Mar 31, 2018
1. CORPORATE INFORMATION
Ajmera Realty & Infra India Limited is a public company domiciled in India and incorporated under the provisions of the Indian Companies Act, 1956. Its shares are listed on two stock exchanges in India. The company is engaged in real estate business.
a. Term/rights attached
The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity share is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The Final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31st March, 2018, the amount of dividend recognised as distributions to equity shareholders was Rs. NIL per share as Interim Dividend (Previous Year Rs. 1.70 per share) and Rs. 3.30 per share (Previous year Rs. 0.80 per share) as Final Dividend.
c. Aggregate numbers of bonus shares issued, share issued for consideration other than cash and shares brought back during the period of five years immediately preceding the reporting date:
For the period of five years starting from preceding date
As per records of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
* Term loans from Banks includes borrowings from ICICI Bank Limited having an effective rate of interest of 10.30% repayable in specified monthly installments secured against:
1. Residential cum Commercial project âTreonâ having saleable area of approx. 540,004 sqft along with the underlying land measuring admeasuring approximately 4,410 sq.mt situated at sub plot A bearing CTS No. 1A/2 of village Anik at Chembur admeasuring 72,778.9 sq.mt and
2. Residential cum Commercial project âZeonâ having saleable area of approx. 540,004 sqft along with the underlying land measuring admeasuring approximately 4,152 sq.mt situated at sub plot A bearing CTS No. 1A/2 of village Anik at Chembur admeasuring 72,778.9 sq.mt
Also these borrowings have been secured by way of personal guarantees of Mr. Rajnikant Ajmera & Mr. Manoj Ajmera.
** Loans from Financial Institutions includes borrowings from HDFC Limited having an effective rate of interest of 10.35% repayable in specified monthly installments secured against:
1. Mortgage of project âAjmera Aeonâ Bhakti Park, Wadala, Mumbai along with an exclusive charge on the scheduled receivables and
2. Mortgage of all parcel of land admeasuring 72,778.90 sqmt bearing CTS no. 1A/2 of village Anik Taluka Kurla Mumbai along with an exclusive charge on the scheduled receivables and all insurance proceeds
Also these borrowings have been secured by way of personal guarantees of Mr. Rajnikant Ajmera, Mr. Dhaval Ajmera & Mr. Bandish Ajmera.
2 Contingent liabilities not provided for in respect of :
a. I ncome Tax Demand raised by authorities for the period 1988-1989 to 1992 -1993 not accepted by the company amounting to Rs. 2,909 Lakhs. (Previous Year Rs. 2,909 Lakhs) the company has filed petition with the settlement commission under section 245 (C) of the Income Tax Act,1961, Any Adjustment required would be accounted in the year in which final order is received. And one case pertaining to A.Y 2012-2013 is pending with Commissioner of Income Tax (Appeal) for Rs 9.81 Lakhs (Previous Year Rs. 9.81. Lakhs).
b. During the year Ajmera Realty & Infra India Limited has given corporate guarantee Rs. 1500 Lakhs (Previous Year Rs. 1,500 Lakhs) to one of its Associate Ultratech Property Developers Private Limited towards financial facility of Rs. 1,500 Lakhs availed from Kotak Mahindra Bank Limited and also given corporate guarantee to one of Associate V.M. Procon Private Limited towards financial facility of Rs. 3,600 Lakhs (Previous Year Rs. 3,600 Lakhs) availed from Tata Capital financial Services Limited Rs. 1,500 Lakhs and Tata Capital Housing Finance Limited Rs. 2,100 Lakhs.
3 Deferred Taxation:
The Company has net Deferred Tax Assets of Rs. 713.13 Lakhs (Previous year Rs. 2,310.86 Lakhs) as on 31st March 2018 on account of set off after net MAT Credit till 31st March 2018. As a prudence policy the said Deferred Tax Assets has not been recognized which is in accordance with the Ind AS 12
Major components of deferred tax arising on account of timing differences are
4 Employee Benefit
Consequent to Ind AS 19 âEmployee Benefitsâ, the company has reviewed and revised its accounting policy in respect of employee benefits.
The Company primarily deals in the business of Real Estate and hence there is no Primary reportable segment in the context of Ind AS 108.
5 Related Party Disclosures:
A. Name of Related Parties and Related Party Relationship
Key Management Personnel
i] Mr. Manoj I. Ajmera
(Managing Director)
ii] Mr. o. P. Gandhi
(Group Chief Financial Officer)
iii] Ms. Harshini D. Ajmera (Company Secretary)
B. Relatives of Key Management Personnel
- RUPAL M. AJMERA
- TANVI M. AJMERA
- RUSHI M. AJMERA
- ISHWARLAL S. AJMERA HUF
- JAYANT I. AJMERA
- MANOJ I. AJMERA HUF
- RITA MITUL MEHTA
- DILIP C. AJMERA
- JYOTI D. AJMERA
- RIDDHI D. AJMERA
- SUMAN O. GANDHI
- NUPUR O. GANDHI
- GAURAV O. GANDHI
C. Related Parties Where Control exists
Subsidiaries
i. Jolly Brothers Private limited
ii. Ajmera Estate Karnataka Private Limited
iii. Ajmera Mayfair Global W.L.L
iv. Ajmera Clean Green Energy Limited
v. Ajmera Realty Ventures Private Limited
vi. Ajmera Realcon Private Limited
vii. Laudable Infrastructure LLP
viii. Ajmera Corporation UK Ltd
ix. Radha Raman Dev Ventures Private Limited
x. SaNa Buildpro LLP
xi. SaNa Building Products LLP
xii. Ajmera Infra Developers LLP
D. Associates/Joint Ventures
i. Ajmera Housing Corporation Bangalore
ii V.M. Procon Private limited
iii. Sumedha Spacelinks LLP
iv. Ultratech Property Developers Private Limited
E. Other Related Parties
i. Ajmera Cement Private Limited
ii. Shree Precoated Steel Limited
F. Related Party Transactions:
a. Disclosure in respect of material transactions with related parties
6 Disclosure under Micro, Small and Medium Enterprises Development Act, 2006:
a) The principal amount Rs. 0.48 Lakhs (Previous Year Rs. NIL) and the interest due thereon is Rs. NIL (Previous Year Rs. NIL) remaining unpaid to any supplier at the end of each accounting year 2017-18
b) The amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium Enterprises Development Act, 2006, along with the amount of the payment made to the supplier beyond the appointed day during each accounting year.
C) The amount of Interest due and payable for the period of delay in making payment but without adding the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006
d) The amount of Interest accrued and remaining unpaid at the end of each accounting year Nil
e) The amount of further interest remaining due and payable even in the succeeding years until such date when the interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006 is Nil.
