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Notes to Accounts of Narendra Properties Ltd.

Mar 31, 2015

1. GENERAL INFORMATION

Narendra Properties Limited ( "Narendra Properties" or "the Company" ) is a leading Chennai-based Real Estate company. It is engaged in the business of commercial and residential property development as well as civil construction for over 40 years, and has developed over 2.5 million sq.ft area.

2. Contingent Liabilities

Bank Guarantees (Previous Year - Rs. 2,50,000) - Rs. 2,50,000. (Issued in favor of CMDA)

3. Unclaimed / Unpaid Dividend

Pursuant to the provisions of Section 205A and 205C of the Companies Act, 1956, the dividend which remains unclaimed / unpaid for a period of seven years from the date of transfer to the unpaid dividend account is required to be transferred to the Investor Education and Protection Fund (IEPF) of the Central Govt.

4. Leases

The Company leases office facilities under cancelable operating leases. The rental expense under cancelable operating lease during the period was Rs. 11,28,060/-. (Previous Year - Rs. 11,28,060/).

The above amounts do not form part of the Cash and Bank Balances available with the company and are held off the-Balance-Sheet in Unpaid Dividend Accounts.

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


Mar 31, 2014

1. GENERAL INFORMATION

Narendra Properties Limited ( "Narendra Properties" or "the Company" ) is a leading Chennai-based Real Estate giant. It is engaged in the business of commercial and residential property development as well as civil construction for over 40 years, and has developed over 2.5 million sq.ft area.

2. EXPLANATORY STATEMENT

1. Related Party Disclosures

List of Related Parties and their Relationships:

KEY MANAGEMENT PERSONNEL

Name Designation

1. Narendra C Maher Managing Director

2. Mahendra K Maher Director

3. Chirag N Maher Director

4. Narendra Sakariya Director

5. Nishank Sakariya Director

6. S Ramalingam Chairman

7. R Subrahmanian Director

8. John K John Director

9. Chandrakant Udani Director

10. Babubhai P Patel Director

11. K S Subramanian Director

3. Leases

The Company leases office facilities under cancelable operating leases. The rental expense under cancelable operating lease during the period was Rs. 11,28,060/-. (Previous Year - Rs. 11,28,060/-).

4. Contingent Liabilities

Bank Guarantees (Previous Year – Rs. 2,50,000) – Rs. 2,50,000. (Issued in favour of CMDA)

5. Unclaimed / Unpaid Dividend

Pursuant to the provisions of Section 205A and 205C of the Companies Act, 1956, the dividend which remains unclaimed / unpaid for a period of seven years from the date of transfer to the unpaid dividend account is required to be transferred to the Investor Education and Protection Fund (IEPF) of the Central Govt.

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


Mar 31, 2013

1. GENERAL INFORMATION

Narendra Properties Limited ("Narendra Properties" or "the Company") is a leading Chennai-based Real Estate giant. It is engaged in the business of commercial and residential property development as well as civil construction for over 40 years, and has developed over 2.5 million sq.ft area.

2. Leases

The Company leases office facilities under cancelable operating leases. The rental expense under cancelable operating lease during the period was Rs. 11,28,060/-. (Previous Year- Rs. 922,821/).

3. Investments

Investments that are readily realizable and intended to be held but not more than a year are classified as current investments. All other investments are classified as long term investments.

Long-term investments are carried at cost. Provision for diminution is made to recognize a decline, other than temporary in value of long-term investments and is determined separately for each individual investment. Current investments are carried at lower of cost and fair value, computed separately in respect of each category of investment.

The cost of investment includes acquisition costs such as brokerage, fees and duties.

4. Contingent Liabilities

Bank Guarantees (Previous Year - Rs. 2,50,000) - Rs. 2,50,000. (Issued in favour of CMDA)

5. Unclaimed / Unpaid Dividend

Pursuant to the provisions of Section 205A and 205C of the Companies Act, 1956, the dividend which remains unclaimed / unpaid for a period of seven years from the date of transfer to the unpaid dividend account is required to be transferred to the Investor Education and Protection Fund (IEPF) of the Central Govt.

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


Mar 31, 2012

1. GENERAL INFORMATION

Narendra Properties Limited ("Narendra Properties" or "the Company") is a leading Chennai-based Real Estate giant. It is engaged in the business of commercial and residential property development as well as civil construction for over 40 years, and has developed over 2.5 million sq.ft area.

2. Leases

The Company leases office facilities under cancelable operating leases. The rental expense under cancellable operating lease during the period was Rs. 9,22,821/-. (Previous Year - Rs. 8,61,300).

3. Investments

Investments that are readily realizable and intended to be held but not more than a year are classified as current investments. All other investments are classified as long term investments.

Long-term investments are carried at cost. Provision for diminution is made to recognize a decline, other than temporary in value of long-term investments and is determined separately for each individual investment. Current investments are carried at lower of cost and fair value, computed separately in respect of each category of investment.

The cost of investment includes acquisition costs such as brokerage, fees and duties.

4. Contingent Liabilities

i. Bank Guarantees (Previous Year - Rs. 2,50,000) - Rs. 2,50,000.

5. Unclaimed / Unpaid Dividend

Pursuant to the provisions of Section 205A and 205C of the Companies Act, 1956, the dividend which remains unclaimed / unpaid for a period of seven years from the date of transfer to the unpaid dividend account is required to be transferred to the Investor Education and Protection Fund (IEPF) of the Central Govt.

