Notes to Accounts of Vipul Ltd.
Mar 31, 2023
1. 1500 Secured, Zero per cent Coupon, Non Convertible debentures of aggregate face value of Rs.10,00,000/ each secured against exclusive registered Mortgage over identified units in the project at Sector-53,Gurugram, second ranking exclusive security interest by way of registered mortgage of entire project & project land at Sector-53, Gurugram and Personal Guarantee of Mr. Punit Beriwala - Managing Director. Terms of redemption - Redeemable in installmemt of 25% in Mar-24, 25% in Apr-24 and 50% in May-24. Return on NCDs- Min IRR 12.50%.
2. Loan-1 From PNB Housing Finance Ltd. were (since taken over by Tulip Infratech Pvt. Ltd. under a Joint development agreement) secured against equitable mortgage of project land at Sector-53, Gurugram and structure thereon, hypothecation of receivables of the project & Personal Guarantee of Mr. Punit Beriwala
- Managing Director. Terms of repayment- (a) for Rs.230 crore- 30 equal monthly installments after moratorium of 18 months starting from April 2020, Rate of Interest-14.50% p.a. (b) Rs.90 crores - 42 equal monthly installments after moratorium period of 18 months starting from Sep-19, Rate of Interest-14.75%p.a.
3. Loan-II From PNB Housing Finance Ltd. was (since taken over by Tulip Infratech Pvt. Ltd. under a Joint development agreement) secured against equitable mortgage of project land at Sector-53, Gurgram and structure thereon, hypothecation of receivables of project & Personal Guarantee of Mr. Punit Beriwala -Managing Director. Terms of repayment - for Rs.36.33 crore- 60 equal monthly installments starting from Nov-16, Rate of Interest-15.85%pa.
4. From DMI Finance Pvt. Ltd. was (Since repaid) secured against pledge of equity shares of the Company held by Promoters and Personal Guarantee by Mr. Punit Beriwala - Managing Director. Terms of repayment
- for Rs.15 crores - 36 equated monthly installments after moratorium period of 18 months starting from Apr-19, Rate of Interest- 17% p.a.
5. From J.P Financial Services Pvt Ltd is secured against pledge of equity shares of the Company held by Promoters, equitable mortgage of 34 unsold units of project Vipul Plaza, Faridabad and Personal guarantee of Mr. Punit Beriwala- Managing Director. Terms of repayment- Repayable in 3 monthly installment starting from August 2023. Rate of Interest-13% p.a.
6. From CMS Finvest Ltd. is secured against pledge of equity shares of the Company held by Promoters. Terms of repayment- Repayable in August 2023. Rate of Interest-16% p.a.
7. From Kanupriya Commercial Pvt. Ltd. is secured against pledge of equity shares of the Company held by Promoters. Terms of repayment-Repayable in August 2023. Rate of Interest-16% p.a.
8. From Yaduka Financial Services Ltd. is secured against pledge of equity shares of the Company held by Promoters. Terms of repayment- Repayable in August 2023. Rate of Interest-18% p.a.
9. From Paramount Realtec Private Ltd. are secured against pledge of equity shares of the Company held by Promoters and Personal guarantee of Mr. Punit Beriwala- Managing Director. Equitable mortgage on 24 Unsold units of Project Vipul Plaza, Faridabad. Terms of repayment- Repayable in June 2023. Rate of Interest-22% p.a.
The Management is of the opinion that the Company has sufficient current assets comprising of Trade Receivables, Cash & Cash Equivalents, Loans, Inventories and Other Current Financial Assets to manage the liquidity risk, if any in relation to current financial liabilities.
D. Capital management
For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximize the shareholder value.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, trade and other payables (excluding Liability under JDA), less cash and cash equivalents
In order to achieve this overall objective, the Company''s capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings.
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 Statement of Profit and Loss as per Actuarial Valuation as on 31st March, 2023.
31. 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.
33. 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.
34. Details of the CSR Expenditure
As a result of the recurring losses incurred by the company, the provisions of section 135 of the Companies Act, 2013 is not applicable to the Company.
