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Notes to Accounts of Manjeera Constructions Ltd.

Mar 31, 2015

1. Corporate Information:

Manjeera Constructions Limited is mainly engaged in property development, civil construction contracts and infrastructure projects development.

2. Additional Notes to the Financial Statements

a. Depreciation:

Depreciation for the year is provided as per Schedule II of the Companies Act, 2013 (the Act). Accordingly Rs.1,027,115 being the remaining carrying amount of the assets whose remaining life in NIL are recognized in the opening balance of retained earnings and Rs.3,694,358 is charged to revenue as depreciation for the year. Hence, depreciation for the year is not directly comparable with previous year.

b. Capital commitment and contingent liabilities Contingent liabilities

(i) Claims against the Company not acknowledged as debts include demands raised by Commercial Taxes Department towards VAT for the years 2008-09, 2009-10 and 2010-11 aggregating to Rs.127,493,962 (Previous year Rs.127,493,962). No provision has been made in the accounts for these demands as the Company expects a favorable decision in High Court.

(ii) Bank Guarantees on account of contractors not provided for Rs.210,981,600 (previous year Rs.165,795,000).

c. Micro, Small and Medium enterprises

The identification of Micro, Small and Medium Enterprises suppliers as defined under the provisions of "The Micro, Small and Medium Enterprises Development Act, 2006" is based on Management's knowledge of their status.

The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as Micro, Small or Medium Enterprises. Consequently the amount paid / payable to these parties during the year and the previous year is Nil.

D. Employee benefits:

Defined Benefit Plan

The employees' gratuity is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for Compensated Absences is recognised in the same manner as gratuity.

Defined Contribution plan

The Company makes Provident Fund and Employee State Insurance contributions which are defined contribution plans for qualifying employees. The Company has recognised Rs.1,123,694 (Previous year Rs.1,452,692 for Provident Fund contributions and Rs.1 74,701 (Previous year Rs.214,721) for Employee State Insurance in the Statement of Profit and Loss.

E. Related party Disclosures

i) Related parties and their relationships

Name of the entity Nature of relationship

1 Manjeera Retail Holdings Private Limited Subsidiary

2 MTM Estate Properities Private Limited. Subsidiary

3 GM Infra Ventures Private Limited Associate

4 G.Yoganand - Managing Director Key Management Person

5 K.Krishna Murty - Director Key Management Person

6 DLS Sreshti - Independent Director Key Management Person

7 G.Vivekanand - Director Key Management Person (upto14.08.2014)

8 G.PADMAJA Key Management Person (w.e.f 14.08.2014)

9 Manjeera Estates Private Limited Entity under significant influence of KMP

10 Manjeera Hotels & Resorts Private Entity under significant influence of KMP

11 Gajjala Investments & Holdings Private Entity under significant Limited influence of KMP

12 Aashraya Hotels And Estates Private Entity under significant Limited influence of KMP

13 MTM Estates And Properties Private Entity under significant Limited influence of KMP

14 Manjeera Projects Entity under significant influence of KMP

Note: Related parties have been identified by the management of the Company.

F. Disclosures as per clause 32 of the Listing agreement with stock exchange

Loans and advances in the nature of loan given Manjeera Retail Holdings Private Limited - Subsidiary company GM Infra ventures private Limited - Associate Manjeera Hotels & Resorts Private Limited - Associates

G. Segment reporting

The Company's operations fall within a single business segment "Production of program and broadcasting satellite television" and single geographical segment and therefore segment information as required under AS - 17 is not applicable.

H. Previous year comparatives

Previous year's figures have been re-grouped/re-classified wherever necessary to correspond with the current year's classification/ disclosure.


Mar 31, 2014

1. Corporate information

Manjeera Constructions Limited is mainly engaged in property development, civil construction contracts and infrastructure projects development.

2. Contingent liabilities (Figures are in Rs. Lac unless otherwise stated)

As at As at 31-03-2014 31-03-2013

i. Direct and Indirect taxes claims disputed by the company to issues of applicability 1274.94 18.05

ii. Bank Guarantees 1657.95 493.82

3. Micro, small and medium enterprises

The identification of Micro, Small and Medium Enterprise suppliers as defined under the provisions of "The Micro, Small and Medium Enterprises Development Act, 2006" is based on Management''s knowledge of their status.

The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as Micro, Small or Medium Enterprises. Consequently the amount paid / payable to these parties during the year and previous year is nil.

4. Employee benefit

a) Defined benefit plan:

Gratuity: Every employee is entitled to a benefit equivalent to 15 days salary last drawn for each completed year of service in line with payment of Gratuity Act, 1972. The same is payable at the time of separation from the Company or retirement, whichever is earlier.

