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Notes to Accounts of Nila Infrastructures Ltd.

Mar 31, 2016

b. Terms / rights attached to Equity shares

The company has one class of equity shares having a par value of Rs, 1 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

The above mentioned appeal allowed by the CIT, Appeal 9 Ahmadabad against which department has filed appeal before ITAT

1. Employee Benefits Defined Contribution Plan:

a) Amount of Rs, 410,145/- (P.Y. Rs, 679,502/-) is recognized as an expense and included in Employee Benefits Expense in note no. 21 to statement of profit and loss.

b) As per Accounting Standard 15 "Employee benefits", the disclosures as defined in the Accounting Standard are given below:

The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit

Method, which recognizes 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 Leave Encashment is recognized in the same manner as Gratuity.

Consequent upon adoption of Accounting Standard on "Employee Benefits" (AS - 15) (Revised 2005) issued by the Institute of Chartered Accountants of India, as required by the Standards, the following disclosures are made:

The details of Gratuity (unfunded) are given below:

2. Segment Reporting

Since the company has only one primary reportable segment, there is no separate reportable segment as required in Accounting Standard - 17 issued by the Institute of Chartered Accountants of India. Also there being no business outside India, the entire business has been considered as single geographic segment.

3. As per Accounting Standered-18, the disclosures of transaction with Related Parties are as under:

a) List of Related Parties and nature of relationship thereto.

Relationship : Name of Related Parties

Subsidiary, Associates & Joint Ventures : Nila Projects LLP

Fangdi Land Developers LLP

Nilsan Realty LLP

Shree Matangi Projects LLP

Kent Residential and Industrial Park LLP

Romanovia Industrial Park Pvt Ltd

Sarathi Industrial Park Pvt Ltd

Megacity Cinemall Pvt. Ltd

Key Managerial Personnel : Manoj B. Vadodaria

Kiran B. Vadodaria

Enterprise in which Key Managerial Personnel

have significant influence : Sambhaav Media Limited

b) Transactions during the year with Related Parties:

The following transactions were carried out with Related Parties in the ordinary course of business:

4. The company had not received any intimation from "suppliers" regarding their status under the Micro, Small & Medium Enterprise Act, 2006, and hence disclosures, if any, relating to amounts unpaid as at March 31, 2016 together with interest paid or payable as required under said act, have not been given.

5. Income from Infrastructure project has been recognized as per Accounting Standard 7, "The company has change the policy from this year for revenue recognition. Revenue has been recognized on the basis of work done and as per the terms of the tender / contract. The company records revenue of its infrastructure projects based on running bill raised and the company has recognized revenue as per Accounting Standard-7, as per tender terms Rs,1803 lacs, gross profit of the company has increased by Rs, 222 lacs due to this revenue recognition. Expenditure for the said revenue is accounted on accrual basis".

6. The information required as per Companies Act, 2013 regarding quantitative information is as follows.

7. Details of loans given, investments made covered u/s 186(4) of the Companies Act, 2013, and Disclosures pursuant to clause 32 of listing agreement.

The details of loan given and investment made are given under the respective heads. The loans given are for the general business purpose of the borrower details of disclosure pursuant to clause 32 of the listing agreement are given in note no. 28.

8. There is no foreign transaction during the year under consideration.

9. The previous year''s figure have been reworked, regrouped and reclassified wherever necessary.


Mar 31, 2015

1. Corporate Information

Nila Infrastructures Ltd is a Company based in Ahmedabad, Gujarat. It is currently engaged in construction as well as development of real estate and infrastructure projects. Nila Infrastructures Ltd is a public company incorporated on February 26, 1990 and listed on BSE and NSE (Bombay Stock Exchange and National Stock Exchange).

1. SHARE CAPITAL

a. Terms / rights attached to Equity shares

The company has one class of equity shares having a par value of Rs. 1 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

2. Contingent Liabilities not provided for is as under (Amount in Rs.)

As at As at Particulars 31/03/2015 31/03/2014

Income Tax Demands for A.Y. 2011-12 matter before CIT(Appeal), Ahmedabad 7,593,770 10,824,480

3. Employee Benefits

a) Defined Contribution Plan

Amount of Rs. 679,502 (PY. Rs. 351,365) is recognized as an expense and included in Employee Benefits Expense in Note 21 to statement of profit and loss.

b) As per Accounting Standard - 15 "Employee benefits", the disclosures as defined in the accounting Standard are given below:

The present value of gratuity obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes 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 Leave Encashment is recognised in the same manner as Gratuity.

