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Notes to Accounts of Artefact Projects Ltd.

Mar 31, 2015

1. Rights to Equity Shareholders

The Company has only one class of equity share having face value of ' 10 per share. Each shareholder is eligible for one vote per share held . In the event of liquidation of the company , the equity shareholders will be entitled to receive any of 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 shareholder.

2. Term Loans from a Bank referred to above included in current maturity of long term debts in Note No.10 of Rs.60, 521,956 are Secured against Mortgage of Building and Hypothecation of other Fixed Assets, Equipments, Hardwares and Softwares. The Term loan -I, as mentioned in note 4.04, is repayable in 5 equal monthly installments of Rs. 2,368,174 (including interest) from 31st March, 2015 as per repayment schedule, ending on September 6, 2015 and carries interest @ 15.75% p.a. and Term Loan - II, as mentioned in note 4.04, carries interest @ 13.50% p.a is repayable on 30th April, 2015 as per terms of sanction.

3. The term loans from a bank are guaranteed by some of the Directors in their personal capacity and are also Guaranteed by a Company i.e. Vidharbha Holding Limited.

4. Vehicle Loans referred to above and Rs. 539,315 included in current maturity of long term debts in Note No.10 are secured against hypothecation of the specific vehicle financed. The vehicle loan of Rs. 235,079 is repayable in 7 equal monthly installments (including interest) from 31st March, 2015 of Rs.34,570 and vehicle loan of Rs. 1,349,278 is repayable in 46 equal monthly installments (including interest) from 31st March, 2015 of Rs. 35,430 as per repayment schedule.

5. Working Capital Loans from Banks to the extent of:

(i) Rs. 89,011,543 referred to above are secured by way of hypothecation of whole of the movable properties including Book debts and other assets both present and future, and are further secured collaterally by mortgage of immovable properties of the Company. This loans are guaranteed by some of the directors in their personal capacity and also by a Corporate Guarantee of a Company i.e. Vidharbha Holding Ltd.

(ii) Rs. 528,384 referred to above are secured by the Pledge of Fixed Deposit with Bank of Rs. 600,000.

6. The Company has not received information from Creditors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure as required under the said Act, relating to amounts unpaid as on 31st March, 2015 together with Interest paid / payable have not been given.

7. Presently the company is liable to pay MAT under section 115JB of the Income Tax Act,1961 (The Act) and the amount paid as MAT is allowed to be carried forward for being set off against the future tax liabilities computed in accordance with the provisions of the Act, other than section 115JB, in next ten years. Based on future projection of the performances, the company will be liable to pay the income tax computed as per provisions, other than under section 115 JB of the Act. Accordingly as advised in Guidance Note on "Accounting for credit available in respect of Minimum Alternate Tax under the Income Tax Act, 1961" issued by the Institute of Chartered Accountants of India Rs. 1,789,654 (Previous Year Rs. 1,953,074) being the excess of tax payable u/s 115 JB of the Act over tax payable as per the provision other than section 115 JB of the Act has been considered as MAT credit entitlement and credited to the Statement of Profit and Loss. The aggregate MAT Credit Entitlement available to the Company as at 31st March, 2015 is Rs. 7,754,561 (Previous Year Rs. 5,964,908).

8. The amount outstanding for a period exceeding six months mainly includes amount receivable from government departments predominantly from NHAI, MMRDA, AAI etc and are in relation to execution of contract services, deployment of additional personnel, price escalations etc. The services have been provided on express written orders and procedural delays in respect of reconciliation of accounts & disbursement of funds at government departments are normal. Further, it includes Rs. 38,311,894 (Previous Year Rs.60,108,004) in respect of consultancy contracts for which the final bills are yet to be submitted and amount are receivable as per the running bills. Accordingly, Management is of the view that all these amount are good for recovery and no provision for doubtful debts is required.

9. In respect of Airport Authority of India (AAI), one of the clients of the company, the company's payment of invoice has been denied to an extent of Rs. 85.11 lacs citing unilateral deviation from contracted fees based on certain minutes of their internal meeting held prior to contract execution. The company had sought legal clarification and filed an appeal for arbitration. The arbitration proceedings have been concluded on 5th Feb, 2015, however the Arbitrator have to finalise the award and final award is awaited. The management is positive about recovery of debts along with interest & costs and do not expect any impact on the financial position of the Company.

