Mar 31, 2015
1. Contingent Liabilities
a) The Sales Tax Department had raised a demand of Rs.2 93 085/- for
the tax Assessment Year 1996-97 which was disputed by the Company. The
Honorable Rajasthan High Court had decided the case in favour of the
Company against which the Department has filed a Special Leave Petition
before the Honorable Supreme Court which is still pending without any
decision having been given till date. The Management is confident that
the Department's Appeal will be dismissed and hence no provision is
made for the same.
b) Claims for taxes and other disputed items against the Company not
acknowledged as debt Rs Nil- (Previous Year Rs. NIL/-)
2. Disclosure required under the Micro, Small and Medium enterprises
Development Act, 2006
The Company has not received any intimation from Suppliers regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosures, as required by Scheduled VI to the
Companies Act, 1956 have not been made.
3. Deferred Taxation
Deferred tax resulting from "timing difference "between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date.
4. The Board of Directors in its meeting held on 13th February 2015 has
decided that no remuneration will be paid to the Managing Director for
the year ended 3151 March 2015. Hence no provision has been made in the
books of accounts for the year ended 31st March 2015 for remuneration
payable to the Managing Director.
5. The Company commenced the integrated business of handling, storage
and transportation of food grains at Bundi. One of the units commenced
its integrated business in the previous year. On completion of the
construction of the units, Capital work in progress is transferred to
buildings.
6. The Company had filed a Scheme Petition in the High Court of
Judicature at Bombay to demerge its business activities of export of
rice and warehousing of agri commodities. The Honourable High Court,
Bombay has approved the demerger petition on 10th April 2015. However,
the Company is awaiting certified copy of Order. Based on the Order of
Honourable High Court, Bombay, both the aforesaid business activities
will be demerged. R.T. Exports Ltd., the Demerged Company, will
continue the business of production and export of rice (Agro
Commodities) whereas Asian Warehousing Pvt. Ltd., the resulting
Company, will carry on the business of warehousing of agri commodities.
Notes:
i) Asset employed by above geographical segments are common and hence,
information about segment wise assets and capital expenditure during
the year could not be given.
ii) Segments have been identified and reported taking into account, the
differing risk and returns, the organization structure, internal
reporting system and Accounting Standard - 17. Accordingly four main
Business segments have been identified: Agro products representing
Trading of Rice and Investment/Security Transactions, Service and Rent.
iii) Segment Revenue, Results, Assets and Liabilities include the
respective amounts identifiable to each of the Segment. Unallocated
includes expenses incurred at the corporate level which relates to the
Company as whole.
7. Related Party Disclosure
Related Parties
Key Management Personnel
Rashmi C Bhimjyani
Bhavik R Bhimjyani
Rajeshkumar Pillai
Companies Controlled by Key Management Personnel and their relatives
Achintya Exports Pvt. Ltd.
Amity Properties Pvt. Ltd.
Anshul Trading and Investment Pvt Ltd Badrinath Trading Pvt. Ltd.
Blue Diamond Realtors Pvt Ltd Century Agro Farms Land Pvt. Ltd.
Frontier Agri Properties Pvt. Ltd.
Golden Oil Equipments Pvt Ltd.
Kutch Warehouse Pvt. Ltd.
Lighthouse Developers Pvt. Ltd Metropolitan Realtors Pvt. Ltd.
Mountain View Agri Estate Pvt. Ltd.
Neelkanth Agri Vilas Pvt. Ltd.
Neelkanth Cities Pvt. Ltd.
Neelkanth Land Developers Pvt. Ltd.
Neelkanth Life Style Pvt. Ltd.
Neelkanth Palm Realty Pvt. Ltd Neelkanth Realtors Pvt. Ltd.
Neelkanth Realty Pvt. Ltd Kamashi Trading Pvt. Ltd
(Formerly known as Neelkanth Shopping Malls Pvt. Ltd). Neelkanth
Township & Construction Pvt. Ltd Neelkanth Woods & Construction Pvt.
