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Notes to Accounts of Landmark Property Development Company Ltd.

Mar 31, 2015

I) In respect of Assessment Year 2007-08 and 2008-09, the Department has not adjusted credit of tax aggregating to Rs.97,02,000/- paid by M/s. OCL India Limited and transferred to the Company arising out of De-merger in the relevant period. These facts have been taken note of by the department but they have not been able to resolve the matter due to their procedural issue. Matter is being perused.

ii) In respect of Assessment Year 2009-10, the Department has not adjusted credit of the TDS amounting to Rs.1,49,290/-. The rectification U/s 154 of the Income Tax Act has been filed and matter is being perused.

1. There is no impairment loss of fixed assets during the current financial year.

2. Advances of Rs.377,891,040/- {refer Notes to Balance Sheet–H (b)} are outstanding from Private Limited Companies in which Mr. Gaurav Dalmia, Managing Director is a member/director. Part of these balances were taken over on merger of Real Estate undertaking of OCL India Limited, the effective date being 20th December 2007 and part of these were given before Mr. Gaurav Dalmia was appointed as the Director of the Company w. e. f. 29th January, 2008.

3. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of current assets, loans and advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet.

4. The Company has not received any information from suppliers or service providers, whether they are covered under Micro, Small and Medium Enterprises (Development) Act 2006. Therefore, it has not been possible to give the information required under the Act.

5. A Business Transfer Agreement was signed on the 2nd April 2012 between Ansal Landmark Townships Pvt. Ltd., (ALTPL); Ansal Landmark (Karnal) Township Pvt. Ltd. (ALKTPL) & Ansal Properties & Infrastructure Ltd. Pursuant to the same, advances Rs.499,374,839/- (including accrued interest up to June 30, 2008), which Landmark Property Development Co. Ltd. (the Company) had given to ALTPL stood transferred to a new entity set up to run the Karnal project, viz. ALKTPL. Following this new arrangement, the Company was entitled to allotment of Plots, Flats in Group Housing/Row Housing/Commercial property in the ongoing residential township being developed by ALTPL at Ghaziabad and ALKTPL at Karnal, in due course.

As on March 31, 2015, after adjustment of Rs.144,783,799/- against the allotment of Flats (including semi finished) and Plots, the remaining amount outstanding is Rs.354,591,040/-

6. Employee Benefits (AS – 15 revised)

Following data are as per the report given by the Actuary

The Principal assumptions used in actuarial valuation are as below:

- Discount rate – 7.90% p. a.

- Expected rate of future salary increase – 10% p. a.

- Attrition Rate – 2% p.a.


Mar 31, 2014

1. Contingent Liabilities

2013-14 2012-13 Amount Rs. Amount Rs.

Disputed demands in respect of Income Tax:-

-Assessment Year 2007-08 and 2008-09 1.27,91,380/- 1,29,36,758/- -Assessment Year 2009-10 1,56,300/- -

i) In respect of Assessment Year 2007-08 and 2008-09, the Department has not adjusted credit of tax aggregating to Rs.97,02,000/- paid by M/s. OCL India Limited and transferred to the Company arising out of De-merger in the relevant period. These facts have been taken note of by the department but they have not been able to resolve the matter due to their procedural issue. Matter is being perused.

ii) In respect of Assessment Year 2009-10, the Department has not adjusted credit of the TDS amounting to Rs.1,49,290/-. The rectification U/s 154 of the Income Tax Act has been filed and matter is being perused.

2. There is no impairment loss of fixed assets during the current financial year.

3. Advances of Rs.377,975,310/- {refer Notes to Balance Sheet-H (b)} are outstanding from Private Limited Companies in which Mr. Gaurav Dalmia, Managing Director is a member/director. Part of these balances were taken over on merger of Real Estate undertaking of OCL India Limited, the effective date being 20th December 2007 and part of these were given before Mr. Gaurav Dalmia was appointed as the Director of the Company w. e. f. 29th January, 2008. Accordingly, Section 295 and 297 of the Companies Act, 1956 do not apply to transactions entered prior to the date of his becoming the Director.

4. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of current assets, loans and advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet.

