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Notes to Accounts of Brahmaputra Infrastructure Ltd.

Mar 31, 2015

1. All Long Term and Short Term Borrowings from " Banks" were restructured with cut off date as on 01st March 2014 under RBI " Corporate Debt Restructuring Mechanism" vide letter of approval dt. 17th December 2014. The same has been implemented by the participating banks except " HDFC Bank" and same have been duly accounted for in the books of accounts.

2. Primary Security

1st Pari-passu charge on all the current assets (present/future) except current assets of City centre shopping mall project which is exclusively charged to Allahabad bank for term loan of Rs. 60.00 Crores.

1st pari-passu charge on fixed assets of company (except fixed assets exclusively charged with Allahabad Bank for shopping mall term loan and equipments exclusively charged with equipment lenders).

3. Collateral Security:

First pari-passu charge with all consortium banks on the following immovable properties:- - Land & Building at A-7, Mahipalpur, Delhi. ( Jointly owned by Co. and one other Associate Company)

* Office premises at 401,4th floor, Royal Plaza, GS Road, Guwahati in the name of the Associate Company

* Central Workshop, Parking Bay and Industrial Land situated at Brahmaputra Industrial Park, Village Sila, District Kamrup, Assam.

* Banarsai Devi Bhawan, Railway Road, Deedwana, District Nagour, Rajasthan in the name of relative of Promoter

* First pari-passu charge on furniture and fixtures at A-7, Mahipalpur, Delhi.

* Hypothecation of other plant and machinery on subservient charge basis for consortium.

4. Rate of Interest

Rate of Interest as per CDR Sanction is 10.75%.p.a (floating) linked to base rate of convener (Indian Overseas Bank), with a right to reset after every 2 years.

5. Work in Progress ( WIP ) Inventory includes a sum of Rs. 62.30 Crores identified as " Slow Moving" by the Management, but no provision has been made in the books of accounts as the management is hopefull to encash / recover the same in due course.

6. COMPANY INFORMATION

1. Brahmaputra Infrastructure Limited is into EPC & Real Estate Development Business and handling various projects like Construction of Bridges, Flyovers, Highways, Airport, Building Construction, Tunnel projects, Mining projects. The Registered Office of the Company is situated at Brahmaputra House, A-7, Mahipalpur (NH-8, Mahipalpur Crossing) New Delhi - 110 037

7. OTHER DISCLOUSERS

1 Contingent Liabilities not provided for :

(a) Guarantees given by banks towards performance, financial and contractual commitments (Net of FDR) on behalf of the Company Rs. 26295.28 Lacs (previous year Rs 39912.30 Lacs).

(b) Letter of Credit o/s as on 31-03-15 Rs. 599.38 Lacs (Previous Year Rs.580.68 Lacs )

(c) VAT Liability against Housing Project at Guwahati is estimated to be approx. Rs. 47.87 lacs (Previous Year - Rs. 47.87 Lacs).

(d) Income Tax Demand (including interest) of Rs. 515.83 Lacs (Previous Year-515.83 Lacs ) under section 153A/143(3) of Income Tax Act,1961 as the same is under appeal with I.T Authorities. However the I.T Deptt. Has recovered Rs 513.62 Lacs against outstanding refunds shown under " Advance Income Tax & TDS (Net of Provision for income tax )" under Note No. 16

(e) Service Tax demand of Rs. 1488.42 Lacs (Previous Year-Rs.1488.42 Lacs) for F.Y.2005-06 to F.Y. 2010-11 and penalty of Rs.173.24 Lacs ( Previous Year-173.24 Lacs). However the Deptt. Has recovered Rs 300 Lacs which is shown under " Indirect Tax Balances / recoverable / Credits" under Note No. 16

(f) VAT/Entry Tax liability against Lucknow Airport Project is estimated to be Approx Rs.196.62 Lacs ( Previous Year - 54.25 Lacs )

(g) Income Tax demand of Rs.0.70 Lacs (Previos Year - 0.70 Lacs ) for penalty of U/s.271(1b)

(h) Income Tax demand for penalty U/s 272 (A)(2)(k) of Rs.3.50 Lacs ( Previous Year - 3.50 Lacs )

(i) Penalty for Non Submission of C Form under Lucknow Airport Project - Rs 72.69 Lacs (Previous Year - NIL)

8. (a) The Balance of Security Deposit/ Retention Money, Earnest Money, Withheld Money, Trade Receivables, Loans & Advances and Trade payables are subject to their confirmation.

