Mar 31, 2014
1. Contingent liability in respect of bills discounted with bank is
Rs. Nil.
2. There is no employee who was in receipt of remuneration, which in
aggregate was more than Rs. 60,00,000/- per annum if employed
throughout the year and not less than Rs. 5,00,000/- per month if
employed for part of the year.
3. The Company is taking necessary steps to appoint full time Company
Secretary as required under Section 203 of the Companies Act, 2013.
4. Related party disclosure:
Related parties disclosures, as required by AS-18, "Related Party
Disclosure" are given below:
(i) Key Managerial person:
Mitul J. Shah, Rajendra S. Shah.
(ii) List of entities under common control:
Abhishek Apartments Pvt. Ltd., Abhyudaya Textiles Pvt. Ltd., Bella
Apartments Pvt. Ltd., Bhavik Properties Pvt. Ltd., Darshan Apartments
Pvt. Ltd., Dharmarth Construction Pvt. Ltd., Jasumati Properties Pvt.
Ltd., Kamla Flats Pvt. Ltd., Ketan Properties Pvt. Ltd., Lalita
Apartments Pvt. Ltd., Manilal Properties Pvt. Ltd., Maulik Properties
Pvt. Ltd., Mayur Shops Pvt. Ltd., Megh Mayur Reality Pvt. Ltd., Meghna
Apartments Pvt. Ltd., Mitul Construction Pvt. Ltd., Mitul Flats Pvt.
Ltd., Mitul Hotels Pvt. Ltd., Mitul Sanjay Holdings Pvt. Ltd., Mruga
Properties Pvt. Ltd., Nami Properties Pvt. Ltd., Nutan Apartments Pvt.
Ltd., Poojan Properties Pvt. Ltd., Prabhu Prathna Apartments Pvt.
Ltd., Prabhu Pratishtha Flats Pvt. Ltd., Preeti Flats Pvt. Ltd., Rutvan
Hotels Pvt. Ltd., Sanjay Flats Pvt. Ltd., Sarswat Properties Pvt. Ltd.,
Sarthak Proeprties Pvt. Ltd., Sarthi Properties Pvt. Ltd., Sumeru
Properties Pvt. Ltd., Sumeru Textiles Pvt. Ltd., Sunish Apartments Pvt.
Ltd., Tribhavan Properties Pvt. Ltd., Vandan Properties Pvt. Ltd.,
Vasupunjay Construction Pvt. Ltd., Vimalnath Properties Pvt. Ltd., Java
Realities Pvt. Ltd., Silver Arch Flats Pvt. Ltd., Shruti Park Pvt.
Ltd., Sanskruti Flats Pvt. Ltd., Samarth Flats Pvt. Ltd., Samrat
Apartments Pvt. Ltd., Sashwat Park Pvt. Ltd., Siddhchal Properties Pvt.
Ltd., Siddharth Flats Pvt. Ltd., Megh Mayur Associates, Chimanlal
Corporation, Samruddhi Corporation, Arihant Corporation, Darshan Ratna
Buildcon LLP.
5. Inventories:
Closing Stock - WIP is valued at cost consisting of land development,
construction, development, administration and other expenses or market
value whichever is lower.
6. Computation of Deferred Tax Liabilities:
Deferred tax assets, in respect of carried forward losses of prior
years, have not been recognised in the books as there is neither
virtual certainty nor any convincing evidence that sufficient future
taxable income will be available against which such deferred tax assets
can be realised.
Mar 31, 2013
(1) Accounting Policies:
Significant accounting policies adopted in the preparation and the
presentation of the accounts are stated as under. These accounting
policies adopted by the company are as per standard accounting
practices prescribed by the Institute of Chartered Accountants of
India:
1) Current tax is the amount of Income Tax ascertained on the basts of
assessable profit computed in accordance with the provision of Income
Tax Act, 1961.
