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Notes to Accounts of Bhagyodaya Infrastructure Development Ltd.

Mar 31, 2014

1. Share Capital

(a) Reconciliation of the share outstanding at the beginning and at the end of the reporting period.

(b) Term/rights 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. The dividend proposed, if any, by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

Inview of loss during the year ended 31st March, 2014, the Board of Directors did not recommended any dividend.

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.

(c) Terms of redemption of 4% Redeemable Preference Share

During the year ended 31 March 2011, the company issued 60,00,000, 4% Redeemable Preference Shares of Rs. 10/- each fully paid-up aggregating Rs. 6,00,00,000/- on preferential basis. The Company declares and pays dividends in Indian rupees. Each holder is entitled to one vote per share only on resolutions placed before the company which directly affect the rights attached to Preference Share.

The said preference shares shall be redeemed at the expiry of 6 years from the date of allotment viz. 22nd March, 2011. The Board of Directors have the option to prematurely redeem the said preference shares.

In the event of liquidation of the company before redemption of the preference shares, the holders will have priority over equity shares in the payment of dividend and repayment of capital.

2. Long Term Borrowings

Term Loan of Rs. 5,07,00,000/- (Originally sanctioned Rs. 14,00,00,000/-) was taken from State Bank of India (SBI), during the financial year 2010-11 and carries interest @ 17.65 % p.a., as on 31st March, 2014.

SBI has also funded interest on Term Loan and Cash Credit facility for the period from 1st September, 2012 to 30th September 2013 to the tune of Rs. 1,35,38,347/-.

The aforesaid loans are repayable in monthly instalments along with interest. Terminal date of repayment is 31st December 2018.

The aforesaid loans are secured against hypothecation of consumables, work in progress, book debts, other current assets, machineries and equipments. Additional security for the aforesaid loans have been provided in the form of Corporate Guarantee of M/s Orbit Corporation Ltd. and personal guarantee of Shri Ravi Kiran Aggarwal, Chairman of M/s Orbit Corporation Ltd.

3. Short Term Borrowings

The Cash Credit limit of Rs. 4,50,00,000/- is secured against hypothecation of consumables, work in progress, book debts, other current assets, machineries and equipments. Additional security for the said facility has been provided in the form of Corporate Guarantee of M/s Orbit Corporation Ltd. and personal guarantee of Shri Ravi Kiran Aggarwal, Chairman of Orbit Corporation Ltd.

The said facility is repayable on demand and carries interest @ 17.50% p.a. on 31st March, 2014.

4. Trade Receivables

Note: Trade receivable includes Rs. 1,49,84,100/- (Previous year 1,64,73,168/-) being the retention money as per the terms of contract.


Mar 31, 2013

Note - 1 Employee Benefits

(i) Gratuity (Non-Funded): The Company has defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for the each completed year of service. The following tables summaries the components of net benefit expense recognized in the profit and loss account and the funded status and amounts recognized in the balance sheet.

Notes: 1) Related party relationships have been identified by the management and relied upon by the auditors.

2) No amounts in respect of related parties have been written off/written back during the year, nor any provision has been made for doubtful debts/receivables.

e. Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirmation and reconciliation, if any.

Note - 2

No provision for tax has been made for the year as there is no taxable income.

Note - 3 Previous Years figures reclassification

Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.


Mar 31, 2012

Note - 1

Employee Benefits

(i) Gratuity (Non-Funded): The Company has defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for the each completed year of service. The following tables summarise the components of net benefit expense recognised in the profit and loss account and the funded status and amounts recognised in the balance sheet.

Note - 2

Segment Reporting

The Company's business activities fall within a single segment, viz Real Estate Construction Contractor and predominantly operates in domestic market. Accordingly disclosure requirements under Accounting Standard - 17 "Segment Reporting", is not applicable.

Note - 3

Related Party Disclosure

Related party Disclosure as per Accounting Standard 18:

Key Management Personnel

i ) Shri Sanjiv Bansal, Whole Time Director

ii ) Shri Naman Shah

Notes: 1) Related party relationships have been identified by the management and relied upon by the auditors.

