Mar 31, 2018
1. Corporate Information:
Prime Property Development Corporation Limited (âThe Companyâ) is a public company, incorporated under the provisions of the Companies Act 1956, The Company is registered on the Bombay Stock Exchange in India. The registered office of the company is located at 101, Soni House, Plot No. 34, Gulmohar Road No.1, Juhu Scheme, Vile Parle West, Mumbai - 400049.
The Company is principally engaged in the business of real estate and property development.
Note: 2
Other additional disclosures
i. Capital Commitments:
The Company does not have any capital commitments as on 31.03.2018
ii. Remuneration to Employee:
The Company has no employee in receipt of remuneration exceeding the limits prescribed under the Companies Act 2013,
iii. Foreign Exchange Earnings & Outgo:
The details of Foreign Exchange earnings / outgo are as below:
iv. Employees Benefit Plans:
During the year company has made provision for the gratuity by adopting actuarial valuation. Company has not made any contribution to any gratuity fund, The following table sets out the status of gratuity valuation for the year ended 31st March, 2018.
v. Segment Reporting:
The Company has mainly one reportable business and one geographical segment and hence no further disclosure is required under Ind-AS 10 -Operating Segments.
xi. Miscellaneous
The Company has reclassified & regrouped previous year''s figures to conform to this year''s classification.
Mar 31, 2016
c ) Terms / Rights attached to the Equity Shares
The Company has only one class of Equity Shares having a par value of '' 5/- per share. Each Share Holder is eligible for one vote per share held. The dividend proposed by the Board of Director is subject to the approval of the Shareholders in the ensuing Annual General Meeting. In the unlikely event of liquidation of the Company, the holders of the Equity Shares will be entitled to receive any of the remaining assets of the Company after distribution of all preferential amounts, in proportion to the number of equity shares held by the equity shareholders.
Note: 1
Other additional disclosures
i. Contingent Liabilities:
The company has self estimated and provided MVAT liability of Rs.5,00,00,000/- during the previous year pertaining to F.Y. 2006 to FY. 2011. The tax assessment is pending by authorities, any shortfall or excess tax liability determined on completion of assessment by the competent authority will be booked in the year of receipt of assessment order.
ii. Capital Commitments:
The Company does not have any capital commitments as on 31.03.2016
iii. Remuneration to Employee:
The Company has no employee in receipt of remuneration exceeding the limits prescribed under the Companies Act 2013.
vi. Segment Reporting:
The Company has mainly one reportable business and geographical segment and hence no further disclosure is required under Accounting Standard (AS) 17 on Segment Reporting issued by the Institute of Chartered Accountants of India (ICAI).
xi. Miscellaneous
The Company has reclassified & regrouped previous year''s figures to conform to this year''s classification.
Mar 31, 2015
Note: 1
Other additional disclosures
i. Contingent Liabilities:
a) Corporate Guarantees given to the bankers by the Company is NIL.
(P.Y. Rs. 44,480/-).
b) The total VAT liability determined on completion of VAT assessment
after considering provision made by the Company is considered as
contingent liability.
ii. VAT Rs. 6,18,78,303 includes provision made for earlier years of
Rs. 5 Crores as per estimated liability for FY. 2006 to 2011, pending
VAT assessment by the authorities.
iii. Capital Commitments:
The Company does not have any capital commitments as on 31.03.2015
iv. Remuneration to Employee:
The Company has no employee in receipt of remuneration exceeding the
limits prescribed under the Companies Act 2013.
xii. Miscellaneous
a) The Company had a Debt of Rs.17,00,000/- arising from Sale of
Property in the year 2007 - 2008. The same was considered as doubtful
for recovery in the previous year, is now written off as irrecoverable.
b) The Company has reclassified & regrouped previous year's figures
to conform to this year's classification Signatures to Schedules As
Per our attached report of even date
Mar 31, 2014
I. Contingent Liabilities:
a) Corporate Guarantees given to the bankers by the Company on behalf
of the Wholly Owned Subsidiary Company Sea-King Club Private Ltd in
respect of Credit facilities availed aggregating to Rs. 50 crores
(Balance as on 31.03.2014 is Rs. 44,480) (PY Rs. 6.59crores).
b) The Company has filed Writ Petition in Bombay High Court against
State of Maharashtra Value Added Tax Act, 2002 for the financial year
2006- 2007 to 2009-2010 in the month of April 2014 challenging the
method of Valuation required to calculate taxability under Maharashtra
Value Added Tax. The liability of Maharashtra Value Added Tax is not
assessed by the department and cannot be properly calculated by
company, due to uncertainty. The tax liability thereon, if any, cannot
be reliably estimated till the outcome of the petition and has not been
provided for.