The above information and that given in note no.19 & 22 -âTrade Payablesâ regarding Micro and Small enterprises has been determined to the extent such parties have been identified on the basis of available with the company. This has been relied upon by the auditors
The Company has re - assessed the useful life of assets for the purpose of determination of depreciation in the manner prescribed under the Schedule II of the Companies Act, 2013.
7 Capital Management Policy
- Safeguard our ability to continue as a going concern, and
- Maintain an optimal capital structure to reduce the cost of capital
The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the face of balance sheet. The Company manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may, subject to relevant permissions and compliances, adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.
* All the investments in subsidiaries, associates and joint ventures are stated at cost as per Ind AS 27 âSeparate Financial Statementsâ.
Types of Risk and its management
The Groupâs activities expose it to market risk, liquidity risk and credit risk. Board of Directors has overall responsibility for the establishment and oversight of the Groupâs risk management framework. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the related impact in the financial statements.
a. Credit Risk
The Company measures the expected credit loss of trade receivables based on historical trend, industry practices and the business environment in which the entity operates. Expected Credit Loss is based on actual credit loss experienced and past trends based on the historical data.
b. Liquidity Risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Groupâs 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.
Management monitors rolling forecasts of the Groupâs liquidity position and cash and cash equivalents on the basis of expected cash flows. The Group takes into account the liquidity of the market in which the entity operates.
c. Foreign Currency Risk
The Group has international transactions and is exposed to foreign exchange risk arising from foreign currency transactions. Foreign exchange risk arises from recognized assets and liabilities denominated in a currency that is not the Groupâs functional currency.
Foreign Exchange gain/loss has not been provided for advances made to foreign subsidiary
8 Capital and other commitments
Capital and other commitments on account of revenue as well as capital nature is Rs. 2,411.03 Lakhs (Previous Year Rs. 930.67 Lakhs)
9 Corporate Social Responsibility
Company has spent total of Rs. 79.05 Lakhs (Previous Year Rs. 58.61 Lakhs) during the financial year 2017-2018 towards Corporate Social Responsibility against the total requirement of Rs. 38.69 Lakhs (Previous Year Rs. 15.24 Lakhs)
The Balance in Debtors, Creditors, few Bank Accounts balances and Advances accounts are subject to confirmation and reconciliation, if any. However as per management opinion no material impact on financial statements out of such reconciliation is anticipated.
10 Subsequent events
There is no subsequent event reported after the date of financial statements.
Previous year financial statements have been audited by a firm other than M/s. Manesh Mehta & Associates
11 Regrouping of Previous Year Figures.
The company has regrouped / rearranged and reclassified previous year figures to conform to current yearâs classification.
Mar 31, 2017
1. Corporate Information
Ajmera Realty & Infra India limited is a public company domiciled in India and incorporated under the provisions of the Companies Act, 2013. Its shares are listed on two stock exchanges in India. The company is engaged in real estate business.
A. Term/rights attached to equity shares
The company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity share is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The Final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31st March, 2017, the amount of per share dividend recognised as distributions to equity shareholders was Rs.Nil per share as Interim Dividend(Previous Year Rs.1.70 per share) and Rs.3.00 per share (Previous year Rs.0.80 per share) as Final Dividend.
2 Contingent liabilities not provided for in respect of:
a. Income Tax Demand raised by authorities for the period 1988-1989 to 1992 -1993 not accepted by the company amounting to Rs.2909 Lakhs. (Previous Year Rs. 2909. Lakhs) the company has filed petition with the settlement commission under section 245 ( C ) of the Income Tax Act,1961, any adjustment required would be accounted in the year in which final order is received.
b. There is unadjusted TDS liability of previous years to the extent of 20.53 Lakhs
c. During the year Ajmera Realty & Infra India Limited has availed Letter of Credit facility towards import of lift to the tune of Rs.Nil (P.Y. 621.55 Lakhs). The same is availed as a sub limit from ICICI Bank limited.
d. During the year Ajmera Realty & Infra India Limited has given corporate guarantee of Rs.1500 Lakhs (P.Y. Nil) to one of its Associate Ultratech Property Developers Private Limited towards financial facility of Rs.1500 Lakhs availed from Kotak Mahindra Investments Limited.
3. Deferred Taxation:
The Company has net Deferred Tax Assets of Rs. 2310.86 Lakhs (Previous year Rs. 3292.28 Lakhs) as on 31st March 2017 on account of set off after net MAT Credit till 31st March 2017. As a prudence policy the said Deferred Tax Assets has not been recognized which is in accordance with the Accounting Standard - 22 issued by the Institute of Chartered Accountants of India.
4 Employee Benefit
Consequent to Revised Accounting Standards 15 (AS-15) âEmployee Benefitsâ read with guidance note on implementation of AS-15 issued by Institute of Chartered Accountants of India, effective from April 1, 2007, the company has reviewed and revised its accounting policy in respect of employee benefits.
5. The Company primarily deals in the business of Real Estate and hence there is no Primary reportable segment in the context of Accounting Standard - 17 issued by ICAI.
6. Related Party Disclosures:
a. Name of Related Parties and Related Party Relationship Key Management Personnel
i] Mr. Manoj I. Ajmera
(Managing Director)
ii] Mr. O. P. Gandhi
(Group Chief Financial Officer)
iii] Ms. Harshini D. Ajmera
(Company Secretary)
b. Relatives of Key Management Personnel
- Rupal M. Ajmera - Tanvi M. Ajmera
- Rushi M. Ajmera - Ishwarlal S. Ajmera Huf
- Jayantl.Ajmera - Manojl.AjmeraHuf
- Rita Mitul Mehta - Dilip C. Ajmera
- Jyoti D. Ajmera - Riddhi D. Ajmera
- SumanO.Gandhi - NupurO.Gandhi
- Gaurav O. Gandhi
C. Related Parties Where Control exists
Subsidiaries
i. Jolly Brothers Private limited
ii. Ajmera Estate Karnataka Private Limited
iii. Ajmera Mayfair Global W.L.L
iv. Ajmera Clean Green Energy Limited
v. Ajmera Realty Ventures Private Limited
vi. Ajmera Realcon Private Limited
vii. Laudable Infrastructure LLP
viii. Ajmera Corporation UK Ltd
ix. Radha Raman Dev Ventures Private Limited
x. Sana Buildpro LLP
xi. Sana Building Products LLP
Associates & Joint Ventures
i. Ultratech Property Developers Private Limited
ii. Ajmera Cements Private Limited
iii. Ajmera Housing Corporation Bangalore
iv. V.M. Procon Private limited
v. Sumedha Spacelinks LLP
vi. Shree Precoated Steels Limited
7. Disclosure under Micro, Small and Medium Enterprises Development Act, 2006:
a) The principal amount and the interest due thereon remaining unpaid to any supplier at the end of each accounting year : Nil
b) The amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium Enterprises Development Act, 2006, along with the amount of the payment made to the supplier beyond the appointed day during each accounting year.
