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Notes to Accounts of Nimbus Projects Ltd.

Mar 31, 2014

1. The rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital:

The Company has one class of equity shares having a par value of ''10 per share. Each shareholder is eligible for one vote per share held. The Dividend proposed by the BOD is subject to the approval of shareholders in the ensuing AGM. In the event of liquidation, the equity shareholders are entiteled to receive the remaining assets of the company after distribution of all preferential amount in the proportion to their shareholding.

The Company has only one class of preference shares 8% Non - Cumulative, Non - Convertible, Non - Participating,Compulsory Redeemable Preference Shares of Rs. 10/- each at a premium of Rs. 40/- on each Preference Share to be redeemed after 15 years at a premium of Rs. 100/- on each Preference Share but which may be redeemed at the option of the Company at any time after 2 years at a fixed premium of Rs. 40/-on each Preference Share and an additional premium @ Rs. 4/- per year till these Preference Shares are redeemed. These shares carry no voting rights and the said shares are Non-convertible into equity shares.

As per records of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

2. (A) CORPORATE INFORMATION

Nimbus Projects Limited is engaged in Real Estate Development, Trading of Properties & Real Estate Agent business etc. It is developing Residential Projects in National Capital Region (NCR). It has acquired plot of land, on long term lease basis under Builder Residential Scheme of Greater Noida Industrial Development Authority (GNIDA), New Okhla Industrial Development Authority (NOIDA) and Yamuna Expressway Authority (YEA). Apart from developing its own Project, the company is undertaking development through Special Purpose Vehicle (SPV). The company is engaged in four SPV for development of Residential complex.

3. Presentation and disclosure of financial statements:

During the year ended 31 March 2014, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the companies, for preparation and presentation of its financial statements. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The Company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

4. The company had entered into a collaboration agreement, under joint control, to construct a commercial complex "Pearl Business Park" at Pitampura, Delhi. On revision of the project it was found that the project has been fully completed. The revenue from and interest in such entity has been accounted for as an investment in terms of the provisions of the AS-27.

5. The Company is developing a Group Housing Project "Express Park View" at Greater Noida. The Apartments are being planned on a Land admeasuring 9951.04 Sq. mtrs. Situated at Plot No GH-10B, Sector CHI-V, Greater Noida, U.P., located in main Noida- Greater Noida Expressway. The proposed Flatted Residential Development shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consisting of 332 flats in totality, consisting of 2 Bed Rooms and 3 Bed Rooms in sizes varying 831sq.ft. to 1458 sq.ft. On revision of the project it was found that 95% of the Civil Construction Work & Finishing work has been completed as on 31st March, 2014 and project will be completed till September 2014.

The Company has booked total 275 Flats of varying sizes in the said project and has collected the booking amount of Rs. 53.69 Crore for the above said booking of flats till 31.03.2014.

6. The Company had entered into a Partnership "IITL-NIMBUS THE HYDE PARK NOIDA" in April 2010 with M/s IITL Projects Ltd. & M/s Supertech Ltd. to develop the Group Housing Project "The Hyde Park" at Plot No. GH-03, Sector 78, Noida. The agreed Capital Ratio between the partners is 45:45:10 and profit will be shared in the Weighted Average Capital Ratio. The Hyde Park Project for Residential Development shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consisting of 2044 flats in totality. Apartments shall be of IBHK/ 2BHK/ 3BHK & 4BHK in sizes varying 525sq.ft. to 2428 sq.ft.

The Partnership Firm has booked total 1173 Flats of varying sizes in the said project and has collected the booking amount of Rs. 344.10 Crore for the above said booking of flats till 31.03.2014.

7. The Company had entered into a Partnership IITL-NIMBUS THE EXPRESS PARK VIEW - with M/s IITL Projects Ltd. & M/s Assotech Ltd. in April 2011, to develop the Group Housing Project "Express Park View - II" at Plot No. GH-03, Sector CHI-V, Greater Noida. The agreed Capital Ratio between the partners is 47.5:47.5:5 and profit will be shared in the Weighted Average Capital Ratio. The Express Park View II, Project for Residential Development shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consisting of 1668 flats in totality. Apartments shall be of 2BHK/ 3BHK & 4BHK in sizes varying 984 sq.ft. to 2191 sq.ft.