ii. Capital Commitments:
The Company does not have any capital commitments as on 31.03.2014
iii. Requirements of Section 217 (2A) of the Companies Act, 1956;
The Company has no employee in receipt of remuneration exceeding the
limits prescribed under the companies act.
iv. Foreign Exchange Earnings & Outgo:
Additional Information pursuant to provisions of Para 3 and 4 of
Schedule VI of the Companies Act, 1956.
v. Fixed Assets:
The Company had purchased property at Vile parle (west) in the
financial year 2004-2005 at a cost of Rs. 92,556,871/- which was given
on rent and same was treated as fixed asset. Subsequently, the building
was demolished and reconstructed. Construction of the building was
completed in the current financial year and part of it was sold in the
normal course of business. The remaining part will be sold in the
normal course of business. Hence, it cannot be treated as Fixed Asset
as per the definition of Fixed Asset given in the Accounting Standard
10 issued by Institute of Chartered Ac countants of India. Accordingly,
WDV of Fixed assets Rs 78,363,998/- and Cost of Construction
Rs.151,636,002/- appearing under capital Working progress is
transferred to Inventory.
During the year company has made provision for the gratuity by adopting
actuarial valuation. Company has not made any contribution to any
gratuity fund. The following table sets out the status of gratuity
valuation for the period ended 31st March, 2014 as required under AS 15
(Revised)
vi. Segment Reporting:
The Company has mainly one reportable business and geographical segment
and hence no further disclosure is required under Accounting Standard
(AS) 17 on Segment Reporting issued by the Institute of Chartered
Accountants of India (ICAI).
Mar 31, 2013
I. Contingent Liabilities :
Corporate Guarantees given to the bankers by the Company on behalf of
the Wholly Owned Subsidiary Company Sea-King Club Private Ltd in
respect of Credit facilities availed aggregating to Rs. 50 crores (Rs. 6.59
crores withdrawn till 31.03.2013 by Subsidiary Company) (P.Y. Rs.
6.59crores)
The Income Tax Department has appealed against the order of
Commissioner of Income Tax (Appeals) for A.Y. 2007-08 to the Income Tax
Appellate Tribunal (ITAT). The decision of ITAT is awaited. Therefore,
the Liability of Tax and interest thereon if any, is unascertainable
ii. Capital Commitments:
The Company does not have any capital commitments as on 31.03.2013
iii. Requirements of Section 217 (2A) of the Companies Act,1956:
The Company has provided Rs. 105 lacs towards proposed commission to
chairman for the year 2013.
iv. Segment Reporting:
The Company has mainly one reportable business and geographical segment
and hence no further disclosure is required under Accounting Standard
(AS) 17 on Segment Reporting issued by the Institute of Chartered
Accountants of India (ICAI).
v) Miscellaneous
a) Company does not have agreement with employee for any retirement
benefits. The gratuity liability till date has been estimated by the
management as per the Payment of Gratuity Act. However, the Company is
still in process of obtaining the actuarial valuation report and makes
its investment.
b) The Company has reclassified & regrouped previous year''s figures to
conform to this year''s classification.
Mar 31, 2012
A) Terms / Rights attached to the Equity Shares
The Company has only one class of Equity Shares having a par value of
Rs. 5/- per share. Each Share Holder 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 unlikely event of liquidation of the Company, the holders of the
Equity Shares will be entitled to receive any of the remaining assets
of the Company after distribution of all prefrential amounts, in
proportion to the number of equity shares held by the equity
shareholders.
i) The Company has availed Cash Credit facility amounting to Rs. 35
crores from State Bank of India. The cash credit facility is secured by
the equitable mortgage by deposit of title deeds in favor of the
Company's bankers & Hypothecation of receivables and stock of work in
progress of the Prime Business Park, Vile Parle (W) & Prime Mall, Pune
property.
The cash credit facility is also secured by personal guarantees of Shri
P. L. Soni, Shri Manish P. Soni and Shri Vishal P. Soni, Promoter
Directors of the Company.
The Company has already repaid its cash credit facility amounting to
Rs. 25 crores and released the title deeds of Prime Mall, Pune project.
ii) The Company has outstanding loan for its motor car of Rs.
24,50,375/- taken from Kotak Mahindra Prime Limited which is registered
in the name of the Director of the Company. Vehicle loan is secured
against Motor Car. Balance Repay able in 10 installment of Rs.
