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Notes to Accounts of Ansal Buildwell Ltd.
Mar 31, 2024
⢠The company okoouIoo on aarcemcot v»Wi snorohoklors of Ansot Crown Infrabuilt Ptivato L.-r.iod for acqixlng balance 60% eenxy shares o'' snd company Ti>e boionoe 60% equity shorn wore transferred in tn
12 2 Advances for land though unsecured, are considered good as the advances have been given based on arrangements/ memorandum of understanding executed by the Company and the Company.'' seller.'' intermediary is in the course of obtaining clear and marketable title, free from all encumbrances
12 3 Advances given to Subsidiaries and Joint Venture Companies for purchase of land and other purposes are not considered advances in the nature of loans and have no! been considered for the disclosure.
14.2 TrjKfc feotfeiMw Mum cuwanJM -.:r a penod pxmdnp il»« *#*â¢*<>» treat :enx) Due to cor»»ed imww M !f
14 S f-4c» Uni* K:»infckii o-« ihn k«n ckocOOf* ir ettiei idfrtfeo <4 !*â¢Â» Co ftpu)v nltMf foiH''Wv Of mils vlft Off/ ctn*f pirui. No* Mil) k«tfi of :
The Company has on»y one class of equity shares hovlng par value of Rs 10 per shore Eoch equty share is entitled lo one vote fn the event of liquidation of the company, the equity shareholders will be entitled to reoeive the roroolmng assets of the company alter distribution of on preferential amounts The distribution will t>e in the proportion to the number of tho equity shores he«d by the equity shareholders Tho Company declares dividends In Indian rupees. The dividend proposod by the Board of Directors Is subject to the approval of tho shareholders in the ensuing Amoai General Mooting.
Thu Board of Diractors havu lucumniumivu div.ou.id © 10% ¦.« Rs.1/- pot uquity share of Rs.101- uaori for lha financial yuur 2023-24 at Du unvuiiK) annual qunuiai mauling and is not racoqruaud us a liability as at raspuctivu balaitca sfiawt data
23. t The anou''i! of Rs. 36659 Lafcis recee/ec from Hiracliai Pradesh State Eleclrcfy Beard under the erder c/ Hun''ote High Ccurt of Himachal P-acesh is classified ss liaaiity since the S30 amount shall be -efindaote if the appeal ol Himachal Pradesh Slate Electrioly Beard s uHreWy decided against the Company
23.2 The amount of Rs. 62.50 laihs recaved from Haryana Cretan Development Autwnty under fie order cl KoiWe Hch Court of Punjab and Haryana s classified as Itaallty since the sad amount shall be ''efirctaote if the appeal o! the respondent is JUmatdy decided ajanst the Company.
23 J The Company had accepted the registration Amounts against proposed projects in Jaipur and Panipat in earlier years which was outstanding to the extent of Rs.329.47 Lakhs as on March 31, 2024, previous year Rs. 335.47 Lakhs as on March 31,2023 and these amounts were offered to refund to the customers due to non-receipt of necessary Government approvals for the proposed projects hut inspite of the efforts made by the Company, balance number of parties did not accept the refunds of Registration Money deposited by them to the extent of Rs. 329.47 Lakhs due on March 31, 2024. However no such amount was received by the Company during the year 2023-24.The company had transferred the balance amount payable alonwith interest to a designated Escrow account maintained with the Punjab and Sind Bank .Connaught Place .New Delhi-110001 for the purpose of refund to customers.
The company offered 10 refund ihe registration amount received against proposed projects in Jaipur and Panipath due to non-rcccipt of necessary government approvals for the proposed projects but in spite of efforts made by the company, balance number of parties did not accept the refunds of registration money deposited by them as on March 31.2023. The company has made provision for interest of Rs. 335.50 lakhs till March 31. 2024 on contingent basis in respect above amounts, however details of individual payee has not been identified as on date and therefore in the absence of any identifiable payee, the provision of I L)S are not applicable based on merits of the case and judicial precedents and further the actual amounts paid/credited are subject toTDS. Therefore, the company is following the provision ofTDS as and when individual payee is identified the amounts are paid/ credited to respective parties.
Further the Company had received Registration Money towards FVVS Scheme in earlier years which was outstanding to the extent of Rs. 116.38 Lakhs as on March 31.2024. Rs. 116.47 Lakhs as on March 31. 2023 . The Company had sent cheques for refunds of Registration Amounts to all the parties but various parlies either did not receive the cheques due to change of address or did not get the cheques encashed and therefore the amounts continued to be outstanding as ''Advance Against EWSâ to the extent of Rs.l 16.38 Lakhs due on March 31. 2024. However no such amount was received by the Company during the year 2023-24.
As per Sensnn 135 a* thr. Oarp.-nns A:t, 2013, a CSR cnnrrrttec fun been krrrert try Ihe Com,-ary The amm CSR a:tr«ncs am nital derefcpmtrt CSR prc$Kl, ream care - amnng a cteriabe cir»: ax Health care - set up tsxd bark The tuisls were pOmanly avxaiw towaxts ccipus txrtnWkns, as speeded in Schsdue ''/i wthjCcmbsnfcsAc: 2013
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34 Contingent liabilities and corrnvtnyjr.ts |
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Year ended |
Asal |
|
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(l) Continent kabilllies |
31 93.2024 |
31.3.2023 |
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a) Clams agansi lira ccrrpa''ry r>:< ackfKmUrfsed as <»&t |
2723.40 |
2.3S3 26 |
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bjfitrfc Guammees |
643 CC |
$4303 |
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c) Othc- nwey for â¢hen the enmtuny is anlrgcnjy table |
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- EmpHyse Pro* cent Fire lab l ty Cispufcd by the corpen, |
3643 |
36.43 |
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3,402 83 |
3.667 69 |
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a) Estimated amount o(conkatts rentanryj to be erected cr espial acceunt and xj pm.kfcd fr |
* |
* |
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b) Ur,cat ed inttfry on shirrs anc other in,Dame res psrty pae |
I8CO |
18.00 |
|
1800 |
18.00 |
|
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The meragemenl s cf thr? opWcn that in map-ty d the cases. Ihe orrpa-ry sltal se in a pat (Son to resist or settle the cases |
3,42083 |
3,65569 |
35 Lease arrangements Transition
Effective April 01, 2019, the company has adopted lr>d AS AS 116 âLeases'', applied to all leases contracts, except leases which are expiring less than 12 months on Apnl 01. 2019 using the modified retrospective method along with the transition option to recognise Right To-Uso Asset (ROU) at an amount equal to the lease liability arid has taken the adjustment to retained earnings, on the date of transition
The Company as a lessee Leasing arrangements
The significant leasing arrangements entered into by the Company include the following:
a) The Company''s lease asset classes primarily consist of leases for land and buildings Buildings taken on lease for office premises and residential accommodation for employees and which are renewable on a periodic basis by mutual consent of both parties. The leases arrangements are cancellable by the lessee for any reason by giving notice of between 1 to 3 months
To assess -whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (I) the contract involves the use of an identified asset (il) the Company has substantially all of the economic benehts from use of the asset through the period of the lease and (Hi) the Company has the nghl to direct the use of the asset.
For these short-term and low-value teases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease.
The Right of Use (ROU) assets are initially recognized al cost, which comprises the initial amount of the lease liability adjusted for any tease payments made at or prior to the commencement date of the lease plus any initial direct costs less any tease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses
The Company as a lessor
The Company has entered into non-canccllablc operating lease arrangements. Against such non cancellable operating leases, total rent credited to the Statement of Profit and Loss is Rs. 115.05 Lakhs (Previous Year Rs. 117.60 Lakhs) as actual rent received by the Company. The future minimum lease payments In respect of these leases are:-
The assets in respect of which the company has entered into operating Ieas8 arrangements are included in inventories and are held for sale in the ordinary course ot business of the Company. Therefore, no depreciation is charged on the leased assets in accordance with Ind AS 16
36 Segment Information
The chief operating decision maker (âCODM) for the purpose of resource allocation and assessment of segments performance focuses on Real Estate, thus operates in a single business segment. The Company is operating in India, which is considered as single geographical segment. Accordingly, the reporting requirements for segment disclosure as prescribed by Ind AS 108 are not applicable
(c) Defied benefit plans Gratuity
GratuCy is pronded lor ernpipyiees who are in sen.tce as at the end ct Tie financial year Icr 5 years or more. a: the rate of 15 daysâ sataiy fee each completed year of ser.ice anc is payable on retirement termination/ resignation. Toe Gracuty plan ''or the Cc
''he fcikmtng tapes suirmanses me compcoants of rec oenefit expense recognised in the statement cn oroit and loss and the amounts recognised n Tie balance sheet lor defned benefit plan:
3) The fair value of tho financial assets are Oelornvned at the amount tnat woud be recorved to sell an asset in an o-derly transacfion between market participants.
oj The following methdods and assumptions wore used » estimate ibn fair vaults:
(it) Fair value of quoted etjuity instruments Is based on quoted market poses at the reaortng date
c) During the year ended March 31.2024 and March 31. 2023. there were ro trarrsfe''s between Level 1 and Level 2 fair value measu''ements. and no transfer into and oui of Level 3 fair value measurements
The Companyâs business operations arc exposed to various financial risks such as liquidity risk, market risks, credit risk, interest rate risk, funding risk etc. The Company''s financial liabilities mainly includes borrowings taken for the purpose of financing companyâs operations. Financial assets mainly includes trade receivables, investment in equity instruments and security deposits.
flic Company''s financial risk management is an integral part of how to plan and execute its business strategies. The Company''s financial risk management policy is set by its Senior Management. The Company''s Board oversees how management monitors compliance with the Companyâs risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.
