Mar 31, 2015
Additional Information to Long Term Borrowings:
The long term portion of term loan is shown under long term
borrowings and current maturities of the long term borrowings
are shown under the current maturities as per the disclosure
requirements of the Revised Schedule III.
- Details of Securities and Terms of Repayments: I. Secured
Loan
(a) (i) Allahabad Bank (A/c No. 50138526820), Worli, Mumbai
Term Loan of Rs. 1.50 Crores sanctioned by the Bank for the purpose
of working capital and the said Loan against property which was
to be repaid in 84 equal monthly installments, at interest @ 16%
(base rate 5.5%). was fully repaid on 18.12.2014. The details
of the poperties mortgaged with the Bank were under:
(1) Office no. B-4C, B-Wing at New Udyog Mandir-2, Mogul Lane,
Mahim (West), Mumbai-400016 which belongs to the Company.
(2) Office No 403 along with 13 nos car parking on Second Floor
at Savoy Chambers, Santacruz (West), Mumbai which belongs to M/s
Classy Investments Pvt. Ltd.
(b) (i) Kotak Mahindra Pvt.Ltd (Loan A/c No.6962494) - NBFC
Secured by First charge by way of hypothecation of Car No. MH 01
AX 5600 as per loan sanctioned as on 8th September,2011
The loan is repayable in 35 equal monthly installments of Rs.
28,047/- each, interest @ 6.50% p.a. is payable on the said loan
However, it is fully repaid on 02.05.2014. (ii) ICICI Bank
Ltd(Loan A/c. No. LAMUM00026715824)
Secured by First charge by way of hypothecation of Car No. MH 43
AL 9825 as per loan sanctioned as on 1st February, 2013.
The loan is repayable in 60 equal monthly installments ofRs.
19,818/- each, interest @ 11.99% p.a. is payable on the said
loan.
The year of maturity with reference to Balance Sheet is 2.9
years. (iii) Volkswagen Finance Pvt. Ltd. (Loan A/c No.
20121018744)
Secured by First charge by way of hypothecation of Car No. MH
43 AL 9466 as per loan sanctioned as on 28th December,2012.
The loan is repayable in 60 equal monthly installments of Rs.
68409/- each, interest @ 11.65% p.a. is payable on the said
loan.
The year of maturity with reference to Balance Sheet is 2.8
years. (iv) Volkswagen Finance Pvt. Ltd. (Loan A/c No.
20121019363)
Secured by First charge by way of hypothecation of Car No. MH 43
AL 9772 as per loan sanctioned as on 28th December,2012.
The loan is repayable in 60 equal monthly installments of Rs.
68409/- each, interest @ 11.65% p.a. is payable on the said
loan.
The year of maturity with reference to Balance Sheet is 2.8
years.
(b) CAPITAL FIRST LTD -NBFC
(i) Secured by way of first exclusive charge on Manavsthal
Project CTS No. 2841(pt), Tal. Borivali Properties together with
land and all the present & Future superstructures, receivable,
escrow accounts etc. and also on unsold stock of Pinnacle
Corporate Park Project CTS No. 4207(pt), Tal. Andheri, as per
loan sanctioned as on 11th November, 2013. The loan is repayable
in 24 equal monthly installments. However, it is fully repaid on
08.04.2015 hence, it is shown in Current Maturities. The said
Term Loan is for the purpose of working capital and general
corporate expenses of the Company and the balance for
construction expenses of project Manavsthal at Malad, Mumbai.
I. Unsecured Loan
(a) (i) ICICI Bank Ltd(Loan A/c.No.1890626)
The said loan taken by the Company jointly with Directors and
for which Director has given his personal assets as securities.
The said loan was sanctioned to the Company on 25th October,
2011 interest @ 12.75% floating. Repayable in 120 EMIs w.e.f.
December, 2011. The year of maturity with reference to Balance
Sheet is 6.8 years.
(i) During the year, the Company has provided for the following
based on Unaudited Financial Statements of M/s Kamanwala
Lakshachandi Todays Construction : -
- Interest on Partners Capital amounting to Rs. 73,58,920/- -
Share in Profit of Rs. 80,93,325/- (ii) During the year, the
Company has provided for the following based on Unaudited
Financial Statements of M/s Kamanwala Lakshachandi
Todays Developers : -
- Share of Loss of Rs. 46,185/-
(i) Aspen Properties Pvt. Ltd
The Company has made the payment towards joint venture
contribution to M/s Aspen Properties Pvt Ltd for the project at
Filimistan Studio, Goregaon (West).
