Mar 31, 2016
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, âemployee benefitsâ, 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
Dec 31, 2014
1. COMPANY OVERVIEW
The company, Arihant Foundations and Housing Ltd was incorporated on
6th March, 1992. The Company is engaged in the business of real estate
development of residential, commercial complexes and IT Parks.
2. CONTINGENT LIABILITIES, PROVISIONS AND CONTINGENT ASSETS
i) Sales 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
ii) The income tax department has filed appeal against the order of the
CIT (Appeal) before the income tax apellate tribunal for various
assessment years which is as follows:-
Period to which the Amount (Rs)
amount relates
2004- 2005 13,71,638/-
2005- 2006 53,23,956/-
2007-2008 1,19,53,006/-
2009-2010 5,53,07,850/-
iii) Amount of service tax under dispute: R.23,16,081/- pertaining to
period october 2004 to march 2007 (Previous year: R.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.
Contingent Asset :
iv) The company may receive interest on amounts paid by it for various
appeals which are pending before ITAT.
Notes:
1. The Company does not expect any reimbursements in respect of the
above contingent liabilities.
2. 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.
3. 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.
4. RELATED PARTY DISCLOSURES
A) Name of the related party and nature of relationship where control
exists
Wholly owned subsidiaries Joint Venture Entities
Vaikunt Housing Limited Arihant Unitech Realty Projects
limited
Arihant Griha Limited Arihant Indo African Infra
Developers and Builders Private
limited
Trasperent Heights Real Escapade Real Estate Private
Estate Limited limited
Varenya Constructions Limited Northtown Estates Private limited
Arihant Foundations
Arihant Foundations & Housing
Arihant Heirloom
B) Name and relationship of related parties where transaction exists:
Wholly owned subsidiaries Joint Venture Entities
Vaikunt Housing Limited Arihant Unitech Realty Projects
limited
Arihant Griha Limited Arihant Indo African Infra
Developers and Builders Private
limited
Trasperent Heights Real Escapade Real Estate Private
Estate Limited limited
Varenya Constructions Limited Northtown Estates Private limited
Arihant Foundations
Arihant Foundations & Housing
Arihant Heirloom
Key Management Personnel
Name Designation
Mr. Kamal Lunawath Chairman and Managing Director
Mr. Vimal Lunawath CFO & Whole time Director
Mr. Bharat Jain Whole time Director
Individuals owning directly or indirectly, an interest in the voting
power of the reporting enterprise and relatives of any such individual:
Mrs. Snehalatha Lunawath
Mrs. Preethi Lunawath
Mrs. Kavita Lunawath
Sep 30, 2013
1. interest inCome
Interest from Arihant Indo African Infra Developers & Builders Private
Limited has accrued only for frst quarter. However, for the balance
period, income recognition has been deferred because there is no
certainty as to its collection. The said treatment is in conformity
with Accounting Standard 9 Revenue Recognition.
2. Contingent LiABiLities, ProVisions And Contingent Assets
i) Sales 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
ii) The income tax department has filed appeal against the order of the
CIT (Appeal) before the income tax apellate tribunal for various
assessment years which is as follows:-
3. 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.
4. a) 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 intiative to reduce the power and
fuel consumption.
Sep 30, 2012
COMPANY OVERVIEW
The company, Arihant Foundations and Housing Ltd was incorporated on
6th March, 1992. The Company is engaged in the business of real estate
development of residential, commercial complexes and IT Parks.
1 CONTINGENT LIABILITIES, PROVISIONS AND CONTINGENT ASSETS
i) Sales 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.
ii) The income tax department has filed appeal against the order of the
CIT (Appeal) before the income tax apellate tribunal for Asst Yr:
2004-2005, 2005-2006, 2007-2008 and 2009-2010
iii) Amount of service tax under dispute: Rs.23,16,081/- pertaining to
period october 2004 to march 2007 (Previous year: Rs.23,16,081/- for
the period october 2004 to march 2007)
iv) HUDCO has filed a counter suit against the order of DRT to increase
the interest rate payable from 9%. As such, the interest liability of
the company may be increased
v) The company may receive interest on amounts paid by it for various
appeals which are pending.
Notes:
1. The Company does not expect any reimbursements in respect of the
above contingent liabilities.
2. 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
2. 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.
3 a) 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 intiative to reduce the power and
fuel consumption.
