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Notes to Accounts of Vama Industries Ltd.

Mar 31, 2015

Note No. 1 Segment Reporting

The Company has identified three reportable segments viz.Software Development Service, Hardware Sales & Services and Trading of Metals & Minerals . Segments have been identified and reported taking into account nature of products and services. The accounting policies adopted for segment reporting are in line with accounting policy of the company with following additional policies for segment reporting.

a) Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "Unallocable"

b) Segment assets and Segment liabilities represent assets and liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "Unallocable".

Note No. : 2 Working Capital Loan / Vehicle Loans: Working Capital Loan from State Bank of India: Cash Credit and Bank Guarantee Limits: Rate of Interest:

Cash Credit from SBI: Interest at the rate of 3.75% magrin above the base rate which is presently 10% P.A. Present effective rate 13.75% P.A.

Primary Security:

Hypothecation of Stocks and Receivables and all chargeable current assets of the Company.

Collateral Security:

1) Hypothecation of fixed assets

2) EM of Flat No. 401, 04th Floor, Plot No. 14 & 16, SNo.93, 94 & 95 located at Madhura Nagar, Yousuf guda, Hyderabad existing in the name of Shri. V. Atchyuta Rama Raju S/o. VVS Raju

3) EM of Office Premises No. 619, 06th Floor, Maker Chambers, V Premises Co-op Soc Ltd., Plot No.221 of Backbay reclamation, Nariman Point, Mumbai - 400021. Carpet Area-434 sft in the name of Reliance Tea Private Limited

Personal Guarantee of

1. Shri V.Atchyuta Rama Raju, MD, S/o. Late V. Venkata Satynarayana Raju

2. Shri V. Rajam Raju, Director, S/o. Late V. Venkata Satynarayanaraju

3. Smt. V. Parvathi, Guarantor, W/o. Sri V. Rama Raju Corporate guarantee of Reliance Tea Pvt. Ltd.

Terms of Repayment:

Working Capital Loans repayable on demand.

Vehicle Loans from Banks:

Rate of Interest:

SBI Car Loan-Honda City_1: @ 10.15% per annum

SBI Car Loan-Honda City_2: @ 10.15% per annum

Security:

Vehicles loans are secured by hypothecation of vehicles financed by respective banks.

Terms of Repayment:

SBI Car Loan 1:

This Loan is repayable in 83 monthly installments of Rs.18,670/- each commencing from March, 2015

Status as on 31.03.2015 : Balance No. of Installments -82

SBI Car Loan 2:

This Loan is repayable in 59 monthly installments of Rs.21,095/- each commencing from March, 2015

Status as on 31.03.2015 : Balance No. of Installments -58

Note No. : 3 Contingent Liabilities

(a) The liability towards bank guarantees of Rs.89,81,600/- issued to various parities by the company in the course of ordinary business is partly covered against fixed deposits with the banks which are held by the bankers as the security.

4 Note: Capital Commitments

There are no capital commitments identified by the management for the current financial year. There are no contracts remaining to be executed on capital account and not provided for, during the current financial year.

5 In the opinion of the Board, current assets, loans and advances are stated at a value, which could be realized in the ordinary course of business. The provision for all known liabilities made is adequate and not in excess of the amount reasonably necessary.

The Company sold the investments worth Rs. 53.80 lakhs for a value of Rs. 1.10 Lakhs and the loss on the same is classified as exceptional item.

6 Some of the balances in Sundry Debtors, Sundry Creditors, Advances and Deposits are subject to confirmation, reconciliations and adjustments if any, which in the opinion of the management will not be significant.

7 These financial statements have been prepared in the format prescribed by the Schedule III to the Companies Act, 2013

8 The figures of the previous year are re-grouped / re-classified wherever necessary to make them comparable with that of the current year.


Mar 31, 2014

Note No : 1 Related Party Disclosures

S.No. Name of the Related Party Nature of Relationship

1 V.A. Rama Raju Key Managerial Personnel

2 V.Rajam Raju Key Managerial Personnel

3 V.Parvathi Relative of Director

4 D.Tanuja Relative of Director

5 Reliance Tea Pvt Ltd Associate

Note: Related Party relationships as given above is as identified by the Company and relied upon by the Auditors Note No. 31 Segment Reporting

The Company has identified three reportable segments viz.Software Development Service, Hardware Sales & Services and Trading of Metals & Minerals . Segments have been identified and reported taking into account nature of products and services. The accounting policies adopted for segment reporting are in line with accounting policy of the company with following additional policies for segment reporting.

a) Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "Unallocable"

b) Segment assets and Segment liabilities represent assets and liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "Unallocable".

