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Notes to Accounts of Shristi Infrastructure Development Corporation Ltd.

Mar 31, 2015

1. Working Capital Loan from banks carries interest rate ranging from 14 to 15% per annum. The loan is secured by 1st Pari Passu charge by way of hypothecation on the entire stock of Inventory, receivable, Bills and other chargeable current assets of the company, EMTD of Landed Property at Mouja, Ghuni, Rajarhat owned by Prajna Vidya Bharti Pvt. Ltd, Pari- Passu Charge on all Movable and Immovable Fixed Asset of the company.

2. Unsecured Loan from Bodies Corporate carries interest rate ranging from 16 to 17% per annum. Repayable within 30 to 180 days from the date of disbursal. There has been no default in repayment of either principal or interest amount.

3. Amount credited in Capital Reserve arising due to Haldia project being restated at their fair values pursuant to Scheme of Arrangement and its correspondingly included in Fixed Asset Schedule as Development Right.

4. Contingent Liabilities

(a) Bank Guarantee : Guarantees given by bank on behalf of the company amounting to Rs. 14.00 lacs (P. Y. Rs. 139.06 lacs.)

(b) Outstanding Guarantee : The Company has given guarantee for loans taken by Other Companies from Banks or financial institutions and outstanding amount as on 31st March, 2015 is - Rs. 20,256 Lacs. (P. Y. Rs. 10,249 lacs)

5. There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2015. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

6. Related Party Transactions

The Company has transactions with the following related parties :

A. Key Management Person Sunil Jha

: Managing Director (Appointed on 04/03/14)

Debi Prasad Sarawgi : Managing Director (Resigned on 03/03/14)

Hari Prasad Kanoria : Chief Mentor

Badri Kumar Tulsyan : Chief Financial Officer

Manoj Agarwal : Company Secretary

B. Subsidiary Company:

Shristi Housing Development Limited**

C. Sub-Subsidiaries :

Shristi Urban Infrastructure Development Limited

Shristi Udaipur Hotels & Resorts Private Limited

Vivekananda Skyroad Limited

Border Transport Infrastructure Development Limited

East Kolkata Infrastructure Development Private Limited

World City Development Private Limited

Kanchan Janga Integrated Infrastructure Development Private Limited

Medi-Net Services Private Limited

Vitthal Hospitality Private Limited

Finetune Engineering Services Private Limited

Vipani Hotels & Resorts Private Limited

D. Joint Ventures:

Bengal Shristi Infrastructure Development Limited

TSCCF Shristi Infrastructure Development Limited

Shristi Hotel Private Limited**

E. Associates

Suasth Health Care (India) Private Limited

Suasth Liver Centre Private Limited

7. The contract income & other income have been accounted for inclusive of tax deducted at source Rs. 2,15,02,773/- (P. Y. Rs. 13,103,732/-).

8. Deferred Tax has been recognized as per AS 22 in respect of timing difference relating to accumulated depreciation and 43B items, which is capable of being reversed in future.

9. Keeping in view the nature of operations of the Company, the requirements for quantitative details are not applicable to construction business and accordingly not furnished.

10. Cash Credit Accounts with UCO Bank, Indian Bank, Oriental Bank of Commerce, Yes Bank and Axis Bank Ltd are collaterally secured by mortgage of land with Corporate & personal guarantee belonging to third party.

11. a) The disclosures required under Accounting Standard 15 "Employee Benefits" notified in the Companies (Accounting Standard) Rules 2006, are given below :

Contribution to Defined Contribution Plan, recognized are charged off for the year are as Employer's Contribution to Provident Fund Rs. 8,30,210/- (P. Y. Rs. 19,93,097/-) and Employer's Contribution to ESI Rs. 39,651/- (P. Y. Rs. 55,169/-)

b) Disclosure under AS-15 : The present value of obligation is determined on the basis of actuarial valuation using Projected Unit credit actuarial Method. The obligation for leave encashment is recognised in the same manner as gratuity.

