Mar 31, 2018
1. Company Information:
Vedavaag Systems Limited(âthe Companyâ) is a Public company domiciled in India and is incorporated under the provisions of the Companies Act applicable in India. Its shares are listed on BSE stock exchange in India.
The registered office of the company is located at 1-90-8/13, B Block, 103, Siri Sai Orchid, Hi-Tech City, Madhapur, Hyderabad - 500081, Telangana. The Company is principally engaged in IT Sales and Services like E - Governance & Citizen Services, Banking, Finance and Insurance Services.
The financial Statements for the year ended 31stMarch 2018 were approved by the Board of Directors and authorised for issue on 30th May, 2018.
2.1. During the year, Rs.2.16cr of Gross Block and Equivalent amount of Accumulated Depreciation of Computer Software has been deleted as the Assets have been fully amortised and have no realisable value.
* Vehicle loan from Andhra Bank availed at an interest rate of 9.2% p.a., repayable in 60EMIs and the outstanding balance is Rs.21.61 lakhs.There is no overdue installment.
* Vehicle loan from Diamler Financial Services Pvt.Ltd. availed at an interest rate of 8.37% p.a.,repayable in 60 EMIs and the outstanding balance is Rs.37.67 Lakhs.There is no overdue installment
* Vehicle loan from Axis Bank. availed at an interest rate of 9.15% p.a.,repayable in 60 EMIs and the outstanding balance is Rs.4.87 Lakhs.There is no overdue installment.
3. Related Party Disclosures
i) Related parties where control exists
ii) Key Management personnel
a) J. Muralai Krishna - MD
b) D. Himabindhu- Company Secretary
iii) Related party transactions during the year
4. Contingent liabilities
Certain Claims and Counter Claims regarding one of the Suppliers is sub judice and management is confident that there will not be any liability on company. Hence no provision has been made.
Interest and Penalty on delay in filing of statutory returns is not provided for.
5. Corporate social responsibility
In accordance with section 135(5) of the Companies Act, 2013,The CSR expenditure to be spent is Rs.17.15 lakhs and the same shall be spent during the F.Y.2018-19.
6. Transition to Ind AS
Financial statements for the year ended March 31, 2018 have been prepared in accordance with Ind-AS. For periodsup to and including the year ended March 31, 2017, the Company prepared its financial statements in accordance withStatutory reporting requirements in India immediately before adopting Ind AS (âprevious GAAPâ).
Accordingly, the Company has prepared financial statements which comply with Ind-AS applicable for year ending onMarch 31, 2018, together with the comparative period data as at and for the year ended March 31, 2017. In preparingthese financial statements, the Companyâs opening balance sheet was prepared as at April 1, 2016, the Companyâs dateof transition to Ind-AS. This note explains the principal adjustments made by the Company in restating its Indian GAAPfinancial statements, including the balance sheet as at April 1, 2016 and the financial statements as at and for the yearended March 31, 2017
In the reconciliations mentioned above, certain reclassifications are made to Indian GAAP financial information to align with the Ind AS presentation.
C) Notes of IND AS
Under Indian GAAP, the long-term security deposits are recognized at the transaction value. Under Ind AS, the long term security deposits (financial assets) are recognizec at the fair value under amortized cost method. The difference between the fair value and the transaction value is considered as prepaid rent and amortized over the period of lease.
7. Previous yearâs figures have been regrouped where necessary to conform to currenâ yearâs classification.
Mar 31, 2016
ii. Terms/rights attached to equity shares, including restrictions on distribution of dividends and the repayment of capital.
Equity shares issued by the company are Equity Shares within the meaning of Section 85(2) of the Companies Act, 1956.
Each holder of equity share is entitled to one vote per share.
In the event of liquidation of the Company, the holders of 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.
Shares in the Company held by each share holder holding more than 5 percent shares specifying the number of shares.
1. Increase in paid-up capital of Rs. 50,00,000 is on account of conversion of FIVE Lacs Equity share warrants issued earlier to the promoter.
2. The composition of deferred tax liability of Rs. 191.27 lakhs (previous year Rs.340.49 lakhs) is on account of timing differences relating to depreciation.
3. There are no small scale industrial undertakings to whom the company owes a sum exceeding Rs.1.00 lakh which is outstanding for more than 30 days of the Balance sheet date.
4. Confirmation of balances from parties as at the end of the year has not been received and adjustments, if any, shall be made as on ongoing process.
5. No provision has been made for employee retirement benefit pending actuarial valuation.
6. All figures have been rounded off to the nearest rupee and previous year figures have been regrouped wherever necessary.
Mar 31, 2014
1. Terms/rights attached to equity shares, including restrictions on
distribution of dividends and the repayment of capital.
Equity shares issued by the company are Equity Shares within the
meaning of Section 85(2) of the Companies Act, 1956.
Each holder of equity share is entitled to one vote per share.
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts.
The disribution will be in proportion to the number of equity shares
held by the shareholders
Rs.in lakhs Rs.in lakhs
2. Contingent Liabilities: 2013-14 2012-13
a Claims against the company not
acknowledged as debts 240.00 240.00
b Other money for which the
company is contingently liable:
Counter guarantees given in favour
of company''s bankers for guarantees
issued by them - 75.00
3. The composition of deferred tax liability of Rs. 307.09 lakhs
(previous year Rs.252.06 lakhs) is on account of timing differences
relating to depreciation.
4. There are no small scale industrial undertakings to whom the
company owes a sum exceeding Rs.1.00 lakh which is outstanding for more
than 30 days of the Balance sheet date.