C) The amount of Interest due and payable for the period of delay in making payment but without adding the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006
d) The amount of Interest accrued and remaining unpaid at the end of each accounting year Nil
e) The amount of further interest remaining due and payable even in the succeeding years until such date when the interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a deductible expenditure under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006 is Nil
The above information and that given in note no.8 -âTrade Payablesâ regarding Micro and Small enterprises has been determined to the extent such parties have been identified on the basis of available with the company. This has been relied upon by the auditors.
8. The Company has re-assessed the useful life of assets for the purpose of determination of depreciation in the manner prescribed under the Schedule II of the Companies Act, 2013.
9. Disclosure on Specified Bank Notes (SBNs)
During the year, the Company had specified bank notes or other denomination note as defined in the MCA notification G.S.R. 308(E) dated 31st March, 2017 on the details of Specified Bank Notes (SBN) held and transacted during the period from 8th November, 2016 to 30thDecember, 2016, the denomination wise SBNs and other notes as per the notification is given below:
* For the purposes of this clause, the term âspecified Bank Notesâ shall have the same meaning provided in the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E), dated 8th November, 2016.
10. Capital and other commitments
Capital and over commitments on account of revenue as well as capital nature is Rs.Nil (P.Y NIL)
11. Corporate Social Responsibility
Company has spent total of Rs. 58.61 Lakhs (P.Y. Rs.16.72 Lakhs) during the financial year 2016-2017 towards Corporate Social Responsibility against the total requirement of Rs. 38.69 Lakhs (P.Y. Rs.15.24 Lakhs).
12. The Balance in Debtors, Creditors, few Bank Accounts balances and Advances accounts are subject to confirmation and reconciliation, if any. However as per management opinion no material impact on financial statements out of such reconciliation is anticipated.
13. Subsequent events
There is not any subsequent event reported after the date of financial statements.
14. Regrouping of Previous Year Figures.
The company has regrouped / rearranged and reclassified previous year figures to conform to current yearâs classification.
Mar 31, 2016
b. Term/rights attached to equity shares
The company has only one class of equity shares having a par value of Rs, 10 per share. Each holder of equity share is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The Final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31st March, 2016, the amount of per share dividend recognized as distributions to equity shareholders was Rs, 1.70 per share as Interim Dividend (Previous Year Rs, Nil) and Rs, 0.80 (Previous year Rs, 1.70 per share) as Final Dividend.
As per records of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
1. Contingent liabilities not provided for in respect of:
a. Income Tax Demand raised by authorities for the period 1988-1989 to 1992 -1993 not accepted by the company amounting to Rs, 2909 Lakhs. (Previous Year Rs, 2909. Lakhs) the company has filed petition with the settlement commission under Section 245 (C) of the Income Tax Act,1961, any adjustment required would be accounted in the year in which final order is received.
b. During the year Company has availed Letter of Credit facility towards import of lift to the tune of Rs, 621.55 Lakhs (Previous Year 125 Lakhs). The same is availed as a sub limit from ICICI Bank limited.
2. Deferred Taxation:
The Company has net Deferred Tax Assets of Rs, 3292.28 Lakhs (Previous year Rs, 3870.18 Lakhs) as on 31st March 2016 on account of net MAT Credit till 31st March 2016. As a prudence policy they said Deferred Tax Assets has not been recognized which is in accordance with the Accounting Standard - 22 issued by the Institute of Chartered Accountants of India.
3. The Company primarily deals in the business of Real Estate and hence there is no Primary reportable segment in the contex of Accounting Standard - 17 issued by ICAI.
4. Related Party Disclosures:
a. Name of Related Parties and Related Party Relationship Key Management Personnel i] Mr. Manoj I. Ajmera
(Managing Director)
ii] Mr. O. P. Gandhi
(Group Chief Financial Officer)
iii] Ms. Harshini D. Ajmera
(Company Secretary)
b. Relatives of Key Management Personnel
- RUPAL M. AJMERA - TANVI M. AJMERA
- RUSHI M. AJMERA - ISHWARLAL S. AJMERA HUF
- JAYANT I. AJMERA - MANOJ I. AJMERA HUF
- RITA MITUL MEHTA - DILIP C. AJMERA
- JYOTI D. AJMERA - RIDDHI D. AJMERA
- SUMAN O. GANDHI - NUPUR O. GANDHI
- GAURAV O. GANDHI
c. Related Parties Where Control exists
Subsidiaries i. Jolly Brothers Private Limited
ii. Ajmera Estate Karnataka Private Limited
iii. Ajmera Mayfair Global W.L.L
iv. Ajmera Clean Green Energy Limited
v. Ajmera Realty Ventures Private Limited
vi. Ajmera Realcon Private Limited
vii. Laudable Infrastructure LLP vIii. Ajmera Corporation UK Limited
ix. Sana Buildpro LLP
x. Sana Building Products LLP
Associates & joint Ventures i. Ultratech Property Developers Private Limited
ii. Ajmera Cement Private Limited
iii. Ajmera Housing Corporation Bangalore
iv. V.M. Procon Private Limited
v. Shree Precoated Steels Limited
vi. Sumedha Spacelinks LLP
5. Disclosure under Micro, Small and Medium Enterprises Development Act, 2006:
a) The principal amount and the interest due thereon remaining unpaid to any supplier at the end of each accounting year : Nil
b) The amount of interest paid by the buyer in terms of Section 16 of the Micro, Small and Medium Enterprises Development Act, 2006, along with the amount of the payment made to the supplier beyond the appointed day during each accounting year.
c) The amount of Interest due and payable for the period of delay in making payment but without adding the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006.
d) The amount of Interest accrued and remaining unpaid at the end of each accounting year Nil.
e) The amount of further interest remaining due and payable even in the succeeding years until such date when the interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a deductible expenditure under Section 23 of the Micro, Small and Medium Enterprises Development Act, 2006 is Nil.
The above information and that given in note no.8 -âTrade Payablesâ regarding Micro and Small enterprises has been determined to the extent such parties have been identified on the basis of available with the company. This has been relied upon by the auditors.
6. The Company has re - assessed the useful life of assets for the purpose of determination of depreciation in the manner prescribed under the Schedule II of the Companies Act, 2013. Consequently :
(i) In Previous Year - Where the revised useful life of Assets has expired at the beginning of the year, the carrying value of such assets net of the effect of deferred tax Rs, 82.03 Lakhs aggregating Rs, 1.59 Lakhs is adjusted against the opening balance of retained earnings as a transitional adjustment as per Schedule II.
(ii) In Previous Year In other cases the carrying value of the assets at the beginning of the year are depreciated over the balance of the revised useful life of the assets. The charges on account of depreciation for the year is lower by Rs, Nil (Previous Year 1.59) Lakhs as a result of this change in the estimate.
