Home  »  Company  »  Emami Infrastructure  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Emami Infrastructure Ltd.

Mar 31, 2016

Cash and cash equivalents for the purpose of cash flow statement comprise current account bank balance, cash in hand and bank deposit account balance.

b. Rights attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs. 2/- per share. Each holder of equity shares is entitled to one vote per share. 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.

ii) Key Managerial Personnel & Other Directors:

a) Key Managerial Personnel:

1. Mr. Girja Kumar Choudhary

Whole-time Director & CFO

2. Ms. Payel Jain

Company Secretary

3. Mr. Rajesh Bansal

Whole-time Director w.e.f. 10.08.2015 in

Emami Realty Limited (Amalgamating Company)

4. Mr. Sanjay Choudhary

Whole-time Director w.e.f. 01.04.2015 in

Emami Realty Limited (Amalgamating Company)

5. Dr. Kalyanasundaram Ramamurthy

CEO w.e.f. 06.07.2015 in

Emami Realty Limited (Amalgamating Company)

b) Other Directors:

1. Mr. Abhijit Datta

Non-Executive Chairman (Independent)

2. Mr. Hari Mohan Marda

Independent Director

3. Mr. Ram Gobind Ganeriwala

Independent Director

4. Mrs. Karabi Sengupta

Independent Director

5. Mr. Basant Kumar Parakh

Non-Executive Non-Independent Director

6. Mr. Debasish Bhaumik

Independent Director in

Emami Realty Limited (Amalgamating Company)

iii) Enterprises over which One Key Management Personnel has significant influence

1. Dev Infracity Private Limited (w.e.f. 10.08.2015)

2. Raj Infraproperties Private Limited (w.e.f. 10.08.2015)

iv) Enterprises wherein the Company''s promoters have significant influence

1. Add Albatross Properties Private Limited

2. AMRI Hospitals Limited

3. Bhanu Vyapaar Private Limited

4. Creative Cultivation Private Limited

5. Diwakar Viniyog Private Limited

6. Emami Agrotech Limited

7. Emami Capital Markets Limited

8. Emami Cement Limited

9. Emami Estates Private Limited

10. Emami Frankross Limited

11. Emami Home Private Limited

12. Emami Limited

13. Emami Vriddhi Commercial Private Limited

14. Fastgrow Crops Private Limited

15. Emami Beverages Limited

16. Jhansi Properties Private Limited

17. Magnificent Vyapaar LLP

18. New Way Constructions Limited

19. Oriental Sales Agencies (India) Private Limited

20. Paradise Agriculture Private Limited

21. Sanjeevani Vyapaar LLP

22. Sneha Skyhigh Private Limited

23. Suntrack Commerce Private Limited

24. Sneha Abasan Private Limited

25. Emami Projects Private Limited

26. Emami Buildcon Private Limited

27. Emami Nirman Private Limited

1. The Company has entered into Joint Development Agreements for development of projects at Chennai & at Kolkata. Also, the Company is entering into an agreement with Sneha Ashiana Private Limited, pursuant to which the Company will develop its property at Coimbatore, for which a formal agreement is yet to be executed.

2. AMALGAMATION OF WHOLLY OWNED SUBSIDIARY COMPANIES_

a) Pursuant to the Scheme of Arrangement for Amalgamation (hereinafter called "the Scheme") sanctioned by the Hon''ble High Court at Calcutta vide its order dated 14th June, 2016, Emami Realty Limited ("ERL") and Emami Rainbow Niketan Private Limited ("ERNPL"), wholly-owned subsidiaries of the Company engaged in the business of real estate, have been amalgamated with the Company with effect from 1st April 2015 (the "appointed date") and pursuant thereto, the entire business and all assets and liabilities of ERL and ERNPL have been transferred to and vested in the Company on a going concern basis, w.e.f. the appointed date. The Scheme became effective on 22nd July 2016 (the "effective date"), upon filing of the Order of Hon''ble High Court at Calcutta with the Registrar of Companies, West Bengal. Consequent to such filing, the Scheme has been given effect to in these financial statements.

