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

Notes to Accounts of Sandesh Ltd.

Mar 31, 2018

NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31,2018

1 COMPANY OVERVIEW

The Sandesh Limited (the''Company'') is a public limited Company domiciled in India and is incorporated under the provisions of the Companies Act with its registered office located af''Sandesh Bhavan", Lad Society Road, B/h. Vastrapur Gam, P.O. Bodakdev, Ahmedabad -380054. The Company is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The Company belongs to the Regional Print Media Industry and is a publisher of "SANDESH"a premier Gujarati daily newspaper in Gujarat Region, to carry on the business of editing, printing and publishing newspapers and periodicals. The financial statements are approved for issue by the Company''s Board of Directors on May 28,2018.

2 BASIS OF PREPARATION

2.1 Statement of compliance

The financial statements comply in all material aspects with Indian Accounting Standards (Ind AS) notified under section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.

2.2 Basis of measurement

The Financial Statements have been prepared on the historical cost basis except for the following items which are measured at fair values: certain financial assets and liabilities defined benefit plans assets

2.3 Functional and presentation currency

Indian rupee is the functional and presentation currency.

2.4 Use of estimates

The preparation of the financial statements in conformity with Ind AS requires management to make estimates, judgments and assumptions.

These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period.

Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates.

Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.

Application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements are:

Revenue recognition of construction services based on percentage of completion method Amortization of advertisement rights

Useful lives of Property, plant and equipment Valuation of financial instruments Provisions and contingencies Income tax and deferred tax Measurement of defined employee benefit obligations

3 SIGNIFICANT ACCOUNTING POLICIES

3.1 Revenue Recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable.

Advertisement revenue

Advertisement revenue is recognised as and when advertisement is published / displayed / aired and is disclosed net of trade discounts and service tax/goods and service tax.

Circulation revenue

Sale of newspaper and magazine is recognised when the significant risk and rewards of ownership have passed on to the buyers and is disclosed net of sales return and discounts.

Real estate revenue

Sale of real estate is recognised when the significant risks and rewards of ownership have passed on to the customer.

Construction contract revenue

The outcome of a fixed price construction contract can be estimated reliably when total contract revenue can be measure reliably, it is probable that economic benefits associated with the contract will flow to the company, contract costs to complete the contract and stage of contract completion at the end of the reporting period can be measured reliably and contract cost attributable to the contract can be identified and measured reliably.

Percentage of completion is determined based on the proportion of actual cost incurred to the total estimated cost of the project. The percentage of completion method is applied on a cumulative basis in each accounting period to the current estimates of contract revenue and contract costs. The effect of a change in the estimate of contract revenue or contract costs, or the effect of a change in the estimate of the outcome of a contract, is accounted for as a change in accounting estimate and the effect of which are recognised in the Statement of Profit and Loss in the period in which the change is made and in subsequent periods.

Contract revenue comprises the initial amount of revenue agreed in the contract, the variations in contract work, claims and incentive payments to the extent that it is probable that they will result in revenue and they are capable of being reliably measured. Contract revenue is measured at the fair value of the consideration received or receivable.

Contract cost associated with contract revenue is recognised as expense by reference to the stage of completion of the contract activity at the end of the reporting period. Contract cost comprises of cost that relate directly to the specific contract, cost that are attributable to contract activity in general and can be allocated to the contract and such other cost as are specifically chargeable to the customer underthe terms of the contract.

An expected loss on construction contract is recognized as an expense immediately when it is certain that the total contract costs will exceed the total contract revenue.

Revenue from scrap sale

Sale of waste paper and scrap is recognised when the significant risk and rewards of ownership have passed on to the

buyers.

Other revenue

Gain or Loss on derecognition of financial asset is determined as the difference between the sale price (net of selling costs) and carrying value of financial asset.

Interest income is recognised using effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash receipts through expected life of the financial asset to the gross carrying amount of the financial asset.When calculating the effective interest rate, the company estimates the expected cash flows by considering all the contractual terms of the financial instrument but does not consider the expected credit losses.