5. The Company has not received any information from suppliers or service providers, whether they are covered under Micro, Small and Medium Enterprises (Development) Act 2006. Therefore, it has not been possible to give the information required under the Act.

6. A Business Transfer Agreement was signed on the 2nd April 2012 between Ansal Landmark Townships Pvt. Ltd., (ALTPL);

Ansal Landmark (Karnal) Township Pvt. Ltd. (ALKTPL) & Ansal Properties & Infrastructure Ltd. Pursuant to the same, advances Rs.499,374,839/- (including accrued interest up to June 30, 2008), which Landmark Property Development Comany Ltd. (the Company) had given to ALTPL stood transferred to a new entity set up to run the Karnal project, viz. ALKTPL. Following this new arrangement, the Company was entitled to allotment of Plots, Flats in Group Housing/Row Housing/Commercial property in the ongoing residential township being developed by ALTPL at Ghaziabad and ALKTPL at Karnal, in due course.

As on March 31, 2014, after adjusting of Rs.144,699,529/- against the allotment of Flats (including semi finished) and Plots, the remaining amount outstanding is Rs.354,675,310/-

7. Employee Benefits (AS - 15 revised)

Following data are as per the report given by the Actuary

The Principal assumptions used in actuarial valuation are as below:

* Discount rate - 9.20% p. a.

* Expected rate of future salary increase - 10% p. a.

* Attrition Rate - 2% p.a.

8. Segment Report (AS - 17)

The Company is primarily engaged in the business of Real Estate Development (including advisory services), which as per Accounting Standard on Segment Report (AS-17) is to be only reportable business segment

9. Related Party Disclosure (AS -18)

Related parties, their relationships and transactions with the above in the ordinary course of business


Mar 31, 2013

1. Contingent Liabilities

2012-13 2011-12 Rs. Lakhs Rs.Lakhs

Disputed liability in respect of Income Tax Demands 129.37 257.60

2. There is no impairment loss of fixed assets during the current financial year.

3. Advances of Rs. 52.27 Crores (refer Notes to Balance Sheet -H(b)} are outstanding from Private Limited Companies in which Mr.Gaurav Dalmia, Managing Director is a member/director. Part of these balances were taken over on merger of Real Estate undertaking of OCL India Limited, the effective date being 20th December 2007 and part of these were given before Mr. Gaurav Dalmia was appointed as the Director of the Company w.e. f. 29th January, 2008. Accordingly, Section 295 and 297 of the Companies Act, 1956 do not apply to transactions entered prior to the date of his becoming the Director.

4. In the opinion of the Board and to the best of their knowledge andjbelief, the value on realization of current assets, loans and advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet,

5. The Company has not received any information from suppliers or service providers, whether they are covered under Micro, Small and Medium Enterprises (Development) Act 2006. therefore, it has not been possible to give the information required under the Act.

6. A Business Transfer Agreement was signed on the 2nd April 2012 between Ansal Landmark Townships Pvt. Ltd.,(ALTPL) Ansal Landmark (Karnal) Township Pvt. Ltd.(ALKTPL) & Ansal Properties & Infrastructure Ltd. Pursuant to the same, advances aggregating Rs.4,993.75 lacs (including accrued interest up to June 30, 2008) which Landmark Property Development Co. Ltd. (the Company) had given to ALTPL stood transferred to a new entity set up to run the Karnal project, viz. ALKTPL. Following this new arrangement, the Company is entitled to allotment of Plots, Flats in Group Housing/Row Housing/Commercial property in the ongoing residential township being developed by ALTPL at Ghaziabad and ALKTPL at Karnal, in due course

7. Employee Benefits (AS -15 revised)

Following data are as per the report given by the Actuary

The Principal assumptions used in actuarial valuation are as below:

Discount rate - 8.10% p. a.

Expected rate of future salary increase- 10% p. a.

Attrition Rate - 2% p.a.

