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Notes to Accounts of Vipul Ltd.

Mar 31, 2015

1. As per information available with the company, there are no dues outstanding in respect Micro and Small enterprises as provided in the 'Micro, Small and Medium Enterprises Development Act, 2006' as at the year end. Further, no interest during the year has been paid or payable in respect thereof. The parties have been identified based on the information available with the company and the same has been relied upon by the auditor.

2. The company has reviewed the carrying amount of its tangible and intangible assets (being a cash generating unit) with its future present value of cash lows and there has been no indication of impairment of the carrying amount of the Company's such Assets taking consideration into external and internal sources of information.

3. CSR Expenditure

(a) Gross amount required to be spent by the company during the year: Rs.4,474,626/- (b) Amount spent during the year : Nil

4. In consequence of coming into effect of Companies Act, 2013, the company has applied the estimated useful lives as given in Schedule II as disclosed in Accounting policy on Depreciation & amortization. Accordingly the unamortised carrying value is being depreciated/ amortised over the revised/remaining useful lives. The written down value of Fixed Assets whose lives have expired as at 1st April, 2014 have been adjusted net of tax, in the opening balance of Statement of Profit & Loss amounting to Rs 1,011,933/- (net of deferred tax of Rs 486,006/-).

5. (i) No repayment schedule is available and no interest is being earned on Rs. 15,081,815/- (under Loan) to Mab Finlease Ltd. which in the view of management is doubtful of realization to the extent of 25% and accordingly provision for doubtful loan has been made in accounts. The maximum amount outstanding during the year is Rs. 15,081,815/- (P.Y Rs. 15,081,815/-).

(ii) In the opinion of the management, current assets including loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the books. However, certain balances under Loans and advances are subject to confirmation.

(iii) Rs. 146,400,507/-.(P.Y. Rs.137,468,558/-.) (under Loans and advances in Note No 11 and 16) due from Private Companies in which a director is interested.

6. The unclaimed dividend for the financial years 2007- 08, 2008-09, 2009-10 ,2010-11, 2011-12, 2012- 13 and 2013-14 amounting to Rs.357,492/-, Rs 251,960/-, Rs.256,272/-, Rs.322,790/-, Rs.495,312/-, Rs.484,207/- and Rs.146,032/- respectively and is lying in separate Bank Accounts.

7. The Company has not accepted any deposits. Advances received from customers are not treated as deposits as per expert advice received by the company.

8. Shares held by the company in M/s High Class Projects Limited, a wholly owned subsidiary company, has been pledged in favor of a financial institution against financial assistance taken by the said company.

9. The details pertaining to related parties transactions are shown in a separate sheet.

10. Previous year's figures have been regrouped, rearranged and recasted wherever considered necessary.


Mar 31, 2013

1. As per information available with the company, there are no dues outstanding in respect Micro and Small enterprises as provided in the ''Micro, Small and Medium Enterprises Development Act, 2006'' at the year end. Further, no interest during the year has been paid or payable in respect thereof. The parties have been identified based on the information available with the company and the same has been relied upon by the auditor.

2. The company has reviewed the carrying amount of its tangible and intangible assets (being a cash generating unit) with its future present value of cash flows and there has been no indication of impairment of the carrying amount of the Company''s such Assets taking consideration into external and internal sources of information.

3. Contingent Liabilities and Commitments (to the extent not provided for):

(In Rs.)

S. Contingent Liabilities Year ended Year ended. No. 31.03.2013 31.03.2012

(a) Claims against the company, not acknowledged as debts

(i) Income tax matters under dispute 9,947,369* 346,905,087*

(ii) Service tax disputed claims 1,610,821 1,610,821

(iii) Other Claims 18,385,722 26,544,472

(b) Outstanding Bank Guarantees 653,439,368 634,009,268

(c) Capital Commitments Nil 59,708

(d) Other Commitments 1,659,392,900 2,168,787,000

* Net Rs. NIL (PY. Rs. 213,587,562/-) paid under protest


Mar 31, 2012

A) Terms/rights attached to Equity Shares

The Company has only one class of Equity Share having par value of Rs. 1/- each. Each shareholder is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the shareholders would be entitled to receive remaining assets of the Company.

