Mar 31, 2016
1. Rights, preferences and restrictions attached to shares
The company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in 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 : OTHER ADDITIONAL NOTES / INFORMATION A Contingent Liability not provided for:
Demands/claims by various Government Authorities not acknowledged as debts and contested by the company:
3. Income Tax Rs.1.84 lacs (Prev.Yr. Rs. 1.84) [Appeal filed with the C.I.T.(Appeals), Mumbai for Assessment Year 2011-12 ]
4. Income Tax Rs.2.64 lacs (Prev.Yr. Rs.2.64) [Appeal filed with the C.I.T.(Appeals), Mumbai for Assessment Year 2012-13 ]
5. Income Tax Rs.1.62 lacs (Prev.Yr. Rs. Nil) [Appeal filed with the C.I.T.(Appeals), Mumbai for Assessment Year 2013-14 ]
6. Mahrashtra VAT Rs. 357.06 lacs (Prev. Yr. Rs.357.06 Lacs) [Appeal filed with Deputy Commissioner of Sales Tax (Appeals) for the Financial year 2008-2009
It is not practicable for the company to estimate the timings of cash outflows, if any, in respect of the above pending matters.
7. The Company has exposure to currency fluctuations. It does not hedge its position as the management feels it does not have any material impact as the company is importer as well as exporter of goods and services.
8. Under Micro, Small and Medium Enterprise Development Act, 2006; (MSMED) which came in to force from October 2, 2006, certain disclosures are to made relating to Micro, Small and Medium Enterprises. On the basis of information available with the company, no such parties are being identified, hence no disclosure have been made in accounts. However, in view of the management, the impact of interest if any, that may be payable in accordance to the provisions of this act is not expected to be material.
9. Related Party Disclosure:
10. List of Parties which significantly influence / are influenced by the company (either individually or with others) -:
11. Relationships :
12. Key Management Personnel :
Mr. Milan B. Khakhar
Mr. Prakash B. Khakhar
13. Subsidiaries :
Granitexx UK Ltd.,U.K.
Stone Source GB Ltd.,U.K.
14. Associate Concern :
Global Instile Solid Industries Ltd.
15. Relatives of Key Management personnel and Enterprise owned and significantly influenced by Key Management personnel or their relatives Milan Marble & Tiles Vasumati B. Khakhar Jeenoo Khakhar Shraddha Khakhar
16 : Related party relationship on the basis of the requirements of Accounting Standard 18 (AS-18) is as identified by the Company and relied upon by the Auditors
17. Transactions carried out with Related parties referred to in 1 above, in ordinary course of business :
18. Lease :
Disclosure as required by Accounting Standard 19 (AS-19) issued by the The Institute of Chartered Accountants of India are as follows :
Operating Lease :
The Company''s significant leasing arrangements are in respect of office premises, warehouse and showrooms taken on lease. The arrangements are generally not Non-Cancellable and range from 33 months to 60 months by giving 1 month to 3 months notice for termination of lease. Under these agreements, generally refundable interest-free deposits have been given. In respect of above arrangement, lease rentals payable are recognized in the Statement of Profit and Loss for the year. Total of Minimum Lease payment for a period is:
19. Figures of previous year have been regrouped or rearranged wherever necessary
Mar 31, 2015
NOTE 1 : OTHER ADDITIONAL NOTES / INFORMATION
A Contingent Liability not provided for:
Demands/claims by various Government Authorities not acknowledged as
debts and contested by the company:
a. Income Tax Rs,1.19 lacs (Prev.Yr. Rs, 1.19 lacs) [Appeal filed with
the Income Tax Appellate Tribunal, Mumbai for Assessment Year 2009-10]
b. Income Tax Rs,.1.84 lacs (Prev.Yr. Rs, 1.84) [Appeal filed with the
C.I.T.(Appeals), Mumbai for Assessment Year 2011-12]
c. Income Tax Rs, 2.64 lacs (Prev.Yr. Rs, Nil) [Appeal filed with the
C.I.T.(Appeals), Mumbai for Assessment Year 2012-13]
d. Mahrashtra VAT Rs, 357.06 lacs (Prev. Yr. Rs, Nil) [Appeal filed
with Deputy Commissioner of Sales Tax (Appeals) for the Financial year
2008-2009
B The Company has exposure to currency fluctuations. It does not hedge
its position as the management feels it does not have any material
impact as the company is importer as well as exporter of goods and
services.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2015
C Under the Micro, Small and Medium Enterprise Development Act, 2006;
(MSMED) which came in to force from October 2, 2006, certain
disclosures are to made relating to Micro, Small and Medium Enteprises.
