Notes to Accounts of Tirupati Sarjan Ltd.

Mar 31, 2018

Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as un-allocable.

Revenue and expenses directly attributable to segments are reported under each reportable segment. All other expenses which are not attributable or allocable to segments have been disclosed as un-allocable expenses.

The company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the company as a whole.

As per the Indian Accounting Standard-24 on “Related Party Disclosures”, list of related parties identified of the Company are as follows.

(a) Enterprises over which the key management personnel and/or their relatives have significant influence

1. Siddh Corporation 7. Titan Investment

2. Tirupati Natural park 8. Umiya Marble & Stone Ind.

3. Tirupati Quarry Works 9. Tirupati Development (U) Ltd.

4. Rajesh J. Shah & Associates 10. Adishwar Infrastructure Pvt. Ltd.

5. Bharat Pipe Industries. 11. Panchshi Trust-Kansa

6. Tirupati Rushvan 12. Tirupati Foundation

13. Balkrishna Agro Products

(b) Key Management Personnel

1. Ankit R. Shah 4. Jashwantlal K. Patel

2. Bhailal B. Shah 5. Ruchir R. Patel

3. Jitendrakumar I. Patel 6. Rajesh J. Shah

7. Chintan J. Patel 8. Ajitbhai Shah

(c) Relatives of the Key Managerial Personnel

1. Alka R. Shah 8. Minaben R. Patel

2. Jimit R. Shah 9. Sharmistaben J. Patel

3. Jalpaben C. Patel 10. Nitin J. Shah

4. Hiralal Shankarlal Patel. 11. Falguni N. Shah

5. Harendra J. Shah 12. Vaishali H. Shah

6. Jasmin J. Patel 13. Zalak A. Shah

7. Rushikesh G. Patel

Segment Information

As permitted by Ind AS - 108 - “ Operating Segments”, if a single financial report contains both consolidated financial statement and the separate financial statements of the parent, segment information need be presented only on the basis of the consolidated financial statements. This financial report contains both standalone & consolidated financial statements of the parent, hence segment wise Revenue Results and Capital employed are given in consolidated financial statements.

---

Mar 31, 2016

© The rights .preference and restriction attached to the Equity Shares

1. The company is having only one class of the shares i.e. Equity carrying a nominal value of Rs.5/- Per share

2. Every holder of the equity share of the company is entitled to one vote per shares held.

3. The company declares and pays dividend on the equity shares in Indian Rupees. Dividend proposed by the Board of Directors is subject to the approval of the Share holders at the ensuring Annual General Meeting.

During the year ended on 31st March,20016 an amount of Rs.0.55 Per Equity Shares was proposed for dividend to the equity share was proposed for dividend to the equity share holders.

4. During the year ended on 31st March,2016,the company has issued 91,00,000 warrants at the price of Rs.11,out of the same during the year 2015-16 2868320 warrants are converted into Equity shares and remaining warrants 3751515 will be converted at later date.

**As per the stipulation condition of the Secured Loan taken from Reliance Home Finance Limited ,during the year the company has accepted the unsecured loan form the Directors and their relatives.

(i) Nature of Security

1. Secured against Hypo of stock and book debts & Equitable Mortgage of Shops of Shops at Tirupati Bazar, Patan, Gr. Floor, Second Floor, Tirupati Market, Siddhpur, Gr. Floor, First Floor, Second Floor.

2. Secured against equitable mortgage of NA Land and Proposed construction thereon situated at R.S. No. 81/1 CTS No. 1051 Opp. GEB Gayatri Mandir Road Visnagar, Mehesana, Residential Project Tirupati Greenz

3. Secured against the personal guarantee of all Directors.

4. Secured against Land S. No. 309, 2735, 2734/2, 2734/3 jointly owned in the name of Mr. Natubhai K. Patel and Mr. Somabhai J. Prajapati directors of the company and S. No. 425 in the name of Guarantor)

5 Overdraft facility secured against FDR of Rs. 1,00,000/-.

(1) The Company has not received any intimation from the suppliers regarding status under the Micro, Small & Medium Enterprises Development Act, 2006 (The Act ) and hence disclosures regarding : a) Amount due and outstanding to suppliers as at the account.