Market risk
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the priceofa financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency rates, equity prices and other market changes that affect market risk sensitive instruments. Financial instruments affected by market risk include loans and borrowings, foreign currency receivables and payables, and FVTOCI investments.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows ofa financial instrument will fluctuate because of changes in market interest rate. The Company is mainly exposed to the interest rate risk due to its borrowings. The Company manages its interest rate risk by having balanced portfolio of fixed and variable rate borrowings. The Company docs not enter into any interest rate swaps.
Price risk
I lie Company has very limited exposure to price sensitive securities, hence price risk is not material. Credit risk
Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. The Company''s exposure to credit risk is mainly influenced by cash and cash equivalents, receivables from its real estate customers and financial assets measured at amortised cost.
The carrying amounts of financial assets represent the maximum credit risk exposure.
Trade receivables
The credit risk pertaining to receivables from customers is managed, generally by receipt of sale consideration before handing over of possession and/or transfer of legal ownership rights. The credit risk is diversified due to large number of real estate projects with different customers spread over different geographies.
Liquidity risk
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligation on time or at a reasonable price. The Company''s finance department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks arc overseen by Senior Management. Management monitors the Company''s net liquidity position through rolling forecasts on the basis of expected cash flows.
The table below summarises the maturity profile of the Company''s financial liabilities based on contractual undiscounted payments:
41 (B) The Ccmpery dd rot have any transaclcrs win Companies slmcr cff under Sectcn 243 cf Ccrpiarres Ad. 2013 or Secoon 060 cf Companies Act. 1956 ccnsiierng re information avalade win the Company
41 |C) There are no proceedings Wasted cr are percing agarsl the Company fcr hoteing any warn Property under Scrarri Transactors iPrcttbocn) Act 1339(45 cf 1399) and the rules mate tore under
41 |D) The company cces noi ha.e ?,ry immovable property (other ten propert.es where the group t> the lessee and me base agreements are duly eaeoHed in law ol the fesssei nhcse otle deeds are rs. hted in tne name o'' Tne company
41 (E| The Ccmpery did n* uado
a) Kolak. Marmara Ltd Rs. 19.14 Lakns
b) AMA Real Est3le Devetcpers Pit Uc R$ iSOOOLaknj
c J Kotak Mahind''a Ltd Rs 35.45 Lakhs
Due 10 lechnce reasons Tnc Charges we not satisilcd The Ccn»rr/ is lak rg rogJar measures 10 saisfcd
41(G) The company has noi made any Loan or Advances h Tie raue al leers lhal are granted to promalers. dreticrs. KMP* and the re atec panes (as delred under Companes Act 2013) ether severalty or jorfly vith any ether person mat are repayable on demand or wlhout specifying any terms or perod o'' iepa,r*t
41 (H) The Company does not have any such transaction wfoch s net tecorded in the books of accounts inai n» teen sa rendered or dtidoeed as income dmg Tie year n the tax assessments ander the Iname Ta* Act. 1351 |$xh as, search cr sw«ey or any oine'' retevam prowsers ol the income ''an Act. 1961
41 (I) The Ccmpery h3S not beer cecbred as wl ful delauter
41 (J) The company cces noi hare ary Capte^u/mk-nprogress
41 (K) The Company does rot have any mtangtte assets under ceveepmert
41 (L) There are no Sterne cf Arrangements approved by Ta Competent Auhcrty n terms cf semens 230 » 237 a he Conpsnes Act. 2013 during tne year.
41 (M) The Company has not recerrad any fund frem ary parson|s) cr atotyjies), mowing foreign entries (Funding Party) nihi tie urctesttrdng luhethier recorded in *iitrgcro1herwse|!h3llheccmperr/ shall:
a) directy or indreedy lend cr invest m othe'' persons or entires certiled in any manner whatsoever Cr/ or cr behalf ol ihe Funding Party (UOmate Benefcanes) or.
b) provide an, guarantee. security cr ta tile cr behalf of Ihe Ufcmale Beoefioarisa
41 (N) Prewous years to/es have been regroupalierast to make hen comparable »nn current year''s figj''es. âwherever regjrec
42. The Ansal Buildwell Limited had Invested Rs. 34.01 Crore in the form of equity shares and given the business advances amounting to Rs. 24.89 Crore to Ansal Crown Infrabuild Private Limited (wholly owned Subsidiary company).
One of the Operational Creditor filed the petition against Ansal Crown Infrabuild Private Limited Company before the I lon''bleNCLT. The llonâble NCLT has admitted application bearing C.P.(lBV''783/2022 under section 9 of the 1BBC Code 2016 against the M/s. Ansal Crown Infrabuild Private Limited on dated 21st April. 2023 and accordingly the Corporate Insolvency Resolution Process (CIRP)oflBC. 2016 is Initiated.
An application has been tiled under section 7 of the Insolvency and Bankruptcy Code.2016 read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rulc.2016 by IOBI Trusteeship Services Limited on behalf of the Debenture Holders i.e. Swamih Investment Fund-1 (Swamih Debenture Holder/Financial Crcditor)for the debentures issued by M/s Ansal Crown Infrabuild Pvt Ltd for debt financing for completion of its stalled project, before the Hon''ble NCLT New Delhi Bench for initation of Corporate Insolvency Resolution Process in the matter of M/s Ansal Buildwell Limitcd(Corporate Guarantor) due to invoking the Coporate Guarantee for which the Company is at the stage of resolving the matter amicably.
43. Approval of financial statements
The financial statements were approved for issue by the board of directors on May 30,2024.
Mar 31, 2016
Provisions are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate. If it is no longer probable that the outflow of resources would be required to settle the obligation, the provision is reversed.
Contingent assets are not recognized in the financial statements. However, contingent assets are assessed continually and if it is virtually certain that an economic benefit will arise, the asset and related income are recognized in the period in which the change occurs.
(As per the 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 ownership of shares.)
1. Terms/rights attached to equity shares:
The Company has only one class of equity shares having par value of '' 10 per share. Each equity share is entitled to one vote. In the event of liquidation of the company, the equity shareholders will be entitled to receive the remaining assets of the company after distribution of all prudential amounts. The distribution will be in the proportion to the number of the equity shares held by the equity shareholders. The Company declares dividends in Indian rupees. The 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 March 31, 2016, the amount of per share dividend recognized as proposed for distribution to equity shareholders was Rs, 0.80 (Previous Year : Rs, 1.00), which is subject to approval of shareholders in Annual General Meeting.
1 Term Loan from Others amounting to Rs, 7,00,00,000/- which carry interest rate of 12.40% is secured by way of first charge on immovable properties of the Company situated at Gurgaon and by way of extension of first equitable mortgage of immovable properties of HUF of CMD of the Company situated at New Delhi and Gurgaon and collaterally by personal guarantee of CMD of the Company. The said term loan is to be paid as follows:-
2 Term Loan from Others amounting to Rs, 7,50,00,000/- included in other current liabilities under the grouping âCurrent Maturities of Long Term Debtsâ carry interest rate of 13.65% and is secured by way of first charge on immovable properties of the Company situated at Gurgaon and by way of extension of first equitable mortgage of immovable properties of HUF of CMD of the Company situated at New Delhi and Gurgaon and collaterally by personal guarantee of CMD of the Company. The said term loan is to be paid as follows:-
Up to 31.05.2016 - Up to Rs, 5.00 Crore Up to 31.08.2016 - Up to Rs, 7.50 Crore Up to 30.11.2016 - Full Repayment
3 Dropline Overdraft Facility amounting to Rs, 11,99,18,480/-which carry interest rate of 11.80% is secured by way of mortgage of immovable properties of the Company situated at Gurgaon. The aforesaid Overdraft facility is repayable as follows:
April 2017 to March 2019 Rs, 10,00,000 per month April 2019 to March 2021 Rs, 20,00,000 per month April 2021 to March 2022 Rs, 40,00,000 per month
4 Dropline Overdraft Facility amounting to Rs, 9,25,29,904/-(Including Current Maturities amounting to Rs, 1,30,00,000/- included in other current liabilities) which carry interest rate of 11.80% is secured by way of mortgage of immovable properties of the Company situated at Gurgaon. The aforesaid overdraft facility is repayable as follows:
April 2016 to March 2018 Rs, 10,00,000 per month April 2018 to March 2020 Rs, 20,00,000 per month April 2020 to Feb 2022 Rs, 30,00,000 per month
March 2022 to Dec 2023 Rs, 40,00,000 per month
5 Vehicle & Machinery Loans amounting to Rs, 2,18,04,523/- (Including Current Maturities amounting to Rs, 93,11,224/- included in other current liabilities) are repayable in monthly EMIs over the tenure of the loans and are secured by way of hypothecation of assets in favour of lender, thus purchased.
6 Term Loan from Others amounting to Rs, 1,46,67,512/-(Including Current Maturities amounting to Rs, 1,46,67,512/- included in other current liabilities) which carry interest rate of 15% is secured by a plot owned by director / relative(s) of director of the company and the balance outstanding is repayable in 9 Equated Monthly Installments of Rs, 17,33,266/- each.
7 Term Loan from Others amounting to Rs, 1,72,75,734/- (Including Current Maturities amounting to Rs, 83,97,370/included in other current liabilities) which carry interest rate of 15% is secured by a plot owned by director / relative(s) of director of the company and the balance outstanding is repayable in 23 Equated Monthly Installments of Rs, 8,68,912/- each.
8 Term Loan from Others amounting to Rs, 1,81,93,246/- (Including Current Maturities amounting to Rs, 59,91,532/included in other current liabilities) which carry interest rate of 15% is secured by a plot owned by director / relative(s) of director of the company and the balance outstanding is repayable in 32 Equated Monthly Installments of Rs, 6,93,307/- each.