5. Segment reporting

The Company''s operations fall within a single business segment Construction and related activities and single geographical segment and therefore segment information as required under AS -17 is not applicable

6. Related party disclosures

Related parties have been identified by the management i) Related parties and description of relationship

A. Enterprises where control exists

Subsidiary company: Manjeera Retail Holdings Private Limited and MTM Estate and Properties Private Limited

B. Other related parties with whom the Company had transactions

Enterprises over which shareholders, key management personnel and their relatives can exercise control or significant influence

i) Manjeera Estates Private Limited

ii) Manjeera Hotels & Resorts Private limited

iii) Gajjala Investments & Holdings Private Limited

iv) Aashraya Hotels And Estates Private Limited

v) MTM Estates And Properties Private Limited

vi) GM Infra Ventures Private Limited

vii) Manjeera Projects

C. Key Management Personnel(KMP)

i) G. Yoganand - Managing Director

ii) G. Vivekanand - Whole time Director

iii) K. Krishna Murty - Independent Director

iv) DLS Sreshti - Independent Director

7. Disclosure as per Clause 32 of the Listing Agreement with the stock exchange, Loans and advances in the nature of loan given Manjeera Retail Holdings Private Limited - Subsidiary company GM Infra ventures private Limited - Associate Manjeera Hotels & Resorts Private Limited - Associates

8. Previous Year Comparatives

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2013

Corporate information

Manjeera Constructions Limited is mainly engaged in property development, civil construction contracts and infrastructure projects development.

1. Contingent liabilities

(Figures are in Rs. Lacs unless otherwise stated)

As at As at 31 March 2013 31 March 2012

i. Direct and Indirect taxes claims disputed by the 18.05 7.71 Company to issues of applicability

ii. Bank Guarantees 493.82 874.33

2. Micro, small and medium enterprises

The identification of Micro, Small and Medium Enterprise suppliers as defined under the provisions of ''The Micro, Small and Medium Enterprises Development Act, 2006'' is based on Management''s knowledge of their status.

The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as Micro, Small or Medium Enterprises. Consequently the amount paid / payable to these parties during the year and previous year is nil.

3. Employee benefit

Every employee of the Company who has completed five years or more of service is entitled for gratuity benefit on retirement, death or termination of employment, in accordance with the Payment of Gratuity Act,1972. The Gratuity Scheme is not funded and appropriate liability as required under AS 15 (Revised 2005) is provided in the Balance Sheet.

4. Segment reporting

The Company''s operations fall within a single business segment Construction and related activities and single geographical segment and therefore segment information as required under AS – 17 is not applicable

5. Related party disclosures

Related parties have been identified by the management i) Related parties and description of relationship

A. Enterprises where control exists Subsidiary Company. Manjeera Retail holdings Private Limited

B. Other related parties with whom the Company had transactions Enterprises over which shareholders, key management personnel and their relatives can exercise control or significant influence

i) Manjeera Estates Private Limited

ii) Manjeera hotels & Resorts Private limited

iii) Gajjala Investments & holdings Private Limited

iv) Aashraya hotels And Estates Private Limited

v) MTM Estates And Properties Private Limited

vi) GM Infra Ventures Private Limited

vii) Manjeera Projects

C. Key Management Personnel (KMP)

i) G Yoganand – Managing Director ii) G Vivekanand – Whole time Director iii) K Krishna Murty – Independent Director iv) DLS Sreshti – Independent Director

6. Disclosure as per Clause 32 of the Listing Agreement with the stock exchange

Loans and advances in the nature of loan given Manjeera Retail holdings Private Limited – Subsidiary Company GM Infra ventures private Limited – Associate Manjeera hotels & Resorts Private Limited – Associates

7. Previous Year Comparatives

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2012

A) The rights attached to equity shares and restrictions on the distribution of dividends :

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. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting

1. Corporate information

Manjeera Constructions Limited along with its subsidiary, Manjeera Retail Holding Private limited is mainly engaged in property development, civil construction contracts and infrastructure projects development.

As at As at 31 March, 2012 31 March, 2011

2.1 Contingent liabilities (to the extent not provided for)

Claims against the Company not acknowledged as debt 9.45 9.45

Guarantees 874.33 527.40

883.78 536.85

2.2 As of 31st March, 2012 the Company had no outstanding dues to Micro, Small and Medium enterprises under the Micro, Small and Medium Enterprises Development Act, 2006 as per the records available. Further the Company has not paid any interest to Micro, Small and Medium Enterprises.

b) Discount rate 08.00 % p.a. is used and chosen by reference to market yields on government bonds as at the same date.

c) Expected rate of return : Nil as the Company has not created any such fund.

f) Project Unit Credit (PUC) acturial method used to assess Plan's liabilities.

