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Notes to Accounts of Parshwanath Corporation Ltd.

Mar 31, 2015

1. Rights, preferences and restrictions attached to shares Equity Shares :

The company has only one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amount in proportion to their shareholding.

2. Contingent Liability

Claim Against the company not acknowledge as debts Disputed Income Tax Matter 80 23 855 74 23 855

80 23 855 74 23 855

3. Segment Information:

1 The company has identified two reportable segments vis : Housing Finance and Construction. Segments have been identified and reported taking into account nature of services as well as the deferring risks and returns. The accounting policies adopted for segment reporting are in line with accountinig policies of the company with the following additional policies for segment reporting

a. Revenue & Expenditure have been identified to a segment on the basis of relationship to operating activities of the segment. Expenses which relate to enterprise as a whole and are not allocate to a segment on reasonable basis have been disclosed as "Unallocable".

b. Segment assets & segment liabilities represent assets & liabilities in respective segments. Labilities that cannot be allocated to a segment on reasonable basis have been disclosed as "unallocable".

2 The construction segment does not satisfy any threshold limits inrespect of revenue, assets and result, as specified in Accounting Standard (AS) - 17 "Segment Reporting", hence no separate disclosure is required.

3 Geographical segment: There is no geographical segment.

4. Related Parties Transactions:Related party disclosures as required under the Accounting Standard AS - 18 on "Related Party Disclosures" are given below:

i List of Related Parties & Relationship:

Sr. Name of the Related Party Relationship No.

1 Shri Navinitbhai C. Patel Key Management Personnel

2 Shri Rushbhbhai N. Patel

3 Smt. Riddhi R. Patel

4 M/s. Vaibhav Laxmi Corporation Key Management Personnel

5 M/s. Chinmay Corporation

6 M/s. Shree Parshwanath Corporation having control on enterprises

7 M/s. Shree Parshwanath Construction Corporation

8 M/s. Parshwanath Corporation

9 M/s. Shree Mahavir Farm

10 M/s. Shree Jai Jinendra Farcm

11 M/s. Parshwanath Realty Pvt. Ltd.

12 M/s. Vardhman Finstock Pvt. Ltd.

13 Smt. Indiraben N. Patel Realtive of Key Management Personnel

5. Deferred Tax :

On consideration of prudence, deferred tax asset is not recognised in the accounts.

6. Balances in the Accounts of borrowers of housing loans, Trade Payables and loans and advances are subject to confirmation by the paries' consequential adjustments, if any, at the company level.

7. Details of Loan given, Investments made and Guarantee given covered under section 186 (4) of the Companies Act, 2013

"Loans given and investments made are given under the respective heads: "There are no corporate guarantees given by the company in respect of loans as at March 31, 2015.""

8. Figures of the Previous years are regrouped where necessary.


Mar 31, 2014

1. Rights, preferences and restrictions attached to shares

Equity Shares :

The company has only one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amount in proportion to their shareholding.

2. The mangement is of the view that the shortfall of Rs. 3 86 505/- (previous year Rs. 4,34,175/-) between the aggregate cost price and aggregate market value of quoted investments is temporary and hence no provision is required in respect thereof.

3. Contingent Liability

As At March As At March 31, 2014 31, 2013 Claim Against the company not acknowledge as debts -

Disputed Income Tax Matter 74 23 855 -

74 23 855 -

4. Segment Information:

The company has identified two reportable segments vis : Housing Finance and Construction. Segments have been identified and reported taking into account nature of services as well as the deferring risks and returns. The accounting policies adopted for segment reporting are in line with accountinfg policies of the company with the following additional policies for segment reporting

a. Revenue & Expenditure have been identified to a segment on the basis of relationship to operating activities of the segment. Expenses which relate to enterprise as a whole and are not allocate to a segment on reasonable basis have been disclosed as "Unallocable".

b. Segment assets & segment liabilities represent assets & liabilities in respective segments. Labilities that cannot be allocated to a segment on reasonable basis have been disclosed as "unallocable".

5. Deferred Tax :

On consideration of prudence, deferred tax asset is not recognised in the accounts.

6. Balances in the Accounts of borrowers of housing loans, Trade Payables and loans and advances are subject to confirmation by the parties'' consequential adjustments, if any, at the company level.

