Home  »  Company  »  Raja Bahadur Interna  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Raja Bahadur International Ltd.

Mar 31, 2015

Additional information to the Financial Statements

1) The plan for developing the construction project was approved by Pune Municipal Corporation on 14.07.2011. All cost directly related to the approved construction project and other expenditure identifiable as related to the construction & real estate development are booked as inventory on a reasonable basis by management as per supporting documents and assumptions where necessary.

2) Remuneration to Managing Director has been paid as Minimum Stipulated Remuneration under Schedule V of the Companies Act 2013 read with section 197 of the Act. Estimated value of perquisites provided to the Managing Director is RS.18,63,176/- (previous year RS.5,13,660/-). Total remuneration to Managing Director including perquisites is RS.51,66,509/-(previous year RS.29,13,660/-).

3) The Company is in the process of identifying the status of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, and hence, the particulars regarding the same are not furnished.

4) Pursuant to the implementation of Schedule II to the Companies Act, 2013, the Company has revised the useful life of its fixed assets. The depreciation charge during the year pertaining to assets whose revised useful life has expired prior to commencement of the financial year has been adjusted against retained earnings in terms of Schedule II.

An amount of RS.0.13 Lac has been adjusted against the opening surplus which is net of deferred tax of RS.0.08 Lac.

5) Key Managerial Personnel - Shri S. N. Pittie

Shri S. K. Jhunjhunwala

Relatives with whom transaction have Shri Umang S. Pittie taken place during the year - Shri Vaibhav S. Pittie

Pittie Electronics Pvt. Ltd. U. V. International Khimji Visram & Sons


Mar 31, 2013

I) The Company has transferred capital work in progress of Rs.Nil (previous year Rs. 59,29,471/-) and land of Rs.Nil (previous year Rs. 16,154/-) to inventory as per the Board resolution of 14th August, 2012. The plan for developing the construction project was approved by Pune Municipal Corporation on 14.07.2011. All cost directly related to the approved construction project and other expenditure identifiable as related to the property development are booked as Realty inventory on a reasonable basis by management as per supporting documents and assumptions where necessary.

II) Remuneration to Managing Director has been paid as Minimum Stipulated Remuneration under Schedule XIII of the Companies Act 1956 read with section 98 of the Act. Estimated value of perquisites provided to the Managing Director isRs.5,75,768/- (previous yearRs.5,58,396/-). Total remuneration to Managing Director including perquisites is Rs. 29,75,768/-(previous year Rs. 29,58,396/-).

III) The Company has called for confirmations of balances from Debtors and Creditors.

IV) The balances of accounts payable and liabilities for expenses are subject to confirmations to be received from parties.

V) The Company is in the process of identifying the status of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, and hence, the particulars regarding the same are not furnished.

VI) Employee Benefit

Gratuity is payable to all eligible employees in terms of the provisions of the payment of Gratuity Act. Liability for gratuity is actuarially determined at the Balance Sheet date.

VII) Capital commitment

Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs. Nil lacs (previous year Rs.21.50 lacs)


Mar 31, 2012

1.1 Term loan from institution are secured by mortgage of the project land admeasuring 42,900 sq. mtrs., located at S. No. 30/1, Kharadi, Pune, along with the present & future construction thereon and hypothecation of receivables and personal guarantee of one Director of the Company.

1.2 The repayment of loan amount will commence after completion of 36 months from the date of 1st disbursement.

2.1 Construction equipment loan from bank secured by hypothecatiion of construction equipments and personal guarantee of one Director.

2.2 Tenure of loan is 36 months. Rs - 33.20 Lacs repayable within one year considered in current liabilities.

3.1 Vehicle loan from bank secured by hypothecation of vehicles.

3.2 Tenure of loan is 60 months. Rs - 15.02 Lacs repayable within one year considered in current liabilities.

4.1 Vehicle loan from institution secured by hypothecation of vehicles.

4.2 Tenure of loan is 48 months. Rs - 2.83 Lacs repayable within one year considered in current liabilities.

NOTE 5 Additional information to the Financial Statements

I) The Company has transferred capital work in progress of Rs - 59,29,471/- and land of Rs - 16,154/- to inventory as per the Board resolution of 14th August, 2012. The plan for developing the construction project was approved by Pune Municipal Corporation on 14.07.2011. All cost directly related to the approved construction project and other expenditure identifiable as related to the property development are booked as Realty inventory on a reasonable basis by management as per supporting documents and assumptions where necessary.

II) Remuneration to Managing Director has been paid as Minimum Stipulated Remuneration under Schedule XIII of the Companies Act 1956 read with section 98 of the Act. Estimated value of perquisites provided to the Managing Director is Rs - 5,58,396/- (previous year Rs -5,14,473/-). Total remuneration to Managing Director including perquisites is Rs - 29,58,396/-(previous year Rs - 29,14,473/-).

