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Notes to Accounts of Kothari Products Ltd.

Mar 31, 2016

5(a)(i) Description of the Security Given:

During the year the Company has formally entered into consortium banking arrangement with nine banks. Allahabad Bank is the lead bank of the consortium. As a result all the securities given under the multiple banking arrangement have now been transferred to the lead bank of the consortium (Allahabad bank).

Prime Securities:

Hypothecation charge on Current Assets of the Company both current and future , ranking pari passu with other member banks. Collateral Securities:

I. Equitable mortgage of following properties (on paripassu basis):

- Property at Noida owned by the Company itself.

- Three different properties at Bengaluru owned by the Companies over which Key Managerial Personnel are able to exercise significant influence.

- Property at Bengaluru owned by a wholly owned subsidiary Company.

- Property at Pune owned by the Director of the Company.

II. Lien of Term Deposit of Rs.2203/- lacs

III. Lien of Mutual Funds of Rs.1715/- lacs

IV. Lien of Term Deposit of Rs.195/- lacs exclusively with Indian Overseas Bank.

Related Party Disclosures in accordance with the Accounting Standards (AS-18) ‘Related Party Disclosures’, issued by the Institute of Chartered Accountants of India are as under :

(i) Names of Related Parties and Description of Relationship :

(A) Key Managerial Personnel & their Relatives :

(a) Shri Deepak Kothari - Chairman & Managing Director (d) Smt. Arti Kothari (g) Smt. Urvi Kothari

(b) Shri Mitesh Kothari - Executive Director (e) Smt. Reeta Shah (h) Shri Raj Kumar Gupta- C S & Compliance Officer

(c) Smt. Hemani Gowani (f) Mitesh Kothari HUF (i) Shri Anurag Tandon- CFO

(B) Associate Companies:

- Hara Parvati Realtors Pvt. Ltd.

- Real Griha Nirman Private Ltd.

- Shubhadra Realtors Private Ltd.

- Sankhya Realtors Private Ltd.

- SPPL Hotels Private Ltd.

- Sattva Realtors Pvt Ltd

- Neelanchal Con-tech Private Limited

(C) Enterprises over which Key Managerial Personnel are able to exercise significant influence :

-ARA India LLP -Fobos Properties Pvt. Ltd. -Salarpuria Consultants Pvt. Ltd.

-Aangan Properties Pvt. Ltd. -H & M Housing Finance & Leasing Pvt. Ltd. -Salarpuria Protin Pvt. Ltd.

-Aastitva Builders & Developers Pvt. Ltd. -IMK Agro Developers Pvt. Ltd. -Saphire Housing Pvt. Ltd.

-Aman Leasing & Housing Finance Pvt. Ltd. -IMK Agro- Tech Properties Pvt. Ltd. -Scaffold Properties Pvt. Ltd.

-Aman Overseas Pvt. Ltd. -IMK Developers Pvt. Ltd. -Sequence Properties Pvt. Ltd.

-Aman Spices Pvt. Ltd. -IMK Hospitality Pvt. Ltd. -Sharda Mansukhlal Kothari Charitable Trust

-Ambakeshwar Realtors Pvt. Ltd. -Kothari Detergents Limited -Shilpi Property Developers (Bombay) Pvt. Ltd.

-Arti Properties Pvt. Ltd. -Kothari World Infrastructure Pvt. Ltd. -Sky King Realtors LLP

-Arti Web- Developers Pvt. Ltd. -Kripalu Infratech & Builders Pvt. Ltd. -Splint Realtors LLP

-BKC Properties Pvt. Ltd. -Lohewala Construction Pvt. Limited -Super King Realtors LLP

-Black Plinth Developers LLP -Mataji Developers Pvt. Ltd. -Supraja Properties Pvt. Ltd.

-Blue Berry Trading Company Pvt. Ltd. -MK Profinlease Pvt. Ltd. -Synergy School Systems Pvt. Ltd.

-Camelia Griha Nirman Pvt. Ltd. -Monotype Griha Nirman Pvt. Ltd. -Titania Technology Pvt. Ltd.

-Clastic Rock Realtors Pvt. Ltd. -MSR Properties Pvt. Ltd. -Township Real Estate Developers (I) Pvt. Ltd.

-Dham Securities Pvt. Limited -Orbus Property Pvt. Ltd. -Vaishnodevi Realtors Pvt. Ltd.

-DK Web-Tech Pvt. Ltd. -Pandeep Technologies & Infrastructure Pvt. Ltd. -Venkatesh Griha Nirman Pvt. Ltd.

-DMK Holdings Pvt. Ltd. -Pan Parag India Limited -Warasgaon Lake View Hotels Ltd.

-Ekta Flavours Pvt. Limited -Parmy Manufactory Pvt. Ltd. -White Plinth Realtors LLP

-Eveready Housing LLP -Raj Power Parts and Engineering Co Pvt Ltd -Yoga Builders Pvt. Ltd.

(D) Subsidiary Companies :

(I) Direct Subsidiaries:

(a) Sukhdham Constructions & Developers Limited

(b) MK Web-Tech Pvt. Limited

(c) KPL Exports Pvt. Limited

(d) Kothari Products Singapore Pte. Limited

(e) Savitrimata Realtors Pvt. Limited

(f) Blackplinth Realtors Pvt Ltd

(g) Riverview Land Developers Pvt Ltd

(II) Indirect Subsidiary:

- Pinehills (Singapore) Pte Ltd., Singapore, a wholly owned subsidiary of Kothari Products Singapore Pte Limited

(a) The deferred tax liability amounting to Rs.NIL (Previous year Rs.42 lacs) is on account of time difference of Depreciation which is capable of being reversed in one or more subsequent years. The deferred tax liability amounting to Rs.42 lacs (Previous year Rs.66 Lacs ) has been reversed during the year.

