Mar 31, 2019
Company overview
1.0 Elegant Marbles And Grani Industries Limited is a company incorported in India and is listed on the Bombay Stock Exchange Ltd. The company is engaged in manufacture & trading of marble, granites & other stones tiles & slabs. The details regarding registered office, corporate office & principal place of business is disclosed in the introductory page of this Annual Report.
The Company bought back 840000 equity shares of Rs. 10 each for an aggregate value of Rs.17.22 crores being 18.67% of the total paid up equity share capital at Rs. 205 per equity share in the previous year ended 31st March, 2018. The equity shares bought back were extinguished on 30.03.2018.
(c) Terms/rights attached to equity shares :
The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
2.1 CONTINGENT LIABILITY
(i) The company has preferred appeals before the Commissioner of Income Tax (Appeals), Mumbai against the orders passed by Deputy Commissioner of Income Tax for the assessment years 2013-14 & 2014-15 raising a demand of 41,73,670/- & 7,99,670/- respectively.
(ii) The Company has executed Letter of Undertaking indemnifying the President of India against any liability that may arise on account of Goods & Service Tax provisions on goods exported by it.
3.1 POST RETIREMENT BENEFIT PLANS
Defined Benefits Plan
(i) Gratuity
The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. The Company pays gratuity to the employees whoever has completed five years of service with the Company at the time of resignation/superannuation. The gratuity is paid @ 15 days salary for every completed year of service as per the Payment of Gratuity Act, 1972.
The Company has got the valuation of its liability on account of gratuity from an authorised actuarial valuer vide his report dt.06.05.2019. The Company has provided for the liability on account of gratuity in its books of accounts on the basis of the report.
3.2 In the opinion of the management and to the best of their knowledge, the current assets, loans & advances are approximately of the value stated, if realised in the ordinary course of business, unless otherwise stated.
3.3 The Company is trying to ascertain the enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006 (the Act). Based on the details regarding the status of the suppliers, to the extent obtained, no supplier is covered under the Act.
3.4 The Company has, during the year, capitalised a sum of Rs. 43,30,000/- being deposit given for leasing of premises at Raghuvanshi Mills Compound, Senapati Bapat Marg, Mumbai, on the basis of the Consent Terms agreed before the Small Causes Court dt. 03.12.1997 and agreements dt. 02.02.1999 & 28.04.1999 entered into between Raghuvanshi Mills Limited & the Company. The terms of the agreement expressly provide that the lessor, who has taken the premises on rent from the owners, has given these premises on lease to the Company for a long period and on the occurence of the event of the lessor becoming the owners of the whole of the land & premises, the lessee, i.e., the Company, would get these premises on an ownership basis for the above sum of Rs. 43,30,000/-. The Company has provided for depreciation as per Schedule II to the Companies Act, 2013 on Straight Line Method from the date of agreements/consent terms to the current year.
3.5 Having regard to the rate of taxation, company''s income profile and other factors, the Company has not provided for deferred tax for credit for minimum alternative tax available to it.
The financial instruments are categorized into two levels based on the inputs used to arrive at fair value measurements as described below:
Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities; and
Level 2: Inputs other than the quoted prices included within Level 1 that are observable for the assets or liability, either directly or indirectly.
Liquidity Risk
Liquidity risk is the risk that suitable sources of funding for the company''s business activities may not be available. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due, so that the company is not forced to obtain funds at higher rates. The Company monitors rolling forecasts of the Company''s cash flow position and ensure that the Company is able to meet its financial obligation at all times including contingencies.
Credit Risk
Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or pay amounts due causing financial loss to the company. It arises from cash and cash equivalents, financial instruments and principally from credit exposures to customers relating to outstanding receivables. The Company deals with highly rated counter parties.
Mar 31, 2018
NOTES ANNEXED TO AND FORMING PART OF FINANCIAL STATEMENTS AS AT 31ST MARCH, 2018
24.6 CONTINGENT LIABILITY
(i) The company has preferred appeals before the Commissioner of Income Tax (Appeals), Mumbai against the orders passed by Deputy Commissioner of Income Tax for the assessment years 2013-14 & 2014-15 raising a demand of Rs 41.73 Lakhs & Rs 7.00 Lakhs respectively.