Consequent upon adoption of Accounting Standard on "Employee Benefits" (AS - 15) (Revised 2005) issued by the Institute of Chartered Accountants of India, as required by the Standards, the following disclosures are made:

4. Segment Reporting

Since the company has only one primary reportable segment i.e. Construction and Development of Infrastructure and Real Estate Projects, there is no separate reportable segment as required in Accounting Standard - 17. Also there being no business outside India, the entire business has been considered as single geographic segment.

5. As per Accounting Standard - 18, the disclosures of transaction with Related Parties are as under

a) List of Related Parties and nature of relationship thereto.

Relationship : Name of Related Parties

Subsidiary : Nila Projects LLP Fangdi Land Developers LLP

Associates & Joint Ventures : Nilsan Realty LLP Shree Matangi Projects LLP Mega City Cinemall Pvt. Ltd

Key Managerial Personnel : Manoj B. Vadodaria Kiran B. Vadodaria

Enterprise in which Key Managerial Personnel have : Sambhaav Media Limited significant influence

6. Lease: (In terms of Accounting Standard - 19)

The Company has provided lease facilities under usually cancellable / renewable operating lease. The future minimum lease payment receivable in respect of these lease as at March 31,2015 are:

7. The company had not received any intimation from "suppliers" regarding their status under the Micro, Small & Medium Enterprise Act, 2006, and hence disclosures, if any, relating to amounts unpaid as at March 31, 2015 together with interest paid or payable as required under said act, have not been given.

8. Details of loans given, investments made covered u/s 186(4) of the Companies Act, 2013, and disclosures pursuant to clause 32 of the listing agreement

The details of loan given and investment made are given under the respective heads. The loans given are for the general business purpose of the borrower. Details of the disclosures pursuant to clause no. 32 of the listing agreement are given in Note 28.

9. There is no foreign transaction during the year under consideration.

10. The previous year's figures have been reworked, regrouped and reclassified wherever necessary.


Mar 31, 2014

1. Corporate Information:

Nila Infrastructures Ltd is a Company based in Ahmedabad, Gujarat. It is currently engaged in construction as well as development of real estate and infrastructure projects. Nila Infrastructures Ltd is a public company incorporated on 20th February, 1990 and listed on BSE (Bombay Stock Exchange).

2. Contingent Liabilities not provided for is as under: (Amount in Rs.)

As on As on Particulars 31-03-2014 31-03-2013

1 Bank Guarantees given in respect of performance of contracts in favour of Municipal Commissioner, Ahmedabad Municipal Corporation for BRTS Bus Shelter Project.

Phase I Project( upto 15/12/2013) - 1 25 69 906

Phase II Project( upto 25/10/2014) 1,00,91,863 1 00 91 863

LIG-6 package under mukhyamantri avas yojna Project( 05/04/2016) 3,17,06,000 -

Multistoried Parking-Navrangpura (upto 31-01-2016) 2,57,82,320 -

BRTS 13 Project(upto 19-12-2016) 83,11,153 -

Rajeev Avas Yojna(upto 24-08-2014) 29,61,600 -

2 In favour of Adani Infrastructure & Developers Pvt. Ltd. for Construction work of project at Tragad, Ahmedabad (upto 10-03-2015) 1,30,00,000 1,30,00,000

3 In favour of Rajasthan Avas Vikas & Infrastructure Ltd. for Construction work of project at Jodhpur Rajasthan Megahousing Project (upto 22-04-2016) 2,54,70,757 -

Total Bank Guarantees Issued* 11,73,23,693 3,56,61,769

* The Company have placed margin money deposit of Rs. 1,39,28,950/-(P.Y. 70,12,355/-) (Inclusive of accrued interest) with issuer bank.