(b) During the year the deferred tax asset amounting to Rs.42 lacs ( Previous year Rs. NIL) is on account of time difference of Depreciation which is capable of being reversed in one or more subsequent years. The deferred tax asset amounting to Rs.42 lacs (Previous year Rs.Nil) has been created during the year.

The Company alloted 9947955 Equity shares of Rs. 10/- each as Bonus Shares on 7th January, 2016 in the ratio of 1 Bonus Share for every 2 existing shares held by the members as on 6th January, 2016. Consequently the paid-up equity share capital of the company has increased from Rs.1990 lacs to Rs.2985 lacs w.e.f. 7th January, 2016.

Note : 1

There is no amount due to be paid to ‘Investor Education & Protection Fund’ maintained by the Government of India as at the year end. These amounts shall be paid to the funds as and when they become due.

Note : 2

There is no amount due to Micro Enterprises and Small Enterprises, based on the records and the information received from suppliers.

Note : 3

In terms of Accounting Standard 28 “Impairment of Assets” Issued by the Institute of Chartered Accountants of India, provision for impairment loss on assets for the year is not required.

Note : 4

The figures of previous year have been regrouped / recast wherever considered necessary to make them comparable with those of current year.


Mar 31, 2015

Note : 1 Share Capital

1.1 The company has only one class of shares referred to as equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per share.

Note : 2

Short Term Borrowings

2(a)(i) Description of the Security Given:

Bank of India:

Prime Securities:

First pari passu charge by way of Hypothecation of Stocks and book debts.

Collateral Securities:

Exclusive charge by way of equitable mortgage of Property at Bengaluru owned by other Company. Personal guarantee of two directors. Corporate guarantee by other company.

Allahabad Bank:

Prime Securities:

Hypothecation charge on current assets of the company both current and future, ranking pari passu with other multiple bankers. Collateral Securities:

Fixed Deposit worth Rs. 1400 lacs, equitable mortgage of property at Noida and personal guarantee of two directors.

Canara Bank:

Prime Securities:

Hypothection of Stocks, Book Debts and other current assets (existing and future)

Collateral Securities:

Collateral Securities: Equitable mortgage of property at Bengaluru owned by another company. Fixed Deposit of Rs. 403 lacs, personal guarantee of two directors and corporate guarantee by a wholly owned Subsidiary Company and by two other companies.

Punjab National Bank:

Prime Securities:

Hypothecation charge on entire current assets of the company , both present & future, ranking pari passu with other lenders under multiple banking Collateral Securities:

Equitable mortgage of property at Bengaluru owned by wholly owned subsidiary and Equitable mortgage of another property at Pune. Personal guarantee of two directors and Corporate guarantee by a wholly owned subsidiary company.

UCO Bank:

Prime Securities:

First pari passu charge by way of hypothecation on the entire movable fixed and current assets of the company (both current and future) with existing Working Capital lenders.

Collateral Securities:

Rs. 300 lacs by way of collateral in the form of Fixed Deposit Receipt. Personal guarantee of two directors.

Indian Overseas Bank:

Prime Securities:

First paripassu charge on stock and all other current assets.

Collateral Securities:

Fixed Deposit worth Rs. 295 lacs, equitable mortgage of property at Bengaluru owned by other company and personal guarantee of two directors. Corporate guarantee by one other company.

State Bank of India:

Prime Securities:

First pari passu charge on entire current assets of the company both current and future.

Collateral Securities:

Mutual Fund worth Rs.1715 lacs and personal guarantee of two directors.

2(a)(ii) Default in terms of repayment of principal and interest - NIL

2(a)(iii) During the year the company availed various credit facilities from the above banks under the multiple banking arrangement. However, for the business convenience, the company has started the process to adhere to the consortium arrangement to meet its credit requirements. The major lender i.e. Allahabad Bank has accepted to be the lead bank of the consortium.

As at As at 31.03.2015 31.03.2014

Note : 3

Contingent Liabilities :

3.1 Corporate Guarantees issued by the Company to certain banks on 31423 29449 behalf of one of its subsidiary (USD 49.5 Million) (USD 49 Million)

3.2 Corporate Guarantee issued by the Company to Nationalised 26000 26000 banks on behalf of associate companies

3.3 Corporate Guarantee issued by the Company to Nationalised 42500 20500 banks on behalf of one of its wholly owned subsidiary

3.4 Other Corporate Guarantee issued by the Company to a 3000 0 Nationalised bank

Related Party Disclosures in accordance with the Accounting Standards (AS-18) 'Related Party Disclosures', issued by th Institute of Chartered Accountants of India are as under :

(i) Names of Related Parties and Description of Relationship :

(A) Key Managerial Personnel & their Relatives :

(a) Shri Deepak Kothari - Chairman & Managing Director

(b) Shri Mitesh Kothari - Executive Director

(c) Shri M.M. Kothari

(d) Smt. Sharda M. Kothari

(e) Smt. Hemani Gowani

(f) Smt. Arti Kothari

(g) Smt. Reeta Shah

(h) Mitesh Kothari HUF

(i) Smt. Urvi Kothari

(j) Shri Raj Kumar Gupta- CS & Compliance Officer

(k) Shri Anurag Tandon- CFO

(B) Associate Companies:

-Hara Parvati Realtors Pvt. Ltd. -Real Griha Nirman Private Ltd. -Shubhadra Realtors Private Ltd. -Sankhya Realtors Private Ltd. -SPPL Hotels Private Ltd.