On the basis of information available with the company, no such parties
are being identified, hence no disclosure have been made in accounts.
However, in view of the management, the impact of interest if any, that
may be payable in accordance to the provisions of this act is not
expected to be material.
C Related Party Disclosure:
a) List of Parties which significantly influence / are influenced by
the company (either individually or with others) -: 1) Relationships :
(a) Key Management Personnel : Mr. Milan B. Khakhar
Mr. Prakash B. Khakhar
(b) Subsidiaries : Granitexx UK Ltd.,U.K. Stone Source GB Ltd.,U.K.
(c) Associate Concern :
Global Instile Solid Industries Ltd.
(d) Relatives of Key Management personnel and Enterprise owned and
significantly influenced by Key Management personnel
or their relatives
Milan Marble & Tiles
Vasumati B. Khakhar
Jeenoo Khakhar
Shraddha Khakhar Note : Related party relationship on the basis of the
requirements of Accounting Standard 18 (AS-18) is as identified by the
Company and relied upon by the Auditors
Mar 31, 2014
NOTE 1 : NATURE OF OPERATIONS
Solid Stone Company Limited is primarily engaged in the business of
natural stones, building materials and allied building business
activities. The company presently has manufacturing facilities in
Palghar and Retail outlets at Mumbai and Delhi
(a) Rights, preferences and restrictions attached to shares
The company has one class of equity shares having a par value of Rs. 10
per share. Each shareholder is eligible for one vote per share held.
The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting,
except in 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.
Nature of security:
Working Capital facilities from banks are secured on pari passu basis,
by way of hypothecation of inventories, book debts and receivables both
present and future and further secured by way of equitable mortgage of
company''s factory and machinery and equipments as well as equitable
mortgage over factory and machinery and equipments of M/s. Global
Instile Solid Industries Limited (Related party).
NOTE 2 : OTHER ADDITIONAL NOTES / INFORMATION
A Contingent Liability not provided for:
Demands/claims by various Government Authorities not acknowledged as
debts and contested by the company:
a. Income Tax Rs. 1.19 lacs (Prev.Yr. Rs. 1.19 lacs) [Appeal filed
with the Income Tax Appellate Tribunal, Mumbai for Assessment Year
2009-10]
b. Income Tax Rs. 1.84 lacs (Prev.Yr. Rs. Nil) [Appeal filed with the
C.I.T.(Appeals), Mumbai for Assessment Year 2011-12]
It is not practicable for the company to estimate the timings of cash
outflows, if any, in respect of the above pending matters.
B The Company has exposure to currency fluctuations. It does not hedge
its position as the management feels it does not have any material
impact as the company is importer as well as exporter of goods and
services.
C Under the Micro, Small and Medium Enterprise Development Act, 2006;
(MSMED) which came in to force from October 2, 2006, certain
disclosures are to made relating to Micro, Small and Medium Enteprises.
On the basis of information available with the company, no such parties
are being identified, hence no disclosure have been made in accounts.
However, in view of the management, the impact of interest if any, that
may be payable in accordance to the provisions of this act is not
expected to be material.
G Segment Information:
The Company is primarly engaged in the business of natural stones,
building material and allied building activities which is considered as
a single segment.
Mar 31, 2013
NOTE 1 : NATURE OF OPERATIONS
Solid Stone Company Limited is primarily engaged in the business of
natural stones, building materials and allied building business
activities. The company presently has manufacturing facilities in
Palghar and Retail outlets at Mumbai and Delhi
A Contingent Liability not provided for:
Demands / claims by various Government Authorities not acknowledged as
debts and contested by the company: a. Income Tax Rs. 1.19 lacs
(Prev.Yr. Rs. 1.19 lacs) [Appeal filed with the Income Tax Appellate
Tribunal, Mumbai] It is not practicable for the company to estimate the
timings of cash outflows, if any, in respect of the above pending
matters.
B The Company has exposure to currency fluctuations. It does not hedge
its position as the management feels it does not have any material
impact as the company is importer as well as exporter of goods and
services.
C Under the Micro and Small enterprieses under Micro, Small and Medium
Enterprise Development Act, 2006; (MSMED) which came in to force from
October 2, 2006, certain disclosures are to made relating to Micro,
Small and Medium Enteprises. On the basis of information available with
the company, no such parties are being identified, hence no disclosure
have been made in accounts. However, in view of the management, the
impact of interest if any, that may be payable in accordance to the
provisions of this act is not expected to be material.