The Company has taken concrete steps to commence the project,
Company had sent a notice through Legal Advisor to the Co-
Venturer and also made the provison for compensation receivable
which is shown seperately in Current Assets.
(ii) Khar Property
The Company has made payment of Rs. 25,50,000/-for development of
property at E/828, 4th & 5th Road, Khar (West), Mumbai.
NOTE : 1
During the year, Company has recognized interest income of Rs.
1,06,44,000/- from M/s. Prajay Kamanwala Developers and Rs.
4,20,000/- from M/s. Aspen Properties Pvt. Ltd. on amount of
investment made in Partnership and Joint Venture respectively
for which projects are yet to commence. Company has taken the
other parties into confidence and is confident of its recovery.
NOTE : 2
During the year, Company has considered the interest income Rs.
2,17,00,963/- on amount receivable from M/s Housing Development
and Infrastructure Limited, who has agreed to refund the amount
along with interest.
NOTE : 3
In the absence of information with the Company regarding the
status of the suppliers as defined under Micro, Small and Medium
Enterprises Development Act, 2006, the details if any, the
provision or payment of interest and related disclosure under
the said Act has not been disclosed.
NOTE 4: CONTINGENT LIABILITIES
1. No provision is made for Contingent Liability which may
arise for delay in execution of project Pinnacle Corporate Park,
BKC Bandra (East), Mumbai. As per the terms of Agreements
executed with Purchasers, the Company has committed to give the
possession of the office premises in the year 2008. However, due
to certain compliance and pending clearance of S.R.A., the
project has been delayed for six years.
2. The Company has given a guarantee of Rs. 3 Lacs to Maharashtra
Pollution Control Board on account of specific compliances for
Malad Project.
3. The Company has entered into the following Deeds of
Partnership for which liabilities are unlimited and amount not
ascertained:
(a) M/s. Kamanwala Lakshachandi Todays Construction
(b) M/s. Prajay Kamanwala Developers
4. The Income Tax Department has raised the demand of Rs. 3.78
Crores for Assessment Year 2011-12, and Rs. 82.27 Lacs for
Assessment Year 2012-13, contending the same the Company has
filed an Appeal with Commissioner of Income Tax (Appeal).
Mar 31, 2014
1.(a) Terms/rights attached to Shares
The Company has only one class of Equity Share having a par value of
Rs. 10/- per Share. Each holder of Equity Share is entitled to one
vote per Share.
(b) Additional Information to Long Term Borrowings
The long term portion of term loan is shown under long term borrowings
and current maturities of the long term borrowings are shown under the
current maturities as per the disclosure requirements of the Revised
Schedule VI.
(c) Details of Securities and Terms of Repayments
I. Secured Loan:
(i) Allahabad Bank (A/c. No. 50138526820), Worli, Mumbai:
Term Loan of Rs. 1.50 Crores sanctioned by the Bank for the purpose of
working capital and the said Loan against property which will be repaid
in 84 equal monthly installment, ''rate of interest @ 16% (base rate
5.5%). The details of the property mortgaged with the bank are as
under:
(1) Office No. B-4C, B-Wing at New Udyog Mandir-2, Mogul Lane, Mahim
(West), Mumbai 400016 which belongs to the Company.
(2) Office No. 403 along with 13 nos. car parking on second floor at
Savoy Chambers, Santacruz (West), Mumbai which belongs to M/s. Classy
Investments Pvt. Ltd.
(i) Kotak Mahindra Pvt. Ltd. (Loan A/c. No. 6962494) - NBFC:
Secured by First charge by way of hypothecation of Car No. MH 01 AX
5600 as per loan sanctioned executed as on 8th June, 2011. The loan is
repayable in 35 equal monthly installment of Rs. 28,047/- interest @
6.50% p.a. is applicable on the said loan. The year of maturity with
reference to Balance Sheet is 2 months.
