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Notes to Accounts of Solid Stone Company Ltd.

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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