Mar 31, 2018
1. CORPORATE INFORMATION
The Company is engaged in advertising, selling of space for advertisement in print media and public relations business. The Company is a public company domiciled in India and is incorporated under the provisions of the Companies Act applicable in India. Its shares are listed on three recognized stock exchanges in India. The registered office of the company is located at Pressman House, 10A, Lee Road, Kolkata, West Bengal 700020.
2. BASIS OF PREPARATION
The financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time).
For all periods up to and including the year ended 31 March 2017, the Company prepared its financial statements in accordance with accounting standards notified under the section 133 of the Companies Act 2013, read together with relavent rules thereunder. These financial statements for the year ended 31 March 2018 are for the first time prepared in accordance with Ind AS. (Refer to note 34(c) for information on how the Company adopted Ind AS).
The financial statements have been prepared on an accrual basis and in accordance with the historical cost convention, unless otherwise stated. All assets and liabilities are classified into current and non-current generally based on the criteria of realisation/settlement within a twelve month period from the balance sheet date.
(b) Terms / rights attached to equity shares
The Company has issued equity shares having par value of Rs. 2 per share. Each holder of an equity share is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.
In the event of liquidation of the Company, after distribution of all preferential amounts, the remaining assets of the company will be distributed to equity shareholders in proportion to their shareholding.
3) DIVIDEND
Board of directors have recommended dividend @ 70% (Rs. 1.40 per share) amounting to 7 396.33 lakh including dividend distribution tax thereon subject to approval of shareholders in the ensuing Annual General Meeting and the amount of dividend including tax has not been recognised as a liability as at 31st March, 2018.
4) GRATUITY PLAN
The Company has a defined benefit gratuity plan for its employees. Every employee who has completed five years or more of service is entitled to gratuity at the rate of 15 days last drawn salary for each completed year of service, in terms of Payment of Gratuity Act, 1972. The scheme is funded with Life Insurance Corporation of India in the form of a qualifying insurance policy.
The following tables summarize the components of net benefit expense recognised in the Statement of Profit and Loss and the funded status and amounts recognised in the Balance Sheet for the respective plans.
5) As per information and records available with the Company, there are no reportable amount of dues on account of principal and interest or any such payments during the year as required by Micro, Small and Medium Enterprises Development Act, 2006, in respect of Micro Enterprises and Small Enterprises as defined in the Act. As a result no disclosure in this respect is made in the Financial Statements.
6) SEGMENT INFORMATION
The Companyâs business activity falls within a single business segment i.e. advertising, selling of space for advertisement in print media and public relations and hence no additional disclosure other than those already made in the financial statements are required under Ind AS 108 âOperating Segmentsâ. The Company at present operates in India only and therefore the analysis of geographical segment is not applicable.
7) CSR EXPENDITURE
The company required to spend under section 135 of the Companies Act, 2013 for the year ended 31 st March, 2018 a sum of Rs. 14.50 lakh (previous year Rs. 11.83 lakh). The Company has acutally spend Rs. 14.56 lakh (previous year Rs. 34.33 lakh) towards corporate social responsibility expenditure.
b) Fair value hierarchy:
The fair value hierarchy Is based on Inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and consists of the following three levels:
- Level 1 â Inputs are prices (unadjusted) in active markets for identical assets or liabilities.
- Level 2 â Inputs are other than prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
- Level 3 â Inputs are not based on observable market data (unobservable inputs). Fair value is determined in whole or in part using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.
c) Valuation techniques and key inputs:
Level 1: The value of mutual funds are based on market price (NAV).
Level 2: At present the Company has no such financial assets or financial liabilities which are required to measure by this level of hierarchy.
Level 3: Investments in equity instruments, cost has been considered as an appropriate estimate of fair value because of a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range.
8) FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES
The Companyâs principal financial liabilities comprise trade and other payables only. The main purpose of these financial liabilities is to finance the Companyâs operations. The Company''s principal financial assets include investments at fair value, trade and other receivables and cash and cash equivalents.
The Company is exposed to market risk and credit risk. The Companyâs senior management monitors these risks and is supported by professional managers who advise on financial risks and assist in preparing the appropriate financial risk governance framework. It provides assurance to the senior management that the financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Companyâs policies and risk objectives. The Board of Directors reviews and approves policies for managing each of these risks which are summarized below:
(a) Market risk
Market risk is the risk when the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Financial instruments affected by market risk include FVTPL Investments only. Market risk comprises only the fluctuations in the net asset value of the respective funds. Reports on the investment portfolio are submitted to the Companyâs senior management on a regular basis. The Board of Directors reviews and approves all investment decisions.
