Mar 31, 2016
1. Employee Benefit Plans
(i) Defined contribution plans
The Company makes Provident Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized Rs.3,41,526/- for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.
(ii) Defined benefit plans
The Company offers the following employee benefit schemes to its employees:
âi. Gratuity : The company is providing for the Gratuity Liability in the Books of Account based on its own estimate & it is charged to Profit & Loss Account. The Company recognized NIL (PY : Rs.2,50,000/-) towards Gratuity Liability in the Statement of Profit and Loss.
There is no specific investment plan or asset kept aside to meet the Gratuity Liability. The Company is of hope that, it can pay the gratuity as and when it falls due on termination / retirement of eligible employees. During the year, the company paid NIL towards Gratuity for the retiring / resigning employees.â
2.a Details of related parties: Description of relationship Names of related parties
Key Management Personnel - KMP Mr. Chandan Kumar, Managing Director
Mr.D.V.B.Prasad, Whole time Director
Relatives of KMP Mrs. Ratan Bai
Mr. Suresh Kumar (The amount availed by the company when Mr. Suresh Kumar was the Managing Director of the company however, no fresh loans has been taken from him after he ceased to be Managing Director during November 2014 the company shall repay the full amount back to him on or before 31st March 2017.
Mrs. Rekha Jain Mrs. Pramila Jain Mr. Naresh Kumar Mrs. Varsha Jain Ms. Bakthi Jain Ms. Pooja Jain Mr. Darshan Jain
Companies / Firms in which the Key
Management Personnel / their relatives are Akash Housing interested
Darshan Housing Infrastructure Limited Influence Enterprises India Private Limited Vijay Shanthi Developers Pvt Ltd
Note: Related parties have been identified by the Management.
3. Certain Confirmation of balances for Trade Payables, Trade Deposits, Flat Advances, Other loans & advances and Bank Balances are awaited. The accountsâ reconciliation of some parties where confirmation have been received are in progress. Adjustments for differences, if any, arising out of such confirmations / reconciliations would be made in the accounts on receipt of such confirmations and reconciliations thereof. The Management is of the opinion that the impact of adjustments, if any, is not likely to be significant. In the opinion of the Management, all current assets and loans & advances would be realized at the values at which these are stated in the accounts, in the ordinary course of business.
Note 4 Previous yearâs figures
5. Previous yearâs figures have been regrouped / reclassified wherever necessary to correspond with the current yearâs classification / disclosure.
Mar 31, 2015
1. CORPORATE INFORMATION
The Company was incorporated on 06th January 1992 and having its
registered office at No.20/43, Kasturi Rangan Road, Alwarpet, Chennai -
600 018. The company is into the business of construction industry and
involves itself in the construction of residential apartments and
individual villas.
2.1 Disclosure as per Clause 32 of the Listing Agreements with the
Stock Exchanges
Loans and advances in the nature of Project Advance to subsidiaries,
associates and others and investment in shares of the Company by such
parties:
3.1 Employee Benefit Plans
(i) Defined contribution plans
The Company makes Provident Fund contributions to defined contribution
plans for qualifying employees. Under the Schemes, the Company is
required to contribute a specified percentage of the payroll costs to
fund the benefits. The Company recognised Rs.5,13,359/- for Provident
Fund contributions in the Statement of Profit and Loss. The
contributions payable to these plans by the Company are at rates
specified in the rules of the schemes.
(ii) Defined benefit plans
The Company offers the following employee benefit schemes to its
employees: i. Gratuity: The company is providing for the Gratuity
Liability in the Books of Account based on its own estimate & it is
charged to Profit & Loss Account. The Company recognised Rs.2,50,000/-
(PY: Rs.3,00,000/-) towards Gratuity Liability in the Statement of
Profit and Loss.
There is no specific investment plan or asset kept aside to meet the
Gratuity Liability. The Company is of hope that, it can pay the
gratuity as and when it falls due on termination / retirement of
eligible employees. During the year, the company paid Rs.17,75,725/-
towards Gratuity for the retiring / resigning employees.
3.2 Certain Confirmation of balances for Trade Payables, Trade
Deposits, Flat Advances, Other loans & advances and Bank Balances are
awaited. The accounts' reconciliation of some parties where
confirmation have been received are in progress. Adjustments for
differences, if any, arising out of such confirmations /
reconciliations would be made in the accounts on receipt of such
confirmations and reconciliations thereof. The Management is of the
opinion that the impact of adjustments, if any, is not likely to be
significant. In the opinion of the Management, all current assets and
loans & advances would be realised at the values at which these are
stated in the accounts, in the ordinary course of business.
Note 4 Previous year's figures
4 Previous year's figures have been regrouped / reclassified wherever
necessary to correspond with the current year's classification /
disclosure.
Mar 31, 2014
1 Balances disclosed under trade payables are subject to confirmation
and reconciliation, if any.
Note 2 Previous year''s figures
Previous year''s figures have been regrouped / reclassified wherever
necessary to correspond with the current year''s classification /
disclosure.
