Mar 31, 2013
To, The Members of VICTORIA ENTERPRISES LTD.
The Directors have pleasure in submitting their Annual Report together
with the audited statement of accounts for the year ended 31st March,
2013.
1. FINANCIAL HIGHLIGHTS:
(Rs. In Lacs)
Particulars 2012-13 2011-12
Turnover for the period (including
increase/(decrease) 898.25 1051.47
in Work in Progress)
Other incomes 13.62 7.25
Total Income 911.87 1058.72
Profit before depreciation, interest & tax 213.80 261.00
Interest & Finance Costs 202.65 256.45
Depreciation 118 0.95
Profit before tax 197 3.60
Tax including deferred tax and provisions
for earlier 3.60 2.26
years
Profit after tax 6.37 34
2. OPERATIONS:
The Company is engaged in the business of real estate development. The
Company is also in the process to acquire some more real estate
development projects in Mumbai and also outside Mumbai. The Company is
concentrating in development of both commercial as well as residential
projects.
Presently the real estate market in the India is doing very well and
the management of the Company is positive to crystallize the
opportunities of the market and considering the rich experience of the
promoters in real estate development the Management is expecting good
growth of this business segment of the Company in the near future.
Quality, punctuality in giving possession to the customers, proper
guidance to the customers and foresight in selection of land for
projects are the basic parameters to get success in the real estate and
development industry. The Company is following the same standards and
philosophy in the business.
Management is expecting good growth in the business of theiCompany in
the near future in this segment y>^^£RS^
3. GOVERNMENTfflfl3;fflff%:,
The Government of India announced stimulus package which, coupled with
the Reserve Bank of India''s move allowing banks to provide special
treatment to the real estate sector, is likely to impact the Indian
real estate sector in a positive way. Foreign Investment Promotion
Board (FlPB) announced new foreign direct investment policy (FDI)
during the current year aimed at simplifying existing norms to attract
foreign investment into India.
Besides the above measures, the government also announced an economic
stimulus package keeping in mind the impact of the global slowdown on
the Indian real estate sector. Public sector banks and private sector
banks announced a package for home loan borrowers in various
categories. This is expected to increase borrowing for homes and in
turn give a boost to the realty sector. Moreover, excise duty cuts on
cement and steel are expected to bring down construction cost
4- OPPORTUNITIES AND THREATS:
With the downturn in the Real Estate market caused by the global
economic slowdown, there is an opportunity of creating portfolios in
the affordable Real Estate market and to grow the largely untapped
mid-market segment. Real estate companies have seized the opportunity
to re-classify their products / offerings in order to cater to the high
volume affordable housing segment. Other measures include postponing
new launches, re- allocating funds and focusing on completion of
pre-committed projects, re-orienting product portfolio in favour of
mid-income / affordable homes and cutting construction cost via value
engineering to survive the ongoing slump. The present crisis present an
opportunity to every real estate company to correctly identify end-user
needs and keep affordability in mind before embarking on newer
projects. There is also an urgent need for deregulation of most of the
laws pertaining to the real estate sector.
5. RISKS AND CONCERNS :
Macro risks
- Global geo-political risk, economic shocks and policy reversals
- Economic risks - rising interest rates, inflation and currency risks
- Event risks - riots, natural calamities, etc.
- Rising costs of operation
- Constrained urban and physical infrastructure in cities
- Disparities in regional development within States
- Declining property rates
6. DIVIDEND:
Due to conserve the resources of the Company, your Director have not
recommend any dividend.
7. FIXED DEPOSITS:
During me year tinder review, the company has not taken any deposits
from Public.
8. DIRECTORS;
The Director Mrs. Sangeeta Pitrie retires by rotation at the close of
AGM and being eligible for re-appointment offered herself for the same
and the board recommends her appointment.
9. 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.
(i) That in the preparation of the accounts for the financial year
ended 31s* March, 2013 the applicable accounting standards have been
followed along wim proper explanation relating to material departures;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for the year tinder review; (iii)That the
Directors have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company arid for
preventing and detecting fraud and other .irregularities;
(iv)That the Directors have prepared the accounts for the financial
year ended 31st March, 2013 on a''going concern''basis.
10. DISCLOSURE OF PARTICULARS UNDER SECTION 217 (2A):
The company does not have any employee who is covered by section 217
(2A) of the companies Act, 1956.
11. CONVERSATION OF ENERGY, ABSORPTION OF TECHNOLOGY AND FOREIGN
EXCHANGE EARNING AND OUTGO :
The company has not earned foreign exchange or incurred any expenditure
in foreign exchange during the year. Since the Company does not have
any manufacturing activities, the other particulars are required by
Section 217(1) (e) of the Companies Act, 1956 read with companies
(Disclosure of particulars in the report of Board of Directors) Rules,
1988 are not applicable to the Company. Although the company is making
all efforts to conserve energy and update its technology to remain
competitive in business.
12. AUDITORS :
The Statutory Auditors of the Company M/s. Parekh Shah & Lodha,
Chartered Accountants, retire at the ensuing Annual General Meeting and
have confirmed their eligibility and willingness to accept office, if
reappointed.
13. AUDITORS OBSERVATIONS:
(i) That Auditors comment on the internal audit system of the company.
