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Notes to Accounts of AGI Infra Ltd.

Mar 31, 2023

Contingent liabilities:

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

RISK MANAGEMENT FRAMEWORK:

The Company''s principal financial liabilities includes borrowings, trade and other payables .The Company''s principal financial assets includes loans, trade receivables, cash and cash equivalents and others. The Company also holds investments made in the property, and advances made to sellers of land against agreements. The Company is exposed to credit risk, liquidity risk and market risk. The Company''s senior management oversees the management of these risks. The Company''s senior management provides assurance that the Company''s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified ,measured and managed in accordance with the Company''s policies and risk objectives.

FINANCIAL RISK MANAGEMENT:

The Company has exposure to the folowing risks arising from financial instruments:

i. Credit Risk

ii. Liquidity Risk

iii. Market Risk

iv. Currency Risk

v. Interest rate Risk

i. Credit Risk:

Credit risk is the risk of financial loss to the Company if a customer or counter party to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers, investment in intercorporate deposits and loans given to related parties.

The carrying amount of following financial assets represents the maximum credit exposure:

Trade receivables

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However credit risk with regards to trade receivable is almost neglible in case of its residential, commercial sale and lease rental as the same is due to the fact that in case of its residential and commercial business, it does not hand over possession till entire outstanding is received. Similarly in case of lease rental business, the Company keeps 3to6months rental amount as deposit from the occupants.

No impairment is observed on the carrying value of trade receivables.

Other financial assets

Credit risk from balances with banks, loans and investments is managed by Company''s finance department. Investments of surplus funds are made only with approved counterparties. No impairment on such investment has been recognised as on the reporting date.

ii. Liquidity Risk:

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure as far as possible that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed condition, without incurring unacceptable losses or risking damage to the Company''s reputation.

The Management monitors rolling forecasts of the Company''s liquidity position on the basis of expected cash flows. The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of surplus funds, bank loans etc.

iii. Market Risk:

Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates and commodity prices which will affect the Company''s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market exposures within acceptable parameters, while optimizing the return.

iv. Currency risk:

Currency risk is not material, as the Company''s primary business activities are within India and does not have any exposure in foreign currency.

t. The Company''s main business activity constitutes developing real estate, which is the only reporting segment. The Company does not have any other reportable geographical segment.

u. The Financial Statements of the Company for the year ended 31st March,2023 were approved by the Board of

(ii) The Company does not have any benami property held in its name. No proceeding have been initiated on or are pending against the Company for holding benami property under the Benami Transaction (prohibition) Act, 1988 (45 of 1988) and the rules made there under.

(iii) The Quarterly / monthly statements / information of current assets filed by the company with banks are in agreement with the books of accounts.

(iv) The Company has not used the borrowings for any purpose other than the specified purpose of the borrowings. The funds raised on short term basis have not been utilised for long term purposes during the year.

(v) There is no default in terms of repayment of any loan i.e. either principal or interest thereon.

(vi) The company has not been declared willful defaulter by any bank or financial institution or other lender or government or any government authority.

(vii) The Company has compiled with the requirement with respect to number of layers as prescribed under section 2 (87) of the Companies Act, 2013 read with companies (restriction on number of layers) Rules 2017.

(viii) Utilisation of Borrowed funds:-

(i) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies) including Foreign entities (Intermediaries) with the understanding that the intermediary shall:

a. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

b. Provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

ii. The Company has not received any fund from any person (s) or entity (ies) , including foreign entities (Funding Party ) with the understanding (whether recorded in writing or otherwise ) that the company shall;

a. Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

b. Provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

(ix) There is no income surrendered or disclosed as income during the year in tax assessments under the income Tax Act 1961 ( such as search or survey) that has not been recorded in the books of accounts.

(x) The Company has not traded or invested in crypto currency or virtual currency during the year.

(xi) The Company had no transaction during the year with the companies struck off u/s 248 of the companies Act, 2013 or u/s 560 of the companies Act, 1956.