-Sattva Realtors Pvt Ltd. -Neelanchal Con-tech Private Ltd.

(C) Enterprises over which Key Managerial Personnel are able to exercise significant influence :

-ARP India LLP

-Aangan Properties Pvt. Ltd.

-Aastitva Builders & Developers Pvt. Ltd. -Aman Leasing & Housing Finance Pvt. Ltd. -Aman Overseas Pvt. Ltd.

-Aman Spices Pvt. Ltd.

-Ambakeshwar Realtors Pvt. Ltd.

-Arti Properties Pvt. Ltd.

-Arti Web- Developers Pvt. Ltd.

-BKC Properties Pvt. Ltd.

-Black Plinth Developers LLP -Blue Berry Trading Company Pvt. Ltd. -Camelia Griha Nirman Pvt. Ltd.

-Clastic Rock Realtors Pvt. Ltd.

-Dham Securities Pvt. Ltd.

-DK Web-Tech Pvt. Ltd.

-DMK Holdings Pvt. Ltd.

-Ekta Flavours Pvt. Ltd.

-Eveready Housing LLP -Fobos Properties Pvt. Ltd.

-H & M Housing Finance & Leasing Pvt. Ltd.

-IMK Agro Developers Pvt. Ltd.

-IMK Agro- Tech Properties Pvt. Ltd.

-IMK Developers Pvt. Ltd.

-IMK Hospitality Pvt. Ltd.

-IMK Hotels Pvt. Ltd.

-Kothari Detergents Ltd.

-Kothari World Infrastructure Pvt. Ltd.

-Kripalu Infratech & Builders Pvt. Ltd. -Lohewala Construction Pvt. Ltd.

-Mataji Developers Pvt. Ltd.

-MK Profinlease Pvt. Ltd.

-Monotype Griha Nirman Pvt. Ltd.

-MSR Properties Pvt. Ltd.

-Orbus Property Pvt. Ltd.

-Pan Parag India Ltd.

-Parmy Manufactory Pvt. Ltd.

-Raj Power Parts and Engineering Co Pvt Ltd -Salarpuria Consultants Pvt. Ltd.

-Salarpuria Profin Pvt. Ltd.

-Saphire Housing Pvt. Ltd.

-Scaffold Properties Pvt. Ltd.

-Sequence Properties Pvt. Ltd.

-Sharda Mansukhlal Kothari Charitable Trust

-Shilpi Property Developers (Bombay) Pvt. Ltd.

-Sky King Realtors LLP

-Splint Realtors LLP

-Super King Realtors LLP

-Supraja Properties Pvt. Ltd.

-Synergy School Systems Pvt. Ltd.

-Titania Technology Pvt. Ltd.

-Township Real Estate Developers (I) Pvt. Ltd. -Vaishnodevi Realtors Pvt. Ltd.

-Venkatesh Griha Nirman Pvt. Ltd.

-Warasgaon Lake View Hotels Ltd.

-White Plinth Realtors LLP -Yoga Builders Pvt. Ltd.

(D) Subsidiary Companies :

(I) Direct Subsidiaries:

(a) Sukhdham Constructions & Developers Limited

(b) MK Web-Tech Pvt. Limited

(c) KPL Exports Pvt. Limited

(d) Kothari Products Singapore Pte. Limited

(e) Savitrimata Realtors Pvt. Limited

(f) Blackplinth Realtors Pvt Limited

(g) Riverview Land Developers Pvt Limited

(II) Indirect Subsidiary:

- Pinehills (Singapore) Pte Limited, Singapore, a wholly owned subsidiary of Kothari Products Singapore Pte Limited

Note : 4

(a) The deferred tax liability amounting to Rs.41 lacs (Previous year Rs.107 lacs) is on account of time difference of Depreciation which is capable of being reversed in one or more subsequent years. The deferred tax liability amounting to Rs.66 lacs (Previous year Rs.34 Lacs provided) has been reversed during the year.

(b) During the year the deferred tax asset amounting to Rs.Nil ( Previous year Rs. 12 lacs) is on account of diminution in value of Current Investment as per Accounting Standard-13.The deferred tax asset amounting to Rs.12 lacs (Previous year Rs.Nil) has been reversed during the year.

Pursuant to the approval of the members on 24th March, 2014 by way of Postal Ballot for issue of Bonus shares in the ratio of 2 Bonus shares for every one existing share held by the members as on 2nd April, 2014, 13263940 equity shares of Rs.10/- each were allotted as Bonus shares by the Board of Directors of the company in its meeting held on 3rd April, 2014. Consequently the paid up capital of the company increased from Rs.663 lacs to Rs.1990 lacs w.e.f. 3rd April, 2014.

Note : 5

As per the provisions of schedule II to The Companies Act, 2013, effective from 1st April, 2014 the Company has charged depreciation based on remaining useful life of the Assets. Accordingly, an amount of Rs.208 lacs in relation to assets whose useful life has already expired as on 1st April, 2014, has been charged to Retained Earnings.

