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Notes to Accounts of Skyline Millars Ltd.

Mar 31, 2015

The Company has in May 2015 received Sales Tax Demand of Rs. 439 lacs in respect of Assessment Orders passed by the Sales Tax Officer under BST Act, 1959 & CST Act, 1956 for the financial years 2001-02 to 2004- 05. As per legal opinion received from the tax consultants, the Company has already filed appeals disputing the said demands including interest and penalty. Taking into account the advice received from the tax consultants, in respect of the said demands, the Company has already made a provision of Rs. 56.93 lacs in the accounts for the financial year ended 31st March, 2015 & the balance Rs. 382.35 lacs has been shown under 'Contingent Liabilities'.

1. Income Tax Assessments are completed upto the Assessment year 2012-13 in terms of order issued under section 143 (3) of the Income Tax Act, 1961. The company does not expect any liability for the pending assessments.

2. In terms of the Development Agreement dated 31.12.2003 and Supplementary Agreements dated 30.01.2004 and 01.03.2004 respectively entered into with Skyline Residency Pvt. Ltd. for development of the Company's land at Kurla-Kirol Road, Ghatkopar (W), admeasuring 35,577.89 Sq. Mtrs., the Company was entitled to upfront consideration of Rs. 1,440 Lacs and 74,446 Sq. ft. saleable area.

The Company has accounted for the said amount of Rs. 1,440 Lacs towards the upfront consideration during the financial year ended 31st March, 2004. The details of entitlement of the Company of 74, 446 Sq. ft. saleable area is as under:

3. Company has filed a suit on Nesco Ltd. (Formerly known as New Standard Engineering Co. Ltd) for the recovery of its Security Deposit of Rs. 15,00,000/- along with interest.

34) DUES TO MICRO AND SMALL ENTERPRISES :

Disclosure of payable to vendors under the "Micro, Small and Medium Enterprise Development Act, 2006 ('MSMED Act') " is based on the information available with the Company regarding the status of registration of such vendors under the said Act, as per the intimation received from them on requests made by the Company. This has been relied upon by the auditors.

There are no overdue principal amounts/interest payable amounts for delayed payments to such vendors at the Balance sheet date. There are no delays in payment made to such suppliers during the year or for any earlier years and accordingly there is no interest paid or outstanding interest in this regard.

4. EMPLOYEE BENEFITS

i) Short Term employee benefits:

The liability towards short term employee benefits for the year ended 31st March 2014 has been recognized in the Statement of Profit and Loss.

ii) Post-employment benefits:

The following disclosures are made in accordance with AS-15(Revised) pertaining to Defined Benefit Plans.

5. Previous year's figures have been rearranged and regrouped wherever necessary to correspond with the figures of the current year.


Mar 31, 2014

1) SHARE CAPITAL

Terms / Rights attached to Equity Shares

The Company has only one class of shares refereed to as Equity Shares having a par value of Rs.1/- per share. Each holder of Equity Shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. Payment of Dividend is also made in foreign currency to shareholders outside India. The Dividend (if any) proposed by the Board of Directors is subject to the approval of the share holders at the Annual General Meeting, except in the case of Interim Dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

2) (a) Sales Tax Assessments of Mumbai Division are completed upto the year 2002-03 and of Karamsad (Gujarat) Division upto year 2009-10. The Company does not expect any liability for the pending assessments.

(b) Income Tax Assessments are completed upto the Assessment year 2010-11 in terms of order issued under section 143 (3) of the Income Tax Act, 1961. The company does not expect any liability for the pending assessments.

3) In terms of the Development Agreement dated 31.12.2003 and Supplementary Agreements dated 30.01.2004 and 01.03.2004 respectively entered into with Skyline Residency Pvt. Ltd. for development of the Company''s land at Kurla-Kirol Road, Ghatkopar (W), admeasuring 35,577.89 Sq. Mtrs. The Company was entitled to upfront consideration of Rs. 1,440 Lacs and 74,446 Sq. ft. saleable area.

4) Company has filed a suit on Nesco Ltd. (Formerly known as New Standard Engineering Co. Ltd) for the recovery of its Security Deposit of Rs. 15,00,000/- along with interest.

5) Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006 (''MSMED Act'') are provided as under for the year 2013-14, to the extent the Company has received intimation from the "Suppliers" regarding their status under the Act.