2) Deferred tax is recognised on timing differences, being the
differences between the taxable income and the accounting income that
originate in one period and are capable of reversal in one or more
subsequent at the reporting date. Deferred tax is measured using the
tax rates and the tax laws enacted or substantially enacted as at the
reporting date. Deferred tax iiabilities are recognised for all timing
differences. Deferred tax assets in respect of unabsorbed depreciation
and carry forward of losses are recognised only if there is virtual
certainty that there will be sufficient future taxable income available
to realize such assets. Deferred tax assets are recognised for timing
differences of other items only to the extent that reasonable certainty
exists that sufficient future taxable income will be available against
which these can be realized. Deferred tax assets and liabilities are
offset if such items relate to taxes on income levied by the same
governing tax laws and the company has a legally enforceable right for
such set off. Deferred tax assets are reviewed at each Balance Sheet
date for their realisability.
(2) Contingent liability in respect of bills discounted with bank is
Rs. Nil.
(3) There is no employee who was in receipt of remuneration, which in
aggregate was more than Rs. 60,00,000/- per annum if employed
throughout the year and not less than Rs. 5,00,000/- per month if
employed for part of the year.
(4) The Company is taking necessary steps to appoint full time Company
Secretary as required under Section 383A of the Companies Act, 1956.
(5) Related party disclosure:
Related parties disclosures, as required by AS-18, "Related Party
Disclosure" are given below:
(i) Key Managerial person:
Mitul J. Shah, Rajendra S. Shah, Jagdishbhal M. Shah
(ii) List of entities under common control:
Abhishek Apartments Pvt. Ltd., Abhyudaya Textiles Pvt. Ltd., Bella
Apartments Pvt. Ltd., Bhavik Properties Pvt. Ltd., Darshan Apartments
Pvt. Ltd., Dharmarth Construction Pvt. Ltd., Jasumati Properties Pvt.
Ltd., Kamla Flats Pvt. Ltd., Ketan Properties Pvt. Ltd., Lalita
Apartments Pvt. Ltd., Manilal Properties Pvt. Ltd., Maullk Properties
Pvt. Ltd., Mayur Shops Pvt. Ltd., Megh Mayur Reality Pvt. Ltd., Meghna
Apartments Pvt. Ltd., Mitul Construction Pvt. Ltd., Mitul Flats Pvt.
Ltd., Mitul Hotels Pvt. Ltd., Mitul Sanjay Holdings Pvt. Ltd., Mruga
Properties Pvt. Ltd., Nami Properties Pvt. Ltd., Nutan Apartments Pvt.
Ltd., Poojan Properties Pvt. Ltd., Prabhu Prathna Apartments Pvt. Ltd.,
Prabhu Pratishtha Rats Pvt. Ltd., Preeti Flats Pvt. Ltd., Rutvan Hotels
Pvt. Ltd., Sanjay Flats Pvt. Ltd., Sarswat Properties Pvt. Ltd.,
Sarthak Proeprties Pvt. Ltd., Sarthi Properties Pvt. Ltd., Sumeru
Properties Pvt. Ltd., Sumeru Textiles Pvt. Ltd., Sunish Apartments
Pvt. Ltd., Tribhavan Properties Pvt. Ltd., Vandan Properties Pvt. Ltd.,
Vasupunjay Construction Pvt. Ltd., Vimalnath Properties Pvt. Ltd., Java
Realities Pvt. Ltd., Silver Arch Flats Pvt. Ltd., Shruti Park Pvt.
Ltd., Sanskruti Flats Pvt. Ltd., Samarth Flats Pvt. Ltd., Samrat
Apartments Pvt. Ltd., Sashwat Park Pvt. Ltd., Siddhchal Properties Pvt.
Ltd., Siddharth Flats Pvt. Ltd., Megh Mayur Associates, Chimanlal
Corporation, Samruddhi Corporation, Arihant Corporation,
(6) Inventories:
Closing Stock - WIP is valued at cost consisting of land development,
construction, development, administration and other expenses or market
value whichever is lower.
