.45
4. Personnel Expenses
T
14,534,218.10
7,510,889.75
4,653,489.88
3,659,003.23
5. Depreciation
6. Annuity Period Expenses
U
13,964,611.00
17,822,006.68
7. Share of JV Partner
V
2,202,021.30
1,749,282.00
22,906.00
22,907.00
1,128,015,814.04
780,917,641.22
86,421,379.91
37,274,686.11
5,000,000.00
1,200,000.00
349,024.00
-
81,072,355.91
36,074,686.11
Income Tax of Earlier Years
(175,527.00)
-
Deferred Tax Liability reversed
-
8. Preliminery Expenses
PROFIT BEFORE TAX
Provision for Income Tax. - Current
Provision for Income Tax. - Deferred
PROFIT AFTER TAX & BEFORE
PROFIT AFTER TAX
Weighted average number of Shares
419,617.00
80,896,828.91
36,494,303.11
2,000,000
2,000,000
40.45
18.25
Basic and Diluted Earning Per Share (Net of Tax)
(of the face value of Rs. 10/- each)
Significant Accounting Policies
Ajit B. Kulkarni
Usha B. Kulkarni
Vinayak B. Kulkarni
Datta B. Kulkarni
Ramdas B. Kulkarni
Jayesh Sanghrajka
Partner
Place : Mumbai
Place : Mumbai
st
Date : 31 May 2005
34
Managing Director
Directors
K # 150
Pratibha Group
P R A T I B H A
Schedules annexed to and forming part of accounts for the year ended on 31.03.2005
PARTICULARS
31.03.2005
31.03.2004
20,000,000.00
20,000,000.00
20,000,000.00
20,000,000.00
20,000,000.00
20,000,000.00
Opening Balance
84,493,635.66
47,999,332.55
Add During The Year
80,896,828.91
36,494,303.11
165,390,464.57
84,493,635.66
26,427,171.00
24,285,375.53
97,283,934.88
74,482,458.84
42,215,422.52
12,712,250.00
10,480,887.90
5,500,000.00
74,981,258.95
38,787,004.95
103,885,876.18
68,474,998.92
355,274,551.43
224,242,088.24
SCHEDULE 'A' - SHARE CAPITAL
AUTHORISED CAPITAL
(20,00,000 Equity Shares of Rs. 10/- Each )
(Last year 2000000 equity Share of Rs. 10/- each)
ISSUED SUBSCRIBED CALLED & PAID UP
(20,00,000 equity shares of Rs.10 each Fully Paid up)
(Last year 20,00,000/- equity shares of Rs. 10/- each)
Total
SCHEDULE 'B' - RESERVE & SURPLUS
PROFIT & LOSS A/C.
Total
SCHEDULE 'C' - SECURED LOANS
Loans for Vehicles & Equipment
(For Security see Note (a) below)
(Of above Rupees 49,54,326/- is in respect
of assets acquired for Akola Project)
Working Capital Finance from consortium of banks
(For Security see Note (b) below)
Factoring facility
(For Security see Note (c) below)
Working Capital Demand Loans
(For Security see Note (d) below)
Project specific term fund from Bank for Akola
Project (For Security see Note (e) below)
Secured Loan in respect to PPJV project from
SICOM Ltd.
(For security see Note (f) below)
Total
35
K # 150
Pratibha Group
P R A T I B H A
a. Secured by hypothecation of specific assets / vehicle purchased.
b. Secured against
(i) First Charge by way of hypothecation of current assets of the Company namely Stock of Raw Materials, Stock of WIP
& Receivables.
(ii) First charge on the gross block of the Company (other than those specifically charged to other Banks) and collaterally
secured by mortgage of fixed assets belonging to the directors.
(iii) These facilities are further secured by Corporate Guarantees of Pratibha Pipes & Structural P. Ltd.,
c. Secured against
(i) First charge on receivables of the Company, factored with Canbank Factors Ltd.