D Related Party Disclosure:
a) List of Parties which significantly influence / are influenced by
the company (either individually or with others) -:
1) Relationships :
(a) Key Management Personnel :
Mr. Milan B. Khakhar
Mr. Prakash B. Khakhar
(b) Subsidiaries :
Granitexx UK Ltd.,U.K.
Stone Source GB Ltd.,U.K.
(c) Associate Concern :
Global Instile Solid Industries Ltd.
(d) Relatives of Key Management personnel and Enterprise owned and
significantly influenced by Key Management personnel or their relatives
Milan Marble & Tiles
Vasumati B. Khakhar
Jeenoo Khakhar
Shraddha Khakhar
Note : Related party relationship on the basis of the requirements of
Accounting Standard 18 (AS-18) is as identified by the Company and
relied upon by the Auditors
Mar 31, 2012
NOTE 1 : NATURE OF OPERATIONS
Solid Stone Company Limited is primarily engaged in the business of
natural stones, building materials and allied building business
activities. The company presently has manufacturing facilities in
Palghar and Retail outlets at Mumbai and Delhi
(a) Rights, preferences and restrictions attached to shares
The company has one class of equity shares having a par value of Rs.10
per share. Each shareholder is eligible for one vote per share held.
The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting,
except in 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.
Nature of security:
Working Capital facilities from banks are secured on pari passu basis,
by way of hypothecation of inventories, book debts and receivables both
present and future and further secured by way of equitable mortgage of
company's factory and machinery and equipments as well as equitable
mortgage over factory and machinery and equipments of M/s. Global
Instile Solid Industries Limited (Related party).
NOTE 2 : OTHER ADDITIONAL NOTES / INFORMATION_
A Contingent Liability not provided for:
Demands / claims by various Government Authorities not acknowledged as
debts and contested by the company: a. Income Tax Rs.1.19 lacs
(Prev.Yr. Rs.NIL) [Appeal filed with the Commissioner of Income Tax
(Appeals), Mumbai] It is not practicable for the company to estimate
the timings of cash outflows, if any, in respect of the above pending
matters.
B The Company has exposure to currency fluctuations. It does not hedge
its position as the management feels it doesnot have any material
impact as the company is importer as well as exporter of goods and
services.
C Under the Micro and Small enterprieses under Micro, Small and Medium
Enterprise Development Act, 2006; (MSMED) which came in to force from
October 2, 2006, certain disclosures are to made relating to Micro,
Small and Medium Enteprises. On the basis of information available with
the company, no such parties are being identified, hence no disclosure
have been made in accounts. However, in view of the management, the
impact of interest if any, that may be payable in accordance to the
provisions of this act is not expected to be material.
D Lease :
Disclosure as required by Accounting Standard 19 (AS-19) issued by the
Institute of Chartered Accountants of India are as follows:
E Operating Lease :
The Company's significant leasing arrangements are in respect of office
premises, warehouse and showrooms taken on lease. The arrangements are
generally not Non-Cancellable and range from 33 months to 60 months.
Under these agreements, generally not refundable interest-free-deposits
have been given. In respect of above arrangement, lease rentals payable
are recognised in the Statement of Profit and Loss for the year. Total
of Minium Lease payment for a period is :
F The Central Government vide notification SO. 447 (E) dated February
28, 2011, has revised the Schedule VI under the Companies Act, 1956 and
the same has become applicable for the Financial Statements to be
prepared for the financial year commencing on or after April 1, 2011.
Accordingly, the Company has reclassified the previous year figures to
conform to this year's classification. The adoption of the revised
Schedule VI does not impact the recognition and measurement principles
followed for the presentation of the Financial Statements.
G Figures of previous year have been shown in bracket.
Mar 31, 2011
1. Deposits include Rs.100 lakhs (Previous year Rs.100 lakhs) being
Interest free security deposit for lease of premises from a firm in
which some of the Directors are interested, (Maximum Amount due Rs.100
lakhs; Previous Year Rs.100 lakhs) and Rs. 75 lakhs (Previous year Rs.
75 lakhs) from some of the Directors (Maximum Amount due Rs. 75 lakhs;
Previous year 75 lakhs)
2. Under the Micro, Small and Medium Enterprises Development Act, 2006
which came into force from October 2, 2006, certain disclosures are
required to be made relating to Micro, Small & Medium Enterprises. On
the basis of information available with the company, no such parties
are being indentified, hence no disclosure have been made in accounts.
However, in view of the management, the impact of interest, if any,
that may be payable in accordance with the provisions of this Act is
not expected to be material.
