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Notes to Accounts of Rodium Realty Ltd.

Mar 31, 2015

1. NATURE OF OPERATIONS

Rodium Realty Limited (the "Company" or "RRL"), is primarily engaged in business of real estate development and services.

2. Rights, preferences and restrictions attached to shares;

i. 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. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. 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.

ii The company has 9% Cumulative Redeemable Preference Shares having par value of Rs. 10/- per share. The voting rights of the persons holding the said shares shall be in accordance with section 47 of the Companies Act, 2013. The shares shall, in case of winding up are entitled to rank, as regards repayment of Capital and arrears of dividend, whether declared or not upto the commencment on the winding up, in priority to equity shares but shall not be entitled to any further partcipation in profits or assets. The shares are for a term of 20 Years from 31st March, 2008 being the date of allotment.

3. OTHER ADDITIONAL NOTES / INFORMATION

A Contingent Liability not provided for:

Uncalled amount of Rs. 4,500/- each (Previous Year: Rs 42,000/-) on 250 units of Kotak India Growth Fund - Rs.1,1 25,000/- (Previous year Rs. 1 0,500,000/-)

Disputed VAT demands Rs. 6,423,339/- (Previous Year Rs. 6,423,339/-)

B The Company operates under a single segment "Real Estate Development and Services" and its operations within the country. In view of the above, Segment wise disclosures, either primary or secondary, as per AS 17 are not required to be made during the year.

C Dues to Micro and Small enterprieses under Micro, Small and Medium Enterprise Development Act, 2006; (MSMED) The information given below and included in Trade Payable (Note 8) and other current liabilities (Note 9) regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company.

D The Company had taken various office premises under operating leases. These are generally not non-cancelable and range between 11 months to 3 years and above and are renewable by mutual consent on mutually agreeable terms. Lease payments (Without Service Tax) amounting to Rs. 11,428,880 (P. Y. Rs. 11,428,880) are recognised in the Statement of Profit and loss under the head 'Rent'

E Effective April 1, 2014, the Company has charged depreciation based on the revised remaining useful life of the assets as per the requirements of Schedule II of the Companies Act, 2013. Due to above, depreciation charge for the year ended March 31, 2015 is higher by Rs. 7,57,974/-. Consequently the profit for the year is lower by Rs. 7,57,974/- and the deferred tax charge being lower by Rs. 2,45,925/-. Further, as per Para 7(b) under Schedule II, the Company has recognised the charge on account of transitional depreciation amounting to Rs. 5,74,815/- (Net of deferred tax) to the opening balance of retained earnings (Balance in Statement of Profit and Loss).

F During the year, the Company entered into a Memorandum of Understanding (MOU) with one of the vendors for Purchase of Transfer of Development Rights (TDR) to be used in the Company's upcoming projects. The Company paid Rs. 2.28 Crore to the said vendor as advance as per the MOU. The party was unable to fulfill its commitment as envisaged in the MOU even after repeated reminders by the Company. The Company has initiated the legal process for recovering the advance paid due to the breach of contract and fraud conducted on the Company. Pending outcome of the legal process, the amount paid has been reflected under Short Term Loans and Advances.

G Figures of previous year have been regrouped whenever required.


Mar 31, 2014

NOTE 1 : OTHER ADDITIONAL NOTES / INFORMATION

A Contingent Liability not provided for:

Contingent Liability not provided for: Uncalled amount of Rs. 4,500 /- each (Previous Year: Rs 42,000/-) on 250 units of Kotak India Growth Fund - Rs. 1 1,25,000/- (Previous year Rs. 1,05,00,000/-). Disputed VAT demands Rs. 64,23,339/- (Previous Year NIL).

B The Company operates under a single segment "Real Estate Development and Services" and its operations within the contry. In view of the above, Segment wise disclosures, either primary or secondary, as per AS 17 are not required to be made during the year.

C Dues to Micro and Small enterprieses under Micro, Small and Medium Enterprise Development Act, 2006; (MSMED)

The information given below and included in Trade Payable (Note 8) and other current liabilities (Note 9) regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the company.

E Related Party Disclosure: (Rs.)

