Mar 31, 2018
Rights, preferences and restrictions attached to shares
Equity shares: The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. 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. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.
A. Nature and Purpose of Reserves
available for capitalisation/de clarati on o f dividend/ share buy-back .
pursuant to the earlier provisions of Companies Act 1956. Mandatory transfer to general reserve is not required.
(c) Securities Premium Re serve: The amount received in excess of face value oe the equity shere s is recognised in S e curities Premiem Reserve. other distributions paid to shareholders.
(e) FVTOCI Equity Investments: The company has elected to recognise changes in the fiar value of certain investments in equity securities in other comprehensive income. These changes are accumulated within the FVTOCI Eqiuity Investments reserve within equity. The company transfers amount from this reserve to retained earnings when the relevant equity securities are derecognised.
I. Fair value hierarchy
The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
This section explains the judgements and estimates made in determining the fair values of the financial instruments that are
(a) recognised and measured at fair value and,
(b) measured at amortised cost and for which fair values are disclosed in the financial statements.
To provide an indication about the reliability of the inputs used in determining fair value, the company has classified its financial instruments into the three levels prescribed under the Indian accounting standard. An explanation of each level follows underneath the table :
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. For example, listed equity instruments that have quoted market price.
Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities, contingent consideration and indemnification asset included in level 3.
During the year ended 31 March 2018, 31 March 2017 and 01 April 2016, there have been no transfers amongst the levels of hierarchy.
II. Valuation techniques used to determine fair value
Significant valuation techniques used to value financial instruments include:
- use of quoted market price or dealer quotes for similar insrruments
- Using discounted cash flow analysis.
The Companyâs activities expose it to credit risk, market risk and liquidity risk. The Companyâs management oversees the management of these risks.
The Companyâs principal financial liabilities comprise trade and other payables. The main purpose of these financial liabilities is to finance the Companyâs operations. The Companyâs principal financial assets include loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations.
A. Credit risk
Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The company is exposed to credit risk from its operating activities (primarily for trade receivables) and from its financing activities (deposits with banks and other financial instruments).
Credit risk management
To manage credit risk, the Company follows a policy of providing 30 days credit to the domestic customers. In case of foreign debtors, the payment is backed by Letter of credit. The credit limit policy is established considering the current economic trends of the industry in which the company is operating.
However, the trade receivables are monitored on a periodic basis for assessing any significant risk of non-recoverability of dues and provision is created accordingly.
Bank balances are held with only high rated banks and majority of other security deposits are placed majorly with government agencies.
B. Liquidity risk
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. For the Company, liquidity risk arises from obligations on account of financial liabilities - trade payables.
Liquidity risk management
The Companyâs approach to managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable losses. In doing this, management considers both normal and stressed conditions. A material and sustained shortfall in our cash flow could undermine the Companyâs credit rating and impair investor confidence.
The Company maintained a cautious funding strategy, with a positive cash balance throughout the year ended 31st March, 2018 and 31st March, 2017. This was the result of cash delivery from the business. Cash flow from operating activities provides the funds to service the financing of financial liabilities on a day-to-day basis. The Companyâs treasury department regularly monitors the rolling forecasts to ensure it has sufficient cash on-going basis to meet operational needs. Any short term surplus cash generated by the operating entities, over and above the amount required for working capital management and other operational requirements, are retained as cash and cash equivalents (to the extent required).
The companyâs objectives when managing capital are to
- safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and
- maintain an optimal capital structure to reduce the cost of capital.
The capital structure of the Company is based on managementâs judgement of the appropriate balance of key elements in order to meet its strategic and day-today needs. We consider the amount of capital in proportion to risk and manage the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets.
The management monitors the return on capital as well as the level of dividends to shareholders. The Company will take appropriate steps in order to maintain, or if necessary adjust, its capital structure.
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018
A. Company Overview:
Parle Software Limited (the âCompanyâ) is a company limited by share, incorporated and domiciled in India with its registered office located at 403,Kane Plaza, Mind Space, Off. Link Road, Malad (W),Mumbai-400 064. The Company is engaged in the business of Infrastructure and Real Estate.
B. Basis Of Preparation & Measurement:
These financial statements have been prepared in accordance with Indian Accounting standards (hereinafter referred to as the âInd ASâ) notified by the Ministry of Corporate Affairs under section 133 of the Companies Act, 2013 (âActâ) read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 (as amended) and Companies (Indian Accounting Standards) Amendment Rules, 2016 and the relevant provisions of the Act.