The future minimum lease rental obligation under non-cancellable operating leases in respect of these assets is on account of lock-in period and notice period in some of the lease agreements entered by the company for operating of offices:

Note No. : 2 Working Capital Loan / Vehicle Loans:

Working Capital Loan from State Bank of India:

Cash Credit and Bank Guarantee Limits:

Rate of Interest:

Cash Credit from SBI: Interest at the rate of 3.75% magrin above the base rate which is presently 10% P.A. Present effective rate 13.75% P.A.

Primary Security:

Hypothecation of Stocks and Receivables and all chargble current assets of the Company.

Collateral Security:

1) Hypothecation of fixed assets

2) EM of Flat No. 401,04th Floor, Plot No. 14 & 16, SNo.93, 94 & 95 located at Madhura Nagar, Yousuf guda, Hyderabad existing in the name of Shri. V. Atchyuta Rama Raju S/o. VVS Raju

3) EM of Office Premises No. 619, 06th Floor, Maker Chambers, V Premises Co-op Soc Ltd., Plot No.221 of Backbay reclamation, Nariman Point, Mumbai - 400021. Carpet Area-434 sft in the name of Reliance Tea Private Limited

Personal Guarantee of

1. Shri V.Atchyuta Rama Raju, MD, S/o. Late V. Venkata Satynarayana Raju

2. Shri V. Rajam Raju, Director, S/o. Late V. Venkata Satynarayanaraju

3. Smt. V. Parvathi, Guarantor, W/o. Sri V. Rama Raju

Terms of Repayment:

Working Capital Loans repayable on demand.

Note No. : 3 Contingent Liabilities

(a) The liability towards bank guarantees of Rs.61,29,578/- issued to various parities by the company in the course of ordinary business is partly covered against fixed deposits with the banks which are held by the bankers as the security,

4 Note: Capital Commitments

There are no capital commitments identified by the management for the current financial year. There are no contracts remaining to be executed on capital account and not provided for, during the current financial year,

5 In the opinion of the Board, current assets, loans and advances are stated at a value, which could be realized in the ordinary course of business, The provision for all known liabilities made is adequate and not in excess of the amount reasonably necessary,

6 Some of the balances in Sundry Debtors, Sundry Creditors, Advances and Deposits are subject to confirmation, reconciliations and adjustments if any, which in the opinion of the management will not be significant.

7 These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous period figures have been recasted / restated to confirm to the classification of the current period,

8 The figures of the previous year are re-grouped / re-classified wherever necessary to make them comparable with that of the current year,


Mar 31, 2013

Note No. : 1 Working Capital Loan / Vehicle Loans:

Working Capital Loan from State Bank of India:

Cash Credit and Bank Guarantee Limits:

Rate of Interest:

Cash Credit from SBI: Interest at the rate of 3% magrin above the base rate which is presently 10% P.A. Present effective rate 13% P.A.

Primary Security:

Hypothecation of Stocks and Charge over Receivables of the Company.

Collateral Security:

Immovable Property

1) EM of Flat No. 401, 04th Floor, Plot No. 14 & 16, Survey No''s 93, 94 & 95 at Madhura Nagar, Yousuf guda, Hyderabad belonging to Sri. V. Atchyuta Rama Raju. (extent of 1450 Sq. Ft.)

2) EM of Flat No. 619, 06th Floor, Maker Chambers, Nariman Point, Mumbai belonging to Reliance Tea Private Limited

Third Party Guarantee:

"1. Personal guarantees of Sri V.Atchyuta Rama Raju, Smt. V.Parvathi, Sri V.Rajam Raju

2. Corporate Guarantee of M/s Reliance Tea Private Limited"

Terms of Repayment:

Working Capital Loans repayable on demand.

