Notes to Accounts of Vas Infrastructure Ltd.

Mar 31, 2024

s) Provisions, Contingent liabilities, Contingent assets and Commitments:

Provisions are recognised when the Company has a present obligation (legal or
constructive) as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the obligation. The
expense relating to a provision is presented in the statement of profit and loss.

If the effect of the time value of money is material, provisions are discounted
using a current pre-tax rate that reflects, when appropriate, the risks specific
to the liability. When discounting is used, the increase in the provision due to
the passage of time is recognised as a finance cost.

Contingent liability is disclosed in the case of:

• A present obligation arising from past events, when it is not probable that an
outflow of resources will be required to settle the obligation;

• A present obligation arising from past events, when no reliable estimate is
possible;

• A present obligation arising from past events, unless the probability of
outflow of resources is remote.

Commitments include the amount of purchase order (net of advances) issued to
parties for completion of assets.

Provisions, contingent liabilities, contingent assets and commitments are
reviewed at each balance sheet date.

t) Employee Benefits

Retirement benefit in the form of provident fund, pension fund and
superannuation fund are defined contribution schemes. The Company has no
obligation, other than the contribution payable to such schemes. The Company
recognises contribution payable to such schemes as an expense, when an
employee renders the related service. If the contribution payable to the schemes
for service received before the balance sheet date exceeds the contribution
already paid, the deficit payable to the schemes is recognised as a liability after
deducting the contribution already paid. If the contribution already paid
exceeds the contribution due for services received before the balance sheet
date, then excess is recognised as an asset to the extent that the pre-payment
will lead to, for example, a reduction in future payment or a cash refund.

The Company operates a defined benefit gratuity plan, which requires
contributions to be made to a separately administered fund. The cost of
providing benefits under the defined benefit plan is determined using the
projected unit credit method. Liability for gratuity as at the year-end is
provided on the basis of actuarial valuation.

Remeasurements, comprising of actuarial gains and losses and the return on
plan assets (excluding amounts included in net interest on the net defined
benefit liability), are recognised immediately in the balance sheet with a
corresponding debit or credit to retained earnings through OCI in the period in
which they occur. Remeasurements are not reclassified to profit or loss in
subsequent periods.

Net interest is calculated by applying the discount rate to the net defined
benefit liability or asset. The Company recognises the following changes in the
net defined benefit obligation as an expense in the statement of profit and loss:

• Service costs comprising current service costs; and

• Net interest expense or income

Accumulated leave, which is expected to be utilised within the next 12 months,
is treated as short-term employee benefit. The Company measures the expected
cost of such absences as the additional amount that it expects to pay as a
result of the unused entitlement that has accumulated at the reporting date.

u) Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one
entity and a financial liability or equity instrument of another entity.

i. Financial assets

Initial recognition and measurement

All financial assets are recognised initially at fair value plus, in the case of
financial assets not recorded at fair value through profit or loss, transaction
costs that are attributable to the acquisition of the financial asset.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in
four categories:

• Financial assets at amortised cost.

• Financial assets at fair value.

When assets are measured at fair value, gains and losses are either recognised
entirely in the statement of profit and loss (i.e. fair value through profit or loss),
or recognised in other comprehensive income (i.e. fair value through other
comprehensive income).

A financial asset that meets the following two conditions is measured at
amortised cost (net of any write down for impairment) unless the asset is
designated at fair value through profit and loss under fair value option.

• Business model test: The objective of the Company’s business model is to
hold the financial asset to collect the contractual cash flows (rather than to
sell the instrument prior to its contractual maturity to realize its fair value
changes).

• Cash flow characteristics test: The contractual terms of the financial asset
give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.

A financial asset that meets the following two conditions is measured at fair
value through other comprehensive income unless the asset is designated at
fair value through profit and loss under fair value option.

• Business model test: The financial asset is held within a business model
whose objective is achieved by both collected contractual cash flows and selling
financial instruments.

• Cash flow characteristics test: The contractual terms of the financial asset
give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.

Derecognition

When the Company has transferred its rights to receive cash flows from the
asset or has assumed an obligation to pay the received cash flows in full
without material delay to a third party under a ‘pass-through’ arrangement; it
evaluates if and to what extent it has retained the risks and rewards of
ownership.

A financial asset (or, where applicable, a part of a financial asset or part of a
Company of similar Financial assets) is primarily derecognised when:

• The rights to receive cash flows from the asset have expired, or

• Based on above evaluation, either (a) the Company has transferred
substantially all the risks and rewards of the asset, or (b) the Company has
neither transferred nor retained substantially all the risks and rewards of the
asset, but has transferred control of the asset.

When it has neither transferred nor retained substantially all of the risks and
rewards of the asset, nor transferred control of the asset, the Company
continues to recognise the transferred asset to the extent of the Company’s
continuing involvement. In that case, the Company also recognises an
associated liability. The transferred asset and the associated liability are
measured on a basis that reflects the rights and obligations that the Company
has retained.

Continuing involvement that takes the form of a guarantee over the transferred
asset is measured at the lower of the original carrying amount of the asset and
the maximum amount of consideration that the Company could be required to
repay.

Impairment of financial assets

In accordance with Ind AS 109, the Company applies expected credit loss (ECL)
model for measurement and recognition of impairment loss on the following
financial assets and credit risk exposure:

a) Trade receivables that result from transactions those are within the scope of
Ind AS 18.

The application of simplified approach does not require the Company to track
changes in credit risk. Rather, it recognises impairment loss allowance based
on lifetime ECLs at each reporting date, right from its initial recognition.

(F

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Mar 31, 2015

1) Corporate information

VAS INFRASTRUCTURE LIMITED (''Company'' or VIL'') was incorporated on February 11, 1994. VIL is a leading real estate developer engaged in the business of construction, development, sale, management and operation of all or any part of townships, housing projects, commercial premises and other related activities.