8. Segment Report (AS - 17)

The Company is primarily engaged in the Dusiness of Real Estate Development (including advisory services), which as per Accounting Standard on Segment Report (AS-17) is to be only reportable business segment

9. Related Party Disclosure (AS-18)

a) Related parties and their relationship:

i) Key management personnel: Shri Gaurav Dalmia (Managing Director)

ii) Enterprises over which key management personnel are able to exercise significant influence;

a) Landmark Landholdings Private Limited

b) Ansal Landmark (Karnal) Township Private Limited

c) Astir Properties Private Limited

d) OCL India Ltd.

b) Transactions with above in ordinary course of business:

* Loss on Investment of Rs,2698.68 incurred during the year on transfer of units from UTI Quarterly Plan Series to Daily Dividend Option plan.

10. The figures have been rounded off to the nearest rupee. Previous year figures have been regrouped where necessary to correspond with current year figures.


Mar 31, 2012

1. Contingent Liabilities

a) Bank Guarantees - Rs. 2.00 Lakh (Previous Year - Rs. 2.00 Lakh)

b) Disputed Income Tax Demands -Rs.257.60 Lacs for the Assessment Year 2007-08 and 2008-09 for which the Company has filed rectifications u/s 154 of the Income Tax Act, 1961. (Previous Year - Rs. NIL)

2. There is no impairment or loss of fixed assets during the current financial year.

3. Advances of Rs. 52.27 Crores (refer Notes to Balance Sheet -H) are outstanding from Private Limited Companies in which Mr.Gaurav Dalmia, Managing Director is a member I director. Part of these balances were taken over on merger of Real Estate undertaking of OCL India Limited, the effective date being 20lh December 2007 and part of these were given before Mr. Gaurav Dalmia was appointed as the Director of ' the Company w. e. f. 29th January, 2008. Accordingly, Section 295 and 297 of the Companies Act, 1956 do not apply to transactions entered prior to the date of his becoming the Director.

4. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of current assets, loans and advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet.

5. The Company has not received any information from suppliers or service providers, whether they are covered under Micro, Small and Medium Enterprises (Development) Act 2006. Therefore, it has not been possible to give the information required under the Act.

6. Segment Report (AS-17)

The Company is primarily engaged in the business of Real Estate Development (including advisory services), which as per Accounting Standard on Segment Report (AS-17) is to be only reportable business segment.

7. The Company, in pursuant to an agreement entered into with M/s Ansal Landmark Townships Pvt. Ltd., (ALTPL), has paid advances aggregating to Rs.4993.75 lacs including interest accrued on above advance up to 30.06.2008. The Company is entitled to allotment of Plots, Flats in GH/RH in the ongoing residential township being developed by ALTPL at Meerut, Ghaziabad and Karnal, in due course.

8. Related Party Disclosure (AS -18)

a) Related parties and their relationship:

i) Key management personnel: Shri Gaurav Dalmia (Managing Director)

ii) Enterprises over which key management personnel are able to exercise significant influence:

a) Landmark Landholdings Private Limited

b) Ansal Landmark Townships Private Limited

c) Astir Properties Private Limited

d) OCL India Ltd.

e) Skylark Consultants (India) Private Limited.

b) Transactions with above in ordinary course of business:

9. The figures have been rounded off to the nearest rupee. Previous year figures have been regrouped where necessary to correspond with current year figures including those on account adoption of revised Schedule-VI of the Companies Act, 1956 effective from 01.04.2011.


Mar 31, 2011

1. Contingent Liabilities

a) Bank Guarantees - Rs. 2.00 Lakh (Previous Year - Rs. 2.00 Lakh)

b) Service Tax on Rent - Rs. Nil (Previous Year-Rs. 2.21 Lakh)

c) Disputed Income Tax Demands- Rs. NIL (Previous Year - Rs. 78.37 Lakhs)

2. There is no impairment loss of fixed assets during the current financial year.

3. Advances of Rs. 52.27 Crores (refer Schedule - 7) are outstanding from Private Limited Companies in which Mr.Gaurav Dalmia, Managing Director is a member/ director. Part of these balances were taken over on merger of Real Estate undertaking of OCL India Limited, the effective date being 20th December 2007 and part of these were given before Mr. Gaurav Dalmia was appointed as the Director of the Company w. e. f. 29th January, 2008. Accordingly, Section 295 and 297 of the Companies Act, 1956 do not apply to transactions entered prior to the date of his becoming the Director.

4. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of current assets, loans and advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet.

