Home  »  Company  »  Purohit Construction  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Purohit Construction Ltd.

Mar 31, 2014

1. CORPORATE INFORMATION

Purohit Construction Limited is a public company domiciled in India and incorporated under the provisions of Companies Act 1956. The company is engaged in the business of real estate development and execution of civil construction contracts as well as in trading of bullion, metal, metal scrap, shares, stocks, securities and derivatives

2. Contingent liabilities and commitments (to the extent not provided for)

Contingent liabilities

Outstanding Bank Guarantee Nil Nil

Other money for which the company is contingently

liable 1,489,100 1,489,101

Outstanding premium of KEY MAN INSURANCE

POLICY not provided for in the accounts - -

Sub Total

Commitments

Estimated amount of contracts to be executed on

capital account Nil Nil

Uncalled liability on shares and other investments

partly paid Nil Nil

Other commitments

Sub Total

Total 1,489,100 1,489,100

The Company has received a demand notice for Rs.79,580/- from Service Tax Department regarding case of F.Y.2008-2009. As a reply of the above the Company had paid the demand before any show cause notice was issued by the Service Tax Department. However the Service Tax Department had issued the show cause notice without reviewing the above payment.

3. Earning in Foreign Currency: Rs. NIL (RY. Nil).

4. Expenditure in Foreign Currency: Foreign Travelling Rs. 1.01 lacs (P.Y. Nil)

5. Break up of expenditure on employees who are in receipt of remuneration which in aggregate was not less than Rs. 72,00,000/- p.a. if employed throughout the year is Rs. Nil (P.Y. NIL) or Rs. 6,00,000/- p.m. if em- ployed for a part of the year is Rs. Nil (P.Y. NIL).

6. DISCLOURE IN RESPECT OF RELATED PARTIES

Associate Concerns Status Finstocks Pvt Ltd PCL Infracon Pvt Ltd Abhaar Infrastructure Pvt Ltd Abhaar Procon LLP Rayrith Infratructure B.N. Associates CNN Projects Go Mangoes DMP Foundation Shree Siddhivinayak Devstahan Trust N.S.H.B. Projects

Key Management Personnels Narendra M. Purohit Saumil N. Purohit

Relatives of Key Management Personnel Hemlata N. Purohit Deepkiran S. Purohit Ami M. Shah Urvi N. Chokshi Forum S. Parikh Nishit B. Gohel Kumudchandra Shevaria Narendra Purohit HUF Saumil Purohit HUF

7. The company had taken up projects for Western Railway in respect of its divisions at Veraval, Rajkot and Junagadh. The contracts were terminated hence the company had gone into arbitration in respect of its receivables from these projects. During the year the arbitration proceedings in respect of Veraval and Rajkot divisions were completed and company received its dues therefrom which have been accounted for. However the arbitration proceedings in respect of Junagadh division are still underway. Hence the company has included Rs 7.38 lacs receivable from them in current assets disclosed in the Balance Sheet.

8. During the earlier years, the Company has filed suit for recovery of Rs.2,56,195 in respect of extra work being carried out by it in two units of its project. In view of the matter being subjudice, the company had not recognized the revenue in that respect. The party has also filed suit against the company to claim possession of the premises, which is yet to be decided. Further, in view thereof, the company has cancelled booking of the premises and amount of Rs. 14.58 lacs received in respect thereof has been carried as current liabilities.

9. Figures are rounded off to the nearest Rupees.

34 The Accounts have been prepared and presented as per the Revised Schedule VI being notified in the year 2011. Accordingly all the assets and liabilities are bifurcated into current and non-current based on perception of the Management in that respect. The previous year figures have also been regrouped accordingly.

10. Figures stated in bracket are those in relation to the previous year.


Mar 31, 2013

[1] CORPORATE INFORMATION:

Purohit Construction Limited is a public company domiciled in India and incorporated under the provisions of Companies Act 1956. The company is engaged in the business of real estate development, and execution of civil construction contracts as well as in trading of bullion, metal, metal scrap, shares, stocks, securities and derivatives.

F.Y. 2012-2013 F.Y. 2011-2012 (Rupees) (Rupees)

[2] CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not provided for)

Contingent liabilities -

Outstanding Bank Guarantee Nil Nil

Other money for which the company is contingently liable 1,489,100 Nil

Outstanding premium of KEY MAN INSURANCE POLICY not provided for in the accounts 1,340,526 -

Sub Total

Commitments

Estimated amount of contracts unexecuted on capital account Nil Nil

Uncalled liability on shares and other investments partly paid Nil Nil

Other commitments

Sub Total

Total 1,489,100 1.340,526

The Company has received a demand notice for Rs 14,89,100 from Income Tax Department regarding case of F.Y. 2009-10. However it has'preferred an appeal against the demand. As the management is confident of succeeding in the appeal, no provision in that respect has been made.

[3] The company had taken up projects for Western Railway in respect of its divisions at Veraval, Rajkot and Junagadh. The contracts were terminated hence the company had gone into arbitration in respect of its receivables from these projects. During the year the arbitration proceedings in respect of Veraval and Rajkot divisions were completed and company received its dues therefrom which have been accounted for. How- ever the arbitration proceedings in respect of Junagadh division are still underway. Hence the company has included Rs. 7.38 lacs receivable from them in current assets disclosed in the Balance Sheet.

[4] During the earlier year, the Company has filed suit for recovery of Rs.2.56.195 in respect of extra work being carried out by it in two units of its project. In view of the matter being subjudice. the company had not recognized the revenue in that respect. The party has also filed suit against the company to claim possession of the premises, which is yet to be decided. Further, in view thereof, the company has cancelled booking of the premises and amount of Rs.14.58 lacs received in respect thereof has been carried as current liabilities.

[5] "Figures are rounded off to the nearest Rupees."

[6] "Figures stated in bracket are those in relation to the previous year."

[7] The Revised Schedule VI has become effective from 1 April. 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentalion made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification disclosure.