Dividend income is recognised when the right to receive the dividend is established.

All other incomes are recognised and accounted for on accrual basis.

3.2 Property, Plant and Equipment

Property, Plant and Equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any.

The cost comprises the purchase price, borrowing cost if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for its intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.

Subsequent expenditures relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to the company and the cost of the item can be measured reliably.

All other expenses on existing fixed assets, including day-to-day repair and maintenance expenditure and cost of replacing parts, are charged to the statement of profit and loss for the period during which such expenses are incurred.

Property, Plant and Equipment not ready for the intended use on the date of the Balance Sheet are disclosed as "Capital work-in-progress".

Gains or losses arising from derecognition of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the asset at the time of disposal and are recognized in the statement of profit and loss when the asset is derecognized.

Depreciation on Property, Plant and Equipment is calculated on written down value method basis using the ratio arrived as per the useful life prescribed under Schedule II to the Companies Act, 2013.

In respect of Property, Plant and Equipment purchased during the year, depreciation is provided on a pro-rata basis from the date on which such asset is ready to use. Assets costing less than rupees five thousand each is fully depreciated in the year of purchase.

The residual value, useful life and method of depreciation of Property, Plant and Equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.

3.3 Intangible assets

An intangible asset is recognised, only where it is probable that future economic benefits attributable to the asset will accrue to the enterprise and the cost can be measured reliably. a Advertisement right

Intangible assets are stated at cost, less accumulated amortization and impairment losses, if any.

Advertisement rights granted by Vadodara Municipal Corporation (VMC) are against construction service rendered by the Company on BOT basis.

Advertisement right cost comprises of direct and indirect expenses on construction of bus shelters in terms of Concession Agreement.

Subsequent expenditure related to an item of intangible assets is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing intangible assets are charged to the statement of profit and loss for the period during which such expenses are incurred.

Intangible assets are amortized on straight line basis over concession period. b Other intangible assets

Intangible assets are stated at cost, less accumulated amortization and impairment losses, if any.

Intangible assets not ready for the intended use on the date of the Balance Sheet are disclosed as intangible assets under development.

Separately purchased intangible assets are initially measured at cost. Subsequently, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses, if any.

The useful lives of intangible assets are assessed as either finite or indefinite. Finite-life intangible assets are amortized on a straight-line basis over the period of their expected useful lives. Intangible assets are amortized over a period of six years on straight line basis as per the useful life prescribed under Schedule II to the Companies Act, 2013.

Intangible assets acquired / purchased during the year are amortised on a pro-rata basis from the date on which such assets are ready to use.

Intangible assets with an indefinite useful life are not amortised. Such intangible assets are tested for impairment.

The residual value, useful life and method of amortization of intangible assets are reviewed at each financial year end and adjusted prospectively, if appropriate.

3.4 Investment Property

Investment Property is measured initially at cost including related transaction costs.

The cost comprises the purchase price, borrowing cost if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for its intended use.

Subsequent expenditures are capitalized only when it is probable that future economic benefits associated with these will flow to the company and the cost of the item can be measured reliably.

All day-to-day repair and maintenance expenditure are charged to the statement of profit and loss for the period during which such expenses are incurred.

Gains or losses arising from derecognition of investment property are measured as the difference between the net disposal proceeds and the carrying amount of the asset at the time of disposal and are recognized in the statement of profit and loss when the asset is derecognized.

3.5 Financial Instruments

3.5.1 Initial recognition

The company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument.

All financial assets and liabilities are recognized at fair value on initial recognition.

Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities that are not at fair value through profit or loss are added to or deducted from the fair value of financial assets or financial liabilities on initial recognition.

Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

Regular way purchase and sale of financial assets a re accounted for at trade date.

