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V-Guard Industries
BSE: 532953|NSE: VGUARD|ISIN: INE951I01019|SECTOR: Miscellaneous
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Notes to Accounts Year End : Mar '13
1.  Corporate information
 
 V-Guard Industries Ltd (''V-Guard'' or ''the Company'') is a public
 Company domiciled in India and incorporated under the provisions of the
 Companies Act, 1956. The Company is engaged in the manufacturing,
 trading and selling of a wide range of products including voltage
 stabilizers, PVC Cables, Pumps and Motors, Electric Water Heaters,
 Digital UPS, Fans, L.T.Cable, UPS, Solar Water Heaters, Switchgears and
 Induction Cooktops.
 
 V-Guard has its manufacturing facilities located at K.G. Chavady,
 Coimbatore, Tamil Nadu; at Kashipur, Utharakhand; at Kala Amb, Himachal
 Pradesh and at SIPCOT Industrial growth center, Perundurai, Tamil Nadu.
 
 The Company''s shares are listed in Bombay Stock Exchange (BSE) and
 National Stock Exchange (NSE).
 
 2.  Basis of preparation
 
 The financial statements of the Company have been prepared in
 accordance with generally accepted accounting principles in India
 (Indian GAAP). The Company has prepared these financial statements to
 comply in all material respects with the accounting standards notified
 under the Companies (Accounting Standards) Rules, 2006, (as amended)
 and the relevant provisions of the Companies Act, 1956. The financial
 statements have been prepared on an accrual basis and under the
 historical cost convention. The accounting policies adopted in the
 preparation of financial statements are consistent with those of
 previous year.
 
 3.1 Disclosures required under section 22 of the Micro, Small and
 Medium Enterprises Development Act, 2006
 
 As at March 31, 2013, Trade payables include Rs. 1,658.91 lakhs (March
 31, 2012 - Rs. 1001.75 lakhs), towards principal amount payable to
 suppliers as defined under Micro, Small, Medium Enterprises Development
 Act, 2006 (MSMED Act). Interest due on the above as at March 31, 2013
 is Rs. 0.17 lakhs.
 
 The amount of interest paid by the Company in terms of section 16 of
 the MSMED Act 2006 along with the amounts of the payment made to the
 supplier beyond the appointed day was Rs. Nil for the year ended March
 31, 2013. The amount of interest due and payable for the period of
 delay for payments made to suppliers during the year ended March 31,
 2013 amounts to Rs. 10.36 lakhs. The amount of interest accrued and
 remaining unpaid as at March 31, 2013 amounts to Rs. Nil. The amount of
 further interest remaining due and payable even in the succeeding
 years, until such date when the interest dues as above are actually
 paid for the purpose of disallowance as a deductible expenditure under
 section 23 of the MSMED Act 2006 is Rs. Nil for year ended March 31,
 2013.
 
 Note: Dues to Micro and Small Enterprises have been determined to the
 extent such parties have been identified on the basis of information
 collected by the management.
 
 3.2 Disclosure as per clause 32 of the listing agreements with the
 stock exchanges
 
 The Company has not given any loans and advances in the nature of loans
 to subsidiaries, associates or others, and there are no investments in
 the shares of the Company by such parties.
 
 4.1 Employee Benefit Plans
 
 Defined Contribution Plan - Provident Fund
 
 The Company makes Provident Fund contributions to a defined
 contribution plan for qualifying employees.  Under the Scheme, the
 Company is required to contribute a specified percentage of the payroll
 costs to fund the benefits. The Company has recognised Rs. 237.11 lakhs
 (Year ended 31 March, 2012: Rs. 193.44 lakhs) towards Provident Fund
 contributions in the statement of profit and loss. The contribution
 payable to this plan by the Company is at the rate specified in the
 rules of the scheme.
 
 4.2 Details of capitalisation of expenditure
 
 During the year, the Company has capitalised the following expenses of
 revenue nature to capital work-in- progress. Consequently, expenses
 disclosed under the respective notes are net of amounts capitalised by
 the Company.
 
 4.3 Segment Information
 
 The Company has identified business segments as its primary segment and
 geographic segments as its secondary segment. Business segments are
 primarily (a) Electronic Products, (b) Electrical / Electro Mechanical
 Products and (c) Others. Revenues and expenses directly attributable to
 segments are reported under each reportable segment. Expenses which are
 not directly identifiable to each reportable segment have been
 allocated on the basis of associated revenues of the segment. All other
 expenses which are not attributable or allocable to segments have been
 disclosed as unallocable expenses. Assets and liabilities that are
 directly attributable or allocable to segments are disclosed under each
 reportable segment. All other assets and liabilities are disclosed as
 unallocable. Fixed assets that are used interchangeably amongst
 segments are not allocated to primary and secondary segments.
 
 5 Previous year figures
 
 Prior year financial statements were audited by a firm other than S.R.
 Batliboi & Associates LLP. Prior year figures have been regrouped /
 reclassified, wherever necessary, to confirm to current year''s
 classification.
Source : Dion Global Solutions Limited
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