Mar 31, 2023
Rights, preferences and restrictions attached to equity shares
The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The holders of equity shares are entitled to receive dividends as declared from time to time. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Security for the above is as follows:
1. Hypothecation of entire current assets of the party, stock of shrimp and other seafood materials in trade including shrimp feed, any other materials acceptable to the bank and also hypothecation of book debts arising out of trade(upto 90 days).
2. Stock of shrimps in various life stages under cultivation financed by the bank, stock of feed, medicine, any other accessories/ materials for shrimp culture and book debts created out of bank loan.
3. Charge on the aquafarm where the cultivation is proposed, viz, 16.16 acres of aquafarm in Vaipar Village S No 7,5,15/2,15/1,16,4/2,19,14,16 Vilathikulam Taluk, Tuticorin Dt valued at Rs. 1.61 cr by AV T Murugesan dt 21.11.16
4. Book Debts present and future arising out of genuine trade sanctions,upto a period of 90 days
1. Non-Convertible Debentures
Rs.25 Crore are secured by hypothecation of immovable property, 103.50 ares of land situated at Rayimel Desom, Puthuvaassery Kara,Chengumandu Village,Aluva Taluk, Ernakulam District, Re.SY.NO.247/10.Out of the 25 Crores only Rs.5.6552 Crores are issued on private placement basis.
2. Term Loan
( i )Gurantee given by Mr Shaji Baby John,Mr Baby John Shaji and Mrs Rita Baby John ( ii )Corporate Gurantee given by M/s.King Propex Ventures Ltd.
(iii) Charge over entire present and future current assets of the Company.
Gurantee coverage from National Credit Guarantee Trutee Company
(iv) Hypothecation of the vehicle Kia Carnival 8AT Limousine.
"The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.
The sensitivity analysis presented above may not be representative of the actual change in the projected benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the projected benefit obligation as recognised in the balance sheet."
The Company''s objective for capital management is to maximise share holder value, safeguard business continuity and support the growth of the company. The Company determines the capital requirement based on annual operating plans and long term and other strategic investment plans. The funding requirements are met through a mixture of equity, internal fund generation and borrowed funds. The Company''s policy is to use short term and long term borrowings to meet anticipated funding requirements.
Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:
Level 1: Quoted prices (unadjusted) in active markets for financial instruments.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data rely as little as possible on entity specific estimates.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
Note:
The carrying amount of trade receivables, trade and other payables and short term loans are considered to be the same as their fair value due to their short term nature
Loans, Borrowings are at the market rates and therefore the carrying value is the fair value For amortised cost instruments, carrying value represents the best estimate of fair value.
Financial Risk Management Policy
Financial Risk Management Objective and Policies:
The Company''s principal financial liabilities comprise of loans and borrowings, trade and other payables and advances from customers. The main purpose of these financial liabilities is to finance the Company''s operations, projects under implementation and to provide guarantees to support its operations. The Company''s principal financial assets include Investment, loans and advances, trade and other receivables and cash and bank balances that derive directly from its operations. The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below.
Market risk is the risk that the fair value of future cash flows of financial assets will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk. Financial Assets affected by market risk include loans and borrowings and deposits.
The Company''s functional currency is Indian Rupees. The company undertakes transactions denominated in foreign currencies, consequently,exposure to exchange rate fluctuations arise.Foreign Currency Risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company''s exposure to the risk of changes in foreign exchange rates relates primarily to the Company''s operating activities(when revenue or expense is denominated in a foreign currency).
Foreign currency risk of the company is managed through a properly documented risk management policy approved by the board.
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the Company''s short term debt obligations with floating interest rates.
Credit Risk Management
Credit Risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to a credit risk from its operating activities( primarily trade receivables and advances to suppliers) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.
Liquidity Risk Management
Liquidity risk refers to the risk of financial distress or extraordinary high financing costs arising due to shortage of liquid funds in a situation where business conditions unexpectedly deteriorate and requiring financing. The Company requires funds both for short term operational needs as well as for long term capital expenditure growth projects. The Company generates sufficient cash flow for operations, which together with the available cash and cash equivalents and short term investments provide liquidity in the short-term and long-term.