2) No amounts in respect of related parties have been written off/written back during the year, nor any provision has been made for doubtful debts/receivables.

Note - 4

a. Small and Medium Enterprises

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

Note - 5

Previous Years figures reclassification

The Revised Schedule VI has become effective from 1st April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure.


Mar 31, 2011

(a) Share Capital

The Company has issued 60,00,000 4% Redeemable Preference Shares of Rs. 10/- each fully paid-up aggregating Rs.6,00,00,000 on preferential basis. The said preference shares shall be redeemed at the expiry of 6 years from the date of allotment. However, the Board of Directors have the option to prematurely redeem, the said preference shares.

(b) Loan Security

Borrowings from State Bank Of India are secured as under.

1. Cash Credit Limit of Rs. 350 lacs and Term Loan of Rs. 1400 lacs are secured against hypothecation of consumables, work in progress, book debts, other current assets, machineries and equipments.

2. Additional security for the borrowings has been provided in the form of Corporate Guarantee of Orbit Corporation Ltd. and personal guarantee of Shri Ravi Kiran Aggarwal, Chairman of Orbit Corporation Ltd.

(d) Employee Benefits:

(i) Gratuity (Non-Funded): The Company has defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for the each completed year of service. The following tables summarise the components of net benefit expense recognised in the profit and loss account and the funded status and amounts recognised in the balance sheet.

Method used : Projected Unit Credit Method.

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

(i) Related party Disclosure as per Accounting Standard 18:

Key Management Personnel

i ) Shri Sanjiv Bansal, Whole Time Director

ii ) Shri Naman Shah

Notes: 1) Related party relationships have been identified by the management and relied upon by the auditors.

2) No amounts in respect of related parties have been written off/written back during the year, nor any provision has been made for doubtful debts/receivables.

(j) Segment Reporting:

The Company's business activities fall within a single segment, viz Real Estate Construction Contractor and predominantly operates in domestic market. Accordingly disclosure requirements under Accounting Standard - 17 "Segment Reporting", is not applicable.

(m) Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirmation and reconciliation, if any.

(n) Previous year's figures have been regrouped / reclassified wherever necessary to conform to current year's classification


Mar 31, 2010

(a) Employee Benefits:

(i) Gratuity (Non-Funded): The Company has defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for the each completed year of service. The following tables summarise the components of net benefit expense recognised in the profit and loss account and the funded status and amounts recognised in the balance sheet.

(b) In the opinion of the Management, the Current Assets, Loans and Advances have a value on realisation in the ordinary course of business, at least equal to the amount at which they are stated

(c) Income from construction contracts include Rs. 43.70 lacs being a portion of the amount invoiced towards additional construction work undertaken in relation to construction contracts entered into with a certain customer, the amount where of is subject to issuance of work order and confirmation by the said customer. The management is reasonably certain as to confirmation of the said amount by the customer and its eventual recovery by the Company.

(d) Managerial Remuneration:

Managerial Remuneration under section 198 of the Companies Act, 1956, paid or payable to the Directors is as under:

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

(g) Segment Reporting:

The Companys business activities fall within a single segment, viz Real Estate Construction Contractor and predominantly operates in domestic market. Accordingly disclosure requirements under Accounting Standard - 17 "Segment Reporting", is not applicable.

(h) Related party Disclosure as per Accounting Standard 18:

Key Management Personnel

i) Shri Sanjiv Bansal

ii) Shri Naman Shah

Notes: 1) Figures in brackets relates to previous year.

2) Related party relationships have been identified by the management and relied upon by the auditors.

3) No amounts in respect of related parties have been written off/written back during the year, nor any provision has been made for doubtful debts/receivables.

(i) The additional information pursuant to Part II of Schedule VI to the Companies Act.

(j) Previous years figures have been regrouped / rearranged wherever necessary to conform to current yearsclassification.

 
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