Note : 6

There is no amount due to be paid to 'Investor Education & Protection Fund' maintained by the Government of India as at the year end. These amounts shall be paid to the funds as and when they become due.

There is no amount due to Micro Enterprises and Small Enterprises, based on the records and the information received from suppliers.

Note : 7

In terms of Accounting Standard 28 "Impairment of Assets" Issued by the Institute of Chartered Accountants of India, provision for impairment loss on assets for the year is not required.

Note : 8

M/s Bhojeswar Realtors Pvt Ltd which was an associate company of the company has ceased to be its associate during the year. There has been no gain/loss on sale of entire shareholding of this company.

Note : 9

The figures of previous year have been regrouped / recast wherever considered necessary to make them comparable with those of current year.


Mar 31, 2014

Note : 1 Contingent Liabilities :

1.1 Corporate Guarantees issued by the Company to certain behalf of one of its subsidiary banks on 29449 26052

(USD 49 Million) (USD 33.5 Million & SGD 18 Million)

1.2 Corporate Guarantee issued by the Company to Nationalised banks on 26000 26000 behalf of associate companies

1.3 Corporate Guarantee issued by the Company to a Nationalised 20500 NIL bank on behalf of one of its wholly owned subsidiary For the Year Ended For the Year Ended

31.03.2014 31.03.2013 (Amount in Lacs) (Amount in Lacs)

Note:2

Related Party Disclosures in accordance with the Accounting Standards (AS-18) ''Related Party Disclosures'', issued by the Institute of Chartered Accountants of India are as under :

(i) Names of Related Parties and Description of Relationship :

(A) Key Management Personnel & their Relatives :

(a) Shri Deepak Kothari - Chairman & Managing Director

(b) Shri Mitesh Kothari - Executive Director

(c) Shri M.M. Kothari

(d) Smt. Sharda M. Kothari

(e) Smt. Hemani Gowani

(f) Smt. Arti Kothari

(g) Smt. Reeta Shah

(h) Mitesh Kothari HUF

(i) Smt. Urvi Kothari

(B) Associate Companies:

-Aangan Properties Pvt. Ltd.

-Aastitva Builders & Developers Pvt. Ltd.

-Aman Leasing & Housing Finance Pvt. Ltd.

-Aman Overseas Pvt. Ltd.

-Aman Spices Pvt. Ltd.

-Ambakeshwar Realtors Pvt. Ltd.

-Arti Properties Pvt. Ltd.

-Arti Web- Developers Pvt. Ltd.

-Bhojeshwar Realtors Private Limited

-BKC Properties Pvt. Ltd.

-Black Plinth Developers LLP

-Blue Berry Trading Company Pvt. Ltd.

-Camelia Griha Nirman Pvt. Ltd.

-Clastic Rock Realtors Pvt. Ltd.

-Dham Securities Pvt. Limited

-DK Web-Tech Pvt. Ltd.

-DMK Holdings Pvt. Ltd.

-Ekta Flavours Pvt. Limited

-Elvis Properties Pvt. Ltd.

-Fobos Properties Pvt. Ltd.

-H & M Housing Finance & Leasing Pvt. Ltd.

-Hara Parvati Realtors Pvt. Ltd.

PRODUCTS LIMITED

-IMK Agro Developers Pvt. Ltd.

-IMK Agro- Tech Properties Pvt. Ltd.

-IMK Developers Pvt. Ltd.

-IMK Hospitality Pvt. Ltd.

-IMK Hotels Pvt. Ltd.

-Kothari Detergents Limited

-Kothari World Infrastructure Pvt. Ltd.

-Kripalu Infratech & Builders Pvt. Ltd.

-Lohewala Construction Pvt. Limited

-Margo Properties Pvt. Ltd.

-Mataji Developers Pvt. Ltd.

-MK Profnlease Pvt. Ltd.

-Monotype Griha Nirman Pvt. Ltd.

-MSR Properties Pvt. Ltd.

-Orbus Property Pvt. Ltd.

-Pan Parag India Limited

-Pandeep Technologies & Infrastructure Pvt. Ltd.

-Parmy Manufactory Pvt. Ltd.

-Real Griha Nirman Private Ltd.

-Raj Power Parts and Engineering Co Pvt Ltd

-Salarpuria Consultants Pvt. Ltd.

-Salarpuria Profn Pvt. Ltd.

-Sankhya Realtors Private Limited

-Saphire Housing Pvt. Ltd.

-Sattva Infrastructure India Pvt. Ltd.

-Sattva Realtors Pvt Ltd

-Scaffold Properties Pvt. Ltd.

-Sequence Properties Pvt. Ltd.

-Shilpi Property Developers (Bombay) Pvt. Ltd.

-Sky King Realtors LLP

-Splint Realtors LLP

-Spica Properties Pvt. Ltd.

-SPPL Hotels Private Limited

-Shubhadra Realtors Private Limited

-Super King Realtors LLP

-Supraja Properties Pvt. Ltd.

-Synergy School Systems Pvt. Ltd.

-Titania Technology Pvt. Ltd.

-Township Real Estate Developers (I) Pvt. Ltd.

-Vaishnodevi Realtors Pvt. Ltd.

-Venkatesh Griha Nirman Pvt. Ltd.

-Warasgaon Lake View Hotels Ltd.

-White Plinth Realtors LLP

-Yoga Builders Pvt. Ltd.

