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Notes to Accounts of Rajeswari Infrastructure Ltd.

Mar 31, 2015

1. CORPORATE INFORMATION

Rajeswari Infrastructure Limited is a public Company domiciled in India and incorporated under the provisions of Companies Act, 1956. The Company is engaged in the Construction Industry for the past 13 years, in addition entered into Service Apartments industry for the past 4 years and also continuing the printing business for the past 22 years.

2. BASIS OF PREPARATION

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 2013. The financial statements have been prepared on mercantile basis and under the historical cost convention. The Company has prepared financial statements as per the Revised Schedule III notified under the Companies Act, 2013.

3. CONTINGENT LIABILITIES 31st March 2015 31st March Rs. 2014 Rs.

Claims against the company not acknowledged as debt

1 Disputed Income Tax Liability 4,822,287 4,822,287

2 Disputed Sales Tax Liability 359,025 359,025

3 Service Tax Liability - 2,869,969

5,181,312 8,051,281

$. Other Notes to account

1. Appeal by the Company is pending with the High Court against which Rs.3,029,118 is already deposited.

2. SEGMENT REPORTING

Schedule Attached

3. RELATED PARTY DISCLOSURE

As per Accounting Standard - 18 on 'Related Part/ Disclosure' related parties of the Company are disclosed below

A. List of related parties :

Key Management Personnel (KMP)

Mr.Guruswamy Ramamurthy

Usha Ramamurthy

Other Related Parties

Rajeswari Prints,Tirupur - Partner G.Kumar (G. Ramamurthy's Brother)

4. Impairment of Assets

During the year the company has reviewed its assets as per As-28 on 'Impairment of Assets', no provision for impairtment is required to be recognised during the year.

5. Confirmation of balances :

Sundry Debtors, Loans & Advances and Deposits are subject to confirmation. The management, however, does not expect any material change

6. Particulars of installed capacities,quantities and value of each class of goods dealt with by the Company, opening and closing stocks, production and raw mateials consumed by the Company have not been reported since the nature of business of the Company is construction of houses based on orders from its customers.

7. Previous year's figures have been regrouped wherever considered necessary.


Mar 31, 2014

1. CORPORATE INFORMATION

Rajeswari Infrastructure Limited is a public Company domiciled in India and incorporated under the provisions of Companies Act, 1956.The Company is engaged in the Construction Industry for the past 12 years, in addition entered into Service Apartments industry for the past three years and also continuing the printing business for the past 21 years.

2. BASIS OF PREPARATION

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on mercantile basis and under the historical cost convention. The Company has prepared financial statements as per the Revised ScheduleVI notified under the Companies Act, 1956.

2.1. From Banks

Facility 1

a. Term Loan (car) was taken during the FinancialYear 2011-12. The Loan is repayable in 60 monthly installments along with interest starting from 07.08.2011. The loan is secured by hypothecation of movable fixed asset (Sumo Grande).

b. Term Loan was taken in the month of October 2011. The Loan is repayable in 60 monthly installments along with interest starting from 07.10.2011. The loan is secured by hypothecation of movable fixed asset (BMW Car)

c. Term Loan was taken in the month of February 2013. The Loan is repayable in 60 monthly installments along with interest starting from 07.03.2013. The loan is secured by hypothecation of movable fixed asset (Fortuner Car).

Facility 2

a. Term Loan was taken in May 2012. The Loan is repayable in 14 monthly instalments alongwith interest starting from April 2013. The loan is secured by hypothecation of property situated at 136/2, 137/lb, Sri Vijaya Vigneshwara Nagar, Vandalur, ChelgalpattuTaluk, Kancheepuram.

b. Term Loan was taken in March 2014. The Loan is repayable in 9 monthly instalments alongwith interest starting from .The loan is secured by hypothecation of vacant land situated at Plot No.88, 7 Pagodas, New Mahabalipuram, Saluvan Kuppam Village, Thiruporur (Personal property of related party R.Rajesh Kumar).

2.2 From Others

Facility 3

a. Term Loan (car) was taken in the month of November 20l3.The Loan is repayable in 36 monthly installments along with interest starting from 10.01.2014. The loan is secured by hypothecation of movable fixed asset (Hyundai i 10).

b. Term Loan was taken in the month of November 2013. The Loan is repayable in 36 monthly installments along with interest starting from 10.01.2014. The loan is secured by hypothecation of movable fixed asset (I20 Car).

c. Term Loan was taken in November 2013. The Loan is repayable in 36 monthly instalments alongwith interest starting from 10.01.2014. The loan is secured by hypothecation of movable fixed asset (Innova Car).

d. Term Loan was taken in Nov 2013. The Loan is repayable in 36 monthly instalments alongwith interest starting from 10.01.2014. The loan is secured by hypothecation of movable fixed asset (Honda Civic Car).