These financial statements are Companyâs first Ind AS financial statements. For all periods upto and including the year ended 31st March, 2017 , the Company prepared its financial statements in accordance with the accounting standards notified under the section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (hereinafter referred to as âPrevious GAAPâ) used for its statutory reporting requirement in India immediately before adopting Ind AS. The financial statements for the year ended 31st March, 2017 and the opening Balance Sheet as at 1st April, 2016 have been restated in accordance with Ind AS for comparative information. Reconciliations and explanations of the effect of the transition from Previous GAAP to Ind AS on the Companyâs Balance Sheet, Statement of Profit and Loss and Statement of Cash Flows are provided in note E.
The financial statements have been prepared on an accrual system, based on the principle of going concern and under the historical cost convention, unless otherwise stated.
Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.
C. Critical Accounting Estimates and Judgments
The preparation of financial statements in accordance with Ind AS requires management to make certain judgments, estimates and assumptions in the application of accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates, with the differences between the same being recognized in the period in which the results are known or materialize. Continuous evaluation is done on the estimation and judgments based on historical experience and other factors, including expectations of future events that are believed to be reasonable. Revisions to accounting estimates are recognised prospectively.
Information about areas involving a higher degree of judgment or complexity or critical judgments in applying accounting policies, as well as estimates and assumptions that have the most significant effect to the carrying amounts of assets and liabilities are included in the following notes:
(a) Estimation of useful life - Note 18.1
(b) Recognition of deferred tax assets - Note 18.7
B. Other Notes On Accounts:
1) In the opinion of the management, the current assets, loans and advances have the values on realization in the ordinary course of business at least equal to the amounts at which they are stated in the balance sheet, except for trade receivables and loans and advances which are covered under the managementâs policy in respect of bad and doubtful debts as taken in the previous years, if any.
2) Debit and Credit balances are subject to confirmation and reconciliation.
3) There are no dues to Micro, Small & Medium Enterprises as at Balance Sheet date and no interest has been paid to any such parties. This is based on the information on such parties identified on the basis of information available with the Company and relied upon by the auditors.
4) Related Parties Disclosures
1) Promoters Group
a. M/s. Eaugu Udyog Ltd.
b. M/s. Mantra Day Traders Pvt. Ltd.
c. M/s. Fortune Point Exports Pvt. Ltd.
2) Enterprises where control exists
Holding Company:
a. M/s. Eaugu Udyog Ltd.
3) Other Related Parties with whom the company had transactions during the year
a. Company under the same Management:
M/s. Hazoor Multi Projects Ltd.
b. Key Management Personnel
Mr. Vimal Maharajwala (appointed w.e.f. 14.08.2018)
Mr. V I. Garg - Managing Director (resigned w.e.f. 14.08.2018)
Mr. Sheena Karkera - Chief Financial Officer
Mr. Rakeshkumar D Mishra - Company Secretary & Compliance Officer
c. Others
Mr. Ashish Kankani - Non Executive Chairman
Ms. Chanda Garg - Director (resigned w.e.f. 14.08.2018)
i) The amount outstanding and maximum balance outstanding at any time during the Year (figures in bracket pertains to previous Year).
5) The previous year figures have been regrouped /reclassified wherever considered necessary. Figures have been rounded off to the nearest rupee.
The accompanying notes are an integral part of the financial statements.
Mar 31, 2015
1. Terms/rights attached to equity shares
The Company has only one class of shares referred to as equity shares
having a par value of Rs. 10/- per share. Each holder of equity shares
is entitled to one vote per share.
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive any of the remaining assets of the
company, after distribution of all preferential amounts. However, no
such preferential amounts exist currently. The distribution will be
inproportion to the number of equity shares held by the shareholders.
2.1 There are no Micro, Small and Medium Enterprises in respect of whom
the Company dues are outstanding for more than 45 days at the Balance
Sheet date. The above information regarding Micro, Small and Medium
enterprises have been determined to the extent such parties have been
identifiable on the basis of information abailable with the Company and
relied upon by the auditors.
2.2 Trade payables are subject to confirmation from certain parties.
3 Salaries and Bonus paid to Mr. Sheena Karkera, Chief Financial
Officer of Rs. 3,25,000/- (P.Y.3,15,000/-)
4 Income Taxes:
Provisions for current tax is made against current year profit, in
terms of the provisions of the Income Tax Act, 1961.
5 Deferred Tax :
Deferred Tax assets is provided for as per Accounting Standard 22
issued by the Institute of Chartered Accountants of India.
