Mar 31, 2014
1 The balances appearing under unsecured loans, sundry creditors,
loan s and advances, and certain banks are subject to confirmation and
reconciliation and consequential adjustment, if any, will be accounted
for in the year of confirmation and/or reconciliations
2 In the opinion of the Board, assets other than fixed assets do
have a value on realization in the ordinary course of business at least
equal to the amount at which they are stated.
3 Since the Company recognizes gratuity and leave salary expense on
payment basis no liability for the same has been ascertained and
provided in the accounts. Hence, the company has not complied with the
provisions of AS-15 "Accounting for Retire ment Benefit
4 The Company is engaged in the realty business of property
development and this is the only reportable business segment as per the
company
5 There are no related party''s transactions during the year
requiring disclosure under-AS-18 of the Accounting Standards Issued by
the Institute of Chartered Accountants of India.
6 The management was of the opinion that there were no impairment
indicators that existed as on the balance sheet date. Hence no
provision for the impairment loss has been done.
7 In terms of section 22 of the Micro, Small and Medium Enterprises
Development Act, 2006, the outstanding of these enterprises are
required to be disclosed. However, in absence of the information about
the registration of the Enterprises under the above Act, the required
information could not be furnished.
Mar 31, 2013
1.1 The balances appearing under unsecured loans, sundry creditors,
loans and advances, and certain banks are subject to confirmation and
reconciliation and consequential adjustment. If any, win be accounted
for In the year of confirmation and/or reconciliations_
1.2 In the opinion of Hie Board, assets other than fixed assets do
have a value on realization In the Ordinary course of business at least
equal to the amount at which they are stated.
1.3 Since the Company recognizes gratuity and leave salary expense on
payment basis no lability for the same has been ascertained and
provided in the accounts. Hence, the company has not complied with the
provisions of AS-15 ''Accounting for Retirement Benefit_
1.4 The Company is engaged in the realty business of property
development and this is the only reportable business segment as
per the company.
1.5 There are no related party''s transactions during the year
requiring disclosure under AS-18 of the Accounting Standards Issued by
the Institute of Chartered Accountants of India.
1.6 The management was of the opinion that there were no impairment
Indicators that existed as on the balance sheet date. Hence no
provision for the Impairment loss has been done.
1.7 In terms of section 22 of the Micro, Small and Medium Enterprises
Development Act, 2006, the outstanding of these enterprises are
required to be disclosed. However, in absence of the information about
the registration of the Enterprises under the above Act, the required
Information could not be furnished
Mar 31, 2012
1.1 Contingent liabilities and commitments (to the extent not provided
for) (i) Contingent liabilities
(a) Claims against the Company not acknowledged as debt Nil Nil
(b) Guarantees Nil Nil
1.2 The balances appearing under unsecured loans, sundry creditors,
loans and advances, and certain banks are subject to confirmation and
reconciliation and consequential adjustment, if any, will be accounted
for in the year of confirmation and/or reconciliations
1.3 In the opinion of the Board, assets other than fixed assets do
have a value on realization in the ordinary course of business at least
equal to the amount at which they are stated.
1.4 Loans and advances include an amount of Rs. 93,83,000/- (Previous
Year Rs. 1,13,83,000/-) due from Matra Realty and Developers Ltd ("MRDL")
on account of assignment of the redevelopment projects and Rs.
1,30,00,000/- (Previous Year Rs. 1,30,00,000/-) from
M/s Sigrun Realties Ltd (SRL) on account of development of property.
The management represents that the amounts due are
recoverable.
However, in respone to a confirmation request to SRL by the company to
be directly sent to the auditors, the management of SRL has sent a
letter to the company stating that the erstwhile managing director of
of SRL, Mr Rajesh Nair along with his associates had done various
irregularities including money laundering and financial frauds and they
are currently under investigation by the EOW, Crime Branch of Police,
Mumbai for their alleged involvement in malpractices, misappropriation
and financial frauds. Further, the letter also mentions that their
forensic audit has revealed that Mr Rajesh Nair and his team had done a
lot of skeleton investments and also shown false entries in the
company's books which were revealed to be money laundering transactions
and that the entry of Rs. 1,30,00,000/- too is on the same
lines.
In response to this letter, the company has sent a notice to SRL for
breach of contract since SRL has not been able to obtain the requisite approvals and hence the amount of 1,30,00,000/- paid to SRL is
recoverable. The management is confident and certifies that the same
is recoverable though disputed by SRL.
1.5 Since the Company recognizes gratuity and leave salary expense on
payment basis no liability for the same has been ascertained and
provided in the accounts. Hence, the company has not complied with the
provisions of AS-15 "Accounting for Retirement Benefit
1.6 The Company is engaged in the realty business of property
development and this is the only reportable business segment as per the
company.
1.7 There are no related parties transactions during the year
requiring disclosure under AS-18 of the Accounting Standards Issued by
the Institute of Chartered Accountants of India.
1.8 The management was of the opinion that there were no impairment
indicators that existed as on the balance sheet date. Hence no
provision for the impairment loss has been done.
1.9 In terms of section 22 of the Micro, Small and Medium Enterprises
Development Act, 2006, the outstanding of these enterprises are
required to be disclosed. However, in absence of the information about
the registration of the Enterprises under the above Act, the required
information could not be furnished.