The Partnership Firm has booked total 620 Flats of varying sizes in the said project and has collected the booking amount of Rs. 107.80 Crore for the above said booking of flats till 31.03.2014.

8. The Company had entered into a Partnership IITL-NIMBUS THE PALM VILLAGE - with M/s IITL Projects Ltd. & M/s Assotech Ltd. in June 2011, to develop the Group Housing Project "The Golden Palm Village" at Plot No. GH-03, Sector 22A, Greater Noida of Yamuna Expressway Industrial Development Authority. The agreed Capital Ratio between the partners is 47.5:47.5:5 and profit will be shared in the Weighted Average Capital Ratio. The Golden Palm Village, Project for Residential Development shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consisting of approx. 2036 flats in totality. Apartments shall be of 2BHK & 3BHK in sizes varying 1021 sq.ft. to 1467 sq.ft.

The Partnership Firm has booked total 256 Flats of varying sizes in the said project and has collected the booking amount of Rs. 18.53 Crore for the above said booking of flats till 31.03.2014.

9. The company holds the 50% shareholding i.e. (500000 Equity Shares & 5000000 Preference Shares) of M/s "Capital Infraprojects Pvt. Ltd.". The company M/s "Capital Infraprojects Pvt. Ltd." is developing a Group Housing Project at Plot No. GH-01/E, Sector - 168, Noida. The Project "The Golden Palms" shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consisting of 1408 flats & 49 Commercial Units in totality. Apartments shall be of Studio Appt. / 2BHK/ 3BHK & 4BHK in sizes varying 506sq.ft. to 2629 sq.ft.

The Company M/s "Capital Infraprojects Pvt. Ltd." has booked total 783 Flats of varying sizes & 20 Commercial Units in the said project and has collected the booking amount of Rs. 220.87 Crore for the above said bookings till 31.03.2014.

10. The Company holds 90% share in Partnership Firm "INDOGREEN INTERNATIONAL" who is running a Hotel "The Golden Palms Hotel & Spa". The said hotel starts in June 2013 & successfully running during the previous year.

The Firm is a jointly controlled entity and prepares its own separate financial statements and will be assessed as Firm under the Income Tax Act.

11. The Company, during the Financial Year 2012-13, has issued 20000000, 8% Non-Cumulative, Non-Convertible, Non- Participating, Compulsary Redeemable Preference Shares of Rs. 10/- each at a Premium of Rs. 40/- on each Preference Shares to be redeemed after 15 years at a Premium of Rs. 100/- on each Preference Shares but which may be redeemed at the option of the Company at any time after 2 years at a fixed premium of Rs. 40 on each Preference Shares and an additional premium @ Rs. 4/- per year till these Preference Shares are redeemed out of which the company has received an application for 15800000 shares upto 31.03.2013 and the company has allotted the same till 31.03.2013. During the April 2013 the company has received the application for balance 4200000 shares and the same was allotted during April 2013.

12. The Company during the previous year has acquired 97.58% shares of M/s Hepta Developers Pvt. Ltd., which is also a Real Estate Development company and doing construction business currently at Ludhiana & Pinjore. Now M/s Hepta Developers Pvt. Ltd. Has become subsidiary of our company.

13. The company is mainly engaged in Real Estate and Infrastructure Development activities which constitute Single Primary Business Segment as defined under As-17.

i) The Company has given four office premises on operating lease for a period of thirty three (33) month from the date of execution of Leave and License Agreement. The company has received rental income of Rs. 23.01 Lacs from said three premises during the year.

The Company has also given three premises on rent for a period of eleven (11) month from the date of execution of Rent Agreement. The company has received rental income of Rs. 10.96 Lacs from the said premises during the year.

