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Notes to Accounts of Vas Infrastructure Ltd.

Mar 31, 2015

1) Corporate information

VAS INFRASTRUCTURE LIMITED (''Company'' or VIL'') was incorporated on February 11, 1994. VIL is a leading real estate developer engaged in the business of construction, development, sale, management and operation of all or any part of townships, housing projects, commercial premises and other related activities.

2) Basis of preparation

The financial statements have been prepared to comply in all material respects with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 ("the Act"). The financial statements have been prepared under thehistorical cost convention on an accrual basis in accordance with accounting policies have been consistently applied by the Company and are consistent with those used in previous year, except for the change in accounting policy explained in note 2.1 (a) below.


Sep 30, 2013

The Guidance note on accounting of Real estate Transaction (Revised 2012.) issued by ICAI has Been followed for Projects Commenced after April 2012 or Projects Commenced before April 2012 but no Revenue from the project is recognized for the 18 months ended 30-09-2013.

All the Project except Pushp Vinod 1 are accounted based on the Revised Guidance note on Accounting of real estate transaction 2012 issued by the ICAI.

1) Interest Income

Income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.

2) Taxes

Tax expense comprises of current and deferred tax.

Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income Tax Act. Deferred income taxes reflects the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier year.

Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. In situations where the Company has unabsorbed depreciation or carry forward tax losses, all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits. At each balance sheet date the Company re-assesses unrecognized deferred tax assets. It recognizes unrecognized deferred tax assets to the extent that it has become reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which such deferred tax assets can be realized.

The carrying amount of deferred tax assets are reviewed at each balance sheet date. The Company writes down the carrying amount of a deferred tax asset to the extent that it is no longer reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which deferred tax asset can be realized.

Minimum Alternative tax (MAT) credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the year in which the MAT credit becomes eligible to be recognized as an asset in accordance with the recommendations contained in Guidance Note issued by the Institute of Chartered Accountants of India, the said asset is created by way of a credit to the statement of profit and loss and shown as MAT Credit Entitlement. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that Company will pay normal income tax during the specified period.

3) Retirement and other employee benefits

Retirement benefits in the form of provident fund is a defined contribution scheme and the contributions are charged to the statement of profit and loss of the year when the contributions to the provident fund are due. There are no other obligations other than the contribution payable to the government administered provident fund.

Gratuity & other long terms benefits are not accounted as per A S 15 Retirement benefits issued by the ICAI.

4) Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the year is adjusted for events of bonus issue.

For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

5) Provisions

A provision is recognized when the Company has a present obligation as a result of past event, it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable. Provisions are not discounted to its present value and are determined based on the best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

6) Cash and Cash equivalents

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand and short term investments with an original maturity of three months or less.

7) Related party Disclosure.


Mar 31, 2011

1. Contingent liability not provided for :

Corporate Guarantees on behalf of Associate Concerns stands is nil.

2. The Company had kept inter corporate loans, However the Company has not received / any interest till date right from the beginning.

3. Related Party Disclosures:

(a) Associate concerns / Relative of Director:

(i) Yashraj Containeurs Ltd.

(ii) Precision Containeurs Ltd.

(iii) Vasparr Shelter Ltd.

(iv) Vasparr Trading Pvt. Ltd. (Now known as Vas Educomp Pvt. Ltd.)

(v) Pushpanjali Drums Pvt Ltd.

4. The Company has only one business segment in India and there is no geographical Segment.

5. The outstanding Balance of Debtors, Deposits & Unsecured Loans / Advances are subject to confirmation & reconciliation, if any.

6. The company has not complied with A S 19 Employee Benifits issued by the ICAI. The company has not accounted for Retirement benifits such as gratuity, leave encashment on actuarial valuation basis.

7. Previous Year's figures have been reclassified/recast wherever necessary.

8. Figures have been rounded off to the nearest rupee.

9. Schedules A to L and 1 to 5 form an integral part of the Accounts and have been duly authenticated.


Mar 31, 2010

1. LEGAL STATUS

The assessee is a Public Limited Company, formed vide Certificate of Incorporation dated 7th February 1994, P.A.No. AAACV3537A.

2. BUSINESS ACTIVITY

The Assessee is into the Business of Aquisition of Land and Development Construction & Infrastructural activities. During the Previous Year Under Consideration the Assessee has Aquired various Projects in Connection with the Purchase of Land, Structure along with Land & Development. Thereon, However no work is undetken on those projects.

3. Contingent liability not provided for:

Corporate Guarantees on behaif of Associate Concerns stand at Rs. 28.83 Crores (P.Y. Rs. 28.83 Crores)

4. Quantitative & Other Information :

The company is not falling under any of the categories requiring disclosure of quantitative information.

5. The Company had kept inter corporate loans, However the Company has not received any interest till date right from the beginning.

6. The Company has only one business segment in India and there is no geographical Segment.

7. The outstanding Balance of Debtors, Deposits & Unsecured Loans / Advances are subject to confirmation & reconciliation, if any.

8. Previous Years figures have been reclassified/recast wherever necessary.

9. Figures have been rounded off to the nearest rupee.

10. Schedules A to I and 1 to 5 from an integral part of the Accounts and have been duly authenticated.

 
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