10. Defined Benefit Plan

The employees Gratuity Fund Scheme of the Company is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

11. CONTINGENT LIBILITIES (To the extent not provided for)



Particulars Year Ended Year Ended March 31st, March 31st, 2015 2014

(Amount in Rs.) (Amount in Rs.)

(i) Guarantees given by the Company's 41,707,443 59,128,066 Bankers. (Bank guarantees are provided under contractual/legal obligation. No cash outflow is expected.)

(ii) Corporate Guarantee Given 105,000,000 105,000,000 (Given to a Bank against credit facility taken by wholly owned Subsidiary Company)

(iii) Disputed Income tax demand NIL 44,672,201 (The company appeal was decided in favor of the company and as on year end no disputed income tax demand is outstanding)

(iv) Third Party Claims 442,556 1,208,584 (Matters are pending before various forums. The Company doesn't expect any material impact on the financial position of the Company on account of pending litigation)

12. In the opinion of the management, Current Assets, Loans and Advances are of the value stated, if realised in the ordinary course of business.

13. SEGMENT REPORTING:

As per Accounting Standard (AS) 17 on "Segment Reporting" segment information has been provided under the notes to consolidated financial statements.

14. RELATED PARTY DISCLOSURES:

A. List of related parties :

(As certified by the Management)

I. Subsidiary Company

Artefact Infrastructure Ltd.

II. Step down Subsidiary

Alpine Mininginfra LLP

III. Associates

Rising Minerals & Metals LLP Glowide Infradevelopment LLP Artefact Inframining LLP

Valecha Badwani Sendhwa Tollways Limited (Upto 2nd February, 2015)

IV. Joint Ventures

Zaidun Leeng Sdn. Bhd.- Artefact Projects

Sheladia Associates Inc. - Artefact Projects - Zaidun Leeng Sdn. Bhd.

Meinhardt Singapore Pte. Ltd. - Artefact Projects

V. Key Management Personnel and Their Relatives

Mr. Manoj B. Shah

Mr. Pankaj B. Shah

Mr. Siddharth P. Shah

Mr. Nilesh Jain - Chief Financial Officer

VI. Enterprises in which key managerial personnel and their relatives are able to exercise significant influence with whom transactions have taken place during the year :

(Other related parties)

Artefact Towers Association

15. In accordance with clause 32 of Listing Agreement the details of advance is as under:

a. To Artefact Infrastructure Limited (AIL), a Subsidiary, closing balance as on March 31st, 2015 is ' 37,012,792 (Previous year Rs. NIL). Maximum balance outstanding during the year was Rs. 40,765,925 (Previous year Rs. 22,303,984).

b. AIL has not made investment in the shares of the Company

c. As per the Company's policy loans to employees are not considered in 'a' above.

16. Previous Year's figures have been reworked /regrouped / rearranged / reclassified wherever necessary to make them comparable with those of current year.


Mar 31, 2014

1. SHARE CAPITAL

Rights to Equity Shareholders

The Company has only one class of equity share having face value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation of the company , the equity shareholders will be entitled to receive any of remaining assets of the company after distributiion of all preferential amounts . The distribution will be in proportion to the number of equity shares held by the shareholder.

2. LONG TERM BORROWINGS

2.1 Term Loans from a Bank referred to above and Rs.56,450,300 included in current maturity of long term debts in Note No.10 are Secured against Mortgage of Building and Hypothecation of other Fixed Assets, Equipments, Hardwares and Softwares. The Term loan -I, as mentioned in note 4.04, is repayable in 17 equal monthly installments (including interest) from 31st March, 2014 of Rs. 2,368,174 as per repayment schedule, ending on September 6, 2015 and carries interest @ 15.75% p.a. and Term Loan - II, as mentioned in note 4.04, carries interest @ 13.50% p.a is repayable in 5 equal monthly intallments of Rs 10,000,000 after the period of 9 months from 31st March,2014.

2.2 The above term loans from a bank are guaranteed by some of the Directors in their personal capacity and are also Guarantee by a Company i.e. Vidharbha Holding Limited.

2.3 Vehicle Loans referred to above and Rs. 651,143 included in current maturity of long term debts in Note No.10 are secured against hypothecation of the specific vehicle financed. The vehicle loan of Rs. 235,077/- is repayable in 18 equal monthly instalments (including interest) from 31st March , 2014 of Rs. 34,570 and vehicle loan of Rs. 1,348,830/- is repayable in 58 equal monthly instalments (including interest) from 31st March , 2014 of Rs. 35,430 as per repayment schedule.

