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Notes to Accounts of Monnet Project Developers Ltd.

Mar 31, 2015

1. The company has obtained a license from The Director, Town & Country Planning, Haryana, to develop a commercial colony on the land acquired under collaboration arrangement. The company has started activities related to architectural designing etc for the project. Cost paid for the land along with other directly related costs including internal/external development charges paid to the Authorities are carried over as Inventory in financial statements.

2. The Company has during the year not received any information from any vendor regarding their status being registered under Micro, Small and Medium Enterprises Development Act, 2006.

3. In the opinion of the Management the Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet except stated otherwise.

4. Pending settlement with the a party under Slump sale arrangement of the erstwhile Sugar Division of the company in earlier years, a sum of Rs320.07lacs (Previous Year Rs295.99lacs)is deposited in escrow account as fixed deposit in bank as shown in Other Bank balances in Note 13.The company is recognizing interest income thereon.

5. Tax Expense is the aggregate of current year income tax and deferred tax charged to the Profit and Loss Account for the year.

a) Current Year Charge:

Income Tax provision of Rs.42.00 Lacs(Previous Year Rs.3.00lacs) has been made towards MAT u/s 115JB and no tax is payable on regular income.

b) Deferred Tax

Deferred tax asset and liability are recognized on the timing differences between book records and income tax records in accordance with the provisions of AS 22 of Taxes on Income. Keeping in view the uncertainty of future profits for setting off the deferred tax asset the same are not recognized in the books during the year.

6. Disclosure of interest in joint ventures under AS 27 of 'Financial Reporting of Interest in Joint Ventures: Name of Joint venture: Galaxy Monnet InfraheightsPvt Ltd

Proportion of ownership interest: 50%

Operations: The joint venture entity is in the business of real estate development and has taken up a project in Gurgaon. Construction of the project is in progress as at 31.3.2015.


Mar 31, 2014

(Rs. In Lacs) Current Year Previous Year

1 Contingent Liabilities:

In respect of show cause notice/orders received from Excise Deptt. For Mollases /Press mud/Bagasse pending before higher authorities 20.20 20.20

2. The Company, has during the year not received any information from any vendor regarding their status being registered under Micro, Small and Medium Enterprises Development Act, 2006. Based on the above, disclosures, if any, relating to amounts unpaid as at the period end along with interest paid / payable have not been given.

3. A sum of Rs 295.99 lacs (Previous Year Rs 273.10 lacs) as shown under Cash & Bank balances towards deposit in the escrow account represents amount withheld under Slump sale arrangement of the Sugar Division of the Company in earlier years. The amount has been kept as fixed deposit in bank and the Company is recognizing interest income thereon.

4. The Company has accounted for retirement benefit of employees on accrual basis calculated on arithmetical basis based on last drawn salaries. In opinion of the management the provision so made is sufficient for compliance of Accounting Standard AS-15.

5. Tax Expense is the aggregate of current year income tax and deferred tax charged to the Profit and Loss Account for the year.

a) Current Year Charge:

Income Tax provision of Rs. 3.00 lacs has been made towards MAT u/s 115JB and no tax is payable on regular income.

b) Deferred Tax

Deferred tax asset and liability are recognized on the timing differences between book records and income tax records in accordance with the provisions of AS 22 of Taxes on Income. Keeping in view the uncertainty of future profits for setting off the deferred tax asset the same are not recognized in the books during the year.


Mar 31, 2011

1. CURRENT PREVIOUS YEAR YEAR (Rs. In Lacs) Estimated amount of contracts remaining 1 to be executed on Capital Account and not provided for (Net of advances) NIL NIL

2 Letters of Credit opened in favour of in land/overseas suppliers Nil NIL

3 Guarantees (Rs. In Lacs)

Counter guarantees issued to Bankers in respect of guarantees issued by them 73.46 73.46

4 Contingent Liabilities not provided for (Rs. In Lacs) - In respect of demand of Sales Tax NIL NIL

In respect of show cause notice/orders received from Excise Deptt. For Mollases /Press 15.94 15.94 - mud/Bagasse pending before higher authorities

Disclosure of amount due to micro medium and small enterprises [text block]

The Company, has during the year not received any information from any vendor regarding their status being registered under Micro, Small and Medium Enterprises Development Act, 2006. Based on the above, disclosures, if any, relating to amounts unpaid as at the period end along with interest paid / payable have not been given.

* As certified by the management and relied upon by the Auditors being a technical matter.