Multiple legal cases have been filed by parties in various Consumer forums and courts and these have been disputed by the Company as advised by its advocates. Based on the grounds of the appeals and advice of the independent legal counsels, the management believes that there is a reasonably strong likelihood of succeeding before the various authorities. Pending the final decisions on the above matter, no adjustment has been made in these financial statements. Interest and claims by customers/ suppliers may be payable as and when the outcome of the related matters are finally determined and hence not been included.
It is not practicable for the Company to estimate the cash outflows, if any, in respect of the above, pending resolution of the respective proceedings.
1. No interest is being earned on Rs. 150.82 lakhs (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.
2. Loans are given to the respective companies for:
- Promoters'' contribution in respect of High Class Projects Ltd.
- Corporate use in respect of Mab Finlease Ltd..
3. The loan given to High Class Projects Limited has been written off during the year. Further details provided in Note 49.
41. (i) 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 and Trade Receivables are subject to confirmation.
(ii) Rs.1262.99 Lakhs (P.Y. Rs. 1262.99) lakhs due from private companies in which director is interested.
42. The Company has taken as well as granted several secured and unsecured loans and advances during the year. The agreements/ documentation in respect of such loans and advances are in the process of being signed. In the absence of such signed agreements, interest payable and receivable, as applicable, has been computed on the basis of the details provided by the Management, wherever available. The impact, if any, will be recognized after the completion of such documentation.
47. With reference to the Joint Development Agreement (JDA) with M/s Tulip Infratech Private Limited (Tulip) wherein all development rights of the project "Aarohan" at Golf Course Road had been assigned to Tulip. The necessary approvals had been received by PNB Housing Finance Limited (PNBHFL), the Director of Town & Country Planning (DTCP) and the Haryana Real Estate Regulatory Authority (HRERA) and other concern authorities. By virtue of the aforesaid JDA, Tulip has taken over entire up-to-date liability of PNBHFL. The same is acknowledged by the PNBHFL vide its NOC issued in this context. Tulip has also undertaken the pending liability of EDC being payable to the DTCP and pending liability of Project creditors. Besides, Tulip has undertaken to develop and handover agreed areas to Vipul alongwith all existing customers. In accordance with the said Joint Development Agreement (JDA) and upon receipt of requisite approvals, the transfer of project "Aarohan" has been accounted for during the year and resultant effect of such transfer has been disclosed as "exceptional items".
48. The delays caused in the financial covenants in payment of principal as well as interest to lenders due to overall sluggishness in the Indian economy and slump in the Real Estate Industry in the recent past, continued in the current period. The Company is in the process of regularizing such delays.
49. During the year under review, the Company has written off the unsecured loans provided to one of its wholly owned subsidiary from time to time. The said loans were provided for operations of a club maintained under that subsidiary and that club was making continuous operating losses since inception and was badly affected during the Covid pandemic. Further, the subsidiary has also taken a term loan from a financial institution for which the Company has given the corporate guarantee which was invoked earlier this year on account of defaults in payments of loan by the subsidiary company. In view of the above reasons and as per the request received from the board of directors of the subsidiary company, the Company felt it prudent to waive off the financial assistance provided to the wholly owned subsidiary.
50. The Company has filed and submitted the Scheme of Amalgamation ("Scheme") before NCLT, Delhi for amalgamation of Abhipra Trading Private Limited; Graphic Research Consultants India Private Limited; United Buildwell Private Limited; Vineeta Trading Private Limited; and Vipul Eastern Infracon Private Limited (hereinafter together the "Transferor Companies" or "Amalgamating Companies") with Vipul Ltd. ("Transferee Company" or "Amalgamated Company"), pursuant to provisions of Sections 230 to Section 232 read with Section 233 and all other applicable provisions of the Companies Act, 2013 read with applicable provisions of Companies (Compromise, Arrangement and Amalgamation) Rules, 2016 (as amended). The Transferor Companies or Amalgamating Companies are wholly owned subsidiary of Vipul Limited.
