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Notes to Accounts of Veer Energy & Infrastructure Ltd.

Mar 31, 2015

1. Contingent Liabilities The Company has a 100% subsidiary in Germany named " Veer Enterprise - GMBH" Subsidiary has incurred a loss of INR 398269/- equivalent to Euro 5899/- during the year 2014-15. The accumulated loss is INR 8254839/- equivalent to Euro 122275/- The investment of the Company so far is Euro 25000/- in equity and Euro 73500/- as loan totaling to Euro 98500/- Hence there is a contingent liability to the turn of Euro 25632/- equivalent to INR 1730449/- as on 31st March, 2015 considering the exchange rate of 1 Euro = INR 67.5104 as per RBI reference rate. The management is hopeful to recover the losses of subsidiary in future.

2.The Company has not been informed by any suppliers under Micro, Small and Medium Enterprises Development Act, 2006 ( The Act ) and hence disclosure regarding:

(a) Amount due and outstanding to suppliers as the end of accounting year;

(b) Interest paid during the year; (c ) Interest payable at the end of the accounting year, and

(d) Interest accrued and unpaid at the end of the accounting year, has not been provided.

3. The Company has floated a 100% subsidiary " Veer Enterprise-GMBH" in Germany to explore the possibility of expansion in the field of non conventional energy with the help of collaboration with any company in this field with a wide experience and capital resources. The main idea is to make development in India only at a later stage. The subsidiary is incurring losses, but the management is hopeful to recover the same in future. The management has taken care to minimize the expenses.

4. The Company has also 100% subsidiary in India " Shruti Power Projects Pvt Ltd., The subs diary is engaged in the same business of non conventional energy.

5. Previous year figures have been regrouped & rearranged wherever necessary. As per our report of even date attached


Mar 31, 2014

1 a) Employees Retirement Benefits:

As required by the mandatory accounting standard -15 regarding "Accounting for Retirement Benefits in the Financial Statements of Employer" . Acturial Valuation Report has been obtained for the liabilities for gratuity and leave encashment benefits. The amount as per report is Rs.385473/-. for the year which has been provided in the accounts but investments of the total amount till date Rs. 960386/- has not been made so far.

2 There are no pending capital commitments.

3 Contingent Liabilities

The Company has a 100% subsidiary in Germany named " Veer Enterprise - GMBH"

Subsidiary has incurred a loss of INR 268768/- equivelent to Euro 3255/- during the year 2013-14. The accumulated loss is INR 9609898/- equivelent to Euro 116376/- The investment of the Company so far is Euro 25000/- in equity and Euro 73500/- as loan totalling to Euro 98500/- Hence ther is a contingent liability to the tunr of Euro 17876/- equivelent to INR 1476138/- as on 31st March, 2014 considering the exchange rate of 1 Euro = INR 82.5765 as per RBI reference rate. The management is hopeful to recover the losses of subsidiary in future.

4 The Company has no liability under Micro, Small and Medium Enterprises Development Act,2006

( The Act ) and hence disclosure regarding:

(a) Amount due and outstanding to suppliers as the end of accounting year;

(b) Interest paid during the year;

(c ) Interest payable at the end of the accounting year, and

(d) Interest accrued and unpaid at the end of the accounting year, has not been provided.

5 The Company has floated a 100% subsidiary " Veer Enterprise-GMBH" in Germany to explore the possibility of expansion in the field of non conventional energy with the help of colloberation with any company in this field with a wide experience and capital resources. The main idea is to make development in India only at a later stage. The subsidiary is incurring losses, but the management is hopeful to recover the same in future. The management has taken care to minimise the expenses.

6 The Company is required to appoint a Whole time Company Secretary as per Section 383A of the Companies Act,1956.The Company had advertised for the proper candidate, but the Company being small and medium size company, could not get proper candidate hence the Company is getting work done from practicing Company Secretary on retainership basis..

7 Previous year figures have been regrouped & rearranged wherever necessary.


Mar 31, 2013

1 a) Employees Retirement Benefits:

As required by the mandatory accounting standard -15 regarding "Accounting for Retirement Benefits in the Financial Statements of Employer" . Acturial Valuation Report has been obtained for the liabilities for gratuity and leave encashment benefits. The amount as per report is Rs.385473/-. for the year which has been provided in the accounts but investments of the total amount till date Rs. 960386/- has not been made so far.

2 There are no pending capital commitments.

3 Contingent Liabilities

The Company has a 100% subsidiary in Germany named " Veer Enterprise - GMBH" Subsidiary has incurred a loss of INR 2125745/- equivelent to Euro 30567/- during the year 2012-13. The accumulated loss is INR 7866864/- equivelent to Euro 113121/- The The investment of the Company so far is Euro 25000/- in equity and Euro 70000/- as loan totalling to Euro 95000/- Hence ther is a contingent liability to the tunr of Euro 18121/- equivelent to INR 1260203/- as on 31st March, 2013 considering the exchange rate of 1 Euro = INR 69.5438 as per RBI reference rate. The management is hopeful to recover the losses of subsidiary in future.