2) Basis of preparation

The financial statements have been prepared to comply in all material respects with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 ("the Act"). The financial statements have been prepared under thehistorical cost convention on an accrual basis in accordance with accounting policies have been consistently applied by the Company and are consistent with those used in previous year, except for the change in accounting policy explained in note 2.1 (a) below.

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Sep 30, 2013

The Guidance note on accounting of Real estate Transaction (Revised 2012.) issued by ICAI has Been followed for Projects Commenced after April 2012 or Projects Commenced before April 2012 but no Revenue from the project is recognized for the 18 months ended 30-09-2013.

All the Project except Pushp Vinod 1 are accounted based on the Revised Guidance note on Accounting of real estate transaction 2012 issued by the ICAI.

1) Interest Income

Income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.

2) Taxes

Tax expense comprises of current and deferred tax.

Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income Tax Act. Deferred income taxes reflects the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier year.

Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. In situations where the Company has unabsorbed depreciation or carry forward tax losses, all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits. At each balance sheet date the Company re-assesses unrecognized deferred tax assets. It recognizes unrecognized deferred tax assets to the extent that it has become reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which such deferred tax assets can be realized.

The carrying amount of deferred tax assets are reviewed at each balance sheet date. The Company writes down the carrying amount of a deferred tax asset to the extent that it is no longer reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which deferred tax asset can be realized.

Minimum Alternative tax (MAT) credit is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period. In the year in which the MAT credit becomes eligible to be recognized as an asset in accordance with the recommendations contained in Guidance Note issued by the Institute of Chartered Accountants of India, the said asset is created by way of a credit to the statement of profit and loss and shown as MAT Credit Entitlement. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that Company will pay normal income tax during the specified period.

3) Retirement and other employee benefits

Retirement benefits in the form of provident fund is a defined contribution scheme and the contributions are charged to the statement of profit and loss of the year when the contributions to the provident fund are due. There are no other obligations other than the contribution payable to the government administered provident fund.

Gratuity & other long terms benefits are not accounted as per A S 15 Retirement benefits issued by the ICAI.

4) Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the year is adjusted for events of bonus issue.

For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

5) Provisions

A provision is recognized when the Company has a present obligation as a result of past event, it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable. Provisions are not discounted to its present value and are determined based on the best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

6) Cash and Cash equivalents

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand and short term investments with an original maturity of three months or less.

7) Related party Disclosure.

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Mar 31, 2012

1) Corporate information

VAS INFRASTRUCTURE Limited ('Company’ or'VIL’) was incorporated on February 11,1994. VIL is a leading real estate developer engaged in the business of construction, development, sale, management and operation of all or any part of townships, housing projects, commercial premises and other related activities. '

2) Basis of preparation

The financial statements have been prepared to comply in all material respects with the accounting standards notified by Companies (Accounting Standards) Rules 2006, (as amended) and the relevant provisions of the Companies Act, 1956 ("the Act"). The financial statements have been prepared under the historical cost convention on an accrual basis in accordance with accounting policies have been consistently applied by the Company and are consistent with those used in previous year, except for the change in accounting policy explained in note 2.1 (a) below.

3) Related party Disclosure.

The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year’s figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

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Mar 31, 2011

1. Contingent liability not provided for :

Corporate Guarantees on behalf of Associate Concerns stands is nil.

2. The Company had kept inter corporate loans, However the Company has not received / any interest till date right from the beginning.

3. Related Party Disclosures:

(a) Associate concerns / Relative of Director:

(i) Yashraj Containeurs Ltd.

(ii) Precision Containeurs Ltd.

(iii) Vasparr Shelter Ltd.

(iv) Vasparr Trading Pvt. Ltd. (Now known as Vas Educomp Pvt. Ltd.)

(v) Pushpanjali Drums Pvt Ltd.

4. The Company has only one business segment in India and there is no geographical Segment.

5. The outstanding Balance of Debtors, Deposits & Unsecured Loans / Advances are subject to confirmation & reconciliation, if any.

6. The company has not complied with A S 19 Employee Benifits issued by the ICAI. The company has not accounted for Retirement benifits such as gratuity, leave encashment on actuarial valuation basis.

7. Previous Year's figures have been reclassified/recast wherever necessary.

8. Figures have been rounded off to the nearest rupee.

9. Schedules A to L and 1 to 5 form an integral part of the Accounts and have been duly authenticated.

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Mar 31, 2010

1. LEGAL STATUS

The assessee is a Public Limited Company, formed vide Certificate of Incorporation dated 7th February 1994, P.A.No. AAACV3537A.

2. BUSINESS ACTIVITY

The Assessee is into the Business of Aquisition of Land and Development Construction & Infrastructural activities. During the Previous Year Under Consideration the Assessee has Aquired various Projects in Connection with the Purchase of Land, Structure along with Land & Development. Thereon, However no work is undetken on those projects.

3. Contingent liability not provided for:

Corporate Guarantees on behaif of Associate Concerns stand at Rs. 28.83 Crores (P.Y. Rs. 28.83 Crores)

4. Quantitative & Other Information :

The company is not falling under any of the categories requiring disclosure of quantitative information.

5. The Company had kept inter corporate loans, However the Company has not received any interest till date right from the beginning.

6. The Company has only one business segment in India and there is no geographical Segment.

7. The outstanding Balance of Debtors, Deposits & Unsecured Loans / Advances are subject to confirmation & reconciliation, if any.

8. Previous Years figures have been reclassified/recast wherever necessary.

9. Figures have been rounded off to the nearest rupee.

10. Schedules A to I and 1 to 5 from an integral part of the Accounts and have been duly authenticated.