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Moneycontrol.com India | Notes to Account > Finance - Leasing & Hire Purchase > Notes to Account from VLS Finance - BSE: 511333, NSE: VLSFINANCE
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VLS Finance

BSE: 511333|NSE: VLSFINANCE|ISIN: INE709A01018|SECTOR: Finance - Leasing & Hire Purchase
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Notes to Accounts Year End : Mar '18

1. NOTES FORMING PART OF FINANCIAL STATEMENT

1. a) Contingent Liability:- NIL.

b) Estimated amount of contracts remaining to be executed on Capital Account: Rs.68.71 lakhs.

2. In some cases balances in the accounts of Debtors, Loans and Advances, Other Current Assets and Creditors are subject to confirmation by the respective parties.

3. Cash & Bank Balances :

Bank Deposits include fixed deposits of Rs.1,06,98,964/- (Previous Year -Rs.1,05,95,935/-) pledged with the banks as security for availing overdraft facilities.

4. Quantitative details of shares/liquid funds/commodities in units/lots as detailed below:

6. Interest Receipts (Gross) Rs.3,21,19,665/-(inclusive of interest of Rs.9,68,631/-on Fixed Deposits, Rs.17,32,941/-on margin money with share brokers, interest on Tax Free bonds of Rs.2,82,15,006/- and other interest received of Rs.12,03,086/-) (Previous Year Rs. 3,15,08,756/-, inclusive of interest of Rs.10,60,044/- on Fixed Deposits and Rs.41,46,367/-on margin money with share brokers, interest on Tax Free bonds of Rs.2,62,13,595/- and other interest received of Rs.88,750/-) grouped under Income from Operations includes Tax Deducted at Source amounting to Rs.3,56,781/-(Previous Year Rs. 5,20,641/-).

7. In the opinion of the Management, Current Assets, Loans and advances have the value on realization in the ordinary course of business at least equal to the amount at which they are stated.

8. The term of lease agreements in respect of Leased Assets have expired and the assets continue in the possession of lessees. However, the said assets have been included in the block of fixed assets of the Company pending the transfer of titles.

9. Related Party Disclosure :

Followings are the related parties:-

Subsidiaries: - VLS Securities Ltd. (99.67%) and VLS Asset Management Ltd

(99.15%),

Key Managerial Personnel: - 1) Shri M.P. Mehrotra (Executie Vice Chairmain)

2) Shri S.K.Agarwal (Managing Director)

3) Shri K.K.Soni (Director Finance & CFO)

4) Shri H Consul, Company Secretary Associates:- (as defined in the Companies Act 2013) 1) VLS Capital Ltd

2) Sunair Hotels Ltd

3) BMS IT Institute Private Ltd.

12. Expenditure in Foreign Exchange: - Nil

13. A non-interest bearing amount of Rs.9,36,594/- (maximum amount outstanding during the year is Rs.9,36,594/-) is due from VLS Asset Management Ltd., the subsidiary of the Company.

14. Accounting Standard (AS -17) relating to “Segment Reporting” has been complied with. The gross operating income and profit from the other segment is below the norms prescribed in AS-17, hence separate disclosure has not been made.

15. As per Accounting Standard 15 “Employee benefits”, the disclosures as defined in the Accounting Standard are given below:-

Defined Contribution Plans

Contribution to Defined Contribution Plans, recognized as expense for the year is as under :-

Defined Benefit Plans

A) Disclosure required under Accounting Standard 15 - Employee Benefits.-Gratuity

(a) Gratuity (being administered by a Trust) is computed as 15 days salary, for every completed year of service or part thereof in excess of 6 months and is payable on retirement/termination/resignation. The benefit vests on the employee completing 5 years of service. The Gratuity plan for the Company is a defined contribution plan where annual contributions as demanded by the insurer are deposited.

I) Reconciliation of opening and closing balance of the present value of obligation

Assumptions relating to future salary increases, attrition, interest rate for discount and overall expected rate of return on assets have been considered based on relevant economic factors such as inflation, market growth and other factors applicable to the period over which the obligation is expected to be settled.

17. Provision for non-performing assets/diminution in value of assets of Rs. 6,00,00,000/- has been made during year and provision Rs.121,220/-is being written back on non-performing assets/diminution in value of assets (Previous Year: Provision for non-performing assets/diminution in value of assets of Rs. 11,50,00,000/- has been arrived after netting off of Rs.13,50,00,000/- being excess provision written back of non-performing assets/diminution in value of assets.)

18. After coming into effect of the Companies Act, 2013, the definition of “Associate” covers a Company or Companies in which the Company holds not less than 20% of the Total Share Capital of that company or those companies irrespective of whether they are in the same group or not. Hence, Sunair Hotels Ltd. and BMS IT Institute Private Ltd which are presently not in the same group have been considered as Associate. Even though the company is in litigation with these companies, in the opinion of the Company, there is no adverse impact of such litigation on investments/ advances made by it in these associates.

19. Bad Debts written off / Bad Debts recovery:-Nil (Previous Year: Bad debts written off of Rs.75,89,871 is net off of bad debts recovery of Rs.24,10,129)

20. Notes 1 to 23 form an integral part of financial statements.

21. Previous year’s figures have been regrouped /reclassified wherever necessary to correspond with the current year’s classification/disclosure.

Source : Dion Global Solutions Limited
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