(b) Commodity risk
As the Company is the service provider only, price volatility of commodities do not directly affect the company.
(c) Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions. The Company only deals with parties which has sound worthiness based on internal assessment.
9) CAPITAL MANAGEMENT
The Companyâs objective for capital management is to maximize shareholder value, safeguard business continuity and support the growth. The Company determines the capital requirement based on annual operating plans and long-term and other strategic investment plans. The Company is not subject to any externally imposed capital requirements.
10) Disclosure as per Ind AS 101 on first time adoption Exemptions and exceptions availed
These financial statements, for the year ended 31st March, 2018, are the first, the company has prepared in accordance with Ind AS. For the periods up to and including the year ended 31st March, 2017, the Company prepared its financial statements in accordance with the accounting standards notified under section 133 of the Companies Act 2013, read with relevient rules thereunder.
Accordingly, the company has prepared its financial statements to comply with Ind AS for the year ending 31st March, 2018, together with comparative date as at end for the year ended 31st March, 2017, as described in the summary of significant accounting policies. In preparing these financial statements, the company''s opening balance sheet was prepared as at 1st April, 2016, the company''s date of transition to Ind AS.
In preparing these Ind AS financial statements, the Company has availed certain exemptions and exceptions in accordance with Ind AS 101, as explained below. The resulting difference between the carrying values of the assets and liabilities in the financial statements as at the transition date under Ind AS and Previous GAAP have been recognised directly in retained earnings.
A Optional Exemptions from retrospective application
Optional Exemptions from retrospective application Ind AS 101 permits first-time adopters certain exemptions from retrospective application of certain requirements under Ind AS. The Company has elected to apply the following optional exemptions from retrospective application:
1) Deemed cost for property, plant and equipment
The Company has elected to measure all its property, plant and equipment at the Previous GAAP carrying amount as its deemed cost on the date of transition to Ind AS.
B Mandatory Exceptions from retrospective application
The following mandatory exceptions have been applied in accordance with Ind AS 101 in preparing the financial statements.
(a) Estimates
The estimates as at 1 st April, 2016 and 31 st March, 2017 are consistent with those made for the same dates in accordance with Indian GAAP(after adjustments to reflect any differences if any, in accounting policies). The estimates used by the company to present these amounts in accordance with Ind AS reflect conditions as at the transition date and as of 31st March, 2017.
(b) Derecognition of financial assets and financial liabilities
The company has elected to apply the derecognition requirements for financial assets and financial liabilites in Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS.
(c) Classification and measurement of financial assets
The company has classified the financial assets in accordance with Ind AS 109 on the basis of facts and circumstances that exist at the date of transition to Ind AS.
C Notes to the reconciliation of equity as at 1st April, 2016 and 31st March, 2017 and total comprehensive income for the year ended 31st March, 2017.
1 Investments
Under Previous GAAP, the mutual funds were measured at cost or market value, whichever Is lower. Under Ind AS, the Company has designated these Investments at fair value through profit or loss (FVTPL). Accordingly, these Investments are required to be measured at fair value. At the date of transition to Ind AS, difference between the fair value of the instruments and the carrying value under Previous GAAP has been recognised in retained earnings. Fair value changes are recognised in the Statement of Profit and Loss for the year ended 31st March, 2017
2 Employee Benefit expenses and Acturial loss or gain
Both under Indian GAAP and Ind AS, the Company recognised costs related to its post employment defined benefit plan on acturial basis. Under Indian GAAP the entire cost including acturial gains and losses are charged to profit or loss. Under Ind AS acturial gains and losses are recognised in balance sheet through other comprehensive income. Related deferred tax asset has also been adjusted.
3 Other Equity
i. Adjustments to retained earnings and other comprehensive income has been made in accordance with Ind AS when ever required for the above mentioned line items.
ii. In addition as per Ind AS 19, acturial gains and losses are recognised in other comprehensive income as compared to being recognised in the statement of profit and loss under Indian GAAP
4 There were no significant reconciliation items between cash flows prepared under Indian GAAP and those prepared Ind AS.
11) STANDARDS ISSUED BUT NOT YET EFFECTIVE
On March 28, 2018, the Ministry of Corporate Affairs (MCA) has notified Ind AS 115 - Revenue from Contract with Customers and certain amendment to existing Ind AS. These amendments shall be applicable to the Company from April 01,2018.