(b) Rs. 7,04,34,973/- (Previous Year - Rs. 6,71,59,938/-) recoverable from DDA against Service tax against which Petition have been filed in High Court of Delhi and the same is pending. In the opinion of the Management, the same is considered good and will be recovered in due course therefore no provision has been made in the books of accounts.

(c) Trade payable and Trade Receivables are shown net off business advances.

9. Receipts from Civil Contracts / Projects and bill raised but unsettled are inclusive of VAT and / or Service Tax wherever applicable.

10. During the year, the Company was associated in the following Joint Ventures:

SN. Name of Joint Venture Description of Job

1 DRA-BLA-BCL(JV) Widening and strengthening of existing National Highways from 2 Lane to 4 Lane NH-31 , Nalbari Section, Assam

2 Madhava-Brahmaputra Construction of foundation, Consortium Limited (JV) substructure and super-structure (PSC Box Girder) of major bridge No. 543 (proposed span 20x25.00m on pile foundations) at Chainage 143/600 KM and minor Br. No. 541 at Chainage 143/750 KM in between Damcherra- Chandranathpur stations, on permanent 143/180.00 KM to 144/ 208.00 KM and all other ancillary works in connection with Lumding- Silchar Gauge Conversion Project.

3 DRA-Brahmaputra (i) Construction of Grade Consortium Limited (JV) Separator at Rani Jhansi Road at New Delhi. (N.I.T.-EE.XVIM/2007-08/09)

(ii) Construction of Grade Separator at Dabri intersection of Pankha Road and Road leading to Dwarka near Janakpuri in West Delhi.

4 Unity-Brahamputra (i) Construction of Jorhat Consortium (JV) Medical College & Hospital,Jorhat

(ii) Construction of Single line BG Tunnel No.6 in coonection with Construction of new railway line project Jiribam-Tupul (Imphal) of N.F Railway (Construction)

(iii) Execution of the work "Assam Hills Medical College & Research Institute, Diphu, Karbi Anglong"

5 IPL-Brahmaputra Construction of New Integrated Infrastructure Passenger Terminal Building Limited (JV) at Lucknow Airport.

6 SMSIL-BCL (Joint Venture) Construction of North Bank Embankment on river Brahamaputra near Dibrugarh, Assam

Construction of underpass 7 Madhava Hytech - at Ring Road and Kadirenhalli Brahamaputra (JV) Road junction at Banglore, Karnataka.

8 SMSIL-BIL (Joint Venture) Construction of North Guide Bundh in river Brahmaputra.

9 BCL-FGM Consortium Hiring of Crawler mounted shovels/ Hydraulics Excavators, backhpes, dumpers for removal of Lignite

10 KMC Brahmaputra Contruction of 2-lane Infrastructure Ltd. (JV) Gangtok Byepass Road from R anipool to Burthuk in East Sikkim

11 DRAIPL-Brahmaputra Contruction of 2-lane Silchar Infrastructure Ltd.(JV) Byepass with paved shoulders under SARDP-NE,Phase-A, under Silchar PWD NH Division in the State of ASSAM.

12 Supreme-BIL (JV) Construction of pucca road on service road of saran main canal,Marhaura branch canal, Kateya branch canlal and Hathua branch canal, Under saran canal system.

13 BIL-BLA-GSCO(JV) Development and operations of ChattiBariatu Coal Mining Block

14 DRA-Brahmaputra Improvement & Upgradation Infrastructure Ltd. (JV) of SH-46 (Dudhnoi Goalpara Pancharatna)

11. Previous year figures having been re-worked, regrouped rearranged and reclassified wherever necessary to make them comparable with current year figures

12. Accounting for Tax on Income:

Current Tax is determined based on the provision of the Income Tax Act 1961 including treatment of Retention Money amount as contingent amount taxable in the year of its real accrual/ receivable based on real income theory. Deferred tax has been provided for all timing difference as required under the provisions of the Accounting Standard -22 issued by the Institute of Chartered Accountants of India.

