Home  »  Company  »  Tantia Constructions  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Tantia Constructions Ltd.

Mar 31, 2016

1. The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividends in Indian Rupee. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

2. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferencial amounts. The distribution will be in the proportion to the number of shares held by the shareholder.

3. CAPITAL COMMITMENT

Capital commitment of the company towards purchase of plant & machinery is Nil (Prev. Yr. Nil)

4. OTHER COMMITMENT

The Company has a commitment towards purchase of Construction Materials for various projects aggregating to '' 18.32 (Prev. Yr Rs. 3.60) for which purchase orders have been raised before 31st March 2016.

5. DISCLOSURE UNDER CLAUSE 32 OF THE LISTING AGREEMENT

The Company has not granted any Loans and Advances in the nature of Loan to its Associates and Subsidiaries, hence disclosure under Clause 32 of the Listing Agreement has not been given.

6. CURRENT TAX

Income Tax provision has not been considered in the accounts as there was no taxable income. However, adjustments for deferred tax have given effect in the accounts.

7. DEBTORS & CREDITORS CONFIRMATION

Company is in the process of obtaining balance confirmation from its Debtors and Creditors, adjustment if any, arising out of same will be considered in the subsequent period.

8. A contract awarded to the Company by the Road Construction Department, Bihar State Government, Patna, for development and widening of roads in Patna had been prematurely terminated by the Govt. of Bihar on 30th of April, 2008. Being aggrieved by this action on the part of Government of Bihar, the Company approached the Honorable High Court of Calcutta for remedial action. In response, an Arbitrator was appointed in the matter to adjudicate the claim filed by the Company. The Arbitrator had published an award in favour of the Company which was contested by the Road Construction Department, Bihar State Government, in the Hon''ble Supreme Court of India. After consideration of the matter, the Hon''ble Supreme Court rejected the applicant''s Petition, during the year ended March 31, 2016. Accordingly, the Company is now entitled to receive from the Road Construction Department, Bihar State Government, Patna, monies along with interest, with effect from January 27, 2012 till the date of payment. No accounting effect had been considered in the accounts of 2015-16 under conservative approach.

9. CORPORATE DEBT RESTRUCTURING

10. The Company (hereinafter referred to as the ''Borrower''), has availed various financial facilities from the secured lenders.

At the request of the Borrower, the Corporate Debt Restructuring Proposal (''CDR Proposal'') of the Borrower was referred to Corporate Debt Restructuring Cell ("CDR Cell") by the consortium of senior lenders led by the State Bank of India. The CDR Proposal as recommended by SBI, the lead lender was approved by CDR Empowered Group (''CDR EG'') and communicated to the Company vide Provisional Letter of Approval dated 23rd March 2015. The Cut Off Date (COD) for CDR Proposal was 1st July 2014.

The Key features of the CDR Proposal are as follows:

- Restructuring of existing fund based and non fund based financial facilities, subject to renewal and reassessment every year.

- The Term Loan availed by the company from The South Indian Bank Ltd., which had an amount outstanding of Rs. 92.45 crores, as on the cutoff date, i.e. 01.07.2014, is to be repaid in 27 quarterly installments after a Moratorium Period of 24 months, from the COD.

- Conversion of various irregular/outstanding/devolved financial facilities into Working Capital Term Loan (''WCTL''). Repayment of the said WCTL to begin after moratorium of 24 months from the COD and to be made in 27 structured quarterly installments commencing from Quarter ending 30th September 2016 to 31st March 2023.

- The interest payable on WCTL, Cash Credit and Term Loan during the moratorium period of 18 months from the COD is to be converted to Funded Interest Term Loan (FITL). The said FITL to be repaid in 17 quarterly installments commencing from quarter ending March 31, 2016 and ending on March 31, 2020.

- The rate of interest applicable to Term Loan, WCTL, FITL and fund based working capital facilities shall be 11% for initial two years and thereafter with annual reset option.

- The Promoters and Promoter Group of the Company to contribute Rs. 21 Crores upfront in the form of equity shares. In addition, they shall pledge their entire unencumbered share holding (58.59%) in favour of the lenders in demat format with voting rights. Additional Security to be created for the lenders including but not limited to the Personal Guarantee of Promoters.

* Regarding the additional Collateral Securities, stipulated by the Lenders, the Company is in process of completing the relative formalities, which is expected to be completed shortly. In the meantime, as an interim measure, the Company has pledged certain shares of unlisted Company held by Promoters and their relatives to the Lenders.

10. Right to Recompense :

As per the CDR package, approved by the lenders, Right to Recompense shall be available to the lenders who have participated in the CDR mechanism, on a yearly basis and is required to be calculated annually and disclosed in the annual report each year. For the year ended March 31, 2015, no such calculation was necessary as implementation of the package commenced only on March 31, 2015. For the year ended March 31, 2016, the necessary computation in respect of the liability under the Right to Recompense has been computed and has been arrived at Rs. 23.62 crores.

11. PROMOTER CONTRIBUTION :

As a part of the CDR Package, the Promoters were required to contribute, by way of additional equity, Rs. 21 crores in the financial year 2014-15. The amount, as required, had been brought into the Company. The formalities, in this connection, comprising Board approval, conduct of postal ballot etc have since been completed. Pending compliance with all the other requirements, framed by SEBI and other regulatory Authorities, shares are yet to be allotted against the said amount (Rs. 21 crores). Therefore, the said amount continues to be shown as an unsecured loan (Refer Note - 4) on March 31, 2016.

12. DEPRECIATION :

The Company has provided depreciation in accordance with Schedule II of the Companies Act, 2013 from the financial year 2014-15. Accordingly, unamortized carrying value is being depreciated over the remaining useful life. The fixed asset whose life had expired as on 1st April, 2014 had also been adjusted with the depreciation during the previous financial year. This has resulted in higher depreciation totaling Rs. 2,107 against Rs. 1,221 during the current financial year.

13. EMPLOYEE BENEFITS :

As required by Accounting Standard 15 (Revised) "Employee Benefits" the following table summarizes the components of net expense recognized in the Statement of Profit and Loss and the funded status and amounts recognized in the Balance Sheet for the respective plans.