51. Solitaire Capital India, a shareholder of Vipul SEZ Developers Pvt. Ltd., a subsidiary company of the Company along with Solitaire Ventures Pte. Ltd moved the Hon''ble Supreme Court of India in terms of Section 11(5) and (6) of the Arbitration and Conciliation Act, 1996 and accordingly the Arbitral Tribunal stood constituted. The Parties namely Solitaire Ventures Pte. Ltd and Solitaire Capital India are treated to be Claimants therein and Vipul Group consisting of eight companies Vipul Ltd., Vipul SEZ Developers Pvt. Ltd., PKB Buildcon Pvt. Ltd., PKBK Buildwell Pvt. Ltd., KST Buildwell Pvt. Ltd., Entrepreneurs (Calcutta) Pvt. Ltd., URR Housing and Construction Pvt. Ltd. &Ritwiz Builders & Developers Pvt. Ltd. as well as Silverstone Developers Pvt. Ltd. and Karamchand Realtech Pvt. Ltd. are treated to be Respondents.
All the Parties have filed their respective Claims/Counter Claims against each other. The Arbitral Proceedings are continuing.
Solitaire Capital India, along with Solitaire Ventures Pte. Ltd have filed a petition before the Hon''ble High court of Delhi at New Delhi and also Silverstone Developers Pvt Ltd have filed three petitions in Hon''ble Delhi High court for seeking interim relief and the Hon''ble High court vide its order dated 10th March 2015 has disposed of all three petitions as under:
Under these circumstances, all the three petitions are accordingly disposed of, with the direction that the interim order passed on 3rd December,2012 and modification order dated 27th September, 2013 in OMP NO 1123/2012 shall continue during the pendency of arbitral proceedings unless the said order is modified by the Arbitral Tribunal in respect of 132.568 acres (as 6 acres of land already sold with the consent of the parties) as per revised Project Land as per the MOU/Agreement dated 13th September, 2008.
Effect, if any, required to be made in the financial statement of the company in this respect shall be made on finality of the matter.
Solitaire Capital India & Anr. (Appellant) filed a Company Petition No.94/2019 under Section 241 and 242 of the Companies Act, 2013 against Vipul Sez Developers Pvt. Ltd. & Anr before Hon''ble NCLT, New Delhi Bench, again seeking the same interim prayers which were rejected earlier on three occasions. Respondents namely Vipul Limited & others responded to the said Company Petition by filing Application being C.A. No. -422/C-III/ND/201 u/s 8 of Arbitration & Conciliation Act questioning the Jurisdiction of Hon''ble NCLT as the Parties are before Arbitral Tribunal and seized of the dispute/matter. Hon''ble NCLT despite observing and recording that the parties are before the Arbitral Tribunal passed a conditional order dated 09.08.2019 granting injunction on the piece of land admeasuring 7 acres purchased vide sale deed no. 3543 dated 12.05.2006 till the decision on the application filed by the Appellant u/s 17 of Arbitration & Conciliation Act or Decision of Hon''ble NCLT in relation to Application being C.A. No. -422/C-III/ND/201 u/s 8 of Arbitration & Conciliation Act WHICHEVER IS EARLIER. Arbitral Tribunal rejected the application of Appellant u/s 17 of Arbitration Act vide its order dated 12.12.2019. The Appellant (Claimants before Hon''ble Arbitral Tribunal) have challenged the said rejection order of Hon''ble Arbitral Tribunal before Hon''ble Delhi High Court and The said Appeal has been dismissed as withdrawn vide Order dated 18.04.2022 passed by Hon''ble High Court of Delhi, New Delhi. Appellant approached the Hon''ble Supreme Court & the Hon''ble Supreme Court vide its order dated 09.01.2020 directed the Hon''ble NCLT to dispose off the application C.A. No. -422/C-III/ND/201 u/s 8 of Arbitration & Conciliation Act questioning the Jurisdiction of Hon''ble NCLT within 10 days. Vipul Ltd. informed the Hon''ble NCLT of Hon''ble Supreme Court Order dated 09.01.2020 on 15.01.2020. Matter was listed on 22.01.2020 & adjourned to 24.01.2020 for arguments on the application u/s 8 of Arbitration & Conciliation Act. Arguments on the application u/s 8 of Arbitration & Conciliation Act were concluded and Hon''ble NCLT dismissed the application u/s 8 of Arbitration & Conciliation Act. The Company had filed Appeal no 11 of 2021 against the order dated 04.01.2021 passed by NCLT, had been dismissed by Hon''ble NCLAT vide their order dated 20.01.2022. The Company had also filed Appeal No 60 of 2020 against which the Hon''ble NCLT granted a stay on 7 acres of land purchased vide sale deed 3543 dated 12.05.2006 which has been dismissed vide order dated 20.01.2022. The Company inter-alia has preferred a Civil Appeal being C.A. No. 2580 of 2022 and C. A. No. 2648 of 2022 before Hon''ble Supreme Court and the same are pending for adjudication.
