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Notes to Accounts of Veritas (India) Ltd.

Mar 31, 2015

1. Related Party Disclosures:

As per Accounting Standard 18, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below: a) Related Parties:

(i) Subsidiary Company

- Veritas Global PTE Limited

- Hazel International FZE

- Veritas International FZE

- Kudrat Farming Private Limited

- Dhami Farming Private Limited

- Veritas Agro Venture Private Limited

- GV Investment Finance Company limited. (ii) Associates: NiL

(iii) Key Managerial Personnel (KMP)

- Nttin Kumar Didwanta - Director

- Saurabh Sanghvi - Whole time Director

- Rajaram Shanbhag- Chief Financial Officer

- Mukesh Tank- Company Secretary

(iv} Enterprise over which Key Managerial Personnel are able to exercise significant influence

- Veritas investment Limited

- Diva Trade Impex private Limited

- Sears Real estate Private Limited

- Clairvoyant Trade impex Private Limited

- Veritas Housing Development Private Limited

- Haze! Logistic Private Limited

- Hazel Mercantile Limited

- Sanman Trade impel private Limited

Dubai, Profit arises on disposal of the same i.e. difference between Sale Price and Investment, for 866,660,500/- is shown under the head "Other Income".

2. During the year, the Company have acquired 100% shareholding in M/s. "Dharni Farming Private Limited" as a Wholly Owned Subsidiary Company. Further M/s. "Veritas Agro Venture Private Limited", Step-down Subsidiary of the Company has been merged with M/s. "Vidhata Farming Private Limited", another Step-down Subsidiary and the name of the M/s. "Vichada Farming Private Limited" has been changed to M/s. "VERITAS Agro Ventures Private Limited".

3. The company does not have any dues payable to any micro small and medium enterprises as at the year end. The identification of the micro, smali & medium enterprises is based on management's knowledge of their status. The Company has not received any intimation from the suppliers regarding their status under the MSMED Act 2006.

4. There are no specific claims from suppliers under interest on delayed payments covered under Small Scale & Ancillary Act, 1993.

5. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of the current assets, bans & advances, deposits, in the ordinary course of business will not be less than the value stated in Balance Sheet. The liabilities on account of supply of goods & services are also not more than the value of liabilities except liability written off on account of Shortage / Rate Difference / contract performance /Quality Issues etc. 38, Leases:

a) The Company has taken commercial spaces on an operating lease basis. The lease rentals are payable by the Company on a monthly / quarterly basis.

b) Future minimum lease rentals payable as at 31a March, 2015 as per the lease agreements:

6. The Company has recognized all the claim receivables / liabilities with various government authorities towards Custom duty, VAT, Cess, Income-tax, SAD, Unutilized CENVAT credit and Insurance claim etc. on accrual basis and shown under the head Loans & Advances and Current Liabilities respectively.

7. Previous year comparatives:

Previous years' figures have been regrouped, reclassified wherever necessary to correspondence with the current year's classification / disclosures,


Mar 31, 2014

1. Corporate Information:

The Company is in the business of International Trade & Distribution of Chemicals - Petrochemicals / Polymers / Paper & Paper Boards / Rubber / Heavy Distillates etc.,. The Company is also engaged in generation of wind energy.

2 Primary Security

Equitable mortgage of property being the land at Survey no.21, Rameshwar Wadi Village, Khatav Taluk, Satara district in the state of Maharashtra and hypothecation of 2 nos. 600 kw Wind Electric Generator consisting each of tower, 1 set of blades, nacelle, control panei, transformer and internal cables.

2.1 Collateral

Personal guarantee of the Promoter Director Mr. Nitin Kumar Didwania.

2.2 The above term loan exclude Rs.100.79 Lacs (P.Y. Rs.100.79 Lacs) falling due for payment within one year, which is shown as Other Current Liabilities. Term Loan for Windmill is repayable in 28 Quarterly Installments starting from june 2010. The rate of interest for oustanding loan is base rate plus 2%.

2.3 Secured Loan includes Rs.14.01 Lacs (P.Y. Rs.19.96 Lacs) loan against hypothecation of Car. The Amount is payable in 60 monthly instalments from the date of purchase. The rate of interest for the outstanding vehicle loan is 11%.