(i) Principal amount due to suppliers registered under the MSMED Act and remaining unpaid as at yearend - Rs. NIL (Previous year Rs. 54,426/-).

(ii) Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditors.

(iii) No provision has been made in the Accounts for interest, as no amount has been claimed from the Company under the interest on delayed payments by micro and small scale enterprises.

6) EMPLOYEE BENEFITS

i) Short Term employee benefits:

st The liability towards short term employee benefits for the year ended 31 March 2014 has been recognized in the Statement of Profit and Loss.

ii) Post-employment benefits:

The following disclosures are made in accordance with AS-15(Revised) pertaining to Defined Benefit Plans

7) RELATED PARTY DISCLOSURES

Associates Parties with whom transactions have been taken place during the year.

Names Nature of relation

a) GMM Pfaudler Ltd. Associate

b) Millars Concrete Technologies Pvt. Ltd. Associate

c) Glass Lined Equipment Co. Ltd. Associate

d) Skyline Residency Pvt. Ltd. Associate

e) Dietrich Engg Consultant India Pvt. Ltd. Associate

f) Symphony Associate

Key Management Personnel

Mr. Ashok J Patel Promoter - Non Executive Director

Mr. Tarak A. Patel Promoter - Non Executive Director

Mr. Jatin V. Daisaria Promoter - Non Executive Director

Mr. Shilpin K. Tater Promoter - Non Executive Director

Mr. Maulik H. Dave Promoter - Non Executive Director

Mr. Nilesh M. Kaul Chief Operating Officer

Mr. Shivakumar Aiyar Financial Controller (w.e.f. Dec. 6, 2013)

Mr. Dhawal J. Vora Dy. G. M. Finance & Company Secretary

8) Previous year''s figures have been rearranged and regrouped wherever necessary to correspond with the figures of the current year.


Mar 31, 2013

1.1 Basis of preparation of financial statements (a) Basis of Preparation:

The financial statements have been prepared in accordance with Generally Accepted Accounting Principles (GAAP) in India and presented under the historical cost convention on accrual basis of accounting to comply with the accounting standards prescribed in the Companies (Accounting Standards) Rules, 2006 and with the relevant provisions of the Companies Act, 1956.

(b) Use of Estimates:

The preparation of financial statements in conformity with Generally Accepted Accounting Principles (GAAP) in India requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities on the date of financial statements and reported amounts of income and expenses during the period.

2) CONTINGENT LIABILITIES AND COMMITMENTS

AS AT AS AT Particulars 31.03.2013 31.03.2012

a) Contingent Liabilities

i) Claims against the Company not acknowledged as debts 3,14,72,636 3,14,72,636

ii) Bank Guarantees given 1,74,987 7,38,216

b) Commitments

Estimated amount of Contracts remaining to be 5,38,04,942 12,22,03,738 executed on Capital account and not provided for

3) (a) Sales Tax Assessments of Mumbai Division are completed upto the year 2002-03 and of Karamsad

(Gujarat) Division upto year 2007-08. The Company does not expect any liability for the pending assessments. (b) Income Tax Assessments are completed upto the Assessment year 2009-10 in terms of order issued under section 143 (3) of the Income Tax Act, 1961. The Company does not expect any liability for the pending assessments.

4) In terms of the Development Agreement dated 31.12.2003 and Supplementary Agreements dated 30.01.2004 and 01.03.2004 respectively entered into with Skyline Residency Pvt. Ltd. for development of the Company''s land at Kurla-Kirol Road, Ghatkopar (W), admeasuring 35,577.89 Sq. Mtrs. the Company was entitled to upfront consideration of { 1,440 Lacs and 74,446 Sq. ft. saleable area.

The Company has accounted for the said amount of { 1,440 Lacs towards the upfront consideration during the financial year ended 31st March, 2004. The details of entitlement of the Company of 74,446 Sq. ft. saleable area is as under:

5) Company has filed a suit on Nesco Ltd. (Formerly known as New Standard Engineering Co. Ltd) for the recovery of its Security Deposit of { 15,00,000/- along with interest.

6) Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006 (''MSMED Act'') are provided as under for the year 2012-13, to the extent the Company has received intimation from the "Suppliers" regarding their status under the Act.

(i) Principal amount due to suppliers registered under the MSMED Act and remaining unpaid as at year end { 54,426/- (Previous year { 66,969/-).

(ii) Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditors.