14. MANAGERIAL REMUNERATION :

The Companies Act, 2013 has been made effective w.e.f. 1st April 2014 and consequently the remuneration paid to Chairman and Managing Director for the Financial Year 2013-14 (which is governed by the Companies Act, 1956) has been determined to be excess by Rs. 42 lakhs. The Company is taking appropriate steps to seek redressal of this excess amount from the concerned authorities failing which they said amount will be recovered from the Chairman and Managing Director.

Managerial Remuneration for the year ended March 31, 2016 amounting to Rs. 90 lakhs have been paid / provided to the Chairman and Managing Director. As per the provision of Companies Act, 2013 (Section 197 read with Schedule V), the eligible limit is Rs. 60 lakhs. Hence, an amount of Rs. 30 lakhs has been paid / provided in excess which needs to be approved by the shareholders. Action is being taken to get approval of the shareholder''s as required.

15. Disclosure on Related Party Transactions as per AS 18 on "Related Party Disclosures" issued by The Institute of Chartered Accountants of India:

Related Parties with whom transactions have taken place during the year :

16. The Company has reviewed the possibility of any impairment of the fixed assets of the Company in terms of the Accounting Standard AS 28 - "Impairment of assets" as at the Balance Sheet date and is of the opinion that no such provision for impairment is required.

17. Additional information pursuant to paragraph 4D of part II of Schedule VI to the Companies Act, 1956.

Expenditure / Remittance in Foreign Currency

18. Disclosure pertaining to Accounting Standard 29 - "Provisions, Contingent Liabilities" issued by The Institute of Chartered Accountants of India are given below.

19. Previous year''s figure have been re-grouped and rearranged wherever necessary.

20. ''0'' represents amount less than Rs. 50,000/-.


Mar 31, 2015

Note : 1.

Capital commitment:

Capital commitment of the company towards purchase of plant & machinery is Nil (Prev. Yr. Nil) Note : 32

Other commitment:

The Company has a commitment towards purchase of Construction Materials for various projects aggregating to ' 3.60 (Prev. Yr ' 48.94) for which purchase orders have been raised before 31st March 2015.

Note : 2.

Disclosure under Clause 32 of the Listing Agreement:

The Company has not granted any Loans and Advances in the nature of Loan to its Associates and Subsidiaries, hence disclosure under Clause 32 of the Listing Agreement has not been given.

Note : 3. Current Tax:

Current tax is determined in respect of taxable income for the year based on applicable tax rates and Laws. Note : 35

Debtors & Creditors Confirmation:

Company is in the process of obtaining balance confirmation from its Debtors and Creditors, adjustment if any, arising out of same will be considered in the subsequent period.

Note : 4.

The contract awarded to the Company by the Road Construction Department, Bihar State Government, Patna for development and widening of roads in Patna had been prematurely terminated by the Govt. of Bihar on 30th of April, 2008. The company had taken necessary remedial measure through Honorable High Court of Calcutta. Arbitrator was appointed in the matter to adjudicate the claim filed by the Company and the Arbitrator has since published award in favor of the company which has been contested by the Road Construction Department, Bihar State Government in the court of law. No provision has been made in the accounts as the matter is subjudice.

Note : 5.

Corporate Debt Restructuring:

a. The Company (hereinafter referred to as the 'Borrower'), has availed various financial facilities from the secured lenders.

At the request of the Borrower, the Corporate Debt Restructuring Proposal ('CDR Proposal') of the Borrower was referred to Corporate Debt Restructuring Cell ("CDR Cell") by the consortium of senior lenders led by the State Bank of India. The CDR Proposal as recommended by SBI, the lead lender was approved by CDR Empowered Group ('CDR EG') and communicated to the Company vide Provisional Letter of Approval dated 23rd March 2015. The Cut Off Date (COD) for CDR Proposal was 1st July 2014. The Key features of the CDR Proposal are as follows:

- Restructuring of existing fund based and non fund based financial facilities, subject to renewal and reassessment every year.

- The Term Loan availed by the company from The South Indian Bank Ltd., which had an amount outstanding of ' 92.45 Crores, as on the cutoff date, i.e. 01.07.2014, is to be repaid in 27 quarterly installments after a Moratorium Period of 24 months, from the COD.

- Conversion of various irregular/outstanding/devolved financial facilities into Working Capital Term Loan ('WCTL'). Repayment of the said WCTL to begin after moratorium of 24 months from the COD and to be made in 27 structured quarterly installments commencing from Quarter ending 30th September 2016 to 31st March 2023.

- The interest payable on WCTL, Cash Credit and Term Loan during the moratorium period of 18 months from the COD is to be converted to Funded Interest Term Loan (FITL). The said FITL to be repaid in 17 quarterly installments commencing from quarter ending March 31, 2016 and ending on March 31,2020.

- The rate of interest applicable to Term Loan, WCTL, FITL and fund based working capital facilities shall be 11% for initial two years and thereafter with annual reset option.

- The Promoters and Promoter Group of the Company to contribute ' 21 Crores upfront in the form of equity shares. In addition, they shall pledge their entire unencumbered share holding (58.59%) in favour of the lenders in demat format with voting rights. Additional Security to be created for the lenders including but not limited to the Personal Guarantee of Promoters.

specified in Schedule II in respect of all Tangible Assets. Accordingly, unamortized carrying value is being depreciated over the remaining useful lives. The fixed asset whose lives have expired as on 1st April, 2014 have also been adjusted with the depreciation for the year.

Note : 6.

The Company had receivables from Tantia-OTBL, a Joint Venture in Bangladesh and the same was considered as Sundry Debtors in earlier year(s). Subsequently due to manifold increase of Raw Material cost it was found very difficult to proceed for the said project and accordingly after discussion with Orient Trading & Builders Ltd (OTBL) the Company thought it prudent to sacrifice the previous receivable in the true spirit of contract to complete the same as per stipulated time schedule.

Note : 7.

Repossession of Assets :

During the year, due to inadequacy of resources arising from certain segments, the company was unable to meet its financial commitments made to SREI Equipment Finance Pvt Limited and Tata Capital Finance Ltd on account of lease rentals for certain fixed assets, which were being utilized in various sites of the Company as well as the Ready Mix Concrete Segment of the Company. Consequently, as a measure of full and final settlement SREI and Tata Capital took over the possession of these assets against a liability of ' 3,250 and ' 225 respectively.

Note : 8.

Employee Benefits :

As required by Accounting Standard 15 (Revised) "Employee Benefits" the following table summarizes the components of net expense recognized in the Statement of Profit and Loss and the funded status and amounts recognized in the Balance Sheet for the respective plans.