12. Contract Receipt includes value of Materials sold to sub-contractors.

13. Derivative Transaction :

There is no derivative transaction of the company during the year.

14. Capital expenditure - Contingent & Commitment:

There is no capital expenditure of the company during the year. No contingent liabilities arise on this account. There is no commitment by the company towards capital expenditure.

15. Use of Estimates and Judgment:

The company has not made any estimate or made use of any judgment while recording transactions of the company.

16. The company has reclassified the previous year's figures in accordance with the requirement applicable in the current year.






Mar 31, 2014

1. Amount credited in Capital Reserve arising due to Haldia project being restated at their fair values pursuant to Scheme of Arrangement and its correspondingly included in Fixed Asset Schedule as Development Right.

2. Contingent Liabilities

(a) Bank Guarantee: Guarantees given by bank on behalf of the company amounting to Rs. 139.06 lacs (Previous Year -Rs. 104.23 lacs).

(b) Outstanding Guarantee: The Company has given guarantee for loans taken by Other Companies from Banks or financial institutions and outstanding amount as on 31st March 2014 is - Rs. 10249 Lacs (P.Y Rs. 2240 lacs)

3. There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2014. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

4. RelatedPartyTransactions

The Company has transactions with the following related parties :

A. Key Management Person

Sunil Jha : Managing Director (Appointed on 04/03/14)

Debi Prasad Sarawgi : Managing Director (Resigned on 03/03/14)

Hari Prasad Kanoria : Chief Mentor

5. Deferred Tax has been recognized as per AS 22 in respect of timing difference relating to accumulated depreciation and 43B items, which is capable of being reversed in future.

6. Keeping in view the nature of operations of the Company, the requirements for quantitative details are not applicable to construction business and accordingly not furnished.

7. Cash Credit Accounts with UCO Bank, Indian Bank, Oriental Bank of Commerce, Yes Bank and Axis Bank are collaterally secured by mortgage of land with Corporate & personal guarantee belonging to third party.

The basic earnings per share (''EPS'') is computed by dividing the net profit after tax for the year by the weighted average number of equity shares outstanding during the year. For the purpose of calculating diluted earnings per share, net profit after tax for the year and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares. The dilutive potential equity shares are deemed converted as of the beginning of the period, unless they have been issued at a later date. The diluted potential equity shares have been adjusted for the proceeds receivable had the shares been actually issued at fair value (i.e. the average market value of the outstanding shares).

In computing dilutive earnings per share, only potential equity shares that are dilutive and that reduce profit / loss per share are included.

8. a) The disclosures required under Accounting Standard 15 "Employee Benefits" notified in the Companies (Accounting Standard) Rules 2006, are given below:

Contribution to Defined Contribution Plan, recognized are charged off for the year are as Employer''s Contribution to Provident Fund Rs. 19,93,097/- (Previous year Rs. 31,68,362/-) and Employer''s Contribution to ESI Rs. 55,169/- (Previous Year Rs. 81,289/-)

b) Disclosure under AS-15 : The present value of obligation is determined on the basis of actuarial valuation using Projected Unit credit actuarial Method. The obligation for leave encashment is recognised in the same manner as gratuity.

9. Contract Receipt includes value of Materials sold to sub-contractors.

10. Derivative Transaction :

There is no derivative transaction of the company during the year.

11. Capital expenditure - Contingent & Commitment:

There is no capital expenditure of the company during the year. No contingent liabilities arise on this account. There is no commitment by the company towards capital expenditure.

12. Use of Estimates and Judgment:

The company has not made any estimate or made use of any judgment while recording transactions of the company.

13. The company has reclassified the previous year''s figures in accordance with the requirement applicable in the current year.


Mar 31, 2013

1. Amount credited in Capital Reserve arising due to Haldia project being restated at their fair values pursuant to Scheme of Arrangement and its correspondingly included in Fixed Asset Schedule as Development Right.

2. Contingent Liabilities

(a) Bank Guarantee: Guarantees given by bank on behalf of the company amounting to Rs. 104.23 Lacs (Previous Year -Rs. 412.48 Lacs.)