Directors wants to clarify that our internal accounting system is
strong enough to take care of internal control for accounts under the
supervision of management. Hence, we have not deputed outside agency to
carry on internal audit.
(ii) That Auditors comment on provision of interest on term loan
account of Bank of Baroda are self explanatory that the Company has
provided for the interest on tfee term loan account as per the agreed
rate of interest and has provided their liability. However the Bank has
not provided for any interest as they have classified the same as Nan
Performing Assets
14. CORPORATE GOVERNANCE:
Your Company believes in coherent and self-regulatory approach in the
conduct of its business to achieve highest standard of Corporate
Governance. It has complied with the requirement of the Corporate
Governance as stipulated by SEBI. A separate report on Corporate
Governance along with Auditor''s Certificate on its compliance is
annexed to and forms part of the report.
15. ACKNOWLEDGMENT:
Your directors wish to place on record their thanks to our Bankers. The
Board also places on record their appreciation for the devoted services
rendered by the employees.
For PAFtEKH SHAH & LODHA
Chartered Accountants
Place: Mumbai
Date : 30th May, 2013.
Mar 31, 2012
To, The Members of VICTORIA ENTERPRISES LTD.
The Directors have pleasure in submitting their Annual Report together
with the audited statement of accounts for the year ended 31st March,
2012.
1. FINANCIAL HIGHLIGHTS :
(Rs. In Lacs)
Particulars 2011-12 2010-11
Turnover for die period (including
increase/(decrease) 1047.86 1457.43
in Work in Progress)
Other incomes 10.86 8.00
Total income 1058.72 1465.43
Profit before depreciation, interest & tax 261.00 570.41
Interest & Finance Costs 256.45 564.54
Depredation 0.95 1.18
Profit before tax 3.60 4.69
Profit after tax 1.34 3.07
2. OPERATIONS:
The Company is engaged in the business of real t state development. The
Company is also in the process to acquire some more real estate
development projects in Mumbai and also outside Mumbai. The Company is
concentrating in development of both commercial as well as residential
projects.
Presently the real estate market in the India is doing very well and
the management of the Company is positive to crystallize tine
opportunities of the market and considering the rich experience of the
promoters in real estate development the Management is expecting good
growth of this business segment of the Company in the near future.
Quality, punctuality in giving possession to the customers, proper
guidance to the customers and foresight in selection of land for
projects are the basic parameters to get success in the real estate and
development industry. The Company is following the same standards and
philosophy in the business.
Management is expecting good growth in die business of the Company in
the near future in this segment.
3. GOVERNMENT INITIATIVES :
The Government of India announced stimulus package which, coupled with
the Reserve Bank of India''s move allowing banks to provide special
treatment to the real estate sector, is likely to impact the Indian
real estate sector in a positive way.
Foreign Investment Promotion Board (FIPB) announced new foreign direct
investment policy (FDI) during the current year aimed at simplifying
existing norms to attract foreign investment into India.
Besides-the above measures, the government also announced an economic
stimulus package keeping in mind the impact of the global slowdown on
the Indian real estate sector. Public sector banks and private sector
banks announced a package for home loan borrowers in various
categories. This is expected to increase borrowing for homes and in
lurn give a boost to the realty sector. Moreover, excise duty cuts on
cement and steel are expected to bring down construction cost.
4. OPPORTUNITIES AND THREATS :
With the downturn in the Real Estate market caused by the global
economic slowdown, there is an opportunity of creating portfolios in
the affordable Real Estate market and to grow the largely untapped
mid-market segment. Real estate companies have seized the opportunity
to re-classify their products / offerings in order to cater to the high
volume affordable housing segment. Other measures include postponing
new launches, re- allocating funds and focusing on completion of
pre-committed projects, re-orienting product portfolio in favour of
mid-income / affordable homes and cutting construction cost via value
engineering to survive the ongoing slump. The present crisis present an
opportunity 10 every real estate company to correctly identify end-user
needs and keep affordability in mind before embarking on newer
projects. There is also an urgent need for deregulation of most of the
laws pertaining to the. real estate sector.
5. RISKS AND CONCERNS :
Macro risks
- Global geo-political risk, economic shocks and policy reversals
- Economic risks - rising interest rates, inflation and currency
risks
- Event risks - riots, natural calamities, etc.
- Rising costs of operation
- Constrained urban and physical infrastructure in cities
- Disparities in regional development within States
- Declining property rates
6. DIVIDEND:
Due to conserve the resources of the Company, your Director have not
recommend any dividend.
7. FIXED DEPOSITS :
During the year under review, the company has not taken any deposits
from Public.
8. DIRECTORS:
The Director Mr. Krishna Kumar Pittie retires by rotation at the close
of AGM and being eligible for re-appointment offered himself for die
same and die board recommends his appointment.
9. DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to the requirement under Section 217(2AA) of die Companies Act
1956 with respect to Directors'' Responsibility statement, it is hereby
confirmed.
(i) That in the preparation of the accounts for die financial year
ended 31st March, 2012 die applicable accounting standards have been
followed along with proper explanation relating to material departures;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments are estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for the year under review; ,
(iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for . safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(iv) That the Directors have prepared the accounts for the financial
year ended 31st March, 2012 on a ''going concern'' basis.