b) The amalgamation has been accounted for under the "Pooling of Interest" method as prescribed by Accounting Standard 14 "Accounting for Amalgamations" specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014. Accordingly, the assets, liabilities and reserves of ERL and ERNPL as at 1st April 2015 have been taken over at their book values and in the same form.

c) Pursuant to the Scheme coming into effect :

i) All the equity shares held by the Company in ERL and ERNPL stand cancelled.

ii) In accordance with the Scheme, the difference between the carrying value of investment in ERL in the books of the Company and the aggregate face value of shares of ERL has been adjusted against the Securities Premium Account of the Company.

iii) The difference between carrying value of investments in ERNPL in the books of the Company and the aggregate face value of shares of ERNPL has been adjusted against the Surplus in the Statement of Profit & Loss of the Company.

iv) Debit Balance in Statement of Profit & Loss of ERL and ERNPL has been adjusted against the Surplus in Statement of Profit & Loss of the Company.

d) The financial statements of the Company for the year ended 31st March, 2016, were earlier approved by the Board of Directors at their meeting held on 27th May, 2016 on which the Statutory Auditors of the Company had issued their report dated 27th May, 2016. These financial statements have been reopened and revised to give effect to the Scheme as stated hereinabove.

3 The Company has initiated criminal proceedings against M/S Karthikeya Ancillaries Pvt. Ltd. & its directors with whom it has entered into Area Assignment Agreement for purchase of 28,750 sqft area in the proposed Shopping Mall at Coimbatore. The book value of total Investment in the project as on 31/03/2016 is Rs. 9, 62, 42,855. Further, pursuant to the order of the Hon''ble Madras High Court, Justice P K Balasubramanyan, Retired Judge of the Hon''ble Supreme Court of India, the Sole Arbitrator, has commenced the arbitration proceedings and the Company has filed the Statement of Claims. The matter is pending disposal before the Arbitral Tribunal. The Company has been legally advised that the results of such proceedings are expected to be in its favour.

4 The Company operates in a single business segment i.e. Real Estate Development. Therefore, segment reporting as per AS - 17 notified by the Companies (Accounting Standard) Rules 2006 is not applicable.

5. Contingent Liabilities not provided for in respect of:

a. Corporate Guarantee given to Axis Finance Ltd for Lohitka Properties LLP Rs. 4,700 Lacs (P.Y. Rs. Nil)

b. Disputed Tax demands Rs. 82.02 Lacs (P. Y. Rs. 47.29 Lacs)

c. Bank Guarantee to Sales Tax Authorities Rs. 38.20 Lacs (P.Y. Rs. Nil)

6.. The accounting of share of loss in a LLP in which the Company has become partner, with effect from 1st April, 2015, has been done based on unaudited financial statements and any diffrence in the figure of loss will be accounted for on completion of the audit of such LLP.

7. There were no dues outstanding for more than 45 days to any Micro, Small and Medium Enterprises Creditor. The above information regarding Micro, Small and Medium Enterprise has been determined to the extent such communication has been received from the respective parties by the Company. This has been relied upon by the Auditors.

8. Since there is no virtual certainty supported by convincing evidence, the Company has not recognized deferred tax assets of Rs. 343.55 lacs (P.Y. Rs. 6.13 lacs) as at 31.03.2016 on unabsorbed business loss as recommended under Accounting Standard (AS - 22) on "Deferred Taxation" issued by The Institute of Chartered Accountants of India.

9. a) Previous year''s figures have been rearranged or regrouped wherever necessary.

b) In view of the amalgamation of Emami Realty Limited and Emami Rainbow Niketan Private Limited with the Company with effect from 1st April 2015, the figures for the current year are not comparable with those of the previous year.


Mar 31, 2015

A. Rights attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs. 2/- per share. Each holder of equity shares is entitled to one vote per share. 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.

2. The Board of Directors of the Company have decided not to proceed further with the proposal of amalgamation of its wholly owned subsidiary, M/S Emami Realty Limited with M/S Zandu Realty Limited and accordingly all proceedings in connection therewith have been withdrawn.