(1) Loan-I from LIC Housing Finance Ltd. is secured by exclusive equitable mortgage of properties at sector-48, Village- Tikri, Fazilpur Jharsa, Distt.- Gurgaon, equitable mortgage of portion of land at village- wazirpur, sector-53, Gurgaon , equitable mortgage of land of fellow subsidiaries at sector-81, Gurgaon, hypothecation of receivables of the project at Gurgaon & Bhubaneshwar and Personal guarantee from Mr. Punit Beriwala- Managing Director. Terms of repayment- 12 months moratorium upto March, 2011 and thereafter 24 equal monthly installments. Rate of Interest- 15.90 % p.a.

(2) Loan-II from LIC Housing Finance Ltd. is secured by equitable mortgage of entire land parcel of Vipul Greens, Bubaneshwar, cross collateral security of Vipul world project at Sector-48, Gurgaon, hypothecation of the receivables of the Vipul Grees, Bhubaneshwar & Personal guarantee of Mr. Punit Beriwala-Managing Director. Terms of repayment- 12 months moratorium upto February, 2013 and thereafter 18 monthly equal monthly installments. Rate of Interest- 15.90 % p.a

(3) Loan-I from DMI Finance Ltd. is secured against pledge of equity shares of the Company held by Promoters, cross collateral of unsold stock of commercial project at Vipul Plaza, Faridabad and Personal guarantee from Mr. Punit Beriwala- Managing Director. Terms of repayment- Repayable on 13.06.2012 (since paid). Rate of Interest-22% p.a

(4) Loan-II from DMI Finance Ltd. is secured against mortgage of unsold stock of commercial project at Vipul plaza, Faridabad, pledge of equity shares of the Company held by Promoters & Personal guarantee of Mr. Punit Beriwala-Managing Director. Terms of repayment- 12 months moratorium upto February, 2013 and thereafter 24 equal monthly installments. Rate of Interest- 21% p.a.

(5) Loan-I from Religare Finvest Limited is secured by mortgage of certain units in various projects located at Gurgaon and Personal guarantee form Mr. Punit Beriwala- Managing Director. Terms of repayment- 47 equal monthly installments from the date of disbursement i.e 12.06.2009. Rate of Interest- 17.25% p.a.

(6) Loan-II from Religare Finvest Limited was secured by equitable mortgage of land for commercial project at faridabad, pledge of equity shares of the Company held by Promoters & Personal guarantee from Mr. Punit Beriwala- Managing Director. Terms of repayment- 12 equal monthly installments from the date of disbursement i.e 15.10.2010 Rate of Interest- 16.50% p.a.

(7) Loan form Paramount Realtec Private Ltd. is secured against pledge of equity shares of the Company held by Promoters and Personal guarantee from Mr. Punit Beriwala- Managing Director. Terms of repayment- Repayable on 31.03.2013. Rate of Interest- 12% p.a

(8) Loan from Bahubali Propertis Ltd. is secured against pledge of equity shares of the Company held by Promoters & others. Terms of repayment- Repayable on 07.11.2012. Rate of Interest- 15% p.a.

(9) Vehicle loans are secured by hypothecation of financed Cars. Terms of repayment-In equal monthly instalments as per the respective repayment schedules. Rate of Interest- 10-12% p.a.

* Cash Credit Facility from Indian Overseas Bank is secured against hypothecation of stocks at site & receivables, equitable mortgage of property at village- Chakarpur, Tehsil & District Gurgaon, sector- 43, Gurgaon owned by one of the group company. Terms of repayments-Annual renewal. Rate of Interest- 15.50% p.a

**Terms of repayment- Repayable after 12 months from the date of disbursement; Rate of Interest- 12% p.a.

Defined Benefit Plan

The Cost of providing gratuity is determined using the projected unit credit method.

The following tables summarize the components of net benefit expenses recognized in the Profit and Loss Account as per Actuarial Valuation as on 31st March, 2012.

10. As per information available with the company, there are no dues outstanding in respect Micro and Small enterprises as provided in the [Micro, Small and Medium Enterprises Development Act, 2006Cat the year end. Further, no interest during the year has been paid or payable in respect thereof. The parties have been identified based on the information available with the company and the same has been relied upon by the auditor.