(ii) This facility is further secured by Corporate Guarantees of Pratibha Pipes & Structural P. Ltd.,
d. (i) Working capital Demand Loan represent project specific loan sanctioned by ICICI Bank Ltd. This Loan was paid off
on 15.06.2004. During the current year 2004-05 a new loan has been taken from The United Western Bank Ltd.
to finance our requirement to furnish EMD to various clients.
e. Project specific term fund from Bank represent term loan taken by the company for executing "Deferred Payment Project"
of Akola Muncipal Corporation. This loan is secured by way of first charge on receivables of the project and further secured
by way of Bank Guarantee of Akola Muncipal Corporation for Rs. 970.00 Lacs. And further guaranteed by personal
guarantees of the Directors.
f. SICOM loan is secured by receivables of PPJV from PMC and mortgage of Company's office premises at Shrikant Chambers.
Schedules annexed to and forming part of accounts for the year ended on 31.03.2005
PARTICULARS
31.03.2005
31.03.2004
19,345,000.00
-
19,345,000.00
-
SCHEDULE 'D' - UNSECURED LOANS
From Directors, Relatives, Members and Related Concerns
Total
36
K # 150
PRATIBHA INDUSTRIES LTD.
(Consolidated)
SCHEDULE : E: FIXED ASSETS
GROSS BLOCK
Sr. Particulars
No.
Sale/Transfer
Cost as on
31-03-2005
As on
01-04-2004
For the
Year
On
Sale/Transfer
As on
31-03-2005
As on
31-3-2005
As on
31-3-2004
7,500,000.00
-
-
7,500,000.00
-
-
-
-
7,500,000.00
7,500,000.00
-
-
22,114,569.00
457,492.28
360,688.62
-
818,180.90
21,296,388.10
21,657,076.72
12,759,804.96 5,744,776.00
42,302,627.36
7,055,531.56
2,095,122.56 1,030,204.00
8,120,450.12
34,182,177.24
28,232,066.84
5,599,324.90
900, 129.30
1,253,463.43
4,345,861.47
4,649,780.60
Goodwill
2
Office Premises
22,114,569.00
3
Plant & Machinery
35,287,598.40
4
Furniture & Fixture
5,549,909.90
5
Electric Installation
Office Equipment
7
Vehicles
8
Computer Software
NET BLOCK
Addn.
1
6
DEPRECIATION
Cost as on
01-04-2004
49,415.00
-
353,334.13
-
658,383.15
11,052.00
7,685.00
661,750.15
145,568.55
31,707.15
2,067.00
175,208.70
486,541.445
512,814.60
2,160,217.00
1,011,480.00
-
3,171,697.00
686,599.76
316,151.87
-
1,002,751.63
2,168,945.37
1,473,617.24
12,995,114.69
4,131,006.00
35,690.00
17,090.430.69
2,470,897.65
1,429,149.33
16,955.00
3,883,091.98
28,080.00
125,000.00
-
153,080.00
5,616.00
30,616.00
--
36,232.00
13,207,338.71 10,524,217.04
116,848.00
22,464.00
37
Total
86,293,872.14
18,087,757.96 5,788,151.00
98,593,479.10
11,721,835.10
4,616,769.67
1,049,226.0 15,289,378.77 83,304,100.33 74,572,037.04
Previous Year
48,860,587.14
38,074,447.00
641,162.00
86,293,872.14
8,318,744.87
3,650,913.23
247,823.00 11,721,835.10 74,572,037.04 39,181,560.42
Assets of Unity Pratibha Multimedia JV
1
Plant & Machinery
84,248.00
672,314.0
-
756,562.00
1,644.00
20,762.57
--
22,406.57
734,155.43
82,604.00
2
Computer & Printer
39,471.00
20,055.00
-
39,526.00
2,542.00
8,820.85
--
11,362.85
48,163.15
36,929.00
3
Furniture & Fixture
105,091.00
-
-
105,091.00
3,904.00
6,652.26
--
101,556.26
94,534.74
101,187.00
4
Office Equipment
-
10,400.00
-
10,400.00
-
484.53
-
484.53
9,915.47
-
228,810.00
702,769.00
-
931,579.00
8,090.0
36,720.21
-
44,810.21
886,768.79
220,720.00
Total
Grand Total
86,522,682.14
18,790,526.96 5,788,151.00
99,525,058.10
11,729,925.10
Previous Year
48,860,587.14
38,303,257.00
86,542,682.14
8,318,744.87
641,162.00
1) Depreciation @100% has been claimed on Individual Assets costing upto Rs. 5000/-
4,653,489.88 1,049,226.00 15,334,188.98 84,190,869.12 74,792,757.04
3,659,003.23
247,823.00 11,729,925.10 74,792,757.04 40,541,842.27
K # 150
Pratibha Group
P R A T I B H A
PARTICULARS
31.03.2005
31.03.2004
1,826,960.00
1,826,960.00
SCHEDULE 'F' - INVESTMENTS
Long Term - At Cost)
Trade Unquoted (Share Application)
Share Application in Pratibha Pipes & Structural P. Ltd.