3. Contingent Liabilities not provided for in respect of :

a. Corporate Guarantees on behalf of Subsidiary Company - Emami Realty Ltd for Rs. 450 crores (P.Y. Rs. 200 crores).

b. Income Tax under dispute (Net of advances) of Rs. 47,29,050/- (P.Y. Rs. 52,29,050/-).

4. The Company operates in a single Business Segment i.e. Real Estate Development.

5. Previous year's figures have been rearranged or regrouped wherever necessary.


Mar 31, 2014

A. Rights attached to Equity Shares

The company has only one class of equity shares having a par value of Rs. 2/- per share. Each holder of equity shares is entitled to one vote per share. 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.

1. The Board of Directors have approved amalgamation of its wholly owned subsidiary "M/S Emami Realty Limited" with M/S Zandu Realty Limited with effect from 1st April, 2013 in its meeting held on 8th July, 2013. Vide Letter dated 2nd May, 2014, BSE Ltd has conveyed to M/S Zandu Realty Limited that the Exchange is unable to grant its "no-objection" to the scheme in view of the observations made by Securities and Exchange Board of India (SEBI). The Company is taking appropriate action in the matter.

2. Contingent Liabilities not provided for in respect of :

a. Corporate Guarantee on behalf of Subsidiary Company - Emami Realty Ltd for Rs. 200 crores (RY Rs. 100 crore)

b. Income Tax under dispute (Net of advances) of Rs. 52,29,050/- (Rs. 6,39,84,640/-)

3. The Company operates in a single Business Segment i.e Real Estate Development.

4. Previous year''s figures have been rearranged or regrouped wherever necessary.


Mar 31, 2013

1 The Company operates in a single business segment i.e. Real Estate Development.

2 Contingent Liabilities not provided for in respect of:

a. Corporate Guarantee on behalfofwholly Owned Subsidiary Company - Emami Realty Ltd for Rs. 100 crores

b. Disputed Income Tax ofRs. 6,39,84,640/-

3 Previous year''s figures have been rearranged or regrouped wherever necessary.


Mar 31, 2012

1 Related party disclosures

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below i) List of related parties where control exists and related parties with whom transactions have taken place and relationships: Name of Related Party Relationship

1. Emami Realty Limited Subsidiary

2. Emami Rainbow Niketan Private Limited Stepdown Subsidiary

3. Bengal Emami Housing Limited Associates of Emami Realty Limited

4. Zandu Realty Limited Associates of Emami Realty Limited

5. Bengal Emami Housing Limited Associates of Emami Realty Limited (wef 27/06/2011) ii) List of Key Management Personnel

1. Shri Rajesh Bagaria

2. Shri Raj K Sureka

iii) Entities where Key Management Personnel and their relatives have significant influence

1. Emami Limited

2. TMTViniyog Limited

3. Emami Estates Private Limited

4. Emami Home Private Limited

5. Emami Properties Private Limited

6. Bengal Emami Housing Limited (upto 26/06/2011)

21. Contingent Liability not provided for in respect of:

Corporate Guarantee on behalf of wholly owned Subsidiary Company - Emami Realty Ltd for Rs. 100 Crores (availed Rs. 50 Crores)

2. The Company has only one Reportable Business Segment i.e "Real Estate"

3. Previous year's figures have been rearranged or regrouped wherever necessary.


Mar 31, 2011

1. Related Party Transactions : AS -18

Related Parties with whom transactions have taken place during the year:

B. Key Management Personnel:

Shri Rajesh Bagaria

ShriRajKSureka

Shri Mohan Goenka (upto 25th January, 2010)

Shri H. V. Agarwal (upto 25th January, 2010)

C. Other Related Parties with whom transactions have taken place during the year :

i) Entities where Key Management Personnel and their relatives have significant influence

- Emami Limited

- Emami Cement Limited

- Emami Vriddhi Commercial Private Limited

- TMTViniyogan Limited

- Emami Estates Private Limited

- Bengal Emami Housing Ltd.

4. The Company has only one Reportable Business Segment i.e. Real Estate. Therefore, Segment Reporting as per AS -17 notified by Companies (Accounting Standards) Rules, 2006 is not applicable.

