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Notes to Accounts of VMS Industries Ltd.

Mar 31, 2015

1. CORPORATE INFORMATION

VMS Industries Limited is a public company domiciled in India and incorporated under the provisions of the Companies Act. The company has its primary listing on BSE limited.

During the year, the Company was engaged in the ship breaking business and trading activities in metal scrap, coals, aluminum foil & other inputs. However, as and when any surplus fund are available, the same is given on interest to other parties and also invested in the shares and securities to earn short term and long term capital gains.

2. Terms/rights attached to equity shares

The Company has one class of equity shares having par value of Rs. 10/- each. Each shareholder of the equity shares is entitled to one vote per share entitled to receive dividend as declared from time to time.

3. COMMITMENTS AND CONTINGENT LIABILITIES

Amount (In lacs)

Particulars As at As at 31st March, 2015 31st March, 2014

Claim agaist the company not acknowledge as debts Nil Nil

Bank guarantee Nil Nil

Corporate Guarantee for Partnership 480.00 170.00 Firm

A. There is demand of Income tax for the A.Y 2007-08, A.Y. 2010-11 and A.Y.2012-13 of 'Rs.523.57 lacsRs.8.99 Lacs and Rs.15.33 respectively raised by Assessing Officer u/s 143(3). The company has filed appeal before CIT. in the opinion of the Management the company has fair chances of succeeding in the said appeal. therefor no provision has been made for the said demand.

B. There is a demand from deputy commissioner of commercial tax division -9 of Bhavnagar for F.Y.2009-10 was Rs.19,27,984/- & for F.Y.2010-11 'Rs.4,72,252/-,both are standing against the 1st appeal authority.

4. RELATED PARTY TRANSACTIONS

a) Transactions with Related parties as specified under Accounting Statndard -18 issued by the Institute of Chartered Accountant of India-

Key Managemrial personnel on the board

Mr. Manoj Kumar Jain Managing Director

Smt. Sangeeta Jain Whole Time Director

Mr. Ajit Kumar Jain Director - Non Executive

Relatives of Key Managerial Personnel

Mr Varun Manoj Jain Son of Managing Director

Mr Vaibhav Manoj Jain Son of Managing Director

Mr. Subhodh Ajit Jain Brother of Managing Director

Mr. Naveen Ajit Jain Brother of Managing Director

Smt. Ritu Rajeev Agrawal Sister of Managing Director

Enterprises over which Key Managerial Personnel exercises significant influnce

Eternal Automobiles As Partnership firm in which Company is partner

VMS Industries As Partnership firm in which Company is partner

VMS TMT Private Limited Subsidiary company

Eternal Motors Pvt Lts Enterprises over which Director's relative exercies significant influnce

Eternal Tours & Travels Enterprises over which Director's relative exercies significant influnce

5. In the opinion of the Board of Directors, Current Assets, Loans & Advances have a value of realisation at least equal to the amount at which they are stated in the Balance Sheet. Adequate provision have been made in the accounts for all the known liabilites.

6. The balance of Sundry Creditors, Sundry Debtors, Loans & Advances are unsecured, considered good and reconciled from subsequent transaction and/or confirmations are obtained.

7. Previous years figures have been regrouped/rearranged wherever necessary so as to make them comparable with current years figures.


Mar 31, 2014

1. SHARE CAPITAL

a. Terms/rights attached to equity shares

The Company has one class of equity shares having par value ofRs. 10/- each. Each shareholder of the equity shares is entitled to one vote per share entitled to receive dividend as declared from time to time.


Mar 31, 2013

1. Micro, Small and Medium Enterprises Development Act, 2006

a) Based on the information available with the company in respect of MSME (as defined in the Micro Small & Medium Enterprise Development Act, 2006) there are no delays in payment of dues to such enterprises during the year.

b) As per information available with the Company about suppliers whether they are covered under Micro, Small and Medium Enterprises Act, 2006. As on date, the Company has not received confirmation from any suppliers who have registered under the "Micro, Small and Medium Enterprise Development Act, 2006" and hence no disclosure has been made under the said Act.

2. Earnings Per Share:-

The Company reports basic and diluted earnings per share in accordance with Accounting Standard issued by the Institute of Chartered Accountant of India. Basic earnings per share are computed by dividing the net profit for the year by the Weighted Average Number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the net profit for the year by weighted average number of equity shares outstanding during the year as adjusted for the effects of all dilutive potential equity shares except where results are anti-dilutive. Statement showing the computation of EPS is as under"-

3. Capacity & Production:- The Company is engaged in Ship Recycling. The ships recycling activity consists purchase of ships and its dismantling. In view of above nature of business activities, the installed Capacity cannot be ascertained.

4. In the opinion of the Board of Directors, Current Assets, Loans and Advances have a value of realization equivalent to the amount at which they are stated in the Balance Sheet. Adequate provisions have been made in the accounts for all the known liabilities.

5. The balance of Sundry Creditors, Sundry Debtors, and Loans & Advances are unsecured, considered good and reconciled from subsequent transaction and/ or confirmations are obtained.

6. Previous year''s figures have been regrouped / reclassified wherever necessary to confirm to current year''s classification.

7. Information required in terms of part IV to schedule VI of the Companies Act, 1956 is attached


Mar 31, 2012

1. Micro, Small and Medium Enterprises Development Act, 2006

a) Based on the information available with the company in respect of MSME (as defined in the Micro Small & Medium Enterprise Development Act, 2006) there are no delays in payment of dues to such enterprises during the year.

b) As per information available with the Company about suppliers whether they are covered under Micro, Small and Medium Enterprises Act, 2006. As on date, the Company has not received confirmation from any suppliers who have registered under the "Micro, Small and Medium Enterprise Development Act, 2006" and hence no disclosure has been made under the said Act.

2. Earnings Per Share:-

The Company reports basic and diluted earnings per share in accordance with Accounting Standard issued by the Institute of Chartered Accountant of India. Basic earnings per share are computed by dividing the net profit for the year by the Weighted Average Number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the net profit for the year by weighted average number of equity shares outstanding during the year as adjusted for the effects of all dilutive potential equity shares except where results are anti-dilutive. Statement showing the computation of EPS is as under"-

3. Capacity & Production:-

The Company is engaged in Ship Recycling and Off-shore activities. The ships recycling activity consists purchase of ships and its dismantling and the off-shore activities are in the nature of service industry. In view of above nature of business activities, the installed Capacity cannot be ascertained.

4. In the opinion of the Board of Directors, Current Assets, Loans and Advances have a value of realization equivalent to the amount at which they are stated in the Balance Sheet. Adequate provisions have been made in the accounts for all the known liabilities.

5. The balance of Sundry Creditors, Sundry Debtors, and Loans & Advances are unsecured, considered good and reconciled from subsequent transaction and/ or confirmations are obtained.

6. Previous year's figures have been regrouped / reclassified wherever necessary to confirm to current year's classification.

 
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