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Notes to Accounts of Kamanwala Housing Construction Ltd.

Mar 31, 2015

Additional Information to Long Term Borrowings:

The long term portion of term loan is shown under long term borrowings and current maturities of the long term borrowings are shown under the current maturities as per the disclosure requirements of the Revised Schedule III.

- Details of Securities and Terms of Repayments: I. Secured Loan

(a) (i) Allahabad Bank (A/c No. 50138526820), Worli, Mumbai

Term Loan of Rs. 1.50 Crores sanctioned by the Bank for the purpose of working capital and the said Loan against property which was to be repaid in 84 equal monthly installments, at interest @ 16% (base rate 5.5%). was fully repaid on 18.12.2014. The details of the poperties mortgaged with the Bank were under:

(1) Office no. B-4C, B-Wing at New Udyog Mandir-2, Mogul Lane, Mahim (West), Mumbai-400016 which belongs to the Company.

(2) Office No 403 along with 13 nos car parking on Second Floor at Savoy Chambers, Santacruz (West), Mumbai which belongs to M/s Classy Investments Pvt. Ltd.

(b) (i) Kotak Mahindra Pvt.Ltd (Loan A/c No.6962494) - NBFC

Secured by First charge by way of hypothecation of Car No. MH 01 AX 5600 as per loan sanctioned as on 8th September,2011

The loan is repayable in 35 equal monthly installments of Rs. 28,047/- each, interest @ 6.50% p.a. is payable on the said loan

However, it is fully repaid on 02.05.2014. (ii) ICICI Bank Ltd(Loan A/c. No. LAMUM00026715824)

Secured by First charge by way of hypothecation of Car No. MH 43 AL 9825 as per loan sanctioned as on 1st February, 2013.

The loan is repayable in 60 equal monthly installments ofRs. 19,818/- each, interest @ 11.99% p.a. is payable on the said loan.

The year of maturity with reference to Balance Sheet is 2.9 years. (iii) Volkswagen Finance Pvt. Ltd. (Loan A/c No. 20121018744)

Secured by First charge by way of hypothecation of Car No. MH 43 AL 9466 as per loan sanctioned as on 28th December,2012.

The loan is repayable in 60 equal monthly installments of Rs. 68409/- each, interest @ 11.65% p.a. is payable on the said loan.

The year of maturity with reference to Balance Sheet is 2.8 years. (iv) Volkswagen Finance Pvt. Ltd. (Loan A/c No. 20121019363)

Secured by First charge by way of hypothecation of Car No. MH 43 AL 9772 as per loan sanctioned as on 28th December,2012.

The loan is repayable in 60 equal monthly installments of Rs. 68409/- each, interest @ 11.65% p.a. is payable on the said loan.

The year of maturity with reference to Balance Sheet is 2.8 years.

(b) CAPITAL FIRST LTD -NBFC

(i) Secured by way of first exclusive charge on Manavsthal Project CTS No. 2841(pt), Tal. Borivali Properties together with land and all the present & Future superstructures, receivable, escrow accounts etc. and also on unsold stock of Pinnacle Corporate Park Project CTS No. 4207(pt), Tal. Andheri, as per loan sanctioned as on 11th November, 2013. The loan is repayable in 24 equal monthly installments. However, it is fully repaid on 08.04.2015 hence, it is shown in Current Maturities. The said Term Loan is for the purpose of working capital and general corporate expenses of the Company and the balance for construction expenses of project Manavsthal at Malad, Mumbai.

I. Unsecured Loan

(a) (i) ICICI Bank Ltd(Loan A/c.No.1890626)

The said loan taken by the Company jointly with Directors and for which Director has given his personal assets as securities. The said loan was sanctioned to the Company on 25th October, 2011 interest @ 12.75% floating. Repayable in 120 EMIs w.e.f. December, 2011. The year of maturity with reference to Balance Sheet is 6.8 years.

(i) During the year, the Company has provided for the following based on Unaudited Financial Statements of M/s Kamanwala

Lakshachandi Todays Construction : -

- Interest on Partners Capital amounting to Rs. 73,58,920/- - Share in Profit of Rs. 80,93,325/- (ii) During the year, the Company has provided for the following based on Unaudited Financial Statements of M/s Kamanwala Lakshachandi

Todays Developers : -

- Share of Loss of Rs. 46,185/-

(i) Aspen Properties Pvt. Ltd

The Company has made the payment towards joint venture contribution to M/s Aspen Properties Pvt Ltd for the project at Filimistan Studio, Goregaon (West).