All the parties to the Arbitration in the Arbitral Tribunal comprising Justice A. K. Sikri (Presiding Arbitrator), Justice R. C. Chopra and Justice Reva Khetrapal, in the matter of Arbitration between M/s. Solitaire Ventures Pte Ltd. & Ors as claimants versus Vipul Limited & Ors. as respondents made a joint application dated 7th April, 2023 under Section 30 of the Arbitration and Conciliation Act, 1996 before the Arbitral Tribunal on 14th April, 2023. As per the application, all the parties to the dispute have agreed to settle all their interse disputes and sought passing of the "Consent Award" by the Hon''ble Arbitral Tribunal in terms of the settlement arrived at between the parties in the form and manner (and only in the form and manner) as detailed in Section II of the said joint application and any deviation therefrom will not constitute a valid settlement (unless consented by all Parties in writing), and any such action shall be void ab initio and unenforceable.
The Consent Award dated 12th May, 2023 has been pronounced by the Hon''ble Arbitral Tribunal on 14th May, 2023 . As set out in the joint application, all claims / counter claims, which are subject matter of the Arbitration, between the parties in arbitration (or even amongst certain parties inter-se) have been stand withdrawn on passing of the Consent award and "Consent Award" of the Arbitral Tribunal is be binding on the parties in accordance with the provisions of the Arbitration & Conciliation Act, 1996. The Company is in the process of complying with the conditions specified in the Arbitration Order to receive the Award. The Award will be accounted for upon receipt.
52. The Company has not provided interest on advance received from customers as negotiations for settlement of the same in under progress.
54. No proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
55. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year
56. Shares held by the company in M/s High Class Projects Limited, a wholly owned subsidiary company, have been pledged in favor of a financial institution against financial assistance taken by the said company.
57. The details pertaining to related parties'' transactions are shown in a separate sheet.
58. Previous year''s figures have been regrouped and rearranged wherever considered necessary.
Mar 31, 2018
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 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.( j) 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 and Trade Receivables are subject to confirmation.
(ii) 1,435.08.(Rs.In lacs),(P.Y 1,440.08) (Rs.In lacs), (Under Note No.6 and 12 ) due from Private Companies in which a director is interested.
4.The unclaimed dividend for the financial years 2010-11, 2011-12, 2012-13, 2013-14 and 2016-17 (interim dividend) amounting to 3.20(Rs.In lacs),4.85(Rs.In lacs),4.73(Rs.In lacs), 1.57(Rs.In lacs) and 0.36 (Rs.In lacs) respectively and is lying in separate Bank Accounts.
5Solitaire Capital India, a shareholder of Vipul SEZ Developers Pvt. Ltd., a subsidiary company of the Company along with Solitaire Ventures Pte. Ltd moved the Hon''ble Supreme Court of India in terms of Section 11(5) and (6) of the Arbitration and Conciliation Act, 1996 and accordingly the Arbitral Tribunal stood constituted. The Parties namely Solitaire Ventures Pte. Ltd and Solitaire Capital India are treated to be Claimants therein and Vipul Group consisting of eight companies Vipul Ltd., Vipul SEZ Developers Pvt. Ltd., PKB Buildcon Pvt. Ltd., PKBK Buildwell Pvt. Ltd., KST Buildwell Pvt. Ltd., Entrepreneurs (Calcutta) Pvt. Ltd., URR Housing and Construction Pvt. Ltd. & Ritwiz Builders & Developers Pvt. Ltd. as well as Silverstone Developers Pvt. Ltd. and Karamchand Realtech Pvt. Ltd. are treated to be Respondents.
