Home  »  Company  »  Joy Realty  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Joy Realty Ltd.

Mar 31, 2015

NOTES 1

Terms/rights attached to the equity shares

The Company has only one class of shares referred to as equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The dividend is not proposed by the Board of Directors.

As per the Companies act 2013 the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in the event of liquidation of the Company. However no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

# The company has taken loan from Edelweiss Housing Finance Limited for Rs. 17.19 Lacs against mortgage of Vakola premises which is guaranteed by Jayant Soni and Bhavin Soni on floating interest rate of 17.95% p.a. for 84 installments of Rs. 36,082/- each maturing on 15th July,2020.

Note 2: DEFERRED TAX LIABILITY (NET)

The company has recognized deferred tax arising on account of timing differences, being difference between the taxable income and accounting income, that originates in one period and is capable of reversal in one or more subsequent period(s) in compliance with the Accounting Standard (AS 22)-Accounting for taxes on income.

# The investments are made long term in nature at cost and are realizable. However, the Company is in Dormant / Strike Off Status, any short recovery shall be accounted as loss duly determined on the receipt of actual amount.

The partnership accounts are yet to be finalised for 31.03.2015 therefore, profit/loss (if any) shall be accounted on actual finalisation of accounts of the said firm and shall be accounted in subsequent years of the company. The Interest received on balance in capital account @ 12% is charged to the partnership firm as per deed and same is treated as income of the Company for the current year.

NOTE - 3:

OTHER ADDITIONAL INFORMATION FORMING PART OF FINANCIAL STATEMENT

I. Contingent Liability

(a) Contingent Liability in connection with Capital Expenditure of Purchase of rights in property for development not provided for is Rs. 393.55 Lacs (P.Y. Rs. 393.55 Lacs).

(b) The Income Tax Department has appealed against the Income tax Appellate Tribunal Order for A.Y 1996-1997 in the Mumbai High Court. Any adverse judgment of the Mumbai High Court may result in liability of interest shall be accounted on actual payment after the verdict of the Court(s). However, all the Income Tax and Interest thereon as per the Tribunal Order has been paid fully.

II. Capital Commitment:

Estimated amount remaining to be executed on contracts amounts to Rs. 595.40 Lacs (P.Y. Rs. 595.40 Lacs) to the members of the Lodha Co-operative Housing Society.

III. a. The provision for doubtful debts (if any) in the trade receivables shall be accounted asa. No provision is made as doubtful debts on trade receivables, the Directors are exploring the possibility of one time settlement with them and grant waiver which shall be accounted as bad debts after all efforts of the management to recover as one time settlement & installments granted to the debtors, devolves on account of non payment by them shall be written off as bad debts on non receipt as mutually agreed by the parties.

b. In view of non-receipt of maintenance bills from the Lodha CHS Ltd. till date, amount of maintenance charges is not determinable and hence provision is made on ad-hoc basis.

c. The investments are made long term in nature at cost and are realizable. However, the Company is in Dormant/Strike Off Status, any short recovery shall be accounted as loss duly determined on the receipt of actual amount.

d. Depreciation on premises is not provided as the same is not ready for use.

IV. Segment Reporting:

The Company has one reportable business and geographical segment and hence no further disclosure is required under Accounting Standard (AS)-17 on Segment Reporting..

V. Related Parties Disclosures under Accounting Standard 18 issued by ICAI

VI. The company has purchased and registered and are in the possession of 4 (Four) flats in the Lodha Co-operative Housing Society Ltd. at Kalina, Mumbai. The transfer of shares and membership in the name of the Company are yet to be registered by the Society as the matter is in legal dispute at Mumbai High Court, Maharashtra.

VII. Other disclosure requirements relating to exports, imports and earnings and / or outgo of foreign currency, is not given as the same is not applicable for the year under review.

VIII. Previous year's figures have been regrouped and recast wherever necessary to conform with the current year classification.