(b) Corporate Social Responsibility

Amount required to be spent by the Company on Corporate Social Responsibility (CSR) activities during the year was Rs.1060000

(c) Registered office situated at Visnagar is burnt out in fire due to violence in the Gujarat, an agitating, violent mob put on fire on August 26, 2015.All the records including invoices and contracts of the company had been burnt and lost. The loss due to fire is expense out in Profit and loss account.

(d) Segment Reporting

Company has prepared its financial statement according to Accounting Standard 17 issued by The Institute of Chartered Accountants of India. Company has stated segment wise revenue in its financial statement, viz. income from construction activities, Tender Division. Company''s business activities are confined only to India more particularly in North Gujarat. Hence, no additional disclosures are made as required under Accounting Standard 17 issued by The Institute of Chartered Accountants of India. A statement showing activity wise sales/ revenue, is as under:

(f) Earnings Per Share A

Earnings Per Share (EPS) -The numerators and denominators used to calculate Basic and diluted Earnings per Share

***The company has converts the Shares warrants into Equity shares on 31.03.2016 and on the base of the same the Diluted EPS is calculated.

(g) Related Party Disclosures

Related party disclosures ,as required by AS-18.“Related Party Disclosures”, are given below:

1. Relationships:

(i) Key Management Personnel and their relatives :

1. Ankit R. Shah 5. Ruchir R. Patel

2. Bhailal B. Shah 6. Rajesh J. Shah

3. Jitendrakumar I. Patel 7. Chintan J. Patel

4. Jashwantlal K. Patel

(ii) Relatives of the Key Management Personnel

1. Alka R. Shah 8. Sharmistaben J. Patel

2. Jimit R. Shah 9. Nitin J. Shah

3. Jalpaben C. Patel 10. Falguni N. Shah

4. Hiralal Shankarlal Patel. 11. Vaishali H. Shah

5. Jasmin J. Patel 12. Zalak A. Shah

6. Rushikesh G. Patel 13. Joitiben N Patel

7. Minaben R. Patel 14. Harendra J. Shah

(ii) Enterprises over which the key management personnel and/or their relatives have significant influence

1. Siddh Corporation 9. Titan Investment

2. Tirupati Natural park 10. Umiya Marble & Stone Ind.

3. Tirupati Quarry Works 11. Tirupati Development (U) Ltd.

4. Patel Steel Corporation 12. Adishwar Infrastructure Pvt. Ltd.

5. Rajesh J. Shah & Associates 13. Panchshi Trust-Kansa

6. Bharat Pipe Industries. 14. Tirupati Foundation

7. Tirupati Stone Gallery 15. Zorto Engineering Pvt. Ltd.

8. Dhruvi Ceramic Pvt. Ltd.

2. The following transactions were carried out with the related parties in the ordinary course of business:

---

Mar 31, 2015

I Background

TIRUPATI SARJAN LTD undertakes civil construction and real estate development business. The company specializes in developing residential, commercial and government projects across Asia and Africa; in particular India where we have number of projects under development. The company has undertaken many projects of construction of Hospitals colleges, and Infrastructural development work like Road development, canals bridges etc. In short span of time, Tirupati Group has curved a niche for itself for providing affordable residential and commercial real estate solutions that offer value for money to its customers.

(a) Corporate Social Responsiblity

During the year company has spend total amount of Rs. 7,12,547 for upliftment of poor people and for eduacation of children as Corporate social resposibility Activities.

