Home  »  Company  »  Vardhman Holdings  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Vardhman Holdings Ltd.

Mar 31, 2016

* Investments are purchased through PMS advisors

Notes to Financial Statements for the year ended March 31, 2016

1. Contingent Liabilities (to the extent not provided for) :

The Company has contested the additional demand in respect of income tax amounting to Rs, 3,629,070/- (Previous Year Rs, 2,053,841). Pending appeal with appellate authorities, no provision has been made in the books of account as the company is hopeful to get the desired relief in appeal.

2. The Company has only one reportable business segment and therefore, no separate disclosure is required in accordance with Accounting Standard 17 on "Segment Reporting" prescribed under section 133 of Companies Act, 2013 read with rule 7 of The Companies (Accounts) rules, 2014.

3. The calculation of Earnings per Share (EPS) as disclosed in the Profit and Loss Account, has been made in accordance with Accounting Standard (AS)-20 on ''Earning per Share'' prescribed under section 133 of Companies Act, 2013 read with rule 7 of The Companies (Accounts) rules, 2014.

4. In accordance with the Accounting Standard (AS)-28 on "Impairment of Assets", the Company has assessed as on the balance sheet date, whether there are any indications (listed in paragraphs 8 to 10 of the Standard) with regard to the impairment of any of the assets. Based on such assessment it has been ascertained that no potential loss is present and therefore, formal estimate of recoverable amount has not been made. Accordingly no impairment loss has been provided in the books of account.

5. Employee Benefits :

i) The summarized position of Post-employment benefits and long term employee benefits recognized in the Profit and Loss Account and Balance Sheet as required in accordance with Accounting Standard - 15 (Revised) are as under:-(h) Contribution to Provident Fund : Rs, Nil (Previous Year Rs, Nil)

6. Related Party Disclosure:

(a) Disclosure of related parties with whom business transactions took place during the year:

1. Associates Vardhman Textiles Limited

2. Key Management Personnel Ms. Poorva Bhatia (Chief Financial Officer)

Mr. Amrender Yadav (Company Secretary w.e.f. 10-02-2016) Ms. Tanu Berry (Company Secretary up to 03-12-2015)

7. The previous year figures have been reclassified to conform to this year''s classification.

8. In accordance with the provisions of Section 135 of the Companies Act, 2013 the company has contributed a sum of Rs, 10.00 lacs (Previous year Rs, Nil) towards approved CSR activities. The said amount stands debited to the "Miscellaneous" under the head "other expenses".

9. The information required by paragraph 5 of general instructions for preparation of the statement of profit and loss as per Schedule-III of the Companies Act, 2013 is not applicable to the Company.


Mar 31, 2015

1. CORPORATE INFORMATION :

Vardhman Holdings Limited ('the company') is registered as a Non-Banking Financial Company ('NBFC') as defined under section 45-IA of the Reserve Bank of India ('RBI') Act, 1934. The company is principally engaged in lending and investing activities.

2. SHARE CAPITAL

a. Terms/ rights attached to equity shares

The company has one class of shares viz. Equity Shares having a par value of Rs.10/- each. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting and then the equity shareholders are entitled for such dividend.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the company, after distribution of all Preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholder. The rate of dividend for redeemable cumulative preference shares is decided by the board of directors as and when issued.

b Shares held by holding company or its ultimate holding company or subsidiaries or associates of the holding company or the ultimate holding company in aggregate.

There is no holding or ultimate holding company of the Company. d Aggregate number and class of shares allotted as fully paid up pursuant to contract(s) without payment being received in cash, bonus shares and shares bought back for the period of five years immediately preceding the reporting date.

3. The Company has only one reportable business segment and therefore, no separate disclosure is required in accordance with Accounting Standard 17 on "Segment Reporting" notified by the Companies (Accounting Standards) Rules, 2006.

4. The calculation of Earning per Share (EPS) as disclosed in the Profit and Loss Account, has been made in accordance with

Accounting Standard (AS)-20 on 'Earning per Share' notified by the Companies (Accounting Standards) Rules, 2006.