Note - 35.6
Disclosures Pursuant to Section 186(4) Of The Companies Act,2013
The Company has not made any investment or given any loan or guarantee as covered under Section 186 of Companies Act,2013.
Note - 35.7
Disclosure under Micro, Small and Medium Enterprises Development Act, 2006
Clause 22 of Chapter V of the Micro, Small and Medium Enterprises Development Act, 2006, require following additional information in the Annual Statement of Accounts
(i) Principal amount remaining unpaid to any supplier at the end of the accounting year - Nil
(ii) Interest due thereon remaining unpaid to any supplier at the end of the accounting year - Nil
(iii) The amount of interest paid along with the amounts of the payment made to the supplier beyond the appointed day - Nil
(iv) The amount of interest due and payable for the year - Nil
(v) The amount of interest accrued and remaining unpaid at the end of the accounting year - Nil
(vi) The amount of further interest due and payable even in the succeeding year, until such date when the interest dues as above are actually paid - Nil
Company has not received any information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 to meet the above mentioned disclosure requirements the and hence disclosures if any, required under the said Act have not been given.
Note 35.8
There was no dividend remitted in foreign currency during the year ended March 31, 2023 and March 31, 2022.
No proceedings have been initiated against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder in the financial year ended March 31, 2023 and March 31, 2022.
The Company has not been declared a wilful defaulter by any bank or financial institution or other lender in the financial year ended March 31, 2023 and March 31, 2022.
The Company has no transactions with the companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.
All charges or satisfaction are registered with ROC within the statutory period for the financial year ended March 31, 2023 and March 31, 2022. No charges or satisfaction are yet to be registered with ROC beyond the statutory period.
The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of layers) Rules, 2017 for the financial year ended March 31, 2023 and March 31, 2022.
The Company has not entered into any Scheme of Arrangements which requires the approval of the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 for the financial years ended March 31, 2023 and March 31, 2022.
No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries") with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries).
The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
The company does not have any transaction which is not recorded in the books of accounts but has been surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961.
The Company has not traded or invested in Crypto currency or Virtual Currency during the financial years ended March 31, 2023 and March 31, 2022.
Figures in brackets denote negative figures.
Balance shown under Trade Receivables, Trade Payables and Advances for Projects are subject to confirmation and consequent reconciliation, if any
The company has opted to exercise the option permitted under section 115BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Act, 2019.Accordingly, the Company has recognised provision for Income Tax for the year ended on March 31, 2023 and remeasured its deferred tax assets/liability on the basis of the rates prescribed in the said section.
Previous year''s figures have been regrouped/rearranged, wherever necessary to confirm to current year''s classification/disclosure.
Ind AS 108 - Segment Reporting
Operating segments are defined as components of an enterprise for which discrete financial information is available that evaluated regularily by the Chief Operating Decision Maker, in deciding how to allocate resources and assessing performance. The Company''s chief operating decision maker is the Managing Director.
The Company has identified business segments as its reportable segments. Business segments comprise Infrastructure Division and Aquaculture.
Infrastructure Division: Company is interested in creating infrastructure for projects in the key sectors of integrated life spaces, logistics, warehousing, hospitality, healthcare, education and clean energy.
Aquaculture Division: The division is primarily engaged in processing of seafood products that meet global food safety standards
Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to each reportable segment have been allocated on the basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses.
Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as unallocable. Property, plant and equipment that are used interchangeably amongst segments are not allocated to reportable segments.
