Note: In compliance with AS22 issued by ICAI on accounting for taxes on
Income, a sum of Rs.358910/- has been considered as differed tax Assets
in respect of timing difference for the year under consideration and
the same has been credited to Profit & Loss A/c
*Note:- Trade payable does not include any amount payable to Micro and
small undertaking which is outstanding for more than 45 days as at
31.03.2012 (Previous year A/c Nil)
*Note:- Advance from customers included Rs 65 00 Lac received from two
customers against sale of shops at Sab Mall,Noida(U.P)
* Note:- The quoted investments are stated at cost. A provision for
diminution in value is made if the diminution seems to be of permanent
nature. A provision of Rs. 1 20,62,000/- has been made during the year
under consideration as the value of shares of Indian Acrylics Limited
decreased as compare to previous year. The overall provision towards dim
notion in the value of shares stands at Rs 2,81,94,000/- as on
* Directors Remuneration included in above is as under
* Note:- The details of Auditors Remuneration is as under.
1. Contingent liabilities not provided for amount to Rs. NIL (Previous
2. In the opinion of the Board, the current assets, loans & advances
are approximately of the value stated, if realized in the ordinary
course of business. The provision for all known liabilities are
adequate and not in excess of amount considered reasonably necessary.
3. Sales Tax liability/Service Tax liability has been provided for as
per returns filed. Liability arising on assessment, if any, shall be
provided for at the time of final assessment.
4. Debit and credit balance in the accounts of a few suppliers and
others are subject to confirmation and reconciliation.
5. The accounting policies adopted for segment reporting are in line
with the accounting policies of the company. The company has considered
following business segments for disclosure.
(a). Real Estate business.
(b). Infrastructure Project of commercial parking under ''Built, Operate
and Transfer'' scheme.
(c). Trading and Agency business.
Note:- Diluted Earnings per share is not applicable as the same is anti-
The company has leased facilities for rent receivable under cancellable
and non-cancellable operating leases arrangements with lease term
ranging from one to nine years, which are subject to renewal at mutual
consent thereafter. The cancellable arrangements can be terminated by
either party after giving due notice. The lease rent received
recognized during the year amounts to Rs.241.40 lacs (previous year
Rs.189.82 lacs). The future minimum lease rent receivable in respect of
the non-cancellable operating leases as at 31st March 2012 are:
7. Related Party Disclosures
Detail of transactions entered into with related parties during the
year as required by Accounting Standard - 18
a. Enterprises over which Key Management Personnel (KMP) are able to
exercise significant control and with whom transactions have taken
place during the year:-
Sh. R.K. Garg, Sab Udyog Ltd., Sab Industries Ltd., Steel Strips Ltd.
b. No transactions have taken place during the year with the relatives
of the key Management Personnel.
8. Additional information pursuant to the provision of Paragraphs 3 &
4 of Part II of Schedule VI of the Companies Act,1956:
a). The company is primarily dealing in Real Estate, Infrastructure
and Trading & Agency business activities; hence the quantitative data
is not applicable.
b). There was no employee during the year (previous year nil) who was
drawing a remuneration of not less than Rs. 6000000/- per annum, if
employed throughout the year, or not less than Rs. 500000/- per month
if employed for a part of the year.
9. The company has taken the Group Gratuity and Group Leave
encashment policies from LIC and entire premiums demanded by them for
the year 2011-12 have been paid / provided for as per the requirements
of AS - 15.
10. a). Previous year figures have been regrouped and re-arranged
wherever considered necessary to make them comparable with those
b). Figures have been rounded off to the nearest rupee.
11. Note No. 1 to 11 form an integral part of Balance Sheet, Profit &
Loss Account and Cash Flow Statement.