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Notes to Accounts of Virat Crane Industries Ltd.

Mar 31, 2016

b. Corporate Guarantees given to Group Companies:

i) Virat Crane Bottling Ltd for Rs. 10 Crores

ii) Virat Crane Agri Tech Ltd for Rs. 13.24 Crores

c. The company is contingently liable for equivalent amount of guarantees given to Group Companies and not provided in the books.

1. List of Related Parties:

a) Associate Companies & firms : 1. Virat Crane Agri Tech Ltd, Guntur

2. Crane Infrastructure Ltd, Guntur

3. Crane Betel Nut Powder Works, Guntur

b) Key Management Personnel: GVSL Kantha Rao

c) Relatives of Key Management Personnel: 1. P. V. Sri Krishna

2. K. Praveen

2. RELATED PARTYTRANSACTIONS:

a. Salary and Allowances paid to P V Sri Krishna: Rs. 6,38,600

b. Salary & Allowances paid to K.Praveen:Rs. 10,80,000

c. Rent paid to Crane Betel Nut Powder works, Guntur: Rs. 90,000

No Interest is being charged on the above Advances.

3. DEFERREDTAXASSET:

The company has identified the Net Deferred Tax Asset of Rs.26.71 Lakhs (Previous Year Rs. 32.64 Lakhs).

4. DEFERRED REVENUE EXPENDITURE:

Out of the Advertisement Expenditure for the year 2015-16 of Rs. 2,61,98,632 (Q4 - Rs.1,28,23,072), an amount of Rs. 28,00,000/- is for new film making and Rs. 35,45,281/- is towards advertisement from December''15 in Karnataka State, a new sales area. The management felt that the benefit of this will be felt over next 2 years and has decided to write off only 1/3rd i.e., Rs. 21,15,281/- in this current year and Rs. 42,30,000/- has been deferred to be written off over next 2 years.

6. Segment Reporting:

At present the company is operating in only one segment i.e., Dairy Products - Ghee.

7. Long Term Contracts:

There are no long term contracts as on 31.03.2016 including derivative contracts for which there are any material foreseeable losses.

8. Previous year figures have been regrouped wherever necessary.


Mar 31, 2015

1. CONTINGENT LIABILITIES

The following claims made by tax authorities contested by the Ghee Division and the management is confident of favorable decision and hence no provision considered necessary

Nature of the Statute Nature of Amount Period to which the Dues (Rs.) the amount relates

Agricultural Market cess 10,55,689 1994-95 to Committee Cess 2000

Income Tax Act, 1961 Income Tax 7,30,591 2002-03

AP VAT commercial 73,27,091 2006-07 to Taxes 2011-12 Department

Nature of the Statute Forum where dispute is pending

Agricultural Market Supreme Court of Committee Cess India

Commissioner of Appeals, Income Income Tax Act, 1961 Tax (Hyderabad)

AP VAT commercial Tax offcier, Nandigama Circle

2. The demand made by Sales Tax Authority towards APGST for the year 1999-2000 is Rs.1.95 Lakhs against which appeal is preferred with Tribunal. The demand against Luxury Tax made by Commercial Tax Officer for Rs.3,47,484/- for the year 2005-06 in April 2008 is contested by appeal before Hon'ble High Court Of Andhra Pradesh by remitting Rs.1,73,742/- (which is 50% of demand).

3. Corporate Guarantees given to Group Companies:

i) Virat Crane Bottling Ltd for Rs. 10 Crores

ii) Virat Crane Agri Tech Ltd for Rs. 13.24 Crores

d. The company is contingently liable for equivalent amount of guarantees given to Group Companies and not provided in the books.

List of Related Parties:

a) Associate Companies & firms :

1. Virat Crane Agri Tech Ltd, Guntur

2. Crane Infrastructure Ltd, Guntur

3. Crane Betel Nut Powder Works, Guntur

b) Key Management Personnel: GVSL Kantha Rao

c) Relatives of Key Management Personnel:

1. K. Praveen

related party transactions:

a. Salary & Allowances paid to K. Praveen: Rs. 10,80,000

b. Rent paid to Crane Betel Nut Powder works, Guntur: Rs. 1,20,000

SEGMENT REPoRTING: At present the company is operating in only one segment i.e., Dairy Products - Ghee.

