Mar 31, 2015
1.In terms of Accounting Standard (AS 22) on "Accounting for Taxes on
Income" issued by the Institute of Chartered Accountants of India, the
company has computed Deferred Tax Asset as there is virtual certainty
supported by convincing evidence that there would be sufficient future
taxable income that would be available for set off.
Contingent Liabilities not provided for in respect of
As at As at
31st March, 2015 31stMarch,2014
Amount Amount
Rs. In Lacs Rs. In Lacs
(a) Show Cause Notice from
Central Excise Authorities 1.42 1.42
(b) Estimated Liability in
respect of Suit filed by Ex Workers 10.00 5.00
of the Company in Labour Court.
(c) Claims not acknowledged as debt 2.06 2.06
(d) Income Tax :
The company was served notices under Sec. 147 of the Income Tax Act,
1961 for Assessment Years 2004-05, 2005-06 and 2006-07 relating to sale
of property of the company by the erstwhile management. The company
filed the returns for the said three years on the basis of which the
the Assessing Officer passsed orders enhancing the income for the said
assessment years. The company has appealed against the orders of the
assessing officer with the Commissioner of Appeals.(CIT Appeals.)
The status of the Assessments for these assessment years is as under:
A.Y. 2004-05
The Commissioner of Income Tax (Appeals) had upheld the order of the
assessing officer.
The company has preferred an appeal to the Income Tax Appellate
Tribunal against this order.
A.Y. 2005-06
The company has been granted substantial reliefs by the Commissioner of
Income Tax (Appeals).
The Income Tax Department as well as the company have approached the
Income Tax Appellate
Tribunal on certain points relating to the order.
A.Y. 2006-07
The company has approached the Income Tax Appellate Tribunal by way of
an appeal against the order of the Commissioner of Income Tax Appeals.
In none of the above assessments any additional tax outgo is envisaged
and hearings are yet to take place.
Note 2
a) The company was hitherto jointly developing an area admeasuring 2159
sq. mtrs of slum property with Mr. Vaibhav Kokate. During the year the
company has entered into a partnership with Mr. Kokate in a firm named
Shree Swami Samarth Builders and Developers (SSSBD) wherein the company
has contributed to 50% of the capital of the partnership.
b) By virtue of a registered deed the company has transferred
development rights pertaining to 2159 sq. mtrs owned by it to the
partnership firm SSSBD. Mr. Kokate has also transferred land belonging
to him into the partnership. In lieu of the company transferring the
development rights it would be entitled to a percentage of the saleable
area post the merger of the two land parcels which would be delivered
to the company post obtaining the Occupation Certificate by SSSBD.
c) Further the company is entitled to 50% share in the profits of the
firm SSSBD less what it would have received during the pendency of the
project.
d) There is a mortgage created on the Land and Receivables of the
company in favour of ICICI Bank Ltd against term loans sanctioned by
them to Shree Swami Samarth Builders and Developers.
Note 3
Balances of sundry debit and credit balances are subject to
confirmation from them.
On the basis of information furnished by the Management, the Board is
of the opinion that Current Assets, Loans & advances have a value on
realization in the ordinary course of the business at least equal to
the amount at which they are stated in the Accounts except those items
which are shown as doubtful or bad.
Note 4
Figures of the Previous Year are regrouped wherever necessary.
Mar 31, 2014
1) Revenue:
Revenue in respect of realty development activities is recognized upon
the transfer of significant risks and rewards to the buyer in terms of
the underlying sale agreement, provided it is not unreasonable to
expect ultimate collection.