(v) That Auditors comment on the internal audit system of the company,
Directors wants to clarify that our internal accounting system is
strong enough to take care of internal control for accounts under the
supervision of management. Hence, we have not deputed outside agency to
carry on internal audit.
10. DISCLOSURE OF PARTICULARS UNDER SECTION 217 (2A):
The company does not have any employee who is covered by section 217
(2A) of the companies Act, 1956.
11. CONVERSATION OF ENERGY, ABSORPTION OF TECHNOLOGY AND FOREIGN
EXCHANGE EARNING AND OUTGO :
The company has not earned foreign exchange or incurred any expenditure
in foreign exchange during the year. Since the Company does not have
any manufacturing activities, the other particulars are required by
Section 217(l)(e) of the Companies Act, 1956 read with companies
(Disclosure of particulars in the report of Board of Directors) Rules,
1988 are not applicable lo the Company. Although the company is making
all efforts to conserve energy and update its technology to remain
competitive in business.
12. AUDITORS :
The Statutory Auditors of the Company M/s. Parekh Shah & Lodha,
Chartered Accountants, retire at the ensuing Annual General Meeting and
have confirmed their eligibility and willingness to accept office, if
reappointed.
13. AUDITORS OBSERVATIONS:
The comments of the auditors in their report is self explanatory and
need no further clarification.
14. CORPORATE GOVERNANCE:
Your Company believes in coherent and self-regulatory approach in the
conduct of its business lo achieve highest standard of Corporate
Governance. It has complied with the requirement of the Corporate
Governance as stipulated by SEBI. A separate report on Corporate
Governance along with Auditor''s Certificate on its compliance is
annexed.to and forms part of the report.
15. ACKNOWLEDGMENT:
Your directors wish to place on record their thanks to our Bankers. The
Board also places on record their appreciation for the devoted services
rendered by the employees.
For and on behalf of the Board
(Director)
Place : Mumbai
Date : 30th May, 2012
Mar 31, 2010
The Members of,
VICTORIA ENTERPRISES LTD.
(Formerly known as DOWN TOWN TRADING AND INVESTMENTS LTD.)
The Directors have pleasure in submitting their 28th Annual Report
together with the audited statement of accounts for the year ended 31st
March, 2010.
1. FINANCIAL HIGHLIGHTS :
(Rs. In Lacs)
Particulars 2009-10 2008-09
Turnover for the period (including increase/
(decrease) 1044.08 514.17
in Work in Progress
Other incomes 7.50 0.44
Total Income 1051.58 514.61
Profit before depreciation, interest &: tax 483.93 441.14
Interest & Finance Costs 478.28 411.41
Depreciation 1.66 25.92
Profit before tax 3.99 3.81
Profit after tax 3.67 0.93
2. OPERATIONS:
The Company is engaged in the business of real estate development. The
Company is also in the process to acquire some more real estate
development projects in Mumbai and also outside Mumbai. The Company is
concentrating in development of both commercial as well as residential
projects.
Presently the real estate market in the India is doing very well and
the management of the Company is positive to crystallize the
opportunities of the market and considering the rich experience of the
promoters in real estate development the Management is expecting good
growth of this business segment of the Company in the near future.
Quality, punctuality in giving possession to the customers, proper
guidance to the customers and foresight in selection of land for
projects are the basic parameters to get success in the real estate and
development industry. The Company is following the same standards and
philosophy in the business.
Management is expecting good growth in the business of the Company in
the near future in this segment.
3. GOVERNMENT INITIATIVES:
The Government of India announced stimulus package which, coupled with
the Reserve Bank of India''s move allowing banks to provide special
treatment to the real estate sector, is likely to impact the Indian
real estate sector in a positive way.
Foreign Investment Promotion Board (FIPB) announced new foreign direct
investment policy (FDI) during the current year aimed at simplifying
existing norms to attract foreign investment into India.
Besides the above measures, the government also announced an economic
stimulus package keeping in mind the impact of the global slowdown on
the Indian real estate sector. Public sector banks and private sector
banks announced a package for home loan borrowers in various
categories. This is expected to increase borrowing for homes and in
turn give a boost to the realty sector. Moreover, excise duty cuts on
cement and steel are expected to bring down construction cost.
4. OPPORTUNITIES AND THREATS :
With the downturn in the Real Estate market caused by the global
economic slowdown, there is an opportunity of creating portfolios in
the affordable Real Estate market and to grow the largely untapped
mid-market segment. Real estate companies have seized the opportunity
to re-classify their products / offerings in order to cater to the high
volume affordable housing segment. Other measures include postponing
new launches, re-allocating funds and focusing on completion of
pre-committed projects, re-orienting product portfolio in favour of
mid-income / affordable homes and cutting construction cost via value
engineering to survive the ongoing slump. The present crisis present an
opportunity to every real estate company to correctly identify end-user
needs and keep affordability in mind before embarking on newer
projects. There is also an urgent need for deregulation of most of the
laws pertaining to the real estate sector.
5. RISKS AND CONCERNS :
Macro risks
- Global geo-political risk, economic shocks and policy reversals
- Economic risks - rising interest rates, inflation and currency risks
- Event risks - riots, natural calamities, etc.