(i)Includes Advance given against equity subscription Rs.Nil (P.Y. Rs. 2,229.26 Lacs)

3. Contingent liabilities and Commitments:

Contingent Liabilities:

(Figures in Lacs)

For the year ended For the year ended Particulars : 31st March, 2014 31st March, 2013

Stand by letter of Credit 10,517.50 9,382.28

Income Tax demand pending Appeal 2755.43 NIL

Total 13,272.93 9,382.28

4. Segment Information:

i) Business Segment:

The Company has identified business segments (industry practice) as its primary segment and geographic segments as its secondary segment. Business segments are primarily Trading and Distribution & Wind Power Generation etc.

Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to each reporting segment have been allocated on the basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses.

Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as unallocable. Fixed assets that are used interchangeably among segments are not allocated to primary and secondary segments.

5. Related Party Disclosures:

As per Accounting Standard 18, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below: a) Related Parties:

(i) Subsidiaries:

- Veritas Global PTE Limited

- Veritas FZE

- Veritas International FZE

- Kudrat Farming Private Limited

- Vidhata Farming Private Limited

- Veritas Agro Venture Private Limited

(ii) Associates: NIL

(iii) Key Managerial Personnel (KMP)

- Nitin Kumar Didwania - Director

- Saurabh Sanghvi - Whole time Director

(iv) Enterprise over which Key Managerial Personnel are able to exercise significant influence

- Veritas Investment Limited

- Diva Trade Impex private Limited

- Sears Real estate Private Limited

- Clairvoyant Trade Impex Private Limited

b) Transactions with related parties and the status of outstanding balances as at March 31,2014:

During the year one of wholly owned Subsidiary of the Company has refunded advance against equity & the difference due to foreign exchange rate fluctuation has been credited to Capital Reserve Account.

6. The Company has recognized all the claim receivables / liabilities with various government authorities towards Custom duty, VAT, Cess, Income-tax, SAD, Unutilized CENVAT credit and Insurance claim etc. on accrual basis and shown under the head Loans & Advances and current Liabilities respectively.

7. Leases

a) The Company has taken commercial spaces on an operating lease basis. The lease rentals are payable by the Company on a monthly / quarterly basis.

b) Future minimum lease rentals payable as at 31st March, 2014 as per the lease agreements:

8. There are no specific claims from suppliers under interest on delayed payments covered under Small Scale & Ancillary Act, 1993.

9. The company does not have any dues payable to any micro, small and medium enterprises as at the year end. The identification of the micro, small & medium enterprises is based on management''s knowledge of their status. The Company has not received any intimation from the suppliers regarding their status under the MSMED Act 2006.

10. During the year, the Company has acquired 100% shares in "Kudrat Farming Pvt Ltd" consequently M/s "Vidhata Farming Pvt Ltd" 100% subsidiary of "Kudrat Farming Pvt Ltd"and M/s "Veritas Agro Venture Private Limited" 100% subsidiary of "Vidhata Farming Pvt Ltd" has become subsidiaries of the Company.

11. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of thecurrent assets, loans & advances, deposits, in the ordinary course of business will not be less than the value stated in Balance Sheet. The liabilities on account of supply of goods & services are also not more than the value of liabilities except liability written off on account of Shortage / Rate Difference / contract performance /Quality Issues etc."

12. The Ministry of Corporate Affairs, Government of India, vide General Circular No.2 and 3 dated 8th February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated in the circular.

The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.

13. Previous year comparatives:

Previous years'' figures have been regrouped, reclassified wherever necessary to correspondence with the current year''s classification / disclosures.


Mar 31, 2013

1. Corporate Information:

The Company is in the business of International Trade & Distribution of Chemicals - Petrochemicals / Polymers / Paper & Paper Boards / Rubber/ Heavy Distillates. The Company is also engaged in generation of wind energy.

2. Segment Information: i) Business Segment:

The Company has identified business segments (industry practice) as its primary segment and geographic segments as its secondary segment. Business segments are primarily Trading and Distribution & Wind Power Generation etc.

Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to each reporting segment have been allocated on the" basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallowable expenses.

Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as unallowable. Fixed assets that are used interchangeably among segments are not allocated to primary and secondary segments.

3. Related Party Disclosures ;

As per Accounting Standard 18, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below:

a) Related Parties:

(i) Subsidiary Company

Veritas Global PTE Limited .

Veritas FZE

Veritas International FZE

(ii) Associates : NIL .

(iii) Key Managerial Personnel (KMP) ''

Nitin Kumar - Director

Saurabh Sanghvi - Whole time Director

(iv) Enterprise over which Key Managerial Personnel are able to exercise significant influence

* Veritas Investment Limited

- Diva Trade Impex private Limited .

