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Notes to Accounts of ARSS Infrastructure Projects Ltd.

Mar 31, 2015

1. Corporate Information

ARSS Infrastructure Projects Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act 1956 read with Companies Act, 2013. Its shares are listed on two stock exchanges in India, namely BSE and NSE. The Company is engaged in execution of contracts of various infrastructure projects including road work, bridge work, railway tracking and irrigation projects.

2. Basis of Preparation

The financial statements are prepared on an accrual basis and under the historical cost convention in accordance with generally accepted accounting principles in India [Indian GAAP]. The Company has prepared these financial statements to comply in all material respects with the accounting standards issued by the Institute of Chartered Accountants of India, as applicable and prescribed under Section 133 of the Companies Act, 2013 ('Act' ) read with Rule 7 of the Companies (Accounts) Rules,2014, the provisions of the Act (to the extent notified).

Except otherwise mentioned the accounting policies adopted in the preparation of financial statements are consistent with those of previous year. Also due to the peculiar nature of the business and uncertainties in the segment in which the company is operating, various issues have evolved requiring interpretation and clarifications. The Company is making substantial effort on an ongoing basis to improve reporting and disclosure in financial statement wherever required to comply with relevant law, rules and regulations.

3. Share Capital

a. Terms/right attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian Rupees.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Directors has not proposed any dividend for the year 2014-15 due to CDR constraint.

b. Terms/right attached to Preference shares

The preference shares issued to the promoters are in accordance with the terms and conditions of the CDR package and do not carry any right of voting & dividend. These shares are neither transferable nor eligible for listing.

4. Segment Reporting

The Company's operations predominantly consist of Civil Construction activities. Hence, there are no reportable segments under Accounting Standard - 17 'Segment Reporting ' issued by the Institute of Chartered Accountants of India. During the year under report, substantial part of the Company's business has been carried out in India. The conditions prevailing in India being uniform, no separate gerographical disclosures are considered necessary.

5. Gratuity and other post-employment benefit plans

Gratuity for employees is covered under a scheme of SBI Life Insurance and contribution in respect of such scheme are recognised in the profit and loss account. Leave encashment provision has not been made for the year 2014-15 as same is accounted as and when it is paid.

6. Interest in a joint venture

The company discloses its investment in joint ventures at cost and recognises its share of profit/(loss) in the profit and loss account. The details of profit sharing ratio, investment as on 31.03.2015 and share of profit/(loss) in joint ventures are given below:

7. Related party disclosures

The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year:

8. Contingent liabilities

Name of the Statute to which the liability relates

a) Orissa Sales Tax Act 117.19

b) Orissa Entry Tax Act 34.44

c) Central Sales Tax Act 791.10

d) Orissa Electricity Act 4722

e) Corporate Guarantees to sister concerns of the Company

i) ARSS Damoh-Hirapur Toll Pvt Ltd. 8,700.00

ii) Anil Contractors (P) Ltd 280.00

f) Income Tax Act

i) ITAT 5,469.84

ii) TDS (Appeal) 13.29

g) Bank Guarantee outstanding 27,483.38

Total 42,936.46

9. Details of dues to micro and small enterprises as defined under the MSMED Act, 2006

The Company has not received any intimation from suppliers regarding their status under micro, small and medium enterprises Development Act 2006 and hence disclosure if any relating to amount unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

10. No provision has been made against invoking Performance Bank Guarantee by principals amounting to Rs. 82.83 Crores and disputed by the Company.

11. The Inventory of Raw Materials, Work in Progress and finished goods have been visually estimated by each site in charge and value estimated by them for the same has been considered in the accounts.

12. During the year, only some categories of fixed assets have been physically verified due to manpower constraint and widely spread out location of such assets besides a number of sites becoming non-active.

13.Contact wise surplus/deficit has not been prepared as the number and complexity of the contracts are very high.

14. Interest on inter corporate deposits has not been charged as the same are under dispute and pending at different forums.

