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Notes to Accounts of Vijay Shanthi Builders Ltd.

Mar 31, 2016

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 recognized Rs.3,41,526/- 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 recognized NIL (PY : Rs.2,50,000/-) 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 NIL towards Gratuity for the retiring / resigning employees.”

2.a Details of related parties: Description of relationship Names of related parties

Key Management Personnel - KMP Mr. Chandan Kumar, Managing Director

Mr.D.V.B.Prasad, Whole time Director

Relatives of KMP Mrs. Ratan Bai

Mr. Suresh Kumar (The amount availed by the company when Mr. Suresh Kumar was the Managing Director of the company however, no fresh loans has been taken from him after he ceased to be Managing Director during November 2014 the company shall repay the full amount back to him on or before 31st March 2017.

Mrs. Rekha Jain Mrs. Pramila Jain Mr. Naresh Kumar Mrs. Varsha Jain Ms. Bakthi Jain Ms. Pooja Jain Mr. Darshan Jain

Companies / Firms in which the Key

Management Personnel / their relatives are Akash Housing interested

Darshan Housing Infrastructure Limited Influence Enterprises India Private Limited Vijay Shanthi Developers Pvt Ltd

Note: Related parties have been identified by the Management.

3. 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 realized at the values at which these are stated in the accounts, in the ordinary course of business.

Note 4 Previous year’s figures

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


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.


Mar 31, 2011

1. CONTINGENT LIABILITY

All liabilities have been provided for in the books of accounts and except liabilities of contingent nature. There is a contingent liability of service tax not recognised to the extent of Rs.151 lakhs which is disputed.

2. SUNDRY CREDITORS

No dues to SSI are outstanding for more than 30 days.

3. PROVISION FOR INCOME

Provision for income tax has been made as per Income Tax Act.

4. IMPAIRMENT LOSS

During the year the company has recognized impairment loss of Rs 9590076/-. The Management has adjusted loss pertaining to the year of Rs 959008 against current year profit and the balance of Rs 8631068 adjusted against General Reserve. The Impairment loss was related to Plant & Machinery and Building pertaining to Mineral Water Division as it has become obsolete.

5. LIST OF RELATED PARTIES AND NATURE OF THEIR RELATIONSHIPS STANDARD – 18

The details of related parties as identified by the management are as under:

I) Key Management Personnel:

Chandan Parmar Chairman

Suresh Kumar Managing Director

Chandan Kumar Joint Managing Director

II) Associates:

Darshan Housing and Infrastructure Limited (Formerly known as Vijay Shanthi Finance Limited) - Associate Company

Akash Housing – Proprietor concern ( Ratan Bai)

Vijay Shanthi Miles Stone Developer Pvt. Ltd –Associate Company

6. RELATED PARTY TRANSACTIONS

The Company has identified all related parties and details of transactions are given below. No provision for doubtful debts or advances is required to be made and no amounts have been written off or written back during the year in respect of debts due from or to related parties. There are no other parties where control exists that need to be disclosed.

7. SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE – 41 OF THE LISTING AGREEMENT SEGMENT REVENUE 31.03.2009

Though the company operates different business, the single primary business segments results constitutes more than 90% of total revenue of all segments no separate disclosure is required.

8. GENERAL RESERVE

General reserve includes Share premium for the shares issued during the year and deduction of impairment loss recognized related to earlier years of Rs 8631068/-.

9. SECURED LOANS

The secured loans include the ICICI Loan for Rs 55,00,00,000/- taken to repay the existing term loans in South Indian Bank secured against projects of Lotus Pond and the outstanding amount on 31.3.2011was Rs 503085149/-. Kotak Mahindra Prime Ltd Project Loan Rs 29449564 has been secured against Besant Nagar project. The secured Loans also include new vehicle loan from ICICI Bank Ltd. for Rs 3910385 in addition to existing loans outstanding Rs 829754 and Rs 1879804 from Kotak Mahindra Prime Ltd secured against the vehicles of the Company.

10. MISCELLANEOUS EXPENDITURE

Miscellaneous expenditure disclosed to the extent not written off and written off is adjusted against related project expenditure.

11. The nature of business carried on by the company is such that furnishing of Quantitative details relating to consumption of stock is not feasible.

12. Previous year's figures have been re-grouped and re-classified wherever necessary.


Mar 31, 2010

1. CONTINGENT LIABILITY

All liabilities have been provided for in the books of accounts and except liabilities of contingent nature. There is a contingent liability of service tax not recognized to the extent of Rs.151 lakhs which is disputed.

2. SUNDRY CREDITORS

No dues to SSI are outstanding for more than 30 days.

3. PROVISION FOR INCOME TAX

Provision for income tax has been made as per Income Tax Act.

4. LIST OF RELATED PARTIES AND NATURE OF THEIR RELATIONSHIPS STANDARD - 18

The details of related parties as identified by the management are as under:

i) Key Management Personnel:

Chandan Parmar - Chairman

Suresh Kumar - Managing Director

Chandan Kumar - Joint Managing Director

ii) Associates:

- Darshan Housing and Infrastructure Limited (Formerly known as Vijay Shanthi Finance Limited) - Associate Company

- High End Homes Private Limited(Formerly known as Akash Housing) - Associate Company

- Vijay Shanthi Mile stone Developers Private Limited - Associate Company

5. RELATED PARTY TRANSACTIONS

The Company has identified all related parties and details of transactions are given below. No provision for doubtful debts or advances is required to be made and no amounts have been written off or written back during the year in respect of debts due from or to related parties. There are no other parties where control exists that need to be disclosed.

6. DEFERED TAX

The Company has recognized deferred tax liability due to time difference in depreciation claimed under the Income tax Act and Companies Act and differential treatment of project loan interest under income tax Act.

7. SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE – 41 OF THE LISTING AGREEMENT SEGMENT REVENUE 31.03.2009

Though the company operates different business, the single primary business segments results constitutes more than 90% of total revenue of all segments no separate disclosure is required.

8. GENERAL RESERVE

General reserve includes forfeited shares warrants of Rs 4,65,24,960/-

9. SECURED LOANS Rs 55,69,64,666/- The secured loans include the Term Loan from South Indian bank Ltd., for Rs.42,76,69,984/- secured against the mortgage of land of Ayanawaram project, Thaiyur project, Kelambakkam project. Kotak Mahindra Prime Ltd Project Loan Rs 12,32,51,981/- secured against Besant Nagar project. The secured Loans also include vehicle loan from ICICI Bank Ltd., for Rs 29,60,807/- and Kotak Mahindra Prime Ltd of Rs 30,81,894/- secured on the vehicles of the Company.

10. The nature of business carried on by the company is such that furnishing of Quantitative details relating to consumption of stock is not feasible.

11. Previous years figures have been re-grouped and re-classified wherever necessary.

12. SHARE APPLICATION MONEY

During the year the company has not issued any Equity Shares.

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