* Provision for gratuity have been made for ' 36 on an estimated basis. Accordingly the figures as required under Accounting Standard - 15, could not be provided for the year relating to gratuity. However, leave encashment for the current Financial Year have been fully accounted and provided in accounts and shown in the above table.

Note : 9.

Managerial Remuneration :

The Companies Act, 2013 has been made effective w.e.f. 1st April 2014 and consequently the remuneration paid to Chairman and Managing Director for the Financial Year 2013-14 (which is governed by the Companies Act, 1956) has been determined to be excess by ' 42. The Company is taking immediate steps to seek redressal of this excess amount from the concerned authorities failing which the said amount will be recovered from the Chairman and Managing Director.

Note : 10.

Disclosure on Related Party Transactions as per AS 18 on "Related Party Disclosures" issued by The Institute of Chartered Accountants of India:

Note : 11.

The Company has reviewed the possibility of any impairment of the fixed Assets of the Company in terms of the Accounting Standard AS 28 - "Impairment of Assets" as at the Balance Sheet date and is of the opinion that no such provision for impairment is required.

Note : 12.

Additional information pursuant to paragraph 4D of part II of Schedule VI to the Companies Act, 1956.

Note : 13.

Ready Mix Concrete :

The company has been operating a number of Ready Mix Concrete units for the past few years. During the year, the operations of this segment have been severely affected owing to the actions taken by certain lenders which include the action taken by Vijaya Bank (refer note 8) and the actions taken by SREI Equipment Finance Pvt Ltd (refer note no 42). Owing to these actions, the RMC segment has suffered Operating Losses. The Company is exploring ways to arrive at an early settlement with the lenders so that the RMC operations can be resumed normally. However, the operations of the RMC division of the Company will not affect the sustainability and future viability of the Company since the said operations have not been considered in the Corrective Action Plan (CAP) decided upon by the lenders at the time of approving the CDR Package.

Note : 14.

Previous year's figure have been re-grouped and rearranged wherever necessary.


Mar 31, 2014

(Rs in Lakhs)

Note : 1 CONTINGENT LIABILITIES AND COMMITMENTS

SL. Particulars 2013-14 2012-13

1. Counter guarantees given to Consortium Banks in 56,075 60,000 respect of Contracts in India. Rs'' 1,665 (Previous year Rs. 2,123) are held by banks as margin money against the guarantees given by them in addition to the counter guarantees offered by the company for the total non-fund based limit for Bank guarantee of Rs. 56,075 (Previous Year Rs. 60,000).Total figure as shown above includes Rs. 12,793 (Prev. Yr. 1 4,243) relating to Joint Venture.

2. Sale Tax Liability / Works Contract Tax Liability 4,910 4,204 for which the company has preferred an appeal before the Appellate Authorities.

3. The Company has provided an undertaking to pay in the event of default for loan given by the Banks to its Subsidiaries including fellow Subsidiaries. Out standing amount of default as on 31st March, 2014 was Nil.

4. The Income Tax assessment of the Company has been completed upto Assessment Year 2010-11. The Income Tax Department has gone for Appeal before ITAT in connection with Assessment for Assessment Year 2006-07, 2007-08, 2008-09 and 2010-11 which is lying pending. If the ITAT order is passed in favour of the Department the impact of further liability of the Company will be a maximum to the extent of Rs. 1,237.07 lacs. However, based on the facts of the cases, the Company feels that there is sufficient reason to believe that the Appellate Authority will pass orders in favour of the Company and accordingly no provisions has been made.

Company is in the process of obtaining balance confirmation from its Debtors and Creditors, adjustment if any, arising out of same will be considered in the subsequent period.

The contract awarded to the Company by the Road Construction Department, Bihar State Government, Patna for development and widening of roads in Patna had been prematurely terminated by the Govt. of Bihar on 30th of April, 2008. The company had taken necessary remedial measure through Honorable High Court of Calcutta. Arbitrator was appointed in the matter to adjudicate the claim filed by the Company and the Arbitrator has since published award in favour of the company which has been contested by the Road Construction Department, Bihar State Government in the court of law. No provision has been made in the accounts as the matter is subjudice.

Disclosure in accordance with Accounting Standard - 7 (Revised 2002) on "Accounting for Construction Contract" issued by The Institute of Chartered Accountants of India is as under :

Advance to Nigolice Trading Pvt. Ltd represents payments towards purchase of Preference Shares of Tanti''a Agrochemicals Pvt. Ltd held by them. Pending finalization of terms and conditions as well as completion of transfer formalities as on 31.03.2014 the amount has been grouped under advances.

As required by Accounting Standard 15 (Revised) "Employee Benefits" the following table summaries the components of net expense recognized in the Statement of Profit and Loss and the funded status and amounts recognized in the Balance Sheet for the respective plans.

Note : 2 SEGMENT INFORMATION

Business Segment : The Business Segments have been identified on the basis of the activity undertaken by the Company. Accordingly, the Company has identified the following Segment:

Infrastructure : Consists of execution of construction contracts and other infrastructure activities

Ready Material : Consists of production of Ready Mix Concrete Concrete

Disclosure on Related Party Transactions as per AS 18 on "Related Party Disclosures" issued by The Institute of Chartered Accountants of India Related Parties with whom transactions have taken place during the year

Nature of Relation Name of Entity

Associate Companies and Enterprises Nigolice Trading (P) Ltd. over which the key management personnel Castal Extrusion Private Ltd and its relatives are able to exercise Andromeda Communications P Ltd significant influence: Prism Impex Pvt Ltd Greenzen Bio Pvt Ltd Tan ti''a Agrochemicals Pvt Ltd

Subsidiaries : Tanti''a Sanjauliparkings (P) Ltd Tan ti''a Infrasturcture (P) Ltd. Tan ti''a Raxaultollway (P) Ltd. Tan ti''a Batala-Beas (P) Ltd

Joint Ventures : RBM Tanti''a (JV) Tan ti''a BSBK (JV) JMC Tanti''a (JV) Tan ti''a DBC (JV) Tan ti''a Simplex (JV) Tan ti''a Soma (JV) Tan ti''a Nayak (JV) Tan ti''a TBL (JV) Tan ti''a SPML (JV) Tan ti''a Freyssinet Gilcon (JV) Tan ti''a OTBL (JV) Tan ti''a Gondwana (JV) Tan ti''a CCIL (JV) Tan ti''a EDCL (JV) Tan ti''a SEC (JV) Tan ti''a YSCC (JV) IVRCL Tanti''a (JV) Tan ti''a Premco (JV) Tan ti''a Tundi (JV) Key Management Personnel (KMP) :