Mar 31, 2018
Note 1: Corporate Information
Kings Infra Ventures Limited (referred to as âthe Companyâ) is a Public Limited Company incorporated on 23/11/1987(CIN: L05005KL1987PLC004913) and domiciled in India with its registered office at 14B, 14th Floor, The Atria Opp Gurudwara Temple, Thevara, Ernakulam, Kerala - 682015.Its shares are listed in Bombay Stock Exchange. The Company is having interest in the field of land banking and creating infrastructure for projects in the key sectors of integrated life spaces, lifespaces, logistics,warehousing, hospitality, healthcare, education clean energy and development of Aquaculture and seafood infrastructure and to deal in whatsoever manner in the aquaculture and seafood products.
Note - 2
First Time Adoption of Ind AS
These are the Companyâs first Financial Statements prepared in accordance with Ind AS.
The accounting policies set out in note 2 have been applied in preparing the Financial Statements for the year ended 31 March 2018, the comparative information presented in these Financial Statements for the year ended 31 March 2017 and in the preparation of an opening Ind AS Balance Sheet at 1 April 2016 (the Companyâs date of transition to Ind AS). An explanation of how the transition from previous GAAP to Ind AS has affected the Companyâs financial position, financial performance and cash flows is set out in the following tables and notes.
A. Ind AS Optional Exemptions
1. Deemed cost for property, plant and equipment, investment property and intangible assets
Ind AS 101 âFirst Time Adoption of Ind ASâ permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the Financial Statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-commissioning liabilities. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets. Accordingly, the Company has elected to measure all of its property, plant and equipment and intangible assets at their previous GAAP carrying value.
B. Ind AS Mandatory Exemptions 1. Estimates
An entityâs estimates in accordance with Ind ASs at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.
Ind AS estimates as at 1 April 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP.
2. Classification and measurement of financial assets and liabilities
The classification and measurement of financial assets will be made considering whether the conditions as per Ind AS 109 are met based on facts and circumstances existing at the date of transition.
Financial assets can be measured using effective interest method by assessing its contractual cash flow characteristics only on the basis of facts and circumstances existing at the date of transition and if it is impracticable to assess elements of modified time value of money i.e. the use of effective interest method, fair value of financial asset at the date of transition shall be the new carrying amount of that asset. The measurement exemption applies for financial liabilities as well.
Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so. It is impracticable to apply the changes retrospectively if:
a) The effects of the retrospective application or retrospective restatement are not determinable;
b) The retrospective application or restatement requires assumptions about what managementâs intent would have been in that period;
The retrospective application or retrospective restatement requires significant estimates of amounts and it is impossible to distinguish objectively information about those estimates that existed at that time.
3. De-recognition of financial assets and liabilities
Ind AS 101 requires a first-time adopter to apply the de-recognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first-time adopter to apply the de-recognition requirements in Ind AS 109 retrospectively from a date of the entityâs choosing, provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities derecognised as a result of past transactions was obtained at the time of initially accounting for those transactions.
The Company has elected to apply the de-recognition provisions of Ind AS 109 prospectively from the date of transition to Ind AS.
C. Reconciliations between previous GAAP and Ind AS
Ind AS 101 requires an entity to reconcile equity, total comprehensive income. The following tables represent the reconciliations from previous GAAP to Ind AS.
(v) Rights, preferences and restrictions attached to equity shares
The holders of equity shares are entitled to receive dividends as declared from time to time, and are entitled to one vote per share at meetings of the Company. In the event of liquidation of the Company, the remaining assets of the Company shall be distributed to the holders of equity shares in proportion to the number of shares held to the total equity shares outstanding as on that date. All shares rank equally with regard to the Companyâs residual assets.