5. In accordance with the Accounting Standard (AS)-28 on "Impairment of Assets", the Company has assessed as on the balance sheet date, whether there are any indications (listed in paragraphs 8 to 10 of the Standard) with regard to the impairment of any of the assets. Based on such assessment, it has been ascertained that no potential loss is present and therefore, formal estimate of recoverable amount has not been made. Accordingly, no impairment loss has been provided in the books of account.

6. Employee Benefits :

i) The summarized position of Post-employment benefits and long term employee benefits recognized in the Profit and Loss Account and Balance Sheet as required in accordance with Accounting Standard - 15 (Revised) are as under:- (a) Changes in the present value of the obligation:

7. Related Party Disclosure:

(a) Disclosure of related parties with whom business transactions took place during the year: 1. Associates Vardhman Textiles Limited

8. The previous year figures have been reclassified to conform to this year's classification.

9. Depreciation for the year has been provided on Straight Line Method on the basis of useful lives specified in the Schedule-II of the Companies Act, 2013 as against the amount of depreciation calculated on the basis of rates of depreciation in respect of various assets contained in Schedule XIV to the Companies Act 1956.

In view of this change, the carrying amounts of tangible fixed assets as at lst April, 2014 have been depreciated over the revised remaining useful life of the asset as per Schedule II. The depreciation for the year is higher to the extent of Rs. 55,166 on account of this change and accordingly the profit for the year is lower by Rs. 55,166.

10. The information required by paragraph 5 of general instructions for preparation of the statement of profit and loss as per Schedule-III of the Companies Act, 2013 is not applicable to the Company.


Mar 31, 2014

1. Contingent Liabilities (to the extent not provided for) :

The Company has contested the additional demand in respect of income tax amounting to Rs. 20,40,183 (Previous Year 18,78,333). Pending appeal with appellate authorities, no provision has been made in the books of account as the company is hopeful to get the desired relief in appeal.

2. The Company has only one reportable business segment and therefore, no separate disclosure is required in accordance with Accounting Standard 17 on "Segment Reporting" notified by the Companies (Accounting Standards) Rules, 2006.

3. The calculation of Earning per Share (EPS) as disclosed in the Profit and Loss Account, has been made in accordance with Accounting Standard (AS)–20 on ''Earning per Share'' notified by the Companies (Accounting Standards) Rules, 2006.

4. In accordance with the Accounting Standard (AS)–28 on "Impairment of Assets", the Company has assessed as on the balance sheet date, whether there are any indications (listed in paragraphs 8 to 10 of the Standard) with regard to the impairment of any of the assets. Based on such assessment it has been ascertained that no potential loss is present and therefore, formal estimate of recoverable amount has not been made. Accordingly no impairment loss has been provided in the books of account.

5. Employee Benefits :

i) The summarized position of Post–employment benefits and long term employee benefits recognized in the Profit and Loss Account and Balance Sheet as required in accordance with Accounting Standard – 15 (Revised) are as under:–

(a) Changes in the present value of the obligation:

(e) Investment details of Fund: Fund consists of cash balance of Rs. 502 & Bank Balance of Rs. 1,05,424.

(f) Principal actuarial assumption at the Balance Sheet Date (expressed as weighted average)

(h) Contribution to Provident Fund: Rs. Nil (Previous Year Rs. Nil) 24. Related Party Disclosure:

(a) Disclosure of related parties with whom business transactions took place during the year: 1. Associates Vardhman Textiles Limited

(b) Details of transactions entered into with related parties during the year as required by Accounting Standard (AS) –18 on "Related Party Disclosures" notified by the Companies (Accounting Standards) Rules, 2006 are as under:

6. The previous year figures have been reclassified to conform to this year''s classification.

7. The information required to be given pursuant to the provisions of the clause (a) and (c) of Note 5 (viii) of Revised Schedule VI to the Companies Act, 1956 is not applicable to the Company.

8. The company complies in all material respects, with the prudential norms relating to income recognition, asset classification and provisioning for bad and doubtful debts and other matters, specified in the directions issued by the Reserve Bank of India in terms of Non–Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 2007, as applicable to it.

9. Disclosure of details as required in terms of paragraph 13 of Non–Banking Financial (Non–Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007:

Notes :

1. Companies in the same group means companies under the same management as per section 370(1B) of the Companies Act, 1956.