6 Remuneration Paid/Payable to Directors and other Chief Managerial
Personnel as per Section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975 as amended, the
number of employees employed for the whole year drawing salary of Rs.
60,00,000/- per annum or more is NIL and the number of employees
employed for part of the year drawing salary of Rs. 5,00,000/- per
month or more is also NIL.
7 In the Opinion of Board of Directors, all the Current Assets, Loans
and Advances have a value on realization in the ordinary course of
Business at least equal to the amount at which they are stated and all
the known liabilities as at the end of year have been provided for.
8 Segment Reporting:
The company operate in a single business segment of "Infrastructure &
Real Estate".
9 The provisions of payment of Gratuity Act, 1972 are not applicable
to the company.
10 The provisions of PF / ESIC Act are not applicable to the company.
11 There is no amount due and outstanding to be credited to Investor
Education and Protection Fund.
12 During the year, pursuant to the notification of Schedule II to the
Companies Act, 2013 with effect from April 01, 2014, the Company
revised the estimated useful life of relevant assets to align the
useful life with those specified in Schedule II.
13 Disclosure of related parties / related party trasnactions:
As per Accounting Standard (AS) - 18 of The Companies (Accounting
Standards) Rules, 2006, the list of related parties where control
exists and related parties with whom transactions have taken place and
relationships are as under:
a List of Related Parties and Description of Relationships
Promoters Group
M/s. Eaugu Udyog Ltd.*
M/s. Mantra Day Traders Pvt. Ltd.*
M/s. Fortune Point Exports Pvt. Ltd.*
* all the three co-promoters of your company are members of the same
"Group", as that expression is defined in MRTP Act 1969.
b Enterprises where control exists
Holding Company:
M/s. Eaugu Udyog Ltd.
c Other Related Parties with whom the company had transactions during
the year
i Company under the same Management:
M/s. Hazoor Multi Projects Ltd. M/s. Aambey Valley Mountains Pvt. Ltd.
(formerly known as: Hazoor Aambey Valley Developers Pvt. Ltd.)
ii Key Management Personnel:
Mr. V I Garg - Managing Director
Mr Sheena Karkera - Chief Financial Officer (C.F.O.)
Mr. Rakeshkumar D Mishra - Company Secretary & Compliance Officer
(w.e.f 01.04.2015)
iii Others
Mr. Ashish Kankani - Non Executive Chairman
Ms. Chanda Garg - Director
Note: Related party relationships are identified by the Company and
relied upon by the Auditors.
14 No Advances recoverable in cash or in kind or for value to be
received include amounts due from companies under the same management
within the meaning of Section 370 (1B) of the erstwhile Companies Act,
1956.
15 Details of Loans given, Investment made and Guarantee given covered
under section 186(4) of the Companies Act, 2013:
(i) The Company has not given any loans or guarantees.
(ii) No Investment made by the Company as at 31st March, 2015.
16 The previous year figures have been regrouped / reclassified,
wherever necessary to conform to the current presentation.
Mar 31, 2014
1 a. Terms/rights attached to equity shares
The Company has only one class of shares referred to as equity shares
having a par value of Rs. 10/- per share. Each holder of equity shares
is entitled to one vote per share.
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive any of the remaining assets of the
company, after distribution of all preferential amounts. However, no
such preferential amounts exist currently. The distribution will be
inproportion to the number of equity shares held by the shareholders.
2 Income Taxes:
Provisions for current tax is made against current year profit, in
terms of the provisions of the Income Tax Act, 1961.
3 Remuneration Paid/Payable to Directors and other Chief Managerial
Personnel as per Section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975 as amended, the
number of employees employed for the whole year drawing salary of Rs.
60,00,000/- per annum or more is NIL and the number of employees
employed for part of the year drawing salary of Rs. 5,00,000/- per
month or more is also NIL.
4 In the Opinion of Board of Directors, all the Current Assets, Loans
and Advances have a value on realization in the ordinary course of
Business at least equal to the amount at which they are stated and all
the known liabilities as at the end of year have been provided for.
5 Segment Reporting:
The company operate in a single business segment of "Infrastructure &
Real Estate".
6 The provisions of payment of Gratuity Act, 1972 are not applicable to
the company.
7 The provisions of PF / ESIC Act are not applicable to the company.
8 There is no amount due and outstanding to be credited to Investor
Education and Protection Fund.