(vii) Details of Forfeited Shares : 77,750 Equity Shares out of the Shares alloted on 12.05.1995
Details of upfront amount forfeited due to non conversion of Share warrants (25% of 15,80,000/- Share warrants) is Rs.3,950,000.00
Note 3.1 - Capital Management
The Companyâs objective for capital management is to maximise share holder value, safeguard business continuity and support the growth of the company. The Company determines the capital requirement based on annual operating plans and long term and other strategic investment plans. The funding requirements are met through a mixture of equity, internal fund generation and borrowed funds. The Companyâs policy is to use short term and long term borrowings to meet anticipated funding requirements._
Note 3.2 - Income Tax Expenses
The reconciliation of estimated income tax expense at statutory income tax rate to income
Note 3.3
Fair Value Measurements (i) Fair Value Hierarchy
Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:
Level 1: Quoted prices (unadjusted) in active markets for financial instruments.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data rely as little as possible on entity specific estimates. Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
Risk Management
The Company has in place risk management process in line with the Companyâs policy. The potential financial Impact of the risk and its likelihood of negative outcome are regularly updated._
Note 3.4
Disclosures Pursuant to Section 186(4) of The Companies Act,2013
The Company has not made any investment or given any loan or guarantee as covered under Section 186 of Companies Act,2013.
Note 3.5
Ind AS 11- Construction Contracts
Revenue from Construction Contracts are recognised on percentage of completion method, measured with reference to the percentage of cost incurred upto the reporting date to estimated total cost for each project.
Note 3.6
Disclosure under Micro, Small and Medium Enterprises Development Act, 2006
Clause 22 of Chapter V of the Micro, Small and Medium Enterprises Development Act, 2006, require following additional information in the Annual Statement of Accounts
(i) Principal amount remaining unpaid to any supplier at the end of the accounting year
(ii) Interest due thereon remaining unpaid to any supplier at the end of the accounting year
(iii) The amount of interest paid along with the amounts of the payment made to the supplier beyond the appointed day
(iv) The amount of interest due and payable for the year
(v) The amount of interest accrued and remaining unpaid at the end of the accounting year
(vi) The amount of further interest due and payable even in the succeeding year, until such date when the interest dues as above are actually paid Company has not received any information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 to meet the above mentioned disclosure requirements the and hence disclosures if any, required under the said Act have not been given.
Note 3.7
Ind AS 10-Events after the reporting period
(i)Kings Infra Ventures Limited will avail job working services for processing of aquaculture and seafood products for distribution and export from the processing plant belonging to Kings International Limited by entering a processing agreement for Job work for Aquaculture and seafood products subject to an amount of Rs. 5 Crore on annual basis.
(ii)The Company has proposed to enter into a âBusiness Takeover Agreementâ with M/s. SBJ Holdings to acquire the business of aquaculture and allied businesses of the latter on a going concern basis, other than that stated elsewhere in Business Takeover Agreement, on the Business Takeover Date i.e on 4th May 2018 on the terms and subject to the conditions set forth in the said Agreement. Parties has proposed to accept and acknowledge that Business Takeover is on a slump sale basis and for a net consideration not exceeding Rs. 3.5 Crores (Rupees Three Crore Fifty Lakhs Only) and the Business shall vest in the Company from the Business Takeover Date i.e on 4th May 2018.
Mar 31, 2015
1.CORPORATE INFORMATION:
The Company was incorporated on 23rd November 1987 under the name
Victory Aqua Farm Limited. During the year 2007 the company changed its
name to Kings Infra Ventures Limited. The main objects of the company
are to promote, develop, finance, establish, to enter into joint
ventures, to establish special purpose vehicles, build, construct,
equip, operate and maintain infrastructure projects and facilities.
A1 CONTINGENT LIABILITIES
Note 1
Contingent liabilities and commitments
(to the extent not provided for)
(i) Contingent Liabilities - -
(ii) Commitments - -
Total - -
Note 2
In the opinion of the Board, all assets other than fixed assets and non
current investments, have a realisable value in the ordinary course of
business which is not different from the amount at which it is stated.
A. As per the explanations available with the company, contingent
liabilities did not exist at the time of finalisation of accounts.
B. The company has not received information from creditors regarding
their status under the Micro, Small and Medium Enterprises Act 2006 and
hence disclosure relating to amounts unpaid as at the year end together
with interest paid/payable under this Act have not been given.
C. Estimated amount of contracts to be executed on capital account and
not provided for in the accounts - Nil
D. C.I.F. Value of Imports : Nil
E. Expenses incurred in Foreign currency:
(a) Initial Recognition: There is no foreign currency transaction
during the year.