(ii) ICICI Bank Ltd. (Loan A/c. No. LAMUM00026715824):
Secured by First charge by way of hypothecation of Car No. MH 43 AL
9825 as per loan sanctioned as on 1st February, 2013. The loan is
repayable in 60 equal monthly installment of Rs. 19,818/-. interest @
11.99% p.a. is applicable on the said loan. The year of maturity with
reference to Balance Sheet is 3.9 years.
(iii) Volkswagen Finance Pvt. Ltd. (Loan A/c. No. 20121018744):
Secured by First charge by way of hypothecation of Car No. MH 43 AL
9466 as per loan sanctioned as on 28th December, 2012. The loan is
repayable in 60 equal monthly installment of Rs. 68,409/-, interest @
11.65% p.a. is applicable on the said loan. The year of maturity with
reference to Balance Sheet is 3.8 years.
(iv) Volkswagen Finance Pvt. Ltd. (Loan A/c. No. 20121019363):
Secured by First charge by way of hypothecation of Car No. MH 43 AL
9772 as per loan sanctioned as on 28th December, 2012. The loan is
repayable in 60 equal monthly installment of Rs. 68,409/-, interest @
11.65% p.a. is applicable on the said loan. The year of maturity with
reference to Balance Sheet is 3.8 years.
2. Capital First Ltd. (Formerly known as Future Capital Holdings Ltd.)
NBFC:
Secured by way of first exclusive charge on Pinnacle Corporate Park
Project, CTS No. 4207(pt), Taluka Andheri, Manavsthal project CTS No.
2841(pt), Taluka Borivali Properties together with land and all the
present and future superstructures, receivable, escrow accounts etc. as
per loan sanctioned as on 14th December, 2011. The loan is repayable in
24 equal monthly installment. Repayment is started from 30th April,
2012 to 31st March, 2014. During the year Company has made repayment of
the said Term Loan before due date.
Secured by way of first exclusive charge on Manavsthal project CTS No.
2841(pt), Taluka Borivali Properties together with land and all the
present and future superstructures, receivable, escrow accounts etc.
and also on unsold stock of Pinnaacle Corporate Park Project CTS No.
4207(pt) Taluka Andheri, as per loan sanctioned as on 11th November,
2013. The loan is repayable in 24 equal monthly installment. The year
of maturity with ''reference to Balance Sheet is 1 year. Accordingly,
the due amount of Term Loan is shown in Current Maturities. The said
Term Loan is for the purpose of working capital and general corporate
expenses of the Company and the balance for construction expenses of
Manavsthal Project at Malad, Mumbai.
II. Unsecured Loan:
(i) ICICI Bank Ltd. (Loan A/c. No. 1890626)
The said loan taken by the Company jointly with Directors and for which
director has given his personal assets as securities. The said loan was
sanctioned to the Company on 25th October, 2011 interest @ 12.75%
floating. Repayable in 120 EMIs w.e.f. December 2011. The year of
maturity with reference to Balance Sheet is 7.8 years.
* The Company has not made default in repayment of dues (Principal and
interest) during the year ended 31st March, 2014 except for one
installment of Term Loan of Allahabad Bank for March, 2014 installments
amounting to Rs. 2.98 lakhs per month which was due on 31.03.2014 and
is paid on 03.04.2014..
(ii) M/s. Prajay Kamanwala Developers as on 8th May, 2006 of which the
Company has not provided Profit and Loss Account & Balance Sheet for
last 8 years since inception. As such there is no development work
started so the financial statement has not been prepared.
(iii) There is no profitability made by the M/s. Kamanwala Lakshachandi
Todays Developers, so that no profit or loss has been determined.
(iv) During the year provision for interest on capital investment made
for Rs. 73,47,166/- M/s. Kamanwala Lakshachandi Todays Construction has
been received booking of 4 flats during the year and recorded the sale
of 90% as the work completed and as per Provisional Financial
Statements of the Firm profit is arrived at Rs. 79,04,458/-.
(v) Aspen Properties Pvt. Ltd.
The Company has made the payment towards joint venture contribution to
M/s. Aspen Properties Pvt. Ltd. for the project at Filimistan Studio,
Goregaon (West) and the said amount is confirmed by M/s. Aspen
Properties Pvt. Ltd. in their Balance Sheet for assessment year
2011-2012 and to take the concrete steps to commence the project,
Company had sent the notice through Legal Advisor to the Co-venturer
and also made the provison for compensation receivable which is shown
separately in Current Assets.
