jts*.. s | For The Financial Year 2OOO-2OO1mrvc.indianrailways.gov.in/works/uploads/File/Mumbai...

I RAILWAY VIKAS CORPORATION LIMITED(A PSU of Indian Railways & Govt. of Maharashtra)

jts*.. s |> PORTFor The Financial Year

2OOO-2OO1

TABLE OF CONTENTS

Sr. No. Contents

1 Board of Directors

Page No.

1

Notice of 2nd Annual General Meeting

Chairman's Speech 3&4

Directors' Report 5 to 10

Statutory Auditors' Report 11&12

Comments of the C&AG 13

Balance Sheet & P&L Account (with notes) 14 to 23

MUMBAI RAILWAY VIKAS CORPORATION LIMITED(A PSU of Indian Railways & Govt of Maharashtra)

BOARD OF DIRECTORS :

AUDITORS

BANKERS:

(1) Shri R. N. Malhotra, Chairman(2) Shri R. S. Varshneya, Managing Director(3) Shri H. B. Singh, Director (Electrical)(4) Smt. Shobhna Jain, Director (Finance)(5) Shri R K. Wahi, Part-time Official Director (IR)(6) Shri U. R S. Madan, Director (Resettlement & Rehabilitation)(7) Shri V. K. Phatak, Director (Infrastructure & Commercial Development)(8) Shri A. R Sinha, Part-time Official Director (COM)

M/S. M.M.CHATURVEDI & CO.Chartered Accountants24, Atlanta, Nariman Point,Mumbai-400021.

(1) H D F C Bank,Mumbai(2) ICICI Bank, Mumbai

REGISTERED OFFICE2nd Floor, Churchgate Station Building, Mumbai 400 020

Tel.: 022-201 4623. Fax : 022-209 6972. E-mail: [email protected]

•o-

MUMBAI RAILWAY VIKAS CORPORATION LIMITED

NOTICE OF THE SECOND ANNUAL GENERAL MEETING

Notice is hereby given that the Second Annual General meeting of Mumbai Railway VikasCorporation Limited will be held on 26th September 2001 at 15.00 hrs at Conference Hall, Rail Bhavan,Railway Board, Raisina Marg, New Delhi 110 001 to transact the following business :

1. To receive, consider and adopt the Audited Profit and Loss Account for the year ended 31stMarch 2001 and the Balance Sheet as at that date together with the Directors' and Auditors'Report thereon and the comments of C&AG on the Accounts of the Corporation.

2. To fix the remuneration of Auditors to be appointed by the Comptroller and Auditor General ofIndia pursuant to Sections 224 (8) (aa)/619 of the Companies Act, 1956 by passing with or withoutmodifications the following resolution as an Ordinary Resolution.

"RESOLVED THAT pursuant to Section 224 (8) (aa) of the Companies Act 1956 the ManagingDirector and/or Director (Finance) be and is hereby authorized to fix the remuneration of StatutoryAuditors for the financial year 2001-02 in consultaion with them."

By order of the Board of Directors

(R. S. Varshneya)Managing Director

MumbaiDated : 18th September 2001

NOTES

1) A member entitled to attend and vote at the meeting, is entitled to appoint a Proxy to attend andvote instead of himself and a Proxy need not be a member of the Corporation.

2) Instrument appointing a Proxy or other authority, if any, shall in order to be effective be depositedat the Registered Ofice of the Corporation not less than 48 hours before the meeting.

3) The comments of the Comptroller and Auditor General of India under Section 619 (4) of theCompanies Act, 1956 on the Accounts of the Corporation for the Financial Year 2000-01 whenreceived, will be circulated to the members.


Second Annual General MeetingChairman's Speech

Ladies and Gentlemen,

It gives me great pleasure to welcome you to the 2nd Annual General Meeting of the Mumbai Railway VikasCorporation Ltd.

The Suburban Railways are the principal mode of mass transport in Mumbai Metropolitan Region and itssurrounding areas. 61 lakh commuters travel by rail every day. The commuter population in Mumbai hasincreased at a phenomenal rate and at peak hours commuters face enormous inconvenience due to over-congestion and over-crowding of the system. In order to cope up with the ever increasing commmuterpopulation, Mumbai Urban Transport Planning unit (MUTP), was set up in October, 1994 to identify andprioritize rail and road infrastructure projects and work out the technical and financial implications andnecessary institutional changes needed for implementation.

The total cost of MUTP rail component is Rs. 5618 crores of which Phase-I amounts to Rs 3115 crores,which is to be shared between the Ministry of Railway and the Government of Maharashtra in the ratio of50:50 and is to be executed by Mumbai Railway Vikas Corporation Ltd. (MRVC).

The activities of the Corporation have started effectively from April, 2000. An equity capital contributionamounting to Rs. 25 crores in the proportion of 51:49 has been received from the Ministry of Railways andthe Government of Maharashtra respectively during the year.

