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Home > Equity Market > Varun Industries Ltd.- Notes To Account >

Varun Industries Ltd.- Notes To Account

Industry: Trading
BSE Code :532917
NSE Code :VARUN
Business Group:Not Applicable
LTP (Rs.)
ISIN No :INE032G01012
Face Value/M Lot :10.00/1
P/E Ratio : 0.00
Market Cap : 14.56 Cr
You can view the entire text of Notes to accounts of the company for the latest year.
Year End : 03 / 2013
1.1) RELATED PARTIES DISCLOSURE (As per Accounting Standard 18): * (a) List of Related Parties:

(i) Key Management Personnel

Mr. Kiran N. Merita - Chairman & Managing Director

Mr. Kailash S. Agarwal - Managing Director (ii) Relatives of Key Management Personnel

(With whom company has entered into transactions during the year)

Mr. Karunesh S. Agarwal - Relation - (Brother of Mr. Kailash S. Agarwal) (iii) Enterprises over which Key Managerial person have significant influence

K. K. Enterprises

Varun Real Estate (India) Pvt. Ltd. (iv) Subsidiary Companies

Shri Sai Jewels Pvt. Ltd!

Varun Jewels Pvt. Ltd.

Varun Petroleum Corporation Pvt. Ltd.

Varun Minerals Corporation Pvt. Ltd.

Varun Holdings Ltd., Mauritius

Varun Petroleum Ltd., Mauritius

Varun Mines & Minerals Ltd., Mauritius (v) Step down Subsidiary Companies

Varun International Trading FZE, UAE

Varun Global Trading Pte. Ltd., Singapore

Varun Petroleum SARL, Madagascar (Discontinued from 29th March, 2013)

Oil & Gas Incorporation SARL, Madagascar (Discontinued from 29th March, 2013)

Varun International SARL, Madagascar (Discontinued from 29th March, 2013)

Madagascar Energy Corporation SARL, Madagascar (Discontinued from 29th March, 2013)

Varun Energy Corporation SARL, Madagascar (Discontinued from 29th March, 2013)

Varun SARL, Madagascar (Discontinued from 29th March, 2013) (vi) Associate

Varun Torian International SARL, Madagascar (Discontinued from 29th March, 2013)

1.2) Contingent Liabilities

(i) Disputed Demand raised by Income Tax department for several financial years of Rs.31.78 Crore is under appeal and rectification.

(ii) Disputed Demand raised by Sales Tax dept. for the FY 2007-08 is Rs.5.28 Cr. against which company has filed appeal and deposited Rs.0.53 Cr.

(iii) Deposit of Rs.39.54 Lacs with Rajasthan Entry Tax Department against the 50 % Entry Tax liability for the period F.Y. 06-07 Rs.0.16 lac, F.Y. 07-08 Rs.5.79 Lacs, F.Y. 08-09 Rs.14.92 lac, F.Y. 09-10 Rs.18.66 lac. However an appeal has been filed with Honorable Supreme Court for refund of the deposit and management is hopeful for favorable decision.

(iv) Disputed demand by various parties of ^10.78 Crore is under litigation in various court.

(v) Corporate Guarantee issued in favour of banks for their credit facility to Varun Jewels Pvt. Ltd. of Rs.18,300.00 lac.

(vi) Corporate Guarantee issued in favour of banks for their credit facility to Shri Sai Jewels Pvt. Ltd. of ^6,480.00 lac.

(vii) Corporate Guarantee issued in favour of bank for credit facility to M/s. K.K. Enterprises of Rs.1,200.00 lac.

(viii) Corporate Guarantee issued in favour of bank for credit facility to Varun International Trading FZE, UAE of USD 30 mn.

1.3) The Company has opted for accounting the exchange difference of long term foreign currency monetary items in line with Companies (Accounting Standards) Amendment Rules 2009 notified on 31st March 2009. Accordingly, the net exchange loss of Rs.319.41 lac (P.Y. Exchange Loss of Rs.479.07 lac) relating to long terra foreign currency monetary items has been reduced / added to the cost of respective fixed assets.

1.4) Figures for the previous year have been regrouped and/or reclassified, wherever necessary to confirm with current year's classification / disclosure.

Visit the Varun Industries Ltd. company profile page for more information on the company. Learn about Varun Industries Ltd. raw material report, capital structure information, and list of bankers, auditors & registrars. Get live equity market updates and browse through breaking news stories from the Indian share market.

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