1.10 The Revised Schedule VI has become effective from 1st April, 2011
for the preparation of financial statements for the period beginning
from 1st April, 2011 by virtue of the Notification No. 653 (E) dated
March 30, 2011. This has significantly impacted the disclosure and
presentation made in the financial statements. Accordingly previous
year's figures have been regrouped/reclassified and re-instated
wherever necessary to correspond with the current year's
classification/disclosure as per the revised Schedule VI.
Mar 31, 2011
1. Contingent Liabilities
Claims against the company not acknowledged as Debts : Not
ascertainable
2. Loans and advances include an amount of 1,13,83,000/-(Previous Year
1,13,83,000/-)due from Matra Realty and Developers Ltd ("MRDL") on
account of assignment of the redevelopment projects and ' 1,30,00,000/-
(Previous Year' 1,30,00,000/-) from M/s Sigrun Realties Ltd on account
of development of property. The management has represented that the
amount due is recoverable.
3. In the opinion of the Board, the Current Assets, Loans and Advances
have value on realisation in the ordinary course of business, at least
equal to the amount at which they are stated in the Balance Sheet.
4. Balances appearing under sundry creditors, advance received and
loans and advances are subject to confirmation and reconciliation and
consequential adjustment, if any, will be accounted for in the year of
confirmation and/or reconciliation.
5. The Company recognises gratuity and leave salary expense on payment
basis and since the company does not have any employee no liability for
the same has been ascertained and provided in the accounts.
6. The Company is engaged in the realty business of property
development and this is the only reportable
business segment as per the company.
7. The management was of the opinion that there were no impairment
indicators that existed as on the balance sheet date. Hence no
provision for the impairment loss has been done.
8. Micro, Small and Medium Enterprises in terms of section 22 of the
Micro, Small and Medium Enterprises Development Act, 2006 have been
determined to the extent such parties have been identified on the basis
of information available with the Company and relied upon by the
auditors. The Company has not received any instruction from suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence, disclosures if any, relating to
amounts unpaid as at the year end together with interest payable as
required under the said Act have not been given.
9. Disclosure as per Accounting Standard -18
(a) List of Related Parties
Key Managerial Personnel
Nadim Mohammed Nairn Shaikh
Anupam Anantrai Sanghvi
Suneet Gandhi
Subhash Agarwal
Santa Agarwal
Ravi Kumar Jain
Relatives of Key Managerial Personnel: Nil
Associated Concerns : Ford Realty Pvt Ltd
10. Previous years figures have been regrouped/re-classified in order
to conform to current year's figures.
11. Balance Sheet and General Business Profile (in terms of Part IV of
Schedule VI to the Companies Act, 1956) is annexed herewith.
Mar 31, 2010
1. Contingent Liabilities
a Claims against the company not Not
acknowledged as Debts ascertainable
b Claims against the company on Not
assignment of the redevelopment ascertainable
projects to Matra Realty and
Developers Ltd & Matra
Infraprojects Pvt. Ltd
(Refer Note 2 below).
2. The Company had entered into a MOU dated 06th February 2009 with
Matra Realty and Developers Ltd ("MIPL") & Matra Infraprojects Pvt.
Ltd. ("MIPL") wherein the redevelopment projects of the company at
Goregaon and Oshiwara had been assigned to MRDL and MIPL respectively.
The MOU provides that the Company shall obtain prior "no objection
certificate" from all the relevant societies for the assignment of the
project in favour of MRDL/MIPL. In this connection, the Company had
received from the relevant societies, termination letters for
redevelopment and assignment of the redevelopment project in favour of
MRDL and MIPL as applicable. However, to this effect tripartiate
agreements between the company,-MRDL/MIPI and the relevant societies
have not been entered into.
3. Loans and advances include an amount of Rs. 1,13,83,000/- due from
Matra Realty and Developers Ltd ("MRDL") on account of assignment of
the Goregaon project as explained in note 2 above. The management has
represented that the amount due is recoverable and has obtained a
confirmation from MRDL to that effect. The auditors have relied on the
representation by the management
4. Since the Company recognises gratuity and leave salary expense on
payment basis no liability for the same has been ascertained and
provided in the accounts. Hence, the company has not complied with the
provisions of AS-15 "Accounting for Retirement Benefit".
7. The Company is engaged in the realty business of property
development and this is the only reportable business segment as per the
company.
8. The management was of the opinion that there were no impairment
indicators that existed as on the balance sheet date. Hence no
provision for the impairment loss has been done.
9. In spite of the absence of database identifying parties as Small
Scale Industrial Undertakings (SSIs), it is of the opinion of the
management that there are no dues payable to SSIs. The auditors have
accepted the representation of the management in this regards,
10. Under the Micro, Small and Medium Enterprises Development Act,
2006 certain disclosures are required to be made relating to Micro,
Small and Medium Enterprises. The Company is in the process of
compiling relevant information from its suppliers about their coverage
under the said Act. Since the relevant information is not readily
available, no disclosures have been made in the accounts. However, in
the opinion of the management, the impact of interest, if any, that may
be payable in accordance with the provision of this Act is not expected
to be material.
11. Balances appearing under sundry creditors, advance received loans
and advances are subject to confirmation and reconciliation and
consequential adjustment, if any, will be accounted for in the year of
confirmation and/or reconciliation.
12. In the opinion of the Board, the Current Assets, Loans and
Advances have value on realisation in the ordinary course of business,
at least equal to the amount at which they are stated in the Balance
Sheet.
13. Previous years figures have been-regrouped/re-classified in order
to conform to current year's figures.
14. Balance Sheet and General Business Profile (in terms of Part IV of
Schedule VI to the Companies Act, 1956) is annexed herewith.