Mar 31, 2013

NOTE 1 : DEFERRED TAX LIABILITY (NET)

The company has recognized deferred tax arising on account of timing differences, being difference between the taxable income and accounting income, that originates in one period and is capable of reversal in one or more subsequent period(s) in compliance with the Accounrting Standard (AS 22) - Accounting for taxes on income.

The major components of deferred tax (liabilities)/assets arising on account of timing differences as at 31st March, 2013 are as follows:

I. Contingent Liability

(a)Contingent Liability in connection with Capital Expenditure of Purchase of rights in property for development not provided for is Rs. 407.41 Lacs {P.Y. Rs. 407.41 Lacs).

(b)The Income Tax Department has appealed against the Income tax Appellate Tribunal Order for A.Y 1996-1997 in the Mumbai High Court. All the income tax and interest as per the Tribunal order have been paid by the Company. Any adverse judgment of the High Court may result in tax liability and interest which is at present unascertainable.

II. Capital Commitment:

Estimated amount remaining to be executed on contracts amounts to Rs. 600.40 Lacs (P.Y. Rs. 595.40.Lacs) to the members of the Lodha Co-operative Housing Society and Rs. 10 Lacs (P.Y. 10 Lacs) towards furniture & fixture at Vakola office and Rs.6 Lacs (P.Y. NIL) towards architectural and allied service fees for projects.

III. No Provision is Made in Books

a. Trade Receivables includes amount due over 3 years, which are considered to be doubtful in nature, is not provided.

b. In view of non-receipt of maintenance bills from the Lodha CHS Ltd. till date, amount of maintenance charges is not determinable and hence not provided for.

c. Diminution in the value of investment is not accounted being long term in nature.

d. Depreciation on premises is not provided for as being fixed and immovable assets,

IV. Segment Reporting:

The Company has one reportable business and geographical segment and hence no further disclosure is required under Accounting Standard (AS)-17 on Segment Reporting.

V The company has purchased and registered and are in the possession or * y-uui; flats in the Lodha Co-operative Housing Society Ltd. at Kalina, Mumbai The share certificates and membership of the society of the above mentioned flats are yet to be transferred in the Company''s name as the matter is under legal dispute under High Court,Mumbai.

VI Other disclosure requirements relating to exports, imports and earnings and / or outgo of foreign currency, is not given as the same is not applicable for the year under review.

VII. Previous year''s figures have been regrouped and recast wherever necessary to confirm with the current year classification.


Mar 31, 2012

A) Terms/rights attached to the equity shares

The Company has only one class of shares referred to as equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The dividend is not proposed by the Board of Directors.

As per the Companies act 1956, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in the event of liquidation of the Company. However no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

In order to give a true and fair picture of the financial net worth of the company, the board of directors of the company has recommended and applied for reduction of share capital U/s 100 to 105 of the Companies Act, 1956. After securing necessary approvals/ permissions from relevant authorities under the applicable laws, the company seeks to set off their debit balance in the Profit a; id Loss Account to the extent of Rs.7,30,92,700/- against the Securities Premium Account of Rs. 3,70,43,500/- and partly against equity share capital of Rs.360,49,200/- which shall reduce the equity capital to Rs.240,32,800/- consisting of 24,03,280 shares of Rs. 10/- each fully paid up after judicial/members approvals in due course instead of Rs. 6,00,82,000/- consisting of 60,08,200 equity shares of Rs. 10/- each at present.

NOTE 1 : DEFERRED TAX LIABILITY (NET)

The company has recognized deferred tax arising on account of timing differences, being difference between the taxable income and accounting income, that originates in one period and is capable of reversal in one or more subsequent period(s) in compliance with the Accounting Standard (AS 22) - Accounting for taxes on income.

The major components of deferred tax (liabilities)/assets arising on account of timing differences as at 31st March, 2012 are as follows:

NOTE-2 :

OTHER ADDITIONAL INFORMATION FORMING PART OF FINANCIAL STATEMENT

I. Contingent Liability

Contingent Liability in connection with Capital Expenditure of Purchase of rights in property for development not provided for is Rs. 407.41 Lacs (P.Y. Rs. 407.41 Lacs).