7. Capital and other commitments
Capital and other commitments on account of revenue as well as capital nature is Rs, NIL (Previous Year NIL)
8. Corporate Social Responsibility
Company has spent total of Rs, 16.72 Lakhs during the financial year 2015-16 towards Corporate Social responsibility against the total requirement of Rs, 15.24 Lakhs.
9. The Balance in Debtors, Creditors, Bank balances and Advances accounts are subject to confirmation and reconciliation, if any. However as per management opinion no material impact on financial statements out of such reconciliation is anticipated.
10. Subsequent events
There is no subsequent event reported after the date of financial statements.
Mar 31, 2015
1. Contingent liabilities not provided for in respect of:
a. There are certain disputed cases where appeal has been initiated
with CIT/ ITAT (Appeals) on disallowance of Tax exemption U/S 80IB for
For Assessment Year 2006 - 2007 assessed Rs.1337.18 Lakhs as tax
liability on total income of Rs. 3016.88 Lakhs.
b. Income Tax Demand raised by authorities for the period 1988-1989 to
1992 -1993 not accepted by the company amounting to Rs. 2909 Lakhs.
(Previous Year Rs. 2909. Lakhs) the company has filed petition with the
settlement commission under section 245 ( C ) of the Income Tax
Act,1961, Any Adjustment required would be accounted in the year in
which final order is received.
c. In the previous year, Ajmera Realty & Infra India Limited had given
corporate guarantee to one of its associates, V.M.Procon Private
Limited against the term loan granted by ICICI Bank Limited for Rs.
5000 Lakhs only.
d. During the year Ajmera Realty & Infra India Limited has availed
Letter of Credit facility towards import of Tiles to the tune of Rs.
125 Lakhs. The same is backed with 100% margin in the form of Fixed
Deposit lien marked with ICICI Bank Ltd.
2. Deferred Taxation:
The Company has net Deferred Tax Assets of Rs. 3870.18 Lakhs (Previous
year Rs. 4276.16 Lakhs) as on 31st March 2015 after adjusting set off
Rs. 405.99 Lakhs for the Financial Year 2014-15. As a prudence policy
the said Deferred Tax Assets has not been recognized which is in
accordance with the Accounting Standard  22 issued by the Institute of
Chartered Accountants of India.
3. The Company primarily deals in the business of Real Estate and
hence there is no Primary reportable segment in the context of
Accounting Standard  17 issued by ICAI.
4. Related Party Disclosures:
a. Name of Related Parties and Related Party Relationship
Key Management Personnel i] Mr. Manoj I. Ajmera
(Managing Director)
ii] Mr. O. P. Gandhi
(Group Chief Financial Officer)
iii] Ms. Harshini D. Ajmera
(Company Secretary)
b. Relatives of Key Management Personnel
RUPAL M. AJMERA - TANVI M. AJMERA
RUSHI M. AJMERA - ISHWARLAL S. AJMERA
ISHWARLAL S. AJMERA HUF - JAYANT I. AJMERA
MANOJ I. AJMERA HUF - Late SURENDRA I. AJMERA
RITA MITUL MEHTA - DILIP C. AJMERA
JYOTI D. AJMERA - RIDDHI D. AJMERA
SUMAN O. GANDHI - NUPUR 0. GANDHI
GAURAV O. GANDHI
c Related Parties Where Control exists
Subsidiaries i. Jolly Brothers Private limited
ii. Ajmera Estate Karnataka Private Limited
ii. Ajmera Biofuel Limited
iv. Ajmera Mayfair Global W.L.L
v. Ajmera Realty Ventures Private Limited
vi. Ajmera Realcon Private Limited
vii. Laudable Infrastructure LLP
Associates & joint Ventures i. Ultratech Property Developers Private
Limited
ii. A.G. Estate Private Limited
ii. Ajmera Cement Private Limited
iv. Ajmera Citi Developers Private Limited
v. Ajmera Housing Corporation
vi. Ajmera Housing Corporation Bangalore
vii. Ajmera Bora Associates
viii. Ajmera Water N Amusement Park Private Limited
ix. Bombay Freezco Private Limited
x. Four Brothers
xi. V.M. Procon Private Limited
xii. Nilkanth Tech Park Private Limited
xiii. Pramukh Development Corporation
xiv. Sankalp Holdings Private Ltd
xv. Shree Precoated Steel Limited
xvi. Vijay Nagar Corporation
xvii. Yogi Nagar Vasahat Private Limited
xviii. Rushab Investments Private Limited
xvix. SaNa Buildpro LLP
5. Disclosure under Micro, Small and Medium Enterprises Development
Act, 2006:
There are no delays in payment to Micro and Small enterprises as
required to be disclosed under the Micro, Small and Medium Enterprises
Development Act, 2006.
The above information and that given in note no.8 Â"Trade Payables"
regarding Micro and Small enterprises h as been determined to the
extent such parties have been identified on the basis of available with
the company. This has been relied upon by the auditors.
6. The Company has reassessed the useful life of assets for the
purpose of depreciation in the manner presented under the schedule II
of the Companies Act, 2013, consequently.
i) Where the revised useful life of Assets has expired at the beginning
of the year, the carrying value of such assets net of the effect of
deferred tax Rs. 82.03 Lakhs aggregating Rs. 1.59 Lakhs is adjusted
against the opening balance of retained earning as a transitional
adjustment as per Schedule II.
ii) In other cases the carrying value of the Assets at the beginning of
the year are depreciated over the balance of the revised useful life of
the assets. The charges on account of depreciation for the year is
lower by Rs. 1.59 Lakhs as result of the change in the estimate.
7. Capital and other commitments
Capital and other commitments on account of revenue as well as capital
nature is Rs. NIL (P.Y NIL)
8. The Balance in Debtors, Creditors, Bank balances and Advances
accounts are subject to confirmation and reconciliation, if any.
However as per management opinion no material impact on financial
statements out of such reconciliation is anticipated.
9. Subsequent events
There is not any subsequent event reported after the date of financial
statements.
Mar 31, 2014
Corporate Information
Ajmera Realty & Infra India limited is a public company domiciled in
India and incorporated under the provisions of the Companies Act, 1956.
Its shares are listed on two stock exchanges in India. The company is
engaged in real estate business.
1. Contingent liabilities not provided for in respect of:
a. There are certain disputed cases where appeal has been initiated
with CIT/ ITAT (Appeals) on disallowance of Tax exemption U/S 80IB For
Assessment Year 2006 - 2007 assessed Rs.1337.18 lacs as tax liability
on total income of Rs.3016.88 lacs.
b. Income Tax Demand raised by authorities for the period 1988-1989 to
1992 -1993 not accepted by the company amounting to Rs.2909 Lakhs.