15. The Company has claimed deduction under Section 80-IA (4) of the income Tax Act, 1961 in its returns of income relating to assessment year 2006-07 to 2012-13. However, the Department contested the same on the grounds that the Company was not "developing" the infrastructure facility and disallowed the deduction for assessment years 2006-07 to 2011-12. The Company had filed appeal against the said order before the Hon'able CIT(Appeal) which were allowed. The department has filed second appeal before Hon'able Cuttack Bench of Income Tax Appellate Tribunal for these assessment years, which is currently pending.

16. The figures for the previous year are regrouped / reclassified wherever necessary to make them comparable with that of Current Year.


Mar 31, 2014

1. Corporate Information

ARSS Infrastructure Projects Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The Company is engaged in execution of contracts of various infrastructure projects including road work, bridge work, railway tracking and irrigation projects.

2. Basis of Preparation

The financial statements are prepared on an accrual basis and under the historical cost convention in accordance with generally accepted accounting principles in India [Indian GAAP]. The Company has prepared these financial statements to comply in all material respects with the accounting standards issued by the Institute of Chartered Accountants of India, as applicable and notifed under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956.

The accounting policies adopted in the preparation of financials statements are consistent with those of previous year.

3 Segment Reporting

The Company''s operations predominantly consist of Civil Construction activities. Hence, there are no reportable segments under Accounting Standard - 17 ''Segment Reporting '' issued by the Institute of Chartered Accountants of India. During the year under report, substantial part of the Company''s business has been carried out in India. The conditions prevailing in India being uniform, no separate gerographical disclosures are considered necessary.

4 Gratuity and other post-employment benefit plans

Gratuity for employees is covered under a scheme of SBI Life Insurance and contribution in respect of such scheme are recognised in the Profit and loss account.

5 Contingent liabilties

Name of the Statute to which the liability relates Amount (Rs. in Lacs)

a) Orissa sales Tax Act 106.29

b) Orissa Entry Tax Act 34.44

c) Central Sales Tax Act 892.60

d) Orissa Electricity Act 47.22

e) Corporate Guarentees to sister concerns of the Company

i) ARSS Damoh-Hirapur Toll Pvt Ltd. 8,700.00

ii) Anil Contractors (P) Ltd 280.00

f) Income Tax Act

i) ITAT 5,469.84

ii) TDS (Appeal) 13.29

g) Bank Guarentee outstanding 30,804.00

Total 46,347.68

6 Details of dues to micro and small enterprises as defined under the MSMED Act, 2006

The Company has not received any intimation from suppliers regarding their status under micro, small and medium enterprises Development Act 2006 and hence disclosure if any relating to amount unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

7 No provision has been made against invoking Performance Bank Guarrantee by principals ammounting to Rs. 89.83 Crores and disputed by the Company.

8 The Inventory of Raw Materials, Work in Progress and fnished goods have been visually estimated by each site in charge and value estimated by them for the same has been considered in the accounts.

9 During the year, only some categories of fixed assets have been physically verifed due to manpower constraint and widely spread out location of such assets besides a number of sites becoming non-active.

10 Interest on delayed payment of statutory dues has not been provided in the accounts

11 Conract wise surplus/defcit has not been prepared as the number and complexity of the contracts are very high.

12 Diluted earning per share has not been computed due to uncertainty over number of potential equity shares after conversion of the CCPS.

13 Interest on inter corporate deposits has not been charged as the same are under dispute and pending at different forums.

14 The Company has claimed deduction under Section 80-IA (4) of the income Tax Act, 1961 in its returns of income relating to assessment year 2006-07 to 2012-13. However, the Department contested the same on the grounds that the Company was not "developing" the infrastructure facility and disallowed the deduction for assessment years 2006-07 to 2011-12. The Company had flled appeal against the said order before the Hon''able CIT(Appeal) which were allowed. The department has fled second appeal before Hon''able Cuttack Bench of Income Tax Appellate Tribunal for these assessment years , which is currently pending.

15 The Cost of leasehold land has not been amortised.

16. The figures for the the previous year are regrouped / reclassified wherever necessary to make them comparable with that of Current Year.


Mar 31, 2013

1. Corporate Information

ARSS Infrastructure Projects Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The Company is engaged in execution of contracts of various infrastructure projects including road work, bridge work, railway tracking and irrigation projects.