4 The exceptional item of Rs. 2,80,03,796/- as shown in the
statement of profit and loss for the year ended 30th Sep- tember, 2012
represents the provision created against the interest income.
5 PREVIOUS YEAR FIGURES
Previous year figures have been regrouped, rearranged and reclassified
wherever considered necessary.
6 PRIOR YEAR COMPARATIVES
Till the year ended 30th September, 2011, the company was following
pre-revised schedule VI to the Companies Act 1956, for the preparation
and presentation of financial statements. During the year ended 30th
Septemper, 2012, the revised schedule VI notified under the Act has
become applicable to the company. The company has reclassified previous
year figures to conform to this year''s clasification as per revised
schedule VI. The adoption of revised schedule VI does not impact
recognition and measurement principles followed by the company for the
preparation of financial statements. However, it significantly impacts
presentation and disclosures made in the financial statements.
Consequently, prior year figures are not comparable to those which are
as per the revised schedule VI requirements.
Sep 30, 2011
1. SHARE CAPITAL AND SHARE WARRANTS
On 05th August, 2009, the Company has allotted 15,50,000 convertible
equity warrants to Persons forming part of Promoter Group and a Body
Corporate on preferential basis at a total exercise price of
Rs.89/-(including premium of Rs.79/-). These warrants were allotted in
accordance with SEBI (Issue of Capital & Disclosure Requirements)
Regulations, 2009. At the time of allotment of the aforesaid
convertible equity warrants, the Company has received 25% of total
exercise price, Rs.22.25 per convertible equity warrants to the tune of
Rs.3,44,87,500/-. On 16th March, 2010, Persons forming part of Promoter
Group has converted 4,30,000 convertible equity warrants in to equal
no. of fully paid up equity shares on payment of balance exercise price
of Rs.66.75/- per convertible equity warrants and were allotted
4,30,000 fully paid up equity shares. The said allotment has resulted
in to increase the paid up share capital of the Company from 70,50,000
equity shares of Rs. 10/- each to 74,80,000 fully paid up equity shares
of Rs.10/- each.
During the year on 03.02.2011, the persons forming part of promoter
group and a body corporate have converted outstanding 11,20,000
convertible equity warrants in to equal no. of fully paid up equity
shares on payment of balance exercise price of Rs.66.75/- per
convertible equity warrants and were allotted 11,20,000 fully paid up
equity shares. The said allotment has resulted in to increase the paid
up share capital of the Company from 74,80,000 fully paid up equity
shares of Rs.10/- each to 86,00,000 fully paid up equity shares of
Rs.10/- each.
The total proceeds from the aforementioned preferential issue have been
utilized in Company's Project.
2. LIABILITIES AND ASSETS
Sundry Debtors, Sundry Creditors and loans and advances are subject to
confirmation.
3. SECURED LOANS
Nature of Security.
Term Loans / Project loans from Banks and Financial Institutions are
secured by hypothecation of fxed assets, current assets and mortgage of
certain lands and projects of the Company and its Subsidiaries. The
said loan further secured by personal guarantees of Managing Director
and whole time Director.
The above joint venture entities are incorporated in India. The
Company's share of the assets and liabilities as on 30.09.2011 and
income and expenses for the year in respect of joint venture entities
based on audited/ unaudited accounts are considered for consolidation.
Individuals owning directly or indirectly, an interest in the voting
power of the reporting enterprise and relatives of any such individual:
a) Conservation of Energy:
For the purpose of conservation of energy, 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.
d ) Quantitative Information
Quantitative and other disclosures as require by the paragraph 3(ii) of
Schedule VI to the companies Act 1956 are not provided. The company is
engaged in the business Of real estate development. The company has
applied for obtaining an exemption with regard to the aforementioned
disclosures.
4. DIVIDEND FOR PREVIOUS YEAR
The proposed final dividend for the previous year was Rs. 74,80,000.
However the shareholders of the Company at the AGM held on 31.03.2011
had not approved the payment of the same. The aforesaid Proposed
Dividend has been added back to Reserves during the current year.
5. Previous year figures have been regrouped/ rearranged wherever
necessary in the balance sheet.
6. SCHEDULE TO ACCOUNTS
Schedule I to XVIII form an integral part of the balance sheet and
profit & loss account and are duly authenticated.
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