3.5.2 Subsequent measurement

a. Non-derivative financial instruments

i Financial assets carried at amortized cost

A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

ii Financial assets at fair value through other comprehensive income

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company has made an irrevocable election for its investments which are classified as equity instruments to present the subsequent changes in fair value in other comprehensive income based on its business model. For such equity instruments, the subsequent changes in fair value are recognized in other comprehensive income.

iii Financial assets at fair value through profit or loss

A financial asset which is not classified in any of the above categories are subsequently measured at fair valued through profit or loss. Fair value changes are recognised as other income in the Statement of Profit or Loss.

iv Financial liabilities

Financial liabilities are subsequently carried at amortized cost using the effective interest method.

v Investments in subsidiaries, associates and joint ventures

Investments in subsidiaries, associates and joint ventures are carried at cost in the separate financial statements. b Equity instruments

An equity instrument is a contract that evidences residual interest in the assets of the company after deducting all of its liabilities. Incremental costs directly attributable to the issuance of equity instruments are recognised as a deduction from equity instrument net of any tax effects.

3.5.3 Derecognition

The company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109.A financial liability is derecognized when obligation specified in the contract is discharged or cancelled or expires.

3.5.4 Off-setting

Financial assets and liabilities are offset and the net amount is presented in the balance sheet when the company currently has a legally enforceable right to offset the recognised amount and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.

3.6 Fair Value Measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value measurement assumes that the transaction to sell the asset or transfer the liability takes place either: In the principal market for the asset or liability, or In the absence of a principal market, in the most advantageous market for the asset or liability

A fair value measurement of a non-financial asset takes into account a market participant''s ability to generate economic benefit by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and consists of the following three levels: Level 1 - inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2 - inputs are other than quoted prices included within level 1 that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived prices)

Level 3 - inputs are not based on observable market data (unobservable inputs).Fair values are determined in whole or in part using a valuation model based on assumption that a re neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.

3.7 Income tax

Income tax expense comprises current tax and deferred tax.

3.7.1 Current Tax

Current tax is recognised in profit or loss, except when it relates to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity, respectively.

Current tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.

Current tax assets and current tax liabilities are offset, where company has a legally enforceable right to set off the recognised amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. 3.7.2 Deferred Tax

Deferred tax is recognised in profit or loss, except when it relates to items that are recognised in other comprehensive income or directly in equity, in which case, the deferred tax is also recognised in other comprehensive income or directly in equity, respectively.

Deferred tax liabilities are recognised for all taxable temporary differences, except to the extent that the deferred tax liability arises from initial recognition of goodwill; or initial recognition of an asset or liability in a transaction which is not a business combination and at the time of transaction, affects neither accounting profit nor taxable profit or loss. Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax losses and carryforward of unused tax credits to the extent that it is probable that taxable profit will be available against which those temporary differences, losses and tax credit can be utilized, except when deferred tax asset on deductible temporary differences arise from the initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction, affects neither accounting profit nor taxable profit or loss.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on the tax rules and tax laws that have been enacted orsubstantively enacted by the end of the reporting period.

Deferred tax assets and deferred tax liabilities are offset, where company has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. 3.8 Impairment

3.8.1 Financial assets other than investments in subsidiaries and associates

The company recognizes loss allowances using the expected credit loss (ECL) model for the financial assets which are not fair valued through profit or loss.

Loss allowance for trade receivables with no significant financing component is measured at an amount equal to lifetime ECL.

For all other financial assets, expected credit losses are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit riskfrom initial recognition in which case those are measured at lifetime

ECL.

The impairment loss allowance (or reversal) recognised during the period is recognised as income / expense in the statement of profit and loss.

3.8.2 Financial assets - investments in subsidiaries and associates

The company assesses at each reporting date whether there is an indication that an asset may be impaired. Such indication include, though are not limited to, significant or sustained decline in revenues or earnings and material adverse changes in the economic environment.

If any indication exists, the company estimates the asset''s recoverable amount based on value in use.

To calculate value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market rates and the risk specific to the asset

Where the carrying amount of an asset exceeds its value in use amount, the asset is considered impaired and is written down to its recoverable amount. The impairment loss is recognised in statement of profit and loss."