Mar 31, 2013
1 Coporate Information
The Company was incorporated on 06th January 1992 and having its
registered office at No.20/43, Kasturi Rangan Road, Alwarpet, Chennai -
600 018. The company is into the business of construction industry and
involves itself in the construction of residential apartments and
Individual villas
2.1 Employee Benefit Plans
(i) Defined contribution plans
The Company makes Provident Fund contributions to defined contribution
plans for qualifying employees. Under the Schemes, the Company is
required to contribute a specified percentage of the payroll costs to
fund the benefits. The Company recognised Rs.11,94,433/- for Provident
Fund contributions in the Statement of Profit and Loss. The
contributions payable to these plans by the Company are at rates
specified in the rules of the schemes (ii) Defined benefit plans
The Company offers the following employee benefit schemes to its
employees:
Gratuity : The company is providing for the Gratuity Liability in the
Books of Account based on its estimate & it is charged to Profit & Loss
Account. The Company recognised Rs.4,00,000/- (Year ended 31 March,
2012 Rs. 11,00,000/-) towards Gratuity Liability in the Statement of
Profit and Loss.
There is no specific investment plan or asset kept aside to meet the
Gratuity Liability. The Company is of hope that, it can pay the
gratuity as and when it falls due on termination / retirement of
eligible employees. During the year, the company paid Rs.6,71,500/-
towards Gratuity for the retiring / resigning employees."
Note 3 Previous year''s figures
3 Previous year''s figures have been regrouped / reclassified wherever
necessary to correspond with the current year''s classification /
disclosure
Mar 31, 2012
Note:
1. Provision for tax for the Current Year Rs. 6,96,665/- has been
arrived taking into a/c the advance tax paid already.
2. The provision for the current year has been arrived at on the
assumption that the loss of discontinued business at Salem is eligible
for deduction under the Income Tax Act, 1961.
3. In the event of the loss being disallowed by the Income Tax
department, the tax liability shall be higher to the extent of
Rs.218.30 Lacs.
Note 1 - Salem Project
During the year the Company discontinued its operation at Salem, in
which the Company had incurred expenses amounting to Rs.9,72,18,149/-
over a period. The expenses for the project were incurred by the
Company as per the agreement between the Company and "Akhash
Housing". The Company has discontinued the project through a mutual
agreement. The loss of the project has been considered in the books of
the Company during the year. The loss has not been reported separately
under Schedule VI of the Companies Act, 1956 as the loss is not due
settlement of any liability. Subsequently there was a change in name
from Akash Houshing to High End Homes which was later on converted into
a private company which was further merged with the Company.
Note 2 Additional information to the financial statements
Note Particulars
As at 31 As at 31
March, 2012 March, 2011
2.1 Contingent liabilities and commitments Rs Rs
(to the extent not provided for)
Contingent liabilities
Claims against the Company not acknowledged
as debt - Service Tax 150,001,000 150,001,000
The Company has recognised in the books of accounts all liabilities.
The Company has not recognised as liabilities which are contingent in
nature including, the above Service Tax Libability. The cases against
the Company pending in various courts under miscellaneous claims,
damages have neither been quantified nor recognised.
2.2 Disclosures required under Section 22 of the Micro, Small and
Medium Enterprises Development Act, 2006
Particulars
As at 31 As at 31
March, 2012 March, 2011
(i) Principal amount remaining unpaid to Rs. Rs.
any supplier as at the end of the
accounting year
(iv) The amount of interest due and
payable for the year - -
Dues to Micro and Small Enterprises have been determined to the extent
such parties have been identified on the basis of information collected
by the Management. This has been relied upon by the auditors.
2.3 Disclosure as per Clause 32 of the Listing Agreements with the
Stock Exchanges
Loans and advances in the nature of loans given to subsidiaries,
associates and others and investment in shares of the Company by such
parties:
Discontinued Operations - Mineral Water Division
During the year, pursuant to the approval of the Board of Directors and
other authorities as required, the Company has sold the plant &
machinery of the Mineral water Division of the Company for a
consideration of 17,25,000. The net effect of the sale of the Plant and
Machinery is a Profit of Rs. 1,71,107. Further the Company abandoned
the Building where the Mineral Water Division was carried on as
unusable. The Loss on account of the abandonment of the Building is
Rs.23,28,192/-
3 The Revised Schedule VI has become effective from 1 April, 2011 for
the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year's figures have been regrouped / reclassified
wherever necessary to correspond with the current year's classification
/ disclosure.
Mar 31, 2011
1. CONTINGENT LIABILITY
All liabilities have been provided for in the books of accounts and
except liabilities of contingent nature. There is a contingent
liability of service tax not recognised to the extent of Rs.151 lakhs
which is disputed.
2. SUNDRY CREDITORS
No dues to SSI are outstanding for more than 30 days.
3. PROVISION FOR INCOME
Provision for income tax has been made as per Income Tax Act.
4. IMPAIRMENT LOSS
During the year the company has recognized impairment loss of Rs
9590076/-. The Management has adjusted loss pertaining to the year of
Rs 959008 against current year profit and the balance of Rs 8631068
adjusted against General Reserve. The Impairment loss was related to
Plant & Machinery and Building pertaining to Mineral Water Division as
it has become obsolete.