(a) Issue of Ind AS 115 - Revenue from Contracts with Customers
Ind AS 115 will supersede the current revenue recognition guidance including Ind AS 18 Revenue, Ind AS 11 Construction Contracts and the related interpretations. Ind AS 115 provides a single model of accounting for revenue arising from contracts with customers based on the identification and satisfaction of performance obligations.
(b) Amendment to Existing issued Ind AS
The MCA has also carried out amendments of the following accounting standards:
i. Ind AS 21 - The Effects of Changes in Foreign Exchange Rates
ii. Ind AS 40 - Investment Property
iii. Ind AS 12 - Income Taxes
iv. Ind AS 28 - Investments in Associates and Joint Ventures and
v. Ind AS 112 - Disclosure of Interests in Other Entities
Application of above standards are not expected to have any significant impact on the Companyâs Financial Statements.
12) PREVIOUS YEAR FIGURES
Previous year figures have been regrouped / reclassified, where necessary to conform to this yearâs classification.
Mar 31, 2016
a) Rights, Preferences & Restrictions attached to shares
The company has issued equity shares having par value of Rs.2 per share. Each holder of ordinary shares is entitled to one vote per share and equal right for dividend. The dividend proposed by the Board of Directors is subject to the approval of 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 payment of all preferential amounts, in proportion to their shareholding.
b) The company does not have any holding company/ultimate holding company.
c) There has been no change/movements in number of shares outstanding at the beginning and at the end of the reporting period.
d) Details of shareholders holding more than 5% shares in the company:
e) No shares have been reserved for issue under options and contracts/commitments for the sale of shares/ disinvestment as at the balance sheet date.
f) 10,352,113 equity shares of Rs.2 have been allotted by the company in the last five years.
g) No Convertible securities have been issued by the company during the period.
h) No calls are unpaid by any Director and officer of the company during the period.
1 Employee Benefits as per Accounting Standard -15 (Revised)
(a) Defined Contribution Plan
The company makes contribution towards Provident Fund and ESIC to a defined contribution retirement benefit plan for qualifying employees. The Provident fund plan is operated partly by Regional Provident Fund Organization and partly by an independent trust and ESIC by government agencies. Under the said schemes the company is required to contribute a specific percentage of pay roll costs in respect of eligible employees.
(b) Defined Benefits Plan
The employees'' gratuity is a defined benefit plan. The present value of obligation Is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit to employee benefit entitlement and measures each unit separately to build up the final obligation.
The following Table sets forth the particulars in respect of the Defined Benefit Plans of the Company for the year ended 31st March, 2016:
2 Segment Reporting as per Accounting Standard 17 prescribed under the Act.
a) Primary Segment (Business)
The Company is solely engaged in advertising, PR and allied service business. Accordingly there are no reportable business or geographic segments in terms of Accounting Standard 17-Segment reporting prescribed by the Companies (Accounting Standard) Rules, 2006.
3 As per information and records available with the company, there are no reportable amount of dues on account of principal and interest or any such payments during the year as required by Micro, Small and Medium enterprises Development Act, 2006 in respect of Micro-enterprises and Small enterprises, as defined in the Act.
4 Previous year''s figures have been re-arranged/re-grouped wherever necessary.
Mar 31, 2015
A) Rights, Preferences & Restrictions attached to shares
The company has issued equity shares having par value of X 2 per share.
Each holder of ordinary shares is entitled to one vote per share and
equal right for dividend. The dividend proposed by the Board of
Directors is subject to the approval of 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 payment of all preferential
amounts, in proportion to their shareholding.
b) The company does not have any holding company.
c) There has been no change/movements in number of shares outstanding
at the beginning and at the end of the reporting period.
e) No shares have been reserved for issue under options and
contracts/committments for the sale of shares/disinvestment as at the
balance sheet date.
f) 10,352,113 equity shares of X 2 each have been allotted by the
company in the last five years.
g) No Convertible securities have been issued by the company during the
period.
h) No calls are unpaid by any Director and officer of the company
during the period.
2 Employee Benefits as per Accounting Standard -15 (Revised) a)
Defined Contribution Plan
The company makes contribution towards Provident Fund and ESIC to a
defined contribution retirement benefit plan for qualifying employees.
The Provident fund plan is operated partly by Regional Provident Fund
Organisation and partly by an independent trust and ESIC by government
agencies. Under the said schemes the company is required to contribute
a specific percentage of pay roll costs in respect of eligible
employees to the retirement benefit scheme to fund the benefits.