- Rising costs of operation
- Constrained urban and physical infrastructure in cities
- Disparities in regional development within States
- Declining property rates
6. Real Estate Sector Specific Risks
- Oversupply - in few product classes - IT SEZs, luxury end
residential.
- Land acquisition the land acquisition process in India and its
entitlement is anything but simple. It is a very long drawn complicated
afford.
- Lack of verifiable records - the serious gap in ownership records as
well as land titles being unclear, could pose several hurdles.
- Regulatory risk - several regulatory issue remain.
- Transparency risk - Indian real estate market transparency is rated
low as compared to international real estate transparency levels.
Although market transparency has improved, it is still hard to get
reliable and verifiable information.
- Lack of title insurance - The real estate market in India does not
have title insurance. There is a risk of latent ownership issue in
transactions with individual land owners.
- Property linked infrastructure risks - At major locations, the public
infrastructure is under strain. Though development and construction is
proceeding at a furious ace, required urban infrastructure is not
catching up fast enough.
- Lack of real estate securities legislation.
- Lack of uniform land laws - varying rules, regulations, standards,
practices from town to town across India.
- Lack of institutional mechanism to review and regulate the conduct of
valuation professionals as well as the qualifications and conduct of
bodies certifying their expertise.
- Distress sale by other developers likely to push down prices
- Demand becoming increasingly price and product sensitive.
The Company is mitigating these risks by way of qualitative market
research, faster decision making, and by taking a freshlook at its
entire set of processes, apart from undertaking proactive approach
towards problem resolution. Property financing remains largely
conducted through conventional mortgages, with the volume of more
modern, transparent and liquid products still negligible. This is
partly due to high registration charges and transaction costs and
structural impediments in the securitization legal framework. Industry
database on transaction volumes, structures and prices are also largely
undeveloped.
7. DIVIDEND;
Due to conserve the resources of the Company, your Director have not
recommend any dividend.
8. FIXED DEPOSITS :
During the year under review, the company has not taken any deposits
from Public.
9. DIRECTORS:
The Director Mr. Hasmukh Nandlal Shah retires by rotation at the close
of AGM and being eligible for re-appointment offered himself for the
same and the board recommends his appointment.
Mr. Umesh Synghal was appointed as additional Director of the Company
on 5th October, 2009. Notice has been received from a member signifying
his intention to propose appointment of Mr. Umesh Synghal as a
director.
10. 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.
i) That in the preparation of the accounts for the financial year ended
31st
March, 2010 the applicable accounting standards have been followed
along with proper explanation relating to material departures;
ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for the year under review;
iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
iv) That the Directors have prepared the accounts for the financial
year ended 31st March 2010 on a ''going concern'' basis.
11. DISCLOSURE OF PARTICULARS UNDER SECTION 217 (2A):
The company does not have any employee who is covered by section 217
(2A) of the companies Act, 1956.
12. CONVERSATION OF ENERGY, ABSORPTION OF TECHNOLOGY AND FOREIGN
EXCHANGE EARNING AND OUTGO :
The company has not earned foreign exchange or incurred any expenditure
in foreign exchange during the year. Since the Company does not have
any manufacturing activities, the other particulars are required by
Section 217(I)(e) of the Companies Act, 1956 read with companies
(Disclosure of particulars in the report of Board of Directors) Rules,
1988 are not applicable to the Company. Although the company is making
all efforts to conserve energy and update its technology to remain
competitive in business.
13. AUDITORS:
The Statutory Auditors of the Company M/s. Parekh Shah &. Lodha,
Chartered Accountants, retire at the ensuing Annual General Meeting and
have confirmed their eligibility and willingness to accept office, if
reappointed.
14. AUDITORS OBSERVATIONS:
The comments of the auditors in their report is self explanatory and
need no further clarification.
15. CORPORATE GOVERNANCE:
Your Company believes in coherent and self-regulatory approach in the
conduct of its business to achieve highest standard of Corporate
Governance. It has complied with the requirement of the Corporate
Governance as stipulated by SEBI. A separate report on Corporate
Governance along with Auditor''s Certificate on its compliance is
annexed to and forms part of the report.
16. ACKNOWLEDGMENT:
Your directors wish to place on record their thanks to our Bankers. The
Board also places on record their appreciation for the devoted services
rendered by the employees.
For and on behalf of the Board
(Director)
Place : Mumbai
Date : 31st May, 2010.
Mar 31, 2009
The Directors have pleasure in submitting their 27th Annual Report
together with the audited statement of accounts for the year ended 31st
March, 2009.
1. FINANCIAL HIGHLIGHTS :
(Rs. In Lacs)
Particulars 2008-09 2007-08
Turnover for the period
(Including Increase/ (Decrease) 514.17 5024.73
in Work in Progress)
Other Incomes 0.44 Nil
Total Income 514.61 5024.73
Profit before Depreciation & Tax, 29.73 223.17
Depreciation 25.92 22.58
Profit before Tax 3.81 200.59
Profit after Tax 0.93 123.87
2. OPERATIONS.
The Company is engaged in the business of real estate development.
Presently the following three real estate development projects of the
Company are under development:
- Victoria Elegance, Mumbai - Residential cum Commercial.
- Pittie Chambers, Mumbai - Commercial.