All the Parties have filed their respective Claims/Counter Claims against each other. The ArbitralProceedings are continuing.
Solitaire Capital India, along with Solitaire Ventures Pte. Ltd have filed a petition before the Hon''ble High court of Delhi at New Delhi and also Silverstone Developers Pvt Ltd have filed three petitions in Hon''ble Delhi High court for seeking interim relief and the Hon''ble High court vide its order dated 10th March 2015 has disposed of all three petitions as under:
âUnder these circumstances, all the three petitions are accordingly disposed of, with the direction that the interim order passed on 3rd December,2012 and modification order dated 27th September, 2013 in OMP NO 1123/2012 shall continue during the pendency of arbitral proceedings unless the said order is modified by the Arbitral Tribunal in respect of 132.568 acres (as 6 acres of land already sold with the consent of the parties) as per revised Project Land as per the MOU/Agreement dated 13th September,2008.â
Effect, if any, required to be made in the financial statement of the company in this respect shall be made on finality of the matter.
6.Shares held by the company in M/s High Class Projects Limited, a wholly owned subsidiary company, have been pledged in favor of a financial institution against financial assistance taken by the said company.
7.The details pertaining to related parties transactions are shown in a separate sheet.
8.Previous year''s figures have been regrouped, rearranged and recasted wherever considered necessary.
RELATED PARTY DISCLOSURES- 31.03.2018
Related parties are classified as: 9. Vipul Modern Buildcon Pvt. Ltd.
Wholly-owned Subsidiaries: 10. Innovative Emergency Management India Pvt.
1. URR Housing and Construction Pvt Ltd Ltd.
2. Ritwiz Builders and Developers Pvt Ltd Key Management Personnel
3. Entrepreneurs (Calcutta) Pvt. Ltd. 1. Mr. Punit Beriwala-Managing Director
4 Vipul Eastern Infracon Pvt Ltd 2. Mrs. Ameeta Verma Duggal- Additional Director
5 Vipul Hospitality Ltd 3. Mr. Bidhubhusan Samal- Independent Director
6. Vipul Southern Infracon Ltd. 4. Mr. Kapil Dutta-Director
7. United Buildwell Pvt. Ltd. 5. Mr Rajesh Kumar Batra-Director
8 High Class Projects Ltd 6. Mr. Vikram Vasheshar Kochhar-Independent
Director
9. Vipul Lavanya Developers Ltd.
7. Mrs. Guninder Singh- Chief Executive Officer
Other Subsidiaries:
8. Mr. Ajay Agrawal- Chief Financial Officer
1. Vipul SEZ Developers Pvt. Ltd. ... . ~ 0 .
9. Mr. Vivek Chaudhary- Company Secretary
2. K S T Buildwell Pvt Ltd (since resigned)
o n ix n ix n "i-j n n * i ^ Relatives of Key Management Personnel having
3. P K B K Buildwell Pvt Ltd
transactions
4. P K B Buildcon Pvt Ltd
1. Mrs. Bimla Devi Beriwala
5. Bhatinda Hotels Ltd. _ ..
2. Mrs. Sunita Beriwala
6. Graphic Research Consultants (India) Pvt. Ltd.
3. Punit Beriwala (HUF)
7. Vineeta Trading pvt. Ltd. 4. Ms. Vishaka Beriwala
8. Abhipra Trading Pvt. Ltd. 5. Ms. Manasi Beriwala
9. VSD BuildweN pvt. Ltd. Entities in which a Relative of a Key Management Entities Having Common Key Management Personnel is a Director/Interested
Personnel: 1. GVG Consultants Pvt. Ltd.