Facility 4

a. Term Loan was taken in the Financial Year 2009-2010 and rescheduled w.e.f. December 20l3.The loan is repayable in 102 monthly instalments alongwith interest starting from January 20l4.The loan is secured by charge against property situated at Plot No.248, Door No.18/23, 2nd Cross street, East CIT Nagar, Nandanam, Chennai - 35.

b. Term Loan was taken in the Financial Year 2010-2011 and rescheduled w.e.f. December 20l3.The loan is repayable in 103 monthly instalments alongwith interest starting from January 20l4.The loan is secured by charge against property situated at Plot No.287 & 288, O.S No.637, Present S.No.637/l9, Kamakotti Nagar, Pallikaranai, Chennai - l00.

c. Term Loan was taken in the month ofAugust 20ll and rescheduled w.e.f. December 20l3. The loan is repayable in l20 monthly instalments alongwith interest starting from January 20l4. The loan is secured by charge against property situated at Plot No.284, 285 & 286, Kamakotti Nagar, Pallikaranai, Chennai - l00.

d. Term Loan was taken in the month of May 20l2 and rescheduled w.e.f. December 20l3. The loan is repayable in l20 monthly instalments alongwith interest starting from January 20l4. The loan is secured by charge against property situated at Plot No.284, 285 & 286, Kamakotti Nagar, Pallikaranai, Chennai - l00.

e. Term Loan was taken in the month of May 20l2.The loan is repayable in l20 monthly instalments alongwith interest starting from July 20l2. The loan is secured by charge against property situated at Plot No.287 & 288, Kamakotti Nagar, Pallikaranai, Chennai - l00.

f. Term Loan was taken in the month of June 20l3 and rescheduled w.e.f. December 20l3. The loan is repayable in l20 monthly instalments alongwith interest starting from January 20l4. The loan is secured by charge against property situated at Plot No.284, 285 & 286, Kamakotti Nagar, Pallikaranai, Chennai - l00.

g. Term Loan was taken in the month of June 20l3 and rescheduled w.e.f. December 20l3.The loan is repayable in 9l monthly instalments alongwith interest starting from January 20l4.The loan is secured by charge against property situated at Plot No.287 & 288, Kamakotti Nagar, Pallikaranai, Chennai - l00.

h. Term Loan was taken in the month of June 20l3.The loan is repayable in l20 monthly instalments alongwith interest starting from July 20l3. The loan is secured by charge against property situated at Plot No.248, Door No.l8/23, 2nd Cross street, East CIT Nagar, Nandanam, Chennai - 35.

Facility 5

a. Term loan was taken in the month ofJanuary 20l2.The loan is repayable in 60 monthly instalments along with interest starting from Apr 20l2.The loan is colaterally secured by Property situated at No.ll, Jaganathan Street, Lakshman Nagar, Kottivakkam, Chennai-41, belonging to Director.

Facility 6

a. Term loan was taken in the month of June 2013. The loan is repayable in 36 monthly instalments along with interest starting from July 20l3.The loan is colaterally secured by Generator Asset in use at office premises situated at Plot No.248, Door No.l8/23, 2nd Cross street, East CIT Nagar, Nandanam, Chennai - 35.

Facility 7

a. Term loan was taken in the month of October 20l3. The loan is repayable in 60 monthly instalments along with interest starting from November 20l3. The loan is colaterally secured by Printing Machinery Asset in use at Printing Division premises situated atTSll3,ThiruVi Ka Industrial Estate, Ekkatuthangal, Chennai 600 032.

b. Term loan was taken in the month of September 20l3. The loan is repayable in 60 monthly instalments along with interest starting from October 20l3. The loan is colaterally secured by Printing Machinery Asset in use at Printing Division premises situated at TSll3,ThiruVi Ka Industrial Estate, Ekkatuthangal, Chennai 600 032.

3.1 Contributions are made as per Provident Fund Rules to the prescribed authorities. Provision for gratuity has not been made during this year as the Company has gone for acturial valuation and the prescribed scheme is yet to be finalised and hence no provision is made. The Company does not have the policy of encashment of Earned Leave, hence no provision has been made for leave encashment.