5. Confirmation of balances from parties as at the end of the the year
has not been received and adjustments, if any, shall be made as an
ongoing process.
6. No provision has been made for employee retirement benefit pending
acturial valuation.
7. All figures have been rounded off to the nearest rupee.
Mar 31, 2013
Rs.in lakhs Rs.in lakhs
2012-13 2011-12
1 Contingent Liabilities:
a Claims against the
company not
acknowledged as debts: 240.00 240.00
b Other money for which the
company is contingently liable:
Counter guarantees given in
favour of
company''s bankers for
guarantees issued by them 75.00 37.00
2. Income tax liability aggregating to Rs 44.52 lakhs is outstanding
and under reconciliation with Income Tax authorities for the adjustment
of prepaid taxes to ascertain the net liability, if any
3. Related Party Disclosures as per AS 18
Transactions with related parties in the ordinary course of business
4. The composition of deferred tax liability of Rs. 252.06 lakhs
(previous year Rs.329.09 lakhs) is on account of timing differences
relating to depreciation.
5. Deletion of fixed assets represent assets condemned and retired
from active use which have been fully depreciated over their useful
life and have no realisable value.
6. Other Current assets include an amount of Rs.794 lakhs being
retention money on SECC and NPR projects.
7. There are no small scale industrial undertakings to whom the
company owes a sum exceeding Rs.1.00 lakh which is outstanding for more
than 30 days of the Balance sheet date.
8. Confirmation of balances from parties as at the end of the the
year has not been received and adjustments, if any, shall be made as an
ongoing process.
9. All figures have been rounded off to the nearest rupee.
10. Previous year''s figures are regrouped wherever necessary.
Mar 31, 2012
I. Terms/rights attached to equity shares, including restrictions on
distribution of dividends and the repayment of capital.
Equity shares issued by the company are Equity Shares within the
meaning of Section 85(2) of the Companies Act, 1956.
Each holder of equity share is entitled to one vote per share.
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive remaining assets ofthe Company,
after distribution of all preferential amounts.
The disribution will be in proportion to the number of equity shares
held by the shareholders.
1. Income tax liability aggregating to Rs 44.62 lakhs is pending
payment and under reconciliation with Income tax Authorities for the
adjustment of prepaid taxes to ascertain the net liability, if any
2. Related Party Disclosures .
Transactions with related parties in the ordinary course of business
3. The composition of deferred tax liability of Rs. 329.09 lakhs is on
account of timing differences relating to depreciation. During the year
no additional provision for deferred tax has been made as it is felt
that the existing provision is adequate.
4 There are no small scale industrial undertakings to whom the company
owes a sum exceeding Rs.1.00 lakh which is outstanding for more than 30
days ofthe Balance sheet date.
5. Confirmation of balances from parties as at the end of the the
year has not been received and adjustments, if any, shall be made as an
ongoing process.
6. All figures have been rounded off to the nearest rupee.
7. No provisions has been made for retirement benefit pending actual
valuation.
8. During the year ended 31-03-2012, the revised schedule VI notified
under the Companies Act, 1956 has become appicabe to the Company, for
preparation and presentation of its financial statements. The adoption
of revised schedule VI does not impact recognition and measurement
principles followed for preparation of financial statements. However it
has significant impact on presentation and disclosures made in the
financial statements. The company has also reclassified/regrouped the
previous year figures in accordance with the requirements applicable in
the current year.
Mar 31, 2010
1 Contingent Liabilities:
a Claims against the company not acknowledged as debts: Rs. 11,056,323
b Other money for which the company is contingently liable: Counter
guarantees given in favour of companys bankers for guarantees issued
by them Rs. 1.37 Cr
2 Secured Loans:
a The term loan from IL & FS Financial Services Ltd has been secured by
hypothecation of all assets of the company an amount of Rs. 2.33 Crs
has been overdue out of the total loan amount of Rs. 11.53 Crs.
b Working capital loan by way of Cash Credit from UCO Bank, Suryanagar
Branch, Hyderabad has been secured by first charge on the current
assets of the company.
c Vehicle loan from Axis Bank, Patna has been secured by hypothecation
of the vehicle purchased from the loan amount.
d Equipment loan from ICICI Bank, Hyderabad has been secured by
hypothecation of the equipments purchased from the loan amount.
3 Redeemable preference share capital has been transfered to unsecured
loans as the due date for redemption is over
4 Depreciation includes writeoff of residual value of obsolute assets
to the extent of rupees 38.32 lakhs.
5 During the year no additional provision for diferred tax has.been
made as the existing provision is adequate .
6 Quantitative Details
The company is engaged in the business of development of computer
software and delivering turn key solutions on Build, Operate and Own -
BOO basis. The production and sale of such software is not capable of
being expressed in any generic unit. Hence, it is not possible to give
the quantitative details of such sale and information required under
paragraphs 3,4C and 4 D of Part II of Schedule VI of the Companies Act,
1956.
7 Deferred Tax Liability
The composition of deferred tax liability as at 31.03.2010 of Rs.
329.09 lakhs (previous year Rs. 329.09 lakhs) is on account of timing
differences relating to depreciation.
8 There are no small scale industrial undertakings to whom the company
owes a sum exceeding Rs. 1.00 lakh which is outstanding for more than
30 days of the Balance sheet date.
9 Confirmation of balances from parties as at the end of the the year
has not been received and adjustments, if any, shall be made as on
ongoing process.
10 Previous year figures have been regrouped and rearranged wherever
necessary.
11 All figures have been rounded off to the nearest rupee.
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