Sri I. P. Tanti''a (Chairman & Managing Director) Sri B. L. Ajitsaria (Director - Business Development) Sri Rahul Tanti''a (Director - Operations) Sri Murare Lal Agarwala (Director - Projects) Sri Sandip Bose (Director) Ms Rohini Sureka (Vice President - Finance & Accounts)

Relatives of Key Management Personnel (KMP) :

Sri Siddhartha Tanti''a Ms Laxmi Tanti''a Sri Harshvardhan Tanti''a

Financial Statements of these Joint Ventures are yet to be audited and figures have been considered based on provisional Financial Statement

The Company has reviewed the possibility of any impairment of the fixed Liabilities of the Company in terms of the Accounting Standard AS 28 - "Impairment of Liabilities" as at the Balance Sheet date and is of the opinion that no such provision for impairment is required.

Additional information pursuant to paragraph 4D of part II of Schedule VI to the Companies Act, 1956. Expenditure / Remittance in Foreign Currency

Disclosure pertaining to Accounting Standard 29 - "Provisions, Contingent Liabilities and Contingent Assets" issued by The Institute of Chartered Accountants of India are given below.

Previous year''s figure have been re-grouped and rearranged wherever necessary.


Mar 31, 2013

A. Corporate Information

Tantia Constructions Limited (The Company'') is one of the most experienced civil infrastructure solutions providers in India. Incorporated as a private limited Company in 1964 which became public limited Company in 1982, the Company is engaged in executing critical infrastructure projects. It began operations in the railways segment and over the years extended to seven core infrastructure segments of railways, roads, urban development, infrastructure and industrial fabrication, power, marine and aviation.

Contingent Assets are neither recognized nor disclosed in the Financial Statements.

The rights, preferences and restrictions attaching to each

class of shares

Class: Equity Shares

i) The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividends in Indian Rupee. The dividend proposed by the Board of Directors is subject to the approval of the share holders in the ensuing Annual

ii) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in the proportion to the no. of shares held by the shareholder.

Class Preference Shares

The Company had issued cumulative redeemable preference shares having a par value of Rs. 10 per share on January 8, 2005. The preference share holders do not carry any voting right at shareholders meeting except in case of special meeting of preference share holders only. The preference share holders are entitled to dividend @ 10.5% on prorata basis before equity share holders are paid dividend. The preference shares are redeemable at the option of shareholder with a notice of 90 days or at the option of the Company with 30 days notice within a maximum period of

10 years from the date of issue. In the event of liquidation of the Company, the holders of preference shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts and before distribution of anything to the equity share holder. The distribution will be in the proportion to the no. of shares held by the shareholder.

Disclosure of terms of any securities convertible into Equity/Preferential Shares along with earliest date of conversion

FCCB - The Company has issued on July 17, 2007, 7500, 1% Foreign Currency Convertible Bonds due in the year 2012 at 100% of US $1000 each aggregating to US $7.5 million to finance capital expenditure. The bondholders have an option of converting these bonds into shares at an initial conversion price of Rs. 140.00 per share (including the premium of Rs. 130/- each) with a fixed rate of conversion of Rs. 40.38 per US $ at any time on or after July 17, 2007 up-to July 5, 2012. The bonds are also redeemable at the option of the Company at a minimum rate of 130% of the early redemption amount in case of early redemption on any date after 24 months from the issue date and up to July 5, 2012. Unless previously redeemed, converted or repurchased and cancelled, the bonds will be redeemed at 137.92% of its principal amount on the maturity date.

Out of the above proceeds and in terms of the objects of the issue, the Company has utilized Rs. 2,812 (Previous Year Rs. 2,812) for financing capital expenditure and Rs. 115 for FCCB issue expenses. The amount of foreign exchange fluctuation and FCCB issue expenses have been charged to profit and loss account of the relevant year(s).

During the financial year 2010-11, the Company had opted to Buy Back 5000 FCCB in line with the terms of RBI Circular no RBI/2008-09/317 A.P. (DIR Series) Circular no. 39 dtd. 08.12.2008 read with Circular no RBI/2009-10/367 A.P. (DIR Series) Circular no. 44 dtd 29.03.2010 issued in this regard. The Buy Back was completed at a mutually decided discount of 25% on the accredited value of the bonds.

During the financial year the Company has redeemed the balance 2500 FCCB on the maturity date as per the terms of the issue at 137.92% of its principal amount.

SHARE WARRANTS - The Committee of Directors of the

Company at their meeting held on June 11,2011 have allotted 24,50,000 Convertible Warrants to the Promoters/Promoter Group Companies on Private Placement/Preferential Basis, pursuant to Shareholder''s approval by way of Postal Ballot, results of which was declared on March 9, 2011 on such terms and conditions duly approved by the Shareholders.

Out of total allotted 24,50,000 Convertible Warrants, the Board of Directors of the Company at their meeting held on February 13, 2012 allotted 8,50,000 Equity Shares to the Promoters/Promoters Group Companies pursuant to conversion of equivalent number of Warrants as per terms of the issue. Further, the Committee of Directors of the Company at their meeting held on December 8,2012 allotted 16,00,000 Equity Shares to the Promoters/Promoter Group Companies pursuant to conversion of equivalent number of Warrant which was placed with the Board of Directors at their meeting held on February 13,2013 which was approved by the Board. The entire issued Equity Shares of the Company are listed on Stock Exchange and shall rank pari-passu with the existing Equity Shares of the Company in all respects.

The Company has not granted any Loans and Advances in the nature of Loan to its Associates and Subsidiaries, hence disclosure under Clause 32 of the Listing Agreement has not been given.

Current tax is determined in respect of taxable income for the year based on applicable tax rates and Laws.

Company is in the process of obtaining balance confirmation from its Debtors and Creditors, adjustment if any, arising out of same will be considered in the subsequent period.

The contract awarded to the Company by the Road Construction Department, Bihar State Government, Patna for development and widening of roads in Patna had been prematurely terminated by the Govt, of Bihar on April 30, 2008. The company had taken necessary remedial measure through Honorable High Court of Calcutta. Arbitrator was appointed in the matter to adjudicate the claim filed by the Company and the Arbitrator has since published award in favour of the company which has been contested by the Road Construction Department, Bihar State Government in the court of law. No provision has been made in the accounts as the matter is subjudice.