(Previous Year Rs.2909. Lakhs) the company has filed petition with the
settlement commission under section 245 ( C ) of the Income Tax Act,
1961, Any Adjustment required would be accounted in the year in which
final order is received.
c. During the year Ajmera Realty & Infra India Limited has given
corporate guarantee to one of its associates V.M.Procon Private limited
to the tune of Rs.50 Crores, only against the term loan with ICICI Bank
Limited.
2. Disclosure under Micro, Small and Medium Enterprises Development
Act, 2006:
There are no delays in payment to Micro and Small enterprises as
required to be disclosed under the Micro, Small and Medium Enterprises
Development Act, 2006.
The above information and that given in note no.8 -"Trade Payables"
regarding Micro and Small enterprises has been determined to the extent
such parties have been identified on the basis of available details
with the company. This has been relied upon by the auditors.
3. Capital and other commitments
Capital and other commitments on account of revenue as well as capital
nature is Rs. NIL (PY NIL)
4. The Balance in Debtors, Creditors, Bank balances and Advances
accounts are subject to confirmation and reconciliation, if any.
However as per management opinion no material impact on financial
statements out of such reconciliation is anticipated.
5. Subsequent events
There is not any subsequent event reported after the date of financial
statements.
Mar 31, 2013
1. Corporate Information
Ajmera Realty & Infra India limited is a public company domiciled in
India and incorporated under the provisions of the Companies Act, 1956.
Its shares are listed on two stock exchanges in India. The company is
engaged in real estate business.
2. Basis of Preparation
The financial statements of the company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006, (as amended)
and the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention.
The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year, except for the
change in accounting policy explained below.
3. Contingent liabilities not provided for in respect of:
a. There are certain disputed cases where appeal has been initiated
with CIT/ ITAT (Appeals) on disallowance of Tax exemption U/S 80IB tor
For Assessment Year 2006 - 2007 assessed Rs. 1337.18 lacs as tax
liability on total income of Rs.3016.88 lacs.
b. Income Tax Demand raised by authorities for the period 1988-1989 to
1992 -1993 not accepted by the company amounting to Rs.2909 Lakhs.
(Previous Year Rs.2909 Lakhs) the company has filed petition with the
settlement commission under section 245 ( C) of the Income Tax Act,
1961, Any Adjustment required would be accounted in the year in which
final order is received.
c. Stamp Duty payable on account of reorganization/ reconstruction of
the company is not yet determined as the same is pending for
adjudication estimated at Rs.300 lacs.
d. During the year we have taken a bank guarantee of Rs.10 lakhs (100%
secured against term deposit) towards tender for Solar power project in
Patna, bihar
4. Deferred Taxation:
The Company has net Deferred Tax Assets of Rs. 4330.71 Lakhs (Previous
year Rs 4330.89 Lakhs) as on 31 st March 2013 on account of net MAT
Credit till 31st March 2013. As a prudence policy the said Deferred Tax
Assets has not been recognized which is in accordance with the
Accounting Standard - 22 issued by the Institute of Chartered
Accountants of India.
5. Employee Benefit
Consequent to Revised Accounting Standards 15 (AS-15) "Employee
Benefits" read with guidance note on implementation of AS-15 issued by
Institute of Chartered Accountants of India, effective from April
1,2007, the company has reviewed and revised its accounting policy in
respect of employee benefits.
6. Segment Information
The Company primarily deals in the business of Real Estate and hence
there is no Primary reportable segment in the context of Accounting
Standard -17 issued by ICAI.
7. Related Party Disclosures:
The related party and relationships, as identified by the Management
and relied upon by the Auditors, with whom transactions have taken
place during the year are:
a. Name of Related Parties and Related Party Relationship
Key Management Personnel i] Shri. Rajnikant S. Ajmera
(Chairman & Managing Director)
ii] Shri. Manoj I. Ajmera
(Managing Director)
iii] Shri. Sanjay C. Ajmera
(Wholetime Director)
b. Relatives of Key Management Personnel
- Atul C. Ajmera Huf
- Atul C. Ajmera
- Bhogilal S. Ajmera
- Binal S. Ajmera
- Jyoti N. Ajmera
- Sanjay C. Ajmera
- Dhaval R. Ajmera
- Dhaval R. Ajmera Huf
- Ishwarlal S. Ajmera Huf
- Jayant I. Ajmera
- Jayant I. Ajmera Huf
- Manoj I. Ajmera Huf
- Megha S. A|mera
- Natwarlal S. Ajmera
- Natwarlal S. Ajmera Huf
- Rajnikant S. Ajmera Huf
- Sanjay C. Ajmera Huf
- Sonali A. Ajmera
- Surendra I. Ajmera Huf
- Tanvi M. Ajmera
C. Related Parties Where Control exists
Name Of Party
Subsidiaries i. Jolly Brothers Private limited
ii. Ajmera Estate Karnataka Private Limited
iii. Ajmera Mayfair Global W.L.L
iv. Ajmera Biofuel Limited
v. Ajmera Realty Ventures Private Limited
Limited Liability Partnership i. Sana Buildpro LLP
ii. Laudable Infrastructure LLP
Associates & joint Ventures i. Ultratech Property Developers Private
limited
ii. A.G. Estate Private Limited
iii. Ajmera Cement Private Limited
iv. Ajmera Citi Developers Private Limited
v. Ajmera Housing Corporation
vi. Ajmera Housing Corporation Banglore
vii. Ajmera Realcon Private Limited
viii. Ajmera Bora Associates
ix. Ajmera Water N Amusement Park Private Limited
x. Bombay Freezco Private Limited
xi. Four Brothers
xii. YM. Procon Private limited
xiii. Nilkanth Tech Park Private Limited
xiv. Pramukh Development Corporation
xv. Sankalp Holdings Private Ltd
xvi. Shree Precoated Steel Limited
xvii. Vijay Nagar Corporation
xviii. Yogi Nagar Vasahat Private Limited
xix. Rushab Investments Private limited
8. Disclosure under Micro, Small and Medium Enterprises Development
Act, 2006:
There are no delays in payment to Micro and Small enterprises as
required to be disclosed under the Micro, Small and Medium Enterprises
Development Act, 2006.
The above information and that given in note no.8 -"Trade Payables"
regarding Micro and Small enterprises has been determined to the extent
such parties have been identified on the basis of available with the
company. This has been relied upon by the auditors.
9. Earning and expenditure in foreign currency is Rs. NIL (previous
year Rs. NIL).
10. Capital and other commitments
Capital and other commitments on account of revenue as well as capital
nature is Rs. NIL (Previous Year NIL)
11. The Balance in Debtors, Creditors .Banks and Advances accounts are
subject to confirmation and reconciliation, if any. However as per
management opinion no material impact on financial statements out of
such reconciliation is anticipated.