(b) Defined Benefits Plan
The employees' gratuity is a defined benefit plan. The present value of
obligation is determined based on actuarial valuation using the
Projected Unit Credit Method, which recognises each period of service
as giving rise to additional unit to employee benefit entitlement and
measures each unit separately to build up the final obligation.
3 Segment Reporting as per Accounting Standard -17 prescribed under
the Act.
a) Primary Segment (Business)
The Company is solely engaged in advertising, PR and allied services
business. Accordinglythere are no reportable business or geographic
segments in terms of Accounting Standard 17-Segment reporting
prescribed by the Companies(Accounting Standard) Rules, 2006.
4 Related Party disclosures as identified by the Management in
accordance with Accounting Standard-18 are given below:
a) Related Parties
Key Management Personnel Dr Niren Suchanti Mr Navin Suchanti Ms Sujata
Suchanti MrBG Pasari
i) Relatives of Key Management Personnel Ms Pramina Suchanti
ii) Associates/Enterprises over which significant control exists
Sinclairs Hotels Limited
Pressman Realty Limited Pressman Properties Ltd Prima Communications
Ltd Son-et-Lumiere Art Gallery Private Limited
5 Previous years's figures have been re-arranged/re-grouped wherever
necessary.
Mar 31, 2014
1 CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :
Income Tax matters in dispute/under appeal : NIL (Previous year Rs
3,325,443)
2 EXCEPTIONAL ITEMS
Exceptional items represent write back of liability provided for in
earlier year no longer required Rs 60 lacs and amounts written off in
earlier years now realised Rs 146.10 lacs.
3 EMPLOYEE BENEFITS AS PER ACCOUNTING STANDARD-15 (REVISED) a) Defined
Contribution Plan
The company makes contribution towards Provident Fund and ESIC to a
defined contribution retirement benefit plan for qualifying employees.
The Provident fund plan is operated partly by Regional Provident Fund
Organisation and partly by an independent trust and ESIC by government
agencies. Under the said schemes the company is required to contribute
a specific percentage of pay roll costs in respect of eligible
employees to the retirement benefit scheme to fund the benefits.
(b) Defined Benefits Plan
The employees'' gratuity is a defined benefit plan. The present value of
obligation is determined based on actuarial valuation using the
Projected Unit Credit Method, which recognises each period of service
as giving rise to additional unit to employee benefit entitlement and
measures each unit separately to build up the final obligation.
The following Table sets forth the particulars in respect of the
Defined Benefit Plans of the Company for the year ended 31st March,
2014.
4 SEGMENT REPORTING AS PER ACCOUNTING STANDARDÂ17 PRESCRIBED UNDER THE
ACT
a) Primary Segment (Business)
The Company is solely engaged in advertising and public relations
business. Accordingly there are no reportable business or geographic
segments in terms of Accounting Standard 17-Segment reporting
prescribed by the Companies(Accounting Standard) Rules, 2006.
5 RELATED PARTY DISCLOSURES AS IDENTIFIED BY THE MANAGEMENT IN
ACCORDANCE WITH ACCOUNTING STANDARDÂ18 ARE GIVEN BELOW:
a) Related Parties
i) Key Management Personnel Dr. Niren Chand Suchanti
ii) Relatives of Key Management Personnel Mr. Navin Chand Suchanti Ms.
Sujata Suchanti Ms. Pramina Suchnati
iii) Associates/Enterprises over which significant control exists
Sinclairs Hotels Limited Pressman Realty Limited Pressman Properties
Limited Prima Communications Ltd Sonet-Lumiere Art Gallery Private
Limited
6 The name of the Company has changed from Nucent Estates Ltd. to
Pressman Advertising Ltd. with effect from 22nd August, 2013.
7 Previous year''s figures have been re-arranged/re-grouped whereever
necessary.
Mar 31, 2013
1 CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
Income Tax matters in dispute / under appeal Rs. 33,25,443 (Previous year
Rs. 33,25,443).
2 SCHEME of AMALGAMATION
Pursuant to the Scheme of Amalgamation (Scheme) between Pressman
Advertising Limited (PAL) and the Company as approved by Shareholders
of the Company on 19th January,2013 and sanctioned by the Hon''ble High
Court at Calcutta on 17th May,2013 under the provisions of Companies
Act, 1956, PAL has merged with the Company w.e.f 1st April,2012 (being
the appointed date). The Certified copy of the order has been filed
with the Registrar of the Companies, West Bengal on 3rd July, 2013.
a) The Salient Features of the scheme are as under:
i. PAL is engaged in the business of advertising and public relations.