Disclosure in accordance with Accounting Standard - 7 (Revised 2002) on "Accounting for Construction Contract" issued

by The Institute of Chartered Accountants of India is as under:

As required by Accounting Standard 15 (Revised) "Employee Benefits" the following table summaries the components of net expense recognized in the Statement of Profit and Loss and the funded status and amounts recognized in the Balance Sheet for the respective plans.

The Company operates under a major segment namely "Core Infrastructure" and under other segments. Since the segment revenue from external customers for each of the other segments is below 10% of total revenue and the carrying amount of assets for each other segments are below 10% of the carrying amount of all assets, reporting under AS-17 on "Segment Reporting" has not been made. as at and for the year ended March 31, 2013

Disclosure on Related Party Transactions as per AS 18 on "Related Party Disclosures" issued by The Institute of Chartered Accountants of India:

Related Parties with whom transactions have taken place during the year:

* The Financial Statement of the subsidiary was audited by other auditors and the same has been incorporated based on that.

Particulars of Transactions during the year: (Rs. in Lakhs)

Joint Venture disclosure as per Accounting Standard 27 on "Financial reporting on interests in Joint Venture":

i. Financial interest in the Jointly controlled Entities (Contd.) (Rs. jn Lakhs)

"Financial Statements of these Joint Ventures are yet to be audited and figures have been considered based on provisional Financial Statement

The Company has reviewed the possibility of any impairment of the fixed assets of the Company in terms of the Accounting Standard AS 28 - "Impairment of Assets" as at the Balance Sheet date and is of the opinion that no such provision for impairment is required.

Additional information pursuant to paragraph 4D of part II of Schedule VI to the Companies Act, 1956. Expenditure / Remittance in Foreign Currency

Disclosure pertaining to Accounting Standard 29 - "Provisions, Contingent Liabilities and Contingent Assets" issued by The

Previous year''s figure have been re-grouped and re-arranged wherever necessary.


Mar 31, 2012

A. Corporate information

Tantia Constructions Limited ('The Company') is one of the most experienced civil infrastructure solutions providers in India. Incorporated as a private limited Company in 1964 which became public limited Company in 1982, the Company is engaged in executing critical infrastructure projects. It began operations in the railways segment and over the years extended to seven core infrastructure segments of railways, roads, urban development, infrastructure and industrial fabrication, power, marine and aviation.

Note: 1A. The rights, preferences and restrictions attaching to each class of shares

Class : Equity Shares

i) The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividends in Indian Rupee. The dividend proposed by the Board of Directors is subject to the approval of the share holders in the ensuing Annual General Meeting.

ii) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in the proportion to the no. of shares held by the shareholder.

Class : Preference Shares

The Company had issued cumulative redeemable preference shares having a par value of Rs. 10/- per share. The preference share holders do not carry any voting right at shareholders meeting except in case of special meeting of preference share holders only. The preference share holders are entitled to dividend @ 10.5% on pro-rata basis before equity share holders are paid dividend. The preference shares are redeemable at the option of shareholder with a notice of 90 days within a maximum period of 10 years from the date of issue. In the event of liquidation of the Company, the holders of preference shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts and before distribution of anything to the equity share holder. The distribution will be in the proportion to the no. of shares held by the shareholder.

Note: 1B. Disclosure of terms of any securities convertible into Equity/Preferential Shares along with earliest date of conversion FCCB - The Company has issued on July 17, 2007, 7500, 1% Foreign Currency Convertible Bonds due in the year 2012 at 100% of US$ 1000 each aggregating to US$ 7.5 million to finance capital expenditure. The bondholders have an option of converting these bonds into shares at an initial conversion price of Rs. 140.00 per share (including the premium of Rs. 130/- each) with a fixed rate of conversion of Rs. 40.38 per US$ at any time on or after July 17, 2007 up-to July 5, 2012. The bonds are also redeemable at the option of the Company at a minimum rate of 130% of the early redemption amount in case of early redemption on any date after 24 months from the issue date and up to July 5, 2012. Unless previously redeemed, converted or repurchased and cancelled, the bonds will be redeemed at 137.92% of its principal amount on the maturity date.

Out of the above proceeds and in terms of the objects of the issue, the Company has utilized Rs. 2,812 (Pr. Year Rs. 2,812) for financing capital expenditure and Rs. 115 for FCCB issue expenses. The amount of foreign exchange fluctuation and FCCB issue expenses have been charged to profit and loss account of the relevant year(s).

During the last financial year the Company had opted to Buy Back 5000 FCCB in line with the terms of RBI Circular no RBI/2008-09/317 A.P. (DIR Series) Circular no. 39 dtd. 08.12.2008 read with Circular no RBI/2009-10/367 A.P. (DIR Series) Circular no. 44 dtd 29.03.2010 issued in this regard. The Buy Back was completed at a mutually decided discount of 25% on the accredited value of the bonds.

SHARE WARRANTS - The Committee of Directors of the Company at their meeting held on June 11, 2011 have allotted 24,50,000 Convertible Warrants to the Promoters/Promoter Group Companies on Private Placement/Preferential Basis, pursuant to Shareholder's approval by way of Postal Ballot, results of which was declared on March 9, 2011 on such terms and condition duly approved by the Shareholder's are outlined as hereunder;

a. An amount equivalent to at least 25% of the consideration determined as per SEBI (ICDR) Regulation, 2009 must be paid as upfront money on or before the date of allotment of Convertible Warrants and the remaining 75% balance must be paid within a period not exceeding 18 months from the date of issue of said warrants.

b. Each of the said Warrant shall carry a right, entitling its registered owner to apply for one Equity Share of Rs. 10/- each upon conversion of Warrants after making full payment of consideration. In case the Warrant holders do not apply for the Equity Shares of the Company within the aforesaid time period, then the amount paid on each of the said warrant shall be forfeited and all the rights attached to the said warrant shall lapse automatically.

c. The Equity Shares allotted pursuant to conversion of warrants shall rank pari-passu with the existing Equity Shares of the Company in all respects.