The Company has taken concrete steps to commence the project, Company had sent a notice through Legal Advisor to the Co- Venturer and also made the provison for compensation receivable which is shown seperately in Current Assets.

(ii) Khar Property

The Company has made payment of Rs. 25,50,000/-for development of property at E/828, 4th & 5th Road, Khar (West), Mumbai.

NOTE : 1

During the year, Company has recognized interest income of Rs. 1,06,44,000/- from M/s. Prajay Kamanwala Developers and Rs. 4,20,000/- from M/s. Aspen Properties Pvt. Ltd. on amount of investment made in Partnership and Joint Venture respectively for which projects are yet to commence. Company has taken the other parties into confidence and is confident of its recovery.

NOTE : 2

During the year, Company has considered the interest income Rs. 2,17,00,963/- on amount receivable from M/s Housing Development and Infrastructure Limited, who has agreed to refund the amount along with interest.

NOTE : 3

In the absence of information with the Company regarding the status of the suppliers as defined under Micro, Small and Medium Enterprises Development Act, 2006, the details if any, the provision or payment of interest and related disclosure under the said Act has not been disclosed.

NOTE 4: CONTINGENT LIABILITIES

1. No provision is made for Contingent Liability which may arise for delay in execution of project Pinnacle Corporate Park, BKC Bandra (East), Mumbai. As per the terms of Agreements executed with Purchasers, the Company has committed to give the possession of the office premises in the year 2008. However, due to certain compliance and pending clearance of S.R.A., the project has been delayed for six years.

2. The Company has given a guarantee of Rs. 3 Lacs to Maharashtra Pollution Control Board on account of specific compliances for Malad Project.

3. The Company has entered into the following Deeds of Partnership for which liabilities are unlimited and amount not ascertained:

(a) M/s. Kamanwala Lakshachandi Todays Construction

(b) M/s. Prajay Kamanwala Developers

4. The Income Tax Department has raised the demand of Rs. 3.78 Crores for Assessment Year 2011-12, and Rs. 82.27 Lacs for Assessment Year 2012-13, contending the same the Company has filed an Appeal with Commissioner of Income Tax (Appeal).


Mar 31, 2014

1.(a) Terms/rights attached to Shares

The Company has only one class of Equity Share having a par value of Rs. 10/- per Share. Each holder of Equity Share is entitled to one vote per Share.

(b) Additional Information to Long Term Borrowings

The long term portion of term loan is shown under long term borrowings and current maturities of the long term borrowings are shown under the current maturities as per the disclosure requirements of the Revised Schedule VI.

(c) Details of Securities and Terms of Repayments

I. Secured Loan:

(i) Allahabad Bank (A/c. No. 50138526820), Worli, Mumbai:

Term Loan of Rs. 1.50 Crores sanctioned by the Bank for the purpose of working capital and the said Loan against property which will be repaid in 84 equal monthly installment, ''rate of interest @ 16% (base rate 5.5%). The details of the property mortgaged with the bank are as under:

(1) Office No. B-4C, B-Wing at New Udyog Mandir-2, Mogul Lane, Mahim (West), Mumbai 400016 which belongs to the Company.

(2) Office No. 403 along with 13 nos. car parking on second floor at Savoy Chambers, Santacruz (West), Mumbai which belongs to M/s. Classy Investments Pvt. Ltd.

(i) Kotak Mahindra Pvt. Ltd. (Loan A/c. No. 6962494) - NBFC:

Secured by First charge by way of hypothecation of Car No. MH 01 AX 5600 as per loan sanctioned executed as on 8th June, 2011. The loan is repayable in 35 equal monthly installment of Rs. 28,047/- interest @ 6.50% p.a. is applicable on the said loan. The year of maturity with reference to Balance Sheet is 2 months.