- Pittie Plaza, Jodhpur, Rajasthan - Commercial.
Development of the said projects is going on in full swing and the
Company is positively targeting the above projects in the coming
financial year.
Details of the projects under development are as under:
a) Victoria Elegance: Located at Shivaji Park, Dadar, Mumbai 400 028. A
12 storied residential cum commercial complex in one of the prime
commercial cum residential area of Mumbai city. The project is expected
to complete on or before March, 2011.
b) Pittie Chambers: Located at Bandra Kurla Link Road, Bandra (East),
Mumbai - 400 051, a prime business and commercial area of Mumbai city.
The company will construct ground + 7 storey commercial building, which
is expected to complete on or before March 2010.
c) Pittie Plaza: Located at Manji Ka Hatta, Main Mandore Road, Near P &
T Office, Paota, Jodhpur (Rajasthan), second largest and developed city
of the State of Rajasthan, after Jaipur. The Company will construct
Basement + Ground + 7 Story commercial complex and expected to complete
on or before March, 2011.
The Company is also in the process to acquire some more real estate
development projects in Mumbai as well as outside Mumbai. The Company
is concentrating on development of quality commercial as well as
residential projects/spaces.
Presently the real estate development industry is doing well in India,
although there are some pressures on the industry as a whole due to
various market circumstances/conditions, particularly on the financial
front. But the said circumstance, would not affect the operation and
growths of the Company to a larger extent since all of the projects,
which are under development, are financially closed. The management of
the Company is positive to crystallize the opportunities of the market
with the rich experience of the promoters in the real estate
development. The Management is expecting good growth of this business
segment of the Company in the near future.
Quality, punctuality in giving possession to the customers, proper
guidance to the customers and foresight in selection of land for the
projects are the basic parameters to get success in the real estate and
development industry. The Company is following the same standards and
philosophy in the business.
8 DIVIDEND:
Due to conserve the resources of the Company, your Director have not
recommend any dividend.
9. FIXED DEPOSITS :
During the year underreview, the company has not taken any deposits
from Public.
10. DIRECTORS:
The director Mrs. Sangeeta Pittie retires by rotation at the close of
AGM and being eligible for re-appointment offered her selves for the
same and the board recommends her appointment.
11. 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.
i) That in the preparation of the accounts for the financial year ended
31st March, 2009 the applicable accounting standards have been followed
along with proper explanation relating to material departures;
ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for the year under review;
iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
iv) That the Directors have prepared the accounts for the financial
year ended 31st March 2009 on a going concern basis.
12. DISCLOSURE OF PARTICULARS UNDER SECTION 217 (2A):
The company does not have any employee who is covered by section 217
(2A) of the companies Act, 1956.
13. CONVERSATION OF ENERGY, ABSORPTION OF TECHNOLOGY AND FOREIGN
EXCHANGE EARNING AND OUTGO :
The company has not earned foreign exchange and incurred expenditure
Rs. 62.84 Lacs (P.Y. Rs. NIL) in foreign exchange during the year.
Since the Company does not have any manufacturing activities, the other
particulars are required by Section 217(1) (e) of the Companies Act,
1956 read with companies (Disclosure of particulars in the report of
Board of Directors) Rules, 1988 are not applicable to the Company.
Although the company is making all efforts to conserve energy and
update its technology to remain competitive in business.
14. AUDITORS:
The Statutory Auditors of the Company M/s. Ravindra Chaturvedi & Co.,
Chartered Accountants, retire at the ensuing Annual General Meeting and
have confirmed their eligibility and willingness to accept office, if
reappointed.
15. AUDITORS OBSERVATIONS:
The comments of the auditors in their report is self explanatory and
need no further clarification.
16. CORPORATE GOVERNANCE:
Your Company believes in coherent and self-regulatory approach in the
conduct of its business to achieve highest standard of Corporate
Governance. It has complied with the requirement of the Corporate
Governance as stipulated by SEBI. A separate report on Corporate
Governance along with Auditors Certificate on its compliance is
annexed to and forms part of the report.
17. ACKNOWLEDGMENT:
Your directors wish to place on record their thanks to our Bankers. The
Board also places on record their appreciation for the devoted services
rendered by the employees.
For and on behalf of the Board
(Director)
Place : Mumbai
Date : 30th June, 2009.
Mar 31, 2008
The Directors have pleasure in submitting their 26th Annual Report
together with the audited statement of accounts for the year ended 31st
March, 2008.
1. FINANCIAL HIGHLIGHTS :
(Rs. In Lacs)
Particulars 2007-08 2006-07
Turnover for the period including 5024.73 1,350.53
increase / (decrease) in Work in Progress)
Other incomes Nil 2.79
Total Income 5024.73 1,353.33
Profit before depreciation & tax 223.17 59.11
Depreciation 22.58 3.29
Profit before tax 200.59 55.82
Profit after tax 123.88 47.05
2. OPERATIONS:
The Company is engaged in the business of real estate development.
Presently the following three real estate development projects of the
Company are under development:
- Victoria Elegance, Mumbai - Residential cum Commercial.
- Pittie Chambers, Mumbai - Commercial.
- Pittie Plaza, Jodhpur, Rajasthan - Commercial.
