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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