(b) Outstanding Guarantee: The Company has given guarantee for loans taken by Other Companies from Banks or financial institutions and outstanding amount as on 31st March 2013 is - Rs. 2240 Lacs. (P.Y Rs. 3800 Lacs)

3. There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2013. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

4. Related Party Transactions

The Company has transactions with the following related parties:

A. Key Management Person : Debi Prasad Sarawgi : Managing Director

Sujit Kanoria : Managing Director (Resigned on 10/02/2012)

Hari Prasad Kanoria : Chief Mentor

5. The Contract Income & Other Income have been accounted for inclusive of tax deducted at source - Rs. 99,39,661/- (Previousyear-Rs. 2,69,28,343/-).

6. Deferred Tax has been recognized as per AS 22 in respect of timing difference relating to accumulated depreciation and 43B items, which is capable of being reversed in future.

7. Keeping in view the nature of operations of the Company, the requirements for quantitative details are not applicable to construction business and accordingly not furnished.

8. Cash Credit Accounts with UCO Bank, Indian Bank, Oriental Bank of Commerce, Yes Bank and Axis Bank Ltd. are collaterally secured by mortgage of land with corporate & personal guarantee belonging to third party.

9. a) The disclosures required under Accounting Standard 15 "Employee Benefits" notified in the Companies (Accounting Standard) Rules 2006, are given below:

Contribution to Defined Contribution Plan, recognized are charged off for the year are as Employer''s Contribution to Provident Fund Rs. 31,68,362/- (Previous year- Rs. 40,82,637/-).

b) Disclosure under AS-15 : The present value of obligation is determined on the basis of actuarial valuation using Projected Unit credit actuarial Method. The obligation for leave encashment is recognised in the same manner as gratuity.

10. Contract Receipt includes value of materials sold to sub-contractors.

11. Derivative Transaction

There is no derivative transaction of the company during the year.

12. Capital Expenditure - Contingent & Commitment

There is no capital expenditure of the company during the year. No contingent liabilities arise on this account. There is no commitment by the company towards capital expenditure.

13. Use of Estimates and Judgment

The company has not made any estimate or made use of any judgment while recording transactions of the company.

14. The Company has reclassified the previous year''s figures in accordance with the requirement applicable in the current year.


Mar 31, 2012

1. Amount credited in Capital Reserve arising due to Haldia project being restated at their fair values pursuant to Scheme of Arrangement and its correspondingly included in Fixed Asset Schedule as Development Right.

2. Contingent Liabilities

(a) Bank Guarantee: Guarantees given by bank on behalf of the company amounting to Rs. 412.48 lacs (Previous Year - Rs. 636.98 lacs.)

(b) Outstanding Guarantee: The Company has given guarantee for loans taken by Other Companies from Banks or financial institutions and outstanding amount as on 31st March 2012 is - Rs. 3800 Lacs. (P.Y Rs. 5650 lacs)

3. There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2012. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

4. The Contract Income & Other Income have been accounted for inclusive of tax deducted at source - Rs. 2,69,28,343/- (Previous year-Rs. 2,98,46,856/-).

5. Deferred Tax has been recognized as per AS 22 in respect of timing difference relating to accumulated depreciation and 43B items, which is capable of being reversed in future.

6. Keeping in view the nature of operations of the Company, the requirements for quantitative details are not applicable to construction business and accordingly not furnished.

7. Cash Credit Accounts with UCO Bank, Indian Bank, Oriental Bank of Commerce, Yes Bank and Axis Bank Ltd. are collaterally secured by mortgage of land with corporate & personal guarantee belonging to third party.

The Basic Earnings Per Share ('EPS') is computed by dividing the net profit after tax for the year by the weighted average number of equity shares outstanding during the year. For the purpose of calculating diluted earnings per share, net profit after tax for the year and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares. The dilutive potential equity shares are deemed converted as of the beginning of the period, unless they have been issued at a later date. The diluted potential equity shares have been adjusted for the proceeds receivable had the shares been actually issued at/fair value (i.e. the average market value of the outstanding shares).