2. In case of unquoted shares, book value is taken as market value.


Mar 31, 2013

1. CORPORATE INFORMATION :

Vardhman Holdings Limited {''the company'') is registered as a Non-Banking Financial Company (''NBFC'') as defined under section 45-IA of the Reserve Bank of India (''RBI'') Act, 1934. The company-is principally-engaged in lending and investing activities.

2. Contingent Liabilities (to the extent not provided for):

The Company has contested the additional demand in respect of income tax amounting to Rs. 19,82,323 (Previous Year Rs. 9,81,575). Pending appeal with appellate authorities, no provision has been made in the books of account as the company is hopeful to get the desired relief in appeal.

3. The Company has only one reportable business segment and therefore, no separate disclosure is required in accordance with Accounting Standard 1 7 on "Segment Reporting" notified by the Companies (Accounting Standards) Rules, 2006.

4. The calculation of Earning per Share (EPS), as disclosed in the Profit and Loss Account, has been made in accordance with Accounting Standard (AS)-20 on ''Earning per Share'' notified by the Companies (Accounting Standards) Rules, 2006.

5. In accordance with the Accounting Standard (AS)-28 on "Impairment of Assets", the Company has assessed as on the balance sheet date, whether there are any indications (listed in paragraphs 8 to 10 of the Standard) with regard to the impairment of any of the assets. Based on such assessment it has been ascertained that no potential loss is present and therefore, formal estimate of recoverable amount has not been made. Accordingly, no impairment loss has been provided in the books of account.

6. The previous year figures have been reclassified to conform to this year''s classification.

7. The information required to be given pursuant to the provisions of the clause (a) and (c) of Note 5 (viii) of Revised Schedule VI to the Companies Act, 1956 is not applicable to the Company.

8. The company complies in all material respects, with the prudential norms relating to income recognition, asset classification and provisioning for bad and doubtful debts and other matters, specified in the directions issued by the Reserve Bank of India in terms of Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 2007, as applicable to it.

9. Disclosure of details as required in terms of paragraph 13 of Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007:


Mar 31, 2012

1. CORPORATE INFORMATION :

Vardhman Holdings Limited ('the Company') is registered as a Non-Banking Financial Company ('NBFC') as defined under section 45-IA of the Reserve Bank of India ('RBI') Act, 1934. The Company is principally engaged in lending and investing activities.

a. Terms/ rights attached to equity shares

The Company has one class of shares viz. Equity Shares having a par value of Rs.10/- each. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting and then the equity shareholders are entitled for such dividend. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all Preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholder. The rate of dividend for redeemable cumulative preference shares is decided by the board of directors as and when issued.

b. Shares held by holding Company or its ultimate holding Company or subsidiaries or associates of the holding Company or the ultimate holding Company in aggregate.

There is no holding or ultimate holding Company of the Company.

2. Contingent Liabilities (to the extent not provided for) :

The Company has contested the additional demand in respect of income tax amounting to Rs. 9,81,575 (Previous Year Rs. 9,11,902). Pending appeal with appellate authorities, no provision has been made in the books of account as the Company is hopeful to get the desired relief in appeal.

3. The Company has only one reportable business segment and therefore, no separate disclosure is required in accordance with Accounting Standard 17 on "Segment Reporting" notified by the Companies (Accounting Standards) Rules, 2006.

4. The calculation of Earning per Share (EPS) as disclosed in the Statement of Profit and Loss Account, has been made in accordance with Accounting Standard (AS)-20 on 'Earning per Share' notified by the Companies (Accounting Standards) Rules, 2006.

5. In accordance with the Accounting Standard (AS)-28 on "Impairment of Assets", the Company has assessed as on the balance sheet date, whether there are any indications (listed in paragraphs 8 to 10 of the Standard) with regard to the impairment of any of the assets. Based on such assessment it has been ascertained that no potential loss is present and therefore, formal estimate of recoverable amount has not been made. Accordingly no impairment loss has been provided in the books of account.

6. Related Party Disclosure:

(a) Disclosure of related parties with whom business transactions took place during the year: 1. Associates Vardhman Textiles Limited

7. The financial statements for the year ended 31st March, 2012 has been prepared as per Revised Schedule-VI to the Companies Act, 1956. Accordingly the previous year figures have been reclassified to conform to this year's classification.