(7) Computation of Deferred Tax Liabilities:
Deferred tax assets, in respect of carried forward losses of prior
years, have not been recognised in the books as there is neither
virtual certainty nor any convincing evidence that sufficient future
taxable income will be available against which such deferred tax assets
can be realised.
Mar 31, 2012
(1) Contingent liability in respect of bills discounted with bank is
Rs. Nil.
(2) There is no employee who was in receipt of remuneration, which in
aggregate was more than Rs. 60,00,000/- per annum if employed
throughout the year and not less than Rs. 5,00,000/- per month if
employed for part of the year.
(3) The Company is taking necessary steps to appoint full time Company
Secretary as required under Section 383A of the Companies Act 1956.
(4) Related party disclosure:
Related parties disclosures, as required by AS-18, "Related Party
Disclosure" are given below:
(i) Key Managerial person:
Mitul J. Shah, Rajendra S. Shah, Jagdishbhai M. Shah "
(ii) List of entities under common control:
Abhishek Apartments Pvt. Ltd., Abhyudaya Textiles Pvt. Ltd., Bella
Apartments Pvt. Ltd., Bhavik Properties Pvt. Ltd., Darshan Apartments
Pvt. Ltd., Dharmarth Construction Pvt. Ltd., Jasumati Properties Pvt.
Ltd., Kamla Flats Pvt. Ltd., Ketan Properties Pvt. Ltd., Lalita
Apartments Pvt. Ltd., Manilal Properties Pvt. Ltd., Maulik Properties
Pvt. Ltd., Mayur Shops Pvt. Ltd., Megh Mayur Reality Pvt. Ltd., Meghna
Apartments Pvt. Ltd., Mitul Construction Pvt. Ltd., Mitul Flats Pvt.
Ltd., Mitul Hotels Pvt. Ltd., Mitul Sanjay Holdings Pvt. Ltd., Mruga
Properties Pvt. Ltd., Nami Properties oëëë- it-rt Muhan Anartments Pvt.
Ltd., Poojan Properties Pvt. Ltd.,
Preeti Flats Pvt. Ltd., Rutvan Hotels Pvt. Ltd., Sanjay Flats Pvt.
Ltd., Sarswat Properties Pvt. Ltd., Sarthak Proeprties Pvt. Ltd.,
Sarthi Properties Pvt. Ltd., Sumeru Properties Pvt. Ltd., Sumeru
Textiles Pvt. Ltd., Sunish Apartments Pvt. Ltd., Tribhavan Properties
Pvt. Ltd., Vandan Properties Pvt. Ltd., Vasupunjay Construction Pvt.
Ltd., Vimalnath Properties Pvt. Ltd., Java Realities Pvt. Ltd., Silver
Arch Flats Pvt. Ltd., Shruti Park Pvt. Ltd., Sanskruti Flats Pvt. Ltd.,
Samarth Flats Pvt. Ltd., Samrat Apartments Pvt. Ltd., Sashwat Park Pvt.
Ltd., Siddhchal Properties Pvt. Ltd., Siddharth Flats Pvt. Ltd., Megh
Mayur Associates, Chimanlal Corporation, Samruddhi Corporation, Arihant
Corporation,
(5) Previous years' figures have been regrouped and / or rearranged
wherever necessary.
(6) Inventories:
(i) The inventories comprise of land and building purchased by the
company from its related party Megh Mayur Reality Pvt. Ltd. at an
original cost of Rs. 40,00,000; vide sale agreement dated 22-03-2007.
The company had paid the consideration in full for the transaction and
consequently acquired possession of the said property. On the basis of
these facts, the company had recorded the said land and building as
fixed assets and claimed depreciation thereon till 31-03-2011. However,
the land and building have not been registered in the name of the
company till date.
