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Notes to Accounts of Vertical Industries Ltd.

Mar 31, 2014

Not Available.


Mar 31, 2013

1. There is no liability payable by the company to any Small Scale Industrial Undertaking (SSI) as defined under the Industrial (Development and Regulation) Act, 1951, exceeding Rs.1 lakh in aggregate and outstanding for a period of 30 days as at the date of the Balance Sheet.

2. The balances of Sundry Debtors, Loans and Advances are subject to confirmation.

3. There are no Contingent Liabilities payables by the company as on the date of the Balance Sheet.

4. Remuneration to Auditors for FY 2012-2013 is Rs.20,000/-.

5. There are no related party transactions during the current year.

6. The previous year''s figures have been recast /restated, whenever necessary to confirm to the current year''s classifications.


Mar 31, 2012

1. There is no liability payable by the Company to any Small Scale Industrial Undertaking (SSI) as defined under the Industrial (Development and Regulation) Act, 1951, exceeding Rs.1 lakh in aggregate and outstanding for a period of 30 days as at the date of the Balance Sheet.

2. The balances of Sundry Debtors, Loans and Advances are subject to confirmation.

3. There are no Contingent Liabilities payable by the Company as on the date of the Balance Sheet.

4. Remuneration to Auditors for FY 2011-2012 is Rs.60,000/-

5. There are no related party transactions during the current year.

6. The previous year's figures have been recast /restated, whenever necessary to confirm to the current year's classifications.


Mar 31, 2010

1. IFCI has auctioned the unit at Arepally, Warrangal Dist, in July, 2009. The Company has fled a writ petition in the High Court of Andhra Pradesh to seek directions to the Auction Purchaser and IFCI, to own up the responsibility of making the payment of Statutory dues to various govt, departments and the employees of the Company as specified in the tender documents.

2. Contingent Liabilities not provided for:

a) After auction of the factory located at Arepally Village, Warrangal District, A.P, by IFCI, the Management has not taken any steps for further activity. Hence, the fundamental accounting assumption of going concern concept is not appropriate. In the absence of required information, an estimate can not be made with regard to contingent liability.

b) Liability against Sales Tax Appeals fled is NIL ( previous year Rs.73.71 lakhs )

3. Value of Raw Material and stores and spares consumed is NIL ( previous year NIL)

4. CIF value of imports : during the year is NIL ( previous year NIL)

5. Foreign Currency Expenditure : during the year is NIL ( previous year NIL)

6. Earnings in Foreign Exchange : during the year is NIL ( previous year Rs.4,37,676/-)

7. There are no Related party transactions during the current year.

8. The Company has unabsorbed losses and depreciation, which can be set off against income of future years under the Income-tax Act, 1961. In view of the provisions of the said act, charging tax on book profit under Sec. 115JB and uncertainty of having taxable income under the normal provisions of the said Act, no deferred tax asset has been recognized in the books. The position will be reviewed every financial year and deferred tax asset, when considered ealisable, will be recognized in the books.

9. The Amount in Capital Reserve under Schedule 2 to the Balance Sheet, includes investment subsidy for Rs. 14,37,500/- . & Rs. 35,45,722/- principle amount waived by ICICI bank.

10. Payment against supplies from small and ancillary industrial undertakings are generally made in accordance with agreed credit terms and to the extent ascertained from available information, there was no sum or interest due to them for a period exceeding 30 days.

11. Previous year figures are regrouped wherever necessary to conform with the current year Classification.

 
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