1. S.U. Finance Ltd. 2. VG Associates
2. Whitfield Infrastructure Development Pvt. Ltd 3. Vipul Motors Pvt. Ltd.
3. Millennium Plaza Ltd. Associates
4. Sarvamangalam Builders & Developers Pvt. Ltd 1. Mudra Finance Ltd.
5. Vipul Vocational Institutes Pvt. Ltd. 2. Vipul Karamchand SEZ Pvt. Ltd.
6. Ngenox Technologies Pvt. Ltd. 3. Choice Real Estate Developers Pvt. Ltd.
7. Aman Resorts Pvt Ltd 4. Maxworth Marketing Pvt. Ltd.
8. S.B. Developers Ltd 5. Whitfield Infrastructure Development Pvt. Ltd.
Mar 31, 2017
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 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.
* Net of Rs. 1,597,633/- (P.Y 849,321/-) paid under protest.
3. Disclosure required under section 186(4) of the Companies Act, 2013
Included in loans and advances are certain interoperate deposits the particulars of which are disclosed below as required under section 186 (4) of the Companies Act, 2013
Notes :
4. No interest is being earned on Rs. 15,081,815/- (under Loan) to Mab Fin lease 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.
5. Loans are given to the respective companies for:
- Promoters contribution in respect of High Class Projects Ltd.
- Corporate use in respect of Mab Finlease Ltd.
6. (i) 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.
(ii) Rs. 144,007,836/-.(P.Y. Rs.146,400,570/-.) (Under Loans and advances in Note No 10 and 15) due from Private Companies in which a director is interested.
7. The unclaimed dividend for the financial years 2009-10 ,2010-11, 2011-12, 2012-13, 2013-14 and 201617 (interim dividend) amounting to Rs. 256,272/-, Rs.321,590/-, Rs.486,612/-, Rs. 474,007/- Rs 157,270/- and Rs.36,410/- respectively and is lying in separate Bank Accounts.
RELATED PARTY DISCLOSURES- 31.03.2017
Related parties are classified as:
Wholly-owned Subsidiaries:
1. URR Housing and Construction Pvt Ltd
2. Ritwiz Builders and 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.
9. Vipul Lavanya Developers 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 Buildcon Pvt Ltd
5. Bhatinda Hotels Ltd.
6. Graphic Research Consultants (India) Pvt. Ltd.
7. Vineeta Trading Pvt. Ltd.
8. Abhipra Trading Pvt. Ltd.
9. VSD Buildwell Pvt. Ltd.
Entities Having Common Key Management Personnel:
1. S.U. Finance Ltd.
2. Whitfield Infrastructure Development Pvt. Ltd
3. Millennium Plaza Ltd.
4. Sarvamangalam Builders & Developers Pvt. Ltd
5. Vipul Vocational Institutes Pvt. Ltd.
6. Ngenox Technologies Pvt. Ltd.
7. Aman Resorts Pvt Ltd
8. S.B. Developers Ltd
9. Vipul Modern Buildcon Pvt. Ltd.
10. Innovative Emergency Management India Pvt. Ltd.
Key Management Personnel
1. Mr. Punit Beriwala-Managing Director
2. Mrs. Ameeta Verma Duggal- Additional Director
3. Mr. Bidhubhusan Samal- Independent Director
4. Mr. Kapil Dutta-Director
5. Mr. Rajesh Kumar Batra-Director
6. Mr. Vikram Vasheshar Kochhar-Independent Director
7. Mrs. Guninder Singh- Chief Executive Officer
8. Mr. Ajay Agrawal- Chief Financial Officer
9. Mr. Vivek Chaudhary- Company Secretary
Relatives of Key Management Personnel having transactions
1. Mrs. Bimla Devi Beriwala
2. Mrs. Sunita Beriwala
3. Punit Beriwala (HUF)
4. Ms. Vishaka Beriwala
5. Ms. Manasi Beriwala
Entities in which a Relative of a Key Management Personnel is a Director/Interested
1. GVG Consultants Pvt. Ltd.
2. VG Associates
3. Vipul Motors Pvt. Ltd.
Associates
1. Mudra Finance Ltd.
2. Vipul Karamchand SEZ Pvt. Ltd.
3. Choice Real Estate Developers Pvt. Ltd.
4. Maxworth Marketing Pvt. Ltd.
5. Whitfield Infrastructure Development Pvt. Ltd.
Mar 31, 2016
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 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. (i) 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.