4 The Company has no liability under Micro, Small and Medium Enterprises Development Act,2006 ( The Act ) and hence disclosure regarding:

(a) Amount due and outstanding to suppliers as the end of accounting year;

(b) Interest paid during the year;

(c) Interest payable at the end of the accounting year, and

(d) Interest accrued and unpaid at the end of the accounting year, has not been provided.

5 The Company has floated a 100% subsidiary " Veer Enterprise-GMBH" in Germany to explore the possibility of expansion in the field of non conventional energy with the help of colloberation with any company in this field with a wide experience and capital resources. The main idea is to make development in India only at a later stage. The subsidiary is incurring losses, but the management is hopeful to recover the same in future. The management has taken care to minimise the expenses.

6 The Company is required to appoint a Whole time Company Secretary as per Section 383A of the Companies Act,1956.The Company had advertised for the proper candidate, but the Company being small and medium size company, could not get proper candidate hence the Company is getting work done from practicing Company Secretary on retainership basis..

7 Previous year figures have been regrouped & rearranged wherever necessary.


Mar 31, 2012

1. a) Employees Retirement Benefits:

As required by the mandatory accounting standard -15 regarding "Accounting for Retirement Benefits in the Financial Statements of Employer". Acturial Valuation Report has been obtained for the liabilities for gratuity and leave encashment benefits. The amount as per report is Rs. Which has been

provided in the accounts but investments has not been made so far.

44. Segment Reporting as required by Accounting Standard 17

Primary Segment Energy & Infrastructure

Secondary Segment Trading

Geographical Segment 100% Revenue from India only.

2 Related parties disclosure in accordance with the accounting standard 18

List of Related Parties : Enterprise owned or significantly controoled by the Directors of the Company:

The name of the Company/Firm Director Capacity Intersted

1. M/s. Niyati Industries Limited Yogesh M. Shah Director

2. M/s. Pan India & Drugs Chemicals Ltd. Yogesh M. Shah Director

3. M/s. Niyati Industries Limited Arvind M. Shah Director

4. M/s. Pan India & Drugs Chemicals Ltd. Prakash C. Shah Director

5. M/s. Danish Engineering Prakash C. Shah Proprietor

6. M/s. Kunal Traders Prakash C. Shah Proprietor

7. M/s. Arpan Housing Company Yogesh M. Shah Proprietor

8. M/s. V. K. Enterprise Dhimant Shah Partner

9. M/s. Vithaldas Kalidas Dhimant Shah Partner

10. M/s Arvind Shah & Co. Arvind Shah Proprietor

11. M/s. Kesar Swasthya Pvt Ltd. Prakash A Patel Director

3. There are no pending capital commitments.

4. Contingent Liabilities

The Company has a 100% subsidiary in Germany named " Veer Enterprise - GMBH" Subsidiary has incurred a loss of INR 5595345/- equivelent to Euro 82554/- The investment of the Company so far is Euro 75000/- Hence ther is a contingent liability to the tunr of Euro 7554/- Equivelent to INR 512671/- as on 31st March, 2012 considering the exchange rate of 1 Euro= INR 67.8675

5. The Company has no liability under Micro, Small and Medium Enterprises Development Act, 2006 (The Act)and hence disclosure regarding:

(a) Amount due and outstanding to suppliers as the end of accounting year;

(b) Interest paid during the year;

(c) Interest payable at the end of the accounting year, and

(d) Interest accrued and unpaid at the end of the accounting year, has not been provided.

6. The Company has floated a 100% subsidiary " Veer Enterprise-GMBH" in Germany to explore the possibility of expansion in the field of non conventional energy with the help of colloberation with any company in this field with a wide experience and capital resources. The main idea is to make development in India only at a later stage.

7. Previous year figures have been regrouped & rearranged wherever necessary.


Mar 31, 2010

1) CONTINGENT LIABILITIES:

There are no contingent liabilities as on the date of the balance sheet.

2) TRANSACTIONS WITH RELATED PARTIES : Nil

3) As required by the mandatory accounting standard - 15 regarding "Accounting for Retirement Benefits in the Financial Statements of Employer". Actuarial valuation report has been obtained for the liabilities for gratuity and leave encashment benefits. There amount as per valuation report is Rs. 1, 27,444.00 which has been provided in the accounts.

4) Additional information pursuant to Para. 3 & 4C & 4D of the Part II of Schedule VI of the Companies Act,1956.(As certified by the management)

5) In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated if realized in the ordinary course of business.

6) The Company has not received any information from the suppliers regarding status under the Micro, Small and Medium Enterprises Development Act, 2006 (the act) and hence disclosure regarding:

(i) Amount due and outstanding to suppliers as the end of accounting year

(ii) Interest paid during the year

(iii) Interest payable at the end of the accounting year, and

(iv) Interest accrued and unpaid at the end of the accounting year, has not been provided

The Company is making efforts to get the confirmations from the suppliers as regards their status under the Act.

7) Previous year figures have been regrouped & re arranged wherever necessary

 
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