2) Contingent Liabilities not provided for in respect of :-
31.03.14 31.03.13
Amount Amount
Rs. In Lacs Rs. In Lacs
a) Show Cause Notice from Central
Excise Authorities 1.42 1.42
b) Estimated Liability in respect
of Suit filed by Ex Workers 10.00 5.00
of the Company in Labour Court.
c) Claims not acknowledged as debt 2.06 2.06
d) Income Tax:
The company was served notices under Sec. 147 of the Income TaxAct,
1961 for Assessment Years 2004- 05, 2005-06 and 2006-07 relating to
sale of property of the company by the erstwhile management. The
company filed the returns for the said three years on the basis of
which the the Assessing Officer passsed orders enhancing the income for
the said assessment years. The company has appealed against the orders
of the assessing officerwith the Commissioner of Appeals.(CIT Appeals.)
The status of the Assessments forthese assessment years is as under:
AY. 2004-05
The Commissioner of Income Tax (Appeals) had upheld the order pf the
assessing officer. The company has preferred an appeal to the Income
Tax Appellate Tribunal against this order.
AY 2005-06
The company has been granted substantial reliefs by the Commissioref of
Income Tax (Appeals).
The Income Tax Department as well as the company have approached the
Income Tax Appellate Tribunal on certain points relating to the order.
AY 2006-07
The company has approached the Income Tax Appellate Tribunal by way
ofanapeal against the order of the Commissioner of Income Tax Appeals.
In none of the above assessments any additional tax outgo is envisaged
and hearings are yet to take place.
3) The company has made substantial progress in the Slum Rehabilitation
Project in Bhandup. The Rehabilitation Building has been completed and
company has generated substantial Transferable Development Rights(TDR)
Surplus TDR has been sold during the year.
During the year under review the company has realized revenue of Rs.
126.10 lakh being share of its TDR (Transfer of Development Right)
entitlement generated from the Slum Rehabilitation Project undertaken
by it.
4) a) Disclosure ofthe transactions with related parties as required by
Accounting Standard 18(AS-18) On » RELATED PARTY DISCLOSURES " issued
by the Institute of Chartered Accountants oflndia.
5) (a) Balances of sundry debtors & creditors are subject to
confirmation from them.
(b) On the basis of information furnished by the Management , the Board
is of the opinion that Current Assets, Loans & advances have a value on
realization in the ordinary course of the business at least equal to
the amount at which they are stated in the Accounts except those items
which are shown as doubtful or bad.
6) Figures of the Previous Year are regrouped wherever necessary
Mar 31, 2013
1) Revenue:
Revenue in respect of realty development activities is recognized upon
the transfer of significant risks and rewards to the buyer in terms of
the underlying sale agreement, provided it is not unreasonable to
expect ultimate collection.
2) Contingent Liabilities not provided for in respect of :-
31.03.13 31.03.12
Amount Amount
Rs. In Lacs Rs. In Lacs
a) Show Cause Notice from Central
Excise Authorities 1.42 1.42
b) Estimated Liability in respect
of Suit filed by Ex-Workers 5.00 5.00
of the Company in Labour Court.
c) Claims not acknowledged as debt 2.06 2.06
d) Income Tax:
The company was served notices under Sec. 147 of the Income Tax Act,
1961 for Assessment Years 2004-05, 2005-06 and 2006-07 relating to sale
of property of the company by the erstwhile management. The company
filed the returns for the said three years on the basis of which the
Assessing Officer passed orders enhancing the income for the said
assessment years.
The company has appealed against the Orders of the Assessing Officer
with the Commissioner of Appeals.(CITAppeals.)
The status of the Assessments for these assessment years is as under:
AY. 2004-05
The Commissioner of Income Tax (Appeals) had upheld the order of the
Assessing Officer. The Company has preferred an appeal to the Income
Tax Appellate Tribunal against this order.
AY 2005-06
The Company has been granted substantial reliefs by the Commissioner of
Income Tax (Appeals). The Income Tax Department as well as the company
have approached the Income Tax Appellate Tribunal on certain points
relating to the Order.
AY 2006-07
The Company has approached the Income Tax Applllate Tribunal byway of
an appeal against the order of the Commissioner of Income TaxAppeals.
In none of the above assessments any additional tax outgo is envisaged
and hearings are yet to take place.