A World Bank loan amounting to Rs. 1604 crores is being negotiated with the World Bank and has receivedthe approval of the Finance Ministry in July 2001. A surcharge shall be levied on the Mumbai commuters torepay the loan amount. There shall be a phasewise increase in the surcharge after three years and after thenext three years. The details of the surchage scheme are under finalization.

The Project Monitoring Unit under MMRDA (a unit created for Project monitoring and Rehabilitation &resettlement for MUTP) has successfully completed and re-located over 7500 slum-dwellers along with railwayline earlier this year clearing the entire safety zone of 10 metres on either side of the railway track resulting inspeedy progress of Rail works, increasing the speed of trains, reducing their running time and improvingtheir punctuality.

During this year, MRVC has increased its capital assets by Rs. 84.3 lakhs from Rs. 25.00 crores to Rs. 25.84crores at the end of year ending March, 2001 and has managed well, keeping a very lean organization.

The office premises for the Corporate Office of Mumbai Railway Vikas Corporation (MRVC) situated on 2ndfloor, Churchgate Station Building, Annexe, comprising 15,311 sq.ft. were alloted by General Manager,Western Railway to MRVC at a rate of Rs. 1.50 per sq. ft. per month as was being charged from MetropolitanTransport Projects (Railways) in the past.

Permission has been granted by the Railway Board in August,2001, for retention of Railway accommodationby the staff and the officers of Mumbai Railway Vikas Corporation on deputation for a period of 5 years fromthe date of incorporation of MRVC i.e. from 12.07.1999

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With this brief over-view, I would like to conclude by thanking the Ministry of Railways and the Governmentof Maharashtra for all the assistance and co-operation extended to the Mumbai Railway Vikas CorporationLtd. On behalf of the Officers and staff of Mumbai Railway Vikas Corporation Ltd. and on my own behalf,I assure all Members present here and the Mumbai rail commuters that Mumbai Railway Vikas CorporationLtd. will spare no efforts in reaching the goals set out for it and for improving travel quality and conditions ofthe Mumbai commuters.

Thank you,

(R.N. Malhotra)Chairman

Note : This does not purport to be the proceedings of Second Annual General Meeting.

•0-


SECOND ANNUAL GENERAL MEETING - DIRECTORS' REPORT

Ladies and Gentlemen

The Directors of Mumbai Railway Vikas Corporation Limited have great pleasure in presenting the SecondAnnual Report for the year ending 31st March 2001.

1. Introduction :In order to implement suburban Railway Projects, a joint Public Sector Company of Indian Railways

and Government of Maharashtra under the Ministry of Railways, the Mumbai Railway Vikas CorporationLimited was incorporated and registered on 12th July 1999. Certificate of commencement of Business wasreceived on 23rd March 2000.

2. Share Capital :The authorised Share Capital of the Company is Rs.25.00 Crores (Rupees Twenty five Crores)

subscribed as under :

i) Government of India (Ministry of Railways)Rs. 12,75,00,000.00

ii) Government of Maharashtra -Rs. 12,25,00,000.00

3.

51%

49%

Railway Infrastructure Projects :MRVC Ltd. has started functioning from 29th April 2000. The list of ongoing projects including the

ongoing projects of Central and Western Railways along with the costs are given at Annexure 'A'

The programme of implementation of the projects is divided into Phase I with 9 projects proposedto be completed by 2005-2006 and Phase II with 5 projects to be completed by 2009-2010.

4. World Bank Loan Funds :The Railway Suburban Infrastructure Projects of MUTP are expected to be executed at an estimated

cost of Rs. 5618 Crores. The costs will be shared by the Ministry of Railways and the Govt. of Maharashtrain the ratio of 50-50. As against the estimated total cost of Rs.5618 crs the World Bank is expected toprovide funds to the extent of Rs. 3102 Crores

5. Changes in the Board of Directors w.e.f.7.11.2000:Shri V K. Aggarwal.Chairman Railway Board was appointed Chairman of the Corporation from

4.2.2000 to 31.8.2000 He relinqished charge on his superannuation as Chairman Railway Board on31.8.2000.

Shri R. N. Malhotra took over as Chairman w.e.f 7.11.2000.

Shri R K. Wahi was appointed as Part-time Official Director by Ministry of Railways w.e.f. 22.11.2000 andcontinued upto 23.04.2001. Shri Kanwarjeet Singh took over as Part time Director form 24.4.2001.

Shri V. K. Phatak was appointed as Director (Infrastructure and Commercial Development) by Governor ofMaharashtra who took over his assignment on 04.05.2001.