12. Subsequent events
There is not any subsequent event reported after the date of financial
statements.
Mar 31, 2012
1, Corporate Information
Ajmera Realty & Infra India Limited is a public company domiciled in
India and incorporated under the provisions of the Companies Act, 1956.
Its shares are listed on two stock exchanges in India. The company is
engaged in real estate business.
2. Basis of Preparation
The Financial Statements of the Company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP). The Company has prepared these Financial Statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006, (as amended)
and the relevant provisions of the Companies Act, 1956. The Financial
Statements have been prepared on an accrual basis and under the
historical cost convention.
The accounting policies adopted in the preparation of Financial
Statements are consistent with those of previous year, except for the
change in accounting policy explained below.
3. Contingent liabilities not provided for in respect of:
a. There are certain disputed cases where appeal has been initiated
with CIT/ ITAT (Appeals) on disallowance of Tax exemption U/S 80IB for
For Assessment Year 2006 - 2007 assessed Rs. 1337.18 lacs as tax
liability on total income of Rs.3016.88 lacs.
b. Income Tax Demand raised by authorities for the period 1988-1989 to
1992 -1993 not accepted by the company amounting to Rs.2909 Lakhs.
(Previous Year Rs.2909. Lakhs) the company has filed petition with the
settlement commission under section 245 (C) of the Income Tax Act,1961,
Any Adjustment required would be accounted in the year in which final
order is received.
c. Stamp Duty payable on account of reorganization/ reconstruction of
the company is not yet determined as the same is pending for
adjudication estimated at Rs.300 lacs.
4. Deferred Taxation:
The Company has net Deferred Tax Assets of Rs. 4,330.89 Lakhs (Previous
year Rs. 4,345.13 Lakhs) as on 31st March 2012 on account of net MAT
Credit till 31 st March 2012. As a prudence policy the said Deferred
Tax Assets has not been recognized which is in accordance with the
Accounting Standard - 22 issued by the Institute of Chartered
Accountants of India.
5. Employee Benefit
Consequent to Revised Accounting Standards 15 (AS-15)" Employee
Benefits" read with guidance note on implementation of AS-15 issued by
Institute of Chartered Accountants of India, effective from April
1,2007, the company has reviewed and revised its accounting policy in
respect of employee benefits.
6. Segment Information
The Company primarily deals in the business of Real Estate and hence
there is no Primary reportable segment in the context of Accounting
Standard -17 issued by ICAI.
7. Related Party Disclosures:
The related party and relationships, as identified by the Management
and relied upon by the Auditors, with whom transactions have taken
place during the year are:
a. Name of Related Parties and Related Party Relationship
Key Management Personnel
i] Late Shri. Chhotalal S. Ajmera
(Chairman & Managing Director)
upto 24th March, 2012
ii] Shri. Rajnikant S. Ajmera*
(Chairman & Managing Director)
iii] Shri. Manoj I. Ajmera*
(Managing Director)
iv] Shri. Sanjay C. Ajmera*
(Wholetime Director)
- Appointed w.e.f. 24th April, 2012
b. Relatives of Key Management Personnel
- Atul C. Ajmera Huf
- Atul C. Ajmera
- Bhogilal S. Ajmera
- Binal S. Ajmera
- Jyoti N. Ajmera
- Sanjay C. Ajmera
- Dhaval R. Ajmera
- Dhaval R. Ajmera Huf
- Ishwarlal S. Ajmera Huf
- Jayant I. Ajmera
- Jayant I. Ajmera Huf
- Manoj I. Ajmera Huf
- Megha S. Ajmera
- Natwarlal S. Ajmera
- Natwarlal S. Ajmera Huf
- Rajnikant S. Ajmera Huf
- Sanjay C. Ajmera Huf
- Sonali A. Ajmera
- Surendra I. Ajmera Huf
- Tanvi M. Ajmera
C. Related Parties Where Control exists
Subsidiaries
Name Of Party
i. Jolly Brothers Private limited
ii. Ajmera Estate Karnataka Private Limited
iii. Ajmera Mayfair Global W.L.L
iv. Ajmera Biofuel Limited
Limited Liability Partnership
i. Sana Buildpro LLP
ii. Laudable Infrastructure LLP
Associates & joint Ventures
i. Ultratech Property Developers Private limited
ii. A.G. Estate Private Limited
iii. Ajmera Cement Private Limited
iv. Ajmera Citi Developers Private Limited
v. Ajmera Housing Corporation
vi. Ajmera Housing Corporation Banglore
vii. Ajmera Realcon Private Limited
ix. Ajmera Bora Associates
x. Ajmera Water N Amusement Park Private Limited
xi. Bombay Freezco Private Limited
xii. Four Brothers
xiii. V.M. Procon Private limited
xiv. Nilkanth Tech Park Private Limited
xv. Pramukh Development Corporation
xvi. Sankalp Holdings Private Ltd
xvii. Shree Precoated Steel Limited
xviii. Vijay Nagar Corporation
xix. Yogi Nagar Vasahat Private Limited
xx. Rushab Investments Private limited
8. Disclosure under Micro, Small and Medium Enterprises Development
Act, 2006:
There are no delays in payment to Micro and Small enterprises as
required to be disclosed under the Micro, Small and Medium Enterprises
Development Act, 2006.
The above information and that given in note no.8 -"Trade Payables"
regarding Micro and Small enterprises has been determined to the extent
such parties have been identified on the basis of information available
with the company. This has been relied upon by the auditors.
Mar 31, 2011
1. Figures of the previous year have been reworked, regrouped,
reclassified and rearranged to confirm with the figures of the current
year.
2. Contingent liabilities not provided for in respect of:
a. There are certain disputed cases where appeal has been initiated
with CIT/ ITAT (Appeals) on disallowance of Tax exemption U/S 80IB for
For Assessment Year 2006 - 2007 assessed Rs. 1337.18 lacs as tax
liability on total income of Rs.3016.88 lacs.
b. Income Tax Demand raised by authorities for the period 1988-1989 to
1992 -1993 not accepted by the company amounting to Rs.2909 Lakhs.
(Previous Year Rs.2909. Lakhs) the company has filed petition with the
settlement commission under section 245 (C ) of the Income Tax
Act,1961, Any Adjustment required would be accounted in the year in
which final order is received.
c. Demand from Sales Tax Recovery Officer - Kolkatta forRs.1 Lakh
(Previous Year Rs. 1 Lakh)
d. Suit filed against the Company not acknowledged as debts of Rs. 137
Lakhs (Previous Year Rs. 137 Lakhs).
e. Liability that may arise on account of the Financial Institution
(SICOM) exercising their right of recompense as per the Board for
Industrial Financial Reconstruction (BIFR) Scheme.
f. Stamp Duty payable on account of reorganization/ reconstruction of
the company is not yet determined as the same is pending for
adjudication estimated at Rs.300 lacs.