Note: 1. CONTINGENT LIABILITIES AND COMMITMENTS

(Rs. in Lakhs)

Sl No. Particulars 2011-12 2010-11

1 Counter guarantees given to Consortium Banks in respect of Contracts in India. Rs. 1,597 (Previous year Rs. 1,759) are held by banks as margin money against the guarantees given by them in addition to the counter guarantees offered by the company for the total non-fund based limit for Bank guarantee of Rs. 62,600 (Previous Year Rs. 54,150). Total figure as shown above includes Rs. 4,158 (Prev. Yr. 4,198) relating to Joint Venture. 62,600 54,150

2 Sale Tax Liability / Works Contract Tax Liability for which the company has preferred an appeal before the Appellate Authorities. 2,007 824

3 Bill Discounting - 1,469

4 Arbitration case for which stay order has been taken 160 -

6 The Company has provided an undertaking to pay in the event of default for loan given by the Banks to its Subsidiaries including fellow Subsidiaries. Outstanding amount of default as on March 31, 2012 was Nil.

7 The company had issued in 2007-08, 7500, 1% Foreign Currency Convertible Bond of US$ 1000 each due in the year 2012 @ 100%, redeemable with premium only if there is no pre-mature conversion. The payment of premium on redemption of Rs. 456 (Previous year – Rs. 246) is therefore contingent in nature as the outcome of which depends on uncertain future events and so not provided for.

Note: 2. CAPITAL AND OTHER COMMITMENTS

- Capital commitment:

The Company has commitment towards purchase of plant & machinery whose aggregate amount is Rs. 103.63 for RMC Divisions at Bhubaneswar, Narayanpur and Taratala.

- Other Commitment:

The Company has a commitment towards purchase of Raw Materials for various projects aggregating to Rs. 40 for which purchase orders have been raised before March 31, 2012.

Note: 3.

The Company has not granted any Loans and Advances in the nature of Loan to its Associates and Subsidiaries, hence disclosure under Clause 32 of the Listing Agreement has not been given.

Note: 4.

Current tax is determined in respect of taxable income for the year based on applicable tax rates and Laws.

Note: 5.

Company is in the process of obtaining balance confirmation from its Debtors and Creditors, adjustment if any, arising out of same will be considered in the subsequent period.

Note: 6.

The contract awarded to the Company by the Bihar State Government for development and widening of roads in Patna had been prematurely terminated by the Govt. of Bihar on April 30, 2008. The company had taken necessary remedial measure through Honorable High Court of Calcutta. Arbitrator has been appointed in the matter to adjudicate the claim filed by the Company and the hearings are in process.

Note: 7.

As required by Accounting Standard 15 (Revised) the following table summaries the components of net expense recognized in the Profit and Loss Account and the funded status and amounts recognized in the Balance Sheet for the respective plans.

Note: 8.

The Company operates under a major segment namely "Core Infrastructure" and under other segments. Since the segment revenue from external customers for each of the other segments is below 10% of total revenue and the carrying amount of assets for each other segments are below 10% of the carrying amount of all assets, reporting under AS-17 on "Segment Reporting" has not been made.

Note: 9.

Disclosure on Related Party Transactions as per AS 18 on "Related Party Disclosures" issued by The Institute of Chartered Accountants of India:

Related Parties with whom transactions have taken place during the year:-

A. Associate Companies and Enterprises over which the key management personnel and its relatives are able to exercise significant influence:

Nigolice Trading (P) Ltd. Infra vision Developers (P) Ltd. Tantia Financial Services Ltd Monobal Vayapar (P) Ltd. Castal Extrusion Private Limited Andromeda Communications (P) Ltd Harsh Leisure (P) Ltd.

B. Subsidiaries

Tantia Sanjauliparkings (P) Ltd. Tantia Infrasturcture (P) Ltd. Tantia Raxaultollway (P) Ltd.

C. Joint Ventures:

RBM Tantia (JV)

Tantia BSBK (JV)

JMC Tantia (JV)

Tantia DBC (JV)

Tantia Simplex (JV)

Tantia Soma (JV)

Tantia Nayak (JV)

Tantia TBL (JV)

Tantia SPML (JV)

Tantia Freyssinet Gilcon (JV)

Tantia Gondwana (JV)

Tantia CCIL (JV)

Tantia EDCL (JV)

Tantia SEC (JV)

Tantia YSCC (JV)

Tantia EPAS (JV)

D. Key Management Personnel and Relatives:

Sri I. P. Tantia (Chairman & Managing Director)

Sri B. L. Ajitsaria (Director – Business Development)

Sri Rahul Tantia (Director - Operations)

Sri Murare Lal Agarwala (Director - Projects)

Ms Rohini Sureka (Vice President - Finance & Accounts)

Pending finalization of the RBM Tantia-JV account, current year's figures are not given.

The Company has reviewed the possibility of any impairment of the fixed assets of the Company in terms of the Accounting Standard 28 – "Impairment of Assets" as at the Balance Sheet date and is of the opinion that no such provision for impairment is required.

Previous year's figure have been re-grouped and rearranged wherever necessary.


Mar 31, 2011

(Amounts are presented in Rs. in Thousands, except for per share data and quantitative information)

1. Contingent Liabilities (Rs. in Thousand)

Sl. Particulars 31.03.2011 31.03.2010

1 Counter guarantees given to Consortium Banks in respect of Contracts in India. Rs. 1,75,943 (Previous year Rs. 1,53,324) are held by banks as margin money against the guarantees given by them in addition to the counter guarantees offered by the Company for the total non-fund based limit for Bank guarantee of Rs. 54,15,000 (Previous Year Rs. 47,83,900). 5,415,000 4,783,900

2 Sale tax liability / works contract tax liability for which the Company has pre ferred an appeal before the Appellate Authority. 82,381 93,845

3 Bill Discounting 146,902 113,076

4 The demand, if any, that may arise out Amount Amount of search and seizure proceedings initi not not -ated by the Income Tax Authority ascerta ascerta -inable -inable

2 The Company had issued in 2007-08, 7500, 1% Foreign Currency Convertible Bond of US$ 1000 each due in the year 2012 @ 100%, redeemable with premium only if there is no pre-mature conversion. The payment of premium on redemption of Rs. 24,622 (Previous year - 59,303) is therefore contingent in nature as the outcome of which depends on uncertain future events and so not provided for.

3. The Company has issued and allotted on 8th January 2005, 1,40,000 10.50% Cumulative Redeemable Preference shares of Rs. 10 each fully paid up, redeemable at the option of the shareholder with 90 days notice or at the option of the Company with 30 days notice within a maximum period of 10 (ten) years. There was no redemption during the year.