4. The Company has recognized all the claim receivables / liabilities with various government authorities towards Custom duty, VAT, Cess, Income-tax, SAD, Unutilized CENVAT credit and Insurance claim etc. on accrual basis and shown under the head Loans & Advances and Current Liabilities respectively.

5. Leases

a) The Company has taken commercial spaces on an operating lease basis. The lease rentals are payable by the Company on a monthly / quarterly basis.

b) Future minimum lease rentals payable as at 31st March, 2013 as per the lease agreements:

6. There are no specific claims from suppliers under interest on delayed payments covered under Small Scale & Ancillary Act, 1993.

7. The company does not have any dues payable to any micro, small and medium enterprises as at the year end. The identification of the micro, small & medium enterprises is based on management''s knowledge of their status. The Company has not received any intimation from the suppliers regarding their status under

8. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of the current assets, loans & advances, deposits, in the ordinary course of business will not be less than the value stated in Balance Sheet. The liabilities on account of supply of goods & services are also not more than the value of liabilities except liability written off on account of Shortage / Rate Difference / contract performance /Quality Issues etc.

9. The Ministry of Corporate Affairs, Government of India, vide General Circular No,2 and 3 dated 8th February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated in the circular.

The Company has satisfied the conditions stipulated in the circular,and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.

10. Previous year comparatives:

These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous years'' figures have been regrouped, reclassified wherever necessary to correspondence with the current year''s classification / disclosures.


Mar 31, 2012

1. Corporate information:

The Company is in the business of Imports, Trading and Distribution of Chemicals, Metals and Machinery. The Company is also engaged in generation of wind energy in the state of Maharashtra and Tamil Nadu.

2. Retirement benefit plans:

a) Defined contribution plans

The Company makes Provident Fund contributions to defined contribution retirement benefit plans for qualifying employees. Under the schemes, the Company is required to contribute on monthly basts a specified percentage of the payroll costs to fund the benefits. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes. '

b) Defined benefit plans

The Company makes annual contributions to the Employees' Group Gratuity-cum-Life Assurance Scheme of the Life Insurance Corporation of India, a funded defined benefit plan for qualifying employees. The scheme provides for iump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount.

The present value of the defined benefit obligation and the related current service cost were measured using the Projected Unit Credit Method, with actuarial valuations being carried out at each balance sheet date.

Disclosure as required by Accounting Standard 15 (Revised) on Employee Benefits:' In respect of gratuity, a defined benefit scheme (based on actuarial valuation) are given below:-

3. Segment Information:

The Company has identified business segments (industry practice) as its primary segment and geographic segments as its secondary segment. Business segments are primarily Trading and Distribution & Wind Power Generation etc.

Revenues and expenses directly attributable to segments are reported under each reportable segment.

Expenses which are not directly identifiable to each reporting segment have been allocated on the basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses.

Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as unallocable. Fixed assets that are used interchangeably among segments are not allocated to primary and secondary ~

4. Related Party Disclosures :

As per Accounting Standard 18, the disclosures of transactions with the related parties as defined in the Accounting Standard are giver, below:

a) Related Parties:

(i) Subsidiary Company

- Veritas Globai PTE Limited

- Veritas FZE

(ii) Key Managerial Personnel (KMP)

- Nitin Kumar-Director

- Saurabh Sanghvi - Whole Time Director

(iii) Enterprise over which Key Managerial Personnel are able to exercise significant influence

- Veritas Investments Limited

- Arbitrium Fincap Private Limited

5- Earnings per Equity Share /EPS);

The Company -reports basic anti diluted Earnings Per share (EPS) in accordance with Accounting Standard 20 on Earnings Per Share. Basic EPS is computed by the net profit or loss for the year by the weighted average no of equity shares outstanding during the year.

6. There are no specific claims from suppliers under interest on delayed payments covered under Small Scale & Ancillary Industrial undertakings Act, 1993.

7. The Company does not have any dues payable to any micro, small and medium enterprises as at the year end. The identification of the micro, small & medium enterprises is based on management's knowledge of their status. The Company has not received any intimation from the suppliers regarding their status under the MSMED Act 2006. Hence, disclosures, if any, relating to amounts unpaid as at the year end, together with interest paid / payable as required under the said act have not been given.

