Mar 31, 2017
Note 1(a) - The Company has only one class of equity shares having par value of Rs.2 per share. Each holder of equity shares is entitled to one vote per share.
Note (b)- There was no issue of shares alloted as fully paid up pursuant to Contarct(s) without payment being received in cash or buyback or bonus shares in the preceeding five years.
(b) Capital work in progress : Rs. 45.63 lacs spent on villa no. 6 Purchased by the Company.
Notes :
2. Vehicle acquired on Hire-Purchase basis amounting to Rs. 203.78 lacs and Net Block amounts to Rs.127.64 lacs
3. Reduction in Land includes reduction of proportionate Business Reconstruction Reserve of Rs.2,617.96 lacs due to Sale/Transfer of Land during the year
Notes :
4. Vehicle acquired on Hire-Purchase basis amounting to Rs.192.72 lacs and Net Block amounts to Rs.143.03 lacs
5. Reduction in Land includes reduction of proportionate Business Reconstruction Reserve of Rs.11,626.18 lacs due to Sale/Transfer of Land during the year
6. a. In the opinion of the management, assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.
b. The accounts of certain Trade Receivables, Trade Payables, Loans & Advances are however, subject to formal confirmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current periodâs financial statements on such reconciliation/adjustments.
7. Employee Benefit Plans :
Defined contribution plans :
The company contributed to Provident Fund to defined contribution plans for qualifying employees. Under the Scheme, the Company is required to contribute a specified percentage of the payroll cost to fund benefits.
Notes: i. The entire Plan Assets are managed by LIC
ii. The expected return on Plan Assets is as furnished by LIC
iii. The estimate of future salary increase takes in to account inflation, likely increments, promotions and other relevant factors.
Notes:
1. The related parlies have been identified by the Management and relied upon by the auditors.
2. No amount has been provided for/written off/written back, pertaining to related parties.
3. Figures in bracket represent previous year''s figures.
8. Consolidated Financial Statements :
As per Accounting Standard 21 on âConsolidated Financial Statementsâ and Accounting Standard 23 on â Accounting for Investments in Associates in Consolidated Financial Statementsâ notified under the âThe Companies Accounting Standards Rules, 2006â the company has presented Consolidated Financial Statements separately, in this annual report.
9. Previous yearâs figures are re-grouped/reclassified, wherever necessary inter-alia to conform to current yearâs presentation.
Mar 31, 2016
1. Vehicle acquired on Hire-Purchase basis amounting to Rs. 192.72 lacs (Previous year Rs.92.48 lacs) and Net Block amounts to Rs.145.06 lacs (Previous year Rs.84.78 lacs)
2. Reduction in land Includes reduction of proportionate business reconstruction value is Rs. 11,626,13 lacs (Previous year Rs. 1.091.32 lacs) due to sale I transfer of land during the year.
3. Figures in brackets represents previous year''s figures.
4. a. In the opinion of the management, assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.
b. The accounts of certain Trade Receivables, Trade Payables, Loans & Advances and Banks are however, subject to formal confirmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current period''s financial statements on such reconciliation/adjustments.
5. Employee Benefit Plans :
Defined contribution plans:
The company contributed to Super annuation and Provident Fund to defined contribution plans for qualifying employees. Under the Scheme, the Company is required to contribute a specified percentaqe of the payroll cost to fund benefits. . ,
Notes: i. The entire Plan Assets are managed by LIC
ii. The expected return on Plan Assets is as furnished by LIC
iii. The estimate of future salary increase takes in to account inflation, likely increments, promotions and other relevant factors.
6. Consolidated Financial Statements :
As per Accounting Standard 21 on âConsolidated Financial Statementsâ and Accounting Standard 23 on â Accounting for Investments in Associates in Consolidated Financial Statementsâ notified under the âThe Companies Accounting Standards Rules, 2006â the company has presented Consolidated Financial Statements separately, in this annual report.
7. Previous yearâs figures are re-grouped/reclassified, wherever necessary inter-alia to conform to current yearâs presentation.
Mar 31, 2015
Note 1
Additional information to the financial statements
01. Contingent liabilities and commitments
As at 31st As at 31 st
March, 2015 March. 2014
a. Contingent liabilities (to the extent
not provided for) Disputed Tax Demands
(Including Interest up to the date of demand)
(a)SalesTax : 11.58 11.58
The Sales tax liabilities of Rs.4.87 lacs is
related to issue of 'C' form during 1997-98.