(b) Segment Reporting

Company has prepared its financial statement according to Accounting Standard 17 issued by The Institute of Chartered Accountants of India. Company has stated segment wise revenue in its financial statement, viz. income from construction activities, Tender Division. Company's business activities are confined only to India more particularly in North Gujarat. Hence, no additional disclosures are made as required under Accounting Standard 17 issued by The Institute of Chartered Accountants of India. A statement showing activity wise sales/revenue, is as under:

(c) Related Party Disclosures

Related party disclosures ,as required by AS-18."Related Party Disclosures",are given below:

1. Relationships:

(i) Key Management Personnel and their relatives :

1. Ankit R. Shah

2. Bhailal B. Shah

3.Jitendrakumar I. Patel

4. Jashwantlal K. Patel

5. Ruchir R. Patel

6. Soham B. Patel.

(ii) Relatives of the Key Management Personnel

1. Alka R. Shah

2. Jimit R. Shah

3. Jalpaben C. Patel

4. Hiralal Shankarlal Patel.

5. Chintan J. Patel

6. Jasmin J. Patel

7. Rushikesh G. Patel

(ii) Enterprises over which the key management personnel and/or their relatives have significant influence

1.Siddh Corporation

2.Tirupati Natural park

3. Tirupati Quarry Works

4. Patel Steel Corporation

5. Rajesh J. Shah & Associates

6. Bharat Pipe Industries.

7.Dhruvi Ceramic Pvt. Ltd.

8.Titan Investment

9. Umiya Marble & Stone Ind.

10. Tirupati Development (U) Ltd.

11. Adishwar Infrastructure Pvt. Ltd.

12. Panchshi Trust-Kansa

13 Tirupati Foundation

---

Mar 31, 2014

I Background

TIRUPATISARJAN LTD undertakes civil construction and real estate development business. The company specializes in developing residential, commercial and government projects across Asia and Africa; in particular India where we have number of projects under development. The company has undertaken many projects of construction of Hospitals colleges, and Infrastructural development work like Road development, canals bridges etc. In short span of time, Tirupati Group has curved a niche for itself for providing affordable residential and commercial real estate solutions that offer value for money to its customers.

(a) Contingent liabilities and commitments (to the extent not provided for) (Amount in Lacs)

Particulars As at As at March 31,2014 March 31,2013

(i) Contingent Liabilities

(a) Unexpired Bank Guarantee 1,572.01 1,004.00

(b) Limited Liability Bank Guarantee 3,803.12 3,803.12

5,375.13 4,807.12

(b) Segment Reporting

Company has prepared its financial statement according to Accounting Standard 17 issued by The Institute of Chartered Accountants of India. Company has stated segment wise revenue in its financial statement, viz. income from construction activities, Tender Division. Company''s business activities are confined only to India more particularly in North Gujarat. Hence, no additional disclosures are made as required under Accounting Standard 17 issued by The Institute of Chartered Accountants of India. A statement showing activity wise sales/revenue, is as under:

(g) Related Party Disclosures

Related party disclosures ,as required by AS-18."Related Party Disclosures",are given below:

1. Relationships:

(i) Key Management Personnel and their relatives :

1. Jitendrakumar I. Patel

2. Alka R. Shah

3. Ankit R. Shah

4. Natubhal K. Patel

5. Bhailal B. Shah

6. Jimit R. Shah

7. Jalpaben C. Patel

8. Rushlkesh G. Patel

9. Somabhai J. Prajapati

10. Hardikkumar M Patel

11. Jashwantlal K. Patel

12. Ruchir R. Patel

13. Soham B. Patel.

14. Chintan J. Patel

15. Ketan Natubhai Patel

16. Jasmin J. Patel

17. Poonam N. Patel

18. Vijay S. Prajapati

19. Kamal M. Patel

20. Nehalkumar J Patel

(ii) Enterprises over which the key management personnel and/or their relatives have significant influence

1. Siddh Corporation

2. Tirupati Natural park

3. Tirupati Quarry Works

4. Patel Steel Corporation

5. Rajesh J. Shah & Associates

6. Bharat Pipe Industries.

7. Tirupati Shyam Enterprise

8. Tirupati Foundation (Trust)

9. Umiya Marble & Stone Ind.

10. Tirupati Development (U) Ltd.

11. Adishwar Infrastructure Pvt. Ltd.

12. Panchshi Trust-Kansa

---

Mar 31, 2013

I Background

"TIRUPATI SARJAN LTD undertakes civil construction and real estate development business. The company specializes in developing residential, commercial and government projects across Asia and Africa; in particular India where we have number of projects under development. The company has undertaken many projects of construction of Hospitals colleges, and Infrastructural development work like Road development, canals bridges etc. In short span of time, Tirupati Group has curved a niche for itself for providing affordable residential and commercial real estate solutions that offer value for money to its customers.