4. Issue of Share Warrants

a) During the year the Company has received application for 24,50,000 Share Warrant of Rs. 84.25 each. The applicants have paid more than 25 % of total value of the warrants and the balance amount is payable within 18 months from the date of allotment, as and when made in one or more tranches at the discretion of allottee. The conversion of these warrants into equity share of the Company, once the entire amount is paid by the subscriber within the stipulated time, is subject to receipt of approval from SEBI and other Competent Authorities.

b) Capital Reserve The Company had received Rs. 10,000 against future call option of 7,14,285 Share warrants in the F. Y. 2008-09. The call was not exercised by the applicants and as per the terms of the issue of warrant, the said amount was forfeited and credited to Capital Reserve during the year 2008-09.

5. Secured Loans

For Cash Credit: - From Banks:

The Company has availed various credit facilities, fund and non-fund based, under consortium arrangement with Banks which are secured on pari-passu basis among the consortium members primarily by hypothecation of entire stock, book debts and other current assets of the Company both present & future.

These facilities are collaterally secured:

- By way of charge on the fixed assets (including Land and shed) of the Company excluding the equipments, machinery and vehicles that are hypothecated to various Banks and Non-Banking Finance Companies under exclusive charges for financing thereof.

- Personal Guarantees of the Chairman & Managing Director and the Director (Operations)

For Equipment and Vehicles Loan:

Term Loans taken from the Banks and NBFC's towards the purchase of equipments, machineries and vehicles are secured by way of hypothecation of assets financed by them. (Amount due within one year ` 1,30,015 (Previous Year: ` 50,300)

6. Unsecured Loans:

I. FCCB

The Company has issued on 17th July, 2007, 7500, 1% Foreign Currency Convertible Bonds due in the year 2012 at 100% of US $1000 each aggregating to US $7.5 million to finance capital expenditure. The bondholders have an option of converting these bonds into shares at an initial conversion price of Rs. 140.00 per share (including the premium of Rs. 130/- each) with a fixed rate of conversion of Rs. 40.38 per US $ at any time on or after 17th July, 2007 up-to 5th July, 2012. The bonds are also redeemable at the option of the Company at a minimum rate of 130 % of the early redemption amount in case of early redemption on any date after 24 months from the issue date and up to 5th July, 2012. Unless previously redeemed, converted or repurchased and cancelled, the bonds will be redeemed at 137.92% of its principal amount on the maturity date.

Out of the above proceeds and in terms of the objects of the issue, the Company has utilised Rs. 2,81,200 (Pr. Year Rs. 2,81,200) for financing capital expenditure and Rs. 11,513 for FCCB issue expenses. The amount of foreign exchange fluctuation and FCCB issue expenses have been charged to profit and loss account of the relevant year(s).

During the year the Company has opted to Buy Back 5000 FCCB in line with the terms of RBI Circular no RBI/2008-09/317 A.P. (DIR Series) Circular no. 39 dtd. 08.12.2008 read with Circular no RBI/2009-10/367 A.P. (DIR Series) Circular no. 44 dtd 29.03.2010 issued in this regard. The Buy Back was completed at a mutually decided discount of 25% on the accredited value of the bonds. The Buy Back was funded by the internal accruals of the Company.

II. Short Term Loans from Banks and NBFC:

Short term loan repayable within 1 year, from Bank is Rs. 1,167,135 and from NBFC is Rs. 34,546.

7. Intangible Asset, shown under Fixed Assets (Schedule – 5) represents the ERP Implementation Expenses (SAP) of Rs. 8,000 which has been amortised over a period of five years, being the estimated life.

8. Cash in Hand includes Rs. 43 (Previous Year nil) held in Foreign currency.

9. The Company has not granted any Loans and Advances in the nature of Loan to its Associates and Subsidiaries, hence disclosure under Clause 32 of the Listing Agreement has not been given.

10. Current Liabilities (others) includes Unclaimed Dividend and Unclaimed Share Application money amounting to Rs. 516 (Pr. Year Rs. 378) and Rs. 444 (Pr. Year Rs. 144) respectively at the end of the financial year and the corresponding amount are lying in the designated bank accounts.

11. Current tax is determined in respect of taxable income for the year based on applicable tax rates and Laws.

12. Company is in the process of obtaining balance confirmation from its Debtors and Creditors, adjustment if any, arising out of same will be considered in the subsequent period.

13. The contract awarded to the Company by the Bihar State Government for development and widening of roads in Patna had been prematurely terminated by the Govt. of Bihar on 30th of April, 2008. The Company had taken necessary remedial measure through Honorable High Court of Kolkata. Arbitrator has been appointed in the matter to adjudicate the claim filed by the Company and the hearings are in process.

14. The Company operates under a major segment namely “Core Infrastructure” and under other segments. Since the segment revenue from external customers for each of the other segments is below 10% of total revenue and the carrying amount of assets for each other segments are below 10% of the carrying amount of all assets, reporting under AS-17 on “Segment Reporting” has not been made.

15. Disclosure on Related Party Transactions as per AS 18 on “Related party disclosures” issued by The Institute of Chartered Accountants of India:

Related Parties with whom transactions have taken place during the year:-

A Associate Companies and Negolice Trading (P) Ltd. Enterprises over which the Beco Industries (P) Ltd. trading (P) Ltd. key management Infravision Developers (P) Ltd. personnel and its relatives are Monobal Vayapar (P) Ltd. able to exercise significant Tantia Trust influence: Castal Extrusion Private Limited Andromeda Communications (P) Ltd Harsh Leisure (P) Ltd.

B Subsidiaries Tantia Sanjauliparkings (P) Ltd.

Tantia Infrastructure (P) Ltd.

Tantia Raxaultollway (P) Ltd.

