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.
Mar 31, 2010
1. Contingent liabilities not provided for:
Claims against the company / disputed liabilities not acknowledged as
debts:
i) towards disputed income tax liability - Rs.51,46,537 (Previous
year - Rs.39,91,181).
ii) towards disputed sales tax liability - Rs.3,59,025 (Previous
year - Rs.3,59,025).
Appeal by the Company is pending with the Income Tax Authorities
against which Rs.30,28,207/- is already deposited.
The Company has issued 8,00,000 Convertiable warrants on 4th July 2009
by way of preferential issue to various promoters and non promoters .
Each warrant carried an option to get converted within a period not
latter than 18 months into Equity Shares of Rs.10 each at a price of
Rs.10. The Company has received 100% of the issue price in terms of
SEBI Guidelines. Out of the above warrants, 8,00,000 (previous year
Nil) all the Warrants held by Promoters entities were converted into
Equity Shares on 31.08.2009 and 9.10.2009 amounting Rs.80,00,000.
2. Sundry debtors, Sundry creditors and Loans and advances are subject
to confirmation.
3. The Company has incurred the following foreign currency
transactions during the year:
Imports - Nil (Previous year - Nil)
Foreign Travel Expenses - Rs.6,47,535/- (Previous year - Rs.2,72,559/-)
4. Particulars of installed capacity, quantities and value of each
class of goods dealt with by the company, opening & closing stocks,
production and raw materials 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.
5. The Company has issued 8,00,000 Convertiable warrants on 4th July
2009 by way of preferential issue to various promoters and non
promoters. Each warrant carried an option to get converted within a
period not latter than 18 months into Equity Shares of Rs.10 each at a
price of Rs.10. The Company has received 100% of the issue price in
terms of SEBI Guidelines. Out of the above warrants, 8,00,000 (previous
year Nil) all the Warrants held by Promoters entities were converted
into Equity Shares on 31.08.2009 and 9.10.2009 amounting Rs.80,00,000.
6. Company has issued convertible warrants during the year 2007-08
into Equity shares of Rs.10/-each at a premium of Rs.13/- to the
promoters. Since the period of 18 months had elapsed the application
money received amounting to R.18,28,500 have been transferred to
Capital Reserve.
7. 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 Schedule XIII of
the Act has been paid to the managing and whole time director of the
company.
8. Land purchased for construction purpose have been treated as work
in progress for which the Company has Ownership / Power of Attorney in
its name. No agreement to sale for Bungalow units relating to this land
entered during this year.
9. Loans and advances also include Rs.2,75,800/-(Previous year
Rs.2,75,800/) representing rental deposit paid to managing and other
directors in respect of the premises belonging to them and taken on
rent by the company maximum balance during the year Rs.2,75,800
/-(Previous year Rs. 2,75,800 /-)
10. Segment Reporting à Schedule Attached
11. Related party information:
1. Relationships
(a) Where Control exists:
(i) G. Ramamurthy
(b) Key Management personnel
(i) G. Ramamurthy
(ii) Usha Ramamurthy
(c) Other Related Parties
(i) Rajeswari Prints - Tirupur
Note: Related party relationship on the basis of the requirements of
Accounting Standard 18 issued by the Institute of Chartered Accountants
of India.
12. The Company has no amounts due to suppliers under the Micro, Small
and Medium Enterprises Development Act,2006, (MSMED Act,2006) as at
March 31,2010.
13. Previous years figures have been regrouped wherever necessary.
14. Figures have been rounded off to the nearest rupee.