3. Employee Benefits:

a) Defined Contribution Plan:

Amount of Rs. 2 11 429/- (P.Y. Rs. 1 61 920/-) is recognized as an expense and included in Employee Benefits Expense in Note No. 22 to statement of profit and loss.

b) As per Accounting Standard 15 "Employee benefits", the disclosures as defined in the Accounting Standard are given below:

The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes 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 Leave Encashment is recognized in the same manner as Gratuity.

Consequent upon adoption of Accounting Standard on "Employee Benefits" (AS – 15) (Revised 2005) issued by the Institute of Chartered Accountants of India, as required by the Standards, the following disclosures are made:

4. Segment Reporting:

Since the company has only one primary reportable segment, there is no separate reportable segment as required in AS- 17 issued by the Institute of Chartered Accountants of India. Also there being no business outside India, the entire business has been considered as single geographic segment.

5. As per Accounting Standered-18, the disclosures of transaction with Related Parties are as under:

a) List of Related Parties and nature of relationship thereto.

Relationship : Name of Related Parties

Associates & Joint Ventures : Nilsan Realty LLP Shree Matangi Projects LLP Fungadi Land Developers LLP Megacity Cinemall Pvt. Ltd.

Key Managerial Personnel : Manoj B. Vadodaria Kiran B. Vadodaria

Enterprise in which Key Managerial Personnel have significant influence : Sambhaav Media Limited

b) Transactions during the year with Related Parties:

The following transactions were carried out with Related Parties in the ordinary course of business:

c) The above Related Party transactions contains following material transactions (As per Accounting Standered-18):

6. The company had not received any intimation from "suppliers" regarding their status under the Micro, Small & Medium Enterprise Act, 2006, and hence disclosures, if any, relating to amounts unpaid as at 31st of March 2014 together with interest paid or payable as required under said act, have not been given.


Mar 31, 2013

1. Corporate Information

Nila Infrastructures Limited is a Company based in Ahmedabad, Gujarat. It is currently engaged in construction as well as development of real estate and infrastructure projects. Nila Infrastructures Ltd is a public company incorporated on 26th February, 1990 and listed on BSE (Bombay Stock Exchange).

2. Employee Benefits

a) Defined contribution plans:

Amount of Rs. 1,61,920/- (P.Y. Rs.1,68,313/-) is recognised as an expense and included in Employee Benefits Expense in note no. 22 to statement of profit and loss.

b) Defined benefit Plans

As per Accounting Standard 15 "Employee benefits", the disclosures as defined in the Accounting Standard are given below: The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes 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 Leave Encashment is recognized in the same manner as Gratuity.

Consequent upon adoption of Accounting Standard on "Employee Benefits" (AS - 15) (Revised 2005) issued by the Institute of Chartered Accountants of India, as required by the Standards, the following disclosures are made:

3. Segment Reporting

Since the company has only one primary reportable segment, there is no separate reportable segment as required in Accounting Standard - 17 issued by the Institute of Chartered Accountants of India. Also there being no business outside India, the entire business has been considered as single geographic segment.

4. Related Party Disclosure

As per Accounting Standard-18, the disclosures of transaction with Related Parties are as under:

List of Related Parties and nature of relationship thereto.

a) Relationship : Name of Related Parties

Associates & Joint-venturers : Nilsan Realty LLP

Shree Matangi Projects LLP Fangdi Land Developers LLP Mega City Cinemall Pvt. Ltd.

Key Managerial Personnel : Manoj B. Vadodaria

Kiran B. Vadodaria

Enterprise significantly influenced by key management personnel : Sambhaav Media Limited

5. The company had not received any intimation from "suppliers" regarding their status under the Micro, Small & Medium Enterprise Act, 2006, and hence disclosures, if any, relating to amounts unpaid as at 31st of March, 2013 together with interest paid or payable as required under said act, have not been given.

6. The previous year''s figures have been reworked, regrouped, rearranged and reclassified wherever necessary.


Mar 31, 2012

1. Contingent Liabilities not provided for is as under: (Amount in Rs.)

As on As on Particulars 31st March, 2012 31st March, 2011

Bank Guarantees given in respect of performance of contracts in favour of Municipal Commissioner,

Ahmedabad Municipal Corporation for

BRTS Bus Shelter Project.

