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Kings Infra Ventures Ltd. Notes to Accounts, Kings Infra Ventures Ltd. Company
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Notes to Accounts of Kings Infra Ventures Ltd.

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, 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

 
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