2,52,600/- each payable on 10th of every month, maturing in Jan-2013.
Vehicles loan of Rs 24.50 Lacs (Previous Year 27.66 lacs) falls due for
repayment within one year.
i. Contingent Liabilities :
Corporate Guarantees given to the bankers by the Company on behalf of
the Wholly Owned Subsidiary Company Sea-King Club Private Ltd in
respect of Credit facilities availed aggregating to Rs. 50 crores (Rs.
6.59 crores withdrawn till 31.03.2012 by Subsidiary Company) (P.Y.
Rs.6.62 crores).
Due to loss of writ against State of Maharashtra, by Maharashtra
Chamber of Housing Industry (MCHI) on April 10, 2012 Company may be now
liable to pay Maharashtra Value Added Tax (MVAT) from financial year
2006-07. Company may be liable to pay MVAT as soon as same are
decided/worked out by the authorities. The tax demand shall be paid and
claimed as expenses in the year of actual payment.
However, MCHI has filed a petition with Supreme Court and the judgment
is still awaited. Liability for the same cannot be crystallized due to
uncertainty of the amount.
ii. Segment Reporting:
The Company has mainly one reportable business and geographical segment
and hence no further disclosure is required under Accounting Standard
(AS) 17 on Segment Reporting issued by the Institute of Chartered
Accountants of India (ICAI).
iii) Miscellaneous
a) Gratuity payment is accounted on actual payment basis as per company
policy. However as per the payment of Gratuity Act 1972, the amount
accured as on 31/03/2012 should not exceed Rs. 32 Lacs.
b) Foreign Exchange Earnings & Outgo: There is no expenditure /
earnings in foreign exchange for the current year (Previous year Rs.
NIL)
c) Requirements of Section 217 (2A) of the Companies Act, 1956: The
Company has no employee in receipt of remuneration exceeding the limits
prescribed u/s 217 (2A) of the Companies Act, 1956.
d) To Comply with Revised Schedule VI, Previous year's figures are
regrouped / recast wherever necessary.
Mar 31, 2011
I. Secured Loans:
a) During the year Company has availed Cash Credit facility amounting
to Rs. 35 crores from State Bank of India. The cash credit facility is
secured by equitable mortgage in favor of the CompanyÃs bankers &
Hypothecation of receivables and stock of the Prime Business Park, Vile
Parle (W) & Prime Mall, Pune property. The cash credit facility is also
secured by personal guarantees of Shri. P. L. Soni, Shri. Manish P.
Soni and Shri. Vishal P. Soni, Promoter Directors of the Company.
b) Vehicles loan of Rs 27.66 Lacs (Previous Year 25.88 lacs) falls due
for repayment within one year.
ii. The Company has mainly one reportable business and geographical
segment and hence no further disclosure is required under Accounting
Standard (AS) 17 on Segment Reporting issued by the Institute of
Chartered Accountants of India (ICAI).
iii. Contingent Liabilities: Corporate Guarantees given to the bankers
by the Company on behalf of the Subsidiary Company Sea-King Club
Private Ltd in respect of Credit facilities availed aggregating to Rs.
50 crores (Rs. 6.59 crores withdrawn during the year by Subsidiary
Company)
iv. The Company has purchased a Motor Car for Rs.1,06,09,446/ - and
taken a loan thereon from Kotak Mahindra Prime Limited of Rs.
80,47,400/ -which is registered in the name of Director of the Company.
v. During the year Company has given an interest free loan amounting
to Rs. 85,63,142/ - to subsidiary company for redevelopment of its
hotel building.
vi. Other Liabilities includes Rs. 5,00,00,000/ - for the business
expediency and are payable by the Company.
vii. Balances appearing under the head Sundry Creditors are subject to
confirmation and reconciliation.
viii. During the year Company has written off Rs.1,25,000/ Ã as bad
debts and written back Rs. 16,67,788/ - in the books which are
incidental to the business of the Company.
ix. During the year additional expenses of Rs. 3,01,46,252/-incurred
on the property at Vile Parle (W) which is under the Fixed assets block
and no depreciation is charged on the property being Capital Work in
Progress.
x. During the year no expenses incurred & charged against the income
received from Dividend on shares.
xi. Gratuity payment is accounted on cash basis as per policy; hence
no provision is made for the same.
xii. Additional Information Pursuant To Section 217(1) To The
Companies Act, 1956: The Licensed capacity, installed capacity and
actual production, opening and closing stock of finished goods, Sale of
finished goods and Raw and Packing Material consumed in quantity and
value, Classification of Raw and Packing Materials consumed, are not
relevant to the Company since it is engaged in civil construction and
real estate development business.