7. Interest expense includes Rs. 3,23,927/- (previous year Rs. nil) related to previous financial year.

8. Figures of the Previous years are regrouped where necessary.


Mar 31, 2013

1 Segment Information:

The company has identified two reportable segments vis: Housing Finance and Construction. Segments have been identified and reported taking into account nature of services as well as the deferring risks and returns. The accounting policies adopted for segment reporting are in line with accountinfg policies of the company with the following additional policies for segment reporting

a. Revenue & Expenditure have been identified to a segment on the basis of relationship to operating activities of the segment. Expenses which relate to enterprise as a whole and are not allocate to a segment on reasonable basis have been disclosed as "Unallocable".

b. Segment assets & segment liabilities represent assets & liabilities in respective segments. Labilities that cannot be allocated to a segment on reasonable basis have been disclosed as "unallocable".

2 Deferred Tax:

On consideration of prudence, deferred tax asset is not recognised in the accounts.

3 Balances in the Accounts of borrowers of housing loans, Trade Payables and loans and advances are subject to confirmation by the paries'' consequential adjustments, if any, at the company level.

4 Figures of the Previous years are regrouped where necessary.


Mar 31, 2012

A. Rights, preferences and restrictions attached to shares Equity Shares :

The company has only one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amount in proportion to their shareholding.

1.1 The management is of the view that the shortfall of Rs. 1 28 940/- (previous year Rs. 3 91 125/-) between the aggregate cost price and aggregate market value of quoted investments is temporary and hence no provision is required in respect thereof.

2 Segment Information:

The company has identified two reportable segments vis : Housing Finance and Construction. Segments have been identified and reported taking into account nature of services as well as the deferring risks and returns. The accounting policies adopted for segment reporting are in line with accounting policies of the company with the following additional policies for segment reporting

a. Revenue & Expenditure have been identified to a segment on the basis of relationship to operating activities of the segment. Expenses which relate to enterprise as a whole and are not allocate to a segment on reasonable basis have been disclosed as "Unallocable".

b. Segment assets & segment liabilities represent assets & liabilities in respective segments. Liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "unallocable".

3 Deferred Tax :

On consideration of prudence, deferred tax asset is not recognised in the accounts.

4 Balances in the Accounts of borrowers of housing loans, Trade Payables and loans and advances are subject to confirmation by the paries' consequential adjustments, if any, at the company level.

5 Till the year ended March 31, 2011, the company was using pre-revised Schedule VI to the Companies Act, 1956 for preparation and presentation of its financial statements. During the year ended March 31, 2012, the revised Schedule VI notified under Companies Act 1956, has become applicable to the company. The company has reclassified previous year figures to confirm to this year's classification. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it significantly - impacts presentation and disclosures made in the financial statements, particularly presentation of balance sheet.


Mar 31, 2011

1. The Company has entered into agreement with Parshwanath Home Co.Op.Housing Society Limited for development of property. In the accounts, the amount of expenditure of Rs. 8,56,71,986/- (Previous year Rs. 6,15,49,214/-) incurred on the schemes is shown as Work-in-Progress under the head Current Assets and booking advance of Rs. 10,91,01,587/-(Previous Year Rs. 4,59,43,751/-) is shown under the head Current Liabilities.

2 No provision is made in respect of disputed income tax amounting to Rs. 9,41,871/- (Previous year Rs. 57,38,853/-) as appeals are preferred and the company is legally advised that there are fair chances of success before higher authorities

Since Managerial Remuneration does not include any commission, computation of profit in accordance with Section 349 of the Companies Act, 1956 is not given.

3. Current Assets, Loans and Advances are approximately of the value stated, if realized in ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amount reasonable necessary.

4. Balances in the Accounts of borrowers of housing loans, sundry creditors and loans and advances are subject to confirmation by the parties' consequential adjustments, if any, at the company level.

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary. 8. Related parties Transactions:

Related party disclosures as required under the Accounting Standard AS - 18 on "Related Party Disclosures" notified under Companies (Accounting Standards) Rules, 2006 are given below:

5. Deferred Tax:

On consideration of prudence, deferred tax asset is not recognized in the accounts.

6. The management is of the view that the shortfall of Rs. 4,15,800/- (Previous year Rs. 3,91,125/-) between the aggregate cost price and aggregate market value of quoted investments is temporary and hence no provision is required in respect thereof.

7 The management has initiated the process of identifying enterprises which have provided goods & services to the company & which qualified under the definition of micro & small enterprises, as defined under Micro, Small & Medium Enterprises Development Act, 2006. Accordingly, the disclosure in the respect of the amount payable to such enterprises as at March 31, 2011 has been made in the financial statement base on information received and available with the company. Further, in view of the management, the impact of the interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

8 Information pursuant to Accounting Standard 17 issued by the Institute of Chartered Accountants of India.

The Company has identified two reportable segments vis: Housing Finance and Construction. Segments have been identified and reported taking into account nature of services as well as the deferring risks and returns. The accounting policies adopted for segment reporting are in line with the accounting policy of the Company with following additional policies for segment reporting.