All the assets and liabilities of PAL on the appointed date have been
incorporated in the books of the Company at their respective book
values on the basis of the audited accounts. ii. In terms of the
Scheme, the Company shall issue 100 (one hundred) equity shares of Rs. 2
(two) each fully paid up, ranking pari passu, for 142(one hundred &
forty-two) equity shares of Rs. 2 (two) each fully paid up held by the
shareholders in PAL. The shareholding of company in PAL as on record
date stood cancelled. iii. The difference between the purchase
consideration and value of net assets of PAL acquired, after giving
impact of cancellation of shareholding, a sum of Rs. 23,48,524 has been
treated as capital reserve in terms of Accounting Standard 14 "Accounting
for Amalgamation" being amalgamation in the nature of merger.
b) Others :
i. Share Suspense represents 103,52,113 Equity shares of Rs. 2 (two)
each fully paid to be issued in terms of a) ii above, which will rank
pari-passu with the existing shareholders of the company as per the
Scheme effective from the appointed date. ii. As per the requirements
of the listing agreement, the board of the Company had approved and
published the audited accounts of the company for the year ended
31.03.2013 on 30th May, 2013 without giving the impact of the Scheme.
Since the scheme has been approved and filed with the Registrar of the
Companies, impact of the same has been given in the financial
statement.
3 DEFERRED TAX
a) The company is entitled to the following Deferred Tax Assets due to
the undermentioned timing differences :
On account of : Amount (Rs.)
i. Depreciation 768,979
ii. Brought forward Business Loss / Unabsorbed
Depreciation 22,075,338
iii. Brought forward Capital Loss 205,311
Total 23,049,629
In the absence of virtual certainty, the same has not been recognized.
4 MAT CREDIT ENTITLEMENT
MAT credit entitlment includes Rs. 5,222,604 for earlier years.
5 EXCEPTIONAL ITEMS
Exceptional item during previous year relates to amount payable towards
liability for damages against termination of a development agreement
with a body corporate.
6 Employee Benefits as per Accounting Standard-15 (Revised) a) Defined
Contribution Plan
The company makes contribution towards Provident Fund & ESIC to a
defined contribution retirement benefit plan for qualifying employees.
The Provident Fund plan is operated partly by Regional Provident Fund
Organisation and partly by an independent trust and ESIC by government
agencies. Under the said schemes the company is required to contribute
a specific percentage of pay roll costs in respect of eligible
employees to the retirement benefit scheme to fund the benefits.
(b) Defined Benefits Plan
The employees'' gratuity is a defined benefit plan. The present value of
obligation is determined based on actuarial valuation using the
Projected Unit Credit Method, which recognises each period of service
as giving rise to additional unit to employee benefit entitlement and
measures each unit separately to build up the final obligation.
The following Table sets forth the particulars in respect of the
Defined Benefit Plans of the Company for the year ended 31st March,
2013.
7 Segment Reporting as per Accounting Standard  17 prescribed under
the Act.
a) Primary Segment (Business)
Consequent to the merger of Pressman Advertising Ltd with the company,
the main business of the company is advertising and public relations.
The real estate business is being discontinued. Accordingly there are
no reportable segments in terms of Accounting Standard -17 "Segment
Reporting" prescribed by the Companies (Accounting Standard) Rules,
2006.
8 Related Party disclosures as identified by the Management in
accordance with Accounting StandardÂ18 are given below:
a) Related Parties
i) Key Management Personnel Dr. Niren Chand Suchanti
ii) Relatives of Key Management Personnel Mr. Navin Chand Suchanti Ms.
Sujata Suchanti Ms. Pramina Suchnati
iii) Associates / Enterprises over which significant control exists
Sinclairs Hotels Limited Pressman Realty Limited. Pressman Properties
Limited. Sonet - Lumiere Art Gallery Private Limited
9 Current year''s figures are not comparable with that of previous year
on account of impact of scheme of amalgamation. Previous years figures
have been re-arranged/re-grouped where ever necessary.
Mar 31, 2012
1. Corporate Information
NuCent Estates Limited is a public limited company incorporated under
the Companies Act, 1956 engaged into development of real estate
activities, etc. The shares are listed in National Stock Exchange,
Bombay Stock Exchange, Calcutta Stock Exchange and Delhi Stock
Exchange.
(a)Terms/ rights attached to equity shares
The company has only one class of equity shares having par value of Rs. 2
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.