4.1 WIP consists of Projects under Construction, includes land purchased for construction purpose for which the Company has Ownership / Power Of Attorney in its name. No agreement for sale for Bungalow Units relating to this land entered during this year. The above also includes portion of borrowing cost pertaining to unsold or projects in development.

5. CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not provided for)

CONTINGENT LIABILITIES 31st March 2014 31st March 2013 Rs. Rs.

Claims against the company not acknowledged as debt

5.1 Disputed Income Tax Liability 48,22,287 48,22,287

5.2 Disputed Sales Tax Liability 3,59,025 3,59,025

5.3 Service tax Liability 28,69,969 0

80,51,281 51,81,312

6.1. Appeal by the Company is pending with the High Court against which Rs.3,179,118 is already deposited.

6.2 The demand raised by authorities in May 2014 (subsequent event) against which a payment of Rs.20.00 lakhs has aready been made in 2014-15. The reamianing demand shall be paid subsequent to collection from customers.The same has not been provided in the books since it was a contingent liability at the time of closure of books.

7. SEGMENT REPORTING

Schedule Attached

33. RELATED PARTY DISCLOSURE

As per Accountging Standard - 18 on ''Related Party Disclosure'' related parties of the Company are disclosed below: A. List of related parties :

Key Management Personnel (KMP)

Mr.G.Ramamurthy Usha Ramamurhty

Other Related Parties

Rajeswari Prints - Tirupur (G.Ramamurthy - Partner)

R U Constructions Private Limited - Director R.Rajesh Kumar (son of G.Ramamurthy)

8. Impairment of Assets

During the year the company has reviewed its assets as per As-28 on ''Impairment of Assets'', no provision for impairtment is required to be recognised during the year.

9. Confirmation of balances :

Sundry Debtors, Loans & Advances and Deposits are subjectto confirmation. The management, however, does not expect any material change.

10. Particulars of installed capacities, quantities and value of each class of goods dealt with by the Company, opening and closing stocks, production and raw mateials consumed by the Company have not been reported since the nature of business of the Company is construction of houses based on orders from its customers.

11. Previous year''s figures have been regrouped wherever considered necessary.


Mar 31, 2013

1. CORPORATE INFORMATION

Rajeswari Infrastructure Limited is a public Company domiciled in India and incorporated under the provisions of Companies Act, 1956. The Company is engaged in the Construction Industry for the past I I years, in addition entered into Service Apartments industry for the past three years and also continuing the printing business for the past 20 years.

2.BASIS OF PREPARATION

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on mercantile basis and under the historical cost convention.The Company has prepared financial statements as per the Revised Schedule Vi notified under the Companies Act, 1956.

3. CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not provided for)

CONTINGENT LIABILITIES 31st March 2013 31st March 2012 Rs. Rs.

Claims against the company not acknowledged as debt

3.1 Disputed Income Tax Liability 4,822,287 5,146,537

3.2 Disputed Sales Tax Liability 359,025 359,025

3.3 Guarantees - -

5,181,312 5,505,562

3.4. Appeal by the Company is pending with the High Court against which Rs.3,228,207 is already deposited

4. Impairment of Assets

During the year the company has reviewed its assets as per As-28 on ''Impairment of Assets'', no provision for impairtment is required to be recognised during the year.

5.Confirmation of balances

Sundry Debtors, Loans & Advances and Deposits are subject to confirmation. The management, however, does not expect any material change.

6. Particulars of installed capacities, quantities and value of each class of goods dealt with by the Company.openingand closing stocks, production and raw mateials consumed by the Company have not been reported since the nature of business of the Company is construction of houses based on orders from its customers.


Mar 31, 2012

1. CORPORATE INFORMATION

Rajeshwari Infrastructure Limited is a public Company domiciled in India and incorporated under the provisions of Companies Act, 1956. The Company is engaged in the Construction Industry for the past years, in addition entered into Service Apartments industry for the past two years and also continuing the printing business for the past 19 years.

2. BASIS OF PREPARATION

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP).The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on mercantile basis and under the historical cost convention.

PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS

During the year ended March 31,2012, the revised ScheduleVI notified under the Companies Act, 1956, has become applicable to the Company, for preparation and presentation of its financial statements. The adoption of revised scheduleVI does not impact recognition and measurement principles followed for preparation and disclosures made in the financial statements. However.it has significat impact on presentation and disclosures made in the financial statements. The Company has also reclassified the previsous year figures in accordance with the requirements applicable in the current year.