(ii) The company has preferred an appeal before the honourable Income Tax Appeallate Tribunal, Mumbai against the order for the assessment year 2012-2013 passed by Commissioner of Income Tax (Appeals), Mumbai partly confirming the addition made by the Assessing Officer. The company has paid the demand raised after given effect to the order passed by learned Commissioner of Income tax (Appeals), Mumbai.
24.7 BUY BACK OF SHARES
In accordance with Sec 68,69,70 and other applicable provisions of the Companies Act, 2013 and SEBI regulations and pursuant to the public announcement for buy back made by the Company, the Company initiated a buy back by way of tender offer through stock exchange mechanism for cash at price of Rs 205/- per equity share for an aggregate maximum amount of Rs 1,722 lakhs.
Particulars
Date of Board Meeting approving the buy back 28th Nov 2017
Date of Public Announcement 15th Jan 2018
Record Date 25th Jan 2018
Date of buy back 26th Mar 2018
No. of shares bought back 8,40,000
Face value of shares bought back ? 10
Consideration paid towards buy back (in lakhs) 1,722.00
Pursuant to buybackthe Company has adjusted premium on buybackof Rs 195/- per share aggregating Rs 1,638 lakhs, out of Securities Premium Account Rs 285 lakhs and from General Reserve Rs 1,353 lakhs. Further, an amount of Rs 84 lakhs (equivalent to the face value of shares) has been transferred to Capital Redemption Reserve.
24.8 In the opinion of the management and to the best of their knowledge, the current assets, loans & advances are approximately of the value stated, if realised in the ordinary course of business, unless otherwise stated.
24.9 The Company is trying to ascertain the enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006 (the Act). Based on the details regarding the status of the suppliers, to the extent obtained, no supplier is covered under the Act.
24.10 The Company has not provided for its gratuity liability for the current year in absence of actuarial valuation. The management has initiated efforts to appoint a certified actuarial valuer to estimate the future estimated liability on account of gratuity that may be payable by the Company.
24.11 RELATED PARTIES DISCLOSURES
a) Related parties where control exists:
i. Madhu Holdings Private Limited
ii. Eternal Holdings Private Limited
ill. Elegant Financial Services LLP
iv. Alka Granites LLP
v. Everlasting Properties LLP
vi. Peaceful Properties LLP
vii. Everfresh Properties LLP
viii. Ware Innovations LLP
viiii. KhelloKhillo Design LLP
b) Key management personnel & their relatives:
i. ShriRajeshAgrawal, Director ii. ShriRakeshAgrawal, Director iii. Ms. YogitaAgrawal, Director
iv. Shri R. S.Agrawal, father of Shri RajeshAgrawal andShri RakeshAgrawal v. Smt. AlkaAgrawal, wife of Shri RajeshAgrawal vi. Smt. DivyaAgrawal, wife of Shri RakeshAgrawal
vii. Smt. GitaAgrawal, motherof Shri RajeshAgrawal and Shri RakeshAgrawal viii. M/s. RakeshAgrawal, HUF ix. M/s. RajeshAgrawal, HUF x. ShriHiteshKothari
xi. Ms.SnehaValeja (Rs in lakhs)
As at 31st As at 31st March 2018 March 2017
c) Transactions during the year with related parties :
i. Rent paid 100.44 71.52
ii. Payment to Key Managerial personnel/Relative 67.40 65.93
iii. Sales Promotion expenses 8.59 7.30
iv. Revenue from operation 2.41
d) Disclosure in Respect of Major Related Party Transactions during the year :
i. Rent Paid
Smt. Alka Agrawal 30.00 18.00
M/s. R. S. Agrawal HUF 30.00 18.00
ShriRajeshAgrawal 20.22 8.88
ShriRakeshAgrawal 20.22 8.88
M/s. Rajesh Agrawal HUF - 8.88
M/s. Rakesh Agrawal HUF - 8.88
ii. Payment to Key Managerial Personnel/Relative
Shri Rajesh Agrawal 30.00 30.00
Shri Rakesh Agrawal 30.00 30.00
Shri Hitesh Kothari 5.35 4.20
Ms.SnehaValeja 2.05
Ms. Reshma Ramchandani - 0.25
Ms. Heena Joshi - 1.48
iii. Sales Promotion Expenses
Khello Khillo Design LLP 0.17
Ware Innovation LLP 8.42 7.30
iv. Revenue from Operation
Ware Innovation LLP 2.41
24.12 Having regard to the rate of taxation, Company''s income profile and other factors, the Company has not provided for deferred tax for credit for minimum alternative tax available to it.