13. Remuneration to Managing Director & Whole time Directors as under :

Rs. In Lacs

Particulars 2014-15 2013-14

Salary 33.43 69.77

Perks 9.48 23.91

TOTAL 42.91 93.68

14. Related Party Disclosure pursuant to Accounting Standard (AS) 18 is as follows:

List of Related Parties:

a) Subsidiaries:

* Brahamputra Concrete (Bengal) Pvt. Ltd.

* Brahmaputra Concrete (P) Ltd.

* Brahmaputra Property Management Services (P) Ltd

* Brahmaputra Industrial Park Pvt.Ltd

* Brahmaputra Warehousing Pvt. Ltd ( Shares Sold on 04.03.2015)

* Brahmaputra Real Estates Pvt. Ltd

b) Joint Ventures:

* PCL- Brahmaputra Consortium Ltd (JV)

* KB- Brahmaputra Consortium Ltd (JV)

* DRA-BLA-BCL(JV)

* Brahmaputra Consortium Ltd (JV)

* GPL- Brahmaputra Consortium Ltd (JV)

* Madhava- Brahmaputra Consortium Ltd (JV)

* BTS Brahmaputra Consortium Ltd (JV)

* DRA Brahmaputra Consortium Ltd (JV)

* BLA Brahmaputra Consortium Ltd (JV)

* IPL-Brahmaputra Infrastructure Ltd. (JV)

* Unity- Brahmaputra Infrastructure Ltd. (JV)

* SMSIL BCL (Joint Venture)

* Madhava Hytech Brahamaputra (JV)

* SMSIL-BIL (Joint Venture)

* BCL-FGM Consortium

* KMC-Brahmaputra Infrastructure Limited (JV)

* DRAIPL-Brahmaputra Infrastructure Limited (JV)

* Supreme-Brahmaputra Infrastructure Limited (JV)

* BIL-BLA-GSCO (JV)

* DRA-Brahmaputra Infrastructure Ltd.(JV) * c) Associates:

* Brahmaputra Overseas Ltd

* Brahmaputra Projects (P) Ltd

* Brahmaputra Promotors and Planners (P) Ltd

* Brahmaputra Holdings (P) Ltd

* Brahmaputra Realtors (P) Ltd

* Brahmaputra Promoters & Developers Limited

* Brahmaputra Housing & Urban Infrastructure Ltd.

* Indotech Tubewells (P) Ltd

* M.L.Singhi & Associates (P) Ltd

* Brahmaputra Finlease (P) Ltd

* Satluj Infrastructure Ltd

* Bengal Brahmaputra Realty Limited

* Meghalaya Infratech Ltd.

* Anjanee Estates Private Limited

d) Key Management Personnel & their relatives:

* Sanjeev Kumar Prithani, Joint Managing Director

* Sanjay Kumar Mozika, Joint Managing Director

* Manoj Kumar Prithani, Managing Director till 26th Aug,2013.

* Manoj Kumar Prithani,CEO since 27th Aug,2013 & Relative

* Rajesh Singh, Whole time Director

* Suneet Kumar Todi, Whole time Director

* Pankaj Goyal, V.P ( Finanace & Accounts)

* Vivek Malhotra, Company Secretary

* Suresh Kumar Prithani, Relative

* Shobna Prithani , Relative

* Anita Prithani, Relative

* Kiran Prithani, Relative

* Nikita Prithani, Relative

* Om Kumar, Independent Director

* Satish Chandra Gupta,Independent Director

* Viresh Shankar Mathur,Independent Director

* Kuladhar Saharia, Independent Director

* Khushboo Jhuria, Independent Director

15. In the opinion of the Directors, the Current Assets, Non Current Assets,Claim Receivables,Outstanding Arbitrational Claim,Loan & Advances (excluding retention money) have a value on realization in ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

16. The company has not received information from vendors regarding their status under the Micro, Small and medium Enterprise Development Act,2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/ payable under this Act has not been given.

17. There is no impairment loss on fixed assets is recognized or reversed during the year pursuant to Accounting Standard (AS) 28.

18. Travelling & Conveyance includes Rs. 0.75 Lacs (Previous Year - Rs. NIL) incurred on Foreign Travelling of Directors & Others.

