Mar 31, 2015
1) Corporate information
VAS INFRASTRUCTURE LIMITED (''Company'' or VIL'') was incorporated on
February 11, 1994. VIL is a leading real estate developer engaged in
the business of construction, development, sale, management and
operation of all or any part of townships, housing projects, commercial
premises and other related activities.
2) Basis of preparation
The financial statements have been prepared to comply in all material
respects with the Accounting Standards specified under Section 133 of
the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 ("the
Act"). The financial statements have been prepared under thehistorical
cost convention on an accrual basis in accordance with accounting
policies have been consistently applied by the Company and are
consistent with those used in previous year, except for the change in
accounting policy explained in note 2.1 (a) below.
Sep 30, 2013
The Guidance note on accounting of Real estate Transaction
(Revised 2012.) issued by ICAI has Been followed for Projects Commenced
after April 2012 or Projects Commenced before April 2012 but no Revenue
from the project is recognized for the 18 months ended 30-09-2013.
All the Project except Pushp Vinod 1 are accounted based on the Revised
Guidance note on Accounting of real estate transaction 2012 issued by
the ICAI.
1) Interest Income
Income is recognized on a time proportion basis taking into account the
amount outstanding and the rate applicable.
2) Taxes
Tax expense comprises of current and deferred tax.
Current income tax is measured at the amount expected to be paid to the
tax authorities in accordance with the Indian Income Tax Act. Deferred
income taxes reflects the impact of current year timing differences
between taxable income and accounting income for the year and reversal
of timing differences of earlier year.
Deferred tax is measured based on the tax rates and the tax laws
enacted or substantively enacted at the balance sheet date. Deferred
tax assets are recognized only to the extent that there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realized. In situations
where the Company has unabsorbed depreciation or carry forward tax
losses, all deferred tax assets are recognized only if there is virtual
certainty supported by convincing evidence that they can be realized
against future taxable profits. At each balance sheet date the Company
re-assesses unrecognized deferred tax assets. It recognizes
unrecognized deferred tax assets to the extent that it has become
reasonably certain or virtually certain, as the case may be, that
sufficient future taxable income will be available against which such
deferred tax assets can be realized.
The carrying amount of deferred tax assets are reviewed at each balance
sheet date. The Company writes down the carrying amount of a deferred
tax asset to the extent that it is no longer reasonably certain or
virtually certain, as the case may be, that sufficient future taxable
income will be available against which deferred tax asset can be
realized.
Minimum Alternative tax (MAT) credit is recognized as an asset only
when and to the extent there is convincing evidence that the Company
will pay normal income tax during the specified period. In the year in
which the MAT credit becomes eligible to be recognized as an asset in
accordance with the recommendations contained in Guidance Note issued
by the Institute of Chartered Accountants of India, the said asset is
created by way of a credit to the statement of profit and loss and
shown as MAT Credit Entitlement. The Company reviews the same at each
balance sheet date and writes down the carrying amount of MAT Credit
Entitlement to the extent there is no longer convincing evidence to the
effect that Company will pay normal income tax during the specified
period.
3) Retirement and other employee benefits
Retirement benefits in the form of provident fund is a defined
contribution scheme and the contributions are charged to the statement
of profit and loss of the year when the contributions to the provident
fund are due. There are no other obligations other than the
contribution payable to the government administered provident fund.
Gratuity & other long terms benefits are not accounted as per A S 15
Retirement benefits issued by the ICAI.
4) Earnings per share
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders (after deducting
preference dividends and attributable taxes) by the weighted average
number of equity shares outstanding during the year is adjusted for
events of bonus issue.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the year attributable to equity shareholders and the
weighted average number of shares outstanding during the year are
adjusted for the effects of all dilutive potential equity shares.
5) Provisions
A provision is recognized when the Company has a present obligation as
a result of past event, it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable. Provisions are not discounted to its present value and are
determined based on the best estimate required to settle the obligation
at the balance sheet date. These are reviewed at each balance sheet
date and adjusted to reflect the current best estimates.