(b) Conversion : Not Applicable
F. Earnings in Foreign Exchange from Export Sales: Nil
G. The value of inventory of the Company (Work-in-Progress)as on
31-03-2015 is Rs.208,650,820.08
H. Previous year's figures have been regrouped or re-arranged wherever
found necessary.
Mar 31, 2014
1. CORPORATE INFORMATION:
The Company was incorporated on 23rd November 1987 under the name
Victory Aqua Farm Limited. During the year 2007 the company changed its
name to Kings Infra Ventures Limited. The main objects of the company
are to promote, develop, finance, establish, to enter into joint
ventures, to establish special purpose vehicles, build, construct,
equip, operate and maintain infrastructure projects and facilities.
2. CONTINGENT LIABILITIES
Contingent liabilities and commitments
(to the extent not provided for)
(i) Contingent Liabilities - -
(ii) Commitments - -
Total - -
3. OTHER DISCLOSURES
In the opinion of the Board, all assets other than fixed assets and non
current investments, have a realisable value in the ordinary course of
business which is not different from the amount at which it is stated.
4 A. As per the explanations available with the company, contingent
liabilities did not exist at the time of finalization of accounts.
B. Disclosure under Micro, Small and Medium Enterprises Development
Act, 2006:
Based on the information received by the Company, none of the suppliers
have confirmed to be registered under MSMED Act, 2006. Accordingly, no
disclosures relating to amounts unpaid as at the year-end together with
interest paid /payable are required to be furnished.
C. Estimated amount of contracts to be executed on capital account and
not provided for in the accounts - Nil
D. C.I.F. Value of Imports : Nil
E. Expenses incurred in Foreign currency : Nil
F. Earnings in Foreign Exchange from Export Sales: Nil
G. The value of inventory of the Company ( Work-in -Progress )as on
31-03-2014 is Rs.20,21,34,338.08
I. Previous years figures have been regrouped or re-arranged wherever
found necessary.
Mar 31, 2012
Note 1
In the opinion of the Board, all assets other than fixed assets and non
current investments, have a realisable value in the ordinary course of
business which is not different from the amount at which It Is stated.
1. Kings Infra Ventures Ltd was formerly known as Victory Aqua Farm
Ltd. The company was operating an aqua culture farm. The farm had to be
closed down on 31.03.1997 consequent upon an order of Hon. Supreme
Court of India. Thus the company was not in operation for the period
from 1997 to 2005. At present, the company has diversified its
activities, and is pursuing land development and related activities.
2. Sundry debtors/creditors, and loans and advances, are subject to
confirmation.
3. The Company had received advances for development of projects. The
advances were refundable on completion of projects, with due share of
profit. The advances received had been passed on to other parties for
acquisition of lands for project development. The advances received by
the company have since been transferred from Company's books to the
books of the parties acquiring the lands.
4. The Company had taken over all assets and liabilities relating to
Atria apartment Project at Cochin, from Kings Properties and Housing
Ltd, for the net asset value of the project, by an agreement with Kings
Properties and Housing Ltd. Based on the agreement the Company shall
honour all prior apartment sale agreements entered into by Kings
Properties and Housing Ltd.
5. Income from sale of flats is recognized on the basis of the
agreements for sale of flats. Advances received from apartment
purchases are shown as liability.
6. There are certain Income tax cases pending relating to the period
when company was engaged in aqua culture business. While the management
argued that aqua culture should be treated as agriculture, the I.T
department has not accepted this contention. Similarly there were
contradictory verdicts in Hon. High Courts in regard to the treatment
of prawn ponds for the purpose of depreciation. In one verdict prawn
ponds were treated as plant and machinery and in another verdict they
were treated as building. The matter is now under appeal with the Hon.
Supreme Court.