Phase I Project( upto 15-12-2013) 1,25,69,906 1,25,69,906

Phase II Project( upto 27-10-2014) 1,00,91,863 - Total Bank Guarantees Issued 2,26,61,769 1,25,69,906

Less : Amount of Margin Money kept with Bank (including accrued interest on Margin Money) (41,58,443) (36,07,260)

Net amount of Contingent Liabilities 1,85,03,326 89,62,646

2. Employee Benefits:

As per Accounting Standard 15 "Employee benefits", the disclosures as defined in the Accounting Standard are given below:

The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes 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 Leave Encashment is recognized in the same manner as Gratuity.

Consequent upon adoption of Accounting Standard on "Employee Benefits" (AS - 15) (Revised 2005) issued by the Institute of Chartered Accountants of India, as required by the Standards, the following disclosures are made:

3. Segment Reporting:

Since the company has only one segment, there is no separate reportable segment as required in AS- 1 7 issued by the Institute of Chartered Accountants of India.

4. As per Accounting Standard-18, the disclosures of transaction with Related Parties are as under:

List of Related Parties and nature of relationship thereto.

5. The company had not received any intimation from "suppliers" regarding their status under the Micro, Small & Medium Enterprise Act, 2006, and hence disclosures, if any, relating to amounts unpaid as at 31st of March, 2012 together with interest paid or payable as required under said act, have not been given.

6. In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated, if realized, in the ordinary course of business. Provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

7. As notified by ministry of corporate affairs, revised schedule VI under the companies act, 1956 is applicable to the financial statement for the financial year commencing on or after 1st April, 2011. Accordingly, the financial statement for the year ended on 31st March, 2012 is prepared in accordance with the revised schedule VI. The amount and disclosure included in the financial statement of the previous year have been reclassified to conform to the requirement of revised schedule VI.


Mar 31, 2011

(1) Figures of previous, year have been regrouped, rearranged and recast wherever necessary.

(2) The details of security altered for Term loans shown under Schedule 'C' to the Balance Sheet are as follows:

(i) The Cash Credit facility from Allahabad Bank against Hypothecation of Stocks, book debts and all Other current assets of the company both present and future as well as collateral security of registered mortgage of open land situated at mouje Ranip Taluka : City and Registration District Sub-District at Ahmedabad - 4 (Paldi)Land Revenue Survey No. 224/1/1 paiki eastern side land admeasuring about 9 150 Sq. mtrs out of total admeasuring about 19155 sq. mtrs.

(ii) The Overdraft facility from Allahabad Bank is against Lien on Fixed Deposit of Rs- 1.70 Crores.,

(iii) The Loan from Dana Bank is secured by way of second charge through extension of equitable mortgage on property situated at 2nd to 3th Floors, Sambhagv House, Bodakdev. Ahmedabad and first charge through equitable mortgage on promoters land bearing FP 48/1 of TPS no. B4A of Makarba [survey no. 47/1 of mouje Makarba], Ahmedabad admeasuring about 7 499 So,. Meters. It is further secured by personal guarantee of Directors and their relatives,

(iv) The Loan against property obtained from indiabulls Financial Services Ltd, is secured by way of registered mortgage of promoters' Bungalows No. 1.2,3 Situated at Anjani Avenue, Nr, Sambhaav Press, Judges Bungalows Road. Bodahdev. Ahmedabad and personal guarantee of the promoters.

(v) The Term Loan from Gruh Finance Ltd, is secured by way of

a. Equitable mortgage of land admeasuring 1 26 624 sq.ft of the project - 'Asmaakam" located at Revenue Survey no.764 paiki. 768/1 and 768/2 village Vejaipur, Ahmedabad along with existing construction thereon, both present and future.

b. Lien on 117 flats aggregating to 1 30 221 sq. fts in the project - 'Asmaakam* and Personal Guarantee of Mr. Manoj Vadodaria. Mr. Shailesh Vadodarla and Mr. Kiran Vadodaria.