(vi) Khar Property
The Company has made payment of Rs. 18,00,000/- for development of
property at E/828, 4th & 5th Road, Khar (west), Mumbai.
NOTE 3:
The Company has inadvertently capitalised Commitment Charges of Rs.
6,11,28,193/- to the unsold stock in the first three quarters. However,
following consistency of charging these expenses to revenue, the
Company has reversed the same in the fourth quarter.
NOTE 4:
During the year, the Company has recognized interest income of Rs.
1,06,44,000/- from Prajay Kamanwala Developers and Rs. 4,20,000/- from
Aspen Properties Pvt. Ltd. on amount of investment made in Partnership
and Joint Venture respectively in which projects are yet to commence.
The Company has taken the other parties into confidence and is
confident of its recovery.
NOTE 5:
During the Quarter ended March, 2014, the Company has considered the
Interest income Rs. 6,07,62,694/- for the period of 14.06.2011 to
31.03.2014 on amount receivable from M/s Housing Development and
Infrastructure Limited, who had agreed to refund the amount along with
interest and whose confirmation in writing is awaited.
NOTE 6:
In the absence of information with the Company regarding the status of
the suppliers as defined under Micro, Small and Medium Enterprises
Development Act, 2006, the details, if any, the provision or payment of
interest and related disclosure under the said Act has not been
disclosed.
NOTE 7: CONTINGENT LIABILITIES
1. Provision not made for Contingent liability which may arise for
delay in execution of project Pinnacle Corporate Park, BKC Bandra
(East), Mumbai. As per the terms of Agreements executed with
Purchasers, the Company has committed to give the possession of the
office premises in the year 2008. However, due to certain compliance of
S.R.A. the project has been delayed for five years.
2. The Company has given the guarantee for amounting to Rs. 3 lacs to
Maharashtra Pollution Control Board on account of specific compli-
ances of the Pollution Control for Malad Project,
3. The Company has entered into the following Deeds of Partnership for
which liabilities are unlimited and amount not ascertained:
(a) M/s. Kamanwala Lakshachandi Todays Construction
(b) M/s. Prajay Kamanwala Developers
4. The Income Tax Department has raised the demand of Rs.
3,77,72,630/- for Assessment Year 2011-12, contending the same the
Company has filed an Appeal with Commissioner of Income Tax (Appeal).
5. According to records of the Income Tax Department, CPC, Bengaluru
the outstanding demand for Assessment Year 2006-07 is Rs. 1,64,435/-,
for Assessment Year 2007-08 is Rs. 56,001/- and for Assessment Year
2012-13 is Rs. 9,07,700/-.
Mar 31, 2013
1. Provision not made for Contingent Liability which may arise for
delay in execution of project Pinnacle Corporate Park, BKC Bandra
(East), Mumbai. As per the terms of Agreements executed with
Purchasers, the Company has committed to give the possession of the
offce premises in the year 2008. However, due to certain compliance of
S.R.A. the project has been delayed for four years.
2. Corporate Guarantee given by the Company for Term Loan of Rs. 17
Crores availed by M/s Kamanwala Lakshachandi Todays Construction from
Allahabad Bank, Worli, Mumbai in which the Company is 50% partner.
3. The Company has given the guarantee for amounting to Rs. 3 lacs to
Maharashtra Pollution Control Board on account of specifc compliances
of the Pollution Control Board for the Malad Project.
4. Letter of Credit opened with Allahabad Bank in favour of Su Zhou
Schindler Elevator Co. Ltd., China for import of lifts 10 nos for Malad
Project for the value US$ 2,86,705 for which the Company''s contingent
liability as on 31st March, 2013 is Rs. 1.56 Crores.
5. The Company has entered into the following Deeds of Partnership for
which liabilities are unlimited and amount not ascertained:
(a) M/s. Kamanwala Lakshachandi Todays Construction
(b) M/s. Prajay Kamanwala Developers
Mar 31, 2012
(a) Terms/rights attached to Shares
The Company has only one class of Equity Share having a par value of Rs
10/- per Share. Each holder of Equity Share is entitled to one vote
per Share.