(a) Revenue and expense have been identified to a segment on the basis of relationship to operating activates of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment have been disclosed as "Unallowable"

(b) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investments, tax related assets and tax related liabilities that can not be allocated to a segment on reasonable basis have been disclosed as "Unallowable".

9. Substantial portion of the Company's assets comprise of 'financial assets' to which Accounting Standard (AS) 28 Impairment of Assets' is not applicable. In the opinion of the management, there is no impairment of other assets of the company as at March 31, 2010 to material extent requiring recognition in terms of the said standard.

10. There are no other particulars which are required to be given as per part II of Schedule VI to the Companies Act, 1956.

11. The company has changed its name from Parshwanath Housing Finance Corporation Limited to Parshwanath Corporation Limited. The approval of Central Government signified in writing having been accorded thereto under Section 21 of the Companies Act, 1956 read with Government of India, Department of Company Affairs, New Delhi, Notification no. GSR 507 (E) dated June 24, 1985 vide SRN A96610332 dated January 01, 2011.

12. Corresponding figures of the previous year have been rearranged / regrouped wherever considered necessary so as to make them comparable with those of current year.


Mar 31, 2010

1. The Company has entered into agreement with Parshwanath Home Co.Op.Housing Society Limited for development of property. In the accounts, the amount of expenditure of Rs. 6,15,49,214/- (Previous Year Rs. 2,78,52,026/-) incurred on the schemes is shown as work - in - Progress under the head Current Assets and booking advance of Rs. 4,59,43751/- (Previous Year Rs. 5,00,000/-) is shown underthe head Current Liabilities.

2. No Provision is made in respect of disputed income tax amounting to Rs. 57,38,853/- (Previous Year Rs. 46,25,795/-) as appeals are preferred and the company is legally advised that there are fair chances of success before higher authorities.

4. Current Assets, Loans and Advances are approxinately of the value stated, if realized in ordinary course of business.The provision for dereciation and all known liabilities are adequate and not in excess of the amount reasonable necessary.

5. Balances in the Accounts of borrowers of housing loans, sundry creditors and loans and advances are subject to confirmation by the parties consequential adjustments, if any, at the company level.

6. Otheparticulars in respect of investments in capital of parnership firm are given hereunder:

10. Deferred Tax

On consideration of prudence, deferred tax asset is not recognized in the accounts.

11. The management is of the view that the shortfall of Rs. 391,125/- (Previous year Rs. 4,95,474/-) between the aggregate cost price and aggregate market value of quoted investments is temporary and hence no provision is required in respect thereof.

12. The management has initiated the process of identifying enterprises which have provided goods & services to the company & which qualified under the definition of micro & small enterprises, as defined under Micro.Small & Medium Enterprises Development Act, 2006. Accordingly, the disclosure in the respect of the amount payable to such enterprises as at March 31, 2010 has been made in the financial statement base on information received and available with the company. Further, in view of the management, the impact of the interest, if any , that may be payable in accordance with the provisions of the Act is not expected to be material.

13. Information pursuant to Accounting Standard 17 issued by the Institute of Chartered Accountants of India. The Company has identified two reportable segments vis : Housing Finance and Construction. Segments have been identified and reported taking into account nature of services as well as the deferring risks and returns. The accounting policies adopted for segment reporting are in line with the accounting policy of the Company with following additional policies for segment reporting.

(a) Revenue and expense have been identified to a segment on the basis of relationship to operating activates of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment have been disclosed as "Unallocable".

(b) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investments, tax related assets and tax related liabilities that can not be allocated to a segment on reasonable basis have been disclosed as "Unallocable".

14. Substantial portion of the companys assets comprise of financial assets to which Accounting Standard (AS) 28 Impairment of Assets is not applicable. In the opinion of the management, there is no impairment of other assets of the company as at 31st March 2010 any material extent requiring recognition in terms of the said standard.

15. There are no other particulars which are required to be given as per part II of Schedule VI to the Companies Act, 1956.

16. Corresponding figures of the previous year have been rearranged/regrouped wherever considered necessary so as to make them comparable with those of current year.


Mar 31, 2009

1. The Company has entered into agreement with Parshwanath Home Co.Op.Housing Society Limited for development of property. In the accounts, the amount of expenditure of Rs. 2,78,52,026/- (Previous year Rs. 93,94,478/-) incurred on the schemes is shown as Work - in - Progress under the head Current Assets and booking advance of Rs. 5,00,000 (Previous Year Rs. Nil) is shown under the head Current Liabilities.