Sales Tax Appellate Tribunal issued order in
favour of Company and asked Department to
verify the material facts of the case. Case
not yet taken up by the department
B)Income Tax 743.09 743.09
(Tax deposits Rs.207.48 lacs pr.yr.207.48 lacs)
The Income Tax liability for AY 2009-10 for
Rs.551.09 lacs is under appeal before the Hon'ble
Madras High Court and the High Court has given
stay against the order of Income Tax Appellate
Tribunal and collection of demand.
b. Commitments
Other money for which the company is contingently
liable; Export Documen- 1,056.91 1,079.15
tatry bills discounted with Bank (Since Realized-
Rs.243.75 lacs Previous year Rs.410.80 lacs)
02. a. In the opinion of the management, assets other than fixed assets
and non-current investments have a value on realization in the ordinary
course of business at least equal to the amount at which they are
stated. -
b. The accounts of certain Trade Receivables, Trade Payables, Loans &
Advances and Banks are however, subject to formal
confirmations/reconciliations and consequent adjustments, if any. The
management does not expect any material difference affecting the
current period's financial statements on such
reconciliation/adjustments. /
3. Segment Information:
List of Related Parties and nature of relationships:
Wholly owned subsidiaries :
ATL Textile Processors Limited
Manoj Yarn Processors Limited
Pee Dee Yarn Processors Limited
Patodia Developers Pvt Ltd
With whom transactions have been entered in to :
(i) Associates
Prime Developers
Prime New line AOP
Prime Mall Developers
Prime Hitech Admin Services LLP
Aadarsh Jann Aawaash Limited
(ii) Key Managerial Personnel
Mr. Purusottam Das Patodia Chairman and Managing Director
Mr. Manoj Kumar Patodia Vice Chairman and Managing Director
Mr. Anuj Patodia Managing Director
(iii) Enterprises having Common Key Management Personnel
Pat Credit Limited
Anjana Syntex Co. Limited
(iv) Relatives of Key Managerial Personnel
Mrs.lndiradevi Patodia Wife of Mr. Purusottam Das Patodia
Mrs.Nandita Patodia Wife of Mr. Manoj Kumar Patodia
Mrs.Meenal Patodia Wife of Mr.Anui Patodia
Notes:
1. The related parties have been identified by the Management and
relied upon by the auditors.
2. No amount has been provided for/written off/written back, pertaining
to related parties.
4. Consolidated Financial Statements:
As per Accounting Standard 21 on "Consolidated Financial Statements"
and Accounting Standard 23 on " Accounting for Investments in
Associates in Consolidated Financial Statements" notified under the
"The Companies Accounting Standards Rules, 2006" the company has
presented Consolidated Financial Statements separately, in this annual
report.
5. Figures in bracket represent previous year's figures.
Mar 31, 2014
Note 1(a) Equity Shares of more than 5% of Equity Shares are held by :
1(b)- There was no issue of shares alloted as fully paid up pursuant to
Contarct(s) without payment being received in cash or buyback or bonus
shares in the preceeding five years. -
1 (c) - The Company has only one class of equity shares having par
value of Rs.2 per share. Each holder of equity shares is entitled to
one vote per share.
1(d)- There is no change in the number of shares outstanding at the
beginning and at the end of the year.
1(e) During the year, Company made preferential allotment of Share
Warrants of 39,00,000 at Rs.5 per warrant with the option of converting
each warrant into a Equity Share of Rs.2 each and the balance as Share Premium. The Promoters had subscribed 25% amounting to Rs.48.75 lacs
of total subscription of Rs. 195.00 lacs and the balance amount to be contributed within 18 months i.e., before 28.04.2015
2. Employee Benefit Plans:
Defined contribution plans:
The company contributed to Superannuation and Provident Fund to defined
contribution plans for qualifying employees. Under the Scheme, the
Company is required to contribute a specified percentage of the payroll
cost to fund benefits.