c. Equitable mortgage of land admeasuring 28 320 sq.fts of the Project - "Anaahata" located at Revenue Survey no.l6/5 and 16/14 situated at Mouje; Makarba, Ahmedabad along with existing construction thereon, both present and future.

d. Lien on 25 flats aggregating to 30 825 sq fts in the project - "Anaahata" and Personal Guarantee of Mr, Manoj Vadodaria. Mr. Shailesh Vadodaria and Mr. Kiran Vadodaria.

e. Equitable mortgage of land admeasuring 29 633 sq.fts of the Project-"Anvayaa" located at Revenue Survey no. 16/2/3. 16/11, 16/16. 16/20 end 16/22 situated at Mouje: Makarba, Ahmadabad along with existing construction thereon. both present and future.

f. Lien on 28 flats aggregating to 51 660 sq.fts in the project - "Anvayaa" and Personal Guarantee of the Manoj Vadodaria Mr Shailesh Vadodaria and Mr. Kiran Vadodaria.

vi) All vehicle Loans are secured against hypothecation of Cars.

(vii) The Inter corporate Deposit accepted from Adani Enterprise Limited is secured by way Of Personal Guarantees and mortgage of land saturated at ThaiteJ. being subplots of survey no. 190 admeasuring 9 541 sq. mtrs. in the name of shri Kiran Vadodaria and subplot of survey no 190 admeasuring 259 sq. mtrs in the name of shri Manoj Vadodaria.

(3) Employee Benefits

(a) Gratuity(non funded)

Consequent upon adoption of Accounting Standard on "Employee Benefits" (AS - 15) (Revised 2005) issued by the institute of Chartered Accountants of India, as required by the standards, the blowing disclosures are made:

4) Segment Reporting;

Since the company has only one segment, there is no separate reportable segment as required in AS-17 issued by the Institute of Chartered Accountants of India.

5) Disclosure in respect of Accounting standars-27

(6) Related Party Disclosure:(In terms of Accounting Standard-18)

(a) List of related parties and nature of relationship there to

Relationship List of Related Parties

Associates Sambhaav Media Limited Nilasan Realty LLP Shree Matangi Projects LLP

Key Managerial Personnel Manoj B.Vadodaria

Kiran B.Vadodaria

Relatives of key Managerial Personnel Shailesh B.vadodaria

* Remuneration paid by the Transferor Company Pearl Stock Holding Pvt. Ltd.

7) The Company had not received any intimation from "suppliers" regarding their status under the Micro. Small & Medium Enterprise Act, 2006, and hence disclosures. if any, relating amounts unpaid as at 3lst of March 2011 together with interest paid or payable as required under said Act have not been given.

(8) Managerial Remuneration: a. Computation of net profit for calculation of Managerial Remuneration Amount in Rs.

b. Details of Payments and Provisions on account of Remuneration to Managerial personnel in accordance with Sec 349 end Sec 350 of the Companies Act. 1956. included in the Profit and Loss account as under

(9) AS this is an Infrastructure Company the information required as per Paragraph 4C of Part II of Schedule VI or the Companies Act 1956. regarding License Capacity, Installed Capacity and actual production are not required.


Mar 31, 2010

1) Disclosure in respect of Accounting Standard – 14

(i) Pursuant to the Scheme of Amalgamation [the Scheme] Under Section 391/394 of the Companies Act, 1956, Pearl Stockholdings Private Limited (Transferor Company) engaged in the activity of renting of immovable properties and others stand merged with Nila Infrastructures Limited (Transferee Company) w.e.f. 1st April, 2009 ("the Appointed Date") in terms of the Order dated 29th June, 2010 of Honble High Court of Gujarat, sanctioning the scheme and is effective from 19th July, 2010

(ii) With effect from the Appointed Date, all the business undertakings, assets, liabilities, rights and obligations of the Transferor Company stood transferred to and vested in the Transferee Company in consideration for issue of 86 (Eighty Six) equity shares of Re. 1 each in the Transferee Company viz. Nila Infrastructures Limited for every 10 equity shares of Re. 1/- each held in

Transferor Company viz. Pearl Stockholdings Private Limited.