8. Remittance in Foreign Currencies for Dividends:

The Company has remitted Rs. Nil (March 31, 2011: Rs, Nil) in foreign currencies on account of dividends during the year. The particulars of dividends declared and paid to non-resident shareholders for the year 2010-11 are as under:

9. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of the current assets, loans & advances, deposits, in the ordinary course of business will not be less than the value stated in Balance Sheet.

10. Balances in respect of some of the debtors, creditors, advances and deposits are subject to confirmation.

11. The Ministry of Corporate Affairs, Government of India, vide General Circular No.2 and 3 dated 8th February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated tn the circular. The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.

12. Previous year comparatives:

These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous years' figures have been recast / restated.


Mar 31, 2011

(a) Description of Business:

The Company is in the business of Imports, Trading and Distribution of Chemicals, Metals and Machinery. The Company is also engaged in generation of wind energy in the State of Maharashtra and Tamil Nadu.

(b) Contingent liabilities:

Contingent liabilities in respect of outstanding corporate guarantees given to bank on behalf of subsidiaries are as under:

(Figures in Rs.)

Particulars For the year ended For the year ended March 31,2011 March 31, 2010

Guarantees given to banks on behalf 558,125,000 Nil of the Subsidiary Company

Total 558,125,000 Nil

(c) In the opinion of the Board and to the best of their knowledge and belief, the value on realization of the current assets, loans & advances, deposits, in the ordinary- course of business will not be less than the value stated in Balance Sheet.

(d) Balances in respect of some of the debtors, creditors, advances and deposits are subject to confirmation.

(f) There are no specific claims from suppliers under interest on delayed payments covered under Small Scale & Ancillary Act, 1993.

(g) The company does not have any dues payable to any micro, small and medium enterprises as at the year end. The identification of the micro, small & medium enterprises is based on management's knowledge of their status. The Company has not received any intimation from the suppliers regarding their status under the MSMED Act 2006. Hence, disclosures, if any, relating to amounts unpaid as at the year end, together with interest paid / payable as required under the said act have not been given.

(o) Related Party Disclosures :

As per Accounting Standard 18, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below:

1. Related Parties:

(i) Subsidiary Company

- Veritas Global PTE Limited

- Veritas FZE

(ii) Associates: NIL

(iii) Key Managerial Personnel

- Nitin Kumar Didwania - Director

- Girish Zaveri - CFO

(q) Earnings Per Share (EPS) as per Accounting Standard 20:

The Company reports basic and diluted Earnings Per Share (EPS) in accordance with Accounting Standard 20 on Earnings Per Share. Basic EPS is computed by the net profit or loss for the year by the weighted average no of equity shares outstanding during the year.

(r) The Ministry of Corporate Affairs, Government of India, vide General Circular No 2 and 3 dated 8 February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated in the circular. The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.

{s) Previous year comparatives:

Previous year's figures have been reworked, regrouped, rearranged and reclassified wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.


Mar 31, 2010

1. DESCRIPTION OF BUSINESS

The Company is in the business of Imports, Trading and Distribution of Chemicals, Metals and Machinery. The Company is also engaged in generation of wind energy in the State of Maharashtra and Tamil Nadu.

2. CONTINGENT LIABILITIES

There are no liabilities of contingent nature and hence not disclosed.

3. Sundry Debtors, Sundry Creditors and Loans and Advances are subject to reconciliation with the respective parties. Necessary adjustments in accounts shall be made in the year in which discrepancy if any may be noticed.

4. Sundry Loans and Advances and other Assets are in the opinion of the management stated at the amount realizable in the ordinary course of the business and provisions for all known and determined liabilities are adequate and not in excess of amount reasonably required.

5. Previous Year figures have been regrouped or reclassified wherever necessary.

6. Term Loan availed from Punjab National Bank for Wind Mill Power Projects is secured by way of creation of first charge on it and car loan availed from Kotak Mahindra Prime Limited Mumbai.

7. During the year sundry balances written off consists of items of discounts & differences which are irrecoverable /not payable in the opinion of management.

8. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil (P.Y. Rs. 22.13 Million).

9. Other information required by the schedule VI to the Companies Act 1956 has been given only to the extent applicable.

10. Accounting standard - 17 on segment reporting is applicable to the company, as it is engaged in Trading & Distribution business and Wind Power Generation activity

11. A statement pursuant to Section 212 of the Companies Act, 1956 related to the subsidiary Company is annexed. The audited statements of accounts, along with the report of the Board of Directors relating to the Companys subsidiary and the Auditors report thereon for the year ended 31st March, 2010 are annexed.

 
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