(C) Subsidiary Companies :

(I) Direct Subsidiaries:

(a) Sukhdham Constructions & Developers Limited

(b) MK Web-Tech Pvt. Limited

(c) KPL Exports Pvt. Limited

(d) Kothari Products Singapore Pte. Limited (e Savitrimata Realtors Pvt. Limited

(f) Blackplinth Realtors Pvt Ltd

(g) Riverview Land Developers Pvt Ltd

(II) Indirect Subsidiary:

- Pinehills (Singapore) Pte Ltd., Singapore, a wholly owned subsidiary of Kothari Products Singapore Pte Limited

Note : 3

(a) The deferred tax liability amounting to Rs. 107 lacs (Previous year Rs. 73 lacs) is on account of time difference of Depreciation which is capable of being reversed in one or more subsequent years. The deferred tax liability amounting to Rs. 34 lacs (Previous year Rs. 26 Lacs) has been provided during the year.

(b) During the year the deferred tax asset amounting to Rs. 12 lacs (Previous year Rs. Nil) is on account of diminution in value of Current Investment as per Accounting Standard-13.

Operating Lease

The company''s significant lease agreement is in respect of operating lease for Premises and the aggregate lease rentals receivable are credited to the Statement of Profit & Loss. The future minimum lease rent receivable under non-cancelable operating lease are as under:-

Note : 4

There is no amount due to be paid to ''Investor Education & Protection Fund'' maintained by the Government of India as at the year end. These amounts shall be paid to the funds as and when they become due.

Note : 5

There is no amount due to Micro Enterprises and Small Enterprises, based on the records and the information received from suppliers.

Note : 6

The Board of directors consider the diminution in value of its Non Current investment being Long Term Investments as temporary in nature and therefore no provision for the same has been done in the books of accounts.

Note : 7

In terms of Accounting Standard 28 "Impairment of Assets" Issued by the Institute of Chartered Accountants of India, provision for impairment loss on assets for the year is not required.

Note : 8

M/s IMK Hotels Pvt Ltd which was a wholly owned subsidiary of the company has ceased to be its subsidiary w.e.f. 02-09-2013. There has been gain of Rs.162 Lacs on sale of entire shareholding of this company.

Note : 9

The Board of Directors of the Company had, in the Board Meeting held on 11th February, 2014, recommended issue of Bonus shares in the ratio of 2 Bonus shares for every one share held as on 2nd April, 2014 and the Company has completed allotment and despatch/credits of the aforesaid Bonus shares to the respective shareholders of the Company as on the aforesaid date.

Note : 10

The figures of previous year have been regrouped / recast wherever considered necessary to make them comparable with those of current year.


Mar 31, 2013

As at As at 31.03.2013 31.03.2012

Note : 1

Contingent Liabilities

1.1 Corporate Guarantees issued by the Company to certain banks on 26052 15266 behalf of one of its subsidiary

Note: 2

Segment Information ( Information about Business Segments) :

2.1. The Company operates in two business segments-

(a) Trading Items

(b) Real estate etc

Note:3

Related Party Disclosures in accordance with the Accounting Standards (AS-18) ''Related Party Disclosures'', issued by the Institute of Chartered Accountants of India are as under :

(i) Names of Related Parties and Description of Relationship :

(A) Key Management Personnel & their Relatives :

(a) Shri Deepak Kothari - Chairman & Managing Director

(b) Shri Mitesh Kothari - Executive Director

(c) Shri M.M. Kothari

(d) Smt. Sharda M. Kothari

(e) Smt. Hemani Gowani

(f) Smt. Arti Kothari

(g) Smt. Reeta Shah

(h) Mitesh Kothari HUF

(i) Smt. Urvi Kothari

(B) Associate Companies:

-Aangan Properties Pvt. Ltd.

-Aastitva Builders & Developers Pvt. Ltd.

-Aman Leasing & Housing Finance Pvt. Ltd.

-Aman Overseas Pvt. Ltd.

-Aman Spices Pvt. Ltd.

-Ambakeshwar Realtors Pvt. Ltd.

-Arti Properties Pvt. Ltd.

-Arti Web-Developers Pvt. Ltd.

-Bhojeshwar Realtors Private Limited

-BKC Properties Pvt. Ltd.

-Blueberry Trading Company Pvt. Ltd.

-Camelia Griha Nirman Pvt. Ltd.

-Clastic Rock Realtors Pvt. Ltd.

-Dham Securities Pvt. Limited

-DK Web-Tech Pvt. Ltd.

-DMK Holdings Pvt. Ltd.

-Ekta Flavours Pvt. Limited

-Elvis Properties Pvt. Ltd.

-Fobos Properties Pvt. Ltd.

-Forcas Properties Pvt. Ltd.

-H & M Housing Finance & Leasing Pvt. Ltd.

-Hara Parvati Realtors Pvt. Ltd.

-IMK Agro Developers Pvt. Ltd.

-IMK Agro- Tech Properties Pvt. Ltd.

-IMK Developers Pvt. Ltd.

-IMK Hospitality Pvt. Ltd.

-Kothari Detergents Limited

-Kothari World Infrastructure Pvt. Ltd.

-Lohewala Constructions Pvt. Limited

-Margo Properties Pvt. Ltd.

-Mataji Developers Pvt. Ltd.

-MK Profinlease Pvt. Ltd.

-Monotype Griha Nirman Pvt. Ltd.

-MSR Properties Pvt. Ltd.