(iii) The Transferor Company carried on all the businesses and activities for the benefit of and in trust for the Transferee Company from Appointed Date. Thus the profit or income accruing or arising to the Transferor Company or expenditure or loss arising or incurred by it from the appointed date are treated as profit or income or expenditure or loss as the case may be of the Transferee Company. The effect has accordingly been given in the accounts.

(iv) The amalgamation has been accounted for under the "Amalgamation in the nature of Purchase" method as prescribed in Accounting for Amalgamation as per AS – 14 issued by the Institute of Chartered Accountants of India (ICAI).

(v) The consideration have been allocated to the office premises and residential properties including furniture & fixtures, electrification, escalators, and investments of the Transferor Company at fair market value and to the other Assets and Liabilities at the book values.

(vii)Pursuant to sanction of the Scheme of Amalgamation, Authorized Share Capital of the Transferor Company Rs. 2 00 00 000 merged in the increased Authorized Share Capital of Rs. 35 00 00 000 divided into 35 00 00 000 equity shares of Re. 1 each.

2) Figures of previous year have been regrouped, rearranged and recast wherever necessary. In view of the aforesaid amalgamation w.e.f. 01/04/2009, the figures of the current year are not comparable with those of the previous year.

3) The details of security offered for the Term Loans shown under Schedule C to the Balance Sheet are as follows;

(i) The Term Loan from Gruh Finance Ltd. is secured by way of -

a. Equitable mortgage of land admeasuring 1 26 624 sq.ft located at Revenue Survey no.764 paiki, 768/1 and 768/2 village Vejalpur, Ahmedabad along with existing construction thereon, both present and future.

b. Equitable mortgage of land admeasuring 62 354 sq.ft situated at Final Plot no. 48/2 of T.P.S. no. 84/A, Village: Makarba, Ta.: Daskroi, Dist. Ahmedabad alongwith existing construction thereon, both present and future.

c. Lien on 117 flats aggregating to 1 30 221 sq. fts in the project – "Asmaakam" and Personal Guarantee of Mr. Manoj Vadodaria, Mr. Shailesh Vadodaria and Mr. Kiran Vadodaria.

(ii) The Loan against property obtained from Indiabulls Financial Services Ltd. is secured by way of registered mortgage of Promoters Bungalows No.1,2,3 situated at Anjani Avenue, Nr. Sambhaav Press, Judges Bungalows Road, Bodakdev, Ahmedabad and Personal Guarantee of the Promoters.

(4) Contingent Liabilities not provided for Amount in Rs. Particulars As on As on

31/03/2010 31/03/2009

Bank Guarantee of Rs. 73 29 706 [P.Y. Rs. 73 29 706/-] given to 52 90577 54 79 706

Municipal Commissioner, Ahmedabad in respect of development of 40 Nos. Bus Shelters on BRTS Route against which margin money in the form of Fixed Deposit of Rs. 20 39 129 [P.Y. Rs. 18 50 000/-] is kept. Bank Guarantee of Rs. 52 40 200 [P.Y. Rs. 52 40 200/-] given to 37 41 363 39 30 150

Municipal Commissioner, Ahmedabad in respect of development of 28 Nos. Bus Shelters on BRTS Route for RTO to Pirana against which margin money in the form of Fixed Deposit of Rs. 14 98 837 [P.Y. 13 10 050/-] is kept. Bank Guarantee of Rs. 6 50 000 [P.Y. Rs. Nil] given to Municipal 4 87 500 NIL

Commissioner, Ahmedabad in respect of tender for work of fabrication of Bus Shelters at various locations along Ahmedabad BRTS corridor against which margin money in the form of Fixed Deposit of Rs. 1 62 500 [P.Y. Nil] is kept. The Company has given corporate guarantee to Dena Bank 55 64 48 000 NIL

for credit facility of Rs. 5 564.48 Lacs obtained by Sambhaav Media Limited. The said guarantee have originally been provided by Pearl Stock Holdings Pvt. Ltd. (the Transferor Company) before amalgamation.

(5) Segment Reporting:

Since the company has only one segment, there is no separate reportable segment as required in AS- 17 issued by the Institute of Chartered Accountants of India.

