| Dear Members,
The directors are pleased to present the Nineteenth Annual Report and
the audited statement of accounts of the Company for the year ended
March 31, 2014.
FINANCIAL RESULTS:
(Rs.In lacs)
PARTICULARS 31.03.2014 31.03.2013
Total Income 283.45 711.31
Less: Total Expenditure 258.19 683.27
Profif/(Loss) before Depreciation 25.25 28. 03
Less: Depreciation 21.74 25.87
Profif/(Loss) After depreciation 3.52 2.15
Add/( Less ) Prior Period Adjustment - -
Net Profit before Tax 3.52 2.15
Less: Provision for Tax 1.05 0.78
Less: Provision for Fringe Benefit Tax - -
Add/(Less) Provision for Deferred Tax - -
Net Profit After Tax 2.47 1.37
Profit / (Loss) brought forward from
previous year 55.23 53.86
Short Provision - -
Balance carried to Balance Sheet 57.70 55.23
PERFORMANCE REVIEW:
During the year under review, there is decrease in the turnover of the
Company. It has decreased from Rs. 711.31 Lacs in the previous year to
Rs. 283.45 Lacs during the year but even after that resulted into
increase in profitability. The profit after tax has increased from Rs.
1.37 Lacs in last year to Rs. 2.47 Lacs in the current year.
DIVIDEND
In absence of adequate profits, your directors regret non
recommendation of dividend for the year under review.
TRANSFER TO RESERVES
The Company has not transferred any amount to General Reserve during
the year under review. However, the credit balance of Profit & Loss
Account has been transferred to Balance Sheet under the head Reserves
and Surplus.
FIXED DEPOSIT:
The Company has not accepted deposits falling within the provisions of
Section 58A of the Companies Act, 1956 read with Companies (Acceptance
of the Deposits) Rules, 1975 during the year under review.
DIRECTORS:
In accordance with the provisions of Companies Act, 1956 and the
Articles of Association of the Company Mr. Chandrashekhar Ogale and Mr.
Ashutosh Mishra, directors retire by rotation and being eligible offer
themselves for re-appointment.
Mr. Ashok Mishra, Mr. Pehlaj Nihalani and Mr. Dilip Dutta are the other
Directors on the Board of the Company.
SUBSIDIARIES:
The Company does not have any subsidiary Company.
DIRECTORS' RESPONSIBILITY STATEMENT:
In terms of Section 217(2AA) of the Companies Act, 1956, we, the
Directors of Vision Corporation Limited state in respect of financial
year 2013-14 that:
a) In the preparation of annual accounts, the applicable Accounting
Standards have been followed along with proper explanation relating to
material departures;
b) The directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to true and fair view of the state of the affairs of
the Company at the end of the financial year and of the profit or loss
of the Company for the year under review;
c) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of this Act for safeguarding the assets of the Company and
from preventing and detecting fraud and other irregularities;
d) The directors had prepared the annual accounts for the financial
year 31st March, 2014 on a going concern basis.
PARTICULARS OF EMPLOYEES:
Since none of the employees are drawing remuneration, there is no
information to be provided in accordance with the provisions of Section
217(2A) of the Companies Act, 1956 read with the Companies (particulars
of employees) Rules.
CORPORATE GOVERNANCE REPORT:
Pursuant to Clause 49 of the Listing Agreement entered into with the
Stock Exchanges, the Company has complied with all the provisions of
Corporate Governance and a report on corporate governance is annexed
hereto and forms part of this report. A certificate from Auditors of
the Company regarding compliance of Corporate Governance, as stipulated
under Clause 49 of the Listing Agreement, is appended to the Annual
Report.
MANAGEMENT DISCUSSION AND ANALYSIS:
Management Discussion and Analysis Report for the year under review as
required under Clause 49 of the Listing Agreement is presented in a
separate section forming part of the Annual Report.
AUDITORS:
The Auditor of the Company M/s. Bhasin Hota & Co, Chartered
Accountants, Mumbai, retires at the ensuing Annual General Meeting and
being eligible offers themselves for re-appointment. The appointment if
made will be in accordance with the sub section (1B) of section 224 of
the Companies Act, 1956 as per certificate furnished by the auditor.
Members will be required to appoint Auditors for the current year and
to authorize the Board of Directors to fix their remuneration
AUDITORS OBSERVATIONS:
Observations of auditor are self explanatory and do not require any
further to be commented by directors in this report.
DISCLOSURE UNDER SECTION 217(1)(e) OF THE COMPANIES ACT, 1956:
The particulars required under Section 217(1)(e) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the Report
of the Board of Directors) Rules, 1988, is given in Annexure-I to this
Directors Report.
ACKNOWLEDGEMENT:
Your directors wish to place on record their appreciation for the
support and cooperation, which the Company continues to receive from
its customers, various Govt. Agencies, the Company's Bankers and T.V.
Channels. The Directors also wish to place on record their appreciation
for the sense of responsibility and team work displayed by employee at
all levels.
On behalf of the Board of Directors
Sd/-
Ashok Kumar Mishra
Chairman
Place: Mumbai
Date: July 10, 2014
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