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Notes to Accounts of Coral India Finance and Housing Ltd.

Mar 31, 2015

Company Overview:

Coral India Finance & Housing Limited is a public company incorporated in India. Company is engaged in business of construction, development & maintenance of properties.

NOTE 1

Loans and advances are subject to confirmation from respective parties. In case where repayment of loans is not forthcoming, the Company has taken action in the matter and as per the management, no part of principal amount is considered doubtful.

NOTE 2

During the year under review, the certificate of registration, granted to the company to carry business as Non-Banking Financial Institution (NBFC), has been cancelled by the Reserve Bank of India w.e.f. 26th August 2014.

NOTE 3 - Taxation

a) Provision of Current Income Tax is made on after considering the effect of deduction under section 80IB of the Income TaxAct, 1961.

b) Deferred Taxation:

The deferred tax liabilities comprises of tax effect of timing differences mainly on account of depreciation. Deferred tax is recognized, subject to the consideration of prudence, on time differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

NOTE 4 - Previous year's figures have been recast / re-stated wherever necessary.


Mar 31, 2014

1. Loans and advances are subject to confirmation from respective parties. In case where repayment of loans is not forthcoming, the Company has taken action in the matter and as per the management, no part of principal amount is considered doubtful.

2. During the year under review auditor has observed that company is not full-filling eligibility criteria of NBFC

3. Taxation

a) Provision of Current Income Tax is made on after considering the effect of deduction under section 80IB of the Income Tax Act, 1961.

b) Deferred Taxation:

The deferred tax liabilities comprises of tax effect of timing differences mainly on account of depreciation. Deferred tax is recognized, subject to the consideration of prudence, on time differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

4. Related Party Disclosure

List of Related Parties

Vora Trading Co. Associate Concern

DWD Pharmaceuticals Ltd. Associate Company

Adore Pharmaceuticals Ltd. Associate Company

Coral Laboratories Ltd. Associate Company

Mr. Navin B. Doshi Director of Company

Mrs. Kundan N. Doshi Wife of Director

Mr. Sachin N. Doshi Director of Company

Dr. Sharad R. Mehta Director of Company

Ms. Ami M. Shah Director of Company

Mr. Chetan N. Doshi Son of Director

Mrs. Meeta S. Sheth Daughter of Director

5. Previous year''s figures have been recast / re-stated wherever necessary.


Mar 31, 2013

1. Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is possible that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

2. Loans and advances are subject to confirmation from respective parties. In case where repayment of loans is not forthcoming, the Company has taken action in the matter and as per the management, no part of principal amount is considered doubtful.

3. The details of amounts outstanding to Micro, Small and Medium Enterprises are based on the information available with the Company.

4. Taxation

a) Provision of Current Income Tax is made on after considering the effect of deduction under section 80IB of the Income Tax Act, 1961.

b) Deferred Taxation:

The deferred tax liabilities comprises of tax effect of timing differences mainly on account of depreciation. Deferred tax is recognized, subject to the consideration of prudence, on time differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

5. Previous year''s figures have been recast / re-stated wherever necessary.


Mar 31, 2012

1 Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is possible that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

Claims not acknowledge as debts amounting to Rs. 17,89,625/- in respect of Sales Tax / VAT Liabilities.

2. Loans and advances are subject to confirmation from respective parties. In case where repayment of loans is not forthcoming, the Company has taken action in the matter and as per the management, no part of principal amount is considered doubtful.

3. The details of amounts outstanding to Micro, Small and Medium Enterprises are based on the information available with the company

4. Taxation

a) Provision of Current Income Tax is made on after considering the effect of deduction under section 80IB of the Income Tax Act, 1961.

b) Deferred Taxation:

The deferred tax liabilities comprises of tax effect of timing differences mainly on account of depreciation. Deferred tax is recognized, subject to the consideration of prudence, on time differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

5. Previous year's figures have been recast / re-stated wherever necessary.


Mar 31, 2010

1. The information pursuant to Part II of Schedule VI to the Companies Act, 1956 relating to materials consumed is not possible since the Company is engaged in the business of construction activities, Investment and finance activities.

2. Contingencies

Claims against the company not acknowledged as debts are NIL.

3. Loans and advances are subject to confirmation from respective parties. In case where repayment of loans is not forthcoming, the Company has taken action in the matter and as per the management, no part of principal amount is considered doubtful.

4. Taxation

a) Provision of Current Income Tax is made on Taxes Payable Method after considering the effect of deduction under section 80IB of the Income Tax Act, 1961.

b) Deferred Taxation:

The Company has computed the deferred tax Assets/Liability on the following basis.

During the year the company has accounted for deferred tax in accordance with the Accounting Standard-22 "Accounting for taxes on Income" by the Council of the Institute of Chartered Accountants of India. Deferred tax asset (net) for the current year amounting Rs. 2,12,901 has been recognized in the Profit & Loss Account under "Provision for Taxation". The deferred tax liabilities comprises of tax effect of timing differences mainly on account of depreciation.

Deferred tax is recognized, subject to the consideration of prudence, on time differences, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

5. RELATED PARTY DISCLOSURE

A) Related parties with whom transactions have been taken place during the year;



M/s. Vora Trading Co. - Associate Concern

M/s. DWD Pharmaceuticals Ltd. - Associated Company

M/s. Adore Pharmaceuticals Ltd. - Associated Company M/s. Coral Laboratories Ltd. - Associated Company

Mr. Navin B Doshi - Director of Company

Mrs. Meeta S Sheth - Daughter of Director

Mr. S. Ramamurthy - Director of Company

Mr. Sachin N. Doshi - Director of Company

Ms. Ami M. Shah - Director of Company

Dr. Sharad R. Mehta - Director of Company

Mrs. Kundan N. Doshi - Wife of Director

Mr. Chetna N. Doshi - Son of Director

 
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