9 There are no Micro, Small and Medium Enterprises in respect of whom
the Company dues are outstanding for more than 45 days at the Balance
Sheet date. The above information regarding Micro, Small and Medium
enterprises have been determined to the extent such parties have been
identifiable on the basis of information abailable with the Company and
relied upon by the auditors.
10 The previous year figures have been regrouped / reclassified,
wherever necessary to conform to the current presentation.
Mar 31, 2013
1 Deferred Tax :
Deferred Tax liability is provided for as per Accounting Standard 22
issued by the Institute of Chartered Accountants of India.
2 Remuneration Paid/Payable to Directors and other Chief Managerial
Personnel as per Section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975 as amended, the
number of employees employed for the whole year drawing salary of Rs.
60,00,000/- per annum or more is NIL and the number of employees
employed for part of the year drawing salary of Rs. 5,00,000/- 23 In
the Opinion of Board of Directors, all the Current Assets, Loans and
Advances have a value on realization in the ordinary course of Business
at least equal to the amount at which they are stated and all the known
liabilities as at the end of year have been
3 Segment Reporting:
The company and its associates operates in a single business segment of
"Infrastructure & Real Estate".
4 Related Party Disclosures:
a List of Related Parties and Description of Relationships i. Promoters
Group
M/s. Eaugu Udyog Ltd.*
M/s. Mantra Day Traders Pvt. Ltd.*
M/s. Fortune Point Exports Pvt. Ltd.*
* all the three co-promoters of your company are members of the same
"Group", as that expression is defined in MRTP Act 1969. ii.
Associates:
Hazoor Township Developers Pvt. Ltd.
iii Company under the same Management: M/s. Hazoor Multi Projects Ltd.
M/s. Hazoor Aambey Valley Developers Pvt. Ltd.
iv Key Managerial Personnel: Mr. V I Garg
5 Advances recoverable in cash or in kind or for value to be received
include amounts due from companies under the same management within the
meaning of Section 370 (1B) of the Companies Act, 1956 as given below :
6 The provisions of payment of Gratuity Act, 1972 are not applicable
to the company.
7 The provisions of PF / ESIC Act are not applicable to the company.
8 There is no amount due and outstanding to be credited to Investor
Education and Protection Fund.
9 The previous year figures have been regrouped / reclassified,
wherever necessary to conform to the current presentation.
Mar 31, 2012
A. Terms/rights attached to equity shares
The Company has only one class of shares referred to as equity shares
having a par value of Rs. 10/- per share. Each holder of equity shares
is entitled to one vote per share.
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive any of the remaining assets of the
company, after distribution of all preferential amounts. However, no
such preferential amounts exist currently. The distribution will be
inproportion to the number of equity shares held by the shareholders.
a. The Company has no dues to micro small enterprises during the year
ended 31/03/2012.
b. There are no amounts due and outstanding to be credited to investor
Educations and Protection Fund.
1 Income Taxes:
No provisions for current tax is made in view of the loss for the year,
in terms of the provisions of the Income Tax Act, 1961.
2 Deferred Tax :
Deferred Tax liability is provided for as per Accounting Standard 22
issued by the Institute of Chartered Accountants of India.
3 Remuneration Paid/Payable to Directors and other Chief Managerial
Personnel as per Section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975 as amended, the
number of employees employed for the whole year drawing salary of Rs.
60,00,000/- per annum or more is NIL and the number of employees
employed for part of the year drawing salary of Rs. 5,00,000/- per
month or more is also NIL.
4 In the Opinion of Board of Directors, all the Current Assets, Loans
and Advances have a value on realization in the ordinary course of
Business at least equal to the amount at which they are stated and all
the known liabilities as at the end of year have been provided for.
5 Segment Reporting:
The company and its associates operates in a single business segment of
"Infrastructure & Real Estate".
6 Related Party Disclosures:
a List of Related Parties and Description of Relationships
i. Promoters Group
M/s. Eaugu Udyog Ltd.*
M/s. Mantra Day Traders Pvt. Ltd.*
M/s. Fortune Point Exports Pvt. Ltd.*
* all the three co-promoters of your company are members of the same
"Group", as that expression is defined in erstwhile MRTP Act 1969.
ii. Associates:
Hazoor Township Developers Pvt. Ltd.
iii Company under the same Management:
M/s. Hazoor Multi Projects Ltd.
M/s. Hazoor Aambey Valley Developers Pvt. Ltd.
iv Key Managerial Personnel:
Mr. V I Garg
Note: Related party relationships are identified by the Company and
relied upon by the Auditors.