3. Deferred Taxation:
The Company has net Deferred Tax Assets ot Rs. 4234.69 Lakhs (Previous
year Rs 4239.31 Lakhs) as on 31 st March 2011 on account of net MAT
Credit till 31st March 2011. As a prudence policy the said Deferred Tax
Assets has not been recognized which is in accordance with the
Accounting Standard - 22 issued by the Institute of Chartered
Accountants of India.
4. Employee Benefit
Consequent to Revised Accounting Standards 15 (AS-15) "Employee
Benefits" read with guidance note on implementation of AS-15 issued by
Institute of Chartered Accountants of India, effective from April
1,2007, the company has reviewed and revised its accounting policy in
respect of employee benefits.
5. The Company primarily deals in the business of Real Estate and
hence there is no Primary reportable segment in the context of
Accounting Standard -17 issued by ICAI.
6. Related Party Disclosures:
The related party and relationships, as identified by the Management
and relied upon by the Auditors, with whom transactions have taken
place during the year are:
a. List of related parties and their relationship:
Name of the PartyRelationship
A.G. Estate Private Limited Associate
Ajmera Cement Private Limited Associate
Ajmera Citi Developers Private Limited Associate
Ajmera Estates (Karnataka) Private Limited Subsidiary
Ajmera Housing Corporation Associate
Ajmera Housing Corporation Banglore Associate
Ajmera Mayfair Global Reality W.L.L Subsidiary
Ajmera Realcon Private Limited Associate
Ajmera Reality Private Limited Associate
Ajmera Steel Stripes Limited Associate
Ajmera Water N Amusement Park Private Limited Associate
Bombay Freezco Private Limited Associate
Jolly Brothers Private Limited Subsidiary
Four Brothers Associate
Kunnuj Investment Private Limited Associate
Nilkanth Tech-Park Private Limited Associate
Pramukh Development Corporation Associate
Rushabh Investment Private Limited Associate
Sankalp Holdings Private Ltd Associate
Shree Precoated Steel Limited Associate
Ultratech Property Developers Private Limited Subsidiary
Vijay Nagar Appartment Associate
Vijay Nagar Corporation Associate
Yogi Nagar Vasahat Private Limited Associate
b. Directors and their relatives:
Name of the Party Relationship
CHHOTALAL S. AJMERA DIRECTORS
ISHWARLAL S. AJMERA DIRECTORS
RAJNIKANT S. AJMERA DIRECTORS
ATUL C. AJMERA HUF RELATIVE OF DIRECTORS
BHOGILAL S. AJMERA RELATIVE OF DIRECTORS
BINAL S. AJMERA RELATIVE OF DIRECTORS
JYOTI N. AJMERA RELATIVE OF DIRECTORS
SANJAY C. AJMERA RELATIVE OF DIRECTORS
DHAVAL R. AJMERA RELATIVE OF DIRECTORS
DHAVAL R. AJMERA HUF RELATIVE OF DIRECTORS
ISHWARLAL S. AJMERA HUF RELATIVE OF DIRECTORS
JAYANT I. AJMERA RELATIVE OF DIRECTORS
JAYANT I. AJMERA HUF RELATIVE OF DIRECTORS
MANOJ I. AJMERA HUF RELATIVE OF DIRECTORS
MEGHA S. AJMERA RELATIVE OF DIRECTORS
NATWARLAL S. AJMERA RELATIVE OF DIRECTORS
NATWARLAL S. AJMERA HUF RELATIVE OF DIRECTORS
RAJNIKANT S. AJMERA HUF RELATIVE OF DIRECTORS
SANJAY C. AJMERA HUF RELATIVE OF DIRECTORS
SONALI A. AJMERA RELATIVE OF DIRECTORS
SURENDRA I. AJMERA HUF RELATIVE OF DIRECTORS
TANVI M. AJMERA RELATIVE OF DIRECTORS
7. Disclosure under Micro, Small and Medium Enterprises Development
Act, 2006:
There are no delays in payment to Micro and Small enterprises as
required to be disclosed under the Micro, Small and Medium Enterprises
Development Act, 2006.
The above information and that given in schedule 11 -"Current
Liabilities" regarding Micro and Small enterprises has been determined
to the extent such parties have been identified on the basis of
information available with the company. This has been relied upon by
the auditors.
Mar 31, 2010
1. Figures of the previous year have been reworked, regrouped,
reclassified and rearranged to confirm with the figures of the current
year.
2. In the Previous Year, the company filed composite scheme of
arrangement under section 391 to 394 read with section 100 to 103 of
the Companies Act 1956 to Demerge the business of Steel from AJMERA
REALTY & INFRA INDIA LIMITED (ARIIL) to the company Ajmera Precoated
Steel Limited (now known as Shree Precoated Steels Limited) (SPSL) as
per the scheme filed with Honorable High Court of Bombay . The Honble
High Court of Bombay vide order dated 21st March 2009 approved the
scheme of demerger with effect from 01 st April,2008. (Appointed date)
The salient features of demerger scheme are:
a) All assets (whether movable or immovable, real or personal,
corporeal or incorporeal, present, future or contingent, tangible or
intangible) wherever situated pertaining to and relatable to the Steel
Division;
b). All present and future liabilities arising out of the activities or
operations of Steel Business, including loans, debts, current
liabilities and provisions, duties and obligations relatable to the
Steel Division;
c). All permanent employees of ARIIL employed in the Steel Division, as
identified by the Board of Directors of ARIIL, as on the Effective
Date;
d). With effect from the Appointed Date and upon the coming into effect
of this Scheme and subject to the provisions of this Scheme the whole
of the Steel Division of the ARIIL, of whatsoever nature and
wheresoever situated, shall, under the provisions of Sections 391 to
394 and all other applicable provisions of the Act, without any further
act or deed, be transferred to and vested in and/or be deemed to be
transferred to and vested in the Resulting Company at their book values
as at the close of the business on the day immediately preceding the
Appointed Date, so as to vest in the Resulting Company the right, title
and interest of the ARIIL therein;
e). The transfer and vesting of the Steel Division as aforesaid shall
be subject to the existing securities, charges, mortgages and other
encumbrances if any, subsisting over or in respect of the property and
assets or any part thereof relatable to the Steel Division to the
extent such securities, charges, mortgages, encumbrances are created to
secure the liabilities forming part of the Steel Division.
f). On the Scheme becoming operative, all staff, workmen and employees
of the Steel Division of ARIIL in service on the Effective Date shall
be deemed to have become staff, workmen and employees of the Resulting
Company with effect from the Appointed Date without any break in their
service and on the basis of continuity of service, and the terms and
conditions of their employment with ARIIL shall not be less favourable
than those applicable to them with reference to the Steel Division of
ARIILon the Effective Date.