Trade Unquoted
Share Janakalyan Sahakari Bank Ltd.
Shares of Abhudaya Bank Ltd.
Shares of Chimanlal Vijaykumar Steel P. Ltd.
The Greater Bombay Co-op. Bank Ltd.
1,000.00
1,000.00
26,600.00
26,600.00
500,000.00
500,000.00
25.00
-
15,000.00
15,000.00
2,500,000.00
2,500,000.00
4,869,585.00
4,869,560.00
Non Trade Unquoted
National Saving Certificates (Maturity Value - 15,000)
Bonds (UWB) Vashi Branch
Total
SCHEDULE 'G' - INVENTORIES
(AS PER INVENTORIES CERTIFIED AND VALUED BY THE MANAGEMENT)
208,758,503.00
95,788,957.00
Stock of Unity Pratibha Multimedia JV
Own
44,958,080.00
22,042,419.00
Stock of Petron Pratibha JV
22,957,116.00
42,234,488.02
276,673,699.00
160,065,864.02
Total
SCHEDULE 'H' - SUNDRY DEBTORS
(Unsecured, Considered good)
Debts outstanding for a period exceeding six Months
145,862,371.93
844,425.63
Other Debts
283,248,831.17
223,442,821.13
429,111,203.10
224,287,246.76
2,473,324.42
1,095,103.42
(Of above Rs.98128782.75/- pertains to PP JV )
(Of above Rs.32569067.00/- pertains to UPM JV )
Total
SCHEDULE 'I' - CASH & BANK BALANCE
Cash in hand
Balance With Bank
-
-
On Current Account
9,412,175.95
2,702,129.58
On Deposit Account
91,500,862.00
59,064,784.30
127,205.35
7,472,726.14
2,000.00
23,306.00
103,515,567.72
70,358,049.44
(Of above amount in current account include Rs. 2792/P.Y. 520/- being amount of PIL Employee Group Gratuity )
Cash & Bank Balance of Unity Pratibha Multimedia JV
Cash & Bank Balance of Petron Pratibha JV
Total
38
K # 150
Pratibha Group
P R A T I B H A
PARTICULARS
31.03.2005
31.03.2004
SCHEDULE 'J' - LOANS , ADVANCES & DEPOSITS
(Unsecured, Considered Good unless otherwise stated)
Advances recoverable in cash or in kind or for value to be received
Loans to Staff
(includes Loan of Rs. 98677.00 given to staff of UPM JV)
179,650.00
372,727.00
T.D.S. (includes Rs. 1705104 pertaining to PP JV)
14,706,663.00
8,966,331.00
Prepaid Expenses
Mobilisation Advances Given
Advances to Suppliers
Advance Income Tax Paid
Advances given to sub contractor / supplier of UPM JV
Deposits with various authorities of UPM JV
Other Deposits
5,183,893.00
4,814,352.76
25,264,079.30
3,500,000.00
3,296,765.75
29,239,472.00
83,983,914.93
1,385,965.00
6,733,909.71
18,341,510.67
691,717.50
16,896,145.00
49,316,201.87
170,168,790.74
102,704,507.75
108,810,805.46
26,734,405.83
5,132,888.00
241,077,968.86
54,566,575.41
19,406,367.00
14,251,958.00
94,402,688.56
381,756,068.15
182,627,588.97
56,666.00
42,290.00
1,337,319.00
9,134.00
2,383.00
1,051.00
108,852.00
1,496.00
13,555.00
473,913.00
107,435.00
36,079.00
42,660.00
633,139.00
68,645.46
1,468.00
100,306.00
1,366.00
7,235.00
272,445.00
-
304,086.25
640,348.00
5,000,000.00
130,946.00
1,550,392.00
2,824,307.00
1,200,000.0
15,124,771.00
6,231,632.68
13,708,333.00
4,113,673.68
1,785,306.00
2,166,197.30
849,663.00
899,719.00
33,406,435.23
26,440,377.14
Total
SCHEDULE 'K' - SUNDRY CREDITORS
Sundry Creditor (Net)
Sundry Creditors of UPM JV
Sundry Creditors of PP JV
Creditors under Bills of Exchange (LC) (Refer Note 9 of Schedule 22)
Total
SCHEDULE - 'L' - OTHER LIABILITIES & PROVISIONS
Provision for Employees Salary & Benefits
Electricity Charges Payable
TDS Payable
Telephone Expenses Payable
Other Provisions
Service Tax Payable
Director Remuneration Payable
Employee's ESI Payable
Professional Tax Payable
Salary & Wages Payable
Gratuity Fund payable
Provisions
Provisions for expenses UPM JV
Works Contract Tax Payable PPJV
Sales Tax Payable (G.S.T & W.C.T.)