7 Advances recoverable in cash or in kind or for value to be received
include amounts due from companies under the same management within the
meaning of Section 370 (1B) of the Companies Act, 1956 as given below :
8 The provisions of payment of Gratuity Act, 1972 are not applicable
to the company.
9 The provisions of PF / ESIC Act are not applicable to the company.
10 There is no amount due and outstanding to be credited to Investor
Education and Protection Fund.
11 The previous year figures have been regrouped / reclassified,
wherever necessary to conform to the current presentation.
Mar 31, 2011
Company overview
1. The company is carrying out Infrastructure & Real Estate Development
activities through its associate Hazoor Township Developers Pvt. Ltd
(HTDPL) who are operating in the segment of Infrastructure & Real
Estate Development. The Associate is carrying out the development of
Housing Project comprising of affordable apartments and convenient
shopping catering to middle income group in Pune city.
1. Amounts in the financial statements are presented in Rupees and
figures have been rounded off to nearest rupee wherever applicable.
2.The previous year figures have been regrouped / reclassified,
wherever necessary to conform to the current presentation.
3.Other operative income of Rs. 188.39 lacs represents surplus on cost
of Investments in Associates during the Quarter as per AS- 13 "
Accounting for Investments" issued by the Institute of Chartered
Accountants of India (ICAI)/Company (Accounting Standards) Rules, 2006.
These surplus was recognized as 'Share of Profit from Associates' in
Consolidated Financial Statements of the company of earlier years on
the basis of Equity Method as prescribed in AS Ã 23 " Accounting for
Investment in Associates" issued by the Institute of Chartered
Accountants of India (ICAI)/Company (Accounting Standards) Rules, 2006.
4.Quantitative Information:
The Company is engaged in the development of computer Software and
Infrastructure/ Real Estate Developments. Therefore, the provisions of
clause 3 (ii) of Schedule VI of Part II of Companies Act, 1956 are not
applicable to the company and hence no quantitative details are given.
5. Income Taxes:
Provisions for current tax is made in view of the Profit for the
period, in terms of the provisions of the Income Tax Act, 1961.
6.Remuneration Paid/Payable to Directors and other Chief Managerial
Personnel as per Section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975 as amended, the
number of employees employed for the whole period drawing salary of Rs.
60,00,000/- per annum or more is NIL and the number of employees
employed for part of the year drawing salary of Rs.5,00,000/- per month
or more is also NIL.
7.In the Opinion of Board of Directors, all the
Current Assets, Loans and Advances have a value on realization in the
ordinary course of Business at least equal to the amount at which they
are stated and all the known liabilities as at the end of period have
been provided for.
8. Segment Reporting:
The company operates in multi segment of Software and Infrastructure/
Real Estate Developments and accordingly segment wise Result have been
provided as per Accounting Standards - 17 (AS-17) issued by the
Institute of Chartered Accountants of India (ICAI)/Company (Accounting
Standards) Rules, 2006.
9. Related Party Disclosures:
a) List of Related Parties and Description of Relationships
i.Promoters Group
M/s. Eaugu Udyog Ltd.*
M/s. Mantra Day Traders Pvt. Ltd.* along with their individuals
promoter shareholder
M/s. Fortune Point Exports Pvt. Ltd.* along with their individuals
promoter shareholder
* all the above co-promoters of your company are members of the same
"Group", as that expression is defined in MRTP Act 1969.
ii. Associates:
Hazoor Township Developers Pvt. Ltd.
iii. Company under the same Management:
M/s. Hazoor Multi Projects Ltd.
M/s. Hazoor Aambey Valley Developers Pvt. Ltd.
iv. Key Managerial Personnel:
Mr. Vikas Shukla
Ms. Anjali Modi
Note: Related party relationships are identified by the Company and
relied upon by the Auditors.
10. The company has no dues to micro small enterprises during the
period ended 31st March, 2011.
11. The provisions of payment of Gratuity Act, 1972 are not applicable
to the company.
12. The provisions of PF / ESIC Act are not applicable to the company.
13. During the year company has changed its financial year ending from
31st July to 31st March and accordingly current period comprises of 8
months ending as on 31st March, 2011.
14. The Corresponding previous year was comprising of 8 months as the
financial year ending is changed from 31st July to 31st March,
therefore figures for the current period is not comparable with
corresponding period in the previous year
15. There is no amount due and outstanding to be credited to Investor
Education and Protection Fund.