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You can view the entire text of Notes to accounts of the company for the latest year

BSE: 543241ISIN: INE244W01010INDUSTRY: Construction, Contracting & Engineering

BSE   ` 129.75   Open: 137.00   Today's Range 126.00
137.65
-7.25 ( -5.59 %) Prev Close: 137.00 52 Week Range 115.20
273.00
Year End :2024-03 

12.Provisions, contingent liabilities and contingent assets

Provisions are recognized only when there is a present obligation, as a result of past events, and when a reliable estimate of the amount of obligation can be made at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. Provisions are discounted to their present values, where the time value of money is material. Contingent liability is disclosed for:

• Possible obligations which will be confirmed only by future events not wholly within the control of the Company or

• Present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

Contingent assets are neither recognized nor disclosed. However, when realization of income is virtually certain, related asset is recognized.

13. Borrowing Costs

Borrowing costs net of any investment income from the temporary investment of related borrowings that are attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of cost of such asset till such time the asset is ready for its intended use or sale. A qualifying asset is an asset that necessarily requires a substantial period of time to get ready for its intended use or sale. All other borrowing costs are recognized in profit or loss in the period in which

they are incurred.

14. Employee Benefits (Accounting for Retirement Benefits in the Financial Statement of Employers):

Accounting for employee benefits has been made and provided in consistent with applicable Ind AS.

15. Segment Reporting: The Company's operations comprise of only construction of the shops, offices and residential flats and the activities incidental thereto, more or less there remains one reportable business segment as required to be disclosed under Ind AS- 108. Separate segment reporting is not applicable in the case of the company

16. Related Party Disclosures: Requisite approvals from the Board / Members will be obtained for applicable related party transaction for applicable transactions by enclosing the statement of the same.

17. Regrouping: Previous year figures have been regrouped wherever necessary.

VEER GLOBAL INFRACONSTRUCTION LIMITED Notes accompanying the Financial Statements.

31.Financial Risk Management Objectives and Policies.

The Company realizes that risks are inherent & integral part of any business, The primary focus is to foresee the unpredictability of financial market & seek to minimize potential adverse effect on its financial performance. The Company's activities are exposed to a variety of financial risks from its operations. The key financial risks include market risk (including foreign currency risk, interest rate risk and commodity risk ete.), credit risk and liquidity risk.

31.1 Market Risk: Market risk is the risk of loss of future earnings, fair values or future cash flows that may results from change in the price of a financial instrument. The value of a financial instrument change may change as result of change in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments and deposits, foreign currency receivables, payables and loans and borrowings. Market risk comprises mainly three types of risk: interest rate risk, currency risk and other price risk such as equity price risk and commodity risk.

The Company has an elaborate risk management system to inform Board Members about risk management and minimization procedures.

a) Foreign Currency Risk: NA

b) Interest Rate Risk: NA

c) Commodity Price Risk and Sensitivity: The Company is exposed to the movement in price of key raw materials in domestic markets. The Company manages fluctuations in raw material price through advance procurement of raw materials when prices are low.

31.2 Credit Risk:

Credit Risk arises from the possibility that counter party may not be able to settle their obligations as agreed. The Company is exposed to credit risk from its operating activities (primarily trade receivables).

Trade Receivable: - Customer Credit Risk is managed based on Company's established policy, procedures and controls. The Company periodically assesses the financial reliability of customers, taking into account the financial conditions, current economic trends, and analysis of historical bad debts and aging of accounts receivables. Individual risk limits are set accordingly.

The credit risk from the organized and bigger buyers is reduced by securing Bank Guarantees/Letter of Credits/part advance payments/postdated cheques. The Outstanding of different parties are reviewed periodically at different level of organization. The outstanding from the trade segment is secured by two tier security — security deposit from the dealer

himself-and our business associates who manage the dealers are also responsible for the outstanding from, any of the dealers in their respective region.

Impairment analysis is performed based on historical data at each reporting period on an individual basis.

Financial Instruments and Deposits with Banks:

The Company considers factors such as track record, size of institution, market reputation and service standards to select the bank with which balances and deposits are maintained. Generally, balances are maintained with the institutions with which the Company has also availed borrowings. The Company does not maintain significant cash and deposit balances other than those required for its day-to-day operation.

31.3 Liquidity Risk:

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company's approach is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due.

The Company relies on a mix of borrowings, and excess operating cash flows to meet its needs for funds. The current committed lines of credit are sufficient to meet its short to medium term expansion needs. The Company monitors rolling forecasts of its liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowings facilities at all times so that the Company does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities.

32.Segment Information:

The Company is engaged primarily into construction of commercial and residential buildings. The Company has only one business segment as identified by management namely Construction. Segments have been identified taking into account nature of product and differential risk and returns of the segment. The business segments are reviewed by the Directors of the Company.

36 a) Disclosure in respect of Corporate Social Responsibility y Expenditure:

NOT APPLICABLE

37 Derivative Financial Instruments

NOT APPLICABLE

38 The Company's working capital requirement is funded by the proposed right issue.

39 Some of the Balances of debtors and creditors are subject to confirmation.

41. Related Party transactions

In accordance with the requirements of IND AS 24, on related party disclosures, name of the related party, related party relationship, transactions and outstanding balances including commitments where control exist and with whom transactions have taken place during reported periods, are:

a) Key Management Personnel (KMP)

Shri. Vijaybhai Vagjibhai Bhanshali - Chairman/Managing Director

Shri. Abhishek Mukesh Jain - Director /CFO

Smt. Payal Kothari - Company Secretary & Compliance Office

42. Transactions with Related party

The related party transactions are attached as annexure VI.

43 Impairment Review:

Assets are tested for impairment whenever there are any internal or external indicators of impairment.

Impairment test is performed at the level of each Cash Generating Unit ('CGU') or groups of CGUs within the Company at which the assets are monitored for internal management purposes, within an operating segment.

The impairment assessment is based on higher of value in use and value from sale calculations during the year, the testing did not result in any impairment in the carrying amount of other assets. The measurement of the cash generating unsuits' value in use is determined based on financial plans that have been used by management for internal purposes. The planning horizon reflects the assumptions for short to- mid-term market conditions.

Key assumptions used in value-in-use calculations are: -

(i) Operating margins (Earnings before interest and taxes), (ii) Discount Rate, (iii) Growth Rates and (iv) Capital Expenditure

44 Events Occurring after the Balance Sheet Date

No adjusting or significant non-adjusting events have occurred between the reporting date and date of authorization of these financial statements.

45 Other Statutory Information

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

(ii) The Company have not traded or invested in Crypto Currency or Virtual Currency during the financial year.

(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

(iv) The Quarterly Return of current assets filed by the Company with Banks having no material variances with Books of Account, though the Company has not utilised limit during the year.

(viii) Struck off Companies - NA

46. Previous year's figures have been regrouped re-classified wherever necessary and figures less than 50,000 have been shown as actual in bracket.

47. Debtors, Creditors, Advances given and Advances taken are subject to verification.

For BANSILAL SHAH & co. For: and on Behalf of the Board

Chartered Accountants Sd/-

Firm Registration No.: 000384W Vijaybhai Bhanshali

Sd/- Director - DIN: 05122207

D V SHAH

Partner, Membership No.: 223609 Sd/-

Place: Mumbai/Udaipur Priyank Chandrakant Parikh

Date: 30th May, 2024 Director - DIN: 01928303