(ii) ICICI Bank Ltd. (Loan A/c. No. LAMUM00026715824):

Secured by First charge by way of hypothecation of Car No. MH 43 AL 9825 as per loan sanctioned as on 1st February, 2013. The loan is repayable in 60 equal monthly installment of Rs. 19,818/-. interest @ 11.99% p.a. is applicable on the said loan. The year of maturity with reference to Balance Sheet is 3.9 years.

(iii) Volkswagen Finance Pvt. Ltd. (Loan A/c. No. 20121018744):

Secured by First charge by way of hypothecation of Car No. MH 43 AL 9466 as per loan sanctioned as on 28th December, 2012. The loan is repayable in 60 equal monthly installment of Rs. 68,409/-, interest @ 11.65% p.a. is applicable on the said loan. The year of maturity with reference to Balance Sheet is 3.8 years.

(iv) Volkswagen Finance Pvt. Ltd. (Loan A/c. No. 20121019363):

Secured by First charge by way of hypothecation of Car No. MH 43 AL 9772 as per loan sanctioned as on 28th December, 2012. The loan is repayable in 60 equal monthly installment of Rs. 68,409/-, interest @ 11.65% p.a. is applicable on the said loan. The year of maturity with reference to Balance Sheet is 3.8 years.

2. Capital First Ltd. (Formerly known as Future Capital Holdings Ltd.) NBFC:

Secured by way of first exclusive charge on Pinnacle Corporate Park Project, CTS No. 4207(pt), Taluka Andheri, Manavsthal project CTS No. 2841(pt), Taluka Borivali Properties together with land and all the present and future superstructures, receivable, escrow accounts etc. as per loan sanctioned as on 14th December, 2011. The loan is repayable in 24 equal monthly installment. Repayment is started from 30th April, 2012 to 31st March, 2014. During the year Company has made repayment of the said Term Loan before due date.

Secured by way of first exclusive charge on Manavsthal project CTS No. 2841(pt), Taluka Borivali Properties together with land and all the present and future superstructures, receivable, escrow accounts etc. and also on unsold stock of Pinnaacle Corporate Park Project CTS No. 4207(pt) Taluka Andheri, as per loan sanctioned as on 11th November, 2013. The loan is repayable in 24 equal monthly installment. The year of maturity with ''reference to Balance Sheet is 1 year. Accordingly, the due amount of Term Loan is shown in Current Maturities. The said Term Loan is for the purpose of working capital and general corporate expenses of the Company and the balance for construction expenses of Manavsthal Project at Malad, Mumbai.

II. Unsecured Loan:

(i) ICICI Bank Ltd. (Loan A/c. No. 1890626)

The said loan taken by the Company jointly with Directors and for which director has given his personal assets as securities. The said loan was sanctioned to the Company on 25th October, 2011 interest @ 12.75% floating. Repayable in 120 EMIs w.e.f. December 2011. The year of maturity with reference to Balance Sheet is 7.8 years.

* The Company has not made default in repayment of dues (Principal and interest) during the year ended 31st March, 2014 except for one installment of Term Loan of Allahabad Bank for March, 2014 installments amounting to Rs. 2.98 lakhs per month which was due on 31.03.2014 and is paid on 03.04.2014..

(ii) M/s. Prajay Kamanwala Developers as on 8th May, 2006 of which the Company has not provided Profit and Loss Account & Balance Sheet for last 8 years since inception. As such there is no development work started so the financial statement has not been prepared.

(iii) There is no profitability made by the M/s. Kamanwala Lakshachandi Todays Developers, so that no profit or loss has been determined.

(iv) During the year provision for interest on capital investment made for Rs. 73,47,166/- M/s. Kamanwala Lakshachandi Todays Construction has been received booking of 4 flats during the year and recorded the sale of 90% as the work completed and as per Provisional Financial Statements of the Firm profit is arrived at Rs. 79,04,458/-.

(v) Aspen Properties Pvt. Ltd.

The Company has made the payment towards joint venture contribution to M/s. Aspen Properties Pvt. Ltd. for the project at Filimistan Studio, Goregaon (West) and the said amount is confirmed by M/s. Aspen Properties Pvt. Ltd. in their Balance Sheet for assessment year 2011-2012 and to take the concrete steps to commence the project, Company had sent the notice through Legal Advisor to the Co-venturer and also made the provison for compensation receivable which is shown separately in Current Assets.