LoNG TERM contracts: There are no long term contracts as on 31.03.2015 including derivative contracts for which there are any material forseeable losses.


Mar 31, 2014

1. CONTINGENT LIABILITIES

a)

Nature of Nature of Amount Period to which Forum where the Statute the Dues (Rs) the amount dispute is relates pending

1. Agricultural Cess 10,55,689 1994-95 to Supreme Market 2000 Court of Committee India Cess

2. Income Tax Income Tax 7,30,591 2002-03 Commissioner Act, 1961 of Appeals, Income Tax (Hyderabad) AP VAT Commercial 73,27,091 2006-07 to Taxes 2011-12 Commercial Department TaxOfficer Nandigama Circle

The following claims made by tax authorities contested by the Ghee Division and the management are confident of favorable decision and hence no provision considered necessary.

b. The demand made by Sales Tax Authority towards APGST for the year 1999-2000 is Rs.1.95 Lakhs against which appeal is preferred with Tribunal. The demand against Luxury Tax made by Commercial Tax Officer for Rs.3,47,484/ - for the year 2005-06 in April 2008 is contested by appeal before Hon''ble High Court Of Andhra Pradesh by remitting Rs.1,73,742/- (which is 50% of demand).

c. Corporate Guarantees given to Group Companies:

i) Virat Crane Bottling Ltd for Rs. 10 Crores

ii) Virat Crane Agri Tech Ltd for Rs. 13.24 Crores

d. The company is contingently liable for equivalent amount of guarantees given to Group Companies and not provided in the books.

2. List of Related Parties:

a) Associate Companies: 1. Virat Crane Agri Tech Ltd. 2. Crane Infrastructure Ltd

b) Key Management Personnel: GVSL Kantha Rao

c) Relatives of Key Management Personnel: 1. P V Sri Krishna, 2. K. Praveen

3. RELATED PARTY TRANSACTIONS:

a. Salary and Allowances paid to P V Sri Krishna: Rs. 3,45,000

b. Salary & Allowances paid to K. Praveen: Rs. 7,20,000

4. DEFERRED TAX ASSET:

The company has identified the Net Deferred Tax Asset of Rs.37.47 Lakhs (Previous Year Rs. 41.14 Lakhs).

5. Earnings Per Share :

6. Segment Reporting:

At present the company is operating in only one segment i.e., Dairy Products - Ghee.

7. Previous year figures have been regrouped wherever necessary.


Mar 31, 2013

1. CONTINGENT LIABILITIES

The following claims made by tax authorities contested by the Ghee Division and the management is confident of favorable decision and hence no provision considered necessary.

Nature of Nature of Amount Period to which Forum where the Statute the Dues (Rs) the amount relates dispute is pending

1. Agricultural Market Cess 10,55,689 1994-95 to 2000 Supreme Court of India Committee Cess

2.Income Income Tax 7,30,591 2002-03 Commissioner of Appeals, Tax Act, 1961 Income Tax (Hyderabad)

b. The demand made by Sales Tax Authority towards APGST for the year 1999-2000 is Rs.1.95 Lakhs against which appeal is preferred with Tribunal. The demand against Luxury Tax made by Commercial Tax Officer for Rs.3,47,454/- for the year 2005-06 in April 2008 is contested by appeal before Hon''ble High Court Of Andhra Pradesh by remitting Rs. 1,73,742/- (which is 50% of demand).

c. Corporate Guarantees given to Group Companies: i) Virat Crane Bottling Ltd for Rs. 10 Crores

ii) Virat Crane Agri Tech Ltd for Rs. 13.24 Crores

d. The company is contingently liable for equivalent amount of guarantees given to Group Companies and not provided in the books.


Mar 31, 2012

1). CLAIMS AGAINST THE COMPANY:

(a) Claims against the company not acknowl- edged as debts Nil.