8. The information required to be given pursuant to the provisions of the clause (a) and (c) of Note 5 (viii) of Revised Schedule VI to the Companies Act, 1956 is not applicable to the Company.

9. The Company complies in all material respects, with the prudential norms relating to income recognition, asset classification and provisioning for bad and doubtful debts and other matters, specified in the directions issued by the Reserve Bank of India in terms of Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 2007, as applicable to it.

Note:Though the aggregate amount of advances and investments are mentioned in the column in 'Total' above, details are given only for those advance and investments where maturity pattern can be ascertained.


Mar 31, 2011

1. The Company has contested the additional demand in respect of income tax amounting to Rs. 9,11,902.00 (Previous Year Nil). Pending appeal with appellate authorities, no provision has been made in the books of account as the company is hopeful to get the desired relief in appeal.

2. The Company has only one reportable business segment and therefore, no separate disclosure is required in accordance with Accounting Standard 17 on "Segment Reporting" notified by the Companies (Accounting Standards) Rules, 2006.

3. The calculation of Earning Per Share (EPS) as disclosed in the Profit and Loss Account, has been made in accordance with Accounting Standard (AS)-20 on Earning Per Share notified by the Companies (Accounting Standards) Rules, 2006.

4. In accordance with the Accounting Standard (AS)-28 on "Impairment of Assets", the Company has assessed as on the balance sheet date, whether there are any indications (listed in paragraphs 8 to 10 of the Standard) with regard to the impairment of any of the assets. Based on such assessment it has been ascertained that no potential loss is present and therefore, formal estimate of recoverable amount has not been made. Accordingly no impairment loss has been provided in the books of account.

5. Employee Benefits:

(h) Contribution to Provident Fund : Nil (Previous Year Nil)

6. Related Party Disclosure:

(a) Disclosure of related parties with whom business transactions took place during the year:

1. Associates : Vardhman Textiles Limited

7. Previous years figures have been recast / regrouped, wherever necessary, to make these comparable with current years figures.

8. The information required to be given pursuant to the provisions of the paragraph 3, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956 is not applicable to the Company.

9. The company complies in all material respects, with the prudential norms relating to income recognition, asset classification and provisioning for bad and doubtful debts and other matters, specified in the directions issued by the Reserve Bank of India in terms of Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 2007, as applicable to it.

10. Disclosure of details as required in terms of paragraph 13 of Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007:

(11) Other information

Notes:

1. Companies in the same group means companies under the same management as per section 370(1B) of the Companies Act, 1956.

2. In case of unquoted shares, book value is taken as market value.


Mar 31, 2010

1. There is no contingent liability as at the close of the year.

2. The Company has only one reportable business segment and therefore, no separate disclosure is required in accordance with Accounting Standard 17 on "Segment Reporting" notified by the Companies (Accounting Standards) Rules, 2006.

3. The calculation of Earnings Per Share (EPS) as disclosed in the Profit and Loss Account, has been made in accordance with Accounting Standard (AS)-20 on Earnings Per Share notified by the Companies (Accounting Standards) Rules, 2006.

4. In accordance with the Accounting Standard (AS)-28 on "Impairment of Assets", the Company has assessed as on the balance sheet date, whether there are any indications (listed in paragraphs 8 to of the Standard) with regard to the impairment of any of the assets. Based on such assessment it has been ascertained that no potential loss is present and therefore, formal estimate of recoverable amount has not been made. Accordingly, no impairment loss has been provided in the books of account.

5. Related Party Disclosure:

(a) Disclosure of related parties with whom business transactions took place during the year:

1. Associates : Vardhman Textiles Limited (formerly known as Mahavir Spinning Mills Limited)

6. Previous years figures have been recast / regrouped, wherever necessary, to make these comparable with current years figures.

7. The information required to be given pursuant to the provisions of the paragraph 3, AC and 4D of Part II of Schedule VI to the Companies Act, 1956 is not applicable to the Company.

8. The company complies in all material respects, with the prudential norms relating to income recognition, asset classification and provisioning for bad and doubtful debts and other matters, specified in the directions issued by the Reserve Bank of India in terms of Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007, as applicable to it.

Find IFSC