In computing dilutive earnings per share, only potential equity shares that are dilutive and that reduce profit/loss per share are included.

8. a) The disclosures required under Accounting Standard 15 "Employee Benefits" notified in the Companies (Accounting Standard) Rules 2006, are given below:

Contribution to Defined Contribution Plan, recognized are charged off for the year are as Employer's Contribution to Provident Fund Rs. 40,82,637/- (Previous year- Rs. 27,51,229/-)

b) Disclosure under AS-15 : The present value of obligation is determined on the basis of actuarial valuation using Projected Unit credit actuarial Method. The obligation for leave encashment is recognised in the same manner as gratuity.

9. The Income Tax Assessment for A.Y 2008-09, A.Y 2009-10 and A.Y 2010-11 was completed during the current financial year, which resulted in short provision of Rs. 4,50,94,000/-. The same is adjusted with the opening balance of surplus/deficit during the current financial year.

10. Derivative Transaction:

There is no derivative transaction of the company during the year.

11. Capital Expenditure - Contingent & Commitment:

There is no capital expenditure of the company during the year. No contingent liabilities arise on this account. There is no commitment by the company towards capital expenditure.

12. Use of Estimates and Judgment:

The company has not made any estimate or made use of any judgment while recording transactions of the company.

13. During the year ended 31st March, 2012, the revised Schedule VI notified under the Companies Act, 1956 has become applicable to the company for preparation and presentation of its financial statements. The Company has reclassified the previous year's figures in accordance with the requirement applicable in the current year.


Mar 31, 2011

1. Amount credited in Capital Reserve arising due to Haldia project being restated at their fair values pursuant to Scheme of Arrangement and its correspondingly included in Fixed Asset Schedule as Development Right.

2. Contingent Liabilities

(a) Bank Guarantee:

Guarantees given by bank on behalf of the company amounting to Rs.636.98 Lacs (P. Y. Rs.566.98 Lacs)

(b) The Company has given guarantee for loans taken by Other Companies from Banks or financial institutions

- Rs.5,650 Lacs (P. Y. Rs.4,470 Lacs)

3. Fixed Deposits with Bank are lodged as security with Government Departments / Banks.

4. As per available information, there are no amounts outstanding to SSI undertakings as on 31st March 2011. There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2011. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

5. Related Party Transactions

The Company has transactions with the following related parties:

A. Key Management Person: Sujit Kanoria : Managing Director

Hari Prasad Kanoria : Chief Mentor

6. The contract income & other income have been accounted for inclusive of tax deducted at source - Rs.2,98,46,856 (Previous year - Rs. 2,07,56,303).

7. Deferred Tax has been recognized as per AS 22 in respect of timing difference relating to accumulated depreciation, which is capable of being reversed in future.

8. Keeping in view the nature of operations of the Company, the requirements for quantitative details are not applicable to construction business and accordingly not furnished.

9. Cash Credit Accounts with UCO Bank, Indian Bank, Oriental Bank of Commerce and Yes bank are collaterally secured by mortgage of land with Corporate & personal guarantee belonging to third party.

10. a) The disclosures required under Accounting Standard 15 "Employee Benefits" notified in the Companies (Accounting Standard) Rules 2006, are given below:

Contribution to Defined Contribution Plan, recognized are charged off for the year are as Employer's Contribution to Provident Fund Rs.27,51,229 (Previous year- Rs.17,58,208)

The Company makes contribution to Government Statutory Fund.

b) Disclosure under AS-15:- The present value of obligation is determined on the basis of actuarial valuation using Projected Unit credit actuarial Method. The obligation for leave encashment is recognised in the same manner as gratuity.

11. Figures pertaining to previous year have been rearranged/regrouped, reclassified and restated, wherever considered necessary, to confirm to the classification adopted in the current year.