6. Directors' Responsibility Statement

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956, Directors' ResponsibilityStatement as approved by the Directors is furnished below :

To the best of their knowledge and according to the explanations furnished it is hereby confirmed :

(i) that in the preparation of the annual accounts, the applicable accounting standards have been followedalong with proper explanation relating to material departures;

(ii) that the Directors have selected such accounting policies and applied them consistently and madejudgements and estimates that are reasonable and prudent so as to give a true and fair view of thestate of affairs of the Company at the end of financial year and of the profit or loss of the Companyfor that period;

(iii) that the Directors have taken proper and sufficient care for the maintenance of adequate accountingrecords in accordance with the provision of this Act for safeguarding the assets of the company andfor preventing and detecting fraud and other irregularities.

(iv) that the Directors have prepared the annual accounts on a going concern basis.

7. Constitution of Audit Committee :

As per the new clause 292 (A) of the Companies Act, 1956, an Audit Committee has been constituted.

In accordance with the provision, it is proposed to have an Audit Committee consisting of three memberscomprising of the Managing Director, Part-time Govt. Director from Railways viz Additional Member (Planning)and Part-time Govt. Director from Govt. of Maharashtra viz Principal Secretary, (Urban DevelopmentDepartment-1) Govt. of Maharashtra.

8. Activities during the year :

(i) Directives of the Ministry of Railways :Ministry of Railways issued directives vide their communication dated 23.11.2000 defining the role of MRVCLtd. According to these directives, MRVC Ltd. would be the project implementing Agency for MUTP andwould be accountable for the satisfactory completion of all works of the project.

MRVC Ltd. would be responsible for financing and procuring major items such as Rolling Stock/AC-DCequipment/cables/track machines as also for executing certain identified works in the field.

The execution of the remaining works which can be better executed by the zonal Railways on account oftheir location and interface with running installations would be specifically listed out and carried out by theconcerned Railway.

In order to spell out the modalities of transfer, execution and completion of the various projects along withtheir components such as R&R MOUs are required to be drawn up with the W.Rly, C.Rly and the MMRDA.

-0-

Based upon the quantum of work to be carried out by the MRVC/Zonal Railways, the D&G charges onestimates would be shared by MRVC and the Railways.

(ii) Works handled by MRVC Ltd.:

a) In compliance with these directives, MOUs with the C.Rly and the W.Rly were drawn up regarding theexecution of Rly projects & sharing of the D&G charges on estimates. These MOUs have been sent to theRailway Board for their approval.

b) For the new EMUs to be procured, the specifications have been got examined through Global tenders bya UK based firm at a cost of US $ 28800. Based upon this and examination by RDSO , specifications for thenew EMUs have been firmed up and sent to the Railway Board for their approval.

c) The Implementation Plan and Economic Analysis of the 1500 V-DC to 25 KV-AC conversion for theRailway network in Mumbai has been got carried out through RITES at a cost of Rs. 14.70 Lakhs.

d) A Project Management Consultancy tender works floated for the ongoing Kurla-Thana project which wasproposed to be taken over by MRVC for execution. This tender has not been finalized since Central Railwayhas expressed reservations regarding handing over the project to MRVC.

e) Expressions of interest were sought in respect of the following five studies of Technical assistance:

1) Improvement in Track Maintenance system on suburban section.2) Improvement to Drainage conditions in suburban section.3) Station Design and engineering.4) Commercial development of Railway land and air space in Mumbai Suburban Section.5) Design of overhead equipment, Substation and SCADA.

These studies could not however be finalized pending approval from Railway Board & sanction of loan fromWorld Bank

f) An MOU between the Ministry of Railways and MRVC was drawn up for commercial utilisation of Railwayland and air space and is awaiting approval of the Railway Board.

g) Resettlement and rehabilitation of 7530 Project Affected Persons on the C.Rly and W.Rly was done byPMU/MMRDA during the year 2000-2001

9) Funding of MRVC Ltd.:

At present, expenses of MRVC are being met from the interest earned on the investment of the share capitalin fixed deposits. The Profit and Loss statement for 2000-2001 brings out the details of interest earned andexpenses incurred during the year.

It is expected that D & G charges will be received from the two Railways during the current financial year.

50% of funds required for MUTP projects will be provided by the Ministry of Railways and the balance 50%funds will be obtained from Govt. of Maharashtra. Funds flow arrangements relating to funding of MUTP railproject through World Bank funds and counterpart funds for rail portion are under finalization between

Ministry of Railway and Ministry of Finance after which funds required will be provided to MRVC.