2.Advance recoverable in cash or kind under Current Assets include a sum of Rs. 2787.51 lacs representing amounts paid towards collaboration arrangements for development of real estate projects. It represents Rs 2188.25 lacs paid to the collaborators and Rs. 599.26 lacs deposited with the relevant authorities for completion of necessary formalities and other expenses thereon. The amount shall be adjusted towards cost of projects on actual commencement of the projects.

3.Pending certain formalities 1007500 equity shares of Cambridge Construction ( Delhi ) Ltd as shown in Investments are yet to be transferred in name of the company.

4.Balance confirmations have not been received from some of the parties showing debit/credit balances.

5.In the opinion of the Management the Current Assets, Loans and Advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet except stated otherwise.

6 .Assistant Commissioner Stamp Duty U.P. has imposed stamp duty on transfer of land from Monnet Industries Ltd. to Monnet Sugar Ltd. on Trifurcation alongwith Penalty & Interest. The amount alongwith demanded interest amounting to Rs.579806/- which has been provided in the accounts. The company has gone into appeal with Higher Authorities. Adjustment, if any, shall be made on final orders in the matter.

7 .A sum of Rs 1456.10 lacs as shown under Cash & Bank balances towards deposit in the escrow account represents amount withheld under Slump sale arrangement of the Sugar Division of the company in earlier year. The amount has been kept as fixed deposit in bank and the company is recognizing interest income thereon.

8. Tax Expense is the aggregate of current year income tax and deferred tax charged to the Profit and Loss Account for the year. a) Current Year Charge:

Income Tax provision of Rs.0.84 lacs has been made towards MAT u/s 115JB and no tax is payable on regular income.

9. Previous period figures have been regrouped or recasted wherever considered necessary.


Mar 31, 2010

Current Year Previous Year (Rs. in Lacs)

1. Contingent Liabilities not provided for (Rs. in Lacs)

- In respect of demand of Sales Tax NIL NIL

- In respect of show cause notice/orders received from Excise Deptt. For Molloses/Pressmud/Bagasse pending before higher authorities 15.94 15.94

2. Advance recoverable in cash or kind under Current Assets include a sum of Rs1093.27 lacs representing amount paid towards collaboration arrangement for development of a real estate project. It represents Rs 650 lacs paid to the collaborators and Rs 443.27 lacs deposited with the relevant authorities for completion of necessary formalities and other expenses thereon. The amount shall be adjusted towards cost of project on actual commencement of the project.

3. Pending certain formalities 1007500 equity shares of Cambridge Construction (Delhi) Ltd as shown in Investments are yet to be transferred in name of the company.

4. Balance confirmations have not been received from some of the parties showing debit/credit balances.

5. The Company is in the process of identifying vendors registered under Micro, Small and Medium Enterprises Development Act, 2006 and gathering information to make the necessary disclosures as mentioned in the amendment to Schedule VI of the Companies Act, 1956 vide the notification dated November 16, 2007.

6. In the opinion of the Management the Current Assets, Loans and Advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet except stated otherwise..

7. Related party disclosures in terms of AS 18 on Related Party Transactions: Key Management Personnel : MrJP Lath Transactions during the year :

Remuneration and perquisites : Rs.22,18,680/-

8. Assistant Commissioner Stamp Duty U.P. has imposed stamp duty on transfer of land from Monnet Industries Ltd. to Monnet Sugar Ltd. on Trifurcation alongwith Penalty & Interest. The amount alongwith demanded interest amounting to Rs.579806/- which has been provided in the accounts. The company has gone into appeal with Higher Authorities. Adjustment, if any, shall be made on final orders in the matter.

9. A sum of Rs 1392.26 lacs as shown under Cash & Bank balances towards deposit in the escrow account represents amount withheld under Slump sale arrangement of the Sugar Division of the company in earlier year. The amount has been kept as fixed deposit in bank and the company is recognizing interest income thereon.

10. The company has not complied with Accounting standard AS-15 (Revised) regarding retirement benifit of the employees. However the company has accounted for retirement benifit of employees on apprual basis calculated on ariphmetical basis based on last drawn salaries.

11. Tax Expense is the aggregate of current year income tax, fringe benefit tax and deferred tax charged to the Profit and Loss Account for the year.

a) Current Year Charge :

Income Tax provision of Rs.0.19 lacs has been made towards MAT u/s 115JB and no tax is payable on regular income.

12. Previous period figures have been regrouped or recasted wherever considered necessary.

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