-Orbus Property Pvt. Ltd.

-Pan Parag India Limited

-Pandeep Technologies & Infrastructure Pvt. Ltd.

-Parmy Manufactory Pvt. Ltd.

-Real Griha Nirman Private Ltd.

-Raj Power Parts and Engg. Co Pvt. Ltd.

-Salarpuria Consultants Pvt. Ltd.

-Salarpuria Profin Pvt. Ltd.

-Sankhya Realtors Private Limited

-Saphire Housing Pvt. Ltd.

-Sattva Infrastructure India Pvt. Ltd.

-Sattva Realtors Pvt. Ltd.

-Scaffold Properties Pvt. Ltd.

-Sequence Properties Pvt. Ltd.

-Shilpi Property Developers (Bombay) Pvt. Ltd.

-Splint Realtors LLP

-Spica Properties Pvt. Ltd.

-SPPL Hotels Private Limited

-Shubhadra Realtors Private Limited

-Supraja Properties Pvt. Ltd.

-Synergy School Systems Pvt. Ltd.

-Titania Technology Pvt. Ltd.

-Township Real Estate Developers (I) Pvt. Ltd.

-Vaishnodevi Realtors Pvt. Ltd.

-Venkatesh Griha Nirman Pvt. Ltd.

-Warasgaon Lake View Hotels Ltd.

-Yoga Builders Pvt. Ltd.

(C) Subsidiary Companies :

(I) Direct Subsidiaries:

(a) Sukhdham Constructions & Developers Limited

(b) MK Web-Tech Pvt. Limited

(c) KPL Exports Pvt. Limited

(d) Kothari Products Singapore Pte. Limited

(e) IMK Hotels Pvt. Limited

(f) Savitrimata Realtors Pvt. Limited

(g) Blackplinth Realtors Pvt. Ltd.

(h) Riverview Land Developers Pvt. Ltd.

(II) Indirect Subsidiary:

- Pinehills (Singapore) Pte Ltd., Singapore, a wholly owned subsidiary of Kothari Products Singapore Pte Limited

Note : 4

The deferred tax liability amounting to Rs. 73 lacs (Previous year Rs. 47 lacs) is on account of time difference of Depreciation which is capable of being reversed in one or more subsequent years. The deferred tax liability amounting to Rs. 26 lacs (Previous year Rs.6 Lacs reversed) has been provided during the year.

Note : 5

Operating Lease

The Company''s significant lease agreement is in respect of operating lease for premises and the aggregate lease rentals receivable are credited to the Statement of Proft & Loss. The future minimum lease rent receivable under non-cancellable operating lease are as under :-

Note : 6

There is no amount due to be paid to ''Investor Education & Protection Fund'' maintained by the Government of India as at the year end. These amounts shall be paid to the funds as and when they become due.

Note : 7

There is no amount due to Micro Enterprises and Small Enterprises, based on the records and the information received from suppliers.

Note : 8

The Board of directors consider the diminution in value of its Non Current Investments being Long Term Investments as temporary in nature and therefore no provision for the same has been done in the books of accounts.

Note : 9

In terms of Accounting Standard 28 "Impairment of Assets" Issued by the Institute of Chartered Accountants of India, provision for impairment loss on assets for the year is not required.

Note : 10

M/s Arti Web Developers Pvt. Ltd. which was a wholly owned subsidiary of the company has ceased to be its subsidiary w.e.f. 01-01-2013. There has been gain of Rs. 829 Lacs on sale of investment in shares.

Note : 11

M/s Masscorp Ltd. became and ceased to be a subsidiary of the company during the year. There has been no gains or losses on such acquisition and cessation.

Note : 12

The figures of previous year have been regrouped / recast wherever considered necessary to make them comparable with those of current year.


Mar 31, 2012

1.1. The company has only one class of shares referred to as equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per share.

1.2 Reconciliation of the number of shares and amount outstanding at the beginning and at the end of reporting period

2 (a) (i) Description of the Security Given:

Bank of India:

Prime Securities:

First pari passu charge by way of Hypothecation of Stocks and book debts.

Collateral Securities:

Exclusive charge by way of equitable mortgage of Property at Bangalore owned by other Company. Personal guarantee of two directors. Corporate guarantee by other company.

Allahabad Bank:

Prime Securities:

Hypothecation charge on current assets of the company both current and future, ranking pari passu with other multiple bankers. Collateral Securities:

Term Deposit worth Rs. 400 lacs, equitable mortgage of property at Noida and personal guarantee of two directors. Corporate guarantee by a wholly owned Subsidiary Company.

Canara Bank:

Prime Securities:

Hypothection of Stocks and Book Debts.

Collateral Securities:

Term Deposit of Rs. 600 lacs, Equitable mortgage of a property of a shareholder, personal guarantee of two directors and corporate guarantee by a wholly owned Subsidiary Company.

Punjab National Bank:

Prime Securities:

Hypothecation charge on current assets of the company.

Collateral Securities:

Equitable mortgage of property at Bangalore owned by wholly owned subsidiary and personal guarantee of two directors.

Uco Bank:

Prime Securities:

First pari passu charge by way of hypothecation on the entire movable fixed and current assets of the company (both current and future) with existing Working Capital lenders.

Collateral Securities:

Rs. 300 lacs by way of collateral in the form of Term Deposit Receipt.

Yes Bank Limited:

Prime Securities:

First pari passu charge over all the current assets and movable fixed assets of the Company (both current and future).