5. The Company has not received any information from suppliers or service providers, whether they are covered under Micro, Small and Medium Enterprises (Development) Act 2006. Therefore, it has not been possible to give the information required under the Act.

6. Segment Report (AS - 17)

The Company is primarily engaged in the business of Real Estate Development (including advisory services), which as per Accounting Standard on Segment Report (AS-17) is to be only reportable business segment.

7. Employee Benefits (AS - 15 revised)

Following data are as per the report given by the Actuary

The Principal assumptions used in actuarial valuation are as below:

- Discount rate - 8.25% p. a.

- Expected rate of future salary increase - 5% p. a.

- Attrition Rate - 2% p.a.

8. The Company, in pursuant to an agreement entered into with M/s Ansal Landmark Townships Pvt. Ltd., (ALTPL), has paid advances aggregating to Rs.4993.75 lacs including interest accrued on above advance up to 30.06.2008. The Company is entitled to allotment of Plots, Flats in GH/RH in the ongoing residential township being developed by ALTPL at Meerut, Ghaziabad and Karnal, in due course.

9. Related Party Disclosure (AS -18)

a) Related parties and their relationship:

i) Key management personnel: Shri Gaurav Dalmia (Managing Director)

ii) Enterprises over which key management personnel are able to exercise significant influence:

a) Landmark Landholdings Private Limited

b) Ansal Landmark Townships Private Limited

c) Astir Properties Private Limited

d) OCL India Ltd.

e) Samridhi Townships Private Limited

f) Skylark Consultants (India) Private Limited.


Mar 31, 2010

1 Contingent Liabilities

a) Bank Guarantees - Rs. 2.00 Lakh ( Previous Year - Rs. 2.00 Lakh)

b) Service Tax on Rent - Rs. 2.21 Lakh ( Previous Year - Rs. Nil)

c) Disputed Income Tax demands not provided for - Rs.78.37 Lakhs (Previous Year - NIL)

(In pursuance to the assessment order passed U/s 143(3) of the Income Tax Act, 1961 for assessment year 2007-08 a demand of Rs.78.37 Lakhs, comprising of interest U/s 234B and 234C has been raised, which has been contested in appeal filed before the CIT (A) - Bhubaneshwar (Orissa).)

2 There is no impairment loss during the current financial year.

3 These advances of Rs. 52.27 Crores (refer Schedule - 8) were outstanding from Private Limited Companies in which Mr. Gaurav Dalmia, Managing Director is a member / director. Part of these balances were taken over on merger of Real Estate undertaking of OCL India Limited, the effective date being 20th December 2007 and part of these were given before Mr. Gaurav Dalmia was appointed as the Director of the Company w. e. f. 29th January, 2008. Accordingly, Sections 295 and 297 of the Companies Act, 1956 do not apply to transactions entered prior to the date of his becoming the Director.

4 In the opinion of the Board and to the best of their knowledge and belief, the value on realization of current assets, loans and advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet.

5 The Company has not received any information from suppliers or service providers, whether they are covered under Micro, Small and Medium Enterprises ( Development ) Act 2006. Therefore, it has not been possible to give the the information required under the Act.

6 Segment Reporting (AS -17)

The Company is primarily engaged in the business of Real Estate Development ( including advisory services ) , which as per Accounting Standard on Segment Reporting ( AS-17) is to be only reportable business segment.

7 The Company, in pursuant to an agreement entered into with M/s Ansal Landmark Townships Pvt. Ltd., (ALTPL), has paid an advance aggregating to Rs. 4993.75 lacs including interest accrued on above advance upto 30.06.2008. The Company is entitled to allotment of Plots, Flats in GH/RH in the ongoing residential township being developed by ALTPL at Meerut, Ghaziabad and Karnal, in due course.

8 Related Party Disclosure ( AS -18 )

a) Related parties and their relationship :

i Key management personnel :Shri Gaurav Dalmia ( Managing Director)

ii Enterprises over which key management personnel are able to exercise significant influence :

a) Landmark Landholdings Private Limited

b) Ansal Landmark Townships Private Limited

c) Astir Properties Private Limited

d) Samridhi Township Private Limited

 
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