Mar 31, 2014
1. CORPORATE INFORMATION
Purohit Construction Limited is a public company domiciled in India and
incorporated under the provisions of Companies Act 1956. The company is
engaged in the business of real estate development and execution of
civil construction contracts as well as in trading of bullion, metal,
metal scrap, shares, stocks, securities and derivatives
2. Contingent liabilities and commitments (to the extent not provided
for)
Contingent liabilities
Outstanding Bank Guarantee Nil Nil
Other money for which the company is contingently
liable 1,489,100 1,489,101
Outstanding premium of KEY MAN INSURANCE
POLICY not provided for in the accounts - -
Sub Total
Commitments
Estimated amount of contracts to be executed on
capital account Nil Nil
Uncalled liability on shares and other investments
partly paid Nil Nil
Other commitments
Sub
Total
Total 1,489,100 1,489,100
The Company has received a demand notice for Rs.79,580/- from Service
Tax Department regarding case of F.Y.2008-2009. As a reply of the above
the Company had paid the demand before any show cause notice was issued
by the Service Tax Department. However the Service Tax Department had
issued the show cause notice without reviewing the above payment.
3. Earning in Foreign Currency: Rs. NIL (RY. Nil).
4. Expenditure in Foreign Currency: Foreign Travelling Rs. 1.01 lacs
(P.Y. Nil)
5. Break up of expenditure on employees who are in receipt of
remuneration which in aggregate was not less than Rs. 72,00,000/- p.a.
if employed throughout the year is Rs. Nil (P.Y. NIL) or Rs. 6,00,000/-
p.m. if em- ployed for a part of the year is Rs. Nil (P.Y. NIL).
6. DISCLOURE IN RESPECT OF RELATED PARTIES
Associate Concerns Status Finstocks Pvt Ltd
PCL Infracon Pvt Ltd
Abhaar Infrastructure Pvt Ltd
Abhaar Procon LLP
Rayrith Infratructure
B.N. Associates
CNN Projects
Go Mangoes
DMP Foundation
Shree Siddhivinayak Devstahan Trust
N.S.H.B. Projects
Key Management Personnels Narendra M. Purohit
Saumil N. Purohit
Relatives of Key Management Personnel Hemlata N. Purohit
Deepkiran S. Purohit
Ami M. Shah
Urvi N. Chokshi
Forum S. Parikh
Nishit B. Gohel
Kumudchandra Shevaria
Narendra Purohit HUF
Saumil Purohit HUF
7. The company had taken up projects for Western Railway in respect of
its divisions at Veraval, Rajkot and Junagadh. The contracts were
terminated hence the company had gone into arbitration in respect of
its receivables from these projects. During the year the arbitration
proceedings in respect of Veraval and Rajkot divisions were completed
and company received its dues therefrom which have been accounted for.
However the arbitration proceedings in respect of Junagadh division are
still underway. Hence the company has included Rs 7.38 lacs receivable
from them in current assets disclosed in the Balance Sheet.
8. During the earlier years, the Company has filed suit for recovery of
Rs.2,56,195 in respect of extra work being carried out by it in two
units of its project. In view of the matter being subjudice, the
company had not recognized the revenue in that respect. The party has
also filed suit against the company to claim possession of the
premises, which is yet to be decided. Further, in view thereof, the
company has cancelled booking of the premises and amount of Rs. 14.58
lacs received in respect thereof has been carried as current
liabilities.
9. Figures are rounded off to the nearest Rupees.
34 The Accounts have been prepared and presented as per the Revised
Schedule VI being notified in the year 2011. Accordingly all the assets
and liabilities are bifurcated into current and non-current based on
perception of the Management in that respect. The previous year figures
have also been regrouped accordingly.
10. Figures stated in bracket are those in relation to the previous
year.
Mar 31, 2013
[1] CORPORATE INFORMATION:
Purohit Construction Limited is a public company domiciled in India and
incorporated under the provisions of Companies Act 1956. The company is
engaged in the business of real estate development, and execution of
civil construction contracts as well as in trading of bullion, metal,
metal scrap, shares, stocks, securities and derivatives.
F.Y. 2012-2013 F.Y. 2011-2012
(Rupees) (Rupees)
[2] CONTINGENT LIABILITIES AND
COMMITMENTS (to the extent not
provided for)
Contingent liabilities -
Outstanding Bank Guarantee Nil Nil
Other money for which the company
is contingently liable 1,489,100 Nil
Outstanding premium of KEY MAN
INSURANCE POLICY not provided for
in the accounts 1,340,526 -
Sub Total
Commitments
Estimated amount of contracts
unexecuted on capital account Nil Nil
Uncalled liability on shares and
other investments partly paid Nil Nil
Other commitments
Sub Total
Total 1,489,100 1.340,526
The Company has received a demand notice for Rs 14,89,100 from Income
Tax Department regarding case of F.Y. 2009-10. However it has'preferred
an appeal against the demand. As the management is confident of
succeeding in the appeal, no provision in that respect has been made.
[3] The company had taken up projects for Western Railway in respect
of its divisions at Veraval, Rajkot and Junagadh. The contracts were
terminated hence the company had gone into arbitration in respect of
its receivables from these projects. During the year the arbitration
proceedings in respect of Veraval and Rajkot divisions were completed
and company received its dues therefrom which have been accounted for.
How- ever the arbitration proceedings in respect of Junagadh division
are still underway. Hence the company has included Rs. 7.38 lacs
receivable from them in current assets disclosed in the Balance Sheet.
[4] During the earlier year, the Company has filed suit for recovery
of Rs.2.56.195 in respect of extra work being carried out by it in two
units of its project. In view of the matter being subjudice. the
company had not recognized the revenue in that respect. The party has
also filed suit against the company to claim possession of the
premises, which is yet to be decided. Further, in view thereof, the
company has cancelled booking of the premises and amount of Rs.14.58
lacs received in respect thereof has been carried as current
liabilities.
[5] "Figures are rounded off to the nearest Rupees."
[6] "Figures stated in bracket are those in relation to the previous
year."
[7] The Revised Schedule VI has become effective from 1 April. 2011
for the preparation of financial statements. This has significantly
impacted the disclosure and presentalion made in the financial
statements. Previous year's figures have been regrouped / reclassified
wherever necessary to correspond with the current year's classification
disclosure.
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