II. Capital Commitment:

Estimated amount remaining to be executed on contracts amounts to Rs. 595.40 Lacs (P.Y. Rs. 595.40 Lacs) to the members of the Lodha Co-operative Housing Society and Rs. 10 Lacs (P.Y. NIL) towards furniture & fixture at Vakola office.

III. No Provision is Made in Books

a. Trade receivable includes amount due over 3 years, which are considered to be doubtful in nature, is not provided for.

b. The Income tax department has appealed against Income Tax Appellate Tribunal order for Assessment Year 1996 - 97 in Mumbai High Court. The liability and interest, if any, thereon is not provided since order is pending and not ascertainable. As legally advised to the company, all the undisputed tax and interest thereon is paid till date by the company.

c. In view of non-receipt of maintenance bills from the Lodha CHS Ltd. till date, amount of maintenance charges is not determinable and hence not provided for.

d. Diminution in the value of investment is not accounted being long term in nature.

IV. Segment Reporting :

The Company has one reportable business and geographical segment and hence no further disclosure is required under Accounting Standard (AS)-17 on Segment Reporting.

VI. The debit balance of Rs. 782,581/- under the head miscellaneous expenditure has been charged to profit and Loss account during the year fully.

VII. The company has purchased and registered and are in the possession of 4 (Four) flats in the Lodha Co-operative Housing Society Ltd. at Kalina, Mumbai. The share certificates and membership of the society of the above mentioned flats are yet to be transferred in the Company's name as the matter is under legal dispute under Court of Laws.

VIII. Other disclosure requirements Revised Schedule VI in the statement of the Companies Act, 1956, relating to exports, imports and earnings and / or outgo of foreign currency, is not given as the same is not applicable for the year under review.

X. To Comply with Revised Schedule VI, previous year's figures have been regrouped and recast wherever necessary.


Mar 31, 2011

I. The Company has entered into Partnership Business, At Will, in the name and - style of Abhishek Properties on 20th December, 2007 for development of real estate business along with following partners with initial capital, introduced by partners, of Rs.10,000/- each at profit/loss sharing ratio as per partnership deed.

The partnership accounts are yet to be finalized for 31st March 2011 therefore provisional share of loss of Firm for FY 2010-2011 Rs.59,467/- i.e. 1/3 share of total loss of Rs. 1,78,400/- has been accounted. The variation in said loss (if any) shall be accounted on finalization of accounts of the Firm. However, interest on capital and loan @ 12% p.a. is charged to partnership firm as per deed and is treated as income of the Company in the current year.

II. Contingent Liability

Contingent Liability in connection with Capital Expenditure of Purchase of rights in property for development not provided for is Rs.407.41 Lacs (P.Y. Rs.339.37 Lacs)

III. No Provision is Made in Books

i Sundry Debtors & Advances include amount due over 3 years, which are considered to be doubtful in nature, is not provided for in the books.

ii Diminution in value of Investment in shares and bonds are not considered being long term in nature, therefore no provision has been made in Books. However, physical verification is made and shortfall and/or omission are written off during the year.

iii. The Income tax department has appealed against Income Tax Appellate Tribunal order for Assessment Year 1996 - 97 in Mumbai High Court. The liability and interest thereon is not provided since order is pending and not ascertainable. As legally advised to the company, all the undisputed tax and interest thereon is paid till date by the company.

iv. In view of non-receipt of maintenance bills from the Lodha CHS Ltd. till date, amount of maintenance charges is not determinable and hence not provided for.

VI. Estimated amount remaining to be executed on contracts amounts to 595.40 Lacs (P.Y. Rs.700.10 Lacs) to the members of the Lodha Co-operative Housing Society and NIL for SBI Alka CHS Limited (P. Y. Rs.130 Lacs)

IV. Miscellaneous expenditure incurred for increase of authorized share capital aggregating to Rs.782,581/- is treated as deferred revenue expenditure and no amortization is made for the year.