3.8.3 Non-financial assets Tangible and intangible assets

The company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists the company estimates the asset''s recoverable amount.

An asset''s recoverable amount is the higher of an assets net selling price and its value in use.The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets.

Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The impairment loss is recognised in the statement of profit and loss.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

In determining net selling price, recent market transactions are taken into account, if available. If no such transactions can be identified, an appropriate valuation model is used.

3.9 Borrowing costs

Borrowing cost includes interest and other costs that company has incurred in connection with the borrowing of funds.

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset.

All other borrowing costs are expensed in the year they occur.

Investment income earned on temporary investment of specific borrowing pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.

3.10 Employee Benefits

Short term employee benefits for salary and wages including accumulated leave that are expected to be settled wholly within 12 months after the end of the reporting period in which employees render the related service are recognized as an expense in the statement of profit and loss.

The company measures the expected cost of absences as the additional amount that it expects to pay as a result of the unused entitlement that has accumulated at the reporting date. As per Company''s policy, no leave is expected to be carried forward beyond 12 months from the reporting date.

Retirement benefit in the form of provident fund is a defined contribution scheme. The company has no obligation, other than the contribution payable to the provident fund. The company recognizes contribution payable to the provident fund scheme as an expenditure, when an employee renders the related service.

The company operates one defined benefit plan for its employees, viz., gratuity plan.The costs of providing benefits under the plan are determined on the basis of actuarial valuation at each year-end. Actuarial valuation is carried out using the projected unit credit method made at the end of each reporting date. Re-measurement of the net defined benefit liability (asset) comprise of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset) and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability / (asset)).Re-measurement are recognised in other comprehensive income and will not be reclassified to profit or loss in a subsequent period.

3.11 Provisions

A provision is recognized when the company has a present obligation as a result of past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.

3.12 Contingent Liability

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The company does not recognize a contingent liability but discloses its existence in the financial statements.

3.13 Contingent Asset

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only be occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company. The company does not recognize a contingent asset but discloses its existence in the financial statements.

3.14 Foreign Currency

a Initial recognition

Foreign currency transactions are recorded in the functional currency, by applying to the foreign currency amount the exchange rate between the functional currency and the foreign currency at the date of the transaction.

b Conversion

Foreign currency monetary items are retranslated using the exchange rate prevailing at the reporting date. Non-monetary items, which are measured in terms of historical cost denominated in a foreign currency, are reported using the exchange rate at the date of the transaction.

c Exchange difference

All exchange differences are recognized as income or as expenses in the year in which they arise.

3.15 Cash and cash equivalent

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank (including demand deposits) and in hand and short-term, highly liquid investments with original maturities of ninety days or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value and bank overdrafts.Bank overdraft is shown within cash and cash equivalents.

3.16 Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

3.17 Inventories

Inventories are valued at lower of cost and net realizable value. Cost of materials is determined on first-in-first-out basis. Net realizable value is the estimated selling price less estimated cost necessary to make the sale.

3.18 Lease

Lease agreements where the risks and the rewards incident to ownership of an asset substantially vest with the lessor, are recognised as operating leases.

Company as lessee

Lease rents under operating leases are recognised in the statement of profit and loss on a straight-line basis.

3.19 Segment Reporting

An operating segment is component of the company that engages in the business activity from which the company earns revenues and incurs expenses, for which discrete financial information is available and whose operating results are regularly reviewed by the chief operating decision maker, in deciding about resources to be allocated to the segment and assess its performance. The company''s chief operating decision maker is the Managing Director.

Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as un-allocable.

Revenue and expenses directly attributable to segments are reported under each reportable segment. All other expenses which are not attributable or allocable to segments have been disclosed as un-allocable expenses.

The company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the company as a whole.

3.20 Cash Flow Statement

Cash flows are reported using indirect method whereby profit for the period is adjusted for the effects of the transactions of non-cash nature, any deferrals or accruals of past or future operating cash receipts and payments and items of income or expenses associated with investing and financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

3.21 Events after reporting date

Where events occurring after the Balance Sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of such events is adjusted within the financial statements. Otherwise, events after the Balance Sheet date of material size or nature are only disclosed.