(ii) The object clause of the company permits it to carry on the
business of construction. With an intention of applying its resources
to the attainment of its object, the company has, vide a resolution in
the board meeting held on 01-04-2011, converted the land and building
from Fixed asset into Stock-in-Trade, The land and building have been
recorded in the books on written down value of the same on 01- 04-2011
Mar 31, 2011
(1) Contingent liability in respect of bills discounted with bank is
Rs. Nil.
(2) There is no employee who was in receipt of remuneration, which in
aggregate was more than Rs.24,00,000/- per annum if employed
throughout the year and not less than Rs.2,00,000/- per month if
employed for part of the year.
(3) The Company is taking necessary steps to appoint full time Company
Secretary as required under Section 383A of the Companies Act, 1956.
(4) Related party disclosure:
Related parties disclosures, as required by AS-18, "Related Party
Disclosure" are given below:
(i) Key Managerial person:
Mitul J. Shah and Rajendra S. Shah .
(ii) List of Companies under common control:
Abhishek Apartments Pvt. Ltd., Abhyudaya Textiles Pvt. Ltd., Bella
Apartments Pvt. Ltd., Bhavik Properties Pvt. Ltd., Darshna Apartments
Pvt. Ltd., Dharmarth Construction Pvt. Ltd., Jasumati Properties Pvt.
Ltd., Kamla Flats Pvt. Ltd., Ketan Properties Pvt. Ltd., Lalita
Apartments Pvt. Ltd., Manilal Properties Pvt. Ltd., Maulik Properties
Pvt. Ltd., Mayur Shops Pvt. Ltd., Megh Mayur Reality Pvt. Ltd., Meghna
Apartments Pvt. Ltd., Mitul Construction Pvt. Ltd., Mitul Flats Pvt.
Ltd., Mitul Hotels Pvt. Ltd., Mitul Sanjay Holdings Pvt. Ltd., Mruga
Properties Pvt. Ltd., Nami Properties Pvt. Ltd., Nutan Apartments Pvt.
Ltd., Poojan Properties Pvt. Ltd., Prabhu Prathna Apartments Pvt. Ltd.,
Prabhu Pratishtha Flats Pvt. Ltd., Preeti Flats Pvt. Ltd., Rutvan
Hotels Pvt. Ltd., Sanjay Flats Pvt. Ltd., Sarswat Properties Pvt. Ltd.,
Sarthak Proeprties Pvt. Ltd., Sarthi Properties Pvt. Ltd., Sumeru
Properties Pvt. Ltd., Sumeru Textiles Pvt. Ltd., Sunish Apartments Pvt.
Ltd., Tribhavan Properties Pvt. Ltd., Vandan Properties Pvt. Ltd.,
Vasupunjay Construction Pvt. Ltd., Vimalnath Properties Pvt. Ltd., Java
Realities Pvt. Ltd., Silver Arch Flats Pvt. Ltd., Shruti Park Pvt.
Ltd., Sanskruti Flats Pvt. Ltd., Samarth Flats Pvt. Ltd., Samrat
Apartments Pvt. Ltd., Sashwat Park Pvt. Ltd., Siddhchal Properties
Pvt. Ltd.
(5) Previous years' figures have been regrouped and / or rearranged
wherever necessary.
(6) The Company has provided depreciation on the value of the Land
which was purchased along with Building in the F.Y. 2006-2007. The
amount of depreciation provided on the land has been reversed and shown
as a prior period item.
Note: The above Cash Flow Statement has been prepared under the
'Indirect Method' as set out in the AS-3 on the Cash Flow Statement
issued by the ICAI.
Mar 31, 2010
(1) Contingent liability in respect of bills discounted with bank is
Rs. Nil.
(2) There is no employee who was in receipt of remuneration, which in
aggregate was more than Rs.24,00,000/- per annum if employed
throughout the year and not less than Rs.2,00,000/- per month if
employed for part of the year.
(3) The Company is taking necessary steps to appoint full time Company
Secretary as required under Section 383A of the Companies Act, 1956.
(4) Related party disclosure:
Related parties disclosures, as required by AS-18, "Related Party
Disclosure" are given