A. Subsidiary Company

M/s. Rodium Housing Shahapur Private Limited

B. Associated & Other Related Parties, where common control exists

M/s. Rodium Designs

M/s. Rodium Realty & Construction

M/s. C N A Architects

M/s. Sigma Fiscals Pvt Ltd

Ms. Grima Dedhia (Daughter of Mr. Rohit Dedhia)

Ms. Krupa Chheda (Wife of Mr. Deepak Chheda)

Mr. Keshavji Dedhia (Father of Mr. Rohit Dedhia)

Mr. Dinesh Shah (Brother of Mr. Shailesh Shah)

Mr. Dinesh D. Shah HUF (HUF of Brother of Mr. Shailesh Shah)

Mr. Shailesh Damji Shah HUF (HUF of Mr. Shailesh Shah)

B. Key Management Personnel :

Mr. Deepak Chheda

Mr. Harish Nisar

Mr. Rohit Dedhia

Mr. Shailesh Shah

Mr. Mehul Nisar


Mar 31, 2013

NOTE 1 : NATURE OF OPERATIONS

Rodium Realty Limited (the "Company" or "RRL"), is primarily engaged in business of real estate development and services.

A Contingent Liability not provided for:

Uncalled amount of Rs. 42,000 /- each (Previous Year: Rs 46,500 ) on 250 units of Kotak India Growth Fund - Rs.1,05,00,000 (Previous year Rs.1,16,25,000)

B The Company operates under a single segment "Real Estate Development and Services" and its operations within the country. In view of the above, Segment wise disclosures, either primary or secondary, as per AS 17 are not required to be made during the year.

C Dues to Micro and Small Enterprises under Micro, Small and Medium Enterprise Development Act, 2006; (MSMED)

The information given below and included in Trade Payable (Note 8) and Other Current Liabilities (Note 9) regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the company.

D The Company had taken various office premises under operating leases. These are generally not non-cancelable and range between 11 months to 3 years and above and are renewable by mutual consent on mutually agreeable terms. Lease payments (Without Service Tax) amounting to Rs. 11,428,880 (P. Y.Rs. 11,219,295) are recognised in the Statement of Profit and loss under the head ‘Rent''

E Figures of previous year have been regrouped whenever required.

Signatures to the Notes to the Financial Statements which form an integral part of these Financial Statements.


Mar 31, 2012

NOTE 1 : NATURE OF OPERATIONS

Rodium Realty Limited the "Company" or "RRL", is primarily engaged in business of real estate development and services.

(a) Rights, preferences and restrictions attached to shares;

i. 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. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. 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.

ii The company has 9% Cumulative Redeemable Preference Shares having par value of Rs. 10 per share. The voting rights of the persons holding the said shares shall be in accordance with section 87 of the Companies Act, 1956. The shares shall, in case of winding up are entitled to rank, as regards repayment of Capital and arrears of dividend, whether declared or not upto the commencment on the winding up, in priority of equity shares but shall not be entitled to any further partcipation in profits or assets. The shares are for a term of 20 Years from 31st March, 2008 being the date of allotment.

A Contingent Liability not provided for:

a) The Hon. Supreme Court has given the interim relief on the VAT liability to be discharged on the sale of underconstruction flats/ units as on August 28, 2012. Under the premises ownership agreement/ letter of allotment entered into by the company and the partnership firm which the company has taken over on dissolution of the partnership firm on going concern basis, such liabiltity ultimately needs to be borne by the purchaser of the premises and hence no provision has been made in the books.

b) Uncalled amount of Rs. 46,500 /- each on 250 units of Kotak India Growth Fund - Rs. 1,1 6,25,000

B The Company operates under a single segment "Real Estate Development and Services" and its operations are within the country. In view of the above, segment wise disclosures, either primary or secondary, as per AS 17 are not required to be made during the year.

C Dues to Micro and Small enterprieses under Micro, Small and Medium Enterprise Development Act, 2006; (MSMED)

The information given below and included in other current liabilities (Note 8 & 9) regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the company;

D The Company had taken various office premises under operating leases. These are generally not non-cancelable and range between 11 months to 3 years and above and are renewable by mutual consent on mutually agreeable terms. Lease payments amounting to Rs. 12,606,000 (P. Y. Rs. 12,206,032) are recognised in the Statement of Profit and loss account under the head [RentQ

E The Central Government vide notification SO. 447 (E) dated February 28, 2011, has revised the Schedule VI under the Companies Act, 1956 and the same has become applicable for the Financial Statements to be prepared for the financial year commencing on or after April 1, 2011. Accordingly, the Company has reclassified the previous year figures to conform to this year's classification. The adoption of the revised Schedule VI does not impact the recognition and measurement principles followed for the presentation of the Financial Statements.

 
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