Callateral Securities:

Unconditional and irrevocable personal guarantee of two directors.

5(a)(ii) Default in terms of repayment of principal and interest- NIL

Note: 3 As at As at

CONTINGENT LIABILITIES :- 31.03 2012 31.03.2011

3.1. Corporate Guarantees issued by the Company to certain banks on behalf of one of its subsidiary 15266 2526 (USD 15.5 Million & (USD 5.6 million) SGD 18 Million)

3.2. Corporate Guarantee issued by the Company to a bank on behalf of an associate 15100 15100

3.3. Estimated amount of contracts remaining to be executed on capital account and not provided for 147 187

Note : 4

The deferred tax liability amounting to Rs.47 lacs (Previous year Rs. 54 lacs) is on account of time difference of Depreciation which is capable of being reversed in one or more subsequent years. The deferred tax liability amounting to Rs.6 lacs (Previous year Rs.23 lacs ) has been reversed.

Note: 5

There is no amount due to be paid to 'Investor Education & Protection Fund' maintained by the Government of India as at the year end. These amounts shall be paid to the funds as and when they become due.

Note: 6

There is no amount due to Micro Enterprises and Small Enterprises, based on the records and the information received from suppliers.

Note: 7

The Board of directors consider the diminution in value of its Long Term Investments as temporary in nature and therefore no provision for the same has been done in the books of accounts.

Note: 8

In terms of Accounting Standard 28 "Impairment of Assets" Issued by the Institute of Chartered Accountants of India, provision for impairment loss on assets for the year is not required.

Note: 9

The figures of previous year have been regrouped / recast wherever considered necessary to make them comparable with those of current year.


Mar 31, 2011

(1) Contingent Liabilities :-

(A) Income-tax demands pending to be paid Rs. Nil (Previous Year - 1031 Lacs)

(B) Corporate Guarantee given to Bank of India, Singapore for one of subsidiaries- Kothari Products Singapore Pte. Ltd. against credit facility of USD ($) 56,00,000 equivalent to Rs. 2526 lacs (Previous Year Rs. 2519 Lacs)

(C) Corporate Guarantee given to UCO Bank, Kolkata for SPPL Hotels Pvt. Ltd. of Rs. 15100 lacs (Previous Year Rs. 15100 lacs).

(D) Guarantees given by the bank on behalf of the Company against Term Deposits Receipts for Rs. 161 lacs (Previous Year Rs. Nil)

(E) Guarantees given by bank on behalf of Pan Parag India Limited in favour of the Registrar National Consumer Disputes Redressal Commission , New Delhi, for Rs. 42 lacs (Previous Year Rs. 42 lacs) which is secured by FDRs of Pan Parag India Limited.

(F) Uncalled liablity for 27015 partly paid equity shares of Karur Vysya Bank Ltd. of Rs.10/- each (Rs.6/- paid-up) amounting to Rs. 20 lacs (Previous Year -Nil)

(G) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 187 lacs (Previous Year Rs. 197 lacs)

(6) Related Party Disclosures in accordance with the Accounting Standards (AS-18) 'Related Party Disclosure', issued by the Institute of Chartered Accountants of India are as under :

(i) Names of related parties and description of relationship :

(A) Key Management Personnel & their Relatives :

(a) Shri Deepak Kothari - Chairman & Managing Director

(b) Shri Mitesh Kothari - Executive Director

(c) Shri M.M. Kothari

(d) Smt. Sharda M. Kothari

(e) Smt. Arti Kothari

(f) Smt. Reeta Shah

(g) Mitesh Kothari HUF (h) Smt. Urvi Kothari

(B) Associate Companies :

(a) Kothari Detergents Limited

(b) Ekta Flavours Pvt. Limited

(c) Dham Securities Pvt. Limited

(d) Lohewala Construction Pvt. Limited

(e) Parmy Manufactory Pvt. Ltd.

(f) DK Web-Tech Pvt. Ltd.

(g) Pan Parag India Limited

(h) Bhojeshwar Realtors Private Limited

(I) Hara Parvati Realtors Pvt. Ltd.

(j) Real Griha Nirman Private Ltd.

(k) Subhadra Realtors Private Limited

(l) Sankhya Realtors Private Limtied

(m) SPPL Hotels Private Limited

(n) Tauras Agile Technologies Corporation Private Limited

(C) Subsidiary Companies :

(a) Sukhdham Constructions & Developers Limited

(b) Arti Web-Developers Private Limited

(c) MK Web-Tech Pvt. Limited

(d) KPL Exports Pvt. Limited

(e) Kothari Products Singapore Pte. Limited

(f) IMK Hotels Pvt. Limited

(g) Savitrimata Realtors Pvt. Limited

(8) In terms of Accounting Standard 16 'Borrowing Cost' issued by the Institute of Chartered Accountants of India, the company has not borrowed any funds to acquire, build and install any fixed assets and other assets during the year.

(9) The deferred tax liability amounting to Rs. 54 lacs (Previous year Rs.76 lacs) is on account of time difference of Depreciation which is capable of being reversed in one or more subsequent years. The deferred tax liability amounting to Rs.23 lacs (Previous year Rs. 24 lacs was provided) has been reversed.

(10) Disclosures as required by the Accounting Standard 19- 'Accounting for Leases' -

(i) All the lease agreements of the Company are in respect of operating lease of the premises (residential and business premises etc.).

