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Notes to Accounts of Matra Realty Ltd.

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.

 
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