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Notes to Accounts of VKS Projects Ltd.

Mar 31, 2015

A. Company Information

VKS Projects Limited (referred to as "Company") is an Engineering Procurement and Construction Company (EPC Contractor) engaged in the business of undertaking EPC Contracts of CS/SS/Alloy Steel, Turnkey Piping, Civil Land Development, Industrial/Commercial Infra Projects, Structural Fabrication and Erection of Equipments, Fire Fighting Projects and Commissioning of Chemical Plants for various industries.

i) In the opinion of the management, current assets, loans and advances and other receivables have realizable value of at least the amounts at which they are stated in the accounts.

ii) Balances shown under Secured & Unsecured Loans, Sundry Creditors, Advance from Customers, Other Liabilities & Payables, Advance for Property and Services, Advance to Suppliers, Trade Receivables, Loans and Advances (Assets), Sundry Deposits and Other Current Assets are subject to confirmations, reconciliation and consequential adjustments, if any thereon.

iii) The company being listed company required to follow section 203 & 134 (1), However, the view of absence of appropriate candidate for filing vacancy of Company Secretary and CFO have not appointed. The said Key Managerial Personnel as per section 203 and to the extent 134(1) Signing of financial statement have been considered only by director. However, the management has considered the matter in the process of appointing Company Secretary and CFO.

iv) It is informed to us that the Company does not have any pending litigations / disputed matters as at March 31, 2015 including Income Tax, Sales Tax and Other Taxes which will impact the financial position except the matters which is reported in CARO Audit Report and Annexure "A" of Main Audit Report.

v) Management has sought information from various suppliers in case if they are registered under MSMED Act, 2006. However no information has been received from suppliers regarding their status under the said Act and hence disclosure, if any, relating to amounts unpaid as at the yearend together with interest paid/payable as required under the said act have not been furnished.

vi) As per Accounting Standard (AS) 17 on "Segment Reporting", Segment information has not been provided as the Company has only one reportable segment.

vii) Earnings per Share:

Earnings per share is calculated by dividing the profit/(loss) attributable to the equity shareholders by the weighted average number of equity shares outstanding during the year. The number used in calculating the basic and diluted earnings per share are stated below:

viii) These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act. Previous year figures have been restated to conform to the classification of the current year.


Mar 31, 2014

1. Company Information

VKS Projects Limited (referred to as "Company") is an Engineering Procurement and Construction Company (EPC Contractor) engaged in the business of undertaking EPC Contracts of CS/SS/Alloy Steel, Turnkey Piping, Civil Land Development, Industrial/Commercial Infra Projects, Structural Fabrication and Erection of Equipments, Fire Fighting Projects and Commissioning of Chemical Plants for various industries.

2. i) In the opinion of the management, current assets, loans and advances and other receivables have realizable value of at least the amounts at which they are stated in the accounts.

ii) Balances shown under Secured & Unsecured Loans, Sundry Creditors, Advance from Customers, Other Liabilities & Payables, Advance for Property and Services, Advance to Suppliers, Trade Receivables, Loans and Advances (Assets), Sundry Deposits and Other Current Assets are subject to confirmations, reconciliation and consequential adjustments, if any thereon.

i) Management has sought information from various suppliers in case if they are registered under MSMED Act, 2006. However no information has been received from suppliers regarding their status under the said Act and hence disclosure, if any, relating to amounts unpaid as at the yearend together with interest paid/payable as required under the said act have not been furnished.

iii) As per Accounting Standard (AS) 17 on "Segment Reporting", Segment information has not been provided as the Company has only one reportable segment.

These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act. Previous year figures have been restated to conform to the classification of the current year.

3. Contingent liabilities

As at 31 March 2014 As at 31 March 2013 Particu|ars Amount Amount ( Rs. in Lakhs ) ( Rs. in Lakhs )

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt - -

(b) Guarantees - 190.00

(c) Other money for which the company is contingently liable - -


Mar 31, 2013

Note 1. Company information

VKS Projects Limited (referred to as "Company") is an Engineering Procurement and Construction Company (EPC Contractor) engaged in the business of undertaking EPC Contracts of CS/SS/Alloy Steel, Turnkey Piping, Civil Land Development, Industrial/Commercial Infra Projects, Structural Fabrication and Erection of Equipments, Fire Fighting Projects and Commissioning of Chemical Plants for various industries.