C Joint Ventures RBM Tantia (JV)

Tantia BSBK (JV)

JMC Tantia (JV)

Tantia DBC (JV)

Tantia Simplex (JV)

Tantia Soma (JV)

Tantia Nayak (JV)

Tantia TBL (JV)

Tantia SPML (JV)

Tantia Freyssinet Gilcon (JV)

Tantia Gondwana (JV)

Tantia CCIL (JV)

Tantia EDCL (JV)

D Key Management Personnel and Sri I. P. Tantia (Chairman & Relatives Managing Director)

Sri B. L. Ajitsaria (Director - Business Development)

Sri Rahul Tantia (Director - Operations)

Sri Murare Lal Agarwal (Director - Projects)

Sri Siddharth Tantia (Vice President - Corporate planning)

Ms Rohini Sureka (Vice President - Finance & Accounts)

Mrs Laxmi Tantia (Wife of Siddharth Tantia)

16. Previous year's figure have been re-grouped and rearranged wherever necessary.


Mar 31, 2010

(Amounts are presented in Rs. in Thousands , except forper share data an d as otherwise stated)

1. Contingent Liabilities (Rs. in Thousands) Sl. Particulars March 31, 2010 March 31, 2009

1 Counter guarantees given to Consortium Banks in respect of Contracts in India. Rs. 1,53,324 (Previous year 1,19,285) a re held by banks as margin money against the guarantees given by them in addition to the counter guarantees offered by the company for the total non-fund based limit for Bank guarantee of Rs.. 47,83,900. 47,83,900 23,10 ,214

2 Sale tax liability / works contract tax liability for which the company has preferred an appeal before the appellate authority. 93,845 46,418

3 The demand, if any, that may arise out of search and seizure proceedings initiated by the Amount not Income tax authority ascertainable

4 The company had is sued in 2007-08 the 7500, 1% Foreign Currency Convertible Bond of USD $ 1000 each due 20 12 @ 100% , redeem able only if there is no pre-mature conversion. The payment of premium onredemption of Rs.59 ,303 (Previous year 4 2 ,401) is therefore contingent in nature as the outcome of which depends on uncertain future events and so not provided for.

2. The Company has is sued and allotted on 8th January, 2005, 1 0 .50 % 1 ,40,000 cumulative redeem able preference shares of Rs. 10 each fully paid up, redeem able at the option of the shareholder with 90 days notice or at the option of the Company with 30 days notice with in a maximum period of 10 (ten) years. There was no redemption during the year.

3. Issue of Share Warrants The Company had received Rs.10 ,000 being 10 % value against future calloption of 7,14 ,285 Share warrants at a price of Rs.140 / - each (including the premium of Rs.130 / - each ) convertible on or before 31st August, 2008. The call was not exercised by the applicants and as per the term of the issue of warrant , the said amount was forfeited and credited to Capital Reserve during the year 2008-09.

During the year 2008-09, the company has made fresh is sue of 8,00,000 shares warrants @ Rs. 89.12 / - each (including premium of Rs. 79 .12 / - each ). The Allottees of Share warrants issued on September 29 , 2008 have paid the total value. The option was exercised by the applicants and 8,00,000 Equity sharesare issued @ Rs. 89.12 / - each (including premium of Rs. 79.12 / - each) during the year.

4. Secured Loans Fro m Banks & Financial Institutions:

The Company has availed of various credit facilities, fund an d non-fund based, under consortium arrang em ent with banks an d a re secured on paripassu basis among the consortium members prim arily by hypothecation of entire stock, book debts and other current assets of the Company both present & future.

These facilities are collaterally secured

* By way of charge on the fixed assets of the company excluding the equip ments. machinery and vehicles that a re hypothecated to various Non-Banking Finance Companies.

* Personal Guarantees of the Chairman cum Managing Director and the Director (Operations) From Non-Banking Finance Companies:

Term Loans taken fromt he Equipment Finance Companies and N B FC s towards the purchase of equipments , machineries an d vehicles are secured by way of hypothecation of assets financed by them . (Amount due with in one year Rs.50 ,300 (Previous Year: Rs. 58,961)

5. The company has issue don 17th July, 2007, 7500, 1 % Foreign .Currency Convertible Bonds due 20 12 at 100% of US $1000 each aggregating to US $7.5 milion to finance capital expenditure. The bondholders have an option of converting these bonds in to shares at an in itial conversion price of Rs. 140 .00 pershare (including the premium of Rs.130 / - each) with a fixed rate of conversion of Rs. 40.38 per US $at any time on or after 17th July , 2007 up-to 5th July , 20 12. The bonds are also redeem able at the option of the Company at a minimum rate of 1 3 0 % in case of early redemption on any date after 24 months from the issue date and up to 5th July, 20 12. If redeemed, converted or repurchased and cancelled as on 3 1st M arch, 20 10 , it would have redeemed at Rs. 3,96,016 being the intrinsic/book value. Unlesspreviously redeemed, converted or repurchased and cancelled, the bonds will be redeemed at 137.92% of its principal amount on the maturity date. No conversion, redemption, re - purchases and cancellation has been exercised by either party during the year.

Out of the above proceeds an d in terms of the objects of the issue , the Company has utilised Rs. 2,81,200 (Pr. Year Rs. 2,81,200 ) for financing capital expenditure and Rs 11,513 for FCCB issue expenses. The amount of foreign exchange fluctuation and FCCB issue expenses have been charged to profit and loss account. The balance amount of Rs.29 ,339 (Pr. Year Rs. 21,801) has been kept in current account and deposit account with Stae Bank of India, London Branch

6. Intangible asset, shown under Fixe d Assets (Schedule 5) include the ERP Im plem entation Expenses (SAP) of Rs.8,000 which has been amortised as depreciation over a period of five years, being the estim ated life .

7. Based on the inform ation received from the vendors the Company has not come across any vendor who is covered under the Micro, Small and Medium Enterprise Development Act 2006 and hence disc losure, if any, relating to amount unpaid as at the year en d together with interest paid/payable as requied under the said act have not been given .

8. Current Liabilities (others) includes Unclaimed Dividend and Unclaimed Share Application amounting to Rs. 378 (Pr. Year Rs. 283) and Rs. 144 (Pr. Year Rs. 144) respectively at the end of the financial year and the corresponding amount are lying in the designated bank accounts.

9. Current tax is determined in respect of taxable income for the year based on applicable tax rates and Laws.

10. The Company operates under a single segment namely Core Infrastructure . Therefore, reporting under AS-1 7 on Segment Reporting has not been made. During the year under report the company has engaged in business in India hence it is treated as a single geographical segment.

11. The Company has reviewed the possibility of any impairment of the fixed assets of the Company in terms of the Accounting Standard AS 28 Impairment of Assets as at the balance sheet date and is of the opinion that no such provision for impairment is required.

12. Previous years figure have been re - grouped and rearranged wherever ecessary .

Find IFSC