In respect of members who have not completed five years of service are not eligible for gratuity, the liability is assumed to accumulate on straight line basis over an everage period of three years

2.3 As the Company's operations predominantly consists of single segment viz., construction and related activities, the disclosure requirements of Accounting Standard (AS) 17 "Segement Reporting" issued by the Institute of Charterd Accountants of India is not applicable

2.4 Amounts in the Financial Statements are rounded off to the nearest Lac Rupees in decimals unless otherwise stated.

2.5 The Revised Schedule VI has become effective from 1st April, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosure and presentation made in the Financial Statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2011

1. Contingent liabilities not provided for:

a) Guarantees issued by banks Rs 527.40 Lacs (Previous year Rs 527.40 Lacs)

b) APGST payable Rs 9,44,700 for the financial year 2004-05 pending appeal with Sales Tax Appellate Tribunal.

2. The Company is formed for real estate development and such operations are not capable of being expressed in any generic unit. Hence it is not possible to give the quantitative details under paragraph 3,4C and 4D of Part II of Schedule VI of the Companies Act, 1956.

3. In terms of the disclosures required to be made under the Accounting Standard (AS) 7 (revised 2002) issued by the Institute of Chartered Accountants of India for 'Construction Contracts', the amounts considered in the financial statements up to the balance sheet date are as follows.

31.03.2011 31.03.2010

(Rs) (Rs)

Contract revenue recognized during the year 45,59,32,914 31,26,45,848

Contract costs incurred and recognized profits 36,12,29,185 27,32,73,313

Advances received, net of recoveries from progressive bills 2,48,28,600 4,00,00,000

Gross amount due from customers from contract works 5,94,50,583 3,91,03,081

Gross amounts due to customers for contract work Nil Nil

4. i) Provision for taxation made under the liability method after availing exemptions and Deductions at the rates applicable under the Income Tax Act, 1961 includes Rs 4,58,77,670 for the current period.

ii) Income tax Assessments have been completed upto the Assessment year 2008-09.

iii) profit before tax includes Rs 1,52,86,033 deductible under section 80-IB of Income Tax Act,1961 from the Gross total income of the Company for the year under consideration and relates to Manjeera Heights Phase II project.

5. As of 31st March, 2011, the Company had no outstanding dues to Micro and Small enterprises under the Micro Small and Medium Enterprises Development Act, 2006 as per the records available. Further the Company has not paid any interest to Micro,Small and Medium enterprises.

6. Employee benefits

The following set out the status of the Gratuity plan as required under AS15(revised)

Amount recognized in Balance Sheet

Present value of obligation Rs 13,09,000

Provisions Rs 13,09,000

Expenses recognized in profit and loss account included in salaries Rs 13,09,000

Discount rate 8% p.a

Salary increase 5% p.a

7. Managerial remuneration under section 198 of the Companies Act, 1956: Managing Director - Salary Rs 54,00,000 (previous year Rs 54,00,000) and other directors Rs 7,40,000 (previous year Rs 65,000)

8. Particulars of loans and advances in the nature of loans as required under clause 32 of the listing agreement. Nil (Previous Year: Nil)

9. Related party disclosures as required by Accounting Standard 18 of the Institute of Chartered Accountants of India:

A) Related parties and relationship:

i) Key management personnel G Yoganand, Managing Director G Shiva Leelanand, Director K Krishna Murthy, Director D L S Sreshti, Director

G Vivekanand, Whole-time Director

ii) Enterprises in which key Management personnel have signifcant infuence: Manjeera Hotels & Resorts Limited Manjeera Estates Private Limited Manjeera Projects GM Infra Ventures Private Limited Gajjala Investments and Holdings Private Limited

iii) Subsidiary Company: Manjeera Retail Holdings Private Limited

iv) Associates:

Ashraya Hotels & Estates Private Limited

v) Joint venture: Bharathi Infraprojects Private Limited

Related parties relationship as stated above are identifed by the Company as required under Accounting Standard and relied by the Auditors.

8. As per Accounting Standard 22 on "Accounting for Taxes on income" issued by the Institute of Chartered Accountants of India, the Company has accounted Deferred tax liability of Rs 96,91,153 as on 31.03.2011 on accounting of timing difference of depreciation. For the period under consideration Rs 14,59,033 has been written back on account of such depreciation in profit and Loss account.