III) Provision for Current taxation Nil (previous year Rs - 51.10 lacs) is made on the basis of a legal opinion obtained by the Management.

IV) The Company has called for confirmations of balances from Debtors and Creditors.

V) The balances of Receivables, Accounts Payable and liabilities for expenses are subject to reconciliation with the confirmations received from parties.

VI) The Company is in the process of identifying the status of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, and hence, the particulars regarding the same are not furnished.

VII) Employee Benefit

Gratuity is payable to all eligible employees in terms of the provisions of the payment of Gratuity Act. Liability for gratuity is actuarially determined at the Balance Sheet date.

VIII) Capital commitment

Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs - 21.50 lacs (previous Nil)

IX) Contingent Liabilities

Liabilities on account of damages claimed (consent terms arrived) Nil (previous year Rs - 14877 lacs)


Mar 31, 2011

1) Previous year's figures have been regrouped / recast wherever necessary so as to make them comparable with those of the current year.

2) In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business, and provisions for all known liabilities and depreciation is adequate and not in excess of amounts reasonably necessary.

3) The Company has sold off its wind power generation business during the year.

a) The provision for tax for the current year Rs. 51,10,000 has been calculated by the management by considering this sale as "Slump Sale" as per Income tax Act, 1961. This has been done by the Management based on a legal opinion obtained by them for this purpose.

b) Disclosure under Accounting Standard -24 (Discontinuing Operations)- The entire wind power undertaking of the company has been sold pursuant to resolution passed by Members on 10- 11-2010 u/s 293(1 )(a) of the Companies Act, 1956 through postal ballot .

4. Remuneration to Managing Directors has been paid as Minimum Stipulated Remuneration under Schedule XIII of the Companies Act, 1956 read with section 198 of the act. Estimated value of perquisites provided to the Managing Director is Rs.5,14,473 (Previous Year Rs.5,39,369). Total remuneration to Managing Director including perquisite is Rs 29,14,473 (Previous year 29,39,369)

5) The Company has called for confirmations of balances from Debtors and Creditors.

6) The balances of Receivables, Accounts Payable and liabilities for expenses are subject to reconciliation with the confirmations received from parties.

7) Investments have not been physically verified.

8) The Company is in the process of identifying the status of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, and hence, the particulars regarding the same are not furnished.

9. Sai Construction Pvt. Ltd. has filed a suit against the Company and its Directors claiming damages of Rs. 148.77 Crores (Previous Year Rs. 148.77 Crores). The cause of the action pleaded in the said suit is that the company has procured orders from the Honorable High Court maliciously. They also took out an application for attachment before judgement of the properties of the Company and of its three Directors in the said Civil Suit. This application was dismissed by the Civil Court and their appeal in the Bombay High Court also came to be dismissed. The Company is confident that the outcome of the suit for damages would not be adverse to its interest and as the matter is subjudice the Management has not made any provisions for the same in the accounts.

10. Key Management Personnel - Shri N. M. Pittie Shri M. M. Pittie Shri S. N. Pittie


Mar 31, 2010

1) Previous years figures have been regrouped / recast wherever necessary so as to make them comparable with those of the current year. Rupee amounts have been rounded off to Lakhs of Rupees for convenient presentation.

2) In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business, and provisions for all known liabilities and depreciation is adequate and not in excess of amounts reasonably necessary.

3) The Company has not made a provision for the diminution in the value of its long term investments, as the management considers the decline in the value to be temporary in nature.

4) Sale proceeds of certain fixed assets of an erstwhile division, that are written off in the books and / or are held for disposal, will be accounted for as and when received.

5) Estimated value of perquisites provided to the Managing Director is Rs.5,39,369 (Previous Year Rs.5,16,696).

6) The Company has called for confirmations of balances from Debtors and Creditors.

7) The balances of Receivables, Accounts Payable and liabilities for expenses are subject to reconciliation with the confirmations received from parties.

8) Investments have not been physically verified.

9) The Company is in the process of identifying the status of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, and hence, the particulars regarding the same are not furnished.

10. Sai Construction Pvt. Ltd. has filed a suit against the Company and its Directors claiming damages of Rs.148.77 Crores (Previous Year Rs. 148.77 Crores). The cause of the action pleaded in the said suit is that the company has procured orders from the Honorable High Court maliciously. They also took out an application for attachment before judgement of the properties of the Company and of its three Directors in the said Civil Suit. This application was dismissed by the Civil Court and their appeal in the Bombay High Court also came to be dismissed. The Company is confident that the outcome of the suit for damages would not be adverse to its interest and as the matter is subjudice the Management has not made any provisions for the same in the accounts.

 
Subscribe now to get personal finance updates in your inbox!