(a) Related Party Disclosures

Related party disclosures ,as required by AS-18."Related Party Disclosures",are given below:

1.Relationships:

(i) Key Management Personnel and their relatives :

1. Chandrakant T. Patel 11.Jitendrakumar I. Patel

2. Alka R. Shah 12.Jashwantlal K. Patel

3. Ankit R. Shah 13. Ruchir R. Patel

4. Natubhai K. Patel 14. Soham B. Patel.

5. Bhailal B. Shah 15. Chintan J. Patel

6. Jimit R. Shah 16. Ketan Natubhai Patel

7. Jalpaben C. Patel 17. Jasmin J. Patel

8. Rushikesh G. Patel 18. Poonam N. Patel

9. Somabhai J. Prajapati 19. Vijay S. Prajapati

10. Hiralal Shankarlal Patel.

* Mrs. Alka R. Shah who is an Independent director of the company, is wife of Mr. Rajesh J. Shah one of the partner of audit firm.

* Mr. Chandrakant T. Patel who was a Managing director of the company, being eligible for re appoint ment was not re appointed by the members at the Annual General Meeting of the Company held on 27th September, 2012.

---

Mar 31, 2012

(i) Nature of Security

1 Secured against Hypo of stock and book debts & Equitable Mortgage of Shops of Shops at Tirupati Bazar, Patan, Gr. Floor, Second Floor, Tirupati Market, Siddhpur, Gr. Floor, First Floor, Second Floor.

2 Secured against equitable mortgage of NA Land and Proposed construction thereon situated at R.S. No. 81/1 CTS No. 1051 Opp. GEB Gayatri Mandir Road Visnagar, Mehesana, Residential Project Tirupati Greenz.

3 Secured against the personal guarantee of all Directors.

4 Secured against Land S. No. 309, 2735, 2734/2, 2734/3 jointly owned in the name of Mr. Natubhai K. Patel and Mr. Somabhai J. Prajapati directors of the company and S. No. 425 in the name of Guarantor)

1 Accounting Policies

I Background

TIRUPATI SARJAN LTD undertakes civil construction and real estate development business. The company specializes in developing residential, commercial and government projects across Asia and Africa; in particular India where we have number of projects under development. The company has undertaken many projects of construction of Hospitals colleges, and Infrastructural development work like Road development, canals bridges etc. In short span of time, Tirupati Group has curved a niche for itself for providing affordable residential and commercial real estate solutions that offer value for money to its customers. Q. Other Notes to Accounts

(a) Contingent liabilities and commitments (to the extent not provided for) (Amount in Lacs)

As at As at Particulars March 31, 2012 March 31, 2011

(i) Contingent Liabilities

(a) Unexpired Bank Guarantee 856.37 333.86

(b) Limited Liability Bank Guarantee 1,500.69 -

2,357.06 333.86

(c) Segment Reporting

Company has prepared its financial statement according to Accounting Standard 17 issued by The Institute of Chartered Accountants of India. Company has stated segment wise revenue in its financial statement, viz. income from construction activities, Tender Division. Company's business activities are confined only to India more particularly in North Gujarat. Hence, no additional disclosures are made as required under Accounting Standard 17 issued by The Institute of Chartered Accountants of India. A statement showing activity wise sales/revenue, is as under:

---

Mar 31, 2011

1) Mrs. Alka R. Shah who is independent director of the company, is a wife of Mr. Rajesh J. Shah one of the partner of audit firm.

2) Investments at the year-end have been physically verified, valued and certified by the management.

3) Closing stock of materials as on 31-03-2011 has been physically verified, valued and certified by the management and the same has been incorporated in the Balance Sheet.

