Note:
1 Company has not made any non cash allotment/ Bonus issue nor bought back any share during the last five years.
2 None of shares holder(s) of Company is it’s holding company, ultimate holding company, subsidiaries, associates of the holding company or associates of the ultimate holding company for current year and/or previous year.
3 There are no unpaid calls from any director or officers of the company for current and previous year
Terms / Rights attached to equity shares:
1 Voting
The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share.
2 Liquidation
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive all of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
3 Dividends
The Board of Directors do not propose dividend for financial year 2017-18
Terms & Security:
(1) Term Loan - From Bank
a) During the year the company has made payment of outstanding loan of Rs. 4044 lakhs (including interest up to 30/12/2014) which was taken from State Bank of India and has been taken over with effect from 30/12/2014 by ASREC (India) Limited . No dues certificate is received by the company. Originally It was secured by Primary first charge on entire Current Assets of the company, present and future, on pari passu basis with other Working Capital consortium banks, and Collateral first Equitable Mortgage/ Hypothecation charge on fixed assets of the Company on pari passu basis including land & building in TTC Industrial Area, Turbhe, Navi Mumbai own by Company and first Equitable Mortgage of land & building at Niraj House, Deonar, Chembur, Mumbai owned by directors & promoters groups.
b) During the year the company has made payment with Union bank of india for outstanding loan .The company has paid the loan and the all charges are cleared No Due certificate is received.The said loan was secured by pari passu charge on the assets of the company.
c) Loan of Rs.5400.00 lakhs is from ICICI Bank Ltd for which security is provided by the subcontractors in the form of bank gurantee .
(2) Term Loan - Others
a) During the year the company has made payment with Kotak mahindra bank ltd for outstanding loan .This loan is fully repaid which was taken from financial instituton in the nature of machinery / equipment finance secured by respective machinery/equipments. And No Dues certificate is received.
Note : A-1
Deferred tax liabilities (Net)
As per Ind AS 12, deferred tax liabilities should be recognised on all taxable temporary differences. The unrealised gain on revaluation of investment is not taxable until sold. But this does not affect accounting treatment and hence revaluation creates a taxable temporary difference. Hence, deferred tax liability is calculated on revaluation of Investment in Canara bank shares at Fair value.
Terms & Security:
1. Bank overdraft/ Cash credit
a) Rs. 176.38 Lakhs overdraft loan from Yes Bank Ltd is secured by primary charge on stocks and trade receivables and colletartal charge on fixed assets of the company and personal guarantees of the directors/promoters of the Company. Interest Rate is 10.75% p.a..
Disclosure of information u/s 22 of The Micro, Small and Medium Enterprises Development Act, 2006
1. In absence of complete information from the vendors with regards to their registration (filling of Memorandum) under The Micro, Small and Medium Enterprises Development Act, 2006. (27 of 2006 ), the Company is unable to compile the full information required to be disclosed herein under section 22 of the said Act.
Note : Trade receivables outstanding for over six months are slow moving and are subject to the outcome of arbitration and/or reconciliation proceedings arising out of various Contractual obligations and are considered good and realisable by Management.
Note:
1 Deposits- Margin money are in the nature of security as earnest money deposits or margin money with bank having fixed maturity period, subject to renew as per requirement to be a security.
Note : A-2
Details of pending litigation / arbitration claims:
Company's claim for work done, material supply, final bill claims, retentions, mobilisation/ material advances given, receivables, etc is amounting to Rs..13.63 Crores, which is under arbitration.
Disclosure as per Indian Accounting Standards AS 19
In the financial statements prepared under previous GAAP, remeasurement costs of defined benefits plans, arising primarily due to change in actuarial assumptions was recognised as employee benefit expense in the statement of profit and lass. Under Ind AS, such remeasurement costs relating to defined benefit plans is recognised in Other comprehensive Income as per the requirements of Ind AS 19, Employee benefits.
Thus, Actuarial gain/ (loss) in case of Gratuity liability is reclassified from Profit and loss A/c to Other comprehensive income for the years ending 31.03.2016 & 31.03.2017.
Note : A-3 Set off of advance tax and prepaid taxes against provisions made:
The advance tax, Tax deducted at Source and other prepaid taxes and provisions thereof are shown on net basis for both VAT and Income Tax.
Note : B-1 Segment Reporting:
a) The main business activities of company are that of execution of Infrastructure development Project through fixed price contracts. The same is considered as single segment by the Company in terms of guidelines provided in Accounting Standard 17.
b) During the year under review, the company has been operating in India and the same is considered as single geographical segment for the purpose of disclosures.
c. Disclosure of transaction between the Company and Related Parties:
The details of transactions executed between the Company and related parties during the financial year 2017-18 is as per Annexure 1 attached.
The above information has been determined to the extent such parties have been identified on the basis of information provided by the Company, which has been relied upon by the auditors.
Note : B-2: In the opinion of the Board, except otherwise stated all assets other than fixed assets and non current investments, have a realisable value in the ordinary course of business which is not different from the amount at which it is stated. The provision for current liabilities and other liabilities is adequate and not in excess of amount reasonably necessary.
Note : B-3 Details of pending litigation / arbitration claims:
Company’s claim for work done, material supply, final bill claims, retentions, mobilisation/ material advances given, receivables, etc is amounting to Rs.13.63 Crores, which is under arbitration.
Note : B-4 The balances on all personal accounts are subject to confirmation by the parties and reconciliation, if any
Note : B-5. Previous year’s figures have been shown regrouped / rearranged, where considered necessary.
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