24.13 Fair Valuation Measurement Hierarchy Rs in lakhs
Particulars |
As at 31st March, 2018 |
As at 31st March, 2017 |
As at 1st April, 2016 |
||||||
Carrying amount |
Level of Input use in |
Carrying amount |
Level of Input use in |
Carrying amount |
Level of Input use in |
||||
Level 1 |
Level 2 |
Level 1 |
Level 2 |
Level 1 |
Level 2 |
||||
Financial Assets |
|||||||||
At Amortised cost |
|||||||||
Investments |
1,018.21 |
- |
- |
1,830.29 |
- |
- |
2,290.16 |
- |
- |
Trade Receivable |
125.66 |
- |
- |
126.57 |
- |
- |
133.43 |
- |
- |
Cash & Bank Balance |
138.70 |
- |
- |
108.74 |
- |
- |
135.31 |
- |
- |
Other Financial Assets |
100.61 |
- |
- |
- |
- |
- |
- |
- |
- |
At FVTPL |
|||||||||
Investments |
1,277.08 |
1,277.08 |
- |
1,840.31 |
1,840.31 |
- |
556.60 |
556.60 |
- |
AT FVTOCI |
|||||||||
Investments |
5,523.19 |
5,523.19 |
- |
4,784.44 |
4,784.44 |
- |
3,408.90 |
3,408.90 |
- |
Financial Liabilities |
|||||||||
At Amortised cost |
|||||||||
Trade Payable |
793.46 |
- |
- |
1,022.32 |
- |
- |
890.38 |
- |
- |
Other Financial Liabilities |
24.37 |
- |
- |
18.78 |
- |
- |
18.93 |
- |
- |
The financial instruments are categorized into two levels based on the inputs used to arrive at fair value measurements as described below:
Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities; and
Level 2: Inputs other than the quoted prices included within Level 1 that are observable for the assets or liability, either directly or indirectly.
Liquidity Risk
Liquidity risk is the risk that suitable sources of funding for the company''s business activities may not be available. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due, so that the company is not forced to obtain funds at higher rates. The Company monitors rolling forecasts of the Company''s cash flow position and ensure that the Company is able to meet its financial obligation at all times including contingencies.
Credit Risk
Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or pay amounts due causing financial loss to the company. It arises from cash and cash equivalents, financial instruments and principally from credit exposures to customers relating to outstanding receivables. The Company deals with highly rated counter parties.
24.14 FIRST TIME IND AS ADOPTION
The Company has adopted Ind AS with effect from 1st April, 2017 with comparatives being restated. Accordingly the impact of transition has been provided in the Opening Reserves as at IstApril, 2016. The figures for the previous period have been restated, regrouped and reclassified wherever required to comply with the requirement of Ind AS and Schedule III.
Exemptions from retrospective application
Ind As 101 allows first-time adopters certain exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the following exemption
a. Property, Plant and Equipment
The Company has elected to measure all of its Property, plant and equipment and Intangible assets at their Historical cost less accumulated depreciation.
b. Estimates
The estimate as at April 1, 2016 and as at March 31, 2017 are consistent with those made for the same dates in accordance with Indian GAAP.