3. SHORT TERM BORROWINGS

(i) Rs. 88,932,510/- referred to above are secured by way of hypothecation of whole of the movable properties Including Book Debts and Assets both present and future, and are further secured collaterally by mortgage of immovable properties of the Company, guaranteed by some of the directors in their personal capacity and also covered by a Corporate Guarantee of a Company i.e. Vidharbha Holding Ltd.

(ii) Rs. 542,131 /- referred to above are secured by the Pledge of Fixed Deposit with Bank of Rs. 600,000 /-.

4. TRADE PAYABLES

@ The Company has not received information from Creditors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure as required under the said Act, relating to amounts unpaid as on 31st March, 2014 together with Interest paid / payable have not been given.

5. OTHER CURRENT LIABILITIES

Does not include any amount due and outstanding to be credited to Investor Education & Protection Fund. ** Mainly includes Payable to Employees and Provision for Expenses etc.

6. NON CURRENT INVESTMENTS

6.01 Presently the company is liable to pay MAT under section 115JB of the Income Tax Act,1961 (The Act) and the amount paid as MAT is allowed to be carried forward for being set off against the future tax liabilities computed in accordance with the provisions of the Act, other than section 115JB,in next ten years. Based on future projection of the performances, the company will be liable to pay the income tax computed as per provisions, other than under section 115 JB of the Act. Accordingly as advised in Guidance Note on "Accounting for credit available in respect of Minimum Alternate Tax under the Income Tax Act,1961" issued by the Institute of Chartered Accountants of India Rs. 1,953,074/- being the excess of tax payable u/s 115 JB of the Act over tax payable as per the provision other than section 115 JB of the Act has been considered as MAT credit entitlement and credited to the Statement of Profit and Loss. The aggregate MAT Credit Entitlement available to the Company as on 31st March, 2014 is Rs. 5,964,908 (Previous Year Rs. 4,011,834).

7. TRADE RECEIVABLES

7.01 The amount outstanding for a period exceeding six months mainly includes amount receivable from government departments predominantly from NHAI, MMRDA, AAI etc and are in relation to execution of contract services, deployment of additional personnel, price escalations etc. The services have been provided on express written orders and procedural delays in respect of reconciliation of accounts & disbursement of funds at government deparments are normal. Accordingly, management is of the view that all these amount are good for recovery and no provision for doubtful debts is required.

7.2 The amount outstanding classified as for a period of more than 6 months includes Rs. 60,108,004/- (Previous Year Rs.48,364,667) in respect of consultancy contracts for which the final bills are yet to be submitted and are outstanding on running accounts as per the contract of consultancy.

7.3 In respect of Airport Authority of India (AAI), one of the client of the company, the company''s invoice has not been accepted to an extent of Rs. 85.11 lacs citing certain minutes of their internal meeting held prior to contract execution as reason for rejection. According to the Management of the company, all the invoices raised by them is as per the contract entered with AAI for Architectural Design for Trivandrum International Airport. AAI has some interpretation clarifications in the terms of contract which the company feels are totally unsustainable. Accordingly company has sought legal clarification and filed an appeal for arbitration. The management is of the view that the action of AAI is ultra-virus and devoid of any contractual logic as well as the executed contract and agreement ab initio. Accordingly the whole amount receivable from AAI is considered good for recovery.

8. Defined Benefit Plan

The employees Gratuity Fund Scheme of the Company is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to addtional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

9. CONTINGENT LIBILITIES (To the extent not provided for)

Particulars Year Ended Mar Year Ended March 31, 2014 31, 2013 (Amount in Rs.) (Amount in Rs.)

(i) Guarantees given by the 59,128,066 67,407,442 Company''s Bankers. (Bank guarantees are provided under contractual/legal obligation. No cash outflow is expected.)

(ii) Corporate Guarantee Given 105,000,000 105,000,000 (Given to Bank against credit facility taken by a Subsidiary company)

(iii) Disputed Income tax demand 44,672,201 44,672,201 (The company has filed an appeal and does not expect any cash outflow) (Amount deposited-Rs.2,000,877/- (Previous year-NIL))

(iv) Third Party Claims 1,208,584 1,695,100 (Matters are pending before various forums.No cash outflow is expected)

NOTE 10

In the opinion of the management, Current Assets, Loans and Advances are of the value stated, if realised in the ordinary course of business.

