Mar 31, 2015
1. Company Profile
Jet Infraventure Limited (formerly known as Jet Infraventure Private Limited) ("the Company") is an Indian Company and it is registered with Registrar of Companies, Mumbai vide registration number U45400MH2001PLC133483. The registered office of the Company is situated at Office No. 1, 1st Floor, 'E' wing, Nandanvan Apartment, Kandivali Link Road, Kandivali (West), Mumbai - 400 067. The Company is engaged in the business of Real Estate / Real Estate Development including Construction.
2. (i) During the year, the Company has issued 31,000 Equity shares o f Rs. 10/- each @ Rs. 118/- per share to the promoter on preferential basis on 30/04/2014.The Company has issued 6,02,000 Bonus Shares of Face Value Rs. 10/- each on 02/09/2014 at a ratio of 7:1 (I.e. Seven Equity Share for every one Equity Share already held). The Company also made an Initial Public Offer of 3,60,000 Equity Share of Rs. 10/- each at a price of Rs. 125/- per share through 100% book building process. Equity Shares of the Company listed on 25/11/2014 on BSE Exchange (SME).
(ii) Terms /Rights attached to Equity Shares
The Company has Equity shares having value of Rs. 10 per share. Each holder of Equity shares is entitled to one vote per share. The shareholders have the right to receive Interim Dividends declared by the Board of Directors and the final dividends proposed by the Board of Directors and approved by the shareholders. In the event of liquidation of the company, the distribution will be in proportion to the number of equity shares held by the shareholders. The equity shareholders have all other rights as available to the Equity Shareholders as per the provisions of Companies Act, 2013 read with the Memorandum of Association and Articles of Association of the Company as applicable.
3. No provision are made in respect of Gujarat Value Added Tax payable in respect of project at Gujarat as payment for the same has been made in succeeding financial year under the Amnesty scheme as announced by Gujarat Government.
4. Contingent Liability-NIL (Previous year - The Company has provided guarantee of Rs. 25 lakhs to one of the party.)
5. Related Party Disclosures
In accordance with the requirement of Accounting Standard 18 - "Related Party Disclosures", the names of the related parties where control exists and/or with whom transactions have taken place during the year and description of relationship, as identified and certified by management are as follows.
Related Party Relationship where transactions have taken place during the year
Rajul Shah Rajul Shah (HUF) Pramoda R Shah Preethi James AnilKumar Kinariwala
Key Management Personnel
Rajul Shah (Managing Director) Pramoda R Shah (Whole Time Director) Ajay Shinde (Chief Financial Officer) Krunal Shah (Company Secretary)
6. Company has incurred issue related expenses of Rs. 38.72 Lacs which is written off through Share Premium Account.
7. The balances of Sundry Creditors, Sundry Debtors, and Advances given are subject to confirmation.
8. Based on the information available with the Company, no creditors have been identified as "Supplier" within the meaning of "Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. Accordingly, no disclosure under the MSMED Act are required to be given.
9. Previous year's figures have been regrouped, rearranged wherever deemed necessary to conform to this year's classification.