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Notes to Accounts of Vijay Shanthi Builders Ltd.

Mar 31, 2015

1. CORPORATE INFORMATION

The Company was incorporated on 06th January 1992 and having its registered office at No.20/43, Kasturi Rangan Road, Alwarpet, Chennai - 600 018. The company is into the business of construction industry and involves itself in the construction of residential apartments and individual villas.

2.1 Disclosure as per Clause 32 of the Listing Agreements with the Stock Exchanges

Loans and advances in the nature of Project Advance to subsidiaries, associates and others and investment in shares of the Company by such parties:

3.1 Employee Benefit Plans

(i) Defined contribution plans

The Company makes Provident Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs.5,13,359/- for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

(ii) Defined benefit plans

The Company offers the following employee benefit schemes to its employees: i. Gratuity: The company is providing for the Gratuity Liability in the Books of Account based on its own estimate & it is charged to Profit & Loss Account. The Company recognised Rs.2,50,000/- (PY: Rs.3,00,000/-) towards Gratuity Liability in the Statement of Profit and Loss.

There is no specific investment plan or asset kept aside to meet the Gratuity Liability. The Company is of hope that, it can pay the gratuity as and when it falls due on termination / retirement of eligible employees. During the year, the company paid Rs.17,75,725/- towards Gratuity for the retiring / resigning employees.

3.2 Certain Confirmation of balances for Trade Payables, Trade Deposits, Flat Advances, Other loans & advances and Bank Balances are awaited. The accounts' reconciliation of some parties where confirmation have been received are in progress. Adjustments for differences, if any, arising out of such confirmations / reconciliations would be made in the accounts on receipt of such confirmations and reconciliations thereof. The Management is of the opinion that the impact of adjustments, if any, is not likely to be significant. In the opinion of the Management, all current assets and loans & advances would be realised at the values at which these are stated in the accounts, in the ordinary course of business.

Note 4 Previous year's figures

4 Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2014

1 Balances disclosed under trade payables are subject to confirmation and reconciliation, if any.

Note 2 Previous year''s figures

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2013

1 Coporate Information

The Company was incorporated on 06th January 1992 and having its registered office at No.20/43, Kasturi Rangan Road, Alwarpet, Chennai - 600 018. The company is into the business of construction industry and involves itself in the construction of residential apartments and Individual villas

2.1 Employee Benefit Plans

(i) Defined contribution plans

The Company makes Provident Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs.11,94,433/- for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes (ii) Defined benefit plans

The Company offers the following employee benefit schemes to its employees:

Gratuity : The company is providing for the Gratuity Liability in the Books of Account based on its estimate & it is charged to Profit & Loss Account. The Company recognised Rs.4,00,000/- (Year ended 31 March, 2012 Rs. 11,00,000/-) towards Gratuity Liability in the Statement of Profit and Loss.

There is no specific investment plan or asset kept aside to meet the Gratuity Liability. The Company is of hope that, it can pay the gratuity as and when it falls due on termination / retirement of eligible employees. During the year, the company paid Rs.6,71,500/- towards Gratuity for the retiring / resigning employees."

Note 3 Previous year''s figures

3 Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure


Mar 31, 2012

Note:

1. Provision for tax for the Current Year Rs. 6,96,665/- has been arrived taking into a/c the advance tax paid already.

2. The provision for the current year has been arrived at on the assumption that the loss of discontinued business at Salem is eligible for deduction under the Income Tax Act, 1961.

3. In the event of the loss being disallowed by the Income Tax department, the tax liability shall be higher to the extent of Rs.218.30 Lacs.

Note 1 - Salem Project

During the year the Company discontinued its operation at Salem, in which the Company had incurred expenses amounting to Rs.9,72,18,149/- over a period. The expenses for the project were incurred by the Company as per the agreement between the Company and "Akhash Housing". The Company has discontinued the project through a mutual agreement. The loss of the project has been considered in the books of the Company during the year. The loss has not been reported separately under Schedule VI of the Companies Act, 1956 as the loss is not due settlement of any liability. Subsequently there was a change in name from Akash Houshing to High End Homes which was later on converted into a private company which was further merged with the Company.

Note 2 Additional information to the financial statements

Note Particulars

As at 31 As at 31 March, 2012 March, 2011

2.1 Contingent liabilities and commitments Rs Rs (to the extent not provided for)

Contingent liabilities

Claims against the Company not acknowledged as debt - Service Tax 150,001,000 150,001,000

The Company has recognised in the books of accounts all liabilities. The Company has not recognised as liabilities which are contingent in nature including, the above Service Tax Libability. The cases against the Company pending in various courts under miscellaneous claims, damages have neither been quantified nor recognised.

2.2 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

Particulars

As at 31 As at 31 March, 2012 March, 2011

(i) Principal amount remaining unpaid to Rs. Rs. any supplier as at the end of the accounting year

(iv) The amount of interest due and payable for the year - -

Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditors.

2.3 Disclosure as per Clause 32 of the Listing Agreements with the Stock Exchanges

Loans and advances in the nature of loans given to subsidiaries, associates and others and investment in shares of the Company by such parties:

Discontinued Operations - Mineral Water Division

During the year, pursuant to the approval of the Board of Directors and other authorities as required, the Company has sold the plant & machinery of the Mineral water Division of the Company for a consideration of 17,25,000. The net effect of the sale of the Plant and Machinery is a Profit of Rs. 1,71,107. Further the Company abandoned the Building where the Mineral Water Division was carried on as unusable. The Loss on account of the abandonment of the Building is Rs.23,28,192/-

3 The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

 
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