10) Financial Performance of MRVC :

The Profit and Loss account of MRVC for the year 2000-2001 and its Balance Sheet as on 31.3.2001 areenclosed. The salient features are as under :

a. Business income during the year amounted to Rs. 14 lakhs. As against this the total expenditure ofthe Corporation amounted to Rs. 98.59 Lakhs leaving a business loss of Rs. 84.59 lakhs,

b. The share capital of Rs. 25 Crores was invested in Fixed deposits and fetched 'Other Income' ofRs. 221.79 Lakhs as interest during the year,

c. Setting off the loss from the 'Other Income' the corporation earned a Profit before tax amounting toRs. 137.50 lakhs,

d. Tax provision of Rs.53.00 Lakhs has been made resulting in a net Profit after Tax amounting toRs. 84.50 Lakhs during the year 2000-2001.

11. Auditors :

i) M/s M. M. Chaturvedi & Co., Chartered Accounts, Mumbai have been appointed by theComptroller & Auditors General of India, New Delhi in March 2001 as the Statutory Auditorsfor MRVC Ltd.,

ii) The Comptroller & Auditor General of India, has entrusted the Govt. Audit of Mumbai RailwayVikas Corporation Ltd. to the Principal Director of Commercial Audit and Ex-officio Member,Audit Board-I Mumbai.

12. Particulars of Employees :-

During the year under review the particulars of such employees to be disclosed under section 217 (2) (A) ofthe Companies Act, 1956 and the Companies (Particulars of employes) Rules. 1975 and amendments thereoffrom time to time may be treated as "nil".

13. Acknowledgements :

The Board of Directors gratefully acknowledge the co-operation and guidance received from the Ministry ofRailways, Govt. of Maharashtra, MMRDA and the Central and Western Railways from time to time.

14. The Board of directors also place on record their appreciation of the valuable services rendered bythe officers and the employees of the corporation during the year under review.

For and on behalf of the Board of Directors

(Smt. Shobhna Jain) (H.B.Singh)Director (Finance) Managing Director

Place : MumbaiDate : 27.07.2001

(ANNEXURE-A)

FINANCIAL STATUS OF RAIL PROJECTS UNDER MUTP (MRVC) UP TO 2000-01 (Figures in crores of Rs.

©

Sr.No.

1

1

2

3

4

5

6

78

9

10

11

12

13

14

Particulars

2 ,PHASE-15th Line between Santacruz and Borivli onWestern RailwayOptimisation on Western Railway including12 car rakes on through lineAdditional corridor between Borivli andBhayander on Western RailwayAdditional corridor between Bhayander andVirar and Western Railway5th & 6th line between Kuria & Thane onCentral RailwayOptimisation on Central Railway including 12 carrakes on through lineOptimisation on Harbour line of Central RlyDC to AC conversion Central RailwayDC to AC conversion Western RailwayRe-manfacturing of dual voltage EMUs

Total:PHASE -II12 car rakes operation on local lines on WesternRailway12 car rakes operation on local lines on CentralRailway5th line between CSTM and Kuria onCentral Railway6th line between Santacruz and Borivlion Western RailwayBandra and Kuria Rail Link

Total:Grand Total

Estimated Cost

Total3

163.15

544.00

234.51

354.97

374.00

612.01296.00355.00

196424.00

3563.64

313.00302.00

236.00

216.00997.12

2064.125617.76

Phase I4

163.15

373.00

234.51

354.97

374.00

503.01296.00

197196

424.003115.64

0.000.00

0.00

0.000.000.00

3115.64

Phase II5 .

0.00

171.00

0.00

0.00

0.00

109.000.00158

0.00438.00

313.00302.00

236.00

216.00997.12

2064.122502.12

Sanctionedso far*

6

87.89

8.76

401.66

151.79

36.8310.20

355196

0.001248.13

12.803.97

0.00

0.00

16.771264.90

Exp. Up toMarch 2001 asper Pink Book

01.02

7

82.42

4.06

64.56

80.00

24.940.000

22.69

278.67

1.140.60

1.74280.41

BudgetOutlay for2001-02

8

2.00

1.22

40.00

18.00

2.720.50

13.99

78.43

6.321.50

7.8286.25

Balance tocomplete thesanctioned

work

9

3.47

3.48

297.10

53.79

9.179.70

316.24159.32

0.00852.27

5.341.87

7.21859.48

Sanctioned cost includes project construction cost only and does include the cost of rakes, R&R, EMU maintenance. Stabling Facilities, Technicalassistance and Track Machines.This covers Non Suburban portion.


DIRECTORS' REPORT DATED 27.07.2001

CORRIGENDUM

Correction in Para 7 of the Directors' report :

Para 7 of the Directors' Report regarding constitution of Audit Committee has been substituted by new para7 as follows. The rest of the Directors' Report will remain unchanged.

New Para 7

"7. Constitution of Audit Committee :

Constitution of Audit Commiittee as per new clause 292(A) of Companies Act, 1956 is being proposed.

In accordance with the provision, the Corporation has initiated steps to constitute the Audit Committee andthe process will be completed after the receipt of confirmation from the proposed committee members.