The Company during the previous year has given one office premises on operating lease for a period of 9 years from the date of execution of Lease Agreement. The company has received rental income of Rs. 43.33 Lacs from said three premises during the year.

14. There are no amounts due to the suppliers covered under the Micro, Small and Medium Enterprises Development Act, 2006; this information takes into account only those suppliers who have responded to the enquiries made by the Company for this purpose. This has been relied upon by the auditors.

15. Note:

1. The Company''s share of assets, liabilities, income and expenditure has been included on the basis of audited financial information of its joint ventures.

2. Previous year figures are in brackets.

24) Figure of the previous year has been regrouped / rearranged / recasted wherever necessary to confirm the figures of the current year.


Mar 31, 2013

1.) Presentation and disclosure of financial statements:

During the year ended 31 March 2013, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the companies, for preparation and presentation of its financial statements. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The Company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

2.) Basic and diluted earnings per share is computed by dividing profit after tax attributable to equity shareholders for the year by the weighted average number of equity shares outstanding during the year. The Company has not issued any potential equity shares and accordingly, the basic earnings per share and diluted earnings per share are the same. Values used in calculating earnings per share are as under:

3.) Related Party Disclosure

Related parties and transactions with them as specified in the Accounting Standard 18 on "Related Parties Disclosures" issued by ICA1 has been identified and given below on the basis of information available with the Firm and the same has been relied upon by the auditors.

A) Names of related parties and nature of related party relationship where control exists are as under:

Group Company: Nimbus India Limited

Nimbus Propmart Limited

Nimbus Multicommodity Brokers Limited

B) Names of other related parties and nature of relationship where entity has significant influence overparties:

Companies/Firms in which Directors: -IIT lnvestrust Ltd.

have significant influence -11T Insurance Broking and Risk Management Pvt. Ltd.

-IIT Media and Entertainment Pvt. Ltd. -World Resorts Ltd. -MRG Hotels Pvt. Ltd. -IITL Projects Ltd -Industrial Investment Trust Ltd -Capital Infra Projects Pvt. Ltd -IITL-Nimbus The Hyde Park -IITL-Nimbus, The Express Park View -IITL- Nimbus, The Palm Village -Indogreen International

Key Management Personnel: Mr. Bipin Agarwal (Managing Director)

4.) Defined Benefit Plan

The employee''s gratuity fund scheme managed by L.I.C. of India under a defined benefit plan. The present value of obligation is determined based on the 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

5.) The company had entered into a collaboration agreement, under joint control, to construct a commercial complex "Pearl Business Park" at Pitampura, Delhi. On revision of the project it was found that the project has been fully completed. The revenue from and interest in such entity has been accounted for as an investment in terms of the provisions of the AS-27.

6.) The Company is developing a Group Housing Project "Express Park View" at Greater Noida The Apartments are being planned on a Land admeasuring 9951.04 Sq. mtrs. Situated at Plot No GH-10B Sector CHI-V, Greater Noida, U.P, located in main Noida- Greater Noida Expressway The proposed Flatted Residential Development shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consisting of 332 flats in totality. Apartments shall be 2 Bed Rooms and 3 Bed Rooms in sizes varying 83 1 sq.ft. to 1458 sq.ft. On revision of the project it was found that 95% of the Civil Construction Workhas been completed as on 31 st March, 2013.

The Company has booked total 252 Flats of varying sizes in the said project and has collected the booking amount of Rs. 40.34 Crore for the above saidbooking of flats till 31.03.2013.

7.) The Company had entered into a Partnership "HTL-NIMBUS THE HYDE PARK NOIDA" in April 2010 with M/s IITL Projects Ltd. & M/s Supertech Ltd. to develop the Group Housing Project "The Hyde Park" at Plot No. GH-03, Sector 78, Noida. The agreed Capital Ratio between the partners is 45:45:10 and profit will be shared in the Weighted Average Capital Ratio. The Hyde Park Project for Residential Development shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consisting of 2044 flats in totality. Apartments shall be of IBHK/ 2BHK/ 3BHK & 4BHK in sizes varying 525sq.ft. to 2235 sq.ft.