9 Term Loan from Others amounting to Rs, 8,22,50,652/- (Including Current Maturities amounting to Rs, 91,44,800/included in other current liabilities) which carry interest rate of 15.35% is secured by related parties of the company and the balance outstanding is repayable in 72 Equated Monthly Installments of Rs, 17,62,051/each.
10 Term Loan from Others amounting to Rs, 91,38,967/- (Including Current Maturities amounting to Rs, 10,16,082/included in other current liabilities) which carry interest rate of 15.35% is secured by related parties of the company and the balance outstanding is repayable in 72 Equated Monthly Installments of Rs, 1,95,783/- each.
11 Term Loan from Others amounting to Rs, 5,00,00,000/- (Including Current Maturities amounting to Rs, 1,40,98,453/- included in other current liabilities) which carry interest rate of 16% is secured by related parties of the company and the balance outstanding is repayable in 36 Equated Monthly Installments of Rs, 17,57,852/- each.
12 Term Loan from Others amounting to Rs, 4,04,80,147/- (Including Current Maturities amounting to Rs, 86,78,623/included in other current liabilities) which carry interest rate of 13.50% is secured by related parties of the company and the balance outstanding is repayable in 60 Equated Monthly Installments of Rs, 8,62,490/- each.
Note: The amount(s) given in point (ii) are total long-term borrowings guaranteed by directors or other including amounts mentioned in current maturity of long term debt under Note 9.
13 The amount of Rs, 3,66,58,764 received from Himachal Pradesh State Electricity Board under the order of HonRs,ble High Court of Himachal Pradesh is classified as liability since the said amount shall be refundable if the appeal of Himachal Pradesh State Electricity Board is ultimately decided against the Company.
14 The amount of Rs, 82,90,137 received from Haryana Urban Development Authority under the order of Honâble High Court of Punjab and Haryana is classified as liability since the said amount shall be refundable if the appeal of the respondent is ultimately decided against the Company.
15 The details of the above Provisions for Gratuity and Leave Encashment are as per Note no. 31, âEmployee Benefits - Gratuity and Leave Encashmentâ.
16 Overdraft Facility of Rs, 13,74,09,564/- from banks carrying interest rate of 17.25% is secured primarily by immovable property of the Company situated at Gurgaon and collaterally by personal guarantee of director of the Company and hypothecation of current assets of the Company except the project financed by other banks / Financial Institutions on pari passu basis with other banks.
17 Overdraft Facility of Rs, 4,89,38,799/- from bank carrying interest rate of 14.25% is secured primarily by equitable mortagage of immovable properties of the Company situated at Gurgaon and collaterally by personal guarantee of the director of the Company and first pari passu charge on inventories and books debts not older than 180 days both present and future exclusive of project financed by other banks / Financial Institutions on Pari passu basis with other banks.
18 Other short term loans of Rs, 3,00,00,000/- carrying interest rate of 15% are secured against immovable properties of the Company situated at Gurgaon and due for repayment by the end of June 2016.
19 Other short term loans of Rs, 3,00,00,000/- carrying interest rate of 18% are secured against immovable properties of the Company situated at Gurgaon and due for repayment by the end of September 2016.
(ii) Details of short-term borrowings guaranteed by the directors or others:
20. Based on the information available with the Company, there are no dues outstanding in respect of Micro, Small and Medium enterprises at the balance sheet date. No amounts were payable to such enterprises which were outstanding for more than 45 days. Further, no interest during the year has been paid or payable in respect thereof. The above disclosure has been determined to the extent such parties have been identified on the basis of information available with the Company.
21. The Company had accepted the Registration Amounts against proposed projects in Jaipur & Panipat in earlier years which was outstanding to the extent of Rs, 8,01,64,304/- as on 31.03.2016 as against sum of Rs, 9,89,41,828/- as on 01.04.2015.and these amounts were offered to refund to the customers due to non-receipt of necessary Government approvals for the proposed projects but inspite of the efforts made by the Company, balance number of parties did not accept the refunds of Registration Money deposited by them to the extent of Rs, 8,01,64,304/due on 31st March 2016. However no such amount was received by the Company during the year 2015-16
Further the Company had received Registration Money towards EWS Scheme in earlier years which was outstanding to the extent of Rs, 1,03,86,655/- as on 31.03.2016 as against sum of Rs, 1,05,33,655/- as on 01.04.2015. The Company had sent cheques for refunds of Registration Amounts to all the parties but various parties either did not receive the cheques due to change of address or did not get the cheques encashed and therefore the amounts continued to be outstanding as âAdvance Against EWSâ to the extent of Rs, 1,03,86,655/- due on 31st March 2016. However no such amount was received by the Company during the year 2015-16
Note: During the year the Company has introduce a policy on i) Leave Travel Allowance and ii) Medical Expenses Reimbursible to its employees and accordingly the Company has made provisions as on 31.03.2016 for the same.
22. Advances for land though unsecured, are considered good as the advances have been given based on arrangements/ memorandum of understanding executed by the Company and the Company/seller/intermediary is in the course of obtaining clear and marketable title, free from all encumbrances.
23. Details of loans and advances to related parties are as given in Note no. 34, âRelated Party Transactionsâ.
24. Advances given to Subsidiaries and Joint Venture Companies for purchase of land and other purposes are not considered advances in the nature of loans and have not been considered for the disclosure.
The company has not issued any potential equity shares and accordingly, the basic and diluted earnings per share are the same.
25. EMPLOYEE BENEFITS
The Company makes Provident Fund and Employee State Insurance Scheme contributions which are defined contribution plans, for qualifying employees. The Company recognized Rs, 1,01,69,549 (Previous Year: Rs, 1,11,56,564) for Provident Fund contributions and Rs, 2,50,869 (Previous Year: Rs, 3,31,792) for Employee State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.
Gratuity is provided for Employees who are in service as at the end of the financial year for 5 years or more, at the rate of 15 daysâ salary for each completed year of service and is payable on retirement/ termination/ resignation.
The Gratuity plan for the Company is a defined benefit scheme where annual contributions as per Actuarial Valuation Certificate are charged to the Statement of Profit & Loss.
The Company also has a leave encashment scheme with defined benefits for its employees. The Company makes provision of such liability in the books of accounts on the basis of year end Actuarial Valuation Certificate. No fund has been created for this scheme.
The following table summaries the components of net benefit expense recognized in the Statement of Profit & Loss and amounts recognized in the Balance Sheet for the respective plans.
The present value of the gratuity and leave encashment obligations is determined based on Actuarial Valuation Certificate using the Projected Unit Credit Method.
Under the Projected Unit Credit Method a âprojected accrued benefitâ is calculated at the beginning of the year and again at the end of the year for each benefit that will accrue for all active members of the Plan. The âprojected accrued benefitâ is based on the Planâs accrual formula and upon service as of the beginning or end of the year, but using a memberâs final compensation, projected to the age at which the employee is assumed to leave active service. The Plan Liability is the actuarial present value of the âprojected accrued benefitsâ as of the beginning of the year for active members.
26 LEASING ARRANGEMENTS As Lessee:
The significant leasing arrangements entered into by the Company include the following:
a) Buildings taken on operating lease with lease term between 11 to 36 months for office premises and residential accommodation for employees and which are renewable on a periodic basis by mutual consent of both parties.
b) All the operating leases are cancellable by the lessee for any reason by giving notice of between 1 to 3 months.
c) Lease payments recognized in the Statement of Profit & Loss under rent expenses in Note-22 & Note-26.
d) The company has various operating leases for office facilities and residential premises for employees that are renewable on a perodic basis. Rental expenses for operating leases recognized in the Statement of Profit & Loss for the year is Rs, 2,14,95,038 (Previous Year : Rs, 2,19,11,716).
As Lessor:
a) The Company has entered into non-cancellable operating lease arrangements. Against such non cancellable operating leases, total rent credited to the Statement of Profit and Loss is Rs, 1,24,12,857/-, out of which Rs, 39,90,175/- is contingent rent and Rs, 84,22,682/- is the actual rent received by the Company. The future minimum lease payments in respect of these leases are:-
b) The assets in respect of which the company has entered into operating lease arrangements are included in inventories and are held for sale in the ordinary course of business of the Company. Therefore, no depreciation is charged on the leased assets in accordance with AS 6.
c) No impairment loss is recognized or reversed on the leased assets during the year.