NOTE 11

SEGMENT REPORTING:

As per Accounting Standard (AS ) 17 on "Segment Reporting" segment information has been provided under the notes to consolidated financial statements

NOTE 12

RELATED PARTY DISCLOSURES:

A . List of related parties :

(As certified by the Company)

I. Subsidiary Company

Artefact Infrastructure Ltd.

II. Step down Subsidiary

Alpine Inframining LLP

III. Associates

Rising Minerals & Metals LLP

Glowide Infradevelopment LLP

Artefact Inframining LLP

Valecha Badwani Sendhwa Tollways Limited

IV. Joint Ventures

Zaidun Leeng Sdn. Bhd.- Artefact Projects

Sheladia Associates Inc. - Artefact Projects - Zaidun Leeng Sdn. Bhd.

Meinhardt Singapore Pte. Ltd. - Artefact Projects

V. Key Management Personnel and Their Relatives

Mr. Manoj B. Shah - Managing Director

Mr. Pankaj B. Shah - Whole Time Director

Mr. Siddhardh P Shah - Whole Time Director ( w.e.f. 06.07.2013)

Mr. Nilesh Jain - Chief Financial Officer (w.e.f 13.08.2013)

Mr. Chetan B. Shah - Relative of Key Management Personnel

Mrs. Madhvi M Shah - Relative of Key Management Personnel

VI. Enterprises in which key managerial personnel and their relatives are able to exercise significant influence with whom transactions have taken place during the year :

(Other related parties)

Artefact Towers

Association Koradi Minerals Private Limited

JOINT VENTURE ACCOUNTING:

The Company''s share in the total value of the assets and liabilities as at Rs 31.03.2014 is Rs. 98,371,772 (Previous year Rs.92,659,946) and Rs. 80,936,746 (Previous Year Rs.77,287,463) respectively and in the income, expenditure and net profit/( Loss) before tax for the year ended 31.03.2014 of the above Joint Ventures amounts to Rs. 53,749 (Previous Year Rs.5,681,625), Rs. 5,408,406 (Previous Year Rs.53,69,333) and Rs. (5,354,658) (Previous year Rs.312,293) respectively. The figures have been incorporated based on the audited financial statements received from the jointly controlled operations.

NOTE 13

In accordance with clause 32 of Listing Agreement the details of advance is as under:

a. To Artefact Infrastructure Limited (AIL), a Subsidiary , closing balance as on March 31, 2014 is Rs.Nil (Previous year Rs. 17,366,120/).

Maximum balance outstanding during the year was Rs. Rs. 22,303,984 (Previous year Rs. 17,366,120/- ).

b. AIL has not made investment in the shares of the Company

c. As per the Company''s policy loans to employees are not considered in ''a'' above.

NOTE 14

Previous Year''s figures have been reworked /regrouped / rearranged / reclassified wherever necessary to make them comparable with those of current year.


Mar 31, 2013

NOTE 1

The opinion of the management, Current Assets, Loans and Advances are of [he value staled, if realised in the ordinary course of business.

NOTE 2

SEGMENT REPORTING:

As per Accounting Standard (AS ) 17 on "Segment Reporting" lejjnenl information has been provided under the notes to consolidated fin uncial slaiemenls

NOTE 3

RELATED PARTY DISCLOSURES:

A . List of related parties :

(As certified by the Company)

I. Subsidiary Company Artefact infrastructure Ltd,

I], Step down Subsidiary

Alpine Inframining LLP (w.e.f 10.11 2012 )

1IL Associates

Rising Minerals & Metals LLP ( w.e.f 01.01.20] 3 ) Valecha Badwani Sendhwa Tollways Limited

Joint Ventures

Zaidun Leeng Sdn. Bhd.- Artefact Projects

Sheladia Associates inc. - Artefact Projects -Zaidun Leeng Sdn. Bhd.