Vehicle Loans from Banks: (in Note 4, 7 & 9)

ICICI Bank Car Loan-Honda Accord Rate of Interest:

ICICI Bank Car Loan-Honda Accord: @ 9.24% per annum Terms of Repayment:

This Loan is repayable in 36 monthly installments of Rs.56,784/- each commencing from June, 2010 Security:

Vehicles loans are secured by hypothecation of vehicles financed by respective banks.

Note No. : 2 Contingent Liabilities

(a) Company received demand notice from Commercial Tax Department (Sales Tax) for the Financial Year 2007-08 for Rs. 5,31,097/-, in this regard we have filed an appeal at the Appellate Deputy Commissioner (CT) Punjagutta, Nampally, Hyderabad, by paying 12.5% of notice amount as deposit with the authorities. Appellate Deputy Commissioner (CT) has passed Assessment Order, on 12.06.2012, by stating Sale of Rs.2,78,691/- is subjected to VAT @ 4%. It amounts to Rs.11,148/- and has been provided in Books of Account in Financial Year 2012-13.

(b) The liability towards bank guarantees of Rs.51,05,788/- issued to various parities by the company in the course of ordinary business is fully covered against fixed deposits with the banks which are held by the bankers as the security

3 Note: Capital Commitments

There are no capital commitments identified by the management for the current financial year. There are no contracts remaining to be executed on capital account and not provided for, during the current financial year.

4 In the opinion of the Board, current assets, loans and advances are stated at a value, which could be realized in the ordinary course of business. The provision for all known liabilities made is adequate and not in excess of the amount reasonably necessary.

5 Some of the balances in Sundry Debtors, Sundry Creditors, Advances and Deposits are subject to confirmation, reconciliations and adjustments if any, which in the opinion of the management will not be significant.

6 These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous period figures have been recanted / restated to conform to the classification of the current period.

7 The figures of the previous year are re-grouped / re-classified wherever necessary to make them comparable with that of the current year.


Mar 31, 2012

(a) Rights, preferences and restrictions attached to shares:

The company has one class of equity shares having a par value of Rs. 10/- each. Each shareholder is eligible for one vote per share held. The dividend proposed by the board of directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in the case of interim dividend. In the event of liquidation, the equity sharesholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

Unquoted Investments

Aggregate amount of Un-quoted Investments Rs.53,80,000/- (Previous Year Rs.56,54,528/-)

* Note:

M/s Vama Asia Pte Ltd., has passed a Resolution for closure of its operations at Extra-Ordinary General Meeting conducted on 27th February, 2012. Applied for the same to Accounting and Corporate Regulatory Authority on the same day for closure of company. The present status is "Struck-off"

* Deposits include Rs. 30,97,775/- (Previous Year Rs. 4,46,921/-) with SBI held as lien against Bank Guarnatees issued by SBI on behalf of the company.

* Deposits include Rs. 41,000/- (Previous Year Rs. Nil) with SBI held as security deposit withCentral Excise Department

* includes Singapore Dollars (SGD) 2,348/- (Previous Year SGD Nil)

** Deposits include Rs. 20,00,000/- (Previous Year Rs.20,00,000/-) with SBI held as collateral security against cash credit limits sanctioned by the SBI.

** Deposits include Rs. 2,27,250/- (Previous Year Rs.86,386/-) with SBI held as lien against Bank Guarnatees issued by SBI on behalf of the company.

* Directors Remuneration of Rs. 12,00,000/- (Previous Year Rs. 9,00,000/-) transferred to Product Development Expenditure.

** includes contribution to Employee provident fund, Employee State Insurance Scheme.

Note: Related Party relationships as given above is as identified by the Company and relied upon by the Auditors Note No. 31 Segment Reporting

The Company has identified three reportable segments viz.Software Development Service, Hardware Sales & Services and Trading of Metals & Minerals . Segments have been identified and reported taking into account nature of products and services. The accounting policies adopted for segment reporting are in line with accounting policy of the company with following additional policies for segment reporting.

a) Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "Unallocable"

b) Segment assets and Segment liabilities represent assets and liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "Unallocable".

Note No.: 1 Working Capital Loan I Vehicle Loans:

Working Capital Loan from State Bank of India:

Rate of Interest:

Cash Credit from SBI: @ 6.00% above SBAR Primary Security:

Hypothecation of Stocks & Receivables of the Company.