4 RECENT ACCOUNTING PRONOUNCEMENTS ISSUED BUT NOT YET EFFECTIVE

"Ind AS 115- Revenue from Contract with Customers: On March 28,2018, Ministry of Corporate Affairs (""MCA"") has notified the Ind AS 115, Revenue from Contract with Customers. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Further the new standard requires enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity''s contracts with customers. The amendment will come into force from April 1,2018.

The Company has evaluated the effect of this on the financial statements and the impact is not material."

Appendix B to Ind AS 21, Foreign currency transactions and advance consideration: On March 28, 2018, Ministry of Corporate Affairs ("MCA") has notified the Companies (Indian Accounting Standards) Amendment Rules, 2018 containing Appendix B to Ind AS 21, Foreign currency transactions and advance consideration which clarifies the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income, when an entity has received or paid advance consideration in a foreign currency. The amendment will come into force from April 1,2018.

The Company has evaluated the effect of this on the financial statements and the impact is not material.


Mar 31, 2016

Defined Benefit Plan

The Company''s gratuity plan is funded. The following table sets out the status of the gratuity plan as required under Accounting Standard 15 "Employee Benefits" and the reconciliation of opening balances of the present value of the defined benefit obligation.

32 Details of Loan Given, Investment 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.

Loans have been utilized by the recipient for their business purpose.

There are no corporate guarantees given by the company in respect of loans as at March 31, 2016.

1 The Company has identified three business segments namely Media, Finance & Real Estate.

2 There is no geographical segment

34 Related Parties Disclosure:

I (a) Name of Key Management Personnel :

1 Mr Falgunbhai Patel Chairman & Managing Director

2 Mr Parthiv Patel Managing Director

3 Mr Yogesh Jani (w.e.f.11th August, 2015) Whole Time Director

4 Mr Dhaval Pandya Company Secretary

5 Mr. Sanjay Kumar Tandon Chief Financial Officer

(b) Enterprise over which Key Management Personnel or company having control or significant influence:

I Sandesh Procon LLP 2 Saintfoin Enterprise LLP

3 Scabious Enterprise LLP 4 Satyesh Prochem LLP

5 Nilsan Realty LLP * 6 Satyesh Enterprise LLP*

7 FSR Infracon LLP* 8 Satyesh Developers LLP*

9 Satyesh Infrastructures LLP* 10 Satyesh Reality LLP*

II Bhakti Procon LLP* 12 GSS Realty LLP*

13 Lilavati Chimanbhai Patel Charitable Trust* 14 Sandesh Charitable Trust*

15 Satyesh Trust* 16 Vishnu Lakshmi Trust*

17 Sandesh Employee Gratuity Fund* 18 Sandesh Super Annuation Fund*

19 Satlon Enterprise Private Limited 20 Dhanali Stock Holdings Private Limited*

21 Applewoods Estate Private Limited 22 Autumnleaf Estates Private Limited *

23 Acquest Estates Private Limited 24 Satyesh Brinechem Private Limited*

25 Stanford Operations & Maintenance Private Limited* 26 Suramya Chemicals Private Limited*

27 Sarvatra Chemicals Private Limited*

* No transaction during the year with the related parties.

(c) Relatives of Key Managerial Personnel:

1 Pannaben F. Patel

2 Ritaben C. Patel

3 Nishi P. Patel

(d) Wholly Owned Subsidiary

1 Sandesh Digital Private Limited

28 Previous year figures have been re grouped / re classified / re arranged to make them comparable with those of current year''s classification.


Mar 31, 2015

1.1 Pursuant to the enactment of Companies Act, 2013, the company has applied the estimated useful lives as specified in Schedule-II. Accordingly unamortised carrying value is being depreciated/ amortised over the revised/ remaining useful lives. The written down value of fixed assets whose lives have expired as at 1st April, 2014 have been charged to statement of profit & loss.