27 RELATED PARTY TRANSACTIONS I. LIST OF RELATED PARTIES A) SUBSIDIARIES
1. Ansal Real Estate Developers Private Limited
2. Lancers Resorts & Tours Private Limited
3. Potent Housing & Construction Private Limited
4. Sabina Park Resorts & Marketing Private Limited
5. Triveni Apartments Private Limited
B) ASSOCIATES
1. Aadharshila Towers Private Limited
C) JOINT VENTURES
1. Ansal Crown Infrabuild Private Limited
2. Ansal JKD Pearl Developers Private Limited ( Formerly Incredible City Home Private Limited)
3. Incredible Real Estate Private Limited
4. Southern Buildmart Private Limited
5. Sunmoon Buildmart Private Limited
D) ENTERPRISES WHERE KEY MANAGERIAL PERSONNEL / RELATIVE OF KMP EXERCISE SIGNIFICANT INFLUENCE
1. Ansal Buildwell Infrastructure Private Limited
2. Ansal Engineering Projects Limited
3. Ansal Hospitality & Leisure Co. Private Limited
4. Ansal KGK Developer Private Limited
5. APM Buildcon Private Limited
6. Bedi Exports Private Limited
7. Bhandari Machinery Co. Private Limited
8. Chandraprabha Estate Private Limited
9. Elite Concepts (Partnership Firm)
10. Glorious Hotels Private Limited
11. Ansal Buildwell Infrabuild Private Limited (Formerly GSG Developers Private Limited)
12. K.C. Towers Private Limited
13. K.J. Towers Private Limited
14. M.K. Towers Private Limited
15. Madakinee Estate Private Limited
16. Mid Air Properties Private Limited
17. Rigoss Estate Networks Private Limited
18. S.J. Towers & Developers Private Limited
19. S.S. Towers Private Limited
20. Sankalp Hotels Private Limited
21. Saya Plantation & Resorts Private Limited
22. Rephcons Consultancy Services
23. Gee Five Global Services LLP
24. Ansal Theatres and Clubotels Private Limited
25. AB Rephcons Infrastructure Private Limited
26. Geo Reality and Infratech Private Limited
27. Aerens Goldsouk International Private Limited
28. Geefive Global Projects Private Limited
29. Gyan Bharti Trust / School
30. Savera Association
E) EXECUTIVE DIRECTORS & KEY MANAGERIAL PERSONNEL
1. Sh. Gopal Ansal (Chairman cum Managing Director)
2. Sh. Gaurav Mohan Puri (Wholetime Director - Projects)
3. Sh. Ashok Babu (VP & Company Secretary)
4. Sh. Arun Kumar Pandey (VP & CFO)
F) RELATIVES OF KEY MANAGERIAL PERSONNEL
1. Gopal Ansal (HUF) (CMD is Karta of HUF)
2. Smt. Ritu Ansal (Wife of CMD)
3. Mrs. Suruchi Bhardwaj (Daughter of CMD)
4. Mrs. Shweta Charla (Daughter of CMD)
5. Shri Ashok Mehra (Brother of Director)
6. Shri. Pranav Bhardwaj (Husband of Daughter of CMD)
28. REMITTANCE OF DIVIDENDS IN FOREIGN CURRENCY
The Company does not have complete information as to the extent to which remittances in foreign currencies on account of dividends have been made by the company or on behalf of the company to non-resident shareholders during the financial year. The particulars of dividends declared in respect of non-resident shareholders during the year ended March 31, 2016 are as follows:
29. CORPORATE SOCIAL RESPONSIBILITY
As per Section 135 of the Companies Act, 2013, a Corporate Social Responsibility Committee has been formed by the Company. The areas for CSR activities are (1) Rural Development CSR Project, (2) Health care- Running a charitable clinic, (3) Health care- Set-up Blood Bank. The funds were primarily allocated towards corpus contributions, As specified in Schedule VII to the Companies Act, 2013.
The company yet to receive the details of actual utilisation made by the above receipients as well as particulars of their earlier engagement for 3 years or more in the activities for which contribution was made by the company to them.
(c) Details of Related Party Transactions are enumerated in (b) above (as per Related Party definition in AS 18):-
(d) No provision is required to be made by the company for CSR Expenditure.
30. The Companyâs normal operating cycle in respect of operations relating to under construction real estate projects may vary from project to project depending upon the size of the project, type of development, project complexities and related approvals. Operating cycle for all completed projects is based on 12 months period. Assets and liabilities have been classified into current and non-current based on the operating cycle of respective businesses.
31. Previous yearâs figures have been regrouped / reclassified wherever necessary to correspond with the current yearâs classification / disclosure.
Mar 31, 2015
1. Terms/rights attached to equity shares:
The Company has only one class of equity shares having par value of Rs.
10 per share. Each equity share is entitled to one vote. In the event
of liquidation of the company, the equity shareholders will be entitled
to receive the remaining assets of the Company after distribution of
all prefential amounts in the proportion to the assets of the company
after distribution of all preferential amounts. The distribution will
be in the proportion to the number of equity shares held by the equity
sharesholders. The Company declares dividends in Indian rupees. The
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 March 31, 2015, the amount of per share dividend recognised
as proposed for distribution to equity shareholders was Rs. 1.00
(Previous Year : Rs. 1.50), which is subject to approval of
shareholders in Annual General Meeting.
2. Term Loan from Bank amounting Rs. 8,83,92,060/- (Including Current
Maturities amounting to Rs. 1,33,92,060/- included in other current
liabilities) which carry interest rate of 13.75% is secured by way of
first charge on immovable properties of the Company situated at Gurgaon
and by way of extension of first equitable mortgage of immovable
properties of HUF of CMD of the Company situated at New Delhi and
Gurgaon and collaterally by personal guarantee of CMD of the Company.
The said term loan is to be paid as follows:-
Upto 29.02.2016 Â Upto Rs. 2.50 Crore
Upto 31.05.2016 - Upto Rs. 5.00 Crore
Upto 31.08.2016 - Upto Rs. 7.50 Crore
Upto 30.11.2016 Â Full Repayment
3. Vehicle & Machinery Loans (Including Current Maturities amounting
to Rs. 55,09,295/- included in other current liabilities) are repayable
in monthly EMIs over the tenure of the loans and are secured by way of
hypothecation of assets in favour of lender, thus purchased.
4. Term Loan from Others amounting to Rs. 3,19,50,782/-(Including
Current Maturities amounting to Rs. 1,71,72,070/- included in other
current liabilities) which carry interest rate of 15% is secured by a
plot owned by director / relative(s) of director of the company and the
balance outstanding is repayable in 21 Equated Monthly Installments of
Rs. 17,33,266 each.
5. Term Loan from Others amounting to Rs. 2,45,10,141/- (Including
Current Maturities amounting to Rs. 72,34,406/- included in other
current liabilities) which carry interest rate of 15% is secured by a
plot owned by director / relative(s) of director of the company and the
balance outstanding is repayable in 35 Equated Monthly Installments of
Rs. 8,68,912/- each.
6. Term Loan from Others amounting to Rs. 9,00,00,000/- (Including
Current Maturities amounting to Rs. 77,28,389/- included in other
current liabilities) which carry interest rate of 15.50% is secured by
related parties of the company and the balance outstanding is repayable
in 84 Equated Monthly Installments of Rs. 17,62,051/- each.
7. Term Loan from Others amounting to Rs. 1,00,00,000/- (Including
Current Maturities amounting to Rs. 8,58,704/- included in other
current liabilities) which carry interest rate of 15.50% is secured by
related parties of the company and the balance outstanding is repayable
in 84 Equated Monthly Installments of Rs. 1,95,783/- each.
8. The amount of Rs. 3,66,58,764 received from Himachal Pradesh State
Electricity Board under the order of Hon'ble High Court of Himachal
Pradesh is classified as liability since the said amount shall be
refundable if the appeal of Himachal Pradesh State Electricity Board is
ultimately decided against the Company.
9. Overdraft Facility of Rs. 13,53,95,149/- from banks carrying
interest rate of 17.25% is secured primarily by immovable property of
the Company situated at Gurgaon and collaterally by personal guarantee
of director of the Company and hypothecation of current assets of the
Company except the project financed by other banks / Financial
Institutions on pari passu basis with other banks.
10. Overdraft Facility of Rs. 4,95,28,741/- from bank carrying interest
rate of 14.25% is secured primarily by equitable mortagage of immovable
properties of the Company situated at Gurgaon and collaterally by
personal guarantee of the director of the Company and first pari passu
charge on inventories and books debts not older than 180 days both
present and future exclusive of project financed by other banks /
Financial Institutions on Pari passu basis with other banks.
11. Other short term loans of Rs. 3,00,00,000/- carrying interest rate
of 15% are secured against immovable properties of the Company situated
at Gurgaon and due for repayment by the end of June 2015.
12. Other short term loans of Rs. 3,00,00,000/- carrying interest rate
of 18% are secured against immovable properties of the Company situated
at Gurgaon and due for repayment by July 2015.
13. Based on the information available with the Company, there are no
dues outstanding in respect of Micro, Small and Medium enterprises at
the balance sheet date. No amounts were payable to such enterprises
which were outstanding for more than 45 days. Further, no interest
during the year has been paid or payable in respect thereof. The above
disclosure has been determined to the extent such parties have been
identified on the basis of information available with the Company.
14. Unpaid matured deposits represents public deposits which have
attained maturity but remain unclaimed as on balance sheet date. The
total amount of public deposits matured but unclaimed amount to Rs. Nil
(Previous Year - Rs. 0.20 lakhs) and interest accrued and due thereon is
Rs. Nil (Previous Year - Rs. 0.04 lakhs) as on balance sheet date.
15. The Company had accepted the Registration Amounts against proposed
projects in Jaipur & Panipat in earlier years which was outstanding to
the extent of Rs. 9,89,41,828/- as on 31.03.2015 as against sum of Rs.
10,91,32,379/ - as on 01.04.2014.and these amounts were offered to
refund to the customers due to non-receipt of necessary Government
approvals for the proposed projects but inspite of the efforts made by
the Company, balance number of parties did not accept the refunds of
Registration Money deposited by them to the extent of Rs. 9,89,41,828/-
due on 31st March 2015. However no such amount was received by the
Company during the year 2014-15
Further the Company had received Registration Money towards EWS Scheme
in earlier years which was outstanding
to the extent of Rs. 1,05,33,655/- as on 31.03.2015 as against sum of
Rs. 1,07,67,655/- as on 01.04.2014.
The Company had sent cheques for refunds of Registration Amounts to all
the parties but various parties either did not receive the cheques due
to change of address or did not get the cheques encashed and therefore
the amounts continued to be outstanding as 'Advance Against EWS' to the
extent of Rs. 1,05,33,655/- due on 31st March 2015. However no such
amount was received by the Company during the year 2014-15
16. Details of advances to related parties are as given in Note no.
34, "Related Party Transactions".