Provision for Income Tax (Current)
ANNUITY PERIOD EXPENSES RESERVE
Akola Project
Petron Pratibha Joint Venture
Minority Interest in Joint Venture
Unity Pratibha Multimedia JV
(include Rs. 100/- towards capital contribution)
Total
39
K # 150
Pratibha Group
P R A T I B H A
PARTICULARS
31.03.2005
31.03.2004
31,919,371.80
21,579,060.00
58,158,308.50
1,507,925.00
1,022,886.00
38,131,174.00
34,122,133.00
1,200,000.00
3,865,154.00
Total
92,608,491.30
98,897,521.00
Total
22,906.00
22,906.00
-
45,813.00
22,907.00
22,906.00
879,740,284.58
107,093,311.37
227,111,886.00
638,123,959.29
76,238,905.54
103,614,703.00
Total
1,213,945,481.95
817,977,567.83
Total
160,000.00
124.00
215,162.00
116,426.00
491,712.00
70,000.00
30.00
128,652.00
16,077.50
214,759.50
95,788,957.00
42,234,488.02
22,042,419.00
34,482,016.00
14,956,434.37
-
160,065,864.02
49,438,450.37
754,919,447.14
62,408,549.00
202,088,906.20
560,872,726.64
82,771,492.00
92,492,092.00
1,019,416,902.34
736,136,310.64
78,377,032.13
8,692,805.40
51,622,333.37
3,997,777.50
87,069,837.53
55,620,110.87
208,758,503.00
22,957,116.00
44,958,080.00
276,673,699.00
95,788,957.00
42,234,488.02
22,042,419.00
160,065,864.02
989,878,904.89
681,129,007.86
SCHEDULE - 'M' - ADVANCES & DEPOSITS
Security Deposits
(of above include Rs.3150739.80 /- of UPM JV)
Mobilisation Advances
Mobilisation Advances: UPM JV
Other Advances
Secured Advances
SCHEDULE - 'N' - MISCELLANEOUS EXPENSES
Less : Written Off
SCHEDULE 'O' - Contracts Receipts
Own
In respect of Petron Pratibha Joint Venture
In respect of Unity Pratibha Multimedia Joint Venture
(of Own includes Rs. 84228634/- for Akola Project)
SCHEDULE 'P' - OTHER INCOME
Rent Received
Dividend Received
Interest on Income Tax refund
Services Charges Received
Interest From Others
SCHEDULE 'Q' - COST OF WORK DONE
Opening Stock
Own
PPJV
UPM JV
Total
Purchases
Own (Refer Note 3 to the Notes to Accounts)
PPJV
UPM JV
Total
Add Direct Expenses
Own
PPJV
UPM JV
Total
Less Closing Stock
Own
PPJV
UPM JV
Total
40
K # 150
Pratibha Group
P R A T I B H A
PARTICULARS
31.03.2005
31.03.2004
168,320.00
294,290.00
79,786.00
21,938.00
132,217.00
5,373,355.00
516,399.65
316,658.00
877,428.89
7,035.00
523,250.00
878,278.22
4,913,678.00
64,775.00
28,634.00
1,796,775.00
5,776,198.31
696,347.00
1,808,189.79
1,115,531.00
77,865.00
130,226.00
2,000.00
199,522.00
36,287.80
201,872.00
161,657.00
728,715.00
2,391,534.86
20,497,449.63
150,000.00
396,962.00
31,002.00
283,101.00
5,599,215.00
209,911.50
49,556.00
986,387.00
76,035.00
516,440.50
968,234.00
1,684,016.00
3,020.00
208,039.00
2,212,877.59
135,701.00
1,259,595.81
1,289,524.75
1,550.00
145,776.00
894,100.00
1,266,252.00
16,506.00
642,406.00
3,096,402.75
16,474,566.00
49,816,213.15
38,597,176.90
784,736.37
106,884.00
722,288.35
162,213.00
Total
891,620.37
884,501.35
Total
50,707,833.52
39,481,678.25
1,402,502.64
17,460,261.42
3,843,498.00
5,341,227.69
16,247,803.17
1,895,009.43
5,861,527.00
2,016,015.00
9,317,184.33
1,698,224.00
1,749,333.31
9,772,486.67
889,635.14
4,099,988.00
52,051,829.35
29,542,866.45
SCHEDULE 'R' - ESTABLISHMENT, SELLING & OTHER EXPENSES
Administration & Office Exp.