g). The Remaining Business and all the assets, liabilities and
obligations pertaining thereto shall continue to belong to and be
vested in and be managed by ARIIL.
h). All costs, charges, taxes including duties, levies and all other
expenses, if any (save as expressly otherwise agreed) arising out of or
incurred in carrying out and implementing this Scheme and matters
incidental thereto shall be borne by ARIIL
I). Upon this Scheme becoming operative and upon vesting of the Steel
Division of ARIIL in the Resulting Company in terms of this Scheme, the
Resulting Company, shall, without any further application or deed,
issue and allot to every member of ARIIL, holding fully paid up equity
shares in ARIIL and whose name appears in the Register of Members of
ARIIL on the Record Date, his/her heirs, executors, administrators or
the successors-in-title, as the case may be, in respect of every
10(Ten) Equity share of the face value of Rs.10 (Rupees Ten Only) each
fully paid-up held by him/ her/ it in ARIIL, 7 (Seven) Equity share of
the face value of Rs. 10 each (Rupees Ten only) of the Resulting
Company, as fully paid- up.
j). The issue and allotment of New Equity Shares by Resulting Company
to the shareholders of ARIIL, as the case may be, as provided in this
Scheme is an integral part thereof and shall be deemed to have been
carried out as if the procedure laid down under Section 81(1 A) and any
other applicable provisions of the Act were duly complied with.
k). The excess of book value of assets as appearing in the balance
sheet of ARIIL and transferred as a part of the Steel Division to the
Resulting Company over the book value of liabilities transferred as a
part of the Steel Division, shall be to the extent of Rs.82,79,80,420/-
shall be debited to the Capital Reorganization Account and balance
shall be debited to the Profit and Loss Account.
l). All costs and expenses incurred as per Clause 20 below as well as
other costs incidental with the finalisation of this Scheme , including
the all advisory fees, stamp duty charges, meeting expenses,
professional fees, consultant fees & expenses and any other expenses or
charges attributable to the implementation of the Scheme, shall be
borne by ARIIL and, be adjusted against the balance in Profit and Loss
Account in the books of ARIIL;
m). Upon the Scheme becoming effective and allotment of New Equity
Shares by Resulting Company, the Old Equity Shares of the Resulting
Company shall, without any application or deed, stand cancelled without
any payments to the holders of such Old Equity Shares of Resulting
Company.
n). Existing equity share capital of ARIIL of Rs. 118,28,29,1707-
representing 11,82,82,917 equity shares of Rs. 10/- each shall be
reduced by Rs.82,79,80,420/- to Rs.35,48,48,750/- divided into
3,54,84,875 equity shares of Rs.10/- each fully paid-up with effect
from the effective date. Accordingly, the equity shareholders shall
receive 3 (Three) equity share of Rs.10/- each fully paid up for every
10 (Ten) equity share of Rs. 10/- each fully paid up.
o). The Reduction of the Equity Shares of ARIIL as mentioned above
shall be effected as an integral part of this Scheme without having to
follow the process under Section 100 to 103 of the Act separately and
the Order of the High Court sanctioning the Scheme shall be deemed to
be also the Order under Section 102 of the Act for the purpose of
confirming the reduction. The reduction would not involve either a
diminution of liability in respect of unpaid share capital or payment
of paid-up share capital to the shareholders and the provisions of
Section 101 of the Act will not be applicable.
All formalities relating to demerger were completed on 17th April,2009
(effective date). The accounts of the company have been prepared from
01 st April,2008 i.e. appointed date till 31st March, 2009.
3 Contingent liabilities not provided for in respect of:
a. There are certain disputed cases where appeal has been initiated
with CIT/ ITAT (Appeals) on disallowance of Tax exemption U/S80IB:
For Assessment Year 2004-2005 (On Reassessment)
assessed Rs.991.51 lacs as tax liability on total income of
Rs.1898.28lacs.
For Assessment Year 2005 - 2006 (On Reassessment) assessed Rs.1.45 lacs
as tax liability on total income of Rs.19.43lacs.
For Assessment Year 2006 - 2007 assessed Rs.1337.18 lacs as tax
liability on total income of Rs.3016.88 lacs.
For Assessment Year 2007 - 2008 assessed Rs.7.46 lacs as tax liability
on total income of Rs.16.22 lacs.
b. Income Tax Demand raised by authorities for the period 1988-1989 to
1992 -1993 not accepted by the company amounting to Rs.2909 Lakhs.
(Previous Year Rs.2909. Lakhs) the company has filed petition with the
settlement commission under section 245 ( C ) of the Income Tax
Act,1961. Any Adjustment required would be accounted in the year in
which final order is received.
c. Demand from Sales Tax Recovery Officer- Kolkatta for Rs.1 Lakh
(Previous Year Rs. 1 Lakh)
d. Suit filed against the Company not acknowledged as debts of Rs. 137
Lakhs (Previous Year Rs. 53 Lakhs).
e. Liability that may arise on account of the Financial Institution
(SICOM) exercising their right of recompense as per the Board for
Industrial Financial Reconstruction (BIFR) Scheme.
f. Stamp Duty payable on account of reorganization/ reconstruction of
the company is not yet determined as the same is pending for
adjudication estimated of Rs.300 lacs.
4. Managerial remuneration (excluding provision for Gratuity and
provision for leave encashment on retirement) paid/payable to
Directors.
Directors otherthan Managing/Whole time directors:
No salary and commission is payable to Wholetime Directors in view
waiver of salary and commission by them for the current year under
review. The Company has been advised that the computation of the net
profit for the purpose of remuneration to Director under Section 349 &
350 of the Act, need not be enumerated.
5. Deferred Taxation:
The Company has net Deferred Tax Assets of Rs. 4242.53 Lakhs (Previous
year Rs 4680.70 Lakhs) as on 31 st March 2010 on account of net MAT
Credit till 31st March 2010. As a prudence policy the said Deferred Tax
Assets has not been recognized which is in accordance with the
Accounting Standard -22 issued by the Institute of Chartered
Accountants of India.
6. The Company primarily deals in the business of Real Estate and
hence there is no Primary reportable segment in the context of
Accounting Standard -17 issued by
7. Related Party Disclosures:
The related party and relationships, as identified by the Management
and relied upon by the Auditors, with whom transactions have taken
place during the year are:
8. Disclosure under Micro, Small and Medium Enterprises Development
Act, 2006:
There are no delays in payment to Micro and Small enterprises as
required to be disclosed under the Micro, Small and Medium
Enterprises Development Act, 2006.
The above information and that given in schedule 11 -"Current
Liabilities" regarding Micro and Small enterprises has been determined
to the extent such parties have been identified on the basis of
information available with the company. This has been relied upon by
the auditors.