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Notes to Accounts of Vitan Agro Industries Ltd.

Mar 31, 2015

1. CONTINGENT LIABILITIES & COMMITMENTS : NIL

2. ADDITIONAL INFORMATION DISCLOSED AS PER PART II OF THE COMPANIES ACT, 2013: NIL

3. SEGMENT REPORTING

The company is primarily engaged in the single business of Trading in FMCG products and there is no reportable secondary segment i.e. geographical segment. Hence, the disclosure requirement of Accounting Standard-17 "Segment Reporting" as notified by Companies (Accounting Standards) Rules, 2006 (as amended) is not applicable.

4. AMOUNT DUE FROM DIRECTORS/PARTIES/COMPANIES IN WHICH DIRECTOR IS INTERESTED, IN TERMS OF SECTION 185 OF THE COMPANIES ACT, 2013 : NIL

5. CONFIRMATION OF BALANCES/RECONCILIATION OF ACCOUNTS PERTAINING TO CERTAIN ADVANCES/CREDITORS/DEBTORS IS PENDING AS AT PERIOD END. HENCE, THE BALANCES HAVE BEEN ADOPTED AS PER THE BOOKS OF ACCOUNTS.

6. PREVIOUS YEAR'S FIGURES HAVE BEEN REGROUPED WHEREVER NECESSARY TO CONFIRM TO CURRENT PERIOD'S CLASSIFICATION.

7. CONSEQUENT TO THE ENACTMENT OF THE COMPANIES ACT, 2013 (THE ACT) AND ITS APPLICABILITY FOR ACCOUNITNG PERIODS COMMENCING FROM 1ST APRIL 2014, THE COMPANY HAS REASSESSED THE REMAINING USEFUL LIFE OF FIXED ASSETS IN ACCORDANCE WITH THE PROVISIONS PRESCRIBED UNDER SCHEDULE II TO THE ACT. THERE ARE NO ASSETS WHICH HAVE COMPLETED THEIR USEFUL LIFE. IN CASE OF OTHER ASSETS, THE CARRYING VALUE (NET OF RESIDUAL VALUE) IS BEING DEPRECIATED OVER THE REVISED REMAINING USEFUL LIFE. THE DEPRECIATION AND AMORTIZATION EXPENSES CHARGED FOR YEAR ENDED WOULD HAVE BEEN HIGHER BY RS. 2,167/-, HAD THE COMPANY CONTINUED WITH THE PREVIOUS ASSESSMENT OF USEFUL LIFE OF SUCH ASSETS.


Mar 31, 2014

1. The company has one class of Equity shares having a par value of Rs. 10/- each. Each shareholder is eligible to one vote per share held.

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 will be in proportion to the number of equity shares held by the shareholders.

2. CONTINGENT LIABILITIES & COMMITMENTS :

31.03.2014 31.03.2013 Particulars Rs. Rs.

(A) Contingent Liabilities

(i) Claims against the company not acknowledged as debts NIL NIL

(ii) Guarantees NIL NIL

(iii) Other money for which the company is NIL NIL contingently liable

Total (A) NIL NIL

(B) Commitments

(i) Estimated amount of contracts remaining to be executed on capital NIL NIL account and not provided for

(ii) Un-called liability on shares and other investments partly paid NIL NIL



(iii) Other commitments NIL NIL

Total (B) NIL NIL

Total [(A) (B)] NIL NIL

3. SEGMENT REPORTING

The disclosure requirement of Accounting Standard-17 "Segment Reporting" as notified by Companies (Accounting Standards) Rules, 2006 (as amended) is not applicable.

4. AMOUNT DUE FROM/TO COMPANY /FIRM IN WHICH DIRECTORS ARE INTERESTED: NIL

5. CONFIRMATION OF BALANCES/RECONCILIATION OF ACCOUNTS PERTAINING TO CERTAIN ADVANCES/CREDITORS/DEBTORS IS PENDING AS AT PERIOD END. HENCE, THE BALANCES HAVE BEEN ADOPTED AS PER THE BOOKS OF ACCOUNTS.

6. PREVIOUS YEARS FIGURES HAVE BEEN REGROUPED WHEREVER NECESSARY TO CONFIRM TO CURRENT PERIOD''S CLASSIFICATION.


Mar 31, 2012

(i) Previous year figures have been regrouped wherever necessary to confirm to current year''s classification.

(ii) Sundry debtors, Loans and advances and creditors are subject to reconciliation and confirmation.

(iii) Under the Micro, Small and Medium Enterprises Development Act, 2006, certain disclosures are required to be made relating to such enterprises. ''In view of the insufficient information from suppliers regarding their coverage under the said act, no disclosures have been made in the accounts. ''However, in view of the management, the impact of interest if any, that may be payable in accordance with the provisions of the Act is not expected to be material

(iv) There are no contingent Liability.

(v) During the year the company has closed its franchisee operations also and started purchase and sale of vegetables.

(a) Purchase of vegetables - Rs.45,46,310.00 (b) Sale of vegetables - Rs.50,00,941.00

(vi) The deferred tax assets on account of carry over business losses under the Income tax Act. 1956.In view of the accumulated losss available for set off under the Income tax Act, 1956. Having regard to the current state of affairs of the company, as a measure of prudence, the deftered tax asset (net) has not been accounted for.

(vii) RELATED PARTIES

Key Management Personnel : Mr.V.P.Chokhani

Relative : Smt.Urmila Devi Chokhani

Parties where control exists Chokhani Investments Limited Goyal traders Markar Mercantile Limited Sammaan Exports Limited Suraj Mercantile Limited Dhanuka Real Estates & Investment Limited


Mar 31, 2011

1. Previous year figures have been regrouped wherever necessary to confirm to current year''s classification.

2. Sundry debtors, Loans and advances and creditors are subject to reconciliation and confirmation.

3. Under the Miao, Small and Medium Enterpri^ Development Act, 2006, certain disclosures are required to be made relating to such enterprises. In view of the insu^cient information from suppliers regarding their coverage under the said act, no disclosures have been made in the cKDCojnts. However, in view of the management, the impact of interest if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

5. There are no contingent Liability.

6. The company has no employees on rolls and hence no provisions is required towards employee retirement benefits.

8. The Management is of the opinion that current value at the fixed assets are realizable and hence no loss need be provided towards impairment

9. During the year the company has closed direct operation of shops but is continuing its franchisee operation.

10. The deferred tax liability would mainly arise on account of depredation and defened tax assets oh account of carry over business loss and depreciation under the Income tax Act, 1956. In view of the accurriglated losses available for set off under the Income tax Act,1956. The net effect as on 31st March 2011 will be a "Net" deferred tax asset Having regard to the current state of affairs of the company, as a measure of prudence, the deffered tax asset (net) has not been accounted for.

 
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