6) Cash and Cash equivalents
Cash and cash equivalents for the purposes of cash flow statement
comprise cash at bank and in hand and short term investments with an
original maturity of three months or less.
7) Related party Disclosure.
Mar 31, 2012
1) Corporate information
VAS INFRASTRUCTURE Limited ('Companyà or'VILÃ) was incorporated
on February 11,1994. VIL is a leading real estate developer engaged in
the business of construction, development, sale, management and
operation of all or any part of townships, housing projects, commercial
premises and other related activities. '
2) Basis of preparation
The financial statements have been prepared to comply in all material
respects with the accounting standards notified by Companies
(Accounting Standards) Rules 2006, (as amended) and the relevant
provisions of the Companies Act, 1956 ("the Act"). The financial
statements have been prepared under the historical cost convention on
an accrual basis in accordance with accounting policies have been
consistently applied by the Company and are consistent with those used
in previous year, except for the change in accounting policy explained
in note 2.1 (a) below.
3) Related party Disclosure.
The Revised Schedule VI has become effective from 1 April, 2011 for the
preparation of financial statements. This has significantly impacted
the disclosure and presentation made in the financial statements.
Previous yearÃs figures have been regrouped / reclassified wherever
necessary to correspond with the current year's classification /
disclosure.
Mar 31, 2011
1. Contingent liability not provided for :
Corporate Guarantees on behalf of Associate Concerns stands is nil.
2. The Company had kept inter corporate loans, However the Company has
not received / any interest till date right from the beginning.
3. Related Party Disclosures:
(a) Associate concerns / Relative of Director:
(i) Yashraj Containeurs Ltd.
(ii) Precision Containeurs Ltd.
(iii) Vasparr Shelter Ltd.
(iv) Vasparr Trading Pvt. Ltd. (Now known as Vas Educomp Pvt. Ltd.)
(v) Pushpanjali Drums Pvt Ltd.
4. The Company has only one business segment in India and there is no
geographical Segment.
5. The outstanding Balance of Debtors, Deposits & Unsecured Loans /
Advances are subject to confirmation & reconciliation, if any.
6. The company has not complied with A S 19 Employee Benifits issued
by the ICAI. The company has not accounted for Retirement benifits such
as gratuity, leave encashment on actuarial valuation basis.
7. Previous Year's figures have been reclassified/recast wherever
necessary.
8. Figures have been rounded off to the nearest rupee.
9. Schedules A to L and 1 to 5 form an integral part of the Accounts
and have been duly authenticated.
Mar 31, 2010
1. LEGAL STATUS
The assessee is a Public Limited Company, formed vide Certificate of
Incorporation dated 7th February 1994, P.A.No. AAACV3537A.
2. BUSINESS ACTIVITY
The Assessee is into the Business of Aquisition of Land and Development
Construction & Infrastructural activities. During the Previous Year
Under Consideration the Assessee has Aquired various Projects in
Connection with the Purchase of Land, Structure along with Land &
Development. Thereon, However no work is undetken on those projects.
3. Contingent liability not provided for:
Corporate Guarantees on behaif of Associate Concerns stand at Rs. 28.83
Crores (P.Y. Rs. 28.83 Crores)
4. Quantitative & Other Information :
The company is not falling under any of the categories requiring
disclosure of quantitative information.
5. The Company had kept inter corporate loans, However the Company
has not received any interest till date right from the beginning.
6. The Company has only one business segment in India and there is no
geographical Segment.
7. The outstanding Balance of Debtors, Deposits & Unsecured Loans /
Advances are subject to confirmation & reconciliation, if any.
8. Previous Years figures have been reclassified/recast wherever
necessary.
9. Figures have been rounded off to the nearest rupee.
10. Schedules A to I and 1 to 5 from an integral part of the Accounts
and have been duly authenticated.
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