(a) Additional Information to Long Term Borrowings
The Long term portion of term loan are shown under long term borrowings
and current maturities of the Long term borrowings are shown under the
current maturities as per the disclosure requirements of the Revised
Schedule VI.
(b) Details of Securities and Terms of Repayments
I. Secured Loan
(i) ICICI Bank Ltd. (Loan A/c. No. 1877927)
The said loan sanctioned on 19th July, 2011 @ 12.75% floating interest
rate p.a. which is to be repaid in 120 EMI w.e.f. 19th July, 2011.
However, it is fully repaid on 23-05-2012 hence, it is shown in current
maturities under current liabilities. The said loan is secured by
Exclusive First charge on CompanyRss property located at Premises No.
102, 1st Floor, Savoy Chambers, Santacruz (w) alongwith 13 car
parkings.
(ii) ICICI Bank Ltd. (Loan A/c. No. 20368331)
Secured by First charge by way of hypothecation of Car No. MH 04 AR
3751 as per loan sanctioned as on 30th April, 2010. The loan is
repayable in 35 equal monthly installment of Rs 55,230/-, Floating
interest rate @ 7.97% p.a. is applicable on the said loan. The period
of maturity with reference to Balance Sheet is 1 year.
(iii) ICICI Bank Ltd. (Loan A/c. No. 23856229)
Secured by First charge by way of hypothecation of Car No. MH 01 AX
3205 as per loan sanctioned as on 28th April, 2011. The loan is
repayable in 36 equal monthly installment of Rs 77,777/-. Floating
interest rate @ 1.26% p.a. is applicable on the said loan. The period
of maturity with reference to Balance Sheet is 2 years.
(iv) Kotak Mahindra P. Ltd. (Loan A/c. No. 6962494) - NBFC
Secured by First charge by way of hypothecation of Car No. MH 01 AX
5600 as per loan sanctioned executed as on 8th June, 2011. The loan is
repayable in 35 equal monthly installment of Rs 28,047/- Floating
interest rate @ 6.50% p.a. is applicable on the said loan. The period
of maturity with reference to Balance Sheet is 2.2 years.
(v) ICICI Bank Ltd. (Loan A/c. No. 17265079)
Secured by First charge by way of hypothecation of Car No. MH 04 DY
2409 in the name of director as per loan sanctioned as on 12th June,
2009. The loan is repayable in 35 equal monthly installment of Rs
22,670/-. Floating interest @ 15.51% p.a. is applicable on the said
loan. The period of maturity with reference to Balance Sheet is 2
months.
(vi) Magma Fincorp Ltd. (Swift DRszire) - NBFC
Secured by First charge by way of hypothecation of Car No. MH 43 8300
as per loan sanctioned as on 10th June, 2009. The loan is repayable in
36 equal monthly installment of Rs 17,267/-. Floating interest @
12.0091% p.a. is applicable on the said loan. The period of Maturity
with reference to Balance Sheet is 1.2 months.
(b) Future Capital Holdings Ltd. - (NBFC)
Secured by way of first exclusive charge on Pinnacle Corporate park
project CTS No. 4207(pt), Tal Andheri, Manavsthal project CTS No.
2841(pt), Tal Borivali properties together with land and all the
present and future superstructures, receivable, escrow accounts etc. as
per loan sanctioned as on 14th september, 2011. The loan is repayable
in 24 equal monthly installment. Repayment has started from 30th April,
2012 to 31st March, 2014. The period of maturity with reference to
Balance Sheet is 2 years.
II. Unsecured Loan
(i) ICICI Bank Ltd. (Loan A/c. No. 1890626)
The said loan taken by the Company jointly with Directors and for which
Director has provided his personal assets as securities. The said loan
has been sanctioned to the Company on 25th October, 2011 interest @
12.75% floating. Repayable in 120 EMI w.e.f. December 2011. The period
of maturity with reference to Balance Sheet is 9.8 years.
(c) The Company has not made default in repayment of dues (principal
and interest) during the period ended March, 2012.
I. (a) Indian overseas Bank, Santacruz (W), Mumbai
(i) Additional Corporate Loan
(ii) Term Loan
(iii) Corporate Loan for Working Capital
The above loans from Indian Overseas Bank, Santacruz (West), Mumbai
were secured by Mortgage of BKC. Kole Kalyan Project Land and
Construction thereon including stock and receivables of the projects
and construction of office premises thereon.
