| 1.In terms of Accounting Standard (AS 22) on "Accounting for Taxes on
Income" issued by the Institute of Chartered Accountants of India, the
company has computed Deferred Tax Asset as there is virtual certainty
supported by convincing evidence that there would be sufficient future
taxable income that would be available for set off.
Contingent Liabilities not provided for in respect of
As at As at
31st March, 2015 31stMarch,2014
Amount Amount
Rs. In Lacs Rs. In Lacs
(a) Show Cause Notice from
Central Excise Authorities 1.42 1.42
(b) Estimated Liability in
respect of Suit filed by Ex Workers 10.00 5.00
of the Company in Labour Court.
(c) Claims not acknowledged as debt 2.06 2.06
(d) Income Tax :
The company was served notices under Sec. 147 of the Income Tax Act,
1961 for Assessment Years 2004-05, 2005-06 and 2006-07 relating to sale
of property of the company by the erstwhile management. The company
filed the returns for the said three years on the basis of which the
the Assessing Officer passsed orders enhancing the income for the said
assessment years. The company has appealed against the orders of the
assessing officer with the Commissioner of Appeals.(CIT Appeals.)
The status of the Assessments for these assessment years is as under:
A.Y. 2004-05
The Commissioner of Income Tax (Appeals) had upheld the order of the
assessing officer.
The company has preferred an appeal to the Income Tax Appellate
Tribunal against this order.
A.Y. 2005-06
The company has been granted substantial reliefs by the Commissioner of
Income Tax (Appeals).
The Income Tax Department as well as the company have approached the
Income Tax Appellate
Tribunal on certain points relating to the order.
A.Y. 2006-07
The company has approached the Income Tax Appellate Tribunal by way of
an appeal against the order of the Commissioner of Income Tax Appeals.
In none of the above assessments any additional tax outgo is envisaged
and hearings are yet to take place.
Note 2
a) The company was hitherto jointly developing an area admeasuring 2159
sq. mtrs of slum property with Mr. Vaibhav Kokate. During the year the
company has entered into a partnership with Mr. Kokate in a firm named
Shree Swami Samarth Builders and Developers (SSSBD) wherein the company
has contributed to 50% of the capital of the partnership.
b) By virtue of a registered deed the company has transferred
development rights pertaining to 2159 sq. mtrs owned by it to the
partnership firm SSSBD. Mr. Kokate has also transferred land belonging
to him into the partnership. In lieu of the company transferring the
development rights it would be entitled to a percentage of the saleable
area post the merger of the two land parcels which would be delivered
to the company post obtaining the Occupation Certificate by SSSBD.
c) Further the company is entitled to 50% share in the profits of the
firm SSSBD less what it would have received during the pendency of the
project.
d) There is a mortgage created on the Land and Receivables of the
company in favour of ICICI Bank Ltd against term loans sanctioned by
them to Shree Swami Samarth Builders and Developers.
Note 3
Balances of sundry debit and credit balances are subject to
confirmation from them.
On the basis of information furnished by the Management, the Board is
of the opinion that Current Assets, Loans & advances have a value on
realization in the ordinary course of the business at least equal to
the amount at which they are stated in the Accounts except those items
which are shown as doubtful or bad.
Note 4
Figures of the Previous Year are regrouped wherever necessary.
|