3. Disclosure in respect of related parties pursuant to Accounting
Standard -18 (AS 18):- List of Related Parties and nature of
relationships:
Wholly owned subsidiaries:
ATL Textile Processors Limited Manoj Yarn Processors Limited Pee Dee
Yarn Processors Limited
With whom transactions have been entered in to:
(i) Associates
Aadarsh Jam Aawaash Limited Prime Developers
Prime Mall Developers
Prime New line AOP
Prime Hitech Admin Services LLP
(ii) Key Managerial Personnel
Mr. Purusottam Das Patodia Chairman & Managing Director Mr. Manoj Kumar
Patodia Vice Chairman & Managing Director Mr. Anuj Patodia Managing
Director
(iii) Enterprises having Common Key Management Personnel Pat Credit
Limited
Anjana Syntex Co. Limited
(iv) Relatives of Key Managerial Personnel
Mrs.lndira Devi Patodia
wife of Mr. Purusottam Das Patodia
Mrs.Nandita Patodia
wife of Mr. Manoj Kumar Patodia
Mrs.Meenal Patodia
wife of Mr.Anuj Patodia
4 Consolidated Financial Statements:
As per Accounting Standard 21 on "Consolidated Financial Statements"
and Accounting Standard 23 on "Accounting for Investments in
Associates in Consolidated Financial Statements" notified under the
"The Companies Accounting Standards Rules, 20,06" the company has
presented Consolidated Financial Statements separately, in this annual
report.
5. The exceptional items at the year end includes Share warrant
expenses of Rs.4.77 lacs and Share of Loss from the Firm in which
Company is a Partner with respect to Service Tax Liability of earlier
years amounting to Rs.54.61 lacs.
6. Previous year''s figures are re-grouped/reclassified, wherever
necessary inter-alia to conform to current year''s presentation.
Mar 31, 2013
1a. In the opinion of the management, assets other than fixed assets
and non-current investments have a value on realization in the ordinary
course of business at leas! equal to the amount at which they are
stated.
b. The accounts of certain Trade Receivables, Trade Payables, Loans &
Advances and Banks are however, subject to formal
confirmations/reconciliations and consequent adjustments, if any. The
management does not expect any material difference affecting the
current period''s financial statements on such
reconciliation/adjustments.
2 Consolidated Financial Statements :
As per Accounting Standard 21 on "Consolidated Financial Statements"
and Accounting Standard 23 on ''Accounting for Investments in Associates
in Consolidated Financial Statements" notified under the "The Companies
Accounting Standards Rules. 2006" the company has presented
Consolidated Financial Statements separately, in this annual report.
3. Previous year''s figures are re-grouped/reclassified, wherever
necessary, inter-alia, to conform to current year''s presentation.
Mar 31, 2011
Rs. in thousands Rs. in thousands
1) Contingent liabilities
not provided for in respect of 31.03.2011 31.03.2010
(a) Disputed tax demands
(including interest upto the
date of demand)
i) Sales tax, etc. 1,007 1,007
ii) Incometax 7,612 7,612
Total 8,619 8,619
(b) Export documentary bills
discounted with Bank 30,050 63,735
(since realized Rs. 24,560
thousands ; previous year
Rs. 63,735 thousands)
2) Secured loans dealt in Schedule 3 of the Balance Sheet are secured
as under: -
1. Hire purchase loans for purchase of vehicles are secured by
hypothecation of respective vehicles.
2. Working capital advances (Both Funded and Non-funded) from bank are
secured by hypothecation of current assets and further secured by way
of second charge over the land belonging to an Associate Company and
further guaranteed by three of the Directors of the Company.
3) Disclosure in respect of related parties pursuant to Accounting
Standard -18 (AS 18):- List of Related Parties and nature of
relationships:
i) Where control exists: (Wholly owned subsidiary companies):
ATL Textile Processors Limited
Manoj Yarn Processors Limited
Pee Dee Yarn Processors Limited
Prime Hometex Industries (India) Limited
ii) Other Parties with whom the Company has entered into transactions
during the year:
a) Associates: -
Aadarsh Jann Aawaash Limited
Prime Developers
Prime Mall Developers
Prime-Newline AOP
b) Key Managerial Personnel
Mr. Purshottam Patodia, Chairman & Managing Director
Mr. Manojjkumar Patodia, Vice Chairman & Managing Director
Mr. Anujj K. Patodia, Managing Director
c) Enterprises having Common key Management Personnel
Pat Credit Limited
Anjana Syntex Co. Limited
d) Relatives of Key Managerial Personnel:
Mrs. lndiradevi Patodia, wife of Mr. Purushottam Patodia
Mrs. Nandita Patodia, wife of Mr. Manojjkumar Patodia
Mrs. Meenal Patodia, wife of Mr. Anujj K. Patodia
4) As per Accounting Standard 21 on "Consolidated Financial
Statements" and Accounting Standard 23 on "Accounting for Investments
in Associates in Consolidated Financial Statements" notified under
Rules, the company has presented consolidated financial statements
separately, in this annual report.