(vi) Khar Property

The Company has made payment of Rs. 18,00,000/- for development of property at E/828, 4th & 5th Road, Khar (west), Mumbai.

NOTE 3:

The Company has inadvertently capitalised Commitment Charges of Rs. 6,11,28,193/- to the unsold stock in the first three quarters. However, following consistency of charging these expenses to revenue, the Company has reversed the same in the fourth quarter.

NOTE 4:

During the year, the Company has recognized interest income of Rs. 1,06,44,000/- from Prajay Kamanwala Developers and Rs. 4,20,000/- from Aspen Properties Pvt. Ltd. on amount of investment made in Partnership and Joint Venture respectively in which projects are yet to commence. The Company has taken the other parties into confidence and is confident of its recovery.

NOTE 5:

During the Quarter ended March, 2014, the Company has considered the Interest income Rs. 6,07,62,694/- for the period of 14.06.2011 to 31.03.2014 on amount receivable from M/s Housing Development and Infrastructure Limited, who had agreed to refund the amount along with interest and whose confirmation in writing is awaited.

NOTE 6:

In the absence of information with the Company regarding the status of the suppliers as defined under Micro, Small and Medium Enterprises Development Act, 2006, the details, if any, the provision or payment of interest and related disclosure under the said Act has not been disclosed.

NOTE 7: CONTINGENT LIABILITIES

1. Provision not made for Contingent liability which may arise for delay in execution of project Pinnacle Corporate Park, BKC Bandra (East), Mumbai. As per the terms of Agreements executed with Purchasers, the Company has committed to give the possession of the office premises in the year 2008. However, due to certain compliance of S.R.A. the project has been delayed for five years.

2. The Company has given the guarantee for amounting to Rs. 3 lacs to Maharashtra Pollution Control Board on account of specific compli- ances of the Pollution Control for Malad Project,

3. The Company has entered into the following Deeds of Partnership for which liabilities are unlimited and amount not ascertained:

(a) M/s. Kamanwala Lakshachandi Todays Construction

(b) M/s. Prajay Kamanwala Developers

4. The Income Tax Department has raised the demand of Rs. 3,77,72,630/- for Assessment Year 2011-12, contending the same the Company has filed an Appeal with Commissioner of Income Tax (Appeal).

5. According to records of the Income Tax Department, CPC, Bengaluru the outstanding demand for Assessment Year 2006-07 is Rs. 1,64,435/-, for Assessment Year 2007-08 is Rs. 56,001/- and for Assessment Year 2012-13 is Rs. 9,07,700/-.


Mar 31, 2013

1. Provision not made for Contingent Liability which may arise for delay in execution of project Pinnacle Corporate Park, BKC Bandra (East), Mumbai. As per the terms of Agreements executed with Purchasers, the Company has committed to give the possession of the offce premises in the year 2008. However, due to certain compliance of S.R.A. the project has been delayed for four years.

2. Corporate Guarantee given by the Company for Term Loan of Rs. 17 Crores availed by M/s Kamanwala Lakshachandi Todays Construction from Allahabad Bank, Worli, Mumbai in which the Company is 50% partner.

3. The Company has given the guarantee for amounting to Rs. 3 lacs to Maharashtra Pollution Control Board on account of specifc compliances of the Pollution Control Board for the Malad Project.

4. Letter of Credit opened with Allahabad Bank in favour of Su Zhou Schindler Elevator Co. Ltd., China for import of lifts 10 nos for Malad Project for the value US$ 2,86,705 for which the Company''s contingent liability as on 31st March, 2013 is Rs. 1.56 Crores.

5. The Company has entered into the following Deeds of Partnership for which liabilities are unlimited and amount not ascertained:

(a) M/s. Kamanwala Lakshachandi Todays Construction

(b) M/s. Prajay Kamanwala Developers


Mar 31, 2012

(a) Terms/rights attached to Shares

The Company has only one class of Equity Share having a par value of Rs 10/- per Share. Each holder of Equity Share is entitled to one vote per Share.

(a) Additional Information to Long Term Borrowings

The Long term portion of term loan are shown under long term borrowings and current maturities of the Long term borrowings are shown under the current maturities as per the disclosure requirements of the Revised Schedule VI.