The Partnership Firm has booked total 1081 Flats of varying sizes in the said project and has collected the booking amount of Rs. 265.56 Crore for the above saidbooking of flats till 31.03.2012.

8.) The Company had entered into a Partnership IITL-NIMBUS THE EXPRESS PARK VIEW - with M/s IITL Projects Ltd. & M/s Assotech Ltd. in April 2011, to develop the Group Housing Project "Express Park View - II" at Plot No. GH-03, Sector CHI-V, Greater Noida. The agreed Capital Ratio between the partners is 47.5:47.5:5 and profit will be shared in the Weighted Average Capital Ratio. The Express Park View II, Project for Residential Development shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consisting of 1668 flats in totality. Apartments shall be of 2BHK/3BHK & 4BHKin sizes varying 984 sq.ft. to 2191 sq.ft.

The Partnership Firm has booked total 527 Flats of varying sizes in the said project and has collected the booking amount of Rs. 44.98 Crore for the above said booking of flats till 31.03.2013.

9.) The Company had entered into a Partnership IITL-NIMBUS THE PALM VILLAGE - with M/s IITL Projects Ltd. & M/s Assotech Ltd. in June 2011, to develop the Group Housing Project "The Golden Palm Village" at Plot No. GH-03, Sector 22A, Greater Noida of Yamuna Expressway Industrial Development Authority. The agreed Capital Ratio between the partners is 47.5:47.5:5 and profit will be shared in the Weighted Average Capital Ratio. The Golden Palm Village, Project for Residential Development shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents Project consisting of approx. 3840 flats in totality. Apartments shall be of 2BHK & 3BHK in sizes varying 1021 sq.ft. to 1467 sq.ft. 3 B

10.) The company has purchased 50% shareholding (5000 Equity Shares) of M/s "Capital Infra projects Pvt. Ltd." in March 2011 and during the F.Y. 2011-12, the company has also purchased the 495000 Equity Shares. The company M/s "Capital Infraprojects Pvt. Ltd." is developing a Group Housing Project at Plot No. GH-01/E, Sector 168, Noida. The Project "The Golden Palms" shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consisting of 1408 flats in totality. Apartments shall be of Studio Appt. / 2BHK/ 3BHK & 4BHK in sizes varying 506sq.ft. to 2473 sq.ft.

The Company M/s "Capital Infraprojects Pvt. Ltd." has booked total 749 Flats of varying sizes in the said project and has collected the booking amount of Rs. 129.85 Crore for the above said booking of flats till 31.03.2013.

During the Previous Year the Company M/s "Capital Infraprojects Pvt. Ltd" has issued 10000000 Preference shares and out of which our Company has purchased the 50% i.e. 5000000 Preference Shares.

11.) The Company had entered into a Partnership with M/s. Green Meadows Private Limited under the name and style of "INDOGREEN INTERNATIONAL" to develop a Hotel Project "FORTUNE INN" at Mandawali Delhi.

As per the reconstitution of the partnership, the share of the company in the said partnership has been increased from 50% to 90% and M/s. Green Meadows Private Limited has been retired from the partnership firm w.e.f. 01/04/2011 and a new partner M/s RC J Investment Trust Pvt. Ltd. entered into the Partnership we. f. 01/04/2011.

The Firm is a jointly controlled entity and prepares its own separate financial statements and will be assessed as Firm under the Income Tax Act. On revision of the project it was found that all construction and finishing work is completed as on 31.03.2013. The Hotel is likely to start from June 2013 onwards.

12.) The Company, during the previous year, has issued 20000000, 8% Non-Cumulative, Non-Convertible, Non- Participating, Compulsary Redeemable Preference Shares of Rs. 10/- each at a Premium of Rs. 40/- on each Preference Shares to be redeemed after 15 years at a Premium of Rs. 100/- on each Preference Shares but which may be redeemed at the option of the Company at any time after 2 years at a fixed premium of Rs. 40 on each Preference Shares and an additional premium @ Rs. 4/- per year till these Preference Shares are redeemed. The company has received an application for 15800000 shares upto 31.03.2013 and the company has allotted the same till 31.03.2013. During the April 2013 the company has received the application for balance 4200000 shares and the same was allotted during April 2013.