5) (a) In the opinion of the Board of Directors, 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 in
the Balance Sheet.
(b) Balance of certain Debtors, Creditors and Advances are yet to
reconciled and confirmed. In the opinion of the Management the
difference would be insignificant.
6) a) Land to an extent of 5.02 acres has been converted from fixed
assets to business asset and held as Stock-in-trade (held for
development). The resultant gain on such conversion has been recognized
in the Profit and Loss account.
b) Land to an extent of 0.7442 acres has been conveyanced to the local
authorities by way of gift for Open Space Reserve and for Road Widening
in order to comply with conditions to obtain necessary approvals for
construction of Villa.
c) An extent of 1.216 acres earmarked to M/s. Newline Buildtech Private
Limited towards twenty five percent of Development Rights as per the
terms of agreement.
d) The Scheme of arrangement presented Under Section 391 of the
Companies Act, 1956 entered into between the Company and their
Shareholders has been approved by the Hon'ble Judicature of Madras
Court on 22nd September, 2010 (financial year 2009-10). As per the
Scheme, the Business Reconstruction Reserve Account was created through
an exercise of reinstatd value of immovable properties of the Company
at their fair values.
Consequent to the conversion into stock in trade and transfer of land
mentioned in paras a, b & c, a sum of Rs. 9,10,352 thousands has been
reversed from the Business Reconstruction Reserve.
7) The company had invested to an extent of Rs.45,500 thousands in
wholly owned Subsidiary Company Ms. Prime Hometex Industries (India)
Limited incorporated in 2007 for pursuing the project for manufacture
of Home Textile Products. However in the light of continued depressed
conditions in the home textile market, further progress in the project
could not be made. The management is however, hopeful of pursuing with
the project after prevailing conditions improve. Accordingly no
provision for diminution in the value thereof is considered necessary.
8) There is no tax liability on the profits earned after considering
the provisions of the Income Tax Act, 1961 for the regular computation
as well as Minimum Alternate Tax under section 115JB.
9) Disclosure in respect of Accounting Standard 15" Employees
Benefits" notified in the Companies (Accounting Standards) Rule 2007:
Employee Benefit
The gratuity liability is funded by Life Insurance Corporation of India
under Group Gratuity Cash Accumulation Scheme
10. Previous year's figures are re-grouped/re-arranged, wherever
necessary to conform to this year/s presentation.
Mar 31, 2010
Rs. in thousands Rs. in thousands
1) A) Contingent liabilities not
provided for in respect of 31.03.2010 31.03.2009
(a) Disputed tax demands
i) Sales tax, cess etc. 1,007 1,007
ii) Incometax 7,612 7,612
Total 8,619 8,619
(b) Export documentary bills discounted
with Bank 63,735 58,000
(since realized Rs.63,735 thousands
previous year Rs. 37,144 thousands)
(c) Corporate Guarantee
i) ATL Textile Processors Limited
subsidiary of the company 52,900 52,900
has given corporate guarantee to the
working capital bankers of the company
ii) Manoj Yarn Processors Limited has
given corporate 600 600
guarantee to the working capital
bankers of the company
iii) Pee Dee Yarn Processors Limited has
given corporate 400 400
guarantee to the working capital
bankers of the company
2) Secured loans dealt in Schedule 3 of the Balance Sheet are secured
as under: -
1. Hire purchase loans and terms loans for purchase of vehicles are
secured by hypothecation of respective assets.
2. Working capital advances from bank are secured by hypothecation of
current assets and further secured by way of second charge over the
land belonging to an Associate Company and further guaranteed by three
of the Directors of the Company.
