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, 2011
1. Contingent Liabilities : NIL
2. Subsidiary Company:
The company has got approval for setting up of thermal power project at
Nellore District. In this regard, the company has incorporated the
subsidiary company "VSF Energy Projects Private Limited" on 7th March,
2011.
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.
4. There are no separate reportable segments (business and/or
geographical) in accordance with the requirements of Accounting
Standard 17 Ã ÃSegment Reporting', notified in the companies
(Accounting Standards) Rules 2006.
5. Consolidated Financial Statements: The subsidiary "VSF Energy
Projects Private Limited" has incorporated on 7th March, 2011. The
first year accounts of the subsidiary company will be closed by 31st
March, 2012, therefore the consolidation of financial statements for
the year ended 31st March, 2011 is not applicable.
6. 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, 2011. 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.
7. Balances of Sundry Debtors, Advances and Sundry Creditors are
subject to confirmation with the respective parties.
8. Transactions with the Related Parties pursuant to Accounting
Standard 18:
i. List of Related Parties
Key Management Personnel : Sri. B.N.Murthy,
Managing Director
Whole-Time Director
B. Vijaya Lakshmi
ii. Transactions with Related Parties
Remuneration to Managing Director Rs. 12,00,000/-
Remuneration to Whole-Time Director Rs. 4,20,000/-
iii. Balance as on 31st March, 2011 Rs. 1,79,109/-
9. 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.13,83,500/- to- wards deferred tax
liability in the year 2010-11. The major components of deferred tax
asset / liability are on account of timing differences in depreciation,
carried forward of losses and Mini- mum alternate tax.
10. Paise have been rounded off to the nearest rupee.
11. Previous year figures have been regrouped wherever necessary.
12. Additional information pursuant to Provisions of Part II of
Schedule à 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.
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.