Effect of Ind AS adoption on the standalone balance sheet as at 31st March. 2017 and 1st April. 2016
(Rs in lakhs)
As at 31st March, |
2017 |
As |
i at 1st April, 2016 |
|||
Pervious GAAP |
Effect of transition to IND AS |
As per Ind AS Balance Sheet |
Pervious GAAP |
Effect of transition to IND AS |
As per Ind AS Balance Sheet |
|
ASSETS |
||||||
1 . Non-current assets |
||||||
Property, Plant and Equipment Financial Assets |
96.01 |
- |
96.01 |
108.37 |
- |
108.37 |
i. Investments |
6,411.37 |
2,043.67 |
8,455.04 |
5,885.87 |
709.52 |
6,595.38 |
Deferred Tax Assets |
93.60 |
- |
93.60 |
91.85 |
- |
91.85 |
Other Non-Current Assets |
40.81 |
- |
40.81 |
35.43 |
- |
35.43 |
6,641.79 |
2,043.67 |
8,685.46 |
6,121.52 |
709.52 |
6,831.03 |
|
2. Current assets |
||||||
a. Inventories |
1,083.17 |
- |
1,083.17 |
994.10 |
- |
994.10 |
b. Financial Assets |
||||||
i. Trade Receivable |
126.57 |
- |
126.57 |
133.43 |
- |
133.43 |
ii. Cash & Cash Equivalents |
102.27 |
- |
102.27 |
129.23 |
- |
129.23 |
iii. Bank Balance other than (iii) above |
6.47 |
- |
6.47 |
6.08 |
- |
6.08 |
iv. Others |
22.00 |
91.60 |
113.61 |
12.42 |
11.63 |
24.06 |
c. Current Tax Assets (Net) |
_ |
_ |
_ |
_ |
_ |
_ |
d. Other Current Assets |
168.32 |
(91.60) |
76.72 |
44.09 |
(11.63) |
32.46 |
1,508.80 |
- |
1,508.81 |
1,319.35 |
- |
1,319.36 |
|
8,150.59 |
2,043.67 |
10,194.27 |
7,440.87 |
709.52 |
8,150.39 |
|
EQUITY AND LIABILITIES |
||||||
EQUITY |
||||||
a. Equity Share Capital |
450.00 |
_ |
450.00 |
450.00 |
_ |
450.00 |
b. Other equity |
6,500.50 |
2,043.67 |
8,544.18 |
5,877.19 |
709.52 |
6,586.71 |
6,950.50 |
2,043.67 |
8,994.18 |
6,327.19 |
709.52 |
7,036.71 |
|
LIABILITIES |
||||||
1 . Current Liabilities |
||||||
a. Financial Liabilities |
||||||
i. Trade Payables |
1,022.31 |
- |
1,022.31 |
890.38 |
- |
890.38 |
ii. Other Financial liabilities |
18.78 |
- |
18.78 |
18.93 |
- |
18.93 |
b. Other Current Liabilities |
141.35 |
- |
141.35 |
185.81 |
- |
185.81 |
c. Provision |
- |
- |
- |
- |
- |
- |
d. Current tax liabilities (Net) |
17.65 |
- |
17.65 |
18.56 |
- |
18.56 |
1,200.09 |
- |
1,200.09 |
1,113.68 |
- |
1,113.68 |
|
8,150.59 |
2,043.67 |
10,194.27 |
7,440.87 |
709.52 |
8,150.39 |
Reconciliation of Profit and Other Equity between IndAS and Previous GAAP (Rs in lakhs)
Notes |
Net Profit |
Other Equity |
||
Year ended 31.03.2017 |
As at 31.03.2017 |
As at 01.04.2016 |
||
Net Profit/ Other Equity as per Previous Indian GAAP |
1 |
623.31 |
6,500.51 |
5,877.19 |
Fair value adjustment of Non-current Assets |
115.92 |
2,043.67 |
709.52 |
|
Total |
115.92 |
2,043.67 |
709.52 |
|
Net Profit befor OCI/ Other Equity as per Ind AS |
739.23 |
8,544.18 |
6,586.71 |
Effect of Ind As adoption on the statement of Profit and Loss for the year ended 31st March. 2017
As at 31st March, 2017 |
|||
INCOME |
Pervious GAAP |
Effect of transition to IN DAS |
As per Ind AS Balance Sheet |
Revenue from operations |
2,847.36 |
2,847.36 |
|
Other income |
668.16 |
(31.70) |
636.46 |
Total Revenue |
3,515.52 |
(31.70) |
3,483.82 |
EXPENSES |
|||
Cost of raw material consumed |
186.33 |
- |
186.33 |
Purchases of traded goods |
2,099.43 |
- |
2,099.43 |
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade |
(61.67) |
- |
(61.67) |
Employees benefit expenses |
154.94 |
- |
154.94 |
Finance Cost |
- |
- |
- |
Depreciation and amortization expense |
19.04 |
- |
19.04 |
Other expenses |
316.76 |
- |
316.76 |
TOTAL EXPENSES |
2,714.83 |
- |
2,714.83 |
Profit/(Loss) before tax |
800.69 |
(31.70) |
768.99 |
Tax Expense |
|||
(1) Current tax |
(179.13) |
3.57 |
(175.56) |
(2) Deferred tax (Net) |
1.74 |
- |
1.74 |
Profit/(Loss) for the year |
623.30 |
(28.13) |
595.17 |
Notes:
I Fair Valuation for Financial Assets:
The Company has Valued financial assets (other than investment in debenture & AIF Fund), at fair value. Impact of fair value changes on the date of transaction, is recognised in opening reserves and changes thereafter are recognised in Statement of Profit and Loss or Other Comprehensive Income, as the case may be.