19. Profit After Tax is after considering the following Income,Expenditure & Taxes which relates to Prior Period


Mar 31, 2014

A. COMPANY INFORMATION

1. Brahmaputra Infrastructure Limited is into EPC & Real Estate Development Business and handling various projects like Construction of Bridges, Flyovers, Highways, Airport, Building Construction, Tunnel projects, Mining projects. The Registered Office of the Company is situated at Brahmaputra House, A-7, Mahipalpur (NH-8, Mahipalpur Crossing) New Delhi - 110 037

B. OTHER DISCLOUSERS

1. Contingent Liabilities not provided for :

(a) Guarantees given by banks towards performance, financial and contractual commitments (Net of FDR) on behalf of the Company Rs. 39912.30 Lacs (previous year Rs 43320.73 Lacs).

(b) Letter of Credit o/s as on 31-03-14 Rs. 580.68 Lacs (Previous Year Rs.178.45 Lacs)

(c) VAT Liability against Housing Project at Guwahati is estimated to be approx. Rs. 47.87 lacs (Previous Year - Rs. 47.87 Lacs).

(d) Income Tax Demand (including interest) of Rs. 515.83 Lacs (Previous Year- Rs. 515.83 Lacs) under section 153A/143(3) of Income Tax Act,1961 as the same is under appeal with I.T. Authorities. However, the I.T. Deptt. has recovered Rs 513.62 Lacs against outstanding refunds shown under "Advance Income tax & TDS (Net of Provision for Income tax )" under Note No. 16

(e) Service Tax demand of Rs. 1488.42 Lacs (Previous Year-Rs.1753.90 Lacs) for F.Y.2005-06 to F.Y. 2010-11 and penalty of Rs.173.24 Lacs (Previous Year-NIL)

(f) VAT liability against Lucknow Airport Project is estimated to be Approx Rs.54.25 Lacs (Previous Year - NIL)

(g) Income Tax demand of Rs.0.70 Lacs (Previous Year - NIL) for penalty U/s 271 (1 )(b)

(h) Income Tax demand for penalty U/s 272 (A)(2)(k) of Rs.3.50 Lacs (Previous Year - NIL)

2 (a) The Balance of Security Deposit/ Retention Money, Earnest Money, Withheld Money, Trade Receivables, Loans & Advances and Trade payables are subject to their confirmation.

(b) Rs. 6,71,59,938/- (Previous Year - Rs. 6,32,31,002/-) recoverable from DDA against Service tax against which Petition have been filed in High Court of Delhi and the same is pending. In the opinion of the Management, the same is considered good and will be recovered in due course therefore no provision has been made in the books of accounts.

(c) Trade payable are shown net off business advances.

3 Receipts from Civil Contracts / Projects and bill raised but unsettled are inclusive of VAT and / or Service Tax wherever applicable.

4 Previous year figures having been re-worked, regrouped rearranged and reclassified wherever necessary to make them comparable with current year figures

5 Accounting for Tax on Income:

Current Tax is determined based on the provision of the Income Tax Act 1961 including treatment of Retention Money amount as contingent amount taxable in the year of its real accrual/ receivable based on real income theory. Deferred tax has been provided for all timing difference as required under the provisions of the Accounting Standard -22 issued by the Institute of Chartered Accountants of India.

6 In the opinion of the Directors, the Current Assets, Non Current Assets, Claim Receivables, Outstanding Claim, Loan & Advances (excluding retention money) have a value on realization in ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

7 The company has not received information from vendors regarding their status under the Micro, Small and medium Enterprise Development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/payable under this Act has not been given.

8 Travelling & Conveyance includes Rs. NIL (Previous Year - Rs. 0.21 Lacs) incurred on Foreign Travelling of Directors & Others

9 Profit After Tax is after considering the following Income, Expenditure & Taxes which relates to Prior Period


Mar 31, 2013

A. COMPANY INFORMATION

Brahmaputra Infrastructure Limited is into EPC & Real Estate Development Business and handling various projects like Construction of Bridges, Flyovers, Highways, Airport, Building Construction, Tunnel projects, Mining projects. The Registered Office of the Company is situated at Brahmaputra House, A-7, Mahipalpur (NH-8, Mahipalpur Crossing) New Delhi - 110 037

1. Contingent Liabilities not provided for :

(a) Guarantees given by banks towards performance, financial and contractual commitments (Net of FDR) on behalf of the Company Rs. 43,320.73/- Lacs (previous year Rs 24,966.77 Lacs).