Meinhardt Singapore Pte. Ltd. - Artefact Projects

Artefact Project - Zaidun Leeng (India) Pvt. Ltd ( up to 25.11.2012)

V. Key Management Personnel and Their Relatives Mr.Manoj B. Shah Mr. Pankaj B. Shah

Mr. Balkrishna Shah - Relative of Key Management Personnel Mr.Chetan B. Shah- Relative of Key Management Persomel Mrs. Sushila B Shah -Relative of Key Management Personnel Mrs, Rupa C Shah - Relative of Key Management Persomel Mrs. Madhvi M Shah - Relative of Key Management Personnel Mrs, Rcena P Shah - Relative of Key Management Persoitiel

VI. Enterprises in which key managerial personnel and their relatives are able to exercise significant influence with whom transactions have taken place during the year : (Other related parties) Artefact Towers Association Koradi Minerals Private Limited ( w.e.f 10.11.2012)

NOTE 4

Previous Year''s figures have been reworked /regrouped / rearranged / reclassified wherever necessary to make them comparable with those of current year.


Mar 31, 2012

NOTE 1 CONTINGENT LIBILITIES AND COMMITMENTS (To the extent not provided for)

Particulars As at March 31, As at March 31, 2012 2011 (Amount in Rs.) (Amount in Rs.)

(a) Contingent Liabilities :

(i) Guarantees given by the Company's Bankers. 39,993,998 41,543,998

(Bank guarantees are provided under contractual/legal obligation. No cash outflow is expected.) (ii) Corporate Guarantee Given 105,000,000 105,000,000

(Given to Bank against credit facility taken by the Subsidiary) (iii) Third Party Claims 1,669,675 1,725,636

(Matters are pending before various forums.No cash outflow is expected)

NOTE 2

SEGMENT REPORTING:

Based on consideration of dominant source and nature of risks and returns, the Company is considered to be engaged only in the business of "Project Consultancy" with all activities revolving around this business and accordingly has only one reportable segment. The geographical location of its main operations and the internal organization / reporting and management structure supports such treatment.

NOTE 3

RELATED PARTY DISCLOSURES:

A . List of related parties :

(As certified by the Company)

I. Subsidiary Company

Artefact Infrastructure Ltd.

II. Joint Ventures

Zaidun Leeng Sdn. Bhd.- Artefact Projects

Sheladia Associates Inc. - Artefact Projects - Zaidun Leeng Sdn. Bhd.

Meinhardt Singapore Pte. Ltd. - Artefact Projects

Artefact Projects Zaidun Leeng (India) Pvt. Ltd.

III. Key Management Personnel and Their Relatives

Mr. Manoj B. Shah Mr. Pankaj B. Shah Mr. Chetan B. Shah - Relative of Key Management Personnel

IV Enterprises in which key managerial personnel and their relatives are able to exercise significant influence with whom transactions have taken place during the year : (Other related parties)

Valecha Badwani Sendhwa Tollways Ltd Artefact Towers Association

NOTE 4

JOINT VENTURE ACCOUNTING:

(a) Jointly Controlled Operations

(i) The Company has entered in to Joint Ventures (JVs) in respect of certain projects with various bodies corporates. The share in the residual profit remaining after sharing of receipts in proportion to the extent of services rendered is in the ratio as under -

The Company's share in the total value of the assets and liabilities as at Rs 31.03.2012 is Rs. 89,007,885 (Previous year Rs.100,389,635) and Rs.80,368,255 (Previous Year Rs.92,761,503) respectively and in the income, expenditure and net profit before tax for the year ended 31.03.2012 of the above Joint Ventures amounts to Rs.15.055.309 (Previous Year Rs.21,057,848), Rs.14,626,783 (Previous Year Rs.20,664,180) and Rs.428,525 (Previous year Rs.393,668) respectively. The figures have been incorporated based on the audited financial statements received from the jointly controlled operations.

The Company's share in the total value of the assets and liabilities as at Rs 31.03.2012 is Rs. 1,489 (Previous Year Rs. 1,089) and Rs. 15,320 (Previous year Rs. 400) respectively and in the income, expenditure and net profit before tax for the year ended 31.03.2011 of the above Joint Venture amounts to Rs. Nil (Previous year Rs.Nil), Rs.Nil (Previous year Rs.Nil) and Rs.Nil (Previous year Rs.Nil) respectively. The figures have been incorporated based on the audited financial statements received from the jointly controlled entity.

NOTE 5

On March 10, 2011 the income tax authorities carried out search and seizure at the company's premises and concluded on 15th Aprill, 2011. Given the information provided so far and the investigation carried out at the time of operation, the company believes that there will be no material tax liability for the period. The process of completion of assessment by the tax authorities is in process and the amount of tax liability if any, shall be determined upon completion of such assessment.