Development of the said projects is going on in full swing and the
Company is positively targeting the above projects in the coming
financial year. All of the above projects are financially closed.
In the very short period of the operation the Company is being able to
achieve a significant growth and reported net profit after tax of Rs.
123.87 lacs against a net profit of Rs. 47.05 lacs in the earlier
financial year.
Details of the projects under development are as under:
a) Victoria Elegance: Located at Sivaji Park, Dadar, Mumbai 400 028. A
12 storied residential cum commercial complex in one of the prime
commercial cum residential area of Mumbai city. The project is expected
to complete on or before December 2009.
b) Pittie Chambers: Located at Bandra Kurla Link Road, Bandra (East),
Mumbai - 400 051, a prime business and commercial area of Mumbai city.
The company will construct ground + 7 storey commercial building, which
is expected to complete on or before June 2009.
c) Pittie Plaza: Located at Manji Ka Hatta, Main Mandore Road, Near P &
T Office, Paota, Jodhpur (Rajasthan), second largest and developed city
of the State of Rajasthan, after Jaipur . The Company will construct
Basement + Ground + 7 Story commercial complex and expected to complete
on or before December 2009.
The Company is also in the process to acquire some more real estate
development projects in Mumbai as well as outside Mumbai. The Company
is concentrating on development of quality commercial as well as
residential projects/spaces.
Presently the real estate development industry is doing well in India,
although there are some pressures on the industry as a whole due to
various market circumstances/conditions, particularly on the financial
front. But the said circumstance would not affect the operation and
growth of the Company to a larger extent since all of the projects,
which are under development are financially closed. The management of
the Company is positive to crystallize the opportunities of the market
with the rich experience of the promoters in the real estate
development, the Management is expecting good growth of this business
segment of the Company in the near future.
Quality, punctuality in giving possession to the customers, proper
guidance to the customers and foresight in selection of land for the
projects are the basic parameters to get success in the real estate and
development industry. The Company is following the same standards and
philosophy in the business.
3. DIVIDEND:
To conserve the resources of the Company, your Directors have not
recommend any dividend for the year.
4. FIXED DEPOSITS :
During the year under review, the company has not taken any deposits
from Public.
5. DIRECTORS :
The director Mr. Satish Sharma retires by rotation at the close of
ensuing Annual General Meeting and being eligible for re-appointment
and offered him selves for the same. The board recommends his
re-appointment.
6. 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.
i) That in the preparation of the accounts for the financial year ended
31st March, 2008 the applicable accounting standards have been followed
along with proper explanation relating to material departures;
ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for the year under review;
iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
iv) That the Directors have prepared the accounts for the financial
year ended 31st March 2008 on a going concern basis.
7. DISCLOSURE OF PARTICULARS UNDER SECTION 217 (2A):
The company does not have any employee who is covered by section 217
(2A) of the companies Act, 1956.
8. CONVERSATION OF ENERGY, ABSORPTION OF TECHNOLOGY AND FOREIGN
EXCHANGE EARNING AND OUTGO :
The company has not earned any foreign exchange or incurred any
expenditure in foreign exchange during the year.
Since the Company does not have any manufacturing activities, the other
particulars are required by Section 217(I)(e) of the Companies Act,
1956 read with companies (Disclosure of particulars in the report of
Board of Directors) Rules, 1988 are not applicable to the Company.
Although the company is making all efforts to conserve energy and
update its technology to remain competitive in the business.
9. AUDITORS:
The Statutory Auditors of the Company M/s. Ravindra Chaturvedi & Co.,
Chartered Accountants, retire at the ensuing Annual General Meeting and
have confirmed their eligibility and willingness to accept office, if
reappointed.
10. AUDITORS OBSERVATIONS:
The comments of the auditors in their report are self-explanatory and
need no further clarification.
11. CORPORATE GOVERNANCE:
Report and details on corporate governance has not been given in the
directors report as required under Clause 49 of the Listing Agreement,
since at present this clause is not applicable on the Company, still
the Company is following high standard of governance in its operations
and the management always believes in high standard governance
considering the size and nature of the Company. Whenever in the future
requirements of corporate governance will be applicable on the Company,
the Company will comply the same as per Clause 49 of Listing Agreement.
12. COMPLIANCE CERTIFICATE:
In accordance with Section 383A of the Companies Act, 1956 and
Companies (Compliance Certificate) Rules, 2001 the company has obtained
a certificate from a Secretary in the whole time practice confirming
that the Company has complied with all the provisions of the Companies
Act, 1956 copy of such certificate is annexed to this report and forms
part of this report.
13. ACKNOWLEDGMENT:
Your directors wish to place on record their thanks to the Bankers of
the Company for their continuous trust and support to the business and
growth of the Company. The Board also places on record their
appreciation for the devoted services rendered by the employees.
For and on behalf of the Board
(Director)
Date : 30.06.2008
Place : Mumbai
Mar 31, 2006
ANNUAL REPORT 2005-2006
DIRECTOR'S REPORT
To,
The Members of,
VICTORIA ENTERPRISES LTD.,
(Formerly known as DOWN TOWN TRADING AND INVESTMENTS LTD.)
The Directors have pleasure in submitting their 24th Annual Report together
with the audited statement of accounts for the year ended 31st March, 2006.