(b) Letter of Credit o/s as on 31-03-13 Rs. 178.45 Lacs (Net of Margin) (Previous Year Rs.59.82 Lacs).

(c) VAT Liability against Housing Project at Guwahati is estimated to be approx. Rs. 47.87 lacs (Previous Year - Rs. 47.87 Lacs).

(d) Income Tax Demand (including interest) of Rs. 515.83 Lacs (Previous Year-Nil) under section 153A/143(3) of Income Tax Act,1956.

(e) Service Tax demand of Rs. 1753.90 Lacs (Previous Year-Nil) for F.Y.2005-06 to F.Y. 2010-11.

2. Detailed description of Merger

"The scheme of Amalgamation of Brahmaputra Infraproject Ltd. (Transferor Company) with Brahmaputra Infrastructure Ltd. (Transferee Company) with appointed date as on 1st April 2012,was sanctioned by Hon''ble Delhi High Court vide order dated 4th January 2013. Both the company majorly are in same line of business being of Civil Construction. Consequent upon approval of Scheme and in consideration of the transfer and vesting of all the assets and liabilities of the Transferor Company to the transferee company, the Shareholders of transferor company were entitled for two equity shares of Rupees 10/- each as fully paid-up of transferee company against each share held by them on Record Date.

Accordingly 1,40,18,400 Equity shares of Rs.10/- each of transferee company have been issued against 70,09,200 equity shares of Rs.10/- each of transferor company under Scheme of Amalgamation and alloted to the shareholders of transferor company.

While preparing merged Balance Sheet of both transferor and transferee Company as on 31st March 2013, AS 14 has been followed and accounted for under pooling of interest method and hence deficit arising out of amalgamation have been adjusted in reserves.

3. Current Year Figures (31.03.2013) and Previous Year Figures (31.03.2012) are not directly comparable because of the fact that Current Year Figures also Includes figures of Transferor Company namely Brahmaputra Infraproject Limited, while the Previous year Figures are Standalone of Transferee Company namely Brahmaputra Infrastructure Limited.

4. (a) The Balance of Security Deposit/ Retention Money, Earnest Money, Withheld Money, Trade Receivables, Loans & Advances and Trade payables are subject to their confirmation.

(b) Rs. 6,32,31,002/- (Previous Year - Rs. 5,39,48,208/-) recoverable from DDA against Service tax against which Petition have been filed in High Court of Delhi and the same is pending. In the opinion of the Management, the same is considered good and will be recovered in due course therefore no provision has been made in the books of accounts.

(c) Trade payable are shown net off business advances.

5. Receipts from Civil Contracts / Projects and bill raised but unsettled are inclusive of VAT and / or Service Tax wherever ap plicable.

6. Previous year figures having been re-worked, regrouped rearranged and reclassified wherever necessary to make them comparable with current year figures.

7. Accounting for Tax on Income:

Current Tax is determined based on the provision of the Income Tax Act 1961 including treatment of Retention Money amount as contingent amount taxable in the year of its real accrual/ receivable based on real income theory. Deferred tax has been provided for all timing difference as required under the provisions of the Accounting Standard -22 issued by the Institute of Chartered Accountants of India.

8. In the opinion of the Directors, the Current Assets, Non Current Assets, Claim Receivables, Outstanding Arbitrational Claim, Loan & Advances (excluding retention money) have a value on realization in ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

9. The company has not received information from vendors regarding their status under the Micro, Small and medium Enterprise Development Act,2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid/payable under this Act has not been given.

10. There is no impairment loss on fixed assets is recognized or reversed during the year pursuant to Accounting Stan- dard (AS) 28.

11. Travelling & Conveyance includes Rs. 0.21 Lakhs (Previous Year - Rs. 15.50 Lacs) incurred on Foreign Travelling of Directors & Others.

12. After the change in Management decision hitherto Central Workshop at Guwahati as Trading asset to Capital asset henceforth the same has been accordingly capitalised to fixed asset.

 
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