5. Previous year's figures have been re-arranged or re-grouped wherever necessary.


Mar 31, 2010

1. a) In terms of the Scheme of Arrangement (hereinafter referred as "the Scheme") pursuant to provisions of sections 391 to 394 of the Companies Act, 1956, between the Emami Ltd., its Subsidiary Company, The Zandu Pharmaceutical Works Limited (Zandu) and Emami Infrastructure Limited (EIL) and their respective share holders, as approved by the shareholders of the respective Companies in the Court convened meeting held on 11th September, 2009 and sanctioned by the Honourable High Court, Kolkata vide its order dated 17th November, 2009, Realty Undertaking of Emami Ltd., including Emami Realty Limited and Emami Ltds interest in Zandus Non Core Business including Real Estate, is demerged into the Company with effect from the appointed date i.e. 5th November, 2008. The aforesaid scheme is effective from 2nd December, 2009, being the date of filling of the certified copy of the Order of the Honourable High Court, Kolkata with the Registrar of Companies, West Bengal. The scheme has accordingly been given effect to in these financial statements.

b) In terms of the Scheme, the Company has issued Equity Shares to the Shareholders of Emami Limited in proportion to one Equity share of the Company of Rs 2/-each fully paid up for every three equity shares of Emami Limited of Rs 2/- each fully paid up aggregating to 2,40,48,392 equity shares amounting to Rs 4,80,96,784/-.

c) Emami Realty Undertaking with all its Assets and Liabilities pertaining to this division is demerged from Emami Limited on a going concern basis into the Company in terms of the Scheme.

e) Emami Limited has carried on the business and activities of the demerged Emami Realty Undertaking from the appointed date onwards till the effective date and has held and possessed all the assets and properties of the Emami Realty undertaking for and on account of and in trust of the Company. All profit or income accruing or arising to the Company or expenditure or losses arising or incurred by it relating to Emami Realty undertaking from the appointed date i.e. 5th November 2008, till the effective date i.e.2nd December 2009 are for all purposes, treated and deemed to be accrued as the profit or income or expenditure or losses, as the case may be, of the Company and thus accounted for accordingly in these financial statements under the respective heads.

f) In terms of the Scheme, the excess of the net assets of Emami Realty undertaking as reduced by the value of the shares issued to the shareholders of Emami Limited is credited to Capital Reserve.

2. Equity Shares of the Company have been subdivided from one share of Rs. 10/- each to five shares of Rs.2/- each in terms of the Ordinary Resolution passed in the Extraordinary General Meeting held on 03.06.2009.

B. Key Management Personnel:

Shri Rajesh Bagaria (w.e.f 30th April, 2009) Shri Raj K.Sureka (w.e.f 30th April, 2009) Shri Mohan Goenka (upto 25th January, 2010) Shri H. V. Agarwal (upto 25th January, 2010)

C. Other Related Parties with whom transactions have taken place during the year:

Entities where Key Management Personnel and their relatives have significant control

1) Emami Limited

2) Emami Cement Limited

3) Emami Vriddhi Commercial Pvt. Ltd.

4) TMTViniyogan Ltd.

3. The Authorised Capital of the Company has been increased from Rs. 5,00,000/- to Rs. 5,00,00,000/- as per Ordinary Resolution passed in the Extraordinary General Meeting held on 30.11.2009.

4. The Company operates in a single business segment. Therefore, segment reporting as per AS-17 notified by Companies (Accounting Standards) Rules 2006 is not applicable.

5. As the Company does not have liability of long term Employee benefits, disclosures as per AS-15 notified by Companies (Accounting Standards) Rules 2006 are not made.

6. The name of the Company has been changed from "Slick Properties Limited" to "Emami Infrastructure Limited" w.e.f. 01.07.2009 vide fresh Certificate of Incorporation issued by Registrar of Companies, West Bengal.

7. Previous periods figures are not comparable as the effect of the Scheme of Arrangement as referred herein above are given to in these financial statements.

8. Previous periods figures have been rearranged/regrouped wherever necessary.

Find IFSC