1. FINANCIAL HIGHLIGHTS:
Amount in Rs.
Turnover for the period (including 23,10,68,402
increase/(decrease) in stock)
Other incomes 15,85,219
Total Income 23,26,53,621
Profit before depreciation, interest & tax 16,96,515
Interest & Finance Costs 15,36,198
Depreciation 6,656
Pro before tax 32,69,369
Profit after tax (33,00,277)
2. OPERATIONS:
The Company has started the business of real estate development and
entertainment during the current financial year. Presently the Company has
taken two real estate development projects in Mumbai. The details of
projects under development are Victoria Elegance located at Sivaji Park,
Dadar, Mumbai 400 028. The company will construct 10 storey residential cum
commercial complex. The project is expected to be completed on or before
March 2008 another project is Pittie Chambers located at Bandra Kurla Link
Road, Bandra (East), Mumbai - 400 051. The company will construct ground +
7 storey commercial building and it is expected to be completed on or
before March 2008.
Quality, punctuality in giving possession to the customers, proper guidance
to customers and foresight in selection of land for projects are the basic
parameters to get success in real estate and development industry. The
Company is also in the process to take one more projects of real estate
development in the coming financial year considering the rich experience
of the promoters in real estate development the Management is expecting
good growth of this business segment of the Company in the near future.
The Company has also started entertainment business during the financial
year and started production of a Hindi movie; we are expecting the release
of the same by the end of next financial year apart from movie production
the Company is also exploring various options in this segment like
distribution of movies, acquisition of rights and financial assistance etc.
Management is expecting good growth in the business of the Company in the
near future.
3. FIXED DEPOSITS:
During the year under review, the company has not taken any deposits from
Public.
DISCLOSURE OF PARTICULARS UNDER SECTION 217 (2A):
The company does not have any employee who is covered by section 217 (2A)
of the companies Act, 1956.
CONVERSATION OF ENERGY ABSORPTION OF TECHNOLOGY AND FOREIGN EXCHANGE
EARNING AND OUTGO:
The company has not earned foreign exchange or incurred any expenditure in
foreign exchange during the year. Since the Company does not have any
manufacturing activities, the other particulars are required by Section
217(I)(e) of the Companies Act, 1956 read with companies (Disclosure of
particulars in the report of Board of Directors) Rules, 1988 are not
applicable to the Company. Although the company is making all efforts to
conserve energy and update its technology to remain competitive in
business.
DIRECTORS:
The director Mrs. Sangeeta Pittie retires by rotation at the close of AGM
and being eligible for re-appointment offered her selves for the same and
the board recommends her appointment.
7. 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:
i) That in the preparation of the accounts for the financial year ended
31st March, 2006 the applicable accounting standards have been followed
along with proper explanation relating to material departures;
ii) That the Directors have selected such accounting policies and applied
theme consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year and of the profit or loss of
the Company for the year under review;
iii) That the Directors have taken proper, and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities;
and
iv) That the Directors have prepared the accounts for the financial year
ended 31st March 2006 on a going concern basis.
8. AUDITORS:
The Statutory Auditors of the Company M/s. Ravindra Chaturvedi & Co.,
Chartered Accountants, retire at the ensuing Annual General Meeting and
have confirmed their eligibility and willingness to accept office, if
reappointed.
9. AUDITORS OBSERVATIONS:
The comments of the auditors in their report is self explanatory and need
no further clarification.
10. CORPORATE GOVERNANCE:
Report and details on corporate governance has not been given in the
directors report as required under Clause 49 of the Listing Agreement,
since at present this clause is not applicable on the Company, still the
Company is following high standard of governance in its operations and the
management always believes in high standard governance considering the size
and nature of the Company. Whenever in the future requirements of corporate
governance will be applicable on the Company, the Company will comply the
same as per Clause 49 of Listing Agreement.
11. COMPLIANCE CERTIFICATE:
In accordance with Section 383A of the Companies Act, 1956 and Companies
(Compliance Certificate) Rules, 2001 the company has obtained a certificate
from a Secretary in the whole time practice confirming that the Company has
complied with all the provisions of the Companies Act, 1956 copy of such
certificate is annexed to this report and forms part of this report.
12. ACKNOWLEDGMENT:
Your directors wish to place on record their thanks to our Bankers. The
Board also places on record their appreciation for the devoted services
rendered by the employees.
For and on behalf of the Board
(Director)
Place : Mumbai
Date : 30th June, 2006.
Mar 31, 2004
To,
The Members,
The Directors have pleasure in submitting their 22nd Annual Report
together with the audited statement of accounts for the year ended 31st
March, 2004.
FINANCIAL HIGHLIGHTS
Amount (Rs.) Amount Rs. 2003-2004 2002-2003
(Loss)/Profit before provision for taxation 38.625 (69.790)
Deduct/Add:- Provision for Taxation - -
(Loss)/Profit after taxes 38.625 (69,790)
(Deduct)/Add:- Profit and Loss Account
Balance brought forward 4,56,950 5,26,740
4,95,575 4,56,950
Income Tax paid for earlier years 1,826 -
Balance carried forward 4,93,749 4,56,950
DIVIDEND
In view of smallness of profit and with a view of strengthen tile
reserves, your Directors do not recommend payment of any dividend for
the year.