7. Prior Year adjustments - NIL
8. Estimated amount of contracts to be executed on capital account -
Nil
9. Foreign currency loan disbursement -Nil
10. In the opinion of Directors, the current assets, loans and
advances have the values at which they are stated in the Balance Sheet
if realized in the ordinary course of business.
11. Provision and / or payment in respect of auditor's remuneration:
Audit fee ; Rs. 67,4167- Other Services : Rs. 38,449/- 12. Production
and sales : : 9088.40 sq.ft built up area of apartments sold during the
year.
12. Earnings from sales : :Rs.2,34,73,079/-
13. C.I.F. Value of Imports NIL
14. Expenditure in foreign currency : NIL
15. Inventories: Out of the 20,121.44 sq.ft of built up area of
apartments in inventory as on 01/04/2011 Company has sold an area of
9088.40 sq.ft. during the current financial year and balance of
11,033.04 Sq. Ft. valued at Rs. 1,73,55,118.97 is in inventory as on
31.03.2012. The land held for project development is treated as
inventory.
16. Employee benefits
Retirement benefits like gratuity superannuation etc., are not
accounted during the year because the relevant statutes are not
applicable to the Company .
17. Deferred Tax
The decrease in Deferred Tax Asset during the year is Rs 98,357.89 on
account of timing difference in depreciation for Rs 1,33,959.89
18. The company is engaged in the business of development of
Infrastructure facilities which constitutes a single business segment.
So primary and secondary reporting disclosures for
business/geographical segment as envisaged in AS-17 are not applicable
to the company.
19. The Company has not recognised any impairment/ loss on.its assets
on the balance sheet date because there is no indication of impairment.
20. During the financial year the company has written back excess
provision of Rs. 18,29,187.62 provided in the books of accounts for
previous years
21. Previous years figures have been regrouped / rearranged wherever
found necessary
Mar 31, 2011
1. Kings Infra Ventures Ltd was formerly known as Victory Aqua Farm
Ltd. The company was operating an aqua culture farm. The farm had to be
closed down on 31.03.1997 consequent upon an order of Hon. Supreme
Court of India. Thus the company was not in operation for a long period
from 31-3-1997 to 2005. At present, the company has diversified its
activities, and is pursuing land development and related activities.
Sundry debtors/creditors and loans and advances are subject to
confirmation.
2. The Company has received advance for development of Projects which
are refundable on completion of project with due share of profit.
Confirmation has been obtained regarding such advances.
3. The Company had taken over all assets and liabilities relating to
Atria Project from Kings Properties and Housing Ltd for the net asset
value of the project by an agreement between Kings Properties and
Housing Ltd. Based on the agreement the Company shall honour all prior
sale agreement entered into by the Kings Properties and Housing Ltd
without considering the price at which the agreement has entered.
4. Income from sale of flat is recognized on the basis of agreement
for sale of flat in the name of customer. Advances received from
customers are shown as liability.
5. There are certain Income tax cases pending for the period when
company was engaged in aqua culture business. While the management
argued that aqua culture farming should be treated as agriculture, the
department has not accepted this contention. Similarly there were
contradictory verdicts in Hon. High Courts in regard to the treatment
of prawn ponds for the purpose of depreciation. In one verdict it was
treated as plant and in another verdict it was treated as building.
The entire matter is now under appeal with the Hon. Supreme Court.
6. Prior Year adjustments - NIL
7. Estimated amount of contracts to be executed on capital account and
or not provided for in the accounts - Nil
8. Foreign currency loan disbursement ÃNil
9. In the opinion of Directors, the current assets, Loans and advances
have the values at which they are stated in the Balance Sheet if
realized in the ordinary course of business.
10. Provision and / or payment in respect of auditor's remuneration:
11. Inventories
Out of the 33795.80 sq.ft as 01/04/2010 Company has sold an area of
13674.36 sq.ft. during the current FY and balance of 20121.44 Sq Ft
valued Rs.30,286,002.91/- on 31.03.2011.The land held for project
development is treated as inventories.
12. Employee benefits
Retirement benefits like gratuity and superannuation etc., are not
accounted during the year because the relevant statutes are not
applicable to the Company .
