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