17. Advances given to Joint Venture Companies for purchase of land and
other purposes are not considered advances in the nature of loans and
have not been considered for the disclosure.
18. Advances for land though unsecured, are considered good as the
advances have been given based on arrangements/ memorandum of
understanding executed by the Company and the
Company/seller/intermediary is in the course of obtaining clear and
marketable title, free from all encumbrances.
19. Details of loans and advances to related parties are as given in
Note no. 34, "Related Party Transactions".
20. Advances given to Subsidiaries and Joint Venture Companies for
purchase of land and other purposes are not considered advances in the
nature of loans and have not been considered for the disclosure.
21. EMPLOYEE BENEFITS - GRATUITY AND LEAVE ENCASHMENT
The Company makes Provident Fund and Employee State Insurance Scheme
contributions which are defined contribution plans, for qualifying
employees. The Company recognised Rs. 1,11,56,564 (Previous Year: Rs.
1,10,51,703) for Provident Fund contributions and Rs. 3,31,792
(Previous Year: Rs. 4,66,620) for Employee State Insurance Scheme
contributions in the Statement of Profit and Loss. The contributions
payable to these plans by the Company are at rates specified in the
rules of the schemes.
Gratuity is provided for Employees who are in service as at the end of
the financial year for 5 years or more, at the rate of 15 days' salary
for each completed year of service and is payable on retirement/
termination/ resignation.
The Gratuity plan for the Company is a defined benefit scheme where
annual contributions as per Actuarial Valuation Certificate are charged
to the Statement of Profit & Loss.
The Company also has a leave encashment scheme with defined benefits
for its employees. The Company makes provision of such liability in the
books of accounts on the basis of year end Actuarial Valuation
Certificate. No fund has been created for this scheme.
The following table summarise the components of net benefit expense
recognized in the Statement of Profit & Loss and amounts recognized in
the Balance Sheet for the respective plans.
22. LEASING ARRANGEMENTS
Operating Lease:
The significant leasing arrangments entered into by the Company include
the following:
a) Buildings taken on operating lease with lease term between 11 to 36
months for office premises and residential accomodation for employees
and which are renewable on a periodic basis by mutual consent of both
parties.
b) All the operating leases are cancellable by the lessee for any
reason by giving notice of between 1 to 3 months.
c) Lease payments recognised in the Statement of Profit & Loss under
rent expenses in Note-22 & Note-26.
23. RELATED PARTY TRANSACTIONS
I. LIST OF RELATED PARTIES
A) SUBSIDIARIES
1. Ansal Real Estate Developers Private Limited
2. Lancers Resorts & Tours Private Limited
3. Potent Housing & Construction Private Limited
4. Sabina Park Resorts & Marketing Private Limited
5. Triveni Apartments Private Limited
B) ASSOCIATES
1. Aadharshila Towers Private Limited
C) JOINT VENTURES
1. Ansal Crown Infrabuild Private Limited
2. Ansal JKD Pearl Developers Private Limited (Formerly Incredible
City Home Private Limited)
3. Incredible Real Estate Private Limited
4. Southern Buildmart Private Limited
5. Sunmoon Buildmart Private Limited
D) ENTERPRISES WHERE KEY MANAGERIAL PERSONNEL / RELATIVE OF KMP
EXERCISE SIGNIFICANT INFLUENCE
1. Ansal Buildwell Infrastructure Private Limited
2. Ansal Engineering Projects Limited
3. Ansal Hospitality & Leisure Co. Private Limited
4. Ansal KGK Developer Private Limited
5. APM Buildcon Private Limited
6. Bedi Exports Private Limited
7. Bhandari Machinery Co. Private Limited
8. Chandraprabha Estate Private Limited
9. Elite Concepts (Partnership Firm)
10. Glorious Hotels Private Limited
11. Ansal Buildwell Infrabuild Private Limited (Formerly GSG
Developers Private Limited)
12. K.C. Towers Private Limited
13. K.J. Towers Private Limited
14. M.K. Towers Private Limited
15. Madakinee Estate Private Limited
16. Mid Air Properties Private Limited
17. Rigoss Estate Networks Private Limited
18. S.J. Towers & Developers Private Limited
19. S.S. Towers Private Limited
20. Sankalp Hotels Private Limited
21. Saya Plantation & Resorts Private Limited
22. Rephcons Consultancy Services
23. Gee Five Global Services LLP
24. Ansal Theatres and Clubotels Private Limited
25. AB Rephcons Infrastructure Private Limited
26. Geo Reality and Infratech Private Limited
27. SJV Builders Private Limited
28. Aerens Goldsouk International Private Limited
29. Geefive Global Projects Private Limited
30. Bakshi Investment Limited
31. Gyan Bharti Trust
32. Savera Association
E) EXECUTIVE DIRECTORS & KEY MANAGERIAL PERSONNEL
1. Sh. Gopal Ansal (Chairman cum Managing Director)
2. Sh. R. L. Gupta (Resigned on 13/11/2014)*
3. Sh. Gaurav Mohan Puri (Wholetime Director - Projects)
4. Sh. Ashok Babu (VP & Company Secretary)
F) RELATIVES OF KEY MANAGERIAL PERSONNEL WITH WHOM TRANSACTION WERE
CARRIED OUT DURING THE YEAR
1. Gopal Ansal (HUF) (CMD is Karta of HUF)
2. Smt. Ritu Ansal (Wife of CMD)
3. Mrs. Suruchi Bhardwaj (Daughter of CMD)
4. Mrs. Shweta Charla (Daughter of CMD)
5. Shri Ashok Mehra (Brother of Director)
6. Shri. Pranav Bhardwaj (Husband of Daughter of CMD)
Sh. R L. Gupta (Director Finance and business Development), who was
also Chief Financial Officer of the Company, had resigned w.e.f. 13th
November, 2014 and the office of Chief Financial Officer was lying
vacant till 31st March, 2015. Sh. Arun Kumar Pandey was appointed as
Vice President Finance and Accounts w.e.f. 24th April, 2015 and was
appointed as Chief Financial Officer in the meeting of Board of
Directors held on 4th May, 2015.
24. CONTINGENT LIABILITIES
Contingent liabilities and commitments (to the extent not provided for)
As at As at
31.03.2015 31.03.2014
( Rs. ) ( Rs. )
(i) Contingent Liabilities
(a) Claims against the company not
acknowledged as debt 5,93,50,594 6,37,87,358
(b) Guarantees 6,93,35,550 6,95,14,550
(c) Other money for which the
company is contingently liable
- Income Tax Liability disputed
by the company 4,75,32,253 3,11,36,593
- Service Tax Liability disputed
by the company 93,47,427 93,47,427
18,55,65,824 17,37,85,928
(ii) Commitments
(a) Estimated amount of contracts
remaining to be executed on capital
account and not provided for  Â
(b) Uncalled liability on shares and
other investments partly paid 18,00,000 18,00,000
(c) Other commitments - -
18,00,000 18,00,000
Total 18,73,65,824 17,55,85,928
25. The management is of the opinion that in majority of the cases,
the company shall be in a position to resist or settle the cases.
26. 'The Company's normal operating cycle in respect of operations
relating to under construction real estate projects may vary from
project to project depending upon the size of the project, type of
development, project complexities and related approvals. Operating
cycle for all completed projects is based on 12 months period. Assets
and liabilities have been classified into current and non-current based
on the operating cycle of respective businesses.
27. 'Previous year's figures have been regrouped / reclassified
wherever necessary to correspond with the current year's classification
/ disclosure.
Mar 31, 2014
1.1 Terms/rights attached to equity shares:
The Company has only one class of equity shares having par value of Rs.
10 per share. Each equity share is entitled to one vote. The Company
declares dividends in Indian rupees. The 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 March 31, 2014, the amount of per share dividend
recognised as proposed for distribution to equity shareholders was Rs.
1.50 (Previous Year : Rs.1.50), which is subject to approval of
shareholders in Annual General Meeting.
1. Term Loan from Bank which carry interst rate of 14% is secured by
way of first charge on immovable properties situated at Gurgaon and by
way of extension of first equitable mortgage of immovable properties
situated at New Delhi and Gurgaon. The said term loan is to be paid as
follows:- Upto 29.02.2016 Â Not less than Rs. 2.50 Crore
Upto 31.05.2016 Â Not less than Rs. 5.00 Crore Upto 31.08.2016 Â
Not less than Rs. 7.50 Crore Upto 30.11.2016 Â Full Repayment
2. Vehicle Loans (including current maturities) are repayable in
monthly EMIs over the tenure of the loans and are secured by way of
hypothecation of assets in favour of lender, thus purchased.
3. Term Loan from Others (including current maturities) which carry
interest rate of 15% is secured by a plot owned by director/relative(s)
of director of the company and the balance outstanding is repayable in
33 Equated Monthly Installments of Rs. 17,33,266 each.
4. Term Loan from Bank (included in Note - 9 as current maturity of
long term debts) carrying interest rate of 15.10% is secured by way of
first charge on immovable property situated at Gurgaon, receivables of
Sushant Residency project situated at Gurgaon, first equitable mortgage
on an immovable property at New Delhi and personal guarantee of
director of the Company. The said loan is due for repayment on March
31, 2014.
Note: The amount(s) given in point (ii) are total long-term borrowings
guaranteed by directors or other including amounts mentioned in current
maturity of long term debt under Note 9.
Note: The amount(s) given in point (iii) are total long-term borrowings
secured by personal assets of the directors including amounts mentioned
in current maturity of long term debt under Note 9.
* Period of default has been calculated upto the date of finalisation
of Financial Statements
# The loan is included in the Current maturity of Long Term Debts in
Note 9.