13.) The company is mainly engaged in Real Estate and Infrastructure Development activities which constitute Single Primary Business Segment as defined under As-17.

14.) Leases:

i) The Company has taken land on finance lease which have been shown as inventory. The lease term is on the basis of the agreement entered into with the lessor. The future minimum lease payment under non cancelable finance lease for each of the following periods are as follows:

ii) The Company has given four office premises on operating lease for a period of thirty three (33) month from the date of execut.on of Leave and License Agreement. The company has received rental income of Rs 21,12,000/- from said three premises during the year.

The Company has also given one premises on rent for aperiod of eleven (11) month from the date of execution of Rent Agreement. The company has received rental income of Rs. 4,80,000/- from the said premises during the year.

The future minimum Lease Rent Income under operating lease for each of the following periods are as under: 15.) Figure of the previous year has been regrouped/rearranged / recasted wherever necessary to confirm the figures of the current year.


Mar 31, 2010

1.) The company had entered into a collaboration agreement, under joint control, to construct a commercial complex "Pearl Business Park" at Pitampura, Delhi and the construction work has been going on. On revision of the project it has been found that 85% of the project has been completed as on the 31st March, 2010. The revenue from and interest in such entity has been accounted for as an investment in terms of the provisions of the AS-27.

2.) The Company has launched a New Group Housing Project namely "Express Park View" at Greater Noida during Previous Year. The Apartments are being planned on a Land admeasuring 9951.04 Sq. mtrs., situated at Plot No GH-1 OB, Sector CHI-V, Greater Noida, U.P. strategically located in main Noida- Greater Noida Expressway. The proposed Flatted Residential Development shall encompass all important facilities and amenities such as well laid out roads and paths, landscaped areas and beautiful parks, street lights and well designed services to give world class comfort feeling to the residents. Project consisting of 320 flats in totality. Apartments shall be 2 Bed Rooms and 3 Bed Rooms in sizes varying 831 sq.ft. to 1458 sq.ft.

The Company has booked total 84 Flats of varying sizes in the said project and has collected the booking amount of Rs. 94 Lacs for the above said booking of flats till 31.03.2010.

3.) The Company has entered into a consortium Agreement with M/s Indo Green Projects Ltd. & M/s Supertech Ltd. with the specific objective of making a bid under the scheme for Allotment of Group Housing Plots for plotted and Flatted Development Scheme Code: GH-2010 (I) FOR PLOT NO. GH-003 AT SECTOR - 78, NOIDA, of New Okhla Industrial Development Authority (NOIDA). The agreed Capital Ratio is 45:45:10 and profit will be shared in the Weighted Average Capital Ratio. Abid application was made by the Consortium for allotment of a plot of land under the said Scheme of NOIDA, and the Consortium has been awarded the bid and has been allotted a piece of land admeasuring 60,348.53 Sq. Mtrs situated at GH-03, Sector 78, Noida for construction of Group Housing Projects under the said Scheme on 16th March 2010.

4.) The company has mainly engaged in Real Estate and Infrastructure Development activities which constitute Single Primary Business Segment as defined under As-17.

5.) Details of Related Party Transaction

Key Managerial Personnel

Mr. Bipin Agarwal, Chairman cum Managing Director and Company Secretary, he has been paid as managerial remuneration of Rs. 24,00, 000/-. During the period April 2009 to March 2010.

Relatives of Key Managerial Personnel

Mr. Praveen Tayal who is brother of Mr. Bipin Agarwal was director in the company till 25/03/2010. The Company has paid during the period April 2009 to March 2010 Rs. 13,35,605/- towards the construction work to M/s "Paras Realtech Ltd." in which Mr. Praveen Tayal is a Director.