(b) oriental Bank of Commerce, Fort, Mumbai
(i) Demand Loan-I
(ii) Term Loan-II
The above loans were secured by Equitable Mortgage over the leasehold
rights on plot of land of village Malwani, Malad and construction of
flats to be erected thereon and Hypothecation of Building Materials and
Debtors.
II. Other loans and advances are taken from various prospective buyers
against properties and flats.
* M/s. Prajay Kamanwala Developers as on 8th May, 2006 of which the
Company has not provided Profit and Loss Account and Balance Sheet for
last 6 years since inception, As such there is no development work
started so the financial statement has not been prepared. ** During
the year the said firm is completed their Commercial Project namely
"Savoy Chambers" at Santacruz, (West), Mumbai and recorded the sales of
the project in current year and the Company has received its share of
Profit Rs 38.69 lacs which has been shown as Other Income and there is
no any liability in the Partnership Firm.
As agreed by Partners of the Firm interest will be provided on capital
invested by the Partners only after the completion of project and
accordingly sale recorded.
The Company has accrued total interest for the period 01-10-2008 to
30-06-2011 of Rs 3,96,00,445/- which include prior period interest
amount of Rs 3,31,96,661/-.
1. Investment in Joint Venture at cost
(i) Aspen Properties Pvt. Ltd.
The Company has made the payment towards joint venture contribution to
M/s Aspen Properties Pvt. Ltd. for the project at Filimistan Studio,
Goregaon (west) and the said amount is confirmed by M/s Aspen
Properties Pvt. Ltd. in their Balance Sheet for assessment year
2011-2012.
(ii) Anand Infoedge Pvt. Ltd.
During the year, Company has made the aforasaid payment to M/s Anand
Infoedge Pvt. Ltd on account of joint venture contribution for
development of IT Park on property at NOIDA which is in the name of the
said company. Our share in profit/loss is 10% and profit and loss
statement is not provided for current year.
NOTE 2: CONTINGENT LIABILITIES
1. Provision not made for contingent liability which may arise for
delay in execution of project Pinnacle Corporate Park, BKC, Bandra
(East), Mumbai.
As per the terms of Agreements executed with the Purchasers, the
Company has committed to give the possession of the office premises in
the year 2008. However, due to certain compliance of S.R.A. the project
has been delayed for four years.
2. Contingent liabilities not provided for in respect of Stamp Duty of
Rs 3,48,750/- on purchase of Flat at Hermitage Villa.
3. The Company has entered into the following Deeds of Partnership for
which liabilities are unlimited and amount not ascertained:
(a) M/s. Kamanwala Lakshachandi Todays Construction.
(b) M/s. Prajay Kamanwala Developers.
Mar 31, 2011
1. (i) Contingent liabilities not provided for in respect of :
Stamp duty of Rs. 3,48,750/- on purchase of flat at hermitage villa.
(ii) the Company has entered into the following deeds of Partnership
for which liabilities are unlimited and amount not ascertained:
(a) M/s. Kamanwala lakshachandi todays Construction
(b) M/s. Kamanwala lakshachandi todays developers
(c) M/s. Prajay Kamanwala developers
2. Additional information required under Schedule vi to the Companies
act, 1956 (to the extent applicable):
ii. (a) Cost of materials Consumed (indigenous):
(b) the value of consumption of construction materials have been
arrived at on the basis of reconciliation of opening stock plus
purchases less closing stock. the consumption, therefore, includes
adjustments for shortages/excesses.