11. The company has reviewed the carrying amount of its tangible and intangible assets (being a cash generating unit) with its future present value of cash flows and there has been no indication of impairment of the carrying amount of the Company such Assets taking consideration into external and internal sources of information.

12. Contingent Liabilities and Commitments (to the extent not provided for):

(In Rs.)

S. Contingent Liabilities Year ended Year ended No. 31.03.2012 31.03.2011

(a) Claims against the company, not acknowledged as debts

(i) Income tax matters under dispute 346,905,087* 375,050,555

(ii) Service tax disputed claims 1,610,821 1,610,821

(b) Bank Guarantees (net) 634,009,268 413,432,442

(c) Capital Commitments 59,708 Nil

* Net of Rs.213,587,562/- (P.Y Rs. 152,750,000/-), paid under protest.

13. There is no diminution in the value of investments which are of permanent nature.

14. (a) Rs. 15,081,815/- (under Loan) to Mab Finlease Ltd. which in the view of management is doubtful of realization to the extent of 25% and accordingly provision for doubtful loan has been made in accounts.

(b) In the opinion of the management, current assets including loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the books. However, certain balances under Loans and advances are subject to confirmation.

15. (a) Rs.868,382,607/- (P.Y. Rs.1,266,555,709/-) (under advance) due from Private Companies in which a director is interested.

(b) Rs.NIL/- (P.Y. Rs.3,909,398/-) (under loan) due from Classic Real Estate Developers Private Limited, an associate and the maximum amount outstanding at any time during the year is Rs NIL/-(P.Y. Rs.3,909,398/-).

(c) Rs.1,177,818,873/- (RYRs.1,289,386,616/-) is due from subsidiary companies.

16. The unclaimed dividend for the financial years 2004-05, 2005-06, 2006-07, 2007-08, 2008- 09 2009-10 & 2010-11 amounting to Rs.110,215/-, Rs.113,060/- , Rs.265,278/-, Rs.362,042/- , Rs.253,960/-, Rs. 258,247/- & Rs. 326,599/- respectively and is being deposited in separate Bank Accounts.

17. The details pertaining to related parties transactions are shown in a separate sheet.

18. a) The accounts for the year ended 31st March, 2011 had been prepared as per the then applicable Schedule VI of the Companies Act, 1956. Consequent to the notification of Revised Schedule VI, the accounts for the year ended 31st March, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of accounts.

b) Previous year figures have been regrouped, rearranged and recasted wherever considered necessary.


Mar 31, 2011

1. Leases (Assets taken on lease)

The Company has obtained one car on Operating lease, detail of which is given below:

(I) The lease rent is payable at subject to minimum payment of Rs.67,452/- per month (previous year Rs.67,452/-). During the financial year, lease term of this car was terminated.

Defined Benefit Plan

The Cost of providing gratuity is determined using the projected unit credit method.

The following tables summarize the components of net benefit expenses recognized in the Profit and Loss Account as per Actuarial Valuation as on 31st March, 2011.

I. Reconciliation of opening and closing balance of Deferred Benefit Obligation

2. As per information available with the company, there are no dues outstanding in respect Micro and Small enterprises as provided in the 'Micro, Small and Medium Enterprises Development Act, 2006' at the year end. Further, no interest during the year has been paid or payable in respect thereof. The parties have been identified based on the information available with the company and the same has been relied upon by the auditor.

3. The company has reviewed the carrying amount of its fixed asset (being a cash generating unit) with its future present value of cash flows and there has been no indication of impairment of the carrying amount of the Company's Fixed Assets taking consideration into external and internal sources of information.

4. There is no diminution in the value of investments which are of permanent nature. The Company has not made any investment which are classified as Current Investments or have restrictions of any nature.

5. In the opinion of the management, current assets including loans and advances have a value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the books subject to read with note 13(iv) below.

6. Schedule No.-7(B) includes-

(i) Rs. 126,65,55,709 /-(P.Y. Rs. 115,97,08,043/-) ( under advance) due from Private Companies in which a director is interested.