6.) The Company has purchased, in 2008, one property which was already given, by the seller, on operating lease for a period of 36 months with monthly lease rental of Rs. 12,00,000/-. Now, on becoming the owner of the property, the company has been receiving lease rentals from the lessee since November, 2008 and will receive till lease expires on May, 2011. The property has been purchased as inventory and is capable of being sold in such condition. However, AS-13 requires to account for the investment property as long term investment. But AS-19, specifically requires to present the property given on operating lease under the head Fixed Assets separately and to make provision the depreciation. Though, the management of the companys view is that since the company itself has not given the property on lease, it is not an original lessor but being lessor in default and to comply with the specific provision of AS-19, the property has been presented / treated as Fixed Assets and accordingly depreciation of Rs. 37,17,585/- has been booked till 31.03.2010. The company will receive Rs. 1,44,00,000/- in next 12 months i.e. between April 2010 to March 2011 and Rs. 24,00,000/- in next 2 months i.e. balance lease term between April 2011 to May 2011.

The company has given another property on Operating Lease for a period of 36 months on a monthly rentals of Rs. 7,81,380/- starting from October, 2008. The property has been purchased as inventory and is capable of being sold in such condition. However, AS-13 requires to account for the investment property as long term investment. But AS-19, specifically requires to present the property given on operating lease under the head Fixed Assets separately and to make provision the depreciation. Hence to comply with the specific provision of AS-19, the property has been presented / treated as Fixed Assets and accordingly depreciation of Rs. 19,65,570/- has been booked till 31.03.2010. Operating Lease Term for the said Property was till September 2011, but due to some reason, the said leased property was sold in March 2010 and a book profit of Rs. 76,31,833/- was booked in the books of accounts of the company.

7.) Basic and Diluted Earning Per Share is Rs.2.53 (Previous Year: Rs. 0.80)

8.) The Deferred Tax Income of Rs. 2,93,477/- for the current year has been recognized in the Profit & Loss A/c and the Deferred Tax Liability has been re-assessed as on the Balance Sheet date at Rs. 6,08,068/-

9.) The company had entered into a Partnership Firm, "IndoGreen International" to develop a Hotel Project "The Fortune Hotel" at Mandawali, Delhi. The agreed Capital Ratio is 50: 50 and profit will be shared in the Weighted Average Capital Ratio. The Firm is a jointly controlled entity and prepares its own separate financial statements and will be assessed as Firm under the Income Tax Act. The construction work has been going on and on revision of the project it was found that 70% of the project has been completed as on 31st March, 2010. The revenue from and interest in such entity has been accounted for as an investment in terms of the provisions of the AS-27.

10.) The company, with Hepta Developers Pvt. Ltd. has been carrying on a business under a Partnership Firm namely M/s Venketashwara Constructions. The Companys capital and Profit sharing ratio is 75%. The Firm is a jointly controlled entity and prepares its separate financial statements and is assessed as firm under the Income Tax Act 1961. The revenue from and interest in such entity has been accounted for as an investment in terms of the provisions of the AS-27.

11.) A Contingent Liability of Rs. 22,44,904/- on account of Service Tax payable on Renting of Immovable Property has not been accounted for in the books of account of the Company.

12.) The company has a defined benefit employees scheme in the form of Gratuity and for this purpose it has entered into a Group gratuity cum Life Assurance Scheme to be approved under part C of the Fourth Schedule of Income Tax Act, 1961, with the Life Insurance Corporation of India to provide the Gratuity Benefits to the employees of the company under an Irrevocable Trust. The Trustees of the Scheme have entrusted the administration of related fund to L.I.C. The company shall pay to the trustee such contribution as are required to secure the benefits which will include the liberalized death cover to the employees. Expenses for the year is determined on the basis of actuarial valuation of the companys year-end obligation in this regard and the value of year end assets of the scheme. Contribution is deposited with L.I.C. based on intimation received by the Company.

13.) Figure of the previous year has been regrouped / rearranged / recasted wherever necessary to confirm the figures of the current year.

 
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