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Notes to Accounts of VSF Projects Ltd.

Mar 31, 2014

1. Terms attached to equity shares:

The company has one class of equity shares having a par value of Rs.10/- per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholdings, The legal title in respect of farm land to the extent of 30.84 acres is yet to be registered in favour of the company.

NOTE NO.2

The company has given land on lease an extent of 175 Acres situated at Ankulapatur Village, Chillakur Mandal, SPSR Nellore District, Andhra Pradesh for 30 years to its subsidiary company viz., VSF Energy Projects Private Limited. The land lease amount is fixed at Rs.25.50 Crores for 30 years. The company got allotted shares in its subsidiary for the said lease amount. The Land lease will be apportioned over a period of 30 years in the books of account of the company.

NOTE NO.3

Particulars of Employees required in pursuant to the Provisions of Sec. 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 - Nil.

NOTE NO.4

There are no separate reportable segments (business and/or geographical) in accordance with the requirements of Accounting Standard 17 - ''Segment Reporting'', notified in the companies (Accounting Standards) Rules 2006.

NOTE NO.5

Disclosure under Micro, Small and Medium Enterprises Development Act, 2006

There are no Micro and Small Scale Business Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2014. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

NOTE NO.6

Balances of Sundry Debtors, Advances and Sundry Creditors are subject to confirmation with the respective parties.

NOTE NO.7

Taxes on Income:

(a) Provision has been made for tax as per the normal provisions of the Income Tax Act, 1961.

(b) In compliance with the Accounting Standard AS 22 Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India, the company has recognized Rs.57,617/- towards deferred tax asset in the year 2013-14. The major components of deferred tax asset / liability are on account of timing differences in depreciation, carried forward of losses and Minimum alternate tax.

NOTE NO.8

Previous year figures have been regrouped wherever if thought necessary in conformity with the current year groupings. Paise have been rounded off to the nearest rupee.

Notes to the financial statements, Cash Flow Statement and statement on accounting policies form an integral part of the balance sheet and profit and loss statement.


Mar 31, 2013

NOTE NO. 1

The legal title in respect of farm land to the extent of 30.84 acres is yet to be registered in favour of the company.

NOTE NO. 2

Contingent Liabilities not provided for in respect:

Claims not acknowledged as debts in respect of direct tax matters in appeals - Rs. 179.74 lakhs

NOTE NO. 3

Particulars of Employees required in pursuant to the Provisions of Sec. 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 - Nil.

NOTE NO. 4

There are no separate reportable segments (business and/or geographical) in accordance with the requirements of Accounting Standard 17 - ''Segment Reporting'', notified in the companies (Accounting Standards) Rules 2006.

NOTE NO. 5

Disclosure under Micro, Small and Medium Enterprises Development Act, 2006

There are no Micro and Small Scale Business Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2013. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

NOTE NO. 6

Balances of Sundry Debtors, Advances and Sundry Creditors are subject to confirmation with the respective parties.

NOTE NO. 7

Taxes on Income:

(a) Provision has been made for tax as per the normal provisions of the Income Tax Act, 1961.

(b) In compliance with the Accounting Standard AS 22 Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India, the company has provided Rs. 15,50,188/ - towards deferred tax liability in the year 2012-13. The major components of deferred tax asset / liability are on account of timing differences in depreciation, carried forward of losses and Minimum alternate tax.

NOTE NO. 8

Previous year figures have been regrouped wherever if thought necessary in conformity with the current year groupings. Paise have been rounded off to the nearest rupee.

Notes to the financial statements, Cash Flow Statement and statement on accounting policies form an integral part of the balance sheet and profit and loss statement.


Mar 31, 2012

NOTE NO. 1

The legal title in respect of farm land to the extent of 30.84 acres is yet to be registered in favour of the company.

NOTE NO. 2 Contingent Liabilities not provided for in respect:

Claims not acknowledged as debts in respect of direct tax matters in appeals - Rs.179.74 lakhs

NOTE NO. 3

Particulars of Employees required in pursuant to the Provisions of Sec. 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 - Nil.

NOTE NO. 4

There are no separate reportable segments (business and/or geographical) in accordance with the requirements of Accounting Standard 17 - Segment Reporting', notified in the companies (Accounting Standards) Rules 2006.