Ltd Pegasus Assets Reconstruction Pvt Ltd.
R T Agro Pvt Ltd
(Formerly known as Peninsula Gateways Pvt. Ltd).
R. Tulsidas Agro Exports Pvt. Ltd.
R Tulsidas Exports Pvt Ltd R. Tulsidas Agro Products Pvt. Ltd.
Rose Land Infrastructure Pvt. Ltd.
Tiger Warehousing Cold Chain Pvt. Ltd
Trendsetter & Investment Pvt Ltd
Titan Agri Developers Pvt. Ltd.
Urban Rupi Infrastructure Pvt. Ltd.
Harshdip Investment Pvt Ltd
Neelkanth Developers Pvt Ltd
Mukesh holding Pvt Ltd
Bhaveshwar Estate Pvt Ltd
Bhaveshwar Real estate Developers Pvt Ltd
New Look Developers Pvt Ltd
Bhaveshwar Real Estate Pvt Ltd
Avadh Financial Advisory Pvt Ltd
Asian Warehousing Pvt Ltd
Barsana Financial Advisory Pvt Ltd
Chitrakoot Financial Services Pvt Ltd
Kamashi Financial Advisory Pvt Ltd
Murlidhar Financial Advisory Pvt Ltd
Rashbihari Financial Advisory Pvt Ltd
Surshayam Financial Services Pvt Ltd
(Formerly known as Surshyam Trading Pvt. Ltd).
Neelkanth India Housing Pvt Ltd
Neelkanth Property Developers Pvt Ltd.
Neelkanth Realtors & Advisory Services Pvt Ltd
Zen Superstructure LLP R. Tulsidas
Neelkanth Construction Asian Life style Pvt. Ltd.
Jagannath Agri Trading Pvt. Ltd.
Manali Trading and Holdings Pvt. Ltd.
Zahid Properties Pvt Ltd
Related party relationship is as identified by the Company and relied
upon by the auditors
The previous year figures have been regrouped/ rearranged wherever
necessary.
Mar 31, 2013
1. Contingent Liabilities
a) The Sales Tax Department had raised a demand of Rs.2 93 085 for the
tax Assessment Year 1996-97 which was disputed by the Company. The
Honorable Rajasthan High Court had decided the case in favour of the
Company against which the Department has filed a Special Leave Petition
before the Honorable Supreme Court which is still pending without any
decision having been given till date. The Management is confident that
the Department''s Appeal will be dismissed and hence no provision is
made for the same.
b) Claims for taxes and other disputed items against the Company not
acknowledged as debt Rs Nil- (Previous Year Rs. NIL/-)
c) The company has 700,000, 9% Cumulative Preference shares of Rs. 100
each outstanding as on 31st March 2013. However no dividend has been
declared on these shares. Hence the arrears of dividend on these share
is Rs.31 500 000. ( Previous year Rs. 25 200 000)
2. Disclosure required under the Micro, Small and Medium enterprises
Development Act, 2006
The Company has not received any intimation from Suppliers regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosures, as required by Scheduled VI to the
Companies Act, 1956 have not been made.
3. Deferred Taxation
Deferred tax resulting from "timing difference "between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date.
4. The Board of Directors in its meeting held on 15th May 2012 has
decided that no remuneration will be paid to the Managing Director for
the year ended 31st March 2013. Hence no provision has been made in
the books of accounts for the year ended 31st March 2013 for
remuneration payable to the Managing Director.
5. The Company commenced the integrated business of handling, storage
and transportation of food grains at Bundi. One of the units commenced
its integrated business in the previous year. On completion of the
construction of the units, Capital work in progress is transferred to
buildings. The construction work of other units is reflected under the
head Capital-Work in progress and is expected to commence activities
from the financial year 2013-14.