6. The Revised Schedule IV has become effective from 1st April, 2011 for the preparation of financial statements. Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/ disclosure.


Mar 31, 2010

Company Overview:

Narendra Properties Limited ("Nnrendra Properties" or "the Company") is a leading Chennai-based Real Estate giant. It has been engaged in the business of commercial and residential property development as well as civil construction for over 40 years, and has developed over 2.5 million sq.ft. area.

1. Managerial Remuneration

The Company carries out periodic reviews of comparable Companies and through commissioned survey ascertains the remuneration levels prevailing in these Companies. The Companys Remuneration Policy is designed to ensure that the remuneration applicable to Managers in the Company is comparable with Companies operating in similar industries in India.

2. Sale of Land

The company has entered into definitive agreements for the sale of two of its properties during the year. It has also received advances towards the sale of these properties. The sale is likely to be completed in FY 2010-2011. The details of the above are outlined below:

3. Bank Balances

Bank Confirmation has not been obtained with respect to balance with Bank of Ceylon, having balance outstanding of Rs. 9,023 as per the books of account as at 31 st March, 2010. This account has been non-operative for the past 3 years. However, the management does not anticipate any material discrepancy in this amount.

4. Unconfirmed balances of Receivable, Payables and Advances

Where written confirmation has not been obtained from the parties themselves, the management has certified them to be true and correct. The management does not anticipate any material changes in these amounts considered in the financial statements.

5. Unclaimed / Unpaid Dividend

Pursuant to the provisions of Section 205A and 205C of the Companies Act, 1956, the dividend which remains unclaimed / unpaid for a period of seven years from the date of transfer to the unpaid dividend account is required to be transferred to the Investor Education and Protection Fund (IEPF) of the Central Government.

6. Disclosures underthe Micro, Small and Medium Enterprises Act, 2006

In the absence of any intimation received from vendors regarding the status of their registration under the Micro, Small and Medium Enterprises Development Act, 2006 the company is unable to comply with the disclosures to be made underthe said Act.

7. Disclosure under AS -17: Segmental Reporting

a. Business Segments:

The Company is organized into two major operating segments, namely:

i. Civil Construction

ii. Money Lending

Consequently, the primary reporting requirements, as outlined under AS-17 are applicable, and presented below.

b. Geographical Segments:

The company operates in a single geographical segment i.e. India. Consequently, the secondary reporting requirements, as outlined under AS-17 are not applicable to it.

c. Segment Policies:

8. Segment revenue and expense:

There are no joint revenues for the two business segments. Joint expenses are allocated to the two business segments on a reasonable basis. All other segment revenue and expense are directly attributable to the segments. //. Segment assets and liabilities:

Segment assets include all operating assets used by a segment and consist principally of operating cash, debtors, inventories and fixed assets, net of any allowances and provisions which are reported as direct offsets in the balance sheet. While most such assets can be directly attributed to individual segments, the carrying amount of certain assets used jointly by two or more segments is allocated to the segments on a reasonable basis. Segment liabilities include all operating liabilities and consist principally of creditors and accrued liabilities. Segment assets and liabilities do not include deferred income taxes.

9. Inter-segment transfers:

There are no inter-segment transfers in the current or in the previous accounting year.

10. Unusual Item:

During the current year, external revenue was boosted by the recovery of a Bad Debt, previously written off, to the tune of Rs. 1,36,00,000. Outstanding interest received on this recovery was Rs. 5,44,000.

11. Accounting Policies:

Accounting policies are as have been outlined earlier in the Schedules to the Financial Statements. There

has been no change in accounting policies from the previous year. The rest of the disclosures as required under the Primary reporting requirements of AS -17 are g, yen on the following page.

12. Disclosure under AS -18: Related Party Disclosures List of Related Parties and their Relationships:

ASSOCIATES No Associates as at 31st March, 2010 KEY MANAGEMENT PERSONNEL

Name Designation

1. Narendra C Maher Managing Director

2. MahendraK Maher Director

3. Chirag N Maher Director

4. Narendra Sakariya Director

5. Nishank Sakariya Director

6. S Ramalingam Chairman

7. R Subrahmanian Director

8. John K John Director

9. Chandrakant Udani Director

Enterprises owned or Significantly influenced by KMP or Relatives

KMP/Relative Enterprise Nature of Relationship

1. Narendra C Maher

a. Ankur Foundations Pvt. Ltd. Managing Director

b. The Aluminium and Glassware Emporium Partner

c. Aluglass Electricals Partner

d. Ankur Building Products Partner

e. Jalarams Partner

2. Mahendra K Maher a. Ankur Foundations Pvt. Ltd. Director

b. The Aluminium and Glassware Emporium Partner

c. Aluglass Electricals Partner

d. Jalarams Partner

3. Chirag N Maher a. Jalaram Investments Partner

4. Narendra Sakariya

a. Megh Sakariya International Pvt. Ltd. Director

5. Nishank Sakariya

a. Megh Sakariya International Pvt. Ltd. Director

b. Scope Merchants Pvt. Ltd. Director

c. Anjli Foundations Partner

d. Jalaram Investments Partner

13. Disclosure under AS - 29: Provisions, Contingent Liabilities and Contingent Assets Contingent Liabilities

i. Bank Guarantees (Previous Year - Rs. 2,98,061) - Rs. 2,50,000.

ii. The company has generally been regular in the remittance of Service Tax dues during the current year.

14. Comparatives and Disclosures:

The previous year figures have been regrouped, reworked, rearranged and reclassified wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.















 
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