2. Basis of Preparation

The fnancial statements are prepared on an accrual basis and under the historical cost convention in accordance with generally accepted accounting principles in India [Indian GAAP]. The Company has prepared these fnancial statements to comply in all material respects with the accounting standards issued by the Institute of Chartered Accountants of India, as applicable and notifed under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956.

The accounting policies adopted in the preparation of fnancials statements are consistent with those of previous year.

3. Gratuity and other post-employment beneft plans

Gratuity for employees is covered under a scheme of SBI Life Insurance and contribution in respect of such scheme are recognised in the proft and loss account.The liability as at the balance sheet date is provided for based on the acturial valuation,at the balance sheet date,carried out by an independent actuary.

4. Interest in a joint venture

The company discloses its investment in joint ventures at cost and recognises its share of proft/(loss) in the proft and loss account. The details of proft sharing ratio, investment as on 31.03.2013 and share of proft/(loss) in joint ventures are given below

5. Contingent liabilties

Name of the Statute to which the liability relates Amount

(Rs. in Lacs)

a) Orissa sales Tax Act 106.29

b) Orissa Entry Tax Act 34.44

c) Central Sales Tax Act 791.10

d) Orissa Electricity Act 47.22

e) Corporate Guarentees to sister concerns of the Company

i) ARSS Damoh-Hirapur Toll Pvt Ltd. 8,700.00

ii) Anil Contractors (P) Ltd 600.00

f) Income Tax Act

i) CIT(Appeal) 5,469.84

g) Bank Guarentee outstanding 41,916.69

Total 57,665.58

6. Details of dues to micro and small enterprises as defned under the MSMED Act, 2006

The Company has not received any intimation from suppliers regarding their status under micro, small and medium enterprises Development Act 2006 and hence disclosure if any relating to amount unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

7 Revenue includes Rs.. 211.83 Crores against bills raised on account of various supplies/services provided including claims in line with similar billing/ claims made by the JVs on the contractees.

8 No provision has been made against invoking Performance Bank Guarrantee by principals ammounting to Rs.. 59.40 Crores and disputed by the Company.

9 The Inventory of Raw Materials, Work in Progress and fnished goods have been visually estimated by each site in charge and value estimated by them for the same has been considered in the accounts.

10 During the year, only some categories of fxed assets have been physically verifed due to manpower constraint and widely spread out location of such assets besides a number of sites becoming non-active.

11 The fgures for the the previous year are regrouped / reclassifed wherever necessary to make them comparable with that of Current Year


Mar 31, 2012

1. Corporate Information

ARSS Infrastructure Projects Limited (the Company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The Company is engaged in execution of contracts of various infrastructure projects including road work, bridge work, railway tracking and irrigation projects.

2. Basis of Preparation

The financial statements are prepared on an accrual basis and under the historical cost convention in accordance with generally accepted accounting principles in India [Indian GAAP]. The Company has prepared these financial statements to comply in all material respects with the accounting standards issued by the Institute of Chartered Accountants of India, as applicable and notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956.

The accounting policies adopted in the preparation of financials statements are consistent with those of previous year,

a) Terms/right attached to equity shares

The Company has only one class of equity shares having par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in India Rupees.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

a) Rupee loan from banks carries interest rate of 10% to 14.25% p.a. The loans are repayable in 12 to 20 quarterly installments from the respective dates of disbursement of loans after considering moratorium period. The above loans are secured by way of mortgage on land and building and assets acquired out of such loan. The term loans which is part of loan from banks are also backed by personal guarantee of promoters.

b) Term loan from NBFCs carries interest @ 9% to 16% p.a.and are repayable in 36 to 60 monthly equal instalments. The above loans are secured by way of mortgage on assets acquired out of such loan.

Cash credit from banks is secured against hypothecation of stock and book debts and are backed personal guarantee of promoters. The interest on C.C. Loan varies from 10.5% to 14.75% p.a. Inter corporate deposit and loan from NSIC carries interest @ 9% and 13.40% respectively. All the above loans are repayable on demands.