NOTE 6

This Revised Schedule VI has become effective from April 1, 2011 for the preparation of Financial Statements. This has significantly impacted the disclsoure and presentation made in Financial Statements. Previous Year's figures have been reworked /regrouped / rearranged / reclassified wherever necessary to correspond within Current Year's classification/ disclosure.

(i) The above Cash Flow Statement has been prepared under the "Indirect Method" as set out in Accounting Standard - 3 "Cash Flow Statements" issued by the Institute of Chartered Accountants of India. (ii) Figures in brackets indicate Outflows. (iii) Previous year's figures have been regrouped / rearranged wherever necessary to make them comparable with those of current year.


Mar 31, 2010

31.03.2010 31.03.2009 (Amount In Rs.) (Amount In Rs.)

1 Contingent Liabilities :

Guarantees given by the Companys Bankers. 55834498 99594366

(Bank guarantees are provided under contractual/legal obligation. No cash outflow is expected.)

Defined Benefit Plan

The employees Gratuity Fund Scheme of the Company is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to addtional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

2 Segment Reporting:

Based on consideration of dominant source and nature of risks and returns, the Company is considered to be engaged only in the business of "Project Consultancy" with all activities revolving around this business and accordingly has only one reportable segment. The geographical location of its main operations and the internal organization / reporting and management structure supports such treatment.

3 Related Party Disclosures

A. List of related parties :

(As certified by the Company)

I. Associate Companies / Joint Ventures

a) Zaidun Leeng Sdn. Bhd.- Artefacts Projects

b) Sheladia Associates Inc. - Artefacts Projects- Zaidun Leeng Sdn. Bhd. L— Joint Ventures

c) Meinhardt Singapore Pte. Ltd. - Artefact Projects

d ) Artefact Projects Zaidun Leeng (India) Pvt. Ltd. Associate Company

II. Key Management Personnel

[a] Mr. Manoj B. Shah

[b] Mr. Pankaj B. Shah

[c] Mr. Mohan S.Adige

III Enterprises in which key managerial personnel and their relatives are able to exercise significant influence with whom transactions have taken place during the year: (Other related parties)

a) Artefacts Projects Sdn. Bhd.

b) Artefacts Infrastructure Limited

Note : Figures in brackets represent previous years amounts.

b. The computation of Net Profit for the purpose of Directors Remuneration u/s 349 of the Companies Act,1956 has not been enumerated since no commission has been paid to the Directors. Fixed managerial remuneration has been paid to the whole-time Directors of the Company as per Schedule XIII of the Companies Act, 1956. 13 In accordance with the Accounting Standard (AS-28) on "Impairment of Assets", the Management during the year carried out an exercise of identifying the assets that may have been impaired in respect of each cash generating unit in accordance with the said Accounting Standard. On the basis of this review carried out by the management, there was no impairment loss on Fixed Assets during the year ended 31s March, 2010.

5 Joint Venture Accounting :

5.1 Jointly Controlled Operations

b As at the end of the year, the Companys share in the total value of the assets and liabilities is Rs. 22910016 and income, expenditure and net profit before tax of all these Joint Ventures amounts to Rs. 25947677, Rs. 25308022 and Rs. 639656 respectively. The figures have been incorporated based on the audited accounts received from the respective Joint Venturers.

As at the end of the year, the Companys share in the total value of the assets and liabilities is Rs. 200000/-, and income, expenditure and net profit before tax of the above Joint Venture amounts to Rs. Nil , Rs. Nil and Rs. Nil respectively. The figures have been incorporated based on the audited accounts received from the respective Company.

6 The Members at the EGM of the company held on 23rd February 2010 consented for offer, issue and allotment in one tranches through a Preferential allotment and/or Private placement basis up to 9 Lacs equity shares of Rs.10 Each at Rs. 101/-per equity share and up to 2 lacs warrants convertible at the option of the holders in to equity share ofRs. 10 Each atRs. 101/-per warrants to investors and up to 8.22 Lacs warrants convertible at the option of the holders in to equity share ofRs. 10 Each atRs. 101/- per warrants to the promoters. The company has received share application money aggregating to Rs. 909 Lacs and warrant application Money aggregating to Rs . 258.15 Lacs as on 31" March 2010.

7 Previous Years figures have been reworked /regrouped / rearranged / reclassified wherever necessary to make them compairable with those of the current year.

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