2 In the opinion of the management, current assets, loans and advances have realizable value of at least the amounts at which they are stated in the accounts.

3 Balances of trade receivables, loans and advances, sundry deposits and current liabilities are subject to confirmations, reconciliation and consequential adjustments, if any thereon.

4 The company has taken 4 premises on Operating Lease. All of those are short term leases with none going beyond March 31, 2015. The agreements are renewable. Non- cancellable operating lease rents payable (minimum lease payments) under these leases are as follows:

5 Management has sought information from various suppliers in case if they are registered under MSMED Act, 2006. However no information has been received from suppliers regarding their status under the said Act and hence disclosure, if any, relating to amounts unpaid as at the yearend together with interest paid/payable as required under the said act have not been furnished.

6 As per Accounting Standard (AS) 17 on "Segment Reporting", Segment information has not been provided as the Company has only one reportable segment.

7 Earnings per Share:

Earnings per share is calculated by dividing the profit/(loss) attributable to the equity shareholders by the weighted average number of equity shares outstanding during the year. The number used in calculating the basic and diluted earnings per share are stated below:

8 Related party transactions:

A) Related parties and their relationship

Key Management Personnel:

i) Mr. V. K. Sukumaran (Promoters and directors of the company)

ii) Mrs. Sarita Sukumaran (Promoters and directors of the company.

She ceased to be a Director effective January 10, 2013)

iii) Mr. C. D. Nathan (Appointed as a Whole-Time Director effective January 10, 2013.

Others:

Enterprises over which Key Management Personnel are able to exercise significant influence/controls

a. VKS Healthcare Pvt. Ltd.

b. VKS Edserve Pvt. Ltd.

9 These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act. Previous year figures have been restated to conform to the classification of the current year.


Mar 31, 2012

A. Company information

VKS Projects Limited (referred to as "Company") is an Engineering Procurement and Construction Company (EPC Contractor) engaged in the business of undertaking EPC Contracts of CS/SS/Alloy Steel, Turnkey Piping, Civil Land Development, Industrial/Commercial Infra Projects, Structural Fabrication and Erection of Equipments, Fire Fighting Projects and Commissioning of Chemical Plants for various industries.

1.1 There are no calls remaining unpaid as on March 31, 2012, hence no disclosure is required pursuant to Note no. 6(A)(k) of Part I of Schedule VI to the Companies Act, 1956.

1.2 Terms/rights atatched to Equity Shares

The Company has only one class of euity shares having a par value of Rs. 10/- per share. Each holder of equity share is entitled to one vote per share.

Note : 2.1 Contribution made to schemes, such as Provident Fund is charged to the Profit and Loss Account, in the year for which such contributions are due. Gratuity is accounted based on actuarial valuation at the end of financial year.

3 Contingent liabilities and As at 31 March As at 31 March commitments 2012 2011 Rs. Rs.

Contingent Liabilities

Guarantees 19,000,000 20,000,000

Total 19,000,000 20,000,000

4 In the opinion of the management, current assets, loans and advances have realizable value of at least the amounts at which they are stated in the accounts.

5 Balances of trade receivables, loans and advances, sundry deposits and current liabilities are subject to confirmations, reconciliation and consequential adjustments, if any thereon.

6 In view of multiplicity and difficulty in identification of accounts to Micro, Small and Medium Enterprises, information with regard to amount unpaid at the year end together with the interest paid/payable under the MSMED Act, 2006 as required under to the Companies Act, 1956 is not disclosed.

7 As per Accounting Standard (AS) 17 on " Segment Reporting", Segment information has not been provided as the Company has only one reportable segment.

8 Related party transactions:

A) Related parties and their relationship

Key Management Personnel:

Mr. V. K. Sukumaran & Mrs. Sarita Sukumaran, - Promoters and directors of the Company.

Others:

Enterprises over which Key Management personnel are able to exercise significant influence:

i) VKS Infraprojects Pvt. Ltd. and(ceased to be an associates in 2010-11)

ii) Chaitanya Contractors & Engineers Pvt. Ltd. (ceased to be an associates in 2010-11)

iii) Telecon Engineering Pvt. Ltd. (ceased to be an associates in 2010-11)

9 These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act. Previous period figures have been recasted / restated to confirm to the classification of the current period.

 
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