3) Foreign Exchange transactions:
Amount of Foreign Exchange difference (net) credited in the Profit and
Loss Account Rs.436 thousands [previous year (Rs.3,006) thousands
4) Disclosure in respect of related parties pursuant to Accounting
Standard -18 (AS 18):- List of Related Parties and nature of
relationships:
i) Where control exists: (Wholly owned subsidiary companies):
ATI Textile Processors Limited
Manoj Yarn Processors Limited
Pee Dee Yarn Processors Limited
Prime Hometex Industries (India) Limited
ii) Other Parties with whom the Company has entered into transactions
during the year:
a) Associates:-
Aadarsh Jann Aawaash Limited ATLSelina Innerwear Private Limited Prime
Developers Prime Mall Developers Prime-NewlineAOP
b) Key Managerial Personnel
Mr. Purshottam Patodia, Chairman & Managing Director
Mr. Manojjkumar Patodia, Vice Chairman & Managing Director
Mr. AnujjK.Patodia, Managing Director
c) Enterprises having Common key Management Personnel Pat Credit
Limited
Anjana Syntex Co. Limited
d) Relatives of Key Managerial Personnel: Mrs.lndiradevi
Patodia,wifeofMr. Purushottam Patodia Mrs. Nandita Patodia, wife of Mr.
Manojjkumar Patodia Mrs.Meenal Patodia, wife of Mr.AnujjK. Patodia
5) As per Accounting Standard 21 on "Consolidated Financial
Statements" and Accounting Standard 23 on "Accounting for Investments
in Associates in Consolidated Financial Statements" notified under
Rules, the company has presented consolidated financial statements
separately, in this annual report.
6) (a) In the opinion of the Board of Directors, 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 in
the Balance Sheet. (b) Balance of certain Debtors, Creditors and
Advances are yet to reconciled and confirmed. In the opinion of the
Management the difference would be insignificant.
7) The Honble High Court of Madras vide its order 22nd September,
2010 approved a Scheme of Arrangement between the Company and its
shareholders ("the Scheme"). The Scheme provides that with effect from
1st of April, 2009, the Appointed Date, a significant portion of Free
hold Land, as the Company considers relevant and appropriate, will be
reinstated at their respective fair values as determined by recognized
valuers. Consequently, any adjustment on account of such reinstatement
would be reflected in Business Reconstruction Reserve Account ("BRR")
of the Company.
The Scheme further provides that the aggregate amount under the BRR
created by way of reinstatement of Land and Building would be utilized,
to the extent considered necessary and appropriate by the Board of
Directors of the Company, from time to time, to adjust certain write
off/impairment/diminution and other expenses as mentioned in the Scheme
until the balance is available in the BRR account.
In terms of the Scheme, the Company had reinstated significant portion
of its freehold land by creating Rs.24,74,868 thousands to the BRR and
as per the Scheme, the BRR was further credited by an amount of
Rs.54,000 thousands and Rs.65,000 thousands being the amounts standing
to the credit of Securities Premium Account and Capital Redemption
Account respectively as on 31st March, 2009. During the year, an amount
of Rs. 64,615 thousands and Rs. 1,87,169 thousands were transferred
from BRR to General Reserve and Profit and Loss account respectively.
As per the Scheme, an aggregate amount Rs. 23,504 thousands was
transferred from the BRR on account of the following expenses:
a) Amortised amount of VRS Compensation Rs.18,004 thousands
b) Exceptional / Extraordinary items Rs.5,500 thousands.
8) With Core business of the Company in textiles having been changed
to the realty segment, the Company has changed its name as "Prime Urban
Development India Limited" with effect from 5th July, 2010. ^-
9) The company had invested to an extent of Rs.45,500 thousands in
wholly owned Subsidiary Company Ms.Prime Hometex Industries (India)
Limited incorporated in 2007 for pursuing the project for manufacture
of Home Textile Products. However in the light of continued depressed
conditions in the home textile market and local problem thwarting
efforts to acquire suitable lands, further progress in the project
could not be made so far. The management is however, hopeful of
pursuing with the project after prevailing conditions improve.
Accordingly no provision for diminution in the value thereof is
considered necessary.
10. Previous years figures are re-grouped/re-arranged, wherever
necessary to conform to this year/s presentation.
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