In terms of our report of even date |
For & on behalf of the Board of Directors |
|
For SDBA & CO. |
Rajesh Agrawal |
|
Chartered Accountants |
Chairman & Managing Director |
|
(FRN : 142004W) |
||
(SANJEEV A. MEHTA) |
Hitesh Kothari |
Sneha Valeja |
Partner |
Chief Financial Officer |
Company Secretary |
M. No: 41287 |
||
Mumbai |
Mumbai |
|
May 22, 2018 |
May 22, 2018 |
Mar 31, 2017
(c) Terms/rights attached to equity shares :
The company has only one class of equity shares having a par value of '' 10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
1. Contingent Liability
(i) The Company has given guarantee to the Central Sales-tax authorities to the tune of Rs. 5,000/- only.
(ii) The assessee has preferred an appeal before the Commissioner of Income Tax (Appeals) against an order passed by Deputy Commissioner of Income Tax for the assessment years 2013-2014 & 2014-2015 raising a demand of Rs.41,73,670/- & Rs.7,99,670/respectively.
*The Company is not providing deferred tax on long term capital losses as per Income-tax Act, 1961 from the assessment year 2016-2017 onwards as the management is not certain about setting off these losses against its future taxable long term capital gains.
2. In the opinion of the management and to the best of their knowledge, the current assets, loans & advances are approximately of the value stated, if realized in the ordinary course of business, unless otherwise stated.
3. The Company is trying to ascertain the enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006 (the Act). Based on the details regarding the status of the suppliers, to the extent obtained, no supplier is covered under the Act.
4. Figures of the previous year have been regrouped and rearranged to correspond to current year''s classification.
5. Figures have been rounded off to the nearest rupee.
Mar 31, 2015
1. Terms/rights attached to equity shares :
The company has only one class of equity shares having a par value of
Rs. 10/- per share. Each holder of equity shares is entitled to one
vote per share. The company declares and pays dividends in Indian
rupees. The dividend proposed by the Board of Directors is subject to
the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholders.
2. Contingent Liability
(i) The Company has given guarantee to the Central Sales-tax
authorities to the tune of Rs. 5,000/- only.
(ii) Pending disposal of appeal by Bombay High Court, which was
preferred by the landlord against levy of Municipal taxes at a higher
rate by Brihanmumbai Municipal Corporation (BMC), the company has paid
Rs. 15,88,308/- against the demand of Rs. 21,79,918/-
(iii) The assessee has preferred an appeal before the Commissioner of
Income Tax (Appeals) against an order passed by Deputy Commissioner of
Income Tax for the assessment years 2011-2012 & 2012-2013 raising a
demand of Rs. 16,03,540/- & Rs. 43,24,579/- respectively.
3. During the year ended 31st March, 2015, the company paid a final
dividend of Rs. 2/- (year ended 31.03.2014 : Rs. 2/-) per equity
share. This includes dividend on equity shares held by key managerial
persons and their relatives at the beginning of respective financial
years. For detail of shares held by key managerial persons and their
relatives, refer note 1(b).
4. In the opinion of the management and to the best of their
knowledge, the current assets, loans & advances are approximately of
the value stated, if realised in the ordinary course of business,
unless otherwise stated.