(ii) Rs. 20,15,809/- (PY Rs. 20,13,569/-) (under advance) due from S.U Finance Ltd., a Company under same management, maximum amount outstanding at any time during the year is Rs. 20,15,809./- (PY Rs. 20,13,569/-

(iii) Rs. 39,09,398/- (PYRs. 39,66,278/-) (under loan) due from Classic Real Estate Developers Private Limited ,an associate and the maximum amount outstanding at any time during the year is Rs. 39,09,398./ -(PYRs.40,92,931/-).

(iv) Rs. 1,50,81, 815/- (under Loan) to Mab Finlease Ltd. which in the view of management is doubtful of realization to the extent of 25% and accordingly provision for doubtful loan has been made in accounts.

(v) Rs. 128,93,86,616/-(PY Rs. 128,61,12,921/-) is due from subsidiary companies.

7. The unclaimed dividend for the financial years 2004-05, 2005-06, 2006-07, 2007-08 , 2008-09 & 2009-10 amounting to Rs.1,06,415/-, Rs.1,18,860/- , Rs.2,66,992/-, Rs.3,66,942/- , Rs.2,59,310/- & Rs. 2,68,487/- respectively and is being deposited in separate Bank Accounts.

8. Undisputed wealth tax liability of Rs. 28,399/- (PY Nil) outstanding for more than six months as on 31.03.2011 has since been paid/adjusted.

9. Other information pursuant to the provisions of paragraph 3 &4 of Part II of Schedule VI of the Companies Act, 1956 has not been furnished as the same is not applicable for the year.

10. The details pertaining to related parties transactions are shown in a separate sheet.

11. Previous year's figures have been regrouped, rearranged and recasted wherever considered necessary.

12. Schedules 1 to 14 form an integral part of the Accounts.

16(A) RELATED PARTY DISCLOSURES

Related parties are classified as : Wholly-owned Subsidiaries:

1 URR Housing Construction Pvt Ltd

2 Ritwiz Builders & Developers Pvt Ltd

3 Entrepreneurs (Calcutta) Pvt. Ltd.

4 Vipul Eastern Infracon Pvt. Ltd.

5 Vipul Hospitality Ltd.

6 Vipul Southern Infracon Ltd.

7 United Buildwell Pvt. Ltd.

8 High Class Projects Ltd.

Other Subsidiaries :

1 Vipul SEZ Developers Pvt. Ltd.

2 K S T Buildwell Pvt Ltd

3 P K B K Buildwell Pvt Ltd

4 P K B Bulidcon Pvt Ltd.

5 Bhatinda Hotels Ltd.

6 Graphic Reasearch Consultants (India) Pvt. Ltd.

7 Vineeta Trading Pvt. Ltd.

8 Abhipra Trading Pvt. Ltd.

Entities Having Common Key Management Personnel:

1 S.U Finance Ltd.

2 Whitfield Infrastructure Development Pvt. Ltd

3 Laxpo Company Pvt. Ltd (Dis-associated on 30.10.2010)

4 Millennium Plaza Ltd

5 Sarvamangalam Builders & Developers Pvt. Ltd

6 Vipul Vocational Institutes Pvt. Ltd.

7 Vipul Facility Management Pvt. Ltd (Dis-associated on 31.03.2011)

8 Ngenox Technologies Pvt. Ltd.

9 Mudra Finance Ltd.

10 Aman Resorts Pvt Ltd

11 S.B Developers Ltd

12 Vipul Modern Buildcon Pvt. Ltd.

Key Management Personnel (Director):

1 Mr PunitBeriwala

Relatives of Key Management Personnel

1 Mrs.Bimla Devi Beriwala

2 Mrs.Sunita Beriwala

3 PunitBeriwala(HUF)

4 Ms.Vishaka Beriwala

5 Ms. Mansi Beriwala

6 Mr. Vipul Beriwala

7 Mr. S.S Beriwala

Associates

1 Vipul Infracon Pvt. Ltd.

2 Vipul Karamchand SEZ Pvt. Ltd.

3 Classic Real Estate Developers Pvt. Ltd.

4 Maxworth Marketing Pvt. Ltd.


Mar 31, 2010

1. As per information available with the company, there are no dues outstanding in respect Micro and Small enterprises as provided in the Micro, Small and Medium Enterprises Development Act, 2006 at the year end. Further, no interest during the year has been paid or payable in respect thereof. The parties have been identified based on the information available with the company and the same has been relied upon by the auditor.