3. GRATUITY AND OTHER POST-EMPLOYMENT BENEFIT PLANS

Gratuity for employees is covered under a scheme of SBI Life Insurance and contribution in respect of such scheme are recognised in the profit and loss account. The liability as at the balance sheet date is provided for based on the actuarial valuation, at the balance sheet date, carried out by an independent actuary.

4. CONTINGENT LIABILITIES Amount (Rs. In Lacs)

Name of the Statute to which the Liability Relates

a) Orissa Sales Tax Act 117.19

b) Orissa Entry Tax Act 34.44

c) Central Sales Tax Act 791.10

d) Orissa Electricity Act 47.22

e) Andhra Pradesh VAT Act. 28.63

f) Corporate Guarantees to Sister Concerns of the Company

i) ARSS Damoh-Hirapur Tolls Pvt. Ltd. 8,700.00

ii) Anil Contractor Pvt. Ltd. 600.00

g) Income Tax Act

i) CIT (Appeal) 151.07

h) Bank guarantee Outstanding 53,391.08

Total 63,860.73

5. Details of dues to micro and small enterprises as defined under the MSMED Act, 2006

The Company has not received any intimation from suppliers regarding their status under Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amount unpaid as at the year end together with interest paid/payable as required under the said act have not been given.

6. Revenue includes Rs. 230.80 crores against bills raised on account of various supplies/services provided in earlier quarters including claims in line with similar billing/claims made by the JVs on the contractees.

7. Fixed Assets worth Gross Value of Rs. 42.13 crores were sold to Srei Equipment Finance Pvt. Ltd. during the year, the sales consideration of which was adjusted against overdue amount of loan availed from the above company. The said transaction has resulted in a loss of Rs. 1.56 Croes.

8. No provision has been made against invoking performance Bank Guarantees by principals amounting to Rs. 29.17 crores and disputed by the Company.

9. As at the Balance Sheet date, interest and principal amounting to Rs. 249.29 crores due to the financial institution and banks, have not been paid by the Company. Accordingly, the loan accounts with State Bank of India and State Bank of Bikaner and Jaipur have been declared as No performing Assets.

10. Other expenses includes operating expenses amounting to Rs. 590.94 crores ( P.Y. Rs. 975.20 crores) due to regrouping in line with revised Schedule - VI. Accordingly, for the year ended 31st March 2011 the net of materials consumed and changes in inventories has become negative.


Mar 31, 2009

1. Materials are purchased indigenously.

2. The company operates only in one segment, i.e. Civil Construction. Hence the company has no segment as defined in Accounting Standard -17 on "Segment Reporting" issued by the Institute of Chartered Accountants of India.

3. During the year 2007-08, the company has issued 1,00,000 shares of Rs.10 each with a premium Rs.20 each other than cash to partners of M/S ARSS Engineering & Technology a partnership firm where in a director of the Company was a partner in consideration of a plot of land on which the corporate office of the Company has been constructed.

4. Provision of Rs. 14.00 lacs on account of retirement gratuity has been made on adhoc basis pending actuarial valuation.

5. The company has not received any intimation from suppliers regarding their status under Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amount unpaid as at the year end together with interest paid/payable as required under the said act have not been given.

6. Since the Company carries on the business of Construction, being a service industry the quantitative information as required under para 3 of part II of Schedule - VI is not being furnished.

7. Previous year figures have been rearranged and regrouped wherever considered necessary.


Mar 31, 2008

1. Materials are purchased indigenously.

2. The company operates only in one segment, i.e. Civil Construction. Hence the company has no segment as defined in Accounting Standard -17 on "Segment Reporting" issued by the Institute of Chartered Accountants of India.

3. The company during the year has issued 1,00,000 shares of Rs.10 each with a premium Rs.20 each to partners of M/S ARSS Engineering & Technology a partnership firm where in a director of the Company was a partner in consideration of a plot of land on which the corporate office of the Company has been constructed.

4. Provision of Rs. 6.13 lacs on account of retirement gratuity has been made on adhoc basis.

5. No amount is due to any small scale industrial undertaking under sundry creditors. (Previous year - Nil).

6. Since the Company carries on the business of Construction, being a service industry the quantitative information as required under para 3 of part II of Schedule - VI is not being furnished.

