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Notes to Accounts of Sikozy Realtors Ltd.

Mar 31, 2015

A) As informed by the management there is no contingent liabilities to be provided for.

b) As per the information provided to us by the management, none of the employees are entitled for the gratuity & other retirement benefits hence same is not provided for in the accounts.

c) As informed by the management the company has not received any information from the suppliers & others regarding their status under MSME Development Act, 2006 ,hence disclosure relating to amount unpaid at the year end together with interest payable under the Act, have not been given

d) Information desired under relevant AS referred to in Section 133 read with Rule 7 of the Companies (Accounts) Rules,2014 of the Companies Act, 2013 to the extent applicable

i)Segment Reporting-AS-17

In the opinion of the management ,the company is engaged mainly in one business segment of construction & development of buildings, hence no separate segment information is required..

ii) Impairment of Assets AS-28 :

Management has carried out an exercise of identifying the assets that may have been impaired in case of each cash generated unit. On the basis of the review the management has informed that there was no impairment loss on fixed assets during the period under review.

iii) Related Party Disclosure AS-18:

a) Information about the related parties

1. Key Managerial Personnel & their relatives

a) Kamlesh Desai - M.D.

b) Surbhi Desai- Wife of KMP,

c) Jigar Desai- Son of KMP

2. Individual owning directly or indirectly interest in voting power that gives them control and their relatives:

a) Nil

3. Enterprises over which 1&2 are able to exercise significant influence:

a) Kriyashu Finvest Pvt.Ltd.

b) Krez Hotel & Reality Ltd.

c) Shanil Financial Services Ltd

e) Balance of the sundry debtors & creditors, unsecured loans taken & advances given are subject to the confirmation and reconciliation. Further in case of certain bank and other accounts, we have been informed that no transaction is taken place in that a/c. since long, therefore same will be subjected to reconciliation if any.

f) As informed by the management revenue have been recognized in respect of ongoing construction projects as these have not been reached at the desired level of completion as per the accounting policy of the company. Further expenses incurred for various have been debited to the respective projects (W.I.P.) accounts

g) Effective from 1-4-2014 company has charged depreciation based on revised remaining useful lives of the fixed assets as per the requirement of part C of the schedule II of the Companies Act,2013, due to this depreciation is lower by Rs. 120275.

h) In the opinion of the board the assets & loans & advances shown in the balance sheet are not less than the value stated, if realized in the ordinary course of the business. Further all known liabilities with reasonable certainty have been provided in the Financial Statement.

i) Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification/ disclosure


Mar 31, 2014

1. Share Capital

Term/right attached to the share

The Company has one class of share, one is equity shares having par value of Rs. 10 each. Each equity share holder is entitled one vote.

2. Deferred tax Assets (Net)

Note: in view of the prudence deferred tax assets is considered to the extent of last year figure of Rs. 309910 only

a) As informed by the management there is no contingent liabilities to be provided for.

b) As per the information provided to us by the management, none of the employees are entitled for the gratuity & other retirement benefits hence same is not provided for in the accounts.

c) As informed by the management the company has not received any information from the suppliers & others regarding their status under MSME Development Act, 2006, hence disclosure relating to amount unpaid at the year end together with interest payable under the Act, have not been given

d) Information desired under relevant Accounting Standards referred to in Section 211(3C) of the Companies Act,1956 to the extent applicable:

i) Related party Disclosure (As-18)

a) Information about the related party.

Sr. Particulars No.

1 Key management personnel

a. Kamlesh Desai - M.D.

2 Relative of key management personnel

a. Smt Surbhi Desai - Wife

b. Shri Jigar Desai - Son

3 Enterprises owned or Significantly influenced by any Management Personnel or their relatives

a. Kriyashu Finvest Pvt Ltd

b. Krez Hotel & Realty Ltd

c. Shanil Financial Services Ltd

ii) Segment Reporting - AS-17

In the opinion of the management, the company is engaged mainly in one business segment of construction & development of buildings, hence no segment information is provided.

iii) Impairment of Assets AS-28:

Management it has carried out an exercise of identifying the assets that may have been impaired in case of each cash generated unit. On the basis of the review, the management has informed that there was no impairment loss on fixed assets during the year under review.

e) Balance of the sundry debtors & creditors, unsecured loans taken & advances given are subject to the confirmation and reconciliation. Further in case of certain bank and other accounts, we have been informed that no transaction is taken place in that a/c. since long, therefore same will be subjected to reconciliation if any.

f) As informed by the management no revenue have been recognized in respect of ongoing construction projects as these have not been reached at the desired level of completion as per the accounting policy of the company. Further expenses incurred for various have been debited to the respective projects (W.I.P.) accounts

g) In the opinion of the board the assets & loans & advances shown in the balance sheet are not less than the value stated, if realized in the ordinary course of the business. Further all known liabilities with reasonable certainty have been provided in the Financial Statement.

h) Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.


Mar 31, 2012

A). As informed by the management there is no contingent liabilities to be provided for.

b) As per the information provided to us by the management, none of the employees are entitled for the gratuity & other retirement benefits hence same is not provided for in the accounts.

c) As informed by the management the company has not received any information from the suppliers & others regarding their status under MSME Development Act, 2006 , hence disclosure relating to amount unpaid at the year end together with interest payable under the Act, have not been given

d) Information desired under relevant Accounting Standards referred to in Section 211(3C ) of the Companies Act, 1956 to the extent applicable:

i) Related party Disclosure (As-18)

a) Information about the related party .

Sr. No. Particulars

1 Key management personnel

a. Kamlesh Desai - M.D.

2 Relative key management personnel & Directors

a.Smt Surbhi Desai-Wife

b.Shri Jigar Desai - Son

c.Smt Heena Desai

d.S. Vaidyanathan

e.Sunil Kacha

f.Rajan Randive

g.Paras H. Jain

h.Mukesh J Padhya

3 Enterprises owned or Significantly

influenced by any Management Personnel or their relatives

a.Kriyashu Finvest Pvt. Ltd

b.Krez Hotel & Realty Ltd

c.Shanil Financial Services Ltd.

ii).Seqment Reportinq-AS-17

In the opinion of the management , the company is engaged mainly in one business segment of construction & development of buildings, hence no segment information is provided.

iV) Impairment of Assets AS-28 :

Management it has carried out an exercise of identifying the assets that may have been impaired in case of each cash generated unit. On the basis of the review the management has informed that there was no impairment loss on fixed assets during the year under review.

e) Balance of the sundry debtors & creditors, unsecured loans taken, Banks,loan & advances given are subject to the confirmation and reconciliation. Further in case of certain bank and other accounts we have been informed that no transaction is taken place in that a/c. since long, therefore same will be subjected to reconciliation if any.

f) As informed by the management secured loan from The CKP Co-Op Bank Ltd has been paid of under the scheme of One Time Settlement arrived with the said bank. Accordingly short payment of interest and other dues has been considered as income of the current year.

g) As informed by the management no revenue have been recognized in respect of ongoing construction projects as these have not been reached at the desired level of completion as per the accounting policy of the company.

h) Expenses incurred on Preferential Issue of Shares have been adjusted from the share premium received from the issue.

i) In the opinion of the board the assets & loans & advances shown in the balance sheet are not less than the value stated, if realized in the ordinary course of the business. Further all known liabilities with reasonable certainty have been provided in the Financial Statement.

j) The revised Schedule VI has become effectively from 1st April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification/ disclosure

Note no. 1(a) : Term / right attached to the sahre

The Company has one class of share , one is equity shares having par value of Rs. 10 each. Each equity share holder is entitled on vote.

 
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