xiii. Micro, Small and Medium Enterprise:
The creditors of micro, small and medium enterprise are timely paid as
per terms of contract and there are no over dues to any enterprise,
hence,
xv. As no Commission is payable to Chairman, the computation of the
net profits in accordance with the section 309 (5) read with section
349 of the Companies Act, 1956 of India has not been given.
xvi. Related Parties Disclosures Under Accounting Standard 18 Of ICAI:
(A) Particulars of Party where control exists / Relative of parties
where control exists:
Name of the Related Party Nature of Relationship
(i) M/s. Prime Property Developers Proprietor Firm in which control
exists
(ii) M/s Sea-King Club Private Wholly-owned Subsidiary Company
Limited
(B) Key Management Personnel:
Shri. Padamshi L. Soni Chairman
Shri. Manish P. Soni Whole Time Director
Shri. Vishal P. Soni Whole Time Director
Shri. Alok A. Chowdhury Whole Time Director & CEO
xvii. Foreign Exchange Earnings & Outgo:
There is no expenditure / earnings in foreign exchange for the current
year (Previous year Rs. NIL)
xviii. Requirements of Section 217 (2A) of the Companies Act, 1956
The Company has no employee in receipt of remuneration exceeding the
limits prescribed u/s 217 (2A) of the Companies Act, 1956.
xix. Deferred Tax Liability / Assets:
In accordance with Accounting Standard 22, relating to "Accounting on
Taxes on IncomeÃ, the deferred tax asset of Rs. 1,50,55,531/ - for the
current year has been shown as income for the Current year. The
component of deferred tax liability and assets is as under:
Mar 31, 2010
I. Secured Loans:
a) During the year Company has repaid its Outstanding Term Loan of Rs.
698.74 lacs taken from Syndicate Bank.
b) Vehicles loan of Rs 25.88 Lacs (Previous Year 12.45 lacs) falls due
for repayment within one year.
ii. The Company has mainly one reportable business and geographical
segment and hence no further disclosure is required under Accounting
Standard (AS) 17 on Segment Reporting issued by the Institute of
Chartered Accountants of India (ICAI).
iii. In the opinion of the Directors there were no contingent
liabilities as at the Balance Sheet date.
iv. During the year, Company has acquired business and 100% Equity
shares of a Private Limited Company namely, Sea-King Club Private
Limited for amounting to Rs. 30.10 crores.
v. During the year Company has written off in the books Rs.
13,24,331/- as bad debts which are incidental to the business of the
Company
vi. During the year Vile Parle (W) property under the fixed assests
blocks was demolished and additional expenditure of Rs. 1,52,75,867/-
incurred for reconstruction of the said fixed assets. No depreciation
is charged on the property being Capital work in progress. Estimated
contract remaining to be executed on capital Expenditure amounting to
Rs.1,300 lakhs for fixed assests are not provided as being work in
progress of project.
vii. Other Income includes Rs. 500,000/- realization of amount written
back of earlier year.
viii. During the year no expenses incurred & charged against the
income received from Dividend on shares.
ix. Gratuity payment is accounted on cash basis as per policy; hence
no provision is made for the same.
x. Additional Information Pursuant to Section 217(1) to the Companies
Act, 1956:
The Licensed capacity, installed capacity and actual production,
opening and closing stock of finished goods, Sale of finished goods and
Raw and Packing Material consumed in quantity and value, Classification
of Raw and Packing Materials consumed, are not relevant to the Company
since it is engaged in civil construction and real estate development
business.
xi. Micro, Small and Medium Enterprise:
The creditors of micro, small and medium enterprise are timely paid as
per terms of contract and there are no over dues to any enterprise,
hence, no provision of any interest is made.
xii. Related Parties Disclosures Under Accounting Standard 18 Of ICAI:
(A) Particulars of Party where control exists / Relative of parties
where control exists:
Name of the Related Party Nature of Relationship
(i) M/s. Prime Property Developers Proprietor Firm in which control
exists
(ii) M/s Sea-King Club Private Limited Wholly-owned Subsidiary Company
(B) Key Management Personnel:
Nature of Relationship
(i) Mr. Padamshi L. Soni Chairman
(ii) Mr. Manish P. Soni Whole Time Director
(iii) Mr. Vishal P. Soni Whole Time Director
(iv) Mr. Alok A. Chowdhury Whole Time Director & CEO
xiii. Previous years figures are regrouped / recast wherever
necessary.