Mar 31, 2012
1. Contingent Liabilities
a) The Sales Tax Department had raised a demand of Rs.2 93 085 for the
tax Assessment Year 1996-97 which was disputed by the Company. The
Honorable Rajasthan High Court had decided the case in favour of the
Company against which the Department has filed a Special Leave Petition
before the Honorable Supreme Court which is still pending without any
decision having been given till date. The Management is confident that
the Department's Appeal will be dismissed and hence no provision is
made for the same.
b) Claims for taxes and other disputed items against the Company not
acknowledged as debt Rs Nil- (Previous Year Rs. NIL/-)
c) The company has 700,000, 9% Cumulative Preference shares of Rs. 100
each outstanding as on 31st March 2012. However no dividend has been
declared on these shares. Hence the arrears of dividend on these share
is Rs.25 200 000. ( Previous year Rs. 18 900 000)
2. Disclosure required under the Micro, Small and Medium enterprises
Development Act, 2006
The Company has not received any intimation from Suppliers regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosures, as required by Scheduled VI to the
Companies Act, 1956 have not been made.
3. Deferred Taxation
Deferred tax resulting from "timing difference " between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date.
4. The Board of Directors in its meeting held on 11th May 2011 has
decided that no remuneration will be paid to the Managing Director for
the year ended 31st March 2012. Hence no provision has been made in
the books of accounts for the year ended 31st March 2012 for
remuneration payable to the Managing Director.
5. The Company has commenced the integrated business of handling,
storage and transpiration of food grains at Bundi during the year. The
construction of one of the units was completed during the year. The
said unit has commenced the said integrated business. The construction
work of other units is reflected under the head Capital-Work in
progress and is expected to commence activities from the financial year
2012-13.
Notes:
i) Asset employed by above geographical segments are common and hence,
information about segment wise assets and capital expenditure during
the year could not be given.
ii) Segments have been identified and reported taking into account, the
differing risk and returns, the organization structure, internal
reporting system and Accounting Standard - 17. Accordingly four main
Business segments have been identified: Agro products representing
Trading of Rice, Business of handling, storage and transpiration,
Service and Rent.
iii) Segment Revenue, Results, Assets and Liabilities include the
respective amounts identifiable to each of the Segment. Unallocated
includes expenses incurred at the corporate level which relates to the
Company as whole.
The previous year figures have been regrouped/ rearranged wherever
necessary.
Mar 31, 2010
I. Contingent Liabilities
a) The Sales Tax Department had raised a demand of Rs.2,93,085 for the
tax Assessment Year 1996-97 which was disputed by the Company. The
Honorable Rajasthan High Court had decided the case in favour of the
Company against which the Department has filed a Special Leave Petition
before the Honorable Supreme Court which is still pending without any
decision having been given till date. The Management is confident that
the Departments Appeal will be dismissed and hence no provision is
made for the same.
b) Claims for taxes and other disputed items against the Company not
acknowledged as debt Rs Nil- (Previous Year Rs. NIL/-)
c) The company has 700,000, 9% Cumulative Preference shares of Rs. 100
each outstanding as on 31st march 2010. However no dividend has been
declared on these shares. Hence the arrears of dividend on these share
is Rs. 12,600,000/-.
d) There is a contingent liability for interest under the Selling
agency agreement of Rs.5,819,043/- which has been explained in detail
in Note B (vii), Schedule 21.
ii. Disclosure required under the Micro. Small and Medium enterprises
Development Act, 2006
The Company has not received any intimation from Suppliers regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosures, as required by Scheduled VI to the
Companies Act, 1956 have not been made.
iii. Under Capital Work in Progress was an amount of Rs.3,96,499/- paid
to CIDCO which the Company has now written off as irrecoverable,
because several reminders to CIDCO for recovery of the same have not
borne fruit at all.
iv. On reconciliation and follow up with the bank, the Company found
that Rs.87,750/- is not recoverable and hence it has been written off.
v. The Board of Directors in its meeting held on 30th January 2010
has decided that no remuneration will be paid to the Managing Director
for the year ended 31st March 2010 on account of insufficient profits.