4) In the opinion of the Board of the Directors and Management, the Current Liabilities, Unsecured loans, Current Assets, Loans and Advances the values at which they are stated in accounts, so realizable in the ordinary course of business, their confirmation/ reconciliation however are in arrears.

5) Contingent liability

2010-11 2009-10

1) Unexpired Bank Guarantee 3,33,86,090 3,36,86,090

11) Quantitative Information (Certified by Management)

i) Licensed/Installed Capacity : Not Applicable

12) Previous year figures have been regrouped and rearranged wherever required.

13)

CATEGORY I

Name of Associate concerns wherein the directors and/or their relatives are interested.

1. Maulik Enterprise

2. Indian Tube Corporation

3. Manas Builders

4. Swastik Traders

5. Shree Engineers

6. Siddh Corporation

7. Tirupati Natural Park

8. Meenaben Rushikesh Patel

9. Titan Laboratories Pvt. Ltd.

10. Harendra J. Shah

11. Jagdishbhai T. Patel

12. Jivabhai J. Prajapati

13. Kashirambhai J. Patel

14. Panchshil Trust

15. Patel Steel Corporation

16. Rajesh J. Shah & Associates

17. Umiya Marble & Stone Industries

18. Pravin Pumps Pvt. Ltd.

19. Amrut Corporation

20. Bharat Pipe Industries.

21. Dhruvi Ceramic Pvt. Ltd.

22. Pravin Spin Tex Pvt. Ltd.

23. Titan Investment

24. Jaswantlal D. Shah

25. Bhikhabhai J. Prajapati

26. Ketan Natubhai Patel

27. Jivanlal Ramanlal Patel

28. C. J. Infrastructure

17) Information required in terms of Part IV of Schedule VI of the Companies Act, 1956 is attached.

18) Schedule 1 to 12 form an integral part of the Balance Sheet and Profit & Loss Account.

19. Generic Names of Three Principal Products (as per monetary terms)

Item Code No. ( Code) N. A.

Product N. A.

Description (The Company is engaged in the business of Real Estate Development and Construction Activities)

---

Mar 31, 2010

1) Mrs. Alka R. Shah who is independent director of the company, is a wife of Mr. Rajesh J. Shah one of the partner of audit firm.

2) Investments at the year-end have been physically verified, valued and certified by the management. The Shares allotted by company’s subsidiary have not been issued.

3) Closing stock of materials as on 31-03-2010 has been physically verified, valued and certified by the management and the same has been incorporated in the Balance Sheet.

4) In the opinion of the Board of the Directors and Management, the Current Liabilities, Unsecured loans, Current Assets, Loans and Advances the values at which they are stated in accounts, so realizable in the ordinary course of business, their confirmation/ reconciliation however are in arrears.

2009-10 2008-09

5) Contingent liability (1) Unexpired Bank

Guarantee 3,36,86,090 62,77,600

Income Tax Liabilities:

Assessm Original Demand Remarks

ent Year Demand Outstand

(Rs. In ing as on

lacs) 31-03-10

(Rs. in

lacs)

During the course of assessment Companys

2006-07 Nil Nil claim U/s. 80 IA / 80 IB was restricted

and the first Appellate authority allowed

the claim in favour of the Company.

However the department has preferred

an appeal before Ahmedabad Tribunal.

Service Tax Liabilities:

Financial Original Demand Remarks

Year Demand Outstand

(Rs. In ing as on

lacs) 31-03-10

(Rs.in

lacs)

The company has received a show cause

2009-10 45.82 35.82 notice from Joint Commissioner,

Service-tax,

Ahmedabad III working out the above

service- tax liability for thefinancial

years 2005-06 & 2006-07. The matter

is pending before the office of the

Joint Commissioner for appropriate

adjudication. Rs. 10

Lacs has been paid under protest.

6) Previous year figures have been regrouped and rearranged wherever required.

7) Figures are rounded off to the nearest rupee.

8) Information required in terms of Part IV of Schedule VI of the Companies Act, 1956 is attached.

9) Schedule 1 to 12 form an integral part of the Balance Sheet and Profit & Loss Account.