7. Previous period figures have been rearranged and regrouped wherever considered necessary.

8. Paise has been converted to nearest rupee.


Mar 31, 2006

1) The Company had up to the year ended 31st March 2005, provided depreciation on fixed assets on Written down Value basis at the rates prescribed in Schedule XIV of the Companies Act 1956. For the year ended 31st March 2006 depreciation has been provided under Straight Line Method. Accordingly the depreciation has been recomputed and adjusted based on the rates of depreciation for earlier years. As a result, revised depreciation rate has been adopted as prescribed under schedule XIV of the Companies Act 1956 and the differential amount of depreciation has been adjusted for the years ended 31st March 2005, 2004,2003,2002 and 2001. The depreciation pertaining to the prior years has been adjusted in the brought forward balance of Profit & Loss Account for the year ended 31st March 2006.

2. Contingent liabilities not provided for :

a) Rs. 51,93,150/- (P.Y Rs. 51,93,150) towards sales tax demand against which appeals are pending with appropriate authorities.

b) Demand of Rs. 6,93,736/- (P.Y Rs. 6,93,736) made towards electricity charges against which stay has been granted by the Honble High Court, Orissa.

c) Bank Guarantees issued for Rs. 7,69,95,187/- (P.Y Rs. 6,22,07,023) towards security deposits and mobilization advances.

d) Rs. 1,43,44,998/- towards Income Tax demand against which the appeal is pending before CIT[A]-II, Bhubaneswar.

6. Segment Reporting

The company operates only in one segment i.e. construction industry. Hence the Company has no segment as defined in Accounting Standard-17 issued by the Institute of Chartered Accountants of India.

8. Related party disclosure

Parties where control / significant influence exists

i) Associates

ARSS Biofuel (P) Ltd.

Anil Contractors Private Limited

M/s Anil Agarwal

M/s ARSS Engineering Technology

ii) Joint Ventures

a) Harishchandra-Arssspl J.V

b) Hcil-Kalindee-Arss J.V

c) Hcil-Arss-Triveni J.V

d) Hcil-Arss-Adikariya J.V.

II) Key management personnel and thier relatives Shri Rajesh Agarwal, Managing Director

Shri Sunil Agarwal, Whole Time Director

III) Relative of key management personnel with whom transactions were carried out during the year-Nil

IV) Subsidiary - Nil

9. Inventories and Work-in-Progress are taken, valued and certified by the management.

10. Fixed assets are physically verified by the Management.

11. Provision for taxes comprises of current tax Rs.95,92,602.00 (P.Y 50,55,086.00) Fringe Benefit Tax Rs. 2,31,225.00 (P.Y (Nil) Deferred tax Rs. 4,38,902.00 (P.Y 12,70,052.00) has been made as per the provisions of the Income Tax Act 1961.

12. Particulars of employees in respect of whom remuneration exceeding Rs. 1,00,000.00 per month is incurred : Nil (previous year : Nil)

13. The company has neither paid wealth tax nor filed wealth tax return for the financial year 2005-06.

14. The company ARSS Infrastructure Projects Limited has been given some contract work on subcontract basis by Harishchandra-ARSSPL-JV. The details of input credit, VAT dues and TDS claim vide TIN-21701102746 are given below :

i) Input tax credit (VAT) taken on purchase of materials by ARSS Infrastructure Projects Limited for Rs. 24,37,016.00 during the financial year has transferred to Harishchandra-ARSSPL-JV vide TIN - 21701102746 because of mutual agreements. (ii) VAT dues of Rs. 68,79,665.00 in favour of Harishchandra-ARSSPL-JV has been passed to ARSS Infrastructure Projects Limited because of mutual agreements. (iii) VAT (TDS) of Rs. 44,42,648.00 deducted from bills of Harishchandra- ARSSPL-JV has been passed to ARSS Infrastructure Projects Limited because of mutual agreements. (iv) The input VAT credit available in the name of ARSS Infrastructure Projects Limited has been claimed by Harishchandra-ARSSPL-JV in VAT return because of agreement for reimbursement or otherwise payment of VAT dues of Harishchandra-ARSSPL-JV by ARSS Infrastructure Projects Limited. Pending disposal of the matter by sales tax department Rs. 24,37,016.00 has been provided in the books of the company.