2. No Provision is made in respect of disputed income tax amounting to Rs. 46,25,795/- (Previous year Rs. 28,19,583/-) as appeals are preferred and the company is legally advised that there are fair chances of success before higher authorities.

3. Current Assets.Loans and advances are approximately of the value stated,if realised in ordinary course of business. The provisions for depreciation and all known liabities are adequate and not in excess of the amount reasoably necessary.

4. Balances in the Accounts of borrowers of housing loans, sundry creditors and loans and advances are subject to confirmation by the parties and consequential adjustments.if any, at the Company level.

5 a) The Company has adopted AS-15 (Revised) Employee Benefit with effect from 1st April,2007, pursuant to the same, the company has adjusted the Employee Benefits Obligations of Rs. 32,689 net of related Deferred Tax Assets arising out of such adoption as on 1st April, 2007.

b) The following table sets out the status of the gratuity plan as required AS 15 (Revised 2005) and the reconciliation of opening balances of the present value of the defined benefit obligation.

6. Deferred Tax

On consideration of prudence, deferred tax asset is not recognized in the accounts.

7. The management is of the view that the shortfall of Rs. 4,95,474/- (Previous year Rs. 4,59,690/-) between the aggregate cost price and aggregate market value of quoted investments is temporary and hence no provision is required in respect thereof.

8. The management has initiated the process of identifying enterprises which have provided goods & services to the company & which qualified under the definition of micro & small enterprises, as defined under Micrb.Small & Medium Enterprises Development Act, 2006. Accordingly, the disclosure jn the respect of the amount payable to such enterprises as at March 31, 2009 has been made in the financial statement base on information received and available with the company. Further, in view of the management, the impact of the interest, if any , that may be payable in accordance with the provisions of the Act is not expected to be material.

9. Information pursuant to Accounting Standard 17 issued by the Institute of Chartered Accountants of India.

The Company has identified two reportable segments vis : Housing Finance and Construction. Segments have been identified and reported taking into account nature of services as well as the deferring risks and returns. The accounting policies adopted for segment reporting are in line with the accounting policy of the Company with following additional policies for segment reporting.

(a) Revenue and expense have been identified to a segment on the basis of relationship to operating activates of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment have been disclosed as "Unallocable".

(b) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investments, tax related assets and tax related liabilities that can not be allocated to a segment on reasonable basis have been disclosed as "Unallocable".

10. Substantial portion of the companys assets comprise of financial assets to which Accounting Standard (AS) 28 Impairment of Assets is not applicable. In the opinion of the management, there is no impairment of other assets of the company as at 31st March 2009 any material extent requiring recognition in terms of the said standard.

11. There are no other particulars which are required to be given as per part II of Schedule VI to the Companies Act, 1956.

12. Corresponding figures of the previous year have been rearranged/regrouped wherever considered necessary so as to make them comparable with those of current year.

13. BALANCE SHEET ABSTRACT AND COMPANYS GENERAL BUSINESS PROFILE.

I. REGISTRATION DETAILS :

Registration No. : 8361

State Code : 04

Balance Sheet Date : 31st March, 2009

II. CAPITAL RAISED DURING THE YEAR :

(Amount in Rs. Thousands)

Public Issue : Rs. Nil

Right Issue : Rs. Nil

Bonus Issue : Rs. Nil

Private Placement Rs. Nil

III. POSITION OF MOBILISATION AND DEPLOYMENT OF FUNDS :

(Amount in Rs. Thousands)

Total Liabilities : Rs. 89,934

Total Assets : Rs. 89,934

Source of Funds :

Paid-up Capital : Rs. 30,000

Reserves and Surplus : Rs. 1,684

Secured Loans : Rs. 58,250

Unsecured Loans : Rs. NIL

Deferred Tax Liability : Rs. NIL

Application of Funds :

Net Fixed Assets : Rs. 321

Investments : Rs. 54,277

Net Current Assets : Rs. 24,765

Miscellaneous Expenses : Rs. NIL

Accumulated Losses : Rs. 10,571

IV. PERFORMANCE OF COMPANY :

(Amount in Rs. Thousands)

Turnover : Rs. 27,958

Total Expenditure : Rs. 30,448

Profit Before Tax : Rs. (2,490)

Profit After Tax : Rs. (5,461

Earning Per Share in Rs.10/- : Rs. (2.65)

Dividend Rate : Nil

V. GENERIC NAME OF PRINCIPAL PRODUCT OF THE COMPANY :

Item Code No. (Code) : Being Housing Finance Company Not Applicable

Production Description : Not Appli cable

 
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