9. As the Company's operations predominantly consists of single segment viz., construction and related activities, the disclosure requirements of Accounting Standard 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India is not applicable.

10. Figures have been rounded off to the nearest rupee.

11. Figures of the previous year have been regrouped / rearranged wherever necessary to make them comparable with that of current year presentation.

12. Schedules one to nineteen form part of accounts.

Notes

1. The cash fows from operating activities has been prepared under Indirect method as per AS-3 issued by the Institute of Chartered Accountants of India.

2. Cash and cash equivalents represent cash and bank balances(net).

3. Figures under brackets represent cash outflows.

Additional information pursuant to Part IV of Schedule VI to the Companies Act, 1956.

I. Registration Details:

Registration No : 72280 F 1986-87

State Code : 01

Balance Sheet Date : 31.03.2011

II. Capital raised during the year: (Amount in Rs Thousands)

Public Issue NIL

Bonus Issue NIL

Right Issue NIL

Private Placement NIL

III. Position of Mobilization and deployment of funds: (Amount in Rs Thousands)

Total Liabilities

Source of Funds:

1. Paid-up Capital 125084

2. Reserves & Surplus 487384

3. Deferred tax liability 9692

4. Secured Loans 353346

5. Unsecured Loans 47458

TOTAL 1022964

Total Assets

Application of Funds:

1 Net Fixed Assets 61271

2 Investments 523800

3. Net Current Assets 437300

4. Misc. Expenditure 593

TOTAL 1022964

IV Performance of Company (Amount in Rs Thousands)

Turnover 835801

Total Expenditure 674505

profit before tax 142923

profit after Tax 100179

Earnings per share (Rs) 8.01

V. Generic names of the Three Principal products of the Company

(Code: 72200)

1. Sale of Flats / Plots

2. Sale of Space

3. Contract receipts


Mar 31, 2010

1. Contingent liabilities not provided for:

a) Bank Guarantees Rs.527.40 Lac (Previous year Rs.527.40 Lac)

b) APGST payable (I) Rs.3,45,181 for the financial year 2000-01 and (ii) Rs.22,13,846 for the financial year 2004-05 pending appeal with Appellate Dy.Commissioner (CT), Hyderabad.

2. Particulars under paragraph 3,4C and 4D of Part II of Schedule VI of the Companies Act, 1956, to the extent applicable:

3. i) Provision for taxation made under the liability method after availing exemptions and eductions at the rates applicable under the Income Tax Act, 1961 includes Rs.2,13,00,000 for the current period.

ii) Income tax Assessments have been completed upto the Assessment year 2007-08.

iii) Profit before tax includes Rs.9,69,95,033 deductible under section 80-IB of Income Tax Act,1961 from the Gross total income of the Company for the year under consideration relates Manjeera Heights Phase II project.

4. As of 31st March, 2010, the Company had no outstanding dues to small and medium Enterprises as per the records available.

5. Managerial remuneration under section 198 of the Companies Act, 1956: Managing Director - Salary Rs.54,00,000 and other directors Rs.65,000 (previous year Rs.42,45,000)

6. Particulars of loans and advances in the nature of loans as required under clause 32 of the listing agreement.: Nil (Previous Year: Nil)

7. Related party disclosures as required by Accounting Standard 18 of the Institute of Chartered Accountants of India:

A) Related parties and relationship:

I) Key management personnel G Yoganand, Managing Director G Shivaleelanand, Director K Krishna Murthy, Director D L S Sreshti, Director

ii) Enterprises in which key Management personnel have significant influence:

Manjeera Hotels & Resorts Limited Manjeera Estates Private Limited Manjeera Projects GM Infra Ventures Private Limited

iii) Subsidiary Company: Manjeera Retail Holdings Private Limited

iv) Associates:

Ashraya Hotels & Estates Private Limited Ambica Chennakesava Projects Limited

v) Joint venture: Bharathi Infraprojects Private Limited

8. As per Accounting Standard 22 on "Accounting for Taxes on income" issued by the Institute of Chartered Accountants of India, the Company has accounted Deferred tax liability of Rs.1,11,50,186 as on 31.03.2010 on accounting of timing difference of depreciation. For the period under consideration Rs.15,22,044 has been added on account of such depreciation in Profit and Loss account.

9. As the Companys operations predominantly consists of single segment viz., construction and related activities, the disclosure requirements of Accounting Standard 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India is not applicable.

10. Figures have been rounded off to the nearest rupee.

11 Figures of the previous year have been regrouped / rearranged wherever necessary to make them comparable with that of current year presentation.

12 Schedules one to nineteen form part of accounts.

 
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