For and on behalf of the Board of Directors

(Smt. Shobhna Jain) (R. S. Varshneya)Director (Finance) Managing Director

Place : MumbaiDate : 16th August'2001

M.M.Chaturvedi & Co.24,Atlanta,NarimanPoint,Mumbai-400021. Phones:2824220/2835128 Chartered AcCOUntantSEmail: [email protected] Gram: Taxbrain Fax : 287 2329

AUDITORS REPORT TO THE MEMBERS

We have audited the attached Balance Sheet of MUMBAI RAILWAY VIKAS CORPORATION LIMITED as at 31stMarch 2001 and annexed Profit and Loss Account of the Company for the year ended on that date. The balancesheet and profit and loss account for the above period, audited and reported upon by us vide our earlier reportdated 27th July 2001, have undergone some changes consequent upon the observation made by Comptrollerand Auditor General of India in the course of supplementary audit. The details of changes have been given innote No. 10 in notes to accounts. We are now giving our report on the revised accounts as under.

1. We have obtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit.

2. In our opinion, proper books of accounts as required by law have been kept by the Company,so far as appears from our examination of such books.

3. The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with thebooks of accounts.

4. Except as mentioned in Note No. 2 In Notes to Accounts, in our opinion the Profit & LossAccount and Balance Sheet comply with the Accounting standards referred to in Section 211(3C) of the Companies Act.

5. In absence of necessary informatiion, we are unable to state whether any director of the companyis disqualified from being appointed as a director under clause (g) of sub-section (1) of section274 of the Companies Act, 1956.

6. In our opinion and to the best of our information and according to the explanations given to us,the said Accounts subject to Note No.2 in notes to Accounts, regarding non provision of D & Gcharges and read with the other notes thereon give the information required by the CompaniesAct, 1956 in the manner so required and give a true and fair view.

i) in the case of Balance Sheet, of the state of affairs of the Company as at31st March, 2001 and

ii) in the case of Profit & Loss Account, of the profit for the year ended 31st March, 2001.

7. As required by the manufacturing and Other Companies (Auditors Report) Order, 1988issued by the Central Government in terms of section 227 (4-A) of the Companies Act, 1956and on the basis of such checks as we considered appropriate, to the extent applicable to theCompany, we state that

i) The company is in the process of preparing proper records showing full particularsincluding quantitative details and situation of fixed assets. The fixed assets have beenphysically verified by the management during the year at reasonable intervals anddiscrepancy, if any, can be ascertained only after the records are updated.

ii) None of the fixed assets of the company have been revalued during the year.

iii) The company being a service company does not hold any finished goods, stores.

spare parts and raw materials.

iv) The Company has not accepted any loans, secured or unsecured from companies, firms orother parties listed in the register maintained under Section 301 of the companies Act, 1956or from companies under the same management as defined under section 370 (IB) of the saidAct.

v) The Company has not given any Loans and Advance in the nature of Loan to any parties listedin the register maintained under section 301 of the companies Act, 1956 or to companies underthe same management as defined under section 370 (IB) of the said Act.

vi) The Company has recovered interest free festival advance given to its employees as stipulated.

vii) In our opinion and according to the information and explanations given to us, there are adequateinternal control procedures commensurate with size of the company and the nature of its businesswith regard to purchase of assets.

viii) The Company has not accepted deposits from public.

ix) During the year, the Company did not have any Internal Audit System.

x) The Central Government has not prescribed maintenance of cost records under section 209 (1)(d) of the Companies Act, 1956.

xi) As per the explanation and information given to us, all the employees are on deputation fromIndian Railways who are responsible for deducting and paying provident fund dues.

xii) According to the information and explanations given to us, the company does not have anyundisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs duty andExcise duty outstanding as at the last day of the Financial year for a period of more than sixmonths from date they became payable.

xiii) • As per the information and explanations given to us, no personal expenses have been chargedto revenue account, other than those payable under contractual obligations or in accordancewith generally accepted business practice.

xiv) The Company is not a Sick Industrial Unit within the meaning of Clause (o) of sub-Section(1) of Section 3 of the Sick Industrial Companies (Special Provision) Act, 1985.

xv) Except to the extent mentioned above, no other clause of the said order is applicable to thecompany.

For M. M. CHATURVEDI & CO.Chartered Accountants

SUBODH CHATURVEDI(Partner)

Place : MumbaiDate : 13th Sept 2001.

COMMENTS OF THE COMTROLLER & AUDITOR GENERAL OF INDIA UNDER SECTION619(4) OF THE COMPANIES ACT 1956, ON THE ACCOUNTS OF MUMBAI RAILWAYVIKAS CORPORATION LIMITED FOR THE YEAR ENDED 31 MARCH 2001.

In view of the revisions made in the accounts as a result of the observations made by the Comptroller

& Auditor General of India as indicated in Para No.l of the Auditors Report to the shareholders and Item No.