(xii) The Company had no intangible assets under development at the end of the year (Nil P.Y)

(xiii) The Company has not raised funds from issue of fresh share capital during the year.

(xiv) The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of companies beyond the statutory period.

(xv) The Financial statements have been approved by the Audit Committee and the Board of Directors at their respective meetings held on 29th May, 2023


Mar 31, 2018

Notes to Account

NOTE 2 INVESTMENTS

PARTICULARS

As at 31 March, 2018

As at 31 March, 2017

As at 01 April, 2016

Advance for land

227643017.13

24242000.00

12,809,400.00

AGI Cold Chain Pvt Ltd

14999990.00

14999990.00

0.00

Total

242,643,007.13

39,241,990.00

12,809,400.00

NOTE 3 OTHER NON-CURRENT FINANCIAL ASSETS

PARTICULARS

As at 31 March, 2018

As at 31 March, 2017

As at 01 April, 2016

FDRs WITH OBC HAVING MATURITY MORE THAN 12 MONTHS SINCE BALANCE SHEET DATE

1,051,442.00

972151.00

FDRs WITH PNB HAVING MATURITY MORE THAN 12 MONTHS SINCE BALANCE SHEET DATE

6823489.00

4867852.00

4953151.00

Total

6,823,489.00

5,919,294.00

5,925,302.00

NOTE 4 INVENTORIES

Particulars

As at 31 March, 2018

As at 31 March, 2017

As at 01 April, 2016

Finished Goods & Work in Progress

1232918130.00

923204000.00

1,295,750,000.00

Total

1232918130.00

923204000.00

1,295,750,000.00

NOTE 5 TRADE RECEIVABLES

Particulars

As at 31 March, 2018

As at 31 March, 2017

As at 01 April, 2016

Sundry Debtors

24179220.95

25711445.09

18050197.12

Total

24,179,220.95

25,711,445.09

18,050,197.12

NOTE 6 CASH AND CASH EQUIVALENT

Particulars

As at 31 March, 2018

As at 31 March, 2017

As at 01 April, 2016

Cash in Hand

1265073.13

1682900.70

1211671.54

Cheques Deposited But Not Yet Credited

5300000

96263.00

6458968.00

Oriental Bank of Commerce - 466

72554.48

223081.48

674285.48

Oriental Bank of Commerce - AGI 1341

93.25

93.25

93.25

Oriental Bank of Commerce - LPU 910

1933.00

2027.00

2119.00

Oreintal Bank of Commerce 147

39590.00

101137.00

11285.00

OBC C/a- 17061131000024

740591.76

11171.01

42337.59

OBC Fdrs

115994

37931.00

23288.00

ICICI-151005000132

37470.09

426296.34

1731892.10

PNB C/a -216

92033456.75

11292307.77

9509122.81

PNB C/a -2133

4122838.41

372072.75

0.00

PNB Flexi-2133

0.00

8400000.00

0.00

State Bank of India Escrow A/c 4343

1093412.00

0.00

0.00

State Bank of India c/a 5544

1266677.68

697101.98

209856.87

State Bank of India a/c 5085

1081915.50

0.00

0.00

State Bank of India c/a 4440

1939766.50

496220.00

817136.00

HDFC C/A

27100.94

2750945.94

177428.46

PNB Flexi A/c 216

2300000.00

1100000.00

0.00

PNB C/a - 727

200958.59

335539.84

78203.77

Canara Bank c/a

71937.00

957502.00

94719.00

Capital Small Finace Bank

500787.60

85357.00

0.00

PN B-4951002100000820

1052012.80

1140606.66

423106.77

OBC-307

320541.80

44058.90

58664.98

OBC c/a 482

20797.00

20908.00

21000.00

SBI C/A4517

186188.41

0.00

0.00

SBI C/A 6535

908775.68

1203130.61

476347.50

PNB-37

3284533.03

7822997.14

903320.82

PNB-12

889234.08

88379.39

88287.32

PNB-55

68573.00