5.1 The amount of Rs 3,66,58,764 received from Himachal Pradesh State
Electricity Board under the order of Hon''ble High Court is classified
as liability since the said amount shall be refundable if the appeal of
Himachal Pradesh State Electricity Board is ultimately decided against
the Company.
6.1 The details of the above Provisions for Gratuity and Leave
Encashment are as per Note no. 31, "Employee Benefits - Gratuity and
Leave Encashment".
1. Overdraft Facility of Rs. 135,871,902/- from banks carrying interest
rate of 15.75% is secured primarily by immovable property situated at
Gurgaon and collaterally by personal guarantee of director of the
Company and hypothecation of current assets of the Company except the
project financed by other banks / Financial Institutions on Pari passu
basis with other banks.
2. Overdraft Facility of Rs. 50,658,105/- from banks carrying interest
rate of 14.50% is secured primarily by equitable mortgage of immovable
properties situated at Gurgaon and collaterally by personal guarantee
of the director of the Company and first Pari passu charge on
inventories and books debts not older than 180 days both present and
future exclusive of project financed by other banks/ Financial
Institutions on Pari passu basis with other banks.
3. Other short term loans of Rs. 300 lacs carrying interst rate of 15%
are secured against immovable properties situtated at Gurgaon and due
for repayment by the end of June 2014.
8.1 Based on the information available with the Company, there are no
dues outstanding in respect of Micro, Small and Medium enterprises at
the balance sheet date. No amounts were payable to such enterprises
which were outstanding for more than 45 days. Further, no interest
during the year has been paid or payable in respect thereof. The above
disclosure has been determined to the extent such parties have been
identified on the basis of information available with the Company.
9.1 Unpaid matured deposits represents public deposits which have
attained maturity but remain unclaimed as on balance sheet date. The
total amount of public deposits matured but unclaimed amount to Rs0.20
lakhs (Previous Year - Rs 16.75 lakhs) and interest accrued and due
thereon is Rs 0.04 lakhs (Previous Year - Rs 1.76 lakhs) as on balance
sheet date.
14.2 Details of loans and advances to related parties are as given in
Note no. 34, "Related Party Transactions".
14.3 Advances given to Joint Venture Companies for purchase of land and
other purposes are not considered advances in the nature of loans and
have not been considered for the disclosure.
18.1 Advances for land though unsecured, are considered good as the
advances have been given based on arrangements/ memorandum of
understanding executed by the Company and the
Company/seller/intermediary is in the course of obtaining clear and
marketable title, free from all encumbrances.
18.2 Details of loans and advances to related parties are as given in
Note no. 34, "Related Party Transactions".
18.3 Advances given to Subsidiaries and Joint Venture Companies for
purchase of land and other purposes are not considered advances in the
nature of loans and have not been considered for the disclosure.
The company has not issued any potential equity shares and accordingly,
the basic and diluted earnings per share are the same.
31 EMPLOYEE BENEFITS - GRATUITY AND LEAVE ENCASHMENT
Gratuity is provided for Employees who are in service as at the end of
the financial year for 5 years or more, at the rate of 15 days'' salary
for each completed year of service and is payable on retirement/
termination/ resignation. The Gratuity plan for the Company is a
defined benefit scheme where annual contributions as per Actuarial
Valuation Certificate are charged to the Statement of Profit & Loss.
The Company also has a leave encashment scheme with defined benefits
for its employees. The Company makes provision of such liability in the
books of accounts on the basis of year end Actuarial Valuation
Certificate. No fund has been created for this scheme.
The following table summarise the components of net benefit expense
recognized in the Statement of Profit & Loss and amounts recognized in
the Balance Sheet for the respective plans.
Statement of Profit & Loss
Net Employee Benefit Expense considered in the Statement of Profit &
Loss
The present value of the gratuity and leave encashment obligations is
determined based on Actuarial Valuation Certificate using the Projected
Unit Credit Method.
Under the Projected Unit Credit Method a "projected accrued benefit" is
calculated at the beginning of the year and again at the end of the
year for each benefit that will accrue for all active members of the
Plan. The "projected accrued benefit" is based on the Plan''s accrual
formula and upon service as of the beginning or end of the year, but
using a member''s final compensation, projected to the age at which the
employee is assumed to leave active service. The Plan Liability is the
actuarial present value of the "projected accrued benefits" as of the
beginning of the year for active members.
32 LEASING ARRANGEMENTS Operating Lease:
The significant leasing arrangments entered into by the Company include
the following:
a) Buildings taken on operating lease with lease term between 11 and 36
months for office premises and residential accomodation for employees
and which are renewable on a periodic basis by mutual consent of both
parties.
b) All the operating leases are cancellable by the lessee for any
reason by giving notice between 1 and 3 months.
c) Lease payments recognised under rent expenses in Note-22 & Note-26.
The company has various operating leases for office facilities and
residential premises for employees that are renewable on a perodic
basis. Rental expenses for operating leases recognised in the Statement
of Profit & Loss for the year is Rs 2,22,15,527
(Previous Year : Rs 2,53,02,873).
34 RELATED PARTY TRANSACTIONS
I. LIST OF RELATED PARTIES
A) SUBSIDIARIES
1. Ansal Real Estate Developers Private Limited
2. Lancer Resorts & Tours Private Limited
3. Potent Housing & Construction Private Limited
4. Sabina Park Resorts & Marketing Private Limited
5. Triveni Apartments Private Limited
B) ASSOCIATES
1. Aadharshila Towers Private Limited
C) JOINT VENTURES
1. Ansal Crown Infrabuild Private Limited
2. Ansal JKD Pearl Developers Pvt.Ltd. ( Formerly Incredible City Home
Private Limited)
3. Incredible Real Estate Private Limited
4. Southern Buildmart Private Limited
5. Sunmoon Buildmart Private Limited
D) ENTERPRISES WHERE KEY MANAGERIAL PERSONNEL / RELATIVE OF KMP
EXERCISE SIGNIFICANT INFLUENCE
1. Ansal Buildwell Infrastructure Private Limited
2. Ansal Engineering Projects Limited
3. Ansal Hospitality & Leisure Co. Private Limited
4. Ansal KGK Developer Private Limited
5. APM Buildcon Private Limited
6. Bedi Exports Private Limited
7. Bhandari Machinery Co. Private Limited
8. Chandraprabha Estate Private Limited
9. Elite Concepts (Partnership Firm)
10. Glorious Hotels Private Limited
11. Ansal Buildwell Infrabuild Pvt. Ltd. (Formerly GSG Developers
Private Limited)
12. Gyan Bharti Trust / School
13. K.C. Towers Private Limited
14. K.J. Towers Private Limited
15. M.K. Towers Private Limited
16. Madakinee Estate Private Limited
17. Mid Air Properties Private Limited
18. Rigoss Estate Networks Private Limited
19. S.J. Towers & Developers Private Limited
20. S.S. Towers Private Limited
21. Sankalp Hotels Private Limited
22. Saya Plantation & Resorts Private Limited
E) KEY MANAGERIAL PERSONNEL
1. Sh. Gopal Ansal (Chairman cum Managing Director)
2. Sh. R. L. Gupta (Wholetime Director - Finance & Business Development)
3. Sh. Gaurav Mohan Puri (Wholetime Director - Projects)
F) RELATIVES OF KEY MANAGERIAL PERSONNEL WITH WHOM TRANSACTION WERE
CARRIED OUT DURING THE YEAR
1. Mrs. Ritu Ansal (Wife of CMD)
2. Mrs. Suruchi Bharadwaj (Daughter of CMD)
3. Mrs. Shweta Charla (Daughter of CMD)
4. Gopal Ansal (HUF) (CMD is Karta of HUF)
35 CONTINGENT LIABILITIES
Contingent liabilities and commitments (to the extent not provided for)
As at As at
31.03.2014 31.03.2013
(Rs) (Rs)
(i) Contingent Liabilities
(a) Claims against the company not 6,37,87,358 6,82,44,501
acknowledged as debt
(b) Guarantees 6,95,14,550 6,96,14,550
(c) Other money for which the company is
contingently liable
- Income Tax Liability disputed by the 3,11,36,593 2,70,75,298
company
- Service Tax Liability disputed by the 93,47,427 93,47,427
company
17,37,85,928 17,42,81,776
(ii) Commitments
(a) Estimated amount of contracts
remaining to be executed on capital
account and not provided for  Â
(b) Uncalled liability on shares and other
investments partly paid 18,00,000 18,00,000
(c) Other commitments - Â
18,00,000 18,00,00
Total 17,55,85,928 17,60,81,77
35.1 The management is of the opinion that in majority of the cases,
the company shall be in a position to resist or settle the cases.
36 INTERESTS IN JOINT VENTURES
The financial statements of the following jointly controlled entities
have been consolidated as per Accounting Standard 27 on ''Financial
Reporting of Interests in Joint Ventures'' as notified by the Companies
(Accounting Standards) Rules, 2006. All the jointly controlled entities
are incorporated in India.
37. ''The Company''s normal operating cycle in respect of operations
relating to under construction real estate projects may vary from
project to project depending upon the size of the project, type of
development, project complexities and related approvals. Operating
cycle for all completed projects is based on 12 months period. Assets
and liabilities have been classified into current and non-current based
on the operating cycle of respective businesses.
38. Previous year''s figures have been regrouped / reclassified wherever
necessary to correspond with the current year''s classification /
disclosure.
Mar 31, 2013
1 EMPLOYEE BENEFITS - GRATUITY AND LEAVE ENCASHMENT
Gratuity is provided for Employees who are in service as at the end of
the financial year for 5 years or more, at the rate of 15 days'' salary
for each completed year of service and is payable on retirement/
termination/ resignation. The Gratuity plan for the Company is a
defined benefit scheme where annual contributions as per Actuarial
Valuation Certificate are charged to the Profit & Loss Account.