3.1 From Banks Facility

a. Term Loan (car) from Facility I was taken during the Financial Year 2010-11 . The Loan is repayable in 36 monthly installments along with interest starting from 07.01.201 I.The loan is secured by hypothecation of movable fixed asset (Hyundai i 10).

b. Term Loan (car) from Facility I was taken during the Financial Year 2011-12. The Loan is repayable in 60 monthly installments along with interest starting from 07.09.201 I.The loan is secured by hypothecation of movable fixed asset (Sumo Grande).

c. Term Loan from Facility I was taken in the month of October 2011

The Loan is repayable in 60 monthly installments along with interest starting from 07.10.2011.The loan is secured by hypothecation of movable fixed asset (BMW Car).

3.2 From Others

a. Term Loan from Facility 2 was taken in the FinancialYear 2009-2010.The loan is repayable in 108 monthly instalments alongwith interest starting from April 20IO.The loan is secured by charge against property situated at Plot No.248, Door No. 18/23, 2nd Cross street, East CIT Nagar, Nandanam.Chennai - 35.

b. Term Loan from Facility 2 was taken in the FinancialYear 2010-2011 The loan is repayable in 108 monthly instalments alongwith interest starting from September 2010.The loan is secured by charge against property situated at Plot No.287 & 288, O.S No.637, Present S.No.637/19, Kamakotti Nagar, Pallikaranai.Chennai- 100.

c. Term Loan from Facility 2 was taken in the month of August 201 I

The loan is repayable in 120 monthly instalments alongwith interest starting from September 201 I.The loan is secured by charge against property situated at Plot No.284, 285 & 286, Kamakotti Nagar, Pallikaranai, Chennai -100.

d. Term loan from Facility 3 was taken in the month of January 2012.The loan is repayable in 60 monthly instalments along with interest starting from Apr 2012.The loan is colaterally secured by Property situated at No.I I.Jaganathan Street, Lakshmana Nagar, Kottivakkam, Chennai-41, belonging to Director.

e. Term Loan from Facility 4 was taken in March 2012. The Loan is repayable in 36 monthly instalments alongwith interest starting from April 2012.The loan is secured by hypothecation of movable fixed asset (Innova Car).

f. Term Loan from Facility 4 was taken in March 2012. The Loan is repayable in 36 monthly instalments alongwith interest starting from April 2012.The loan is secured by hypothecation of movable fixed asset (Honda Civic Car).

4.1 Employee Benefits in the form of Provident Fund are a defined contribution scheme and the contributions are charges to the Profit And Loss Account of the year when the contribution payable to the respective authorities.

Since the number of employees in the company does not exceed the limit subscribed in the provisions of Payment of Gratuity Act, 1972 is not made applicable to the company.The company does not have the policy of encashment of Earned Leave. Hence no provision has been made for gratuity and leave encashment.

5.1 WIP consists of Projects under Construction, includes land purchased for construction purpose for which the Company has Ownership / Power Of Attorney in its name. No agreement for sale for Bungalow Units relating to this land enterd during this year.

6. CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not provided for) CONTINGENT LIABILITIES

31st March 2012 31st March 2011 Rs. Rs.

Claims against the company not acknowledged as debt 5.1 Disputed Income Tax Liability 5,146,537 5,146,537

6.2 Disputed Sales Tax Liability 359,025 359,025

6.3 Guarantees 5,505,562 5,505,562

7.1. Appeal by the Company is pending with the Income Tax Authorities against which Rs.3028207 is already deposited

8. SEGMENT REPORTING

Schedule Attached

Computation of Net Profit under Section 198 read with Section 309(5) of the Companies Act 1956, has not been made as only minimum remuneration prescribed under Part - B of Section II of Schedula XII of the Act has been paid to the managing and whole time director of the Company.

9. Impairment of Assets

During the year the company has reviewed its assets as per As-28 on 'Impairment of Assets', no provision for impairtment is required to be recognised during the year.

10. Confirmation of balances:

Sundry Debtors, Loans & Advances and Deposits are subject to confirmation. The management, however, does not expect any material change.

11. Particulars of installed capacities, quantities and value of each class of goods dealt with by the Company, opening and closing stocks, production and raw mateials consumed by the Company have not been reported since the nature of business of the Company is construction of houses based on orders from its customers.

 
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