Auditors Remuneration
Advertisement Exp
Bad Debts
Books & Periodicals
Computer & Software Exps.
Legal & Professional Fees
Discount A/c
Donation
Electricity Charges
Fees & Subscription
Pooja & Festival Expenses
General Expenses
Insurance Charges ( Car Policy)
Insurance Charges ( Others )
Laboratory Charges
Loss on Sale of Fixed Assets
Motor Car Expenses
Octroi
Postage & Telegram & Telephone
Printing & Stationery
Registration Fees
Repair & Maintenance
Royalty Expenses
Security Service Charges
Service Charges
Survey Expenses
Sewarage Charges
Tender Expenses
Travelling Expenses
Rent Rates & Taxes
Total
Selling & Marketing Expenses
Sales Promotion
Brokerage
(Of above include exp of PPJV 47,48,852/- )
(Of above include exp of UPMJV 97,98,151.50/- )
SCHEDULE 'S' - FINANCE CHARGES
Bank Charges & Commission
Bank Commission LC/BG
Factoring Charges
Interest on Mobilisation
Interest Paid( Bank) Net
Interest Paid(Finance)
Interest paid to financial institution
( Of above include exp of PPJV 57,71,094/- )
( Of above include exp of UPMJV 76,51,858.04/- )
Total
41
K # 150
Pratibha Group
P R A T I B H A
PARTICULARS
31.03.2005
31.03.2004
8,584,375.00
1,746,099.00
842,465.00
618,877.00
1,739,402.10
1,003,000.00
-
4,336,299.00
1,350,000.00
265,882.00
1,246,187.75
54,500.00
253,831.00
4,190.00
14,534,218.10
7,510,889.75
8,705,658.00
5,258,953.00
13,708,333.00
4,113,673.68
13,964,611.00
17,822,006.68
1,266,378.30
899,619.00
935,643.00
849,663.00
2,202,021.30
1,749,282.00
SCHEDULE 'T' PERSONNEL EXPENSES
Salaries & Wages
Directors Remuneration
Director Medical Exp
Contribution to PF, ESIC etc.
Staff Welfare Expenses
Incentive
Insurance Charges (Key Man)
Staff Training Exp.
( includes Personnel Expenses of UPM 30,46,242 .00/- )
Total
SCHEDULE 'U' - ANNUITY PERIOD EXPENSES
Akola Project
Total
SCHEDULE 'V' - SHARE OF JV PARTNERS
IN PETRON PRATIBHA JOINT VENTURE
JV PARTNER PETRON CIVIL ENGG. P. LTD.
IN UNITY PRATIBHA MULTIMEDIA JOINT VENTURE
JV PARTNERS: UNITY INFRAPROJECTS LTD
AND MULTIMEDIA DESIGNERS P. LTD.