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

i Claims against the company not acknowledged as debt - -

There are several defamation and other legal cases pending against the Company and its directors. These include criminal and civil cases. The company has also raised counter claims against some of the claimants. The estimated contingency in respect of these cases cannot be ascertained. Based on discussions with the lawyers / solicitors and also the past trend in respect of such cases, the Company believes that there is no present obligation in respect of the above and hence no provision is considered necessary against the same.

ii Disputed Income tax matters 447.38 413.04

b Commitments

Estimated amount of contracts remaining to be executed 289.20 635.89 on capital account and not provided for.

3 Details of Loan Given, Investment 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.

Loans have been utilised by the recipient for their business purpose.

There are no corporate guarantees given by the company in respect of loans as at March 31, 2015.


Mar 31, 2014

1 Contingent liabilities and commitments (to the extent not provided for) a Contingent liabilities

i Claims against the company not Amount not Amount not acknowledged as debt Determined Determined

ii Disputed Income tax matters 413.04 1103.04

b Commitments

(i) Estimated amount of contracts 635.89 527.71 remaining to be executed on capital account and not provided for

2 No adjustment has been made in the accounts in respect of claims, under arbitration.


Mar 31, 2013

1 No adjustment has been made in the accounts in respect of claims, under arbitration.

2 Related Parties Disclosure:

I (a) Name of Key Management Personnel :

1 Shri Falgunbhai Patel Chairman & Managing Director

2 Shri Parthiv Patel Managing Director

(b) Relatives of Key Managerial Personnel:

1 Smt. Pannaben F. Patel

2 Smt. Ritaben C. Patel

3 Smt. Nishi P. Patel

(c) Enterprise over which Key Management Personnel having control or significant influence:

1 Satlon Enterprise Pvt Ltd

2 Dhanali Stock Holdings Pvt Ltd

3 Sandesh Procon LLP

4 Saintfoint Enterprise LLP

5 Scabious Enterprise LLP

6 Satyesh Prochem LLP

7 Applewoods Estate Pvt Ltd

8 Nilsan Realty LLP

9 Autumnleaf Estates Pvt Ltd

10 Lilavati Chimanbhai Patel Charitable Trust

3 Previous year figures have been re grouped/ reclassified / rearranged to make them comparable with those of current year''s classification.


Mar 31, 2012

(a) Rights, preferences and restrictions :

(i) The Company has only one class of equity shares referred to as Equity shares having a par value of Rs. 10/- Each holder of equity share is entitled to one vote per share.

(ii) Dividends, if any, is declared and paid in Indian Rupees. The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

(iii) In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assests of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

(b) 1,18,193 Equity Shares were bought back in the financial year 2009-10

(i) Trade payables include Rs. NIL (Previous year Rs. NIL) due to creditors registered with the company as per the provisions of Micro, Small and Medium Enterprises Development Act, 2006 (MSME).

(ii) No interest is paid / payable during the year to Micro, Small and Medium Enterprises.

(iii) The above information has been determined to the extent such parties could be identified on the basis of information available with the Company regarding the status of suppliers under the MSME.

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

(a) Contingent liabilities

(i) Claims against the company not acknowledged as debt Amount not Amount not Determined Determined

(ii) Income-tax demand of Rs. 1398.11 lacs (Previous year Rs. 466.44 lacs) including provisional demand of Rs. 688.75 lacs (previous year NIL) has been raised against the company for various Assessment Years, which have not been acknowledged as debt in view of legal opinion and various judicial pronouncements. Appeals & rectification applications filed against the same as well as appeal effect orders for these years are still pending. Such demands have been paid/adjusted against refunds due except the demands aggregating to Rs. 970.17 Lacs including provisional demand of Rs. 688.75 lacs.

(b) Commitments

(i) Estimated amount of contracts remaining to be executed on capital account and 46.75 Lacs 54.21 Lacs not provided for

2 Related Parties Disclosure:

I (a) Associates:

1 Satlon Enterprise Pvt Ltd

2 Saintfoin Enterprise LLP

3 Scabious Enterprise LLP

4 Autumnleaf Estates Pvt Ltd

5 Dhanali Stock Holdings Pvt Ltd

6 Satyesh Prochem LLP

7 Sandesh Procon LLP

8 Applewoods Estate Private Limited

(b) Name of Key Management Personnel :

1 Shri Falgunbhai Patel Chairman & Managing Director

2 Shri Parthiv Patel Managing Director

(c) Relatives of Key Managerial Personnel:

1 Smt. Pannaben F Patel

2 Smt. Ritaben C Patel

(d) Where significant influence exists:

Lilavati Chimanbhai Patel Charitable Trust

3 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 conform 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

As at As at March 31, 2011 March 31, 2010 Rs.in lacs Rs.in lacs

1 Previous Years figures are recast / rearranged, wherever necessary.

2 Contingent Liabilities not provided for in respect of :-

(a) Claims of the employees which are not admitted by the Company. Amount not Amount not (amount indeterminate) determined determined

(b) Income-tax demand of Rs.466.44 lacs (Previous year Rs.588.17 lacs) has been raised against the company for various Assessment Years, which are not been acknowledged as debt in view of legal opinion and various judicial pronouncements. Appeal & rectification application filed against the same and appeal effect orders are still pending for these years. Such demand has been paid / adjusted against refunds due.

12 Related Party Disclosures:

Related Party Disclosures as required by Accounting Standard 18 on " Related Party Disclosures" are given below:

(A) List of Related parties:

(i) Key management personnel :

1 Shri Falgunbhai Patel

2 Shri Parthiv Patel

(ii) Associates:

1 Satlon Investments Private Limited 2 Sandesh Patel Agencies Private Limited

3 Chimanbhai Patel Stock Holdings Private Limited 4 Autumnleaf Estates Private Limited

5 Applewoods Estate Private Limited 6 Dhanali Stock Holdings Private Limited

7 Corona Trading & Exports Private Limited 8 Satyesh Prochem LLP

9 Sandesh Procon LLP

(iii) Whether Significant influence exits

1 Lilavatiben Chimanbhai Patel Charitable Trust


Mar 31, 2010

1 SEGMENT ACCOUNTING :

Segment accounting policies are in line with the accounting policies of the Company. In addition, the following specific accounting policies have been followed for segment reporting:

(a) Segment revenue includes sales & other income directly identifiable with/allocable to the segment, including inter segment revenue.

(b) Expenses that are directly identifiable with/allocable to segments are considered for determining the Segment Result.

(c) Income/Expense which relate to the Company as a whole and not allocable to segments are included in "Unallocable Corporate Income/Expense".

(d) Segment assets & liabilities include those directly identifiable with the respective segments.

(e) Unallocable corporate assets and liabilities represent the assets & liabilities that relate to the Company as a whole and not allocabte to any segment.

2 INCOME TAXES:

a) Income tax charge or credit comprises current tax and deferred tax charge or credit.

b) Current tax is provided at current tax rates based on assessable income.

c) Deferred tax asset/liability are recognised at the tax rates and tax laws that have been enacted or substantively enacted by Balance Sheet date based on the tax effect of timing differences resulting from the recognition of items in the financial statements and in estimating its current tax provision. Deferred tax assets are recognised, if there is a reasonable certainty of realisation. Deffered tax effects are reviewed at each Balance Sheet Dates.

3 PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT ASSETS :

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognised nor disclosed in the financial statements.

4 BORROWING COST:

Borrowing costs attributable to the acquisition and construction of assets are capitalized as part of the cost of such assets up to the date when such asset is ready for its intended use. Other borrowing cost are treated as revenue expenditure.

5 GENERAL:

Accounting Policies not specifically referred to are consistent with generally accepted accounting practice.

6 Previous Years figures are recast / rearranged, wherever necessary.

7 As per information available on Companys records there are no due outstanding to micro, small and medium enterprises as per MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT hence relevant information required under section 16 of said Act is not given.

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X