V. Segment Reporting:

The Company has one reportable business and geographical segment and hence no further disclosure is required under Accounting Standard (AS)-17 on Segment Reporting

VI. Other information as required by Schedule VI of Part II of the Companies Act, 1956, relating to exports, imports and earnings and / or outgo of foreign currency, is not given as the same is not applicable to the year under review.

VII. The company has acquired and is in the possession of total 4 (Four) flats from the member of Lodha Co-operative Housing Society Ltd. The share certificates of the said flats are yet to be transferred in the Company's name as the matter is under dispute.

VIII. During the year, no remuneration has been paid to the managing director Shri. Bhavin J. Soni, in view of meager profit.


Mar 31, 2010

I. The Company has entered into Partnership Business, At Will, in the name and style of Abhishek Properties on 20th December, 2007 for development of real estate business along with following partners with initial capital, introduced by partners, of Rs 10,000/- each at profit/loss sharing ratio as per partnership deed.

The partnership accounts are yet to be finalized therefore profit or loss (if any) shall be accounted on respective date. However, interest on capital and loan @ 12% p.a. is charged to partnership firm as per deed and is treated as income of the Company in the current year. III. Deferred Tax In compliance of Accounting Standard (AS) - 22 on Accounting for Taxes On Income issued by ICAI the breakup of Deferred Tax Liability (net) is as under:

II. Contingent Liability

Contingent Liability in connection with Capital Expenditure of Purchase of rights in property for development not provided for is Rs. 339.37 Lacs including Rs. 1.25 Lacs for maintenance charges of flats.

III. No Provision is Made in Books

Sundry Debtors & Advances include amount due over 3 years, which are considered to be doubtful in nature, is not provided for in the books since new Management shall pursue with debtors for recovery.

ii Diminution in value of Investment in shares and bonds are not considered being long term in nature, therefore no provision has been made in Books. However, physical verification is made and shortfall and/or omission is written off during the year. iii. The Income tax department has appealed against Income Tax Appellate Tribunal order for Assessment Year 1996- 97 in Mumbai High Court. The liability and interest thereon is not provided since order is pending and not ascertainable. As legally advised to the company, all the undisputed tax and interest thereon is paid till date by the company.

IV. Estimated amount remaining to be executed on contracts amounts to Rs. 700.10 Lacs to the members of the Lodha Society and Rs. 130 Lacs for SBI Alka CHS Ltd.

V. Miscellaneous expenditure incurred for increase of authorized share capital aggregating to Rs. 782,581/- is treated as deferred revenue expenditure and no amortization is made during the year.

VI. Segment Reporting:

The Company has one reportable business and geographical segment and hence no further disclosure is required under Accounting Standard (AS)-17on Segment Reporting

VII. Related Parties Disclosures under Accounting Standard 18 issued by ICAI

(A) Key Management Personnel

Name of Related Party Nature of Relationship

Shri Bhavin J. Soni Managing Director

Shri Jayant B. Soni Chairman

Shri K. Madhusudan Reddy Director Resigned w.e.f. 31 -07-2009

VIII. Other information as required by Schedule VI of Part II of the Companies Act, 1956, relating to exports, imports and earnings and / or outgo of foreign currency, is not given as the same is not applicable to the year under review.

IX. The company has acquired and in the possession of total 3 (Three) flats from the member of Lodha Co-operative Housing Society Ltd. The share certificates of the said flats are yet to be transferred on the Companys name.

X. During the year, no remuneration has been paid to the managing director, Shri. Bhavin J. in view of meager profit.

XI. The company is complied all the statutory requirements of Employees Provident Funds and Miscellaneous Provisions Act 1952 although it is not mandatory as the number of employee of the company is below the limit prescribed under the Act.

XII. Previous Years figures have been regrouped and recast wherever necessary.

 
Subscribe now to get personal finance updates in your inbox!