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Vascon Engineers
BSE: 533156|NSE: VASCONEQ|ISIN: INE893I01013|SECTOR: Construction & Contracting - Real Estate
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Mar 12
Notes to Accounts Year End : Mar '13
1. Contingent liabilities
 
 a) Disputed demands for Income Tax         132,574,282    64,460,304
 
 b) Disputed demands for Service Tax         38,971,190    24,153,822
 
 c) Disputed demands for Value Added Tax      3,057,591     2,780,140
 
 d) Performance and fnancial guarantees 
 given by the Banks on behalf of
 the Company                              1,476,669,527 1,648,316,752
 
 2. Disclosure of related party transactions as required by Accounting
 Standard 18 Names of related parties
 
 1. Subsidiaries
 
 - Marvel Housing Private Limited
 
 - Grey Stone Premises Private Limited
 
 - Vascon Dwellings Private Limited
 
 - IT Citi Info Park Private Limited
 
 - Caspia Hotels Private Limited
 
 - Windfower Properties Private Limited
 
 - GMP Technical Solutions Private Limited
 
 - Floriana Properties Private Limited
 
 - Vascon Pricol Infrastructures Limited
 
 - Vascon Renaissance EPC Limited Liability Partnership
 
 - Almet Corpotation Limited
 
 - Marathawada Realtors Private Limited
 
 2. Joint Ventures
 
 - Weikfeld IT Citi Infopark
 
 - Phoenix Ventures
 
 - Zenith Ventures
 
 - Zircon Ventures
 
 - Marigold Premises Private Limited
 
 - Just Homes (India) Private Limited
 
 - Cosmos Premises Private Limited
 
 - Ajanta Enterprises
 
 3. Associates
 
 - Angelica Properties Private Limited
 
 - Mumbai Estate Private Limited
 
 4. Key Management Personnel
 
 - Mr. R. Vasudevan
 
 - Dr Santosh Sunderrajan
 
 5. Relatives of Key Management Personnel
 
 - Mrs. Lalitha Vasudevan
 
 - Mrs. Thangam Moorthy
 
 - Mrs. Lalitha Sundarrajan
 
 - Mr. Siddarth Vasudevan
 
 - Ms. Soumya Vasudevan
 
 6. Individuals having signifcant infuence over the Company
 
 7. Establishments where which individuals in serial number (4), (5) and
 (6) exercise signifcant Infuence
 
 - Flora Facililites Private Limited (Formally known as Flora Premises
 Private Limited)
 
 - Vastech Consultants Private Limited
 
 - Vatsalya Enterprises Private Limited
 
 - Bellfower Premises Private Limited
 
 - Cherry Construction Private Limited
 
 - Sunfower Health Services Private Limited (Formally known as Sunfower
 Premises Private Limited)
 
 - Syringa Engineers Private Limited ( Formally known as Syringa
 Properties Private Limited)
 
 - Vascon Infrastructure Limited
 
 3. Sales includes an amount of Rs. 20,14,52,104/- (Rs. Nil/-) being
 material supplied at a site during the earlier period. Since due to the
 temporary suspension no work was performed during that period, the same
 was carried as stock at site and no revenue in that respect was
 recognized in accordance with applicable Accounting Standard in spite
 of advance payment been received against the same in terms of the
 Contract. However, during the quarter under review, the materials for
 which payments have been made by the customer have been recognized as
 revenue since the stock ceased to be in control of the Company.
 
 4.  Based on the guiding principles enunciated in paragraph 4 of
 Accounting Standard - 17 (AS - 17), Segment Reporting'', if a single
 fnancial report contains both consolidated fnancial statements and the
 separate fnancial statements of the parent, disclosure required by AS
 17 is given in consolidated fnancial statements.
 
 5.  Particulars of the Joint Ventures undertaken by the Company as
 required in AS 27 Financial Reporting of Interest in Joint Venture,
 in respect of which disclosures have been made are given in the annexed
 statement.
 
 6.  Other additional information required by schedule VI of the
 Companies Act, 1956 are not applicable to the company for the year.
 
 7.  Corresponding fgures for previous periods presented have been
 regrouped, where necessary, to conform to the current year
 classifcation.
 
 8.  The Company Overview
 
 Vascon Engineers Limited (Company) was incorporated on January 1, 1986.
 The Company is engaged in the business of Engineering, Procurement and
 Construction services (EPC) and Real Estate Development directly or
 indirectly through its Subsidiaries, Joint Ventures and Associates. The
 shares of the Company are listed on National Stock Exchange and Bombay
 Stock Exchange.
Source : Dion Global Solutions Limited
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