(6) The company had not received any intimation from "suppliers" regarding their status under the Micro, Small & Medium Enterprise Act, 2006, and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid or payable as required under said act, have not been given.

(7) As this is a Infrastructure Company the information required as per Paragraph 4C of Part II of Schedule VI of the Companies Act, 1956, regarding License Capacity, Installed Capacity and actual production are not required.

(8) In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated, if realised, in the ordinary course of business. Provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.


Mar 31, 2009

(1) Figures of previous year have been regrouped, rearranged and recast wherever necessary so as to make them comparable with those of current year.

(2) Change in depreciation method

During the year company has changed its policy for depreciation provision from Written Down Value Method at the rate & manner specified in Section 32 of the Income Tax Act, 1961 to Straight Line Method as per Schedule XIV of the Companies Act, 1956.

The change in depreciation method has resulted in reduction of depreciation charge by Rs. 16 54 303/-. Consequently, the Net Profit after taxation and the balance carried to the Profit and Loss Account for the year and the Net Fixed Assets as at 31st March. 2009 are higher by Rs. 16 54 303/-.

(3) The details of security offered for the Term loans shown under Schedule C to the Balance Sheet are as follows;

a. The Term Loan from Gruh Finance Ltd. is secured by way of :-

(i) Equitable mortgage of land admeasuring 1 26 624 sq.ft located at Revenue Survey no.764 paiki, 768/1 and 768/2 village Vejalpur, Ahmedabad along with existing construction thereon, both present and future.

(ii) Equitable mortgage of land admeasuring 62 354 sq.ft situated at Final Plot no. 48/2 of TRS. no. 84/A. Village: Makarba, Ta.: Daskroi, Dist. Ahmedabad alongwith existing construction thereon, both present and future.

(iii) Lien on units aggregating to i 03 850 sq. ft i.e. 105 flats in the project - "Asmaakam" and

(iv) Personal Guarantee of Mr. Manoj Vadodaria, Mr. Shailesh Vadodaria, Mr. KiranVadodaria.

b. The Loan against property obtained from Indiabulls Financial Services Ltd. is secured by way of registered mortgage of promoters Bungalows No. 1,2,3 situated at Anjani Avenue, Nr. Sambhaav Press, judges Bungalows Road, Bodakdev, Ahmedabad and personal guarantee ofthe promoters.

(4) Contingent Liabilities not provided for

Particulars As on As on 31/03/2009 31/03/2008

BankGuaranteeofRs.73,29.706/- given to Municipal 5479706 Nil Commissioner, Ahmedabad in respect of development of 40 Nos. Bus Shelters on BRTS Route against which margin money in the form of F.D. of Rs. 18.50,000/- is kept.

Bank Guarantee of Rs.52,40.200/-given to Municipal 3930150 Nil Commissioner, Ahmedabad in respect of development of 28 Nos. Bus Shelters on BRTS Route for RTO to Pirana against which margin money in the form of F.D.ofRs. 13 10050/-is kept.

(5) Segment Reporting:

Since the company has only one segment, there is no separate reportable segment as required in AS-1 7 issued by the Institute of Chartered Accountants of India.

(6) Related Party Disclosures: (In terms of Accounting Standard-18)

(a)

Relationship List of Related Parties

Associate Companies Sambhaav Media Limited Tanishq Hotels Limited

Directors Relatives Karan R. Vadodaria Siddharth R. Vadodaria

Key Managerial Personnel Manoj B. Vadodaria

(7) Deferred Tax:

As per Accounting Standard - 22 on Accounting for taxes 01, income issued by the Institute of Chartered Accountants of India, the company has accounted for deferred tax during the year.

(II) Based on the information available with the Company, there are no suppliers who are registered under the Micro, Small and Medium Enterprises Development Act, 2006 as at 31st March, 2009. Hence, the information as required under the Micro, Small and Medium Enterprises Development Act, 2006 is not disclosed.

(8) As this is a Infrastructure Company the information required as per Paragraph 4C of Part II of Schedule VI of the Companies Act, 1956, regarding License Capacity, Installed Capacity and actual production are not required.

(9) In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated, if realized, in the ordinary course of business. Provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

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