GENERAL
As regards auditors observation for provision for diminution in value
of long term investments, note no.6 in Schedule "B" to the accounts is
self explanatory. Further, the Company is an investment company and
does not hale that volume of business activities which warrants the
introduction of an internal audit system.
DIRECTORS
Arun D. Aggarwal and Anita P. Aggarwal, Directors retire by rotation at
the ensuing Annual General meeting and, being eligible, offer
themselves for reappointment.
PERSONNEL
There were no employees during remuneration of more than Rs.24,00,000/-
per annum or Rs.2,00,000/- per month if employed for part of the rear
and hence the information pursuant to Section 217(2A) of the Companies
Act, 1956 read with the companies (Particulars of Employees) Rules,
1975 are not annexed.
AUDITORS
M/s. B.L. Sarda & Co. Chartered Accountants, retire at the ensuing
Annual General Meeting arid, being eligible, offer themselves for
reappointment.
DIRECTORS RESPONSIBILITY STATEMENT
The Board of Directors makes the following statements pursuant to
provisions of Section 217(2AA) of the Companies Act, 1956.
(i) That in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(ii) That the Directors had selected such accounting policies and
applied them consistently and made judgements and estimates that are
reasonable and prudent so as to give a the and fair view of the state
of affairs of file Company at the end of the financial year and of the
Profit and Loss of file Company for that period;
(iii) That the Directors had 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 deducting fraud and other irregularities ;
(iv) That the Directors had prepared the annual accounts oil a going
basis.
COMPLIANCE CERTIFICATE
In accordance with section 383A of the Companies Act. 1956 and
Companies (Compliance Certificate) Rules, 2001, the company has
obtained a certificate from a secretary in the whole tinge practice.
conforming that the company has complied with all the provisions of the
Companies Act, 1956, copy of such certificate is annexed to this report
and forms part of this report.
PARTICULARS OF CONSUMPTION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNING AND OUT GO
The company has no foreign exchange earnings and outgo. Since the
Company does not have ally Manufacturing activities. the other
particulars as required by Section 217(1)(e) of the Companies Act, 1956
read with Companies (Disclosure of particulars in file report of Board
of Directors) Rules, 1988 are not applicable to the Company.
BY ORDER OF THE BOARD
Place : Mumbai
Dated : 2ND AUGUST, 2004 DIRECTOR
Mar 31, 1999
The Directors have pleasure in submitting their 17th Annual Report
together with the audited statement of accounts for the year ended 31st
March, 1999.
FINANCIAL HIGHLIGHTS
Amount (Rs.) Amount (Rs.)
1998-99 1997-98
(Loss)/Profit before provision
for taxation (26,432) (7,948)
Deduct/Add :- Provision for Taxation - -
(Loss)/Profit after taxes (26,432) (7,948)
Deduct/Add : Profit & Loss Account
Balance brought forward 9,173 17,121
Balance carried forward (17,259) 9,173
DIVIDEND
In view of losses incurred during the year, the Directors do not
recommend payment of any dividend for the year.
GENERAL
M/s. Asia Publishing House Ltd., M/s. Dharambir Manoharlal Ltd., M/s.
Dharambir Manoharlal Properties Ltd., M/s. Steel Suppliers Ltd., and
M/s. Dharam Estates & Investments Ltd. continued to be subsidiary
Companies of the Company. Statement pursuant to Section 212 of the
Companies Act, 1956 concerning the subsidiary companies is annexed
herewith.
Inspite of all the efforts, the Company has still not been able to
appoint a Secretary in accordance with the provisions of the Companies
Act, 1956, since no suitable person is available for the post. The
directors are still trying for the same.
The Company is an investment company and does not have that volume of
business activities which warrants the introduction of an internal
audit system.
DIRECTORS
Mrs. Vishakha A. Aggarwal and Mrs. Anita P. Aggarwal were appointed as
Directors u/s 257 of the Companies Act, 1956 in the Extra Ordinary
General Meeting held on 26th December, 1998.
Mrs. Phoolvati D. Aggarwal, a Director of the company expired during
the year. The Board of Directors place on record the appreciation for
services rendered by Mrs. Phoolvati D. Aggrwal during the tenure of her
Directorship.
Shri Pawan D. Aggarwal and Mrs. Vishakha A. Aggarwal, Directors, retire
by rotation at the ensuing Annual General Meeting and, being eligible,
offer themselves for reappointment.
PERSONNEL
There were no employees drawing remuneration of more than Rs.
3,00,000/- per annum or Rs. 25,000/- per month if employed for part of
the year and hence the information pursuant to Section 217(2A) of the
Companies Act, 1956 read with the Companies (particulars of Employees)
Rules, 1975 are not annexed.
AUDITORS
M/s. B.L. Sarda & Co., Chartered Accountants, retire at the ensuing
Annual General Meeting and, being eligible, offer themselves for
reappointment.
PARTICULARS OF CONSUMPTION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNING AND OUT GO
The Company has no foreign exchange earnings and outgo. Since the
Company does not have any Manufacturing activities, the other
particulars as required by section 217(1) (e) of the Companies Act,
1956 read with Companies (Disclosure of particulars in the Report of
Board of Directors) Rules, 1988 are not applicable to the Company.
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