3. Segment Reporting : The Company is primarily engaged in the
business of natural stones, building material and allied building
activities which is considered as a single segment
4. In the opinion of the Management, the value on realisation of
current assets, loans and advances in the ordinary course of business
will not be less than the amount at which they are stated in the
Balance Sheet
5. Sundry Creditors, Debtors, Loans and Advances are subject to
confirmation and/or reconciliation
6. Related Parties Disclosure :
1) Relationships :
(a) Key Management Personnel :
Mr. Milan B. Khakhar
Mr. Prakash B. Khakhar
(b) Subsidiaries Companies
Granitexx UK Ltd.,U.K.
Stone Source GB Ltd.,U.K.
(c) Other Related Parties where control exists :
Global Instile Solid Industries Ltd.
Universal Tiles & Stone Co. Ltd.
(d) Relatives of Key Management Personnnel and their
Enterprises, where transactions have taken place :
Milan Marble & Tiles
Vasumati B. Khakhar
Jeenoo Khakhar
Shraddha Khakhar
Note : Related party relationship on the basis of the requirements of
Accounting Standard 18 (AS-18) is as identified by the Company and
relied upon by the Auditors
7. Lease :
Disclosure as required by Accounting Standard 19 (AS-19) issued by the
The Institute of Chartered Accountants of India are as follows :
Operating Lease :
The Company's significant leasing arrangements are in respect of office
nremises, warehouse and showrooms taken on lease. The arrangements are
generally from 33 months to 60 months. Under these agreements,
generally refundable interest-free deposits have been given. In respect
of above arrangement, lease rentals payable are recognised in the
Profit and Loss Account for the year.
8. Previous year's figures have been recasted/regrouped wherever
necessary.
Mar 31, 2010
A) OTHER NOTES TO ACCOUNTS
1. The company had allotted 3,00,000 Equity Share Warrants on
Preferential basis to entities other than Promoters in
January/February, 2008. Each warrant carried option / entitlement to
subscribe to one equity share of Rupees 10/- each at a premium of
Rs.105 per share. The option on the said Warrants has since not been
exercised and the Application Money received thereon has been forfeited
and transferred to Capital Reserve Account.
2. Deposits include Rs.100 lakhs (Previous year Rs.100 lakhs) being
Interest free security deposit for lease of premises from a firm in
which some of the Directors are interested, (Maximum Amount due Rs.100
lakhs; Previous Year Rs.100 lakhs).
3. Under the Micro, Small and Medium Enterprises Development Act, 2006
which came into force from October 2, 2006, certain disclosures are
required to be made relating to Micro, Small & Medium Enterprises. On
the basis of information available with the company, no such parties
are being indentified, hence no disclosure have been made in accounts.
However, in view of the management, the impact of interest, if any,
that may be payable in accordance with the provisions of this Act is
not expected to be material.
4. Segment Reporting : The Company has only one reportable segment
namely "Natural Stone Products".
5. In the opinion of the Management, the value on realisation of
current assets, loans and advances in the ordinary course of business
will not be less than the amount at which they are stated in the
Balance Sheet
6. Sundry Creditors, Debtors, Loans and Advances are subject to
confirmation and/or reconciliation.
7. Related Parties Disclosure : 1) Relationships :
(a) Key Management Personnel : Mr. Milan B. Khakhar
Mr. Prakash B. Khakhar
(b) Subsidiaries Companies : Granitexx UK Ltd.,U.K.
Stone Source GB Ltd.,U.K.
(c) Other Related Parties where control exists : Global Instile Solid
Industries Ltd. Universal Tiles & Stone Co. Ltd.
(d) Relatives of Key Management Personnnel and their Enterprises, where
transactions have taken place : Milan Marble & Tiles
Vasumati B. Khakhar Jeenoo Khakhar Shraddha Khakhar
Note : Related party relationship on the basis of the requirements of
Accounting Standard 18 (AS-18) is as identified by the Company and
relied upon by the Auditors
8. Lease :
Disclosure as required by Accounting Standard 19 (AS-19) issued by the
The Institute of Chartered Accountants of India are as follows :
Operating Lease : The Companys significant leasing arrangements are in
respect of office premises, warehouse and showrooms taken on lease. The
arrangements are generally from 33 months to 60 months. Under these
agreements, generally refundable interest-free deposits have been
given. In respect of above arrangement, lease rentals payable are
recognised in the Profit and Loss Account for the year.
Total of Minimum lease payment for a period :- Under these agreements,
generally refundable interest-free deposits have been given. In respect
of above arrangement, lease rentals payable are recognised in the
Profit and Loss Account for the year.
9. Previous years figures have been recasted/regrouped wherever
necessary.
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