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Notes to Accounts of Elegant Marbles & Grani Industries Ltd.

Mar 31, 2015

1. Terms/rights attached to equity shares :

The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

2. Contingent Liability

(i) The Company has given guarantee to the Central Sales-tax authorities to the tune of Rs. 5,000/- only.

(ii) Pending disposal of appeal by Bombay High Court, which was preferred by the landlord against levy of Municipal taxes at a higher rate by Brihanmumbai Municipal Corporation (BMC), the company has paid Rs. 15,88,308/- against the demand of Rs. 21,79,918/-

(iii) The assessee has preferred an appeal before the Commissioner of Income Tax (Appeals) against an order passed by Deputy Commissioner of Income Tax for the assessment years 2011-2012 & 2012-2013 raising a demand of Rs. 16,03,540/- & Rs. 43,24,579/- respectively.

3. During the year ended 31st March, 2015, the company paid a final dividend of Rs. 2/- (year ended 31.03.2014 : Rs. 2/-) per equity share. This includes dividend on equity shares held by key managerial persons and their relatives at the beginning of respective financial years. For detail of shares held by key managerial persons and their relatives, refer note 1(b).

4. In the opinion of the management and to the best of their knowledge, the current assets, loans & advances are approximately of the value stated, if realised in the ordinary course of business, unless otherwise stated.

5. Disclosure as required by Accounting Standard - 18 on "Related Party Disclosures" issued by the Institute of Chartered Accountants of I n d i a are as follows :

a) Related parties where control exists : b)Key management personnel & their relatives :

i. Madhu Holdings Private Limited i. Shri Rajesh Agrawal, Director

ii. Eternal Holdings Private Limited i i. Shri Rakesh Agrawal, Director

iii. Elegant Financial Services Limited iii. Shri R. S. Agrawal, father of the above directors.

iv. Alka Granites Private Limited iv. Mrs. Alka Agrawal, wife of Shri Rajesh Agrawal

v. Everlasting Properties Private Limited v. Smt. Divya Agrawal

vi. Peaceful Properties LLP vi. Smt. Gita Agrawal

vii . Everfresh Properties LLP vii. Rakesh Agrawal (HUF)

viii. Rajesh Agrawal (HUF)

6. The Company is trying to ascertain the enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006 (the Act). Based on the details regarding the status of the suppliers, to the extent obtained, no supplier is covered under the Act.

7. Interest received from Religare Credit Investment Trust and IDFC Real Estate Yield Fund is included nett of taxes in ''Interest received'' appearing under ''Note 15 - Other Income''.

8. Figures of the previous year have been regrouped and rearranged to correspond to current year''s classification.


Mar 31, 2013

1. During the year ended 31st March, 2013, the company paid a final dividend of Rs. 2/- (for the year ended 31.03.2012 : Rs. 2/-) per equity share. This includes dividend on equity shares held by key managerial persons and their relatives at the beginning of respective financial years. For detail of shares held by key managerial persons and their relatives, refer note 1(b).

2. Contingent Liability

(i) The Company has given guarantee to the Central Sales-tax authorities to the tune of Rs. 5,000/- only.

(ii) Pending disposal of appeal by Bombay High Court, which was preferred by the landlord against levy of Municipal taxes at a higher rate by

Brihanmumbai Municipal Corporation (BMC), the company has paid Rs. 8,01,244/-against the demand ofRs. 25,57,745/- (iii)The assessee has preferred an appeal before the Income Tax appellatre tribunal against an order passed by Commissioner of Income Tax

(Appeals) , raising demand ofRs. 5,98,617/- on the company for the Assessment Year 2009-2010.

3. In the opinion of the management and to the best of their knowledge, the current assets, loans & advances are approximately of the value stated, if realised in the ordinary course of business, unless otherwise stated.

4. Disclosure as required by Accounting Standard - 18 on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are as follows :

a) Related parties where control exists : i. Madhu Holdings Private Limited ii. Eternal Holdings Private Limited iii. Elegant Financial Services Limited

iv. Alka Granites Private Limited

v. Everlasting Properties Private Limited

vi. Tiles and Styles India Private Limited

vii. Peaceful Properties Private Limited

viii. Everfresh Properties Private Limited

b) Key management personnel & their relatives :

i. Shri Rajesh Agrawal, Chairman & Managing Director

ii. Shri Rakesh Agrawal, Managing Director

iii. Shri R. S. Agrawal, father of the above Directors.

iv. Smt. Alka Agrawal, wife of Shri Rajesh Agrawal

v. Smt. Divya Agrawal

vi. Smt. Gita Agrawal

5. The Company is trying to ascertain the enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006 (the Act). based on the details regarding the status of the suppliers, to the extent obtained, no supplier is covered under the Act.