Hence no provision has been made in the books of accounts for the year
ended 31st March 2010 for remuneration payable to the Managing
Director.
vi. The Company has booked various bills for services rendered in the
previous year in the accounts for the year ended 31st March 2010 and
has classified them under Prior Period Items. These are:
Notes:
i) Asset employed by above geographical segments are common and hence,
information about segment wise assets and capital expenditure during
the year could not be given.
ii) Segments have been identified and reported taking into account, the
differing risk and returns, the organization structure, internal
reporting system and Accounting Standard -17. Accordingly four main
Business segments have been identified: Agro products representing
Trading of Rice and Rajgira, Investment/Security Transactions, Service
and Rent.
iii) Segment Revenue, Results, Assets and Liabilities include the
respective amounts identifiable to each of the Segment. Unallocated
includes expenses incurred at the corporate level which relates to the
Company as whole.
E. Related Party Disclosure
Related Parties
Key Management Personnel
Rashmi C Bhimjyani
Tulsi C Bhimjyani
Bhavik R Bhimjyani
Companies Controlled by Key Management Personnel and their
relatives
Achintya Exports Pvt. Ltd., Amity Properties Pvt. Ltd., Anshul Trading
and Investment Pvt Ltd., Atlanta Land Pvt. Ltd., Badrinath Trading Pvt.
Ltd., Blue Diamond Realtors Pvt Ltd., Bharat Foamcast Pvt. Ltd.,
Bhimjyani Estate Pvt. Ltd., Century Agro Farms Land Pvt. Ltd., Central
Cold Chain Pvt. Ltd., Dominion Infrastructure and Development Co. Pvt.
Ltd., Frontier Agri Properties Pvt. Ltd., Frontier Realty Pvt. Ltd.,
Golden Oil Equipments Pvt Ltd., Kutch Warehouse Pvt. Ltd., Lighthouse
Developers Pvt. Ltd., Metropolitan Realtors Pvt. Ltd., Mountain View
Agri Estate Pvt. Ltd., Neelkanth Agri Vilas Pvt. Ltd., Neelkanth Cities
Pvt. Ltd., Neelkanth Land Developers Pvt. Ltd., Neelkanth Life Style
Pvt. Ltd., Neelkanth Palm Realty Pvt. Ltd., Neelkanth Realtors Pvt.
Ltd., Neelkanth Realty Pvt. Ltd., Neelkanth Residential Development
Pvt. Ltd., Neelkanth Shopping Malls Pvt. Ltd., Neelkanth Township &
Construction Pvt. Ltd., Neelkanth Woods & Construction Pvt. Ltd.,
Orange Land Pvt. Ltd., Paramount Township Pvt. Ltd., Pegasus Advisory
Services Pvt Ltd., Pegasus Assets Reconstruction Pvt Ltd., Peninsula
Gateways Pvt. Ltd., R. Tulsidas Agro Exports Pvt. Ltd., R Tulsidas
Exports Pvt Ltd., R. TulsidasAgro Products Pvt. Ltd., Rose Land
Infrastructure Pvt. Ltd., Royal Holding Pvt. Ltd., Royal Palm Estate
Pvt. Ltd., Tiger Warehouse Cold Pvt Ltd., Tiger Warehousing Cold Chain
Pvt. Ltd., Trendsetter & Investment Pvt Ltd., Tiger Warehousing Pvt.
Ltd., Titan Agri Developers Pvt. Ltd., Urban Rupi Infrastructure Pvt.
Ltd., Venice Land Pvt. Ltd., Harshdip Investment Pvt Ltd., Neelkanth
Developers Pvt Ltd., Mukesh holding Pvt Ltd., Bhaveshwar Estate Pvt
Ltd., Bhaveshwar Real estate Developers Pvt Ltd., New Look Developers
Pvt Ltd., Rangoli Estate Property Pvt Ltd., Bhaveshwar Real Estate Pvt
Ltd., R. Tulsidas Ravechi Property Developers, Neelkanth Construction.
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