NOTE NO. 5 Disclosure under Micro, Small and Medium Enterprises Development Act, 2006

There are no Micro and Small Scale Business Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31, 2012. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

NOTE NO. 6

Balances of Sundry Debtors, Advances and Sundry Creditors are subject to confirmation with the respective parties.

NOTE NO. 7

Taxes on Income:

(a) Provision has been made for tax as per the normal provisions of the Income Tax Act, 1961.

(b) In compliance with the Accounting Standard AS 22 Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India, the company has provided Rs.15,71,779/- towards deferred tax liability in the year 2011-12. The major components of deferred tax asset / liability are on account of timing differences in depreciation, carried forward of losses and Minimum alternate tax.

NOTE NO. 8

These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous year figures have been regrouped wherever if thought necessary in conformity with the current year groupings. Paise have been rounded off to the nearest rupee.

Notes to the financial statements, Cash Flow Statement and statement on accounting policies form an integral part of the balance sheet and profit and loss statement.


Mar 31, 2010

1. Contingent Liabilities not provided for in respect:

Claims not acknowledged as debts in respect of direct tax matters in appeals - Rs.179.74 lakhs

2. Transactions with the Related Parties pursuant to Accounting Standard 18:

i. List of Related Parties

Key Management Personnel Sri. B.N.Murthy,

Managing Director ii. Transactions with Related Parties

Remuneration to Managing Director Rs. 4,80,000/-

iii. Balance as on 31st March, 2010 Rs.Nil

3. Taxes on Income:

(a) Provision has been made for tax as per sec. 115JB.

(b) In compliance with the Accounting Standard AS 22 Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India, the company has provided Rs.13,86,581/- towards deferred tax liability in the year 2009-10. The major compo- nents of deferred tax asset / liability are on account of timing differences in deprecia- tion, carried forward of losses and Minimum alternate tax.

4. Paise have been rounded off to the nearest rupee.

5. Previous year figures have been regrouped wherever necessary.

6. Additional information pursuant to Provisions of Part II of Schedule - VI of the Companies Act, 1956 is not applicable to this company since the company is involved in contract work activities and farm is on lease.


Mar 31, 2009

1. The legal title in respect of farm land to the extent of 89.72 acres valued at Rs.28,43,520/- is yet to be registered in favour of the company.

2. Contingent Liability: Disputed Income Tax Liability to the extent of Rs.1,79,73,617/-.

3. Particulars of Employees rec ired in pursuant to the Provisions of Sec. 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975-Nil.

4. Segment reporting as per AS 17 is not applicable to this company.

5. Disclosure under Micro, Small an-1 Medium Enterprises Development Act, 236 There are no Micro and Small Scale Business Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at March 31,2009. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

6. Taxes on Income:

(a) Provision has been made for tax as per sec. 115JB.

(b) In compliance with the Accounting Standard AS 22 Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India, the company has recognised Rs.14,54,850/- towards deferred tax asset in the year 2008-09. The major components of deferred tax asset / liability are on account of timing differences in depreciation and carried forward of losses.

7. As per the Honble Andhra Pradesh High Court order dated 11.11.2009 vide CP No.159 of 2009, the companys share capital of Rs.4,30,71,000/- divided into 43,07,100 equity shares of Rs.10/- each reduced to Rs.2,15,35,500/- divided into 21,53,550 equity shares of Rs.10/- each and such reduction is effected by cancelling the equity share capital of Rs.2,15,35,500/ - which have been lost or unrepresented by available assets. The effect of capital reduction is adjusted in the accumulated losses of the company to the tune of Rs.2,15,35,500/-.

8. Paise have been rounded off to the nearest rupee.

9. Previous year figures are not comparable with the current year figures as the company diversified its activities into contract works during the year Previous year figures have been regrouped wherever necessary.

10. Additional information pursuant to Provisions of Part II of Schedule - VI of the Companies Act, 1956 is not applicable to this company since the company is involved in contract work activities and farm is on lease.

Notes, Schedules, Cash Flow Statement and statement on accounting policies form an integral part of the balance sheet and profit and loss account.

 
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