2.1 Micro, Small and Medium Enterprises Development Act, 2006
The Company has not received any memorandum (as required to be filed by
the suppliers with the notified authority under the Micro, Small and
Medium Enterprises Development Act, 2006) claiming their status as on
31st March 2012 as micro, small or medium enterprises. Consequently the
amount paid / payable to these parties during the period is Rs. Nil.
The disclosures as required under the said Act are as under:
Sl. No. Particulars Amount
a Principal Amount due to Supplier under MSMED Nil
b Interest due to Supplier on above Nil
c Any payment made to Supplier beyond appointed
date (under Section 16 of the Act) Nil
d Interest due and payable to Suppliers under
MSMED Nil
e Interest accrued and remaining unpaid as at
31st March, 2011 Nil
f Interest remaining due and payable under
section 23 of the Act Nil
3. Contingent liabilities not provided in respect income tax demand
for assessment years 1997-1998 for Rs. 33,25,443/ - for which the
company has preferred appeals to higher authorities
4. Bank balance of Rs. 1294/- with Swastik Janata Sahakari Bank,
Mumbai is inoperative and is subject to confirmation.
5. As a matter of prudence, company has not recognized Deferred Tax
Assets due to virtual uncertainty of its realization in future years.
6. During the year 2009-10, the company had terminated Development
Agreement entered into with a body corporate for the development of
real estate project at Durgapur due to recessionary trend and
compensation was paid to them towards financial loss.
However, after several negotiations, the said claim has been finally
settled at an additional amount of Rs. 60 lacs during the year and has
been accounted for accordingly.
7. Since the company is presently involved mainly in the activity of
real estate development, no segment information is given as required
under Accounting Standard AS-17 "Segment Information". However, pending
execution of real estate project, surplus money has been invested in
mutual funds etc.
8. Related Party Disclosure:
i. List of Related party:
a) Enterprises having significant influence over the company Pressman
Advertising Limited
b) Enterprises having significant influence by key management personnel
of the company Sinclairs Hotels Limited
9. 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.
Mar 31, 2011
1. Contingent liabilities not provided in respect income tax demand
for assessment years 1997-1998 for Rs. 33,25,443/- for which the
company has preferred appeals to higher authorities.
2. Bank balance of Rs. 1294/- with Swastik Janata Sahakari Bank,
Mumbai is inoperative and is subject to confirmation.
3. Based on the records of the company, no amount is due to micro,
small and medium enterprises as defined under MSME Act, 2006.
4. Deposit of Rs. 10,60,000/- with a scheduled Bank made on behalf of
a partnership firm in which the company was one of the partner has
become bad and doubtful of recovery, hence has been written off.
5. Since the company is presently involved mainly in the activity of
real estate development, no segment information is given as required
under Accounting Standard AS-17 "Segment Information".
6. Related Party Disclosure List of Related party
a) Enterprises having significant influence over the company Pressman
Advertising Limited
b) Enterprises having significant influence by key management personnel
of the company Sinclairs Hotels Limited
7. Previous year's figure have been regrouped/rearranged wherever
found necessary.
Mar 31, 2010
1. Contingent liabilities not provided in respect income tax demand
for assessment years 1997-1998 for Rs. 33,25,443/- for which the
company has preferred appeals to higher authorities.
2. Income from operation includes recovery of the outstanding dues/Bad
Debts of the earlier years.
3. During the year, the company has terminated the Development
Agreement entered into with a Body Corporate for the development of a
Real Estate project at Durgapur due to recessionary trend.
Consequently, the company has settled the claim with a compensation of
Rs. 184.50 lacs.
4. Advance includes Rs. 10,60,000/- deposited with a scheduled Bank
which was made on behalf of a partnership firm in which the company was
one of the Partner. In view of the partnership coming to an end by
efflux of time, the company becomes the sole owner of the said business
and the deposit is considered good by the management.
5. The company has not recognized the net deferred tax assets, in
respect of accumulated losses and unabsorbed depreciation in view of
the virtual uncertainty of availing the benefit in future.
6. Based on the records of the company, no amount is due to micro,
small and medium enterprises as defined under MSMED Act, 2006.
7. Since the company is presently involved mainly in the activity of
real estate development, no segment information is given as required
under Accounting Standard AS-17 "Segment Information".
8. Related Party Disclosure List of Related party
a) Enterprises having significant influence over the company Pressman
Advertising Limited
b) Enterprises having significant influence by key management personnel
of the company Sinclairs Hotels Limited
9. Previous years figure have been regrouped/rearranged wherever
found necessary. Schedules A to I which form integral part of the
accounts.