68573.00

4279836.00

PNB-388 Deb

501987.00

0.00

0.00

PNB 57-20

212329.50

0.00

0.00

PNB 57-11

9379851.00

0.00

0.00

PNB 29-18

2328563.50

0.00

0.00

PNB-4010

14211.65

5546.00

5226.00

Capital small Finance -Sky garden

13712911.93

0.00

0.00

Imprest with Bank

305310.00

305310.00

307600.00

Total

145,397,971.06

39,767,457.76

27,605,796.26

NOTE 7 BANK BALANCES OTHER THAN CASH & CASH EQUIVALENTS

Particulars

As at 31 March, 2018

As at 31 March, 2017

As at 01 April, 2016

FDR OBC WITH MATURITY BETWEEN 3-12 MONTHS

1861847.00

754742.00

705,941.00

FDR PNB WITH MATURITY BETWEEN 3-12 MONTHS

1,428,565.00

589,062.00

Total

3,290,412.00

1,343,804.00

705,941.00

NOTE 8 SHORT TERM LOANS & ADVANCES

Particulars

As at 31 March, 2018

As at 31 March, 2017

As at 01 April, 2016

Advance Against Land

0.00

0.00

10,100,000.00

Change of Land Use

0.00

0.00

21,353,200.00

Total

31,453,200.00

NOTE 9 CURRENT TAX ASSETS

Particulars

As at 31 March, 2018

As at 31 March, 2017

As at 01 April, 2016

Advance Income Tax

35402000.00

27200000.00

19800000.00

TDS

2169475.76

1754568.00

608991.00

TCS Recoverable

153641.33

154001.00

1800.00

Total

37,725,117.09

29,108,569.00

20,410,791.00

NOTE 10 OTHER CURRENT ASSETS

Particulars

As at 31 March, 2018

As at 31 March, 2017

As at 01 April, 2016

Advance to staff

10056.30

155764.30

244425.30

Advance Tax Vat

0.00

2389.00

0.00

Amount Receivable Rent/Cam/electricity-Business Centre

1098684.57

604602.73

0.00

BSNL Revenue Receivable

0.00

24007.00

0.00

Cenvat Credit Claim

79645.03

502799.64

966194.00

Other Debtors

720014.70

0.00

4551516.00

Rent Receivable

0.00

0.00

15000.00

Generator Rent Receivable

0.00

0.00

10687.00

Prepaid insurance

921646.00

572781.00

297495.00

Prepaid expenses

279500.00

0.00

0.00

Bank Charges Recoverable

0.00

0.00

982899.00

LPG

258610.87

328996.09

95484.07

TDS Recoverable From others

688474.38

471612.38

127299.38

Service Tax Receivable from customers

4117427.00

5009638.00

3768462.00

Security Gas Cylinder

449056.00

279196.00

193716.00

Security against electricity - 66 ft

1104270.00

872780.00

930933.00

Security against electricity - Phase-ll

604760.00

368470.00

0.00

Security against electricity - SMART HOME

306951.00

0.00

0.00

Security with BSE SME

0.00

0.00

1499040.00

Security with Shipping Co.

60000.00

165000.00

160000.00

Input tax credit

0.00

3899400.57

3849155.81

Unexpired Bank Guarantee Charges

995038.00

711266.00

383835.00

Income Tax Refund A.Y. 1 6-1 7

55000.00

202490.00

0.00

Income Tax Refund A.Y 14-15

384280.00

384280.00

384280.00

Income Tax Refund A.Y 17-18

1054435.00

0.00

0.00

Misc Expenditure

0.00

0.00

0.00

- Unammortised Share Issue Expenses

1400354.40

2362056.40

3323758.80

CGST Credit

11644738.27

0.00

0.00

SGST Credit

11126844.11

0.00

0.00

IGST Credit

13380644.44

0.00

0.00

CGST Recoverable

5714792.19

0.00

0.00

SGST Recoverable

5714792.19

0.00

0.00

Total

62,170,014.45

16,917,529.11

21,784,180.36


Mar 31, 2015

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