10 of Notes to Accounts (Schedule - J) which has an impact of reducing net profit after tax by Rs.0.06 lakh,

there are no further comments to offer upon or supplement to the Auditors' Report under Section 619(4) of

the Companies Act, 1956 on the accounts of Mumbai Railway Vikas Corporation Limited for the year ended

31 March 2001.

(Balvinder Singh)Principal Director of Commercial Audit &

Ex-Officio Member, Audit Board-I, Mumbai.

Place : MumbaiDate : 26 September 2001

MUMBAI RAILWAY VIKAS CORPORATION LIMITEDBalance Sheet as on 31.03.2001

Figures in Units of Rs.

Sr. ParticularsNo.

1 SOURCES OF FUNDS1 Shareholders' Funds

a) Share Capitalb) Reserves & Surplus

2 Loan Fundsa) Secured Loansb) Unsecured LoansTOTAL

II Application of Funds1 Fixed Assets

a) Gross Blockb) Less Depreciationc) Net Block

2 Current Assets, Loans & Advancesa) Sundry Debtorsb) Cash & Bank Balancec) Loans & AdvancesSUBTOTAL

Less:Current Liabilities & Provisions

4 Net Current AssetsMiscellaneous Expenditure to theextent not written off or adjusted.Preliminary Expenses

5 Profit & Loss AccountTOTALNOTES TO ACCOUNTSAs per our report of even date appended hereto

For M. M. CHATURVEDI & CO.CHARTERED ACCOUNTANTS

(SUBODH CHATURVEDI)PARTNER

Place : MumbaiDate : 13th Sept.'2001

Sche As on 31.03.2001 As ondule

A 250,000,000B 8,430,757

00

258,430,757

C3,425,054

204,6373,220,417

D 1,398,402E 258,239,773F 4,686,062

264,324,237

G 10,276,728

254,047,509

1,162,831

0258,430,757

F 0

For MUMBAI RAILWAY VIKAS CORPN.

31.03.2000

0(12,875)

00

(12.875)

000

0000

1,657,909

(1,657,909)

1,645,034

12,875(12,875)

0

LTD.

(H.B.SINGH) (R.S.VARSHNEYA)DIRECTOR (ELECTRICAL) MANAGING DIRECTOR

-M4\ ——————————————————————


PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31st MARCH'2001Figure in Units of Rs.

Particulars Schedule No.1 INCOME1 ) Direction & General

Charges2) Other Income

(Interest on Bank Deposits-TDS Rs.3322056)

3) Prior Period Adjustment4) Sundry Receipts

Total

2 EXPENDITURE1) Establishment Expenses H2) Administrative & Operational

Expenses I3) Consultancy Services4) Depreciation C5) Preliminaary Expenses W/off6) Auditors Remuneration

Total

3 PROFIT (LOSS) BEFORE TAXATIONProvision for taxation

4 PROFIT (LOSS) AFTER TAXATIONProfit (Loss) b/f from previous yearBalance of Profit (Loss)carried to Balance Sheet

As on 31.03.2001

1,400,00022,179,117

5,00025,000

23,609,117

3,965,931

3,707,5361,842,428

204,637129, 203

15,750

9,865,485

13,743,6325,300,0008,443,632

(12,875)

8,430,757

As on 31.03.2000

00

00

0

0000

12,875

12,875

(12,875)-

(12,875)-

(12,875)Notes to Accounts J

As per our report of even date appended hereto


For MUMBAI RAILWAY VIKAS CORPN. LTD.


Place: MumbaiDate : 13th Sept.'2001

(H.B.SINGH)DIRECTOR (ELECTRICAL)

(R.S.VARSHNEYA)MANAGING DIRECTOR


SCHEDULES ANNEXED TO AND FORMING PART OFACCOUNTS FOR THE YEAR ENDED 31ST MARCH'2001

SCHEDULE A - SHARE CAPITAL

Sr. No.

1

2

•

PARTICULARS Am on 31.03.2001

AUTHORISED SHARE CAPITAL

2,50,000 Equity shares ofRs. 1000/- each 250,000,000

ISSUED, SUBSCRIBED AND PAID UP2,50,000 (Previous years 7)Equity shares of Rs. 1000/-each paid up 250,000,000Less calls in Arrears

Figures in Units of Rs.As on 31.03.2000

250,000,000

7.0007,000

TOTAL 250,000,000

SCHEDULE B - RESERVES AND SURPLUS

Figures in Units of Rs.Sr. No.

1PARTICULARSCredit Balance in Profit &Loss'Account

TOTAL

As on 31.03.2001

8,430,757

8,430,757

A« on 31.03.2000

(12,875)

(12,875)

Mumbai Railway Vikas Corporation Ltd.