3) The Company has made substantial progress in the Slum Rehabilitation
Project in Bhandup. The Rehabiltaton Building has been completed and
has generated substantial Transfer of Development Rights(TDR) which
would be used in the project for areas intended for sale. On the basis
of current estimates there would be substantial TDR for sale as well.
The sale area has generated considerable interest.
Note: The above information has been determined to the extent such
parties have been identified on the basis of information provided by
the company and approved by the management, which has been relied upon
by the auditors.
4) (a) Balances of sundry debtors & creditors are subject to
confirmation from them.
(b) On the basis of information furnished by the Management , the Board
is of the opinion that Current Assets, Loans & advances have a value on
realization in the ordinary course of the business at least equal to
the amount at which they are stated in the Accounts except those items
which are shown as doubtful orbad.
5) Figures of the Previous Year arere group edwherever necessary
Mar 31, 2012
1) Contingent Liabilities not provided for in respect of :-
31.03.12 31.03.11
Amount Amount
Rs. In Lacs Rs. In Lacs
a) Show Cause Notice from Central
Excise Authorities 1.42 1.42
b) Estimated Liability in respect
of Suit filed by Ex Workers 5.00 5.00
of the Company in Labour Court.
c) Claims not acknowledged as debt 2.06 2.06
d) Income Tax:
The company was served notices under Sec. 147 of the Income Tax Act,
1961 for Assessment Years 2004-05, 2005-06 and 2006-07 relating to sale
of property of the company by the erstwhile management. The company
filed the returns for the said three years on the basis of which the
Assessing Officer passed orders enhancing the income for the said
assessment years. The company has appealed against the orders of the
assessing officer with the Commissioner of Appeals. (CIT Appeals.)
The status of the Assessments for these assessment years is as under:
A.Y. 2004-05
The Commissioner of Income Tax (Appeals) had upheld the order of the
assessing officer. The company has preferred an appeal to the Income
Tax Appellate Tribunal against this order.
A.Y. 2005-06
The company has been granted substantial reliefs by the Commissioner of
Income Tax (Appeals). The Income Tax Department as well as the company
have approached the Income Tax Appellate Tribunal on certain points
relating to the order.
A.Y. 2006-07
The company has approached the Income Tax Appellate Tribunal by way of
an appeal against the order of the Commissioner of Income Tax Appeals.
In none of the above assessments any additional tax outgo is envisaged.
2) During the year, the company has completed the initial phase of its
operations in the Slum Development project upto 25% and has
transferred/sold the same. The sale consideration is determined on the
basis of a valuation undertaken by an independent firm of Chartered
Accountants and further authenticated by a firm of independent
architects. Sale agreement with the buyer is yet to be registered. The
sale has resulted in a profit that has been reflected in the Profit and
Loss Account. In view of substantial carry forward of assessed business
losses and unabsorbed depreciation there would be no Income Tax
Liability. As agreed upon with the buyer, liability of indirect taxes
if any arising out of such sale would be burned by the buyer.
3) During the year the company has paid 1.74 Cr. towards reimbursement
of construction expenses borne on our behalf by the counterpart of the
Joint Development of the Slum Development Project.
4) Disclosure of the transaction with related parties as required by
Accounting Standard 18 (AS-18) on "RELATED PARTY DISCLOSURE" issued by
the Institute of Chartered Accountants of India.
A) Related Parties Relationship
1) Marathon Realty Pvt. Ltd Associate Concerns
2) Fiber Box Bombay Pvt Ltd Associate Concerns
Note: The above information has been determined to the extent such
parties have been identified on the basis of information provided by
the company and approved by the management, which has been relied upon
by the auditors.
5) (a) Balances of sundry debtors & creditors are subject to
confirmation from them.
(b) On the basis of information furnished by the Management, the Board
is of the opinion that Current Assets, Loans & advances have a value on
realization in the ordinary course of the business at least equal to
the amount at which they are stated in the Accounts except those items
which are shown as doubtful or bad.