(iii) No provision has been made in the Accounts for interest, as no amount has been claimed from the Company under the interest on delayed payments by micro and small scale enterprises.

7) Employee Benefits

i) Short Term employee benefits:

The liability towards short term employee benefits for the year ended 31st March, 2013 has been recognized in the Statement of Profit and Loss.

ii) Post-employment benefits:

The following disclosures are made in accordance with AS-15(Revised) pertaining to Defined Benefit Plans

8) Previous year''s figures have been rearranged and regrouped wherever necessary to correspond with the figures of the current year.


Mar 31, 2012

1.1 Basis of preparation of financial statements

(a) Basis of Preparation:

The financial statements have been prepared in accordance with Generally Accepted Accounting Principles (GAAP) in India and presented under the historical cost convention on accrual basis of accounting to comply with the accounting standards prescribed in the Companies (Accounting Standards) Rules, 2006 and with the relevant provisions of the Companies Act, 1956.

(b) Use of Estimates:

The preparation of financial statements in conformity with Generally Accepted Accounting Principles (GAAP) in India requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities on the date of financial statements and reported amounts of income and expenses during the period.

(c) Presentation and disclosures in financial statements:

For the year ended 31stMarch, 2012, the revised Schedule VI notified under the Companies Act, 1956 is applicable to Company, for presentation and disclosure in financial statements. The Company has reclassified the previous year's figures in accordance with the revised Schedule VI as applicable in the current year.

2) CONTINGENT LIABILITIES AND COMMITMENTS

AS AT AS AT

Particulars 31.03.2012 31.03.2011

Rs. Rs.

a) Contingent Liabilities

i) Claims against the Company not 3,14,72,636 3,14,72,636 acknowledged as debts

ii) Bank Guarantees given 7,38,216 17,53,000

b) Commitments

Estimated amount of Contracts remaining to be 12,22,03,738 8,34,00,000 executed on Capital account and not provided for

3) a) Sales Tax Assessments of Mumbai Division are completed up to the year 2002-03 and of Karamsad

(Gujarat) Division up to year 2007-08. The Company does not expect any liability for the pending assessments.

(b) Income Tax Assessments are completed up to the Assessment year 2009-10 in terms of order issued under section 143 (3) of the Income Tax Act, 1961. The Company does not expect any liability for the pending assessments.

4) In terms of the Development Agreement dated 31.12.2003 and Supplementary Agreements dated 30.01.2004 and 01.03.2004 respectively entered into with Skyline Residency Pvt. Ltd. for development of the Company's land at Kurla-Kirol Road, Ghatkopar (W), admeasuring 35,577.89 Sq. Mtrs. the Company was entitled to upfront consideration of Rs. 1,440 Lacs and 74,446 Sq. ft. saleable area.

The Company has accounted for the said amount of Rs. 1,440 Lacs towards the upfront consideration during the financial year ended 31st March, 2004. The details of entitlement of the Company of 74,446 Sq. ft. saleable area is as under:

5) Company has filed a suit on Nesco Ltd. (Formerly known as New Standard Engineering Co. Ltd) for the recovery of its Security Deposit of Rs.15,00,000/-along with interest.

6) Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006 are provided as under for the year 2011-12, to the extent the Company has received intimation from the "Suppliers" regarding their status under the Act.

i) Principal amount due to suppliers registered under the MSMED Act and remaining unpaid as at year-end - Rs. 66,969/- (Previous year Rs.81,201/-).

ii) Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditors.

iii) No provision has been made in the Accounts for interest, as no amount has been claimed from the Company under the interest on delayed payments by micro and small scale enterprises.

7) Employee Benefits

i) Short Term employee benefits:

The liability towards short term employee benefits for the year ended 31st March, 2012 has been recognized in the Statement of Profit and Loss.

ii) Post-employment benefits:

The following disclosures are made in accordance with AS-15(Revised) pertaining to Defined Benefit Plans

8) Previous year's figures have been rearranged and regrouped wherever necessary to correspond with the figures of the current year.


Mar 31, 2010

1. Estimated amount of Contracts remaining to be executed on Capital account and not provided for Rs. 25.69 Crores (Previous Year Rs. 22.14 Crores) for which advance has been Paid Rs. 3.59 Crores (Previous Year Rs. 3.40 Crores)

2. Contingent Liabilities not provided for:

(a) Claims against the company not acknowledged as debts Rs. 3,14,72,636/- (PreviousYearRs. 3,14,72,636/-).