2. The company has reviewed the carrying amount of its fixed asset (being a cash generating unit) with its future present value of cash flows and there has been no indication of impairment of the carrying amount of the Companys Fixed Assets taking consideration into external and internal sources of information.

3. There is no diminution in the value of investments which are of permanent nature. The Company has not made any investment which are classified as Current Investments or have restrictions of any nature.

4. In the opinion of the management, current assets including loans and advances have a value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the books subject to read with note 14(iv) below.

5. Schedule No.-6(B) includes- i) Rs.115,97,08,043/- (P.Y. Rs.50,53,46,022/-) ( under advance) due from Private Companies in which a director is interested.

ii) Rs. 20,13,569/- (P.Y Rs. 20,11645/-) (under advance) due from S.U Finance Ltd., a Company under same management, maximum amount outstanding at any time during the year is Rs. 20,13,569/- (P.Y Rs.20,11,645/-).

iii) Rs.39,66,278/- (P.Y.Rs.4092,931/-) (under loan) due from Classic Real Estate Developers Private Limited, an associate and the maximum amount outstanding at any time during the year is Rs. 40,92,931/- (P.Y.Rs.40,92,931/-).

iv) Rs. 1,50,81, 815/- (under Loan) to Mab Finlease Ltd. which in the view of management is doubtful of realization to the extent of 25% and accordingly provision for doubtful loan has been made in accounts.

6. The unclaimed dividend for the financial years 2004-05, 2005-06, 2006-07, 2007-08 and 2008-09 amounting to Rs.1,15,815/-, Rs.109,660/- , Rs.268,387/-, Rs.3,67,799/- & Rs.2,70.681- respectively and is being deposited in separate Bank Accounts.

7. Other information pursuant to the provisions of paragraph 3 & 4 of Part II of Schedule VI of the Companies Act, 1956 has not been furnished as the same is not applicable for the year.

8. The details pertaining to related parties transactions are shown in a separate sheet.

9. Previous years figures have been regrouped, rearranged and recasted wherever considered necessary and current year figures are not comparable with previous years figures due to the effect of amalgamation given in the previous year accounts.

10. Schedules 1 to 13 form an integral part of the Accounts.

11(A) RELATED PARTY DISCLOSURES

Related parties are classified as :

Wholly-owned Subsidiaries :

1 URR Housing Construction Pvt Ltd

2 Ritwiz Builders & Developers Pvt Ltd

3 Entrepreneurs (Calcutta) Pvt. Ltd.

4 Vipul Eastern Infracon Pvt. Ltd.

5 Vipul Hospitality Ltd.

6 Vipul Southern Infracon Ltd.

7 United Buildwell Pvt. Ltd.

8 High Class Projects Ltd.

6 Vipul Facility Management Pvt. Ltd

7 Ngenox Technologies Pvt. Ltd.

8 Aman Resorts Pvt Ltd

9 Exact Developers & Promoters Pvt Ltd

10 Chandan Cement Pvt Ltd

11 SB Developers Ltd

Key Management Personnel (Director):

1 Mr Punit Beriwala

Other Subsidiaries :

1 Vipul SEZ Developers Pvt. Ltd.

2 K S T Buildwell Pvt Ltd

3 P K B K Buildwell Pvt Ltd

4 P K B Bulidcon Pvt Ltd

5 Bhatinda Hotels Ltd.

Relatives of Key Management Personnel

1 Mrs.Bimla Devi Beriwala

2 Mrs.Sunita Beriwala

3 Punit Beriwala(HUF)

4 Ms.Vishaka Beriwala

Entities Having Common Key Management Personnel:

1 S.U Finance Ltd.

2 Whitfield Infrastructure Development Pvt. Ltd

3 Laxpo Company Pvt. Ltd

4 Millennium Plaza Ltd

5 Sarvamangalam Builders & Developers Pvt. Ltd

Associates

1 Vipul Infracon Pvt. Ltd.

2 Vipul Karamchand SEZ Pvt. Ltd.

3 Mudra Finance Ltd.

4 Vipul Vocational Institutes Pvt. Ltd.

5 Classic Real Estate Developers Pvt. Ltd.

6 Limelight Towers Pvt. Ltd (Sold on 20.02.2010)

 
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