(b) Details of Securities and Terms of Repayments

I. Secured Loan

(i) ICICI Bank Ltd. (Loan A/c. No. 1877927)

The said loan sanctioned on 19th July, 2011 @ 12.75% floating interest rate p.a. which is to be repaid in 120 EMI w.e.f. 19th July, 2011. However, it is fully repaid on 23-05-2012 hence, it is shown in current maturities under current liabilities. The said loan is secured by Exclusive First charge on CompanyRss property located at Premises No. 102, 1st Floor, Savoy Chambers, Santacruz (w) alongwith 13 car parkings.

(ii) ICICI Bank Ltd. (Loan A/c. No. 20368331)

Secured by First charge by way of hypothecation of Car No. MH 04 AR 3751 as per loan sanctioned as on 30th April, 2010. The loan is repayable in 35 equal monthly installment of Rs 55,230/-, Floating interest rate @ 7.97% p.a. is applicable on the said loan. The period of maturity with reference to Balance Sheet is 1 year.

(iii) ICICI Bank Ltd. (Loan A/c. No. 23856229)

Secured by First charge by way of hypothecation of Car No. MH 01 AX 3205 as per loan sanctioned as on 28th April, 2011. The loan is repayable in 36 equal monthly installment of Rs 77,777/-. Floating interest rate @ 1.26% p.a. is applicable on the said loan. The period of maturity with reference to Balance Sheet is 2 years.

(iv) Kotak Mahindra P. Ltd. (Loan A/c. No. 6962494) - NBFC

Secured by First charge by way of hypothecation of Car No. MH 01 AX 5600 as per loan sanctioned executed as on 8th June, 2011. The loan is repayable in 35 equal monthly installment of Rs 28,047/- Floating interest rate @ 6.50% p.a. is applicable on the said loan. The period of maturity with reference to Balance Sheet is 2.2 years.

(v) ICICI Bank Ltd. (Loan A/c. No. 17265079)

Secured by First charge by way of hypothecation of Car No. MH 04 DY 2409 in the name of director as per loan sanctioned as on 12th June, 2009. The loan is repayable in 35 equal monthly installment of Rs 22,670/-. Floating interest @ 15.51% p.a. is applicable on the said loan. The period of maturity with reference to Balance Sheet is 2 months.

(vi) Magma Fincorp Ltd. (Swift DRszire) - NBFC

Secured by First charge by way of hypothecation of Car No. MH 43 8300 as per loan sanctioned as on 10th June, 2009. The loan is repayable in 36 equal monthly installment of Rs 17,267/-. Floating interest @ 12.0091% p.a. is applicable on the said loan. The period of Maturity with reference to Balance Sheet is 1.2 months.

(b) Future Capital Holdings Ltd. - (NBFC)

Secured by way of first exclusive charge on Pinnacle Corporate park project CTS No. 4207(pt), Tal Andheri, Manavsthal project CTS No. 2841(pt), Tal Borivali properties together with land and all the present and future superstructures, receivable, escrow accounts etc. as per loan sanctioned as on 14th september, 2011. The loan is repayable in 24 equal monthly installment. Repayment has started from 30th April, 2012 to 31st March, 2014. The period of maturity with reference to Balance Sheet is 2 years.

II. Unsecured Loan

(i) ICICI Bank Ltd. (Loan A/c. No. 1890626)

The said loan taken by the Company jointly with Directors and for which Director has provided his personal assets as securities. The said loan has been sanctioned to the Company on 25th October, 2011 interest @ 12.75% floating. Repayable in 120 EMI w.e.f. December 2011. The period of maturity with reference to Balance Sheet is 9.8 years.

(c) The Company has not made default in repayment of dues (principal and interest) during the period ended March, 2012.

I. (a) Indian overseas Bank, Santacruz (W), Mumbai

(i) Additional Corporate Loan

(ii) Term Loan

(iii) Corporate Loan for Working Capital

The above loans from Indian Overseas Bank, Santacruz (West), Mumbai were secured by Mortgage of BKC. Kole Kalyan Project Land and Construction thereon including stock and receivables of the projects and construction of office premises thereon.