Schedule C - FIXED ASSETS Figure in Units of Rs

Sr.No.

DESCRIPTION

ASSETVALUEAS AT1.42000

GROSS BLOCKADDITION ADJUSSOURING TMENTTHE YEAR TRANSF2000-2001 ERS/DE

LETIONSOF

DEPRECIATIONASSET DEPRECI DEPRECI ADJUVALUE AS ATIONASATION STMEON 3 1st AT FOR2000- NTMARCH'2001 1.4.2000 2001 TRANS

ERS/DELETI

ASSETS1

1

2345

2A) ASSETS SELF USEDComputer & ComputerSoftwaresFurniture & FixturesOffice EquipmentsPlant & MachineryVehicles

Total

Previous Year

3

00000

0

0

4

1,654,296188,913644,923

-936,922

3,425,054

0

5

00000

0

0

6

1,654,296188,913644,923

-936,922

3,425,054

0

7

00000

0

0

8

69,83786,91618,442

-29,442

2,04,637

0

ONS9

00000

0

0

TOTAL ASON31.03.2001

10

69,83786,91618,442

-29,442

204,637

0

NETBLOCKNET NET ASSETASSET VALUEASVALUE AS ON 3 1.032000ON31.032001

11

1,584,459101,997626,481

-907,480

3220,417

0

12

00000

0

0


SCHEDULE D - SUNDRY DEBTORSFigures in Units of Rs.

Sr. No.

12

PARTICULARSUnsecured, considered goodOver Six MonthsOthersTOTAL (1+2)

As on 31.03.2001

01,398,402

1,398,402

As on 31.03.2000

000

SCHEDULE E - CASH & BANK BALANCESFigures in Units of Rs.

Sr. No. PARTICULARS1 Cash in hand2 Balance with Banks

In Scheduled Banksa) In Current Accountsb) In Term DepositAccountTOTAL

As on 31.03.20012,609

2,160

258,235,004258,239,773

As on 31.03.20000

0

00

SCHEDULE F - LOANS & ADVANCESFigures in Units of Rs.

Sr. No.

123

45

PARTICULARSUnsecured, considered goodAdvance Income Tax (TDS)Advances to EmployeesAdvances recoverable in cash orin kind or for the value to bereceived (Advance Sales Tax)Telephone DepositInterest Accrued on BankDeposit

TOTAL

As on 31.03.2001

3,322,0562,700

30,00020,000

1,311,306

4,686,062

As on 31.03.2000

00

00

0

0


SCHEDULE G - CURRENT LIABILITIES AND PROVISIONSFigures in Units of Rs.

Sr. No.

A)

B

PARTICULARS

CURRENT LIABILITIES1 SUNDRY CREDITORS2 OTHER LIABILITIES3 BOOK OVERDRAFT

PROVISIONSProvisions for Tax

TOTAL

As on 31.03.2001

403,6931,504,3533,068,682

4,976,728

5,300,000

10,276,728

As on 31.03.2000

1.657,909

1,657,909

-

1,657,909

SCHEDULE - H - ESTABLISHMENT EXPENSES

Figures in Units of Rs.

Sr. No.

12

3

PARTICULARS

Salary, Wages & AllowancesContribution to ProvidentFund and other Funds

Staff Welfare Expenses

Total

2000-2001

3,964,971

960

3,965,931

1999-2000

-

-

-


SCHEDULE -1 - ADMINISTRATIVE & OPERATIONAL EXPENSES

Figures in Units of Rs.Sr. No.

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

Particulars

Advertisement Charges

Air Travel - Domestic

Books & Periodicals

Local Conveyance Charges

Exhibition Stall Expenses

Hospitality Expenses

Hotel Charges

Inauguration Expenses

Other Miscellaneous expenses

Postage & Courier Service

Printing & Xeroxing Charges

Rail Travel Expenses

Repairs & Maintenance of office Premises

Repairs & Maintenance of Computers

Repairs & Maintenance of Vehicles

Security Expenses

Seminar Expenses

Stationary & Other Purchases

Telephone Charges

Training Expenses ADMN Staff College

Computer Training (Staff)

Freight & Transport Charges

Vehicle Hire Charges

Amount

2000-2001

949,039

626,147

47,615

8,564

50,000

77665

67,092

80,500

46,058

24,508

36,452

8,797

102,000

52,126

104,282

24,593

87,815

215,721

294,862

338,229

25,500

3,192

436,779

Total 3,707,536

Amount

1999-2000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-


Schedule - J Notes to Accounts

1. Principal Accounting Policies

(i) The financial statements have been prepared under the historical cost convention in accordance with thegenerally accepted accounting principles and provisions of the Companies Act, 1956, except statedotherwise.

(ii) Depriciation has been provided on Straight Line Method at the rates prescribed in Schedule XIV of theCompanies Act, 1956, pro-rata, from the date of addition of the assets.