5. Disclosure as required by Accounting Standard - 18 on "Related
Party Disclosures" issued by the Institute of Chartered Accountants of
I n d i a are as follows :
a) Related parties where control exists : b)Key management personnel &
their relatives :
i. Madhu Holdings Private Limited i. Shri Rajesh Agrawal, Director
ii. Eternal Holdings Private Limited i i. Shri Rakesh Agrawal,
Director
iii. Elegant Financial Services Limited iii. Shri R. S. Agrawal, father
of the above directors.
iv. Alka Granites Private Limited iv. Mrs. Alka Agrawal, wife of Shri
Rajesh Agrawal
v. Everlasting Properties Private Limited v. Smt. Divya Agrawal
vi. Peaceful Properties LLP vi. Smt. Gita Agrawal
vii . Everfresh Properties LLP vii. Rakesh Agrawal (HUF)
viii. Rajesh Agrawal (HUF)
6. The Company is trying to ascertain the enterprises covered under
the Micro, Small and Medium Enterprises Development Act, 2006 (the
Act). Based on the details regarding the status of the suppliers, to
the extent obtained, no supplier is covered under the Act.
7. Interest received from Religare Credit Investment Trust and IDFC
Real Estate Yield Fund is included nett of taxes in ''Interest received''
appearing under ''Note 15 - Other Income''.
8. Figures of the previous year have been regrouped and rearranged to
correspond to current year''s classification.
Mar 31, 2013
1. During the year ended 31st March, 2013, the company paid a final
dividend of Rs. 2/- (for the year ended 31.03.2012 : Rs. 2/-) per equity
share. This includes dividend on equity shares held by key managerial
persons and their relatives at the beginning of respective financial
years. For detail of shares held by key managerial persons and their
relatives, refer note 1(b).
2. Contingent Liability
(i) The Company has given guarantee to the Central Sales-tax
authorities to the tune of Rs. 5,000/- only.
(ii) Pending disposal of appeal by Bombay High Court, which was
preferred by the landlord against levy of Municipal taxes at a higher
rate by
Brihanmumbai Municipal Corporation (BMC), the company has paid Rs.
8,01,244/-against the demand ofRs. 25,57,745/- (iii)The assessee has
preferred an appeal before the Income Tax appellatre tribunal against
an order passed by Commissioner of Income Tax
(Appeals) , raising demand ofRs. 5,98,617/- on the company for the
Assessment Year 2009-2010.
3. In the opinion of the management and to the best of their
knowledge, the current assets, loans & advances are approximately of
the value stated, if realised in the ordinary course of business,
unless otherwise stated.
4. Disclosure as required by Accounting Standard - 18 on "Related
Party Disclosures" issued by the Institute of Chartered Accountants of
India are as follows :
a) Related parties where control exists : i. Madhu Holdings Private
Limited ii. Eternal Holdings Private Limited iii. Elegant Financial
Services Limited
iv. Alka Granites Private Limited
v. Everlasting Properties Private Limited
vi. Tiles and Styles India Private Limited
vii. Peaceful Properties Private Limited
viii. Everfresh Properties Private Limited
b) Key management personnel & their relatives :
i. Shri Rajesh Agrawal, Chairman & Managing Director
ii. Shri Rakesh Agrawal, Managing Director
iii. Shri R. S. Agrawal, father of the above Directors.
iv. Smt. Alka Agrawal, wife of Shri Rajesh Agrawal
v. Smt. Divya Agrawal
vi. Smt. Gita Agrawal
5. The Company is trying to ascertain the enterprises covered under
the Micro, Small and Medium Enterprises Development Act, 2006 (the
Act). based on the details regarding the status of the suppliers, to
the extent obtained, no supplier is covered under the Act.
6. Figures of the previous year have been regrouped and rearranged to
correspond to current year''s classification.
7. Figures have been rounded off to the nearest rupee.
Mar 31, 2012
1. In the opinion of the management and to the best of their
knowledge, the current assets, loans & advances are approximately of
the value stated, if realized in the ordinary course of business,
unless otherwise stated.