(c) in view of a large number and types of materials involved, it has
not been considered necessary to furnish separately the respective
quantitative information for other materials.
iv. Transactions in foreign Currency:
Foreign exchange expenses Rs. - NIl - (Rs. NIL) foreign exchange earned
Rs. - NIL - (Rs. NIL)
3. RELATED PARTIES DISCLOSURES:
(a) list of related Parties:
Associates: Joint Venture: key Management
personnel:
M/s attar Construction M/s Kamanwala laksha Mr. M.L. Gupta
Co. Pvt. Lt. Chandi Mr. Jaipal Jain
M/s. Ritika Steel & Today developers Mr. Atul Jain
Scraps Pvt. Ltd. M/S Kamanwala laksha Mr. Tarun Jain
M/s A.S. Jain & Sons Today Construction Mr. Amit Jain
(Prop. Concern of M/s Prajay Kamanwala Mrs.Pushpa Jain
Jaipal Jain) Developers
M/s Hatimi Steels
(Prop. Concern of Amit
Jain)
Other Directors: Relatives of Key
Management Personnel
Mr. B.R. Maheshwari Shri Atul Jain (HUF)
Mr. Bhanwarlal D. Jogani Shri Tarun Jain (HUF)
Mr. Ramesh J. Patel Shri Murarilal Ramswarup
Mrs. Shobha Jain Khandelwal (HUF)
Mr. Sorabh Gupta Mrs. Sudha Gupta
Mr. S.V. Shanbhag Mrs.Neena Jain
till dt. 21.12.2010 Mrs. Rashmi Jain
Mr. Pankaj R. Majithia Mr. Vaibhav Jain
w.e.f. dt. 12.05.2011 Mrs. Tulika Gupta
Mrs. Saroj Jain
Mrs. Shikha Jain
Mr. Vijendrapal Jain
M/s GSP International
(Prop. Arun Jain)
Mrs. Nita Jain
Mrs. Sarita Jain
4. balances in various accounts included in Sundry debtors, Sundry
Creditors, advances recoverable, deposits/advances from Customers and
Joint venture accounts are subject to confirmation.
5. in the opinion of the board, the aggregate value of current assets
(including stock) and loans and advances on realisation in the ordinary
course of business will not be less than the amount at which these are
stated in the balance Sheet.
6. all lands/development rights/premises are purchased on agreement
basis and conveyance in respect of the same will be executed directly
in favour of Co-operative Societies whenever they are formed.
7 the Company has decided to write off its investments of Rs. 87.50
lacs in joint venture with Kamani tubes ltd. due to rejection of its
claim by BIFR.
8. the Company has no information as to whether any of its suppliers
constitute small-scale undertakings and therefore, the amount due to
such suppliers has not been separately identified.
9. the Company has taken the advances from various parties against
the ongoing projects at BKC, malad and Turbhe. basically to promote the
sale of the Company they can get minimum compensation or they can also
apply the option to buy the Property at prevailing market rate.
meanwhile the Company is regularly paying commitment charges to the
parties on amount paid by them.
10. Previous year's figures have been regrouped wherever necessary to
conform to this yearÃs classification.
Mar 31, 2010
1. Contingent liabilities not provided for in respect of:
Stamp Duty of Rs. 3,48,750/- (Rs. 3,48,750/-) on purchase of office
premises at Hermitage Villa.
2. Balances in various accounts included in Sundry Debtors, Sundry
Creditors, Advances Recoverable, Deposits/Advances from Customers and
Joint Venture Accounts are subject to confirmation.
3. In the opinion of the Board, the aggregate value of current assets
(including stock) and loans and advances on realisation in the ordinary
course of business will not be less than the amount at which these are
stated in the Balance Sheet.
4. All lands/development rights/premises are purchased on agreement
basis and conveyance in respect of the same will be executed directly
in favour of Co-operative Societies whenever they are formed.
5. Previous years figures have been regrouped wherever necessary to
conform to this years classification.
6. As dispute between the Company and M/s. Kamani Tubes Ltd. in
connection with carrying out the terms and conditions of KTL-Kamanwala
Joint Venture Agreement dated 22nd April, 1995 for development and
upliftment of Kamani Chambers, situated at Ballard Estate, Mumbai is
still pending with the Arbitrators and the award for the same is
awaited. With a view to safeguard the interest of the Company, the
Company has also filed a petition before the Board for Industrial and
Financial Reconstruction (BIFR). But the BIFR has directed that amount
of deposit lying with Company is to be treated as unsecured creditors
and Arbitration proceeding may continue. So Company is waiting for
Arbitration award. The Company has incurred the total expenses of Rs.
87.50 lacs for the project which includes the deposit money paid to the
M/s Kamani Tubes Ltd.
7. The Company has no information as to whether any of its suppliers
constitute small-scale undertakings and therefore, the amount due to
such suppliers has not been separately identified.