(ii) Rs. 146,400,570/-.(P.Y. Rs.146,400,507/-.) (under Loans and advances in Note No. 10 and 15) due from Private Companies in which a director is interested.
4. The unclaimed dividend for the financial years 2008-09, 2009-10 ,2010-11, 2011-12, 2012-13 and 2013-14 amounting to Rs.251,960/-, Rs. 256,272/-, Rs.322,790/-, Rs.494,711/-, Rs. 482,107/- and Rs. 159,971/- respectively and is lying in separate Bank Accounts.
5. Solitaire Capital India, a shareholder of Vipul SEZ Developers Pvt. Ltd., a subsidiary company of the Company along with Solitaire Ventures Pte. Ltd moved the Hon''ble Supreme Court of India in terms of Section 11(5) and (6) of the Arbitration and Conciliation Act, 1996 and accordingly the Arbitral Tribunal stood constituted. The Parties namely Solitaire Ventures Pte. Ltd and Solitaire Capital India are treated to be Claimants therein and Vipul Group consisting of eight companies Vipul Ltd., Vipul SEZ Developers Pvt. Ltd., PKB Buildcon Pvt. Ltd., PKBK Buildwell Pvt. Ltd., KST Buildwell Pvt. Ltd., Entrepreneurs (Calcutta) Pvt. Ltd., URR Housing and Construction Pvt. Ltd. & Ritwiz Builders & Developers Pvt. Ltd. as well as Silverstone Developers Pvt. Ltd. and Karamchand Realtech Pvt. Ltd. are treated to be Respondents.
All the Parties have filed their respective Claims/Counter Claims against each other. The Arbitral Proceedings are continuing.
Earlier, Solitaire Capital India along with Solitaire Ventures Pte. Ltd had filed a petition before the Hon''ble High court of Delhi at New Delhi and also Silverstone Developers Pvt Ltd had filed three petitions in Hon''ble Delhi High court for seeking interim relief and the Hon''ble High court vide its order dated 10th March 2015 has disposed of all three petitions as under:
"Under these circumstances, all the three petitions are accordingly disposed of, with the direction that the interim order passed on 3rd December, 2012 and modification order dated 27th September, 2013 in OMP No.1123/2012 shall continue during the pendency of arbitral proceedings unless the said order is modified by the Arbitral Tribunal in respect of 132.568 acres (as 6 acres of land already sold with the consent of the parties) as per revised Project Land as per the MOU/Agreement dated 13th September, 2008",
Effect, if any, required to be made in the financial statement of the company in this respect shall be made on finality of the matter.
6. The Company had entered into a Master Development Agreement ("MDA") and addendums thereon with a body corporate in earlier years in respect of its project situated at Ludhiana. As per the said MDA, certain expenses were to be reimbursed by the said body corporate to the company as its share to the project and interest was leviable on delayed payments. The company has now reconciled and debited such recoveries on the party and has also debited Rs. 94,945,175/- (including Rs. 76,303,381/
- for earlier years) as cumulative interest on delayed payments in the financial statements under review. Such debit is subject to confirmation from the said body corporate.
7. 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.
8. The details pertaining to related parties transactions are shown in a separate sheet.
9. Previous year''s figures have been regrouped, rearranged and recanted wherever considered necessary.
RELATED PARTY DISCLOSURES- 31.03.2016
Related parties are classified as: 9. Vipul Modern Buildcon Pvt. Ltd.
Wholly-owned Subsidiaries: 10. Innovative Emergency Management India Pvt.