The Company also has a leave encashment scheme with defined benefits
for its employees. The Company makes provision of such liability in the
books of accounts on the basis of year end Actuarial Valuation
Certificate. No fund has been created for this scheme.
The following table summarise the components of net benefit expense
recognized in the Profit & Loss Account and amounts recognized in the
Balance Sheet for the respective plans.
Profit & Loss Account
Net Employee Benefit Expense considered in Profit & Loss Account
The present value of the gratuity and leave encashment obligations is
determined based on Actuarial Valuation Certificate using the Projected
Unit Credit Method.
Under the Projected Unit Credit Method a "projected accrued benefit" is
calculated at the beginning of the year and again at the end of the
year for each benefit that will accrue for all active members of the
Plan. The "projected accrued benefit" is based on the Plan''s accrual
formula and upon service as of the beginning or end of the year, but
using a member''s final compensation, projected to the age at which the
employee is assumed to leave active service. The Plan Liability is the
actuarial present value of the "projected accrued benefits" as of the
beginning of the year for active members.
2 LEASING ARRANGEMENTS Operating Lease :
The significant leasing arrangments entered into by the Company include
the following:
a) Buildings taken on operating lease with lease term between 11 and 36
months for office premises and residential accomodation for employees
and which are renewable on a periodic basis by mutual consent of both
parties.
b) All the operating leases are cancellable by the lessee for any
reason by giving notice of between 1 and 3 months.
c) Lease payments recognised under rent expenses in Note-22 & Note-26.
The company has various operating leases for office facilities and
residential premises for employees that are renewable on a perodic
basis. Rental expenses for operating leases recognised in Profit & Loss
Account for the year is Rs. 2,53,02,873 (Previous Year : Rs. 2,05,20,104).
3 RELATED PARTY TRANSACTIONS I. LIST OF RELATED PARTIES
A) SUBSIDIARIES
1. Ansal Real Estate Developers Private Limited
2. Lancer Resorts & Tours Private Limited
3. Potent Housing & Construction Private Limited
4. Sabina Park Resorts & Marketing Private Limited
5. Triveni Apartments Private Limited
B) ASSOCIATES
1. Aadharshila Towers Private Limited
C) JOINT VENTURES
1. Ansal Crown Infrabuild Private Limited
2. Incredible City Home Private Limited
3. Incredible Real Estate Private Limited
4. Southern Buildmart Private Limited
5. Sunmoon Buildmart Private Limited
D) RELATED PARTY WHERE KEY MANAGERIAL PERSONNEL EXERCISE SIGNIFICANT
INFLUENCE
1. Ansal Buildwell Infrastructure Private Limited
2. Ansal Buildwell Real Estate Promoters Private Limited (Ceased to be
Related Party w.e.f. 30.11.2012)
3. Ansal Buildwell Developers Private Limited (Ceased to be Related
Party w.e.f. 30.11.2012)
4. Ansal Engineering Projects Limited
5. Ansal Hospitality & Leisure Co. Private Limited
6. Ansal KGK Developer Private Limited
7. APM Buildcon Private Limited
8. Bedi Exports Private Limited
9. Bhandari Machinery Co. Private Limited
10. Chandraprabha Estate Private Limited
11. Elite Concepts (Partnership Firm)
12. Glorious Hotels Private Limited
13. GSG Developers Private Limited
14. Gyan Bharti Trust / School
15. K.C. Towers Private Limited
16. K.J. Towers Private Limited
17. M.K. Towers Private Limited
18. Madakinee Estate Private Limited
19. Mid Air Properties Private Limited
20. Rigoss Estate Networks Private Limited
21. Rigoss Exports International Private Limited
(Ceased to be Related Party w.e.f. 30.11.2012)
22. Rigoss Electric Distribution Company Private Limited (Ceased to be
Related Party w.e.f. 01.10.2012)
23. S.J. Towers & Developers Private Limited
24. S.S. Towers Private Limited
25. Sankalp Hotels Private Limited
26. Saya Plantation & Resorts Private Limited
E) KEY MANAGERIAL PERSONNEL
1. Sh. Gopal Ansal (Chairman cum Managing Director)
2. Sh. R. L. Gupta (Wholetime Director - Finance & Business
Development)
3. Sh. Gaurav Mohan Puri (Wholetime Director - Projects)
F) RELATIVES OF KEY MANAGERIAL PERSONNEL WITH WHOM TRANSACTION WERE
CARRIED OUT DURING THE YEAR
1. Mrs. Ritu Ansal (Wife of CMD)
2. Mrs. Suruchi Bharadwaj (Daughter of CMD)
3. Mrs. Shweta Charla (Daughter of CMD)
4. Gopal Ansal (HUF) (CMD is Karta of HUF)
4 CONTINGENT LIABILITIES
Contingent liabilities and commitments (to the extent not provided for)
As at As at
31.03.2013 31.03.2012
( Rs. ) ( Rs. )
(i) Contingent Liabilities
(a) Claims against the company
not acknowledged as debt
(b) Guarantees 6,96,14,550 6,74,76,550
(c) Other money for which the
company is contingently liable
- Income Tax Liability
disputed by the company 2,70,75,298
- Service Tax Liability
disputed by the company 93,47,247 23,13,095
10,60,37,095 6,97,89,645
5.1 The management is of the opinion that in majority of the cases,
the company shall be in a position to resist or settle the cases.
6 INTERESTS IN JOINT VENTURES
The financial statements of the following jointly controlled entities
have been consolidated as per Accounting Standard 27 on ''Financial
Reporting of Interests in Joint Ventures'' as notified by the Companies (Accounting Standards) Rules, 2006. All the jointly controlled
entities are incorporated in India.
7 The Company''s normal operating cycle in respect of operations
relating to under construction real estate projects may vary from
project to project depending upon the size of the project, type of
development, project complexities and related approvals. Operating
cycle for all completed projects is based on 12 months period. Assets
and liabilities have been classified into current and non-current based
on the operating cycle of respective businesses.
Mar 31, 2012
1.1 Terms/rights attached to equity shares:
The Company has only one class of equity shares having par value of Rs.
10 per share. Each equity share is entitled to one vote. The Company
declares dividends in Indian rupees. The 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 March 31, 2012, the amount of per share dividend
recognised as proposed for distribution to equity shareholders was Rs.
1.5 (Previous Year: Rs. 1.5), which is subject to approval of
shareholders in Annual General Meeting.
2.1 The amount of Rs. 3,66,58,764 received from Himachal Pradesh State
Electricity Board under the order of Hon'ble High Court is classified
as liability since the said amount shall be refundable if the appeal of
Himachal Pradesh State Electricity Board is ultimately decided against
the Company.
3.1 The details of the above Provisions for Gratuity and Leave
Encashment are as per Note no. 31, "Employee Benefits - Gratuity and
Leave Encashment".
4.1 Based on the information available with the Company, there are no
dues outstanding in respect of Micro, Small and Medium enterprises at
the balance sheet date. No amounts were payable to such enterprises
which were outstanding for more than 45 days. Further, no interest
during the year has been paid or payable in respect thereof. The above
disclosure has been determined to the extent such parties have been
identified on the basis of information available with the Company.
5.1 Unpaid matured deposits represents public deposits which have
attained maturity but remain unclaimed as on balance sheet date. The
total amount of public deposits matured but unclaimed amount to Rs. 16.85
lakhs and interest accrued and due thereon is Rs. 1.77 lakhs as on
balance sheet date.
6.1 Advances for land though unsecured, are considered good as the
advances have been given based on arrangements/ memorandum of
understanding executed by the Company and the Company/seller /
intermediary is in the course of obtaining clear and marketable title,
free from all encumbrances.
6.2 Details of loans and advances to related parties are as given in
Note no. 34, "Related Party Transactions".
The company has not issued any potential equity shares and accordingly,
the basic and diluted earnings per share are the same.
7 EMPLOYEE BENEFITS - GRATUITY AND LEAVE ENCASHMENT
Gratuity is provided for Employees who are in service as at the end of
the financial year for 5 years or more, at the rate of 15 days'
salary for each completed year of service and is payable on retirement/
termination/ resignation. The Gratuity plan for the Company is a
defined benefit scheme where annual contributions as per Actuarial
Valuation Certificate are charged to the Profit & Loss Account.
The Company also has a leave encashment scheme with defined benefits
for its employees. The Company makes provision of such liability in the
books of accounts on the basis of year end Actuarial Valuation
Certificate. No fund has been created for this scheme.
The following table summarise the components of net benefit expense
recognized in the Profit & Loss Account and amounts recognized in the
Balance Sheet for the respective plans.
Profit & Loss Account
Net Employee Benefit Expense considered in Profit & Loss Account
The present value of the gratuity and leave encashment obligations is
determined based on Actuarial Valuation Certificate using the Projected
Unit Credit Method.
Under the Projected Unit Credit Method a "projected accrued
benefit" is calculated at the beginning of the year and again at the
end of the year for each benefit that will accrue for all active
members of the Plan. The "projected accrued benefit" is based on
the Plan's accrual formula and upon service as of the beginning or
end of the year, but using a member's final compensation, projected
to the age at which the employee is assumed to leave active service.
The Plan Liability is the actuarial present value of the "projected
accrued benefits" as of the beginning of the year for active members.
8 LEASING ARRANGEMENTS
Operating Lease :
The significant leasing arrangments entered into by the Company include
the following:
a) Buildings taken on operating lease with lease term between 11 and 36
months for office premises and residential accomodation for employees
and which are renewable on a periodic basis by mutual consent of both
parties.
b) All the operating leases are cancellable by the lessee for any
reason by giving notice of between 1 and 3 months.
c) Lease payments recognised under rent expenses in Note-22 & Note-26.