Mar 31, 2010

1. Scheme of arrangement

These accounts have given effect to the Scheme of Arrangement as approved by the Shareholders on 14/09/09 and as sanctioned by the Honble High Court of Kolkata on 01/03/10 with Appointed date on 31.03.2009 by virtue of which all the related assets and liabilities of the Infrastructure Division as on 31.03.2009 stood transferred to and vested in Shrivasa Infra Pvt. Ltd. Wholly owned for a consideration of Rs.3.39 CR.

However, as the accounts for the year ended 31.03.2009 have already been approved by the shareholders at the Annual General Meeting of Shrishti Infrastructure Development Ltd on 19/09/09, the aforesaid Scheme of Arrangement have been given effect to the in Accounts for the year ended 31.03.2010 with balances of the aforesaid related Assets/Liabilities as of 31.03.2009 adjusted aforesaid.

The said consideration will be satisfied by Shrivasa Infra Pvt. Ltd by allotment of 2,50,000/- Equity share of Rs. 10/- each fully paid and balance in cash. The aforesaid order was received from High Court ot Kolkata on 5th April, 2010 and the same was filed with Registrar on 07/04/10.

Accordingly the amount Rs.25,00,000, value of 2,50,000 Equity Shares of Rs.10/- each to be allotted by Shrivasa Infra Pvt. Ltd as part of consideration as per scheme of Arrangement has been shown as share of suspense receivable and included in Advance receivable in cash or kind in this balance sheet.

Unsecured Loan from Body Corporate includes Rs. 13,01,36,668/-which is net of the following:

Amount receivable from Shrivasa Infra Pvt Ltd pursuant Scheme of Arrangement-

2. Amount credited in Capital Reserve arising due to Haldia project being restated at their fair values pursuant to Scheme of Arrangement and its correspondingly included in Fixed Asset Schedule as Development Right.

3. Continent Liabilities

(a) Bank Guarantee:

Guarantees given by bank on behatf of the company amounting to Rs. 566.98 lacs (Previous Year - Rs. 472.08 lacs.)

Inland letter of credits given by bank on behalf of the company to Rs.Nil (P.Y. Rs. 142,07.lacs. The Company has given guarantee for loans taken by Other Companies from Banks or financial institutions -Rs.4470 Lacs.(P.Y Rs. 10970 lacs)

4. Fixed Deposits with Bank are lodged as security with Government Departments / Banks.

5. As per available information, there are no amounts outstanding to SSI undertakings as on 31st March 2010. There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2010. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company

6. Related Party Transactions

The Company has transactions with the following related parties:

A. Key Management Person :

Sujit Kanoria : Managing Director

Hari Prasad Kanoria : Mentor

7. The contract income & other income have been accounted inclusive of TDS of Rs. 2,07,56,303/- (Previous year TDS Rs. 3,26,30,998/-).

8. Deferred Tax has been recognized as per AS 22 in respect of timing difference relating to accumulated depreciation, which is capable of being reversed in future.

9. Keeping in view the nature of operations of the Company, the requirements for quantitative details are not applicable to construction business and accordingly not furnished.

10. Cash Credit Accounts with UCO Bank, Indian Bank, Oriental Bank of Commerce and Yes Bank are collaterally secured by mortgage of land with Corporate & personal guarantee belonging to third party.

11. a) The disclosures required under Accounting Standard 15 "Employee Benefits" notified in the Compania^ (Accounting Standard) Rules 2006, are given below:

Contribution to Defined Contribution Pan, recognized are charged off for the year are as Employers Contribution to Provident Fund Rs.12,98,887/- (Previous year- Rs. 14,56,972/-)

The Company makes contribution to Government Statutory Fund.

b) Defined Benefit Plan

The employers gratuity fund scheme is a defined benefit plan. The present value of obligation is determined on the basis of actuarial valuation using Projected Unit credit actuarial Method. The obligations for leave encashment is recognized in the same manner as gratuity.

12. Previous years figures have been regrouped / rearranged wherever necessary.

 
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