D.G.B.R. Rs. 2,68,79,162/-

AVN Tubes Ltd. Rs. 11,80,000/-

Other Customers Rs. 19,13,474/-

Employees Rs. 15,00,000/- (b) Bank Guarantees-Outstanding letter of Credit Rs. 18,79,450/-(Previous Year Rs. 25,82,787/-)

3. (a) Sales Tax Assessments of Mumbai Division are completed upto the year 2002-03 and of Karamsad (Gujarat) Division upto year 2006-07. The Company does not expect any liability for the pending assessments.

(b) Income Tax Assessments are completed upto the Assessment year 2007-08 in terms of order issued under section 143 (3) of the Income Tax Act, 1961. The Company does not expect any liability for the pending assessments.

4. In terms of the Development Agreement dated 31.12.2003 and Supplementary Agreements dated 30.01.2004 and 01.03.2004 respectively entered into with Skyline Residency Pvt. Ltd. for development of the Companys land at Kurla-Kirol Road, Ghatkopar (W), admeasuring 35,577.89 Sq. Mtrs, the Company was entitled to upfront consideration of Rs. 1,440 Lacs and 74,446 Sq. ft. saleable area.

The Company has accounted for the said amount of Rs. 1,440 Lacs towards the upfront consideration during the financial year ended 31st March, 2004. The details of entitlement of the Company of 74,446Sq.ft. saleable area is as under:

5. Administrative and General Expenses includes a sum of Rs. 2,09,055/- (Previous Year Rs. 2,18,879/-) paid to Auditors being Rs. 1,10,300/- (Previous Year Rs. 1,12,360/-) as Audit Fees, Rs. 27,575/- (Previous Year Rs. 39,326/-) for Tax Audit, Rs. 66,180/- (Previous Year Rs. 39,399/-) for certification & other work, Rs. Nil (Previous Year Rs. 27,794/-) paid for other services and Rs. 5,000/- as out of pocket expenses.

6. Company has filed a suit on Nesco Ltd. (Formerly known as New Standard Engineering Co. Ltd) for the recovery of its Security Deposit of Rs. 15,00,000/- along with interest.

7. (a) Sundry Creditors include Rs. 2,00,498/- (Previous year Rs. 1,52,966/-) due to Micro and Small

Scale Eenterprises. The parties to whom the amounts outstanding for more than 45 days as at 31stMarch, 2010 are as under: Sr. No. Vendor Name

i RubyForgings

ii Bombay Machine Tools

iii Shah Udyog

iv Hansu Controls Ltd

v Indo Hydraulics (Bombay)

vi Speed O Controls Pvt. Ltd

(b) The Micro, Small and Medium Enterprises have been identified by the Company from the available information, which has been relied upon by the auditors.

(c) No provision has been made in the Accounts for interest, as no amount has been claimed from the Company under the interest on delayed payments by micro and small scale enterprises.

8. Deferred Tax :

In view of the uncertainty as regards sufficient future taxable income against which deferred tax assets can be realised, deferred tax assets are not recognised to the extent of operating losses.

9. RELATED PARTY DISCLOSURES

Associates Parties with whom transactions have been taken place during the year

a) GMM Pfaudler Ltd

b) Pedershaab Millars India Pvt. Ltd.

c) Glass Lined Equipment Co. Ltd.

d) Skyline Residency Pvt. Ltd.

e) J. V. Patel & Co. (Finance)

f) An kit Overseas

g) Elecon Engineering Co. Ltd.

(Shri Ashok J. Patel resigned from Directorship w.e.f. 29.04.2009)

Key Management Personnel

Mr. Ashok J. Patel - Non Executive Director

Mr. Tarak A. Patel - Non Executive Director

Mr. Jatin V. Daisaria - Non Executive Director

Mr. Jaysinh A. Dave - Non Executive Director resigned w.e.f. 23.04.2010

Mr. Jitendra M. Tater - Non Executive Director resigned w.e.f. 14.10.2009

Mr Shilpin K. Tater - Non Executive Director appointed w.e.f. 14.10.2009

Mr Maulik H. Dave - Non Executive Director appointed w.e.f. 23.04.2010

10 Previous years figures have been rearranged and regrouped wherever necessary to correspond with the figures of the current year.

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