5. LIST OF RELATED PARTIES AND NATURE OF THEIR RELATIONSHIPS
STANDARD Ã 18
The details of related parties as identified by the management are as
under:
I) Key Management Personnel:
Chandan Parmar Chairman
Suresh Kumar Managing Director
Chandan Kumar Joint Managing Director
II) Associates:
Darshan Housing and Infrastructure Limited (Formerly known as Vijay
Shanthi Finance Limited) - Associate Company
Akash Housing à Proprietor concern ( Ratan Bai)
Vijay Shanthi Miles Stone Developer Pvt. Ltd ÃAssociate Company
6. RELATED PARTY TRANSACTIONS
The Company has identified all related parties and details of
transactions are given below. No provision for doubtful debts or
advances is required to be made and no amounts have been written off or
written back during the year in respect of debts due from or to related
parties. There are no other parties where control exists that need to
be disclosed.
7. SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE Ã
41 OF THE LISTING AGREEMENT SEGMENT REVENUE 31.03.2009
Though the company operates different business, the single primary
business segments results constitutes more than 90% of total revenue of
all segments no separate disclosure is required.
8. GENERAL RESERVE
General reserve includes Share premium for the shares issued during the
year and deduction of impairment loss recognized related to earlier
years of Rs 8631068/-.
9. SECURED LOANS
The secured loans include the ICICI Loan for Rs 55,00,00,000/- taken to
repay the existing term loans in South Indian Bank secured against
projects of Lotus Pond and the outstanding amount on 31.3.2011was Rs
503085149/-. Kotak Mahindra Prime Ltd Project Loan Rs 29449564 has been
secured against Besant Nagar project. The secured Loans also include
new vehicle loan from ICICI Bank Ltd. for Rs 3910385 in addition to
existing loans outstanding Rs 829754 and Rs 1879804 from Kotak Mahindra
Prime Ltd secured against the vehicles of the Company.
10. MISCELLANEOUS EXPENDITURE
Miscellaneous expenditure disclosed to the extent not written off and
written off is adjusted against related project expenditure.
11. The nature of business carried on by the company is such that
furnishing of Quantitative details relating to consumption of stock is
not feasible.
12. Previous year's figures have been re-grouped and re-classified
wherever necessary.
Mar 31, 2010
1. CONTINGENT LIABILITY
All liabilities have been provided for in the books of accounts and
except liabilities of contingent nature. There is a contingent
liability of service tax not recognized to the extent of Rs.151 lakhs
which is disputed.
2. SUNDRY CREDITORS
No dues to SSI are outstanding for more than 30 days.
3. PROVISION FOR INCOME TAX
Provision for income tax has been made as per Income Tax Act.
4. LIST OF RELATED PARTIES AND NATURE OF THEIR RELATIONSHIPS STANDARD -
18
The details of related parties as identified by the management are as
under:
i) Key Management Personnel:
Chandan Parmar - Chairman
Suresh Kumar - Managing Director
Chandan Kumar - Joint Managing Director
ii) Associates:
- Darshan Housing and Infrastructure Limited (Formerly known as Vijay
Shanthi Finance Limited) - Associate Company
- High End Homes Private Limited(Formerly known as Akash Housing) -
Associate Company
- Vijay Shanthi Mile stone Developers Private Limited - Associate
Company
5. RELATED PARTY TRANSACTIONS
The Company has identified all related parties and details of
transactions are given below. No provision for doubtful debts or
advances is required to be made and no amounts have been written off or
written back during the year in respect of debts due from or to related
parties. There are no other parties where control exists that need to
be disclosed.
6. DEFERED TAX
The Company has recognized deferred tax liability due to time
difference in depreciation claimed under the Income tax Act and
Companies Act and differential treatment of project loan interest under
income tax Act.
7. SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE Ã
41 OF THE LISTING AGREEMENT SEGMENT REVENUE 31.03.2009
Though the company operates different business, the single primary
business segments results constitutes more than 90% of total revenue of
all segments no separate disclosure is required.
8. GENERAL RESERVE
General reserve includes forfeited shares warrants of Rs 4,65,24,960/-
9. SECURED LOANS Rs 55,69,64,666/- The secured loans include the Term
Loan from South Indian bank Ltd., for Rs.42,76,69,984/- secured against
the mortgage of land of Ayanawaram project, Thaiyur project,
Kelambakkam project. Kotak Mahindra Prime Ltd Project Loan Rs
12,32,51,981/- secured against Besant Nagar project. The secured Loans
also include vehicle loan from ICICI Bank Ltd., for Rs 29,60,807/- and
Kotak Mahindra Prime Ltd of Rs 30,81,894/- secured on the vehicles of
the Company.
10. The nature of business carried on by the company is such that
furnishing of Quantitative details relating to consumption of stock is
not feasible.
11. Previous years figures have been re-grouped and re-classified
wherever necessary.
12. SHARE APPLICATION MONEY
During the year the company has not issued any Equity Shares.
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