(iii) Preliminary expenses have been shown net of reimbursement of Rs. 6,03,000/- received from Govt. ofMaharashtra. One tenth of balance preliminary expenses have been written off during the year.

2. The Corporation has proposed 1% Direction and General charges against the outlay on the ongoingMUTP rail projects. However, no provision for the same, except an ad-hoc provision of Rs. 14,00,0007- (RupeesFourteen lakhs only) has been made in accounts for want of confirmation from the Central and Western Railways.The provision for the balance of Direction and General charges shall be made in subsequent years after the saidconfirmation and to that extent (the amount indeterminant) the profits for the year are understated.

3. Provision for tax has been made on interest income on Bank Deposits after setting off business loss oninfra-structure development activities.

4. We have raised a credit note on M.T.R based on the physical verification of assets taken over by MRVCfrom MTR A confirmation from MTP is awaited.

5. Details of remuneration paid to the Managing Director, Director (Finance), Director (Electrical) includedin Salary, Wages and Allowances. (Schedule 'H') is as under:

Current Year Previous Year

(i) Salary and Allowances 11,71,684.00 Nil(ii) Payment of Terminal 2,58,628.00 Nil

benefits includingcontribution to PF to Railways ________________Total...... 14,30,312.00 Nil

6. Training Expenses in respeect of Seminar fees and daily allowances paid to the Managing Director/MRVC includes Rs. 2,49,229.00 incurred in foreign currency (Previous year...Nil)

7. The corporation does not have any creditors, being Small Scale Industrial Undertaking, with the creditbalance exceeding Rs. 1 lakh which is outstanding for more than 30 days.

8. Previous year's figures have been regrouped/rearrannged, wherever necessary.

9. Additional information pursuant to provisions of paragraph 3,4C and 4D of Part II of Schedule VI of theCompanies Act, 1956 have been given to the extent applicable to the business of the Company.

Balance-sheet Abstracts and Company's General Business Profile :-

(i) Registration No.: 11-120765Balance-sheet Date: 31.03.2001State Code: 11

(ii) Capital raised during the year (Amount in Rs. Thousands)

(a) Public - Nil(b) Rights - Nil(c) Bonds - Nil(d) Private Placement - 25,00,00

(iii) Position of Mobilization and deployment of Funds (Amount in Rs. Thousands)

Total Liabilities - 25,84,31Total Assets - 25,84,31

Sources of FundsPaid up Capital - 25,00,00Reserves & Surplus - 84,31Secured Loans - NilUnsecured Loans - Nil

Application of FundsNet Fixed Assets - 32,20Net Current Assets - 25,40,48Misc. Expenditure - 11,63

• Profit & Loss - Nil

(iv) Performance of the Company (Amount in Thousands of Rs.)Turnover - 23,609Total Expenses - 9,865Prof it before Tax - 13,744Tax Provision - 53,00Profit after Tax - 84,44Earning per share (Rs) - 33.77Dividend Rate % - Nil

(v) General Names of - Not ApplicablePrincipal product

10. On the basis of Draft comments made by the Comptroller and Auditor General of India in the course ofsupplementary audit under Section 619(4) of the Companies Act 1956, on the account of the Corporation,which were adopted by the Board on 30.05.2001, the accounts have been revised as under :-

1) Sundry Creditors : Disclosure of total outstanding dues exceeding Rs. 1 lakh for more than30 days to Small Industrial Undertakings is added as Para No. 7 in the Schedule 'J'.

2) Loan and Advances (Schedule 'F') : Deposit for upgradation of mobile phones-Appropriaterectification has been carried out in the Accounts resulting in reduction of telephone charges byRs. 20000/- and addition of telephone deposit in Schedule 'F' of Balance Sheet to that extent.

3) Preliminary expenses : Preliminary expenses and other liabilities have been reduced byRs.6,03,000/- Correspondingly, amount of preliminary expenses written off during the year hasbeen reduced by Rs.60,300/-.

4) Depreciation : Depreciation on Assets costing Rs. 5,000 or less has been provided @ 100%,pro-rata from the date of respective addition of the asset amounting to Rs.86479/-

5) (a) Details of Pay and Allowances to Directors is separately disclosed as Para 5 of Schedule 'J'.(b) Details of expenditure in foreign currency is separately disclosed as Para 6 in Schedule 'J'.

6) Consequent to the aforesaid changes, the profit before tax and profit after tax for the year hasbeen reduced by Rs. 6179/-.

Signature to all SchedulesAs per our report of even no date


On behalf of Board of Directors


(H.B.SINGH)DIRECTOR (ELECTRICAL)

(R.S.VARSHNEYA)MANAGING DIRECTOR

Place : MumbaiDate : 13th Sept.'2001

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