1. Company Information:
Vedavaag Systems Limited(“the Company”) is a Public company domiciled in India and is incorporated under the provisions of the Companies Act applicable in India. Its shares are listed on BSE stock exchange in India.
The registered office of the company is located at 1-90-8/13, B Block, 103, Siri Sai Orchid, Hi-Tech City, Madhapur, Hyderabad - 500081, Telangana. The Company is principally engaged in IT Sales and Services like E - Governance & Citizen Services, Banking, Finance and Insurance Services.
The financial Statements for the year ended 31stMarch 2018 were approved by the Board of Directors and authorised for issue on 30th May, 2018.
2.1. During the year, Rs.2.16cr of Gross Block and Equivalent amount of Accumulated Depreciation of Computer Software has been deleted as the Assets have been fully amortised and have no realisable value.
* Vehicle loan from Andhra Bank availed at an interest rate of 9.2% p.a., repayable in 60EMIs and the outstanding balance is Rs.21.61 lakhs.There is no overdue installment.
* Vehicle loan from Diamler Financial Services Pvt.Ltd. availed at an interest rate of 8.37% p.a.,repayable in 60 EMIs and the outstanding balance is Rs.37.67 Lakhs.There is no overdue installment
* Vehicle loan from Axis Bank. availed at an interest rate of 9.15% p.a.,repayable in 60 EMIs and the outstanding balance is Rs.4.87 Lakhs.There is no overdue installment.
3. Related Party Disclosures
i) Related parties where control exists
ii) Key Management personnel
a) J. Muralai Krishna - MD
b) D. Himabindhu- Company Secretary
iii) Related party transactions during the year
4. Contingent liabilities
Certain Claims and Counter Claims regarding one of the Suppliers is sub judice and management is confident that there will not be any liability on company. Hence no provision has been made.
Interest and Penalty on delay in filing of statutory returns is not provided for.
5. Corporate social responsibility
In accordance with section 135(5) of the Companies Act, 2013,The CSR expenditure to be spent is Rs.17.15 lakhs and the same shall be spent during the F.Y.2018-19.
6. Transition to Ind AS
Financial statements for the year ended March 31, 2018 have been prepared in accordance with Ind-AS. For periodsup to and including the year ended March 31, 2017, the Company prepared its financial statements in accordance withStatutory reporting requirements in India immediately before adopting Ind AS (‘previous GAAP’).
Accordingly, the Company has prepared financial statements which comply with Ind-AS applicable for year ending onMarch 31, 2018, together with the comparative period data as at and for the year ended March 31, 2017. In preparingthese financial statements, the Company’s opening balance sheet was prepared as at April 1, 2016, the Company’s dateof transition to Ind-AS. This note explains the principal adjustments made by the Company in restating its Indian GAAPfinancial statements, including the balance sheet as at April 1, 2016 and the financial statements as at and for the yearended March 31, 2017
In the reconciliations mentioned above, certain reclassifications are made to Indian GAAP financial information to align with the Ind AS presentation.
C) Notes of IND AS
Under Indian GAAP, the long-term security deposits are recognized at the transaction value. Under Ind AS, the long term security deposits (financial assets) are recognizec at the fair value under amortized cost method. The difference between the fair value and the transaction value is considered as prepaid rent and amortized over the period of lease.
7. Previous year’s figures have been regrouped where necessary to conform to curren’ year’s classification.
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