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

Notes to Accounts of Vedavaag Systems Ltd.

Mar 31, 2014

1. Terms/rights attached to equity shares, including restrictions on distribution of dividends and the repayment of capital.

Equity shares issued by the company are Equity Shares within the meaning of Section 85(2) of the Companies Act, 1956.

Each holder of equity share is entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts.

The disribution will be in proportion to the number of equity shares held by the shareholders

Rs.in lakhs Rs.in lakhs

2. Contingent Liabilities: 2013-14 2012-13

a Claims against the company not acknowledged as debts 240.00 240.00

b Other money for which the company is contingently liable:

Counter guarantees given in favour of company''s bankers for guarantees issued by them - 75.00

3. The composition of deferred tax liability of Rs. 307.09 lakhs (previous year Rs.252.06 lakhs) is on account of timing differences relating to depreciation.

4. There are no small scale industrial undertakings to whom the company owes a sum exceeding Rs.1.00 lakh which is outstanding for more than 30 days of the Balance sheet date.

5. Confirmation of balances from parties as at the end of the the year has not been received and adjustments, if any, shall be made as an ongoing process.

6. No provision has been made for employee retirement benefit pending acturial valuation.

7. All figures have been rounded off to the nearest rupee.


Mar 31, 2013

Rs.in lakhs Rs.in lakhs 2012-13 2011-12

1 Contingent Liabilities:

a Claims against the company not

acknowledged as debts: 240.00 240.00

b Other money for which the company is contingently liable:

Counter guarantees given in favour of

company''s bankers for guarantees issued by them 75.00 37.00

2. Income tax liability aggregating to Rs 44.52 lakhs is outstanding and under reconciliation with Income Tax authorities for the adjustment of prepaid taxes to ascertain the net liability, if any

3. Related Party Disclosures as per AS 18

Transactions with related parties in the ordinary course of business

4. The composition of deferred tax liability of Rs. 252.06 lakhs (previous year Rs.329.09 lakhs) is on account of timing differences relating to depreciation.

5. Deletion of fixed assets represent assets condemned and retired from active use which have been fully depreciated over their useful life and have no realisable value.

6. Other Current assets include an amount of Rs.794 lakhs being retention money on SECC and NPR projects.

7. There are no small scale industrial undertakings to whom the company owes a sum exceeding Rs.1.00 lakh which is outstanding for more than 30 days of the Balance sheet date.

8. Confirmation of balances from parties as at the end of the the year has not been received and adjustments, if any, shall be made as an ongoing process.

9. All figures have been rounded off to the nearest rupee.

10. Previous year''s figures are regrouped wherever necessary.


Mar 31, 2012

I. Terms/rights attached to equity shares, including restrictions on distribution of dividends and the repayment of capital.

Equity shares issued by the company are Equity Shares within the meaning of Section 85(2) of the Companies Act, 1956.

Each holder of equity share is entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets ofthe Company, after distribution of all preferential amounts.

The disribution will be in proportion to the number of equity shares held by the shareholders.

1. Income tax liability aggregating to Rs 44.62 lakhs is pending payment and under reconciliation with Income tax Authorities for the adjustment of prepaid taxes to ascertain the net liability, if any

2. Related Party Disclosures .

Transactions with related parties in the ordinary course of business

3. The composition of deferred tax liability of Rs. 329.09 lakhs is on account of timing differences relating to depreciation. During the year no additional provision for deferred tax has been made as it is felt that the existing provision is adequate.

4 There are no small scale industrial undertakings to whom the company owes a sum exceeding Rs.1.00 lakh which is outstanding for more than 30 days ofthe Balance sheet date.

5. Confirmation of balances from parties as at the end of the the year has not been received and adjustments, if any, shall be made as an ongoing process.

6. All figures have been rounded off to the nearest rupee.

7. No provisions has been made for retirement benefit pending actual valuation.

8. During the year ended 31-03-2012, the revised schedule VI notified under the Companies Act, 1956 has become appicabe to the Company, for preparation and presentation of its financial statements. The adoption of revised schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However it has significant impact on presentation and disclosures made in the financial statements. The company has also reclassified/regrouped the previous year figures in accordance with the requirements applicable in the current year.


Mar 31, 2010

1 Contingent Liabilities:

a Claims against the company not acknowledged as debts: Rs. 11,056,323

b Other money for which the company is contingently liable: Counter guarantees given in favour of companys bankers for guarantees issued by them Rs. 1.37 Cr

2 Secured Loans:

a The term loan from IL & FS Financial Services Ltd has been secured by hypothecation of all assets of the company an amount of Rs. 2.33 Crs has been overdue out of the total loan amount of Rs. 11.53 Crs.

b Working capital loan by way of Cash Credit from UCO Bank, Suryanagar Branch, Hyderabad has been secured by first charge on the current assets of the company.

c Vehicle loan from Axis Bank, Patna has been secured by hypothecation of the vehicle purchased from the loan amount.

d Equipment loan from ICICI Bank, Hyderabad has been secured by hypothecation of the equipments purchased from the loan amount.

3 Redeemable preference share capital has been transfered to unsecured loans as the due date for redemption is over

4 Depreciation includes writeoff of residual value of obsolute assets to the extent of rupees 38.32 lakhs.

5 During the year no additional provision for diferred tax has.been made as the existing provision is adequate .

6 Quantitative Details

The company is engaged in the business of development of computer software and delivering turn key solutions on Build, Operate and Own - BOO basis. The production and sale of such software is not capable of being expressed in any generic unit. Hence, it is not possible to give the quantitative details of such sale and information required under paragraphs 3,4C and 4 D of Part II of Schedule VI of the Companies Act, 1956.

7 Deferred Tax Liability

The composition of deferred tax liability as at 31.03.2010 of Rs. 329.09 lakhs (previous year Rs. 329.09 lakhs) is on account of timing differences relating to depreciation.

8 There are no small scale industrial undertakings to whom the company owes a sum exceeding Rs. 1.00 lakh which is outstanding for more than 30 days of the Balance sheet date.

9 Confirmation of balances from parties as at the end of the the year has not been received and adjustments, if any, shall be made as on ongoing process.

10 Previous year figures have been regrouped and rearranged wherever necessary.

11 All figures have been rounded off to the nearest rupee.