6. Figures of the previous year have been regrouped and rearranged to correspond to current year''s classification.

7. Figures have been rounded off to the nearest rupee.


Mar 31, 2012

1. In the opinion of the management and to the best of their knowledge, the current assets, loans & advances are approximately of the value stated, if realized in the ordinary course of business, unless otherwise stated.

2. Contingent Liability

i. The Company has given guarantee to the Central Sales-tax authorities to the tune of Rs. 5,000/- only.

ii. Pending disposal of appeal by Bombay High Court, which was preferred by the landlord against levy of Municipal taxes at a higher rate by Brihanmumbai Municipal Corporation (BMC), the company has paid Rs.8,01,244/-against the demand of Rs.20,03,100/-

iii. The assesses has preferred an appeal before the Commissioner of Income Tax (Appeals) against an order passed by Deputy Commissioner of Income Tax, raising demand of Rs.5,98,617/- on the company for the Assessment Year 2009-2010.

a) Other transactions

During the year ended 31st March, 2012, the company paid a final dividend of Rs. 2/- (year ended 31.03.2011 : Rs. 2/-) per equity share. This includes dividend on equity shares held by key managerial persons and their relatives at the beginning of respective financial years. For detail of shares held by key managerial persons and their relatives, refer note 1(b).

3. The Company is trying to ascertain the enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006 (the Act). Based on the details regarding the status of the suppliers, to the extent obtained, no supplier is covered under the Act.

4. Disclosure as required by Guidance Note on Accounting for Equity Index & Equity Stock Futures and Options issued by The Chartered Accountants of India are as follows :

Derivative contracts entered into by the company and outstanding as on 31st March, 2012:

a. There is no foreign currency exposure to the company.

b. There were no contracts of futures/options in commodities/Equity pending as on the date of balance sheet.

5. Figures of the previous year have been regrouped and rearranged to correspond to current year's classification.

6. Figures have been rounded off to the nearest rupee.


Mar 31, 2010

1. Contingent Liability

(i) The Company has given guarantee to the Central Sales-tax authorities to the tune of Rs. 5000/- only.

(ii) Pending disposal of appeal by Bombay High Court, which was preferred by the landlord against levy of Municipal taxes at a higher rate by Brihanmumbai Municipal Corporation (BMC), the Company paid 5,87,824/- against the demand or Rs. 15,76,274/-

(iii) The assessees appeal before the Income Tax appellate tribunal against the order passed by the Commissioner of Income Tax (Appeals) raising demands of Rs.3,16,135/- & Rs. 54,147/- on the company for the Assessment Years 2006-2007 & 2007-08 respectively.

2. Segment Information

The business segment has been considered as the primary segment. The Company is organised into three main business segments, viz., Marble & Granite, Precious Metals and investment activities. The above business segments have been identified considering:

i. The customers;

ii. The differing risks and returns;

iii. The internal financial reporting system.

3. Disclosure as required by Accounting Standard -18 on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are as follows:

a) Related parties where control exists:

i. Madhu Holdings Private Limited

ii. Eternal Holdings Private Limited

iii. Elegant Financial Services Limited

iv. Alka Granites Private Limited

v. Tiles & Styles India Private Limited

vi. Everlasting Properties Private Limited

vii. Peaceful Properties Private Limited

viii. Everfresh Properties Private Limited

b) Kev management personnel & their relatives:

i. Shri Rajesh Agarwal, Director

ii. Shri Rakesh Agarwal, Director

iii. Shri R. S. Agarwal, fatherof the above Directors.

iv. Mrs. Alka Agarwal, wife of Shri Rajesh Agarwal

4. The Company is trying to ascertain the enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006 (the Act). Based on the details regarding the status of the suppliers, to the extent obtained, no supplier is covered under the Act.

5. Disclosure as required by Guidance Note on Accounting for Equity Index & Equity Stock Futures and Options issued by The Chartered Accountants of India are as follows:

Derivative contracts entered into by the Company and outstanding as on 31 st March, 2010: a. There is no foreign currency exposure to the Company.

c. I here were no contracts ot futures/options in commodities/bquity pending as on the date ot balance sheet.

6. Figures of the previous year have been regrouped and rearranged to correspond to current years classification.

7. Figures have been rounded off to the nearest rupee.

 
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