The company has various operating leases for office facilities and
residential premises for employees that are renewable on a perodic
basis. Rental expenses for operating leases recognised in Profit & Loss
Account for the year is Rs. 2,05,20,104 (Previous Year : Rs. 1,93,30,082).
9 RELATED PARTY TRANSACTIONS
I. LIST OF RELATED PARTIES
A) SUBSIDIARIES
1. Ansal Real Estate Developers Private Limited
2. Lancer Resorts & Tours Private Limited
3. Potent Housing & Construction Private Limited
4. Sabina Park Resorts & Marketing Private Limited
5. Triveni Apartments Private Limited
B) ASSOCIATES
1. Aadharshila Towers Private Limited
C) JOINT VENTURES
1. Ansal Crown Infrabuild Private Limited
2. Incredible City Home Private Limited
3. Incredible Real Estate Private Limited
4. Southern Buildmart Private Limited
5. Sunmoon Buildmart Private Limited
D) RELATED PARTY WHERE KEY MANAGERIAL PERSONNEL EXERCISE SIGNIFICANT
INFLUENCE
1. Ansal Buildwell Infrastructure Private Limited
2. Ansal Buildwell Real Estate Promoters Private Limited
3. Ansal Buildwell Developers Private Limited
4. Ansal Engineering Projects Limited
5. Ansal Hospitality & Leisure Co. Private Limited
6. Ansal KGK Developer Private Limited
7. APM Buildcon Private Limited
8. Bedi Exports Private Limited
9. Bhandari Machinery Co. Private Limited
10. Chandraprabha Estate Private Limited
11. Elite Concepts (Partnership Firm)
12. Glorious Hotels Private Limited
13. GSG Developers Private Limited
14. Gyan Bharti Trust / School
15. K.C. Towers Private Limited
16. K.J. Towers Private Limited
17. M.K. Towers Private Limited
18. Madakinee Estate Private Limited
19. Mid Air Properties Private Limited
20. Rigoss Electric Distribution Co. Private Limited
21. Rigoss Estate Networks Private Limited
22. Rigoss Exports International Private Limited
23. S.J. Towers & Developers Private Limited
24. S.S. Towers Private Limited
25. Sankalp Hotels Private Limited
26. Saya Plantation & Resorts Private Limited
E) KEY MANAGERIAL PERSONNEL
1. Sh. Gopal Ansal (Chairman cum Managing Director)
2. Sh. R. L. Gupta (Wholetime Director - Finance & Business
Development)
3. Sh. Gaurav Mohan Puri (Wholetime Director - Projects)
F) RELATIVES OF KEY MANAGERIAL PERSONNEL WITH WHOM TRANSACTION WERE
CARRIED OUT DURING THE YEAR
1. Mrs. Ritu Ansal (Wife of CMD)
2. Mrs. Suruchi Bharadwaj (Daughter of CMD)
3. Mrs. Shweta Charla (Daughter of CMD)
4. Gopal Ansal (HUF) (CMD is Karta of HUF)
10 CONTINGENT LIABILITIES
Contingent liabilities and commitments (to the extent not provided for)
As at As at
31.03.2012 31.03.2011
( Rs. ) ( Rs. )
(i) Contingent Liabilities
(a) Claims against the company
not acknowledged as debt 6,57,77,501 2,45,48,221
(Net of Companies Claims)
(b) Guarantees 6,74,76,550 6,74,76,550
(c) Other money for which the company
is contingently liable 23,13,095 23,13,095
13,55,67,146 9,43,37,866
(ii) Commitments
(a) Estimated amount of contracts
remaining to be executed - -
on capital account and not
provided for
(b) Uncalled liability on shares
and other investments partly paid - -
(c) Other commitments -
Total 13,55,67,146 9,43,37,866
11.1 The management is of the opinion that in majority of the cases,
the company shall be in a position to resist or settle the cases.
12 INTERESTS IN JOINT VENTURES
The financial statements of the following jointly controlled entities
have been consolidated as per Accounting Standard 27 on 'Financial
Reporting of Interests in Joint Ventures' as notified by the
Companies (Accounting Standards) Rules, 2006. All the jointly
controlled entities are incorporated in India.
13 The Company's normal operating cycle in respect of operations
relating to under construction real estate projects may vary from
project to project depending upon the size of the project, type of
development, project complexities and related approvals. Operating
cycle for all completed projects is based on 12 months period. Assets
and liabilities have been classified into current and non-current based
on the operating cycle of respective businesses.
14 Till the year ended March 31, 2011, the company was following
pre-revised Schedule VI to the Companies Act, 1956, for preparation and
presentation of its financial statements. During the year March
31,2012, the revised schedule VI notified under the Companies Act, 1956
has become applicable to the Company. The Company has reclassified
/re-grouped the previous year figures to conform to this year's
classification. The adoption of revised Schedule VI does not impact
recognition and measurement principles followed for preparation of
financial statements. However, it significantly impacts presentation
and disclosures made in financial statements, particularly presentation
of balance sheet.
Mar 31, 2011
A FINANCIAL NOTES
1 Contingent Liabilities
a) Contingent Liabilities in respect of Counter Guarantees given to the
Bankers and against the Guarantees issued by the Bankers on behalf of
the Company is Rs. 524.77 Lacs. (Previous Year Rs. 403.20 Lacs)
b) Contingent Liabilities in respect of Performance Guarantees Rs. 150
Lacs (Previous Year Rs. 150 Lacs)
c) Vide Judgment Dated 16.03.2010 Honb'le Delhi High Court had
confirmed the claim of Rs.1,72,78,256 of liquidated damages (Net of
Companies claims) by Centre for Development of Telematics (C-DOT) in
respect of contract for construction of main R & D building at
Chattarpur, Mehrauli Gurgaon Road, New Delhi, executed by the Company.
However the operation of said order of Hon'ble High Court had been
stayed by Hon'ble Supreme Court. In view of the same no provision has
been made in respect of the said liquidated damages.
d) Net claim of Rs.72,69,965 under Arbitral Award in respect of
contract with Northern Railways has not been provided in the accounts
for the year, since the same is sub-judice in Hon'ble Delhi High Court,
and accordingly being contingent in nature.
e) The Company has received show-cause notices from the Service Tax
Department amounting to Rs.23,13,094/-, which is inclusive of education
cess and secondary & higher education cess (Previous Year Rs.NIL)
during the year 2010-2011. The Company has been advised that it has a
good case to get the demand set aside and accordingly the company has
submitted its reply protesting the demand and no provision has been
made in respect of the said demand.
2 Information pursuant to Part-II of Schedule-VI to the Companies Act,
1956.
a) Since the company is following 'percentage of completion method' for
the projects, it is not practicable to give quantitative details of
sales turnover.
f) Other information/requirements are not applicable.
3 GRATUITY AND LEAVE ENCASHMENT
Gratuity is provided for Employees who are in service as at the end of
the financial year for 5 years or more, at the rate of 15 days' salary
for each completed year of service and is payable on retirement/
termination/ resignation. The Gratuity plan for the Company is a
defined benefit scheme where annual contributions as per Actuarial
Valuation Certificate are charged to the Profit & Loss Account.
The Company also has a leave encashment scheme with defined benefits
for its employees.
The Company makes provision of such liability in the books of accounts
on the basis of year end Actuarial Valuation Certificate. No fund has
been created for this scheme.
The following table summarise the components of net benefit expense
recognized in the Profit & Loss Account and amounts recognized in the
Balance Sheet for the respective plans.
Under the Projected Unit Credit Method a "projected accrued benefit" is
calculated at the beginning of the year and again at the end of the
year for each benefit that will accrue for all active members of the
Plan. The "projected accrued benefit" is based on the Plan's accrual
formula and upon service as of the beginning or end of the year, but
using a member's final compensation, projected to the age at which the
employee is assumed to leave active service. The Plan Liability is the
actuarial present value of the "projected accrued benefits" as of the
beginning of the year for active members.
4 RELATED PARTY TRANSACTIONS
I. LIST OF RELATED PARTIES
A) ASSOCIATES
1. Aadharshila Towers Private Limited
B) JOINT VENTURES
1. Ansal Crown Infrabuild Private Limited
2. Incredible City Home Private Limited
3. Incredible Real Estate Private Limited
4. Southern Buildmart Private Limited
5. Sunmoon Buildmart Private Limited
C) RELATED PARTY WHERE KEY MANAGERIAL PERSONNEL EXERCISE SIGNIFICANT
INFLUENCE
1. Ansal Buildwell Infrastructure Private Limited
2. Ansal Buildwell Real Estate Promoters Private Limited
3. Ansal Buildwell Developers Private Limited
4. Ansal Engineering Projects Limited
5. Ansal Hospitality & Leisure Co. Private Limited
6. Ansal KGK Developer Private Limited
7. APM Buildcon Private Limited
8. Bedi Exports Private Limited
9. Bhandari Machinery Co. Private Limited
10. Chandraprabha Estate Private Limited
11. Elite Concepts (Partnership Firm)
12. Glorious Hotels Private Limited
13. GSG Developers Private Limited
14. Gyan Bharti Trust / School
15. Hitech Township And Infrastructure Private Limited
16. K.C. Towers Private Limited
17. K.J. Towers Private Limited
18. KTM Finance Private Limited
19. M.K. Towers Private Limited
20. Madakinee Estate Private Limited
21. Mid Air Properties Private Limited
22. Rigoss Electric Distribution Co. Private Limited
23. Rigoss Estate Networks Private Limited
24. Rigoss Exports International Private Limited
25. S.J. Towers & Developers Private Limited
26. S.S. