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Notes to Accounts of Sandesh Ltd.

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.

 
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