Collateral Security:

Immovable Property:

1) Hypothecation of Flat No. 401, 04th Floor, Plot No. 14 & 16, Survey No's 93, 94 & 95 at Madhura Nagar, Yousufguda, Hyderabad belonging to Sri. V. Atchyuta Rama Raju

2) Hypothecation of the Fixed Assets of the Company.

3) Lien on STDR Rs. 20,00,000/- in the name of the Company.

Third Party Guarantee:

Personal guarantees of Sri V.Atchyuta Rama Raju, Smt. V.Parvathi, Sri V.Rajam Raju.

Terms of Repayment:

Working Capital Loans repayable on demand.

Vehicle Loans from Banks: (in Note 4.7&91 ICICI Bank Car Loan-Honda Civic:

Rate of Interest: 11.68% per annum Terms of Repayment:

This Loan is repayable in 60 monthly installments of Rs.21,912/- each commencing from July, 2007 Security:

Vehicles loans are secured by hypothecation of vehicles financed by respective banks.

ICICI Bank Car Loan-Honda Accord Rate of Interest:

ICICI Bank Car Loan-Honda Accord: @ 9.24% per annum Terms of Repayment:

This Loan is repayable in 36 monthly installments of Rs.56,784/- each commencing from June, 2010 Security:

Vehicles loans are secured by hypothecation of vehicles financed by respective banks.

Note No.: 2 Contingent Liabilities

(a) Company received demand notice from Commercial Tax Department (Sales Tax) for the Financial Year 2007-08 for Rs. 5,31,097/-, in this regard we have filed an appeal at the Appellate Deputy Commissioner (CT) Punjagutta, Nampally, Hyderabad, by paying 12.5% of notice amount as deposit with the authorities. Appellate Deputy Commissioner (CT) has passed Assessment Order, on 12.06.2012, by stating Sale of Rs.2,78,691/- is subjected to VAT @ 4%. It amounts to Rs.11,148/- and has been provided in Books of Account in Financial Year 2012-13.

(b) The liability towards bank guarantees of Rs.42,59,030/- issued to various parities by the company in the course of ordinary business is fully covered against fixed deposits with the banks which are held by the bankers as the security

Note No.: 3 Capital Commitments

There are no capital commitments identified by the management for the current financial year.There are no contracts remaining to be executed on capital account and not provided for, during the current financial year.

Note No. : 4

In the opinion of the Board, current assets, loans and advances are stated at a value, which could be realized in the ordinary course of business. The provision for all known liabilities made is adequate and not in excess of the amount reasonably necessary.

Note No.: 5

Some of the balances in Sundry Debtors, Sundry Creditors, Advances and Deposits are subject to confirmation, reconciliations and adjustments if any, which in the opinion of the management will not be significant.

Note No. : 6

These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous period figures have been recasted / restated to confirm to the classification of the current period.

Note No.: 7

The figures of the previous year are re-grouped / re-classified wherever necessary to make them comparable with that of the current year.


Mar 31, 2010

1. Sundry debtors, Loans & Advances and Creditors balances are subject to confirmation.

2. All amounts in the Financial Statements are presented in Rupees except in cash flow statement where amounts are presented in lakhs.

3. The previous years figures have been regrouped or reclassified where ever necessary to conform to the current years presentation.

4. There are no capital commitments identified by the management for the Current Financial Year. There are no contingent liabilities identified by the management.

5. There are no contracts remaining to be executed on capital account and not provided for, during the current financial year.

6. Loan Funds:-

Secured Loans from ICICl Bank is towards purchase of Motor Cars against Hypothecation of the same against the loans of Rs.10.76 lakhs (Rs.16.57 lakhs - March 31, 2009} and The company has availed a Working Capital facility in the form of Cash Credit of Rs. 22.07 lakhs (FY 2008-09 - Rs.Nil) from State Bank of India, Hyderabad. This facility is secured by Book Debts of the Company and personal properties of Director of the Company. There are no other secured loans sanctioned in favor of or accepted by the Company.

7. Investments

In line with the Accounting Policy, the investment in equity in Varna Asia Pte Ltd is carried at their original cost. The difference in value of investments considering the value of exchange as on the date of Balance Sheet amounts to Rs.46,298/-

 
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