6) Figures of the Previous Year are regrouped wherever necessary.
Mar 31, 2011
1) The Company is jointly developing a slum property under the
guidelines of the Slum Rehabilitation Authority.The slum property is
situated in the Eastern Suburbs of Mumbai. The work in the project is
progressing as per schedule.
2) a) Disclosure of the transactions with related parties as required
by Accounting Standard 18 (AS18) On " RELATED PARTY DISCLOSURES "
issued by the Institute of Chartered Accountants of India. 1) List of
Related Parties & Relationship
A) Related Parties. Relationship
1) Marathon Realty Pvt.Ltd Associate Concern
2) Fiber Box Bombay Pvt Ltd Associate Concern
Note: The above information has been determined to the extent such
parties have been identified on the basis of information provided by
the company and approved by the management, which has been relied upon
by the auditors.
b) In terms of Accounting Standard (AS 22) on "Accounting for Taxes on
Income" issued by the Institute of Chartered Accountants of India,
there is a net deferred tax asset for the past years, in view of
Unabsorbed depreciation/Losses. In Compliance with the Provisions of
the Accounting Standard, the company has not recognized the said
deferred tax asset while preparing the account for the year under
audit.
3 (a) Balances of sundry debtors & creditors are subject to
confirmation from them.
(b) On the basis of information furnished by the Management , the Board
is of the opinion that Current Assets, Loans & advances have a value on
realization in the ordinary course of the business at least equal to
the amount at which they are stated in the Accounts except those items
which are shown as doubtful or bad.
Mar 31, 2010
1) Contingent Liabilities not provided for in respect of :-
31.03.10 31.03.09
Amount Amount
Rs. in Lacs Rs. in Lacs
a) Show Cause Notice from Central
Excise Authorities 1.42 1.42
b) Estimated Liability in respect
of Suit filed by Ex Workers 5.00 5.00
of the Company in Labour Court.
c) Claims not acknowledged as debt 2.06 2.06
d) Income Tax :
During the year the Company was served notices under Sec. 147 of the
Income Tax Act 1961 for Assessment Years 2004-05, 2005-06 and 2006-07
relating to sale of property of the company by the erstwhile
management. The company filed the returns for the said three years on
the basis of which the the Assessing Officer passsed orders enhancing
the income for the said assessment years. The company has appealed
against the orders of the assessing officer with CIT(A). The company
has been advised that on the basis of merits of the case, there is a
fair chance of the orders being set aside at the appellate level. In
the remote event that the orders of the assessing officer are upheld at
the Appellate level the income so determined would be set off by the
assessed carried forward lossess and unabsorbed depreciation that is
available to the company. Accordingly no additional provision for tax
is necessary.
2) a) Disclosure of the transactions with related parties as required
by Accounting Standard 18 (AS - 18) on "RELATED PARTY DISCLOSURES "
issued by the Institute of Chartered Accountants of India.
b) In terms of Accounting Standard (AS 22) on "Accounting for Taxes on
Income" issued by the Institute of Chartered Accountants of India,
there is a net deferred tax asset for the past years, in view of
Unabsorbed depreciation/Losses. In Compliance with the Provisions of
the Accounting Standards, the company has not recognized the said
deferred tax asset while preparing the account for the year under
audit.
3 (a) Balances of sundry debtors & creditors are subject to
confirmation from them.
(b) On the basis of information furnished by the Management , the Board
is of the opinion that Current Assets, Loans & advances have a value on
realization in the ordinary course of the business at least equal to
the amount at which they are stated in the Accounts except those items
which are shown as doubtful or bad.
4 Information pursuant to provisions of paragraphs 3 , 4 , 4A , 4B , 4C
& 4D of part II of the Schedule VI to the Companies Act, 1956 to the
extent applicable.
5 Figures of the Previous Year are regrouped wherever necessary.
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