13. Deferred Tax
The increase in Deferred Tax Asset during the year is Rs 37098/- On
Account of timing difference in depreciation of Rs 120057/-.
14. The company is engaged in the business of development of
Infrastructure facilities which constitutes a single business segment.
So primary and secondary reporting disclosures for
business/geographical segment as envisaged in AS-17 are not applicable
to the company.
15. The Company has not recognised any impairment loss on its assets on
the balance sheet date because there is no indication of impairment.
16. Miscellaneous Income includes Rs.15,23,251.19 sundry creditors
written back since these amounts are not yet claimed by the creditors
even after a long period.
17. During the financial year the company written of Miscellaneous
Expenditure for Rs.12,98,002.04/- which includes Share Issue Expenses
Rs.11,01,386.04/- and Amortization of Finance Charges Rs.1,96,616/-.
18. During the financial year the company written of TDS for
Rs.3,41,147.85 which are not recoverable according to the opinion of
the Management.
19. Previous year figures have been regrouped / rearranged wherever
found necessary
Mar 31, 2009
1. Kings Infra Ventures Ltd was formerly known as Victory Aqua Farm
Ltd. The company was operating an aqua culture farm. The farm had to be
closed down on 31.03.1997 consequent upon an order of Hon. Supreme
Court of India. Thus the company was not in operation for a long period
from 31-3-1997 to 2005. At present, the company has diversified its
activities, and is pursuing land development and related activities. It
is proposed to call for claims from creditors and lodge claims on
debtors with a view to settling the dues amicably. Letters have been
addressed to creditors/debtors to which the company has not received
any replies. The matter is being pursued and as such debtors/creditors
and loans and advances are subject to confirmation.
2. During the current year and previous year the Company has received
advance for development of Projects which are refundable on completion
of project with due share of profit.
3. During the year the Company was engaged in developmental
activities. The Administrative and general expenses incurred during the
year are accumulated under pre-operative expenses for project
development.
4. During the year the Company has transferred 75000 shares of Kings
Hotels & Resorts Ltd for a value of Rs.750000/-
5. There are certain Income tax cases pending for the period when
company was engaged in aqua culture business. While the management
argued that aqua culture farming should be treated as agriculture, the
department has not accepted this contention. Similarly there were
contradictory verdicts in Hon. High Courts in regard to the treatment
of prawn ponds for the purpose of depreciation. In one verdict it was
treated as plant and in another verdict it was treated as building.
The entire matter is now under appeal with the Hon. Supreme Court.
6. Prior Year adjustments - NIL
7. Estimated amount of contracts to be executed on capital account and
or not provided for in the accounts -Nil
8. Foreign currency loan disbursement -Nil
9. In the opinion of Directors, the current assets, Loans and advances
have the values at which they are stated in the Balance Sheet if
realized in the ordinary course of business.
10. Provision and / or payment in respect of auditors remuneration:
Audit fee : Rs.195805/-
Other Services : Rs. 190647/-
11. Production and sales : NIL
12. Earnings from sales : NIL
13. C.I.F. Value of Imports NIL
14. Expenditure in foreign currency : NIL
15. Inventories
No Inventories other than land.
16. Employee benefits
Retirement benefits like gratuity and superannuation etc., are not
accounted during the year because the relevant statutes are not
applicable to the Company.
17. Deferred Tax
The increase in Deferred Tax Asset during the year is Rs 33531/- on
account of timing difference in depreciation of Rs 98649/-.
18. The company is engaged in the business of development of
Infrastructure facilities which constitutes a single business segment.
So primary and secondary reporting disclosures for
business/geographical segment as envisaged in AS-17 are not applicable
to the company.
19. The Company has not recognised any impairment loss on its assets on
the balance sheet date because there is no indication of impairment.
20. Previous year figures have been regrouped / rearranged wherever
found necessary
Mar 31, 2008
Not Available
Mar 31, 2007
Not Available