Total
42
K # 150
Pratibha Group
P R A T I B H A
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED ON 31.03.2005
PARTICULARS
31.03.2005
31.03.2004
86,421,379.91
37,274,686.11
Depreciation
4,653,489.88
3,659,003.23
Loss / (Profit) on Sale of Assets
1,796,775.00
208,039.00
13,964,611.00
17,822,006.6
A CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax and extraordinary items
Adjustment for :
Preliminary Expenses Written Off
22,906.00
22,907.00
2,202,021.30
1,749,282.00
52,051,829.35
29,542,866.45
(124.00)
(30.00)
161,112,888.44
90,278,760.47
Inventories
(116,607,834.98)
(125,583,848.02)
Sundry Debtors
(204,823,956.34)
(161,064,170.61)
Share of Joint Venture Partner
Finance Charges
Dividend Received
Operating Profit before working Capital Changes
Adjustment for:
Loans & Advances
(67,464,282.99)
(33,617,545.13)
Sundry Creditors
199,128,479.18
84,438,449.21
Other Liabilities
(9,200,574.21)
4,485,710.46
Advances & Deposits
(6,289,029.70)
68,290,221.00
(205,257,199.04)
Finance Charges Paid (Net)
52,051,829.35
Direct Taxes Paid
(163,051,183.09)
29,542,866.45
5,175,527.00
Net cash used in operating activities
(101,371,666.95)
1,200,000.00
(103,515,289.07)
B CASH FLOW FROM INVESTMENT ACTIVITIES
Additions to Fixed Assets
(18,790,526.96)
Deletion to Fixed Assets (net)
Redemption / (Purchase) of Investments
Dividend Received
(38,303,257.00)
2,942,150.00
185,300.00
(25.00)
(3,000,000.00)
124.00
30.00
(15,848,277.96)
(41,117,927.00)
Proceeds from Long Term Borrowings (Net)
78,727,814.63
127,031,238.01
Proceeds from Short Term Borrowings (Net)
71,649,648.56
56,154,335.23
150,377,463.19
183,185,573.24
Net cash used in investing activities
C CASH FLOW FROM FINANCING ACTIVITIES
Net cash from financing Activities
D NET INCREASE IN CASH AND CASH EQUIVALENTS
33,157,518.28
38,552,357.17
Opening Cash and Cash Equivalents 31.03.2004
(A+B+C)
70,358,049.44
31,805,692.27
Closing Cash and Cash Equivalents 31.03.2005
103,515,567.72
70,358,049.44
Notes
1. The above statement has been prepared in indirect method as described in AS - 3 issued by ICAI.
Ajit B. Kulkarni
Usha B. Kulkarni
Vinayak B. Kulkarni
Datta B. Kulkarni
Ramdas B. Kulkarni
Jayesh Sanghrajka
Partner
As per our report on even date
Place : Mumbai
Place : Mumbai
43
Managing Director
Directors
Some of the prestigious projects
executed by the Company.
Clariflocculator unit of
Water Treatment Plant
(WTP) capacity 20.5 MLD
at Chavand Gujarat
Filter unit of
Water Treatment Plant (WTP)
Chavand, Gujarat
Cement concrete
Pune Solapur road
Airoli railway station
Net wor th
Fixed assets
1,000.00
1,853.90
2,000.00
900.00
800.00
1,750.00
700.00
600.00
1,044.71
1,250.00
1,000.00
Rs. in Lacs
Rs. in Lakhs
1,500.00
680.00
750.00
218.33
400.00
300.00
464.22
500.00
500.00
200.00
289.76
100.00
250.00
2000
2000
2001
2002
2003
2004
2005
2001
YEAR
2002
2003
YEAR
Networth
Gross Block
Turnover
12,139.45
8179.78
3718.84
2926.78
3512.48
4255.14
900.00
800.00
700.00
600.00
500.00
400.00
300.00
200.00
100.00
2001
2002
YEAR
Turnover
2003
Net Block
808.97
324.62
78.25
2000
2000
2005
Profit
Rs in Lacs
Rs in Lacs
12500
11500
10500
9500
8500
7500
6500
5500
4500
3500
2500
1500
500
-500
2004
2004
71.42
2001
137.90
2002
YEAR
2005
192.42
2003
2004
2005
Profit
TM
Pratibha Industries Limited
Tel : 5641 4499 (100 lines)
Shrikant Chambers Phase-II, 5 Floor, Sion-Trombay Road,
Fax : 2520 11 35
Next to R. K. Studio, Chembur, Mumbai-400 071 India
www.pratibhagroup.com
th
multiprintindia.com
An ISO 9001: 2000 Company

Consolidated - Pratibha Industries Limited

Transcription

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