2. Contingent Liability
i. The Company has given guarantee to the Central Sales-tax
authorities to the tune of Rs. 5,000/- only.
ii. Pending disposal of appeal by Bombay High Court, which was
preferred by the landlord against levy of Municipal taxes at a higher
rate by Brihanmumbai Municipal Corporation (BMC), the company has paid
Rs.8,01,244/-against the demand of Rs.20,03,100/-
iii. The assesses has preferred an appeal before the Commissioner of
Income Tax (Appeals) against an order passed by Deputy Commissioner of
Income Tax, raising demand of Rs.5,98,617/- on the company for the
Assessment Year 2009-2010.
a) Other transactions
During the year ended 31st March, 2012, the company paid a final
dividend of Rs. 2/- (year ended 31.03.2011 : Rs. 2/-) per equity share.
This includes dividend on equity shares held by key managerial persons
and their relatives at the beginning of respective financial years. For
detail of shares held by key managerial persons and their relatives,
refer note 1(b).
3. The Company is trying to ascertain the enterprises covered under
the Micro, Small and Medium Enterprises Development Act, 2006 (the
Act). Based on the details regarding the status of the suppliers, to
the extent obtained, no supplier is covered under the Act.
4. Disclosure as required by Guidance Note on Accounting for Equity
Index & Equity Stock Futures and Options issued by The Chartered
Accountants of India are as follows :
Derivative contracts entered into by the company and outstanding as on
31st March, 2012:
a. There is no foreign currency exposure to the company.
b. There were no contracts of futures/options in commodities/Equity
pending as on the date of balance sheet.
5. Figures of the previous year have been regrouped and rearranged to
correspond to current year's classification.
6. Figures have been rounded off to the nearest rupee.
Mar 31, 2010
1. Contingent Liability
(i) The Company has given guarantee to the Central Sales-tax
authorities to the tune of Rs. 5000/- only.
(ii) Pending disposal of appeal by Bombay High Court, which was
preferred by the landlord against levy of Municipal taxes at a higher
rate by Brihanmumbai Municipal Corporation (BMC), the Company paid
5,87,824/- against the demand or Rs. 15,76,274/-
(iii) The assessees appeal before the Income Tax appellate tribunal
against the order passed by the Commissioner of Income Tax (Appeals)
raising demands of Rs.3,16,135/- & Rs. 54,147/- on the company for the
Assessment Years 2006-2007 & 2007-08 respectively.
2. Segment Information
The business segment has been considered as the primary segment. The
Company is organised into three main business segments, viz., Marble &
Granite, Precious Metals and investment activities. The above business
segments have been identified considering:
i. The customers;
ii. The differing risks and returns;
iii. The internal financial reporting system.
3. Disclosure as required by Accounting Standard -18 on "Related Party
Disclosures" issued by the Institute of Chartered Accountants of India
are as follows:
a) Related parties where control exists:
i. Madhu Holdings Private Limited
ii. Eternal Holdings Private Limited
iii. Elegant Financial Services Limited
iv. Alka Granites Private Limited
v. Tiles & Styles India Private Limited
vi. Everlasting Properties Private Limited
vii. Peaceful Properties Private Limited
viii. Everfresh Properties Private Limited
b) Kev management personnel & their relatives:
i. Shri Rajesh Agarwal, Director
ii. Shri Rakesh Agarwal, Director
iii. Shri R. S. Agarwal, fatherof the above Directors.
iv. Mrs. Alka Agarwal, wife of Shri Rajesh Agarwal
4. The Company is trying to ascertain the enterprises covered under
the Micro, Small and Medium Enterprises Development Act, 2006 (the
Act). Based on the details regarding the status of the suppliers, to
the extent obtained, no supplier is covered under the Act.
5. Disclosure as required by Guidance Note on Accounting for Equity
Index & Equity Stock Futures and Options issued by The Chartered
Accountants of India are as follows:
Derivative contracts entered into by the Company and outstanding as on
31 st March, 2010: a. There is no foreign currency exposure to the
Company.
c. I here were no contracts ot futures/options in commodities/bquity
pending as on the date ot balance sheet.
6. Figures of the previous year have been regrouped and rearranged to
correspond to current years classification.
7. Figures have been rounded off to the nearest rupee.