(b) oriental Bank of Commerce, Fort, Mumbai

(i) Demand Loan-I

(ii) Term Loan-II

The above loans were secured by Equitable Mortgage over the leasehold rights on plot of land of village Malwani, Malad and construction of flats to be erected thereon and Hypothecation of Building Materials and Debtors.

II. Other loans and advances are taken from various prospective buyers against properties and flats.

* M/s. Prajay Kamanwala Developers as on 8th May, 2006 of which the Company has not provided Profit and Loss Account and Balance Sheet for last 6 years since inception, As such there is no development work started so the financial statement has not been prepared. ** During the year the said firm is completed their Commercial Project namely "Savoy Chambers" at Santacruz, (West), Mumbai and recorded the sales of the project in current year and the Company has received its share of Profit Rs 38.69 lacs which has been shown as Other Income and there is no any liability in the Partnership Firm.

As agreed by Partners of the Firm interest will be provided on capital invested by the Partners only after the completion of project and accordingly sale recorded.

The Company has accrued total interest for the period 01-10-2008 to 30-06-2011 of Rs 3,96,00,445/- which include prior period interest amount of Rs 3,31,96,661/-.

1. Investment in Joint Venture at cost

(i) Aspen Properties Pvt. Ltd.

The Company has made the payment towards joint venture contribution to M/s Aspen Properties Pvt. Ltd. for the project at Filimistan Studio, Goregaon (west) and the said amount is confirmed by M/s Aspen Properties Pvt. Ltd. in their Balance Sheet for assessment year 2011-2012.

(ii) Anand Infoedge Pvt. Ltd.

During the year, Company has made the aforasaid payment to M/s Anand Infoedge Pvt. Ltd on account of joint venture contribution for development of IT Park on property at NOIDA which is in the name of the said company. Our share in profit/loss is 10% and profit and loss statement is not provided for current year.

NOTE 2: CONTINGENT LIABILITIES

1. Provision not made for contingent liability which may arise for delay in execution of project Pinnacle Corporate Park, BKC, Bandra (East), Mumbai.

As per the terms of Agreements executed with the Purchasers, the Company has committed to give the possession of the office premises in the year 2008. However, due to certain compliance of S.R.A. the project has been delayed for four years.

2. Contingent liabilities not provided for in respect of Stamp Duty of Rs 3,48,750/- on purchase of Flat at Hermitage Villa.

3. The Company has entered into the following Deeds of Partnership for which liabilities are unlimited and amount not ascertained:

(a) M/s. Kamanwala Lakshachandi Todays Construction.

(b) M/s. Prajay Kamanwala Developers.


Mar 31, 2010

1. Contingent liabilities not provided for in respect of:

Stamp Duty of Rs. 3,48,750/- (Rs. 3,48,750/-) on purchase of office premises at Hermitage Villa.

2. Balances in various accounts included in Sundry Debtors, Sundry Creditors, Advances Recoverable, Deposits/Advances from Customers and Joint Venture Accounts are subject to confirmation.

3. In the opinion of the Board, the aggregate value of current assets (including stock) and loans and advances on realisation in the ordinary course of business will not be less than the amount at which these are stated in the Balance Sheet.

4. All lands/development rights/premises are purchased on agreement basis and conveyance in respect of the same will be executed directly in favour of Co-operative Societies whenever they are formed.

5. Previous years figures have been regrouped wherever necessary to conform to this years classification.

6. As dispute between the Company and M/s. Kamani Tubes Ltd. in connection with carrying out the terms and conditions of KTL-Kamanwala Joint Venture Agreement dated 22nd April, 1995 for development and upliftment of Kamani Chambers, situated at Ballard Estate, Mumbai is still pending with the Arbitrators and the award for the same is awaited. With a view to safeguard the interest of the Company, the Company has also filed a petition before the Board for Industrial and Financial Reconstruction (BIFR). But the BIFR has directed that amount of deposit lying with Company is to be treated as unsecured creditors and Arbitration proceeding may continue. So Company is waiting for Arbitration award. The Company has incurred the total expenses of Rs. 87.50 lacs for the project which includes the deposit money paid to the M/s Kamani Tubes Ltd.

7. The Company has no information as to whether any of its suppliers constitute small-scale undertakings and therefore, the amount due to such suppliers has not been separately identified.

 
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