15. Disclosure of transactions between the company and related parties as defined under the Accounting standard-18 on related party disclosure issued by the Institute of Chartered Accounts of India and status of outstanding balance as on 31st March 2006.

(A) Expenses

Shri Rajesh Agarwal Rs. 6,00,000.00 Directors Remuneration

Rs. 7,56,000.00 Hire Charges

Shri Sunil Agarwal Rs. 6,00,000.00 Directors Remuneration

Rs. 6,15,000.00 Hire Charges Shri Sangita Agarwal Rs. 40,000.00 Directors Remuneration

16. Additional information pursuant to the provisions of paragraph 3, of part ii of schedule VI to the Companies Act 1956 is not required as the nature of business is work contract and there is no sales of product from crusher, they re used for in house consumption.

17. Additional information to paragraph 4c, 4d of part ii of schedule vi of Companies Act 1956. Information desired under paragraph 4c, 4d of part ii of schedule vi of the Companies Act 1956 are not applicable as it is not a manufacturing company and there are no items related to paragraph 4D.

18. The ODC charged by NBFC has not been considered by the Company, hence the outstanding against NBFC shown by the company do not tally with those of the NBFCs. Ownership of plant and machineries, vehicles purchased on hire purchase system from NBFCs have been considered in the name of the company, although the ownership is transferred only on repayment of dues in entirely.

19. No employee of the company has completed 5 years of service and hence no liability has accrued on account of retirement gratuity payable to employees as per requirements of AS-15.

20. Previous years figures have been regrouped and re-arranged where ever necessary so as to be comparable with those of this year.

21. Paisa have been converted to nearest rupee.

22. The company has opening & closing work in progress as below : Opening work in progress Rs. 58,429,517.00 Closing work in progress Rs. 69,724,520.00


Mar 31, 2005

I. Depreciation is provided on WDV method at the rates specified in Schedule-XIV to the Companies Act1956. During the year Rs.1,48,77,767/- has been provided as depreciation assetwise details are given below :

Sl. No. Particulars Amount Rupees

a. Building 20,350

b. Plant & Machinery 14,594,960

c. Furniture & Fixtures 75,706

d. Vehicles 86,227

e. Computers 100,523

14,877,767

II. No employee of the Company has completed 5 years of service and hence no liability has accrued on account of retirement gratuity payble to employees as per requirements of AS-15.

III. Previous year figures have been regroupped and re-arranged where ever necessary so as to be comparable with those of this year.

IV. Paisa have been converted to nearest rupees.

V. The ODC charged by NBFC has not been considered by the company, hence the outstanding against NBFC shown by the company will not tallied with that of the NBFC.

VI. CONTINGENT LIABILITIES

The Company has following contigent liabilities.

a) Rs. 51,93,150/- towards Sales tax demand against which appeals are pending with various authorities.

b) Rs. 6,93,736/- towards electricity charges against which stay has been granted by the Honble High Court.

c) Rs. 622,07,023/- Bank Guarantees issued towards Security Deposits and Mobilisation Advance.

VII. Inventories are taken, valued and certified by the Management.

VIII Bills receivables / with-held, creditors, loans & advances and personal accounts are subject to confirmation.

IX Fixed assets are physically verified by the management.

X Provision for tax for Rs. 50,55,086.00 has been made as per the provisions of the Income Tax Act 1961.

XII Managerial Remunaration :

Managing Directors remunaration @ 22,000.00 per month is Rs. 2,64,000.00 as compare to previous year of Rs. 2,64,000.00

XIII Particulars of employees in respect of whom remunaration exceeding Rs. 1,00,000.00 per month is incurred : NIL (Previous Year)

XIX Segment information :

There is only one segment of the Company i.e. construction activity.

XX Related Party Disclosure :

(i) Associates

ARSS Biofuel (P) Ltd.

(ii) Key Management Personnel

Shri Rajesh Agarwal, Managing Director Smt. Sangita Agarwal, Director

(iii) Relative of key management personnel with whom transactions were carried out during the year - NIL

(iv) Subsidiary - NIL

 
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