(ii) The aggregate lease rentals payable are charged to the Profit & Loss Account as Rent in Schedule 17.

(iii) The cancellable lease agreements are usually renewable by mutual consent at mutually agreeable terms.

(iv) The aggregate lease rentals receivable for the year is credited to the profit & loss as Rental Income grouped with Miscellaneous Receipts in Schedule 15.

(11) In terms of Accounting Standard 28 "Impairment of Assets" Issued by the Institute of Chartered Accountants of India, provision for impairment loss on assets for the year is not required.

(12) In terms of Accounting Standard 29 " Provisions, Contingent Liabilities and Contingent Assets" Issued by the Institute of Chartered Accountants of India, there has been no provision on beginning and at the end of the year, therefore no disclosure requirements.

(14) Fixed Deposits at principal value includes Rs.60592 lacs (Previous year Rs.7012 lacs) pledged with the banks as margin money or as collateral towards credit limits sanctioned by them.

(15) There is no amount due to be transferred to 'Investor Education & Protection Fund' maintained by the Government of India as at the year end.

(16) Sundry creditors include Rs. Nil (Previous Year Rs.Nil) due to Micro Enterprises and Small enterprises, based on the records and the information received from suppliers.

(17) The Company has invested in 51% class B equity shares (having 26% voting & dividend rights) of M/s Savitrimata Realtors Pvt. Ltd., thereby making it a subsidiary of the Company for a total consideration of Rs. 106 Lacs and this has resulted into goodwill amounting to Rs. 109 Lacs on acquisition.

(18) The Board of directors consider the diminution in value of its Long Term Investments as temporary in nature and therefore no provision for the same has been done in the books of accounts.

(19) The figures of previous year have been regrouped, recast whereever considered necessary to make them comparable with those of the current year.


Mar 31, 2010

(1) Contingent Liabilities: 31.03.2010 31.03.2009

(Rs. 000) (Rs. 000)

(A) Claims not acknowledged as debt -

Income Tax 103117 100014

(B) Guarantee given backed by FDRs against Demerged Company 0 42141

(C) Guarantee given by Banks on behalf of the Company 976488 0

(D) Guarantee given to Bank of India, Singapore for one of subsidiaries- Kothari Products Singapore Pte. Ltd. against credit facility of USD ($) 50,00,000 or as on 31.03.2010 Rs.22,48,75,000/- (Previous Year Rs. Nil)

(E) Guarantee given to UCO Bank, Kolkata for SPPL Hotels Pvt. Ltd. of Rs. 151,00,00,000/- (Previous year Rs. Nil).

(F) Bank Guarantee given on behalf of Pan Parag India Limited in favour of the Registrar National Consumer Disputes Redressal Commission, New Delhi, for Rs. 4158596/- (Previous Year Rs. 4158596/-) which is secured by FDRs of Pan Parag India Limited.

(7) Related Party Disclosures in accordance with the Accounting Standards (AS-18) Related Party Disclosure, issued by the Institute of Chartered Accountants of India are as under : (i) Names of Related parties and description of relationship :

(A) Key Management Personnel & their Relatives :

(a) Shri M.M. Kothari - Chairman (upto 30th January, 2010)

(b) Shri Deepak Kothari - Chairman & Managing Director

(c) Shri Mitesh Kothari - Executive Director

(d) Smt. Sharda M. Kothari

(e) Smt. Arti Kothari

(f) Smt. Reeta Shah

(g) Mitesh Kothari HUF

(h) Smt. Urvi Kothari

(B) Associate Companies :

(a) Kothari Detergents Limited

(b) Ekta Flavours Pvt. Limited

(c) Dham Securities Pvt. Limited

(d) Lohewala Construction Pvt. Limited

(e) DMK Holdings Pvt. Limited

(f) MSR Properties Pvt. Limited

(g) Pan Parag India Limited



(C) Subsidiary Companies :

(a) Sukhdham Constructions & Developers Limited

(b) Arti Web-Developers Private Limited

(c) MK Web-Tech Pvt. Limited

(d) KPL Exports Pvt. Limited

(e) Kothari Products Singapore Pte. Limited

(f) IMK Hotels Pvt. Limited

(2) In terms of Accounting Standard 28 "Impairment of Assets" Issued by the Institute of Chartered Accountants of India, provision for impairment loss on assets for the year is not required.

(3) In terms of Accounting Standard 29 "Provisions, Contingent Liabilities and Contingent Assets" Issued by the Institute of Chartered Accountants of India, there has been no Provision on beginning and at the end of the year, therefore no disclosure requirements.

(4) Fixed Deposits includes Rs.701241684/- (Previous year Rs.42547209/-) given as earnest money etc. and pledged with the banks against guarantees issued by them on our behalf to Government departments as security deposit.

(5) There is no amount due to be transferred to Investor Education & Protection Fund maintained by the Government of India as at the year end.

(6) Sundry creditors include Rs. Nil (Previous Year Rs. Nil) due to SSI Units, based on the records and the information received from suppliers.

(7) The business of Pan Masala, Packaged Dringking Water and Trading Divison have been transferred to Pan Parag India Limited w.e.f 18th November, 2008. However the Company has restarted its Trading Division after 18th November, 2008. The figures of previous year are not comparable to the figures of current year to the extent of aforesaid arrangement.

(8) The figures of previous year have been regrouped, recast whereever considered necessary to make them comparable with those of the current year.

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