2). CONTINGENT LIABILITIES:

The following claims made by tax authorities contested by the Ghee Division and the manage- ment confident of favorable decision and hence no provision considered necessary.

b) The demand made by Sales Tax Authority towards APGST for the year 1999-2000 is Rs. 1.95 lakhs against which appeal is preferred with Tribunal. The demand against luxury tax made by commercial tax officer for Rs.3,47,484/- for the year 2005-06 in April 2008 is contested by appeal before Hon''ble High Court of Andhra Pradesh by remitting Rs. 1,73,742/- which is 50% of demand.

c) Corporate Guaranties given to Group Companies:

i) Virat Crane Bottling Ltd Rs 10 Crores.

ii) Virat Crane Agri Tech Ltd. Rs 13.24 Crores

d) The company is contingently liable for equivalent amount of guarantees given to Group Companies.

3) Defered Tax Asset: The Company has identified the net Deffered Tax Asset of Rs 43.71 Lacs ( Previous year 22.53 Lacs ).

4) There are no SSI units to whom the company owes Rs. 100000/- or more.

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


Mar 31, 2010

1) a. Claims against the company not acknowledged as debts Nil.

b) Contingent Liability not provided for on account of Corporate Guarantee - Rs. 10Cr.

2) Revaluation Reserve:

The revaluation reserve created in the year 2006- 07 on revaluation of Fixed Assets is charged/ debited by Rs.23,29,284/- being the difference -between the depreciation computed on revalued buildings and the written down value of building before revaluation.

3) Subsidiary Company:

The Company holds 51 % Equity share capital in Durga Dairy Limited so the company is the holding company of Durga Dairy Limited. Implementation of merger of Durga Dairy Limited is under progress. 4). Sales Tax:

The demand made by sales tax authority towards APGST for the year 1999-2000 is RS.1.95 lacs against which appeal is preferred with Tribunal. The demand against luxury tax made by commercial tax officer for Rs.3,47,484/- for the year 2005-06 in April 2008 is contested by appeal before Honble High Court of Andhra Pradesh by remitting Rs.l73,742/-which is of 50% of demand.

4). Company is operating only segment of Fruit Masala and trading of obsolete stock of Agarbathi and also leased out its idle Factory Buildings by shifting the Fruit Masala production activity to the leased Premises at Registered Office

5). MANAGERIAL REMUNERATION:

Paid to Managing Director towards salaries of Rs. 180000/- and towards HRA is of Rs. 45000/- (Pervious year of Rs. 180000/- and towards HRA isofRs.45000/-)

6). There are no SSI units to whom the company owes Rs. 100000/- or more.

7. Previous year figures are recast/restated where ever necessary.


Mar 31, 2009

1) a. Claims against the company not acknowledged as debts Nil.

b) Contingent Liability not provided for on account of Corporate Guarantee - Rs.10 Cr.

2) Revaluation Reserve:

The revaluation reserve created in the year 2006- 07 on revaluation of Fixed Assets is charged/debited by Rs.23,29,284/- being the difference between the depreciation computed on revalued buildings and the written value of building before revaluation.

3) Subsidiary Company:

The Company holds 51% Equity share capital in Durga Dairy Limited so the company is the holding" company of Durga Dairy Limited. The Company is in the process of merger of Durga Dairy Limited and the application is pending before High Court of Andhra Pradesh, Hyderabad, pending receipt of final orders, the Financial Accounts have been drawn as on 31st March 2009.

4) Secured Loans:

Secured Loans from Lakshmi Vilas Bank Ltd., is secured by mortgage of Land and Builiding and hypothecation of machinery and Inventory on paripasu.

5) Sales Tax:

The demand made by sales tax authority towards APGST for the year 1999-2000 is RS.1.95 lacs against which appeal is preferred with Tribunal.

The demand against luxury tax made by commercial tax officer for Rs.3,47,484/- for the year 2005-06 in April 2008 is contested by appeal before Honble High Court of Andhra Pradesh by remitting Rs.l,73,742/-which is of 50% of demand. 6. Company is operating only segment of Fruit Masala and trading of obsolete stock of Agarbathi and also leased out its idle Factory Buildings by shifting the Fruit Masala production activity to the leased Premises at Registered Office

6. MANAGERIAL REMUNERATION:

Paid to Managing Director towards salaries of Rs. 180000/- and towards HRA is of Rs. 45000/- (Pervious year of Rs. 180000/- and towards HRA tsofRs.45000/-)

7. There are no SSI units to whom the company owes Rs. 100000/- or more.

8. Previous year figures are recast-/restated where ever necessary.

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