1. URR Housing and Construction Pvt Ltd Ltd.
2. Ritwiz Builders and Developers Pvt Ltd Key Management Pers°nnel
3. Entrepreneurs (Calcutta) Pvt. Ltd. 1 Mr. Punit Beriwala-Managing Direct°r
4. Vipul Eastern Infracon Pvt. Ltd. 2. Mr. Anil Kumar Agarwal- Director (Since Resigned)
5. Vipul Hospitality Ltd. 3. Mrs. Ameeta Verma Duggal- Director
6. Vipul Southern Infracon Ltd. 4. Mr. Bidhubhusan Samal- |ndependent Director
7. United Buildwell Pvt. Ltd. 5. Mr. Kapil Dutta-Director
8. High Class Projects Ltd. 6. Mr. Rajesh Kumar Batra-Director
9. Vipul Lavanya Developers Ltd. 7. Mr. Vikram Vasheshar Kochhar-Independent
Director
Other Subsidiaries: 8. Mrs. Guninder Singh- Chief Executive Officer
1. Vipul SEZ Developers Pvt. Ltd. ^ â, »- * . r r- - i ^rr-
9. Mr. Ajay Agrawal- Chief Financial Officer
2. K S T Buildwell Pvt Ltd
10. Mr. Vivek Chaudhary- Company Secretary
3. P K B K Buildwell Pvt Ltd
Relatives of Key Management Personnel having
4. P K B Buildcon Pvt Ltd transactions
5. Bhatinda Hotels Ltd. 1. Mrs. Bimla Devi Beriwala
6. Graphic Research Consultants (India) Pvt. Ltd. 2 Mrs Sunita Beriwala
7. Vineeta Trading Pvt. Ltd. 3. Punit Beriwala (HUF)
8. Abhipra Trading Pvt. Ltd. 4. Ms. Vishaka Beriwala
9. VSD Bui|dwe|| Pvt. Ltd. Entities in which a Relative of a Key Management Entities Having Common Key Management Personnel is a Director/Interested
Personnel: 1. GVG Consultants Pvt. Ltd.
1. S.U. Finance Ltd. 2. VG Associates
2. Whitfield Infrastructure Development Pvt. Ltd 3. Vipul Motors Pvt. Ltd.
3. Millennium Plaza Ltd. Associates
4. Sarvamangalam Builders & Developers Pvt. Ltd 1. Mudra Finance Ltd.
5. Vipul Vocational Institutes Pvt. Ltd. 2. Vipul Karamchand SEZ Pvt. Ltd.
6. Ngenox Technologies Pvt. Ltd. 3. Choice Real Estate Developers Pvt. Ltd.
7. Aman Resorts Pvt Ltd 4. Maxworth Marketing Pvt. Ltd.
8. S.B. Developers Ltd 5. Whitfield Infrastructure Development Pvt. Ltd.
To look into any related party transactions, i.e., transactions of the Company of a material nature, with promoters or management, their subsidiaries or relatives, etc., that may have potential conflict with the interests of the Company at large, including approval or any subsequent modification of such transactions.
- Scrutiny of inter-corporate loans and investments
- Valuation of undertakings or assets of the Company, wherever necessary
- Evaluation of internal financial controls and risk management systems
- Review the functioning of the vigil mechanism
- Such other matters as may from time to time be required by any statutory, contractual or other regulatory requirements to be attended to by the Audit Committee.
Powers of Audit Committee
- Investigate any activity within its terms of reference
- Seek information from any employee
- Obtain outside legal or other professional advice
- Secure attendance of outsiders with relevant expertise, if it considers necessary
appointed as a member w.e.f. January 21, 2016
(b) Nomination and Remuneration Committee (âNRCâ)
The Nomination and Remuneration Committee of the Board of Directors identifies the persons who are qualified to become directors and recommends to the Board their appointment and removal and carry out evaluation of every directorâs performance. It also formulates the criteria for determining qualifications, positive attributes and independence of a director and recommends to the Board a policy, relating to the remuneration for the directors, key managerial personnel and other employees as and when deemed necessary or expedient.
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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