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Moneycontrol.com India | Notes to Account > Construction & Contracting - Housing > Notes to Account from Arihant Foundations and Housing - BSE: 531381, NSE: ARIHANT
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Arihant Foundations and Housing

BSE: 531381|NSE: ARIHANT|ISIN: INE413D01011|SECTOR: Construction & Contracting - Housing
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Notes to Accounts Year End : Mar '16

1. CONTINGENT LIABILITIES, PROVISIONS AND CONTINGENT ASSETS

2. Value Added Tax liability, if any on works contracts carried out by the company is considered by management as not material but if any liability arises it will be recovered from customers

3. The income tax department has filed appeal against the order of the CIT (Appeal) before the income tax appellate tribunal for various assessment years which is as follows:-year: Rs.23,16,081/- for the period October 2004 to march 2007). Stay has been granted by the CESTAT. If the appeal is disallowed it may result in penalty of equivalent amount

4. Amount of service tax under dispute: Rs.23,16,081/-pertaining to period October 2004 to march 2007 (Previous

5.The company has given corporate guarantee of 60 Crores to one of its joint venture companies

Contingent Assets :

The company may receive interest on amounts paid by it for various appeals which are pending before ITAT.

The Company will receive reimbursement from the joint venture company if the corporate guarantee is invok

6. The Company does not expect any reimbursements in respect of the above contingent liabilities.

7. It is not practicable to estimate the timing of cash outflows, if any, in respect of matters stated above pending resolution of the arbitration/appellate proceedings.

8. TRADE RECEIVABLES AND TRADE PAYABLES

Trade receivables, trade payables, advance from customer and advance to suplier are subject to confirmation awaited.

9. SEGMENT REPORTING

The company is primarily in the business of real estate development and related activities including construction. Major exposure is to residential and commercial construction and development of IT parks. Further majority of the business conducted is within the geographic boundaries of India.

In view of the above, in the opinion of the Management and based on the organizational and internal reporting structure, the company''s business activities as described above are subject to similar risks and returns. Further, since the business activities undertaken by the company are within India, in the opinion of the Management, the environment in India is considered to have similar risks and returns. Consequently the company''s business activities primarily represent a single business segment. Similarly, this business operations in India represent a single geographical segment.

10. LEASED ASSETS

11. Operating lease taken

12. The company has taken buildings on operating lease. The lease rental are paid by the company on a monthly basis.

13. Following are the details of lease rental expenses during the period

14. As per the lease agreement following are the details of Future minimum lease rentals payable as at 31st March, 2016.

15. Operating lease given

16. The company has given buildings on operating lease. The lease rental are Receivable by the company on a monthly basis.

17. Following are the details of leases rental income during the period

18. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

The company does not own any manufacturing facility. Hence, the requirements pertaining to disclosure of particulars relating to conservation of energy, technology absorption as prescribed under the Companies (Disclosure of particulars in the report of board of directors) Rules, 1988, are not applicable. However, the company has commissioned a device named power factor, which reduces the consumption of energy. The company has also taken initiative to reduce the power and fuel consumption.

19. The above joint venture entities are incorporated in India. The Company''s share of the assets and liabilities as on 31st March , 2016 and income and expenses for the year ended31st March , 2016, in respect of joint venture entities based on board adopted unaudited accounts are considered for consolidation as shown below:

20. BENEFITS TO EMPLOYEES

As per accounting standard (AS) 15 revised, ‘employee benefits’, the disclosures of employee benefits ar as given below:

21. Defined contribution plans

Contributions recognized as expense for the year are as under:

22. Defined Benefit plans

The cost of providing gratuity are determined using the projected unit credit method, on the basis of actuarial valuation techniques, conducted at the end of the financial year.

23. PREVIOUS YEAR FIGURES

Previous year figures have been regrouped, rearranged and reclassified wherever considered necessary. The accompanying notes are an integral part of the financial statements

Source : Dion Global Solutions Limited
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