Mar 31, 2018
1 Corporate Information
Veritas (India} limited (âThe Companyâ) is a Listed Public entity incorporated in India. The*company is in the business of international Trade & Distribution of Polymers, Paper & Paper Boards, Rubber, Heavy Distillates, Chemicals, Development of Software, Manufacture of Ceramic products, etc, The Company is also engaged in generation of Wind Energy.
2.1 Rights, preferences and restrictions attached to Equity shares
âThe Company has Issued only one class of equity shares having a par value of INR 1 each. Each equity shareholder is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution wilt be ir> proportion to the number of equity shares held by the shareholders.â
2.2 Proposed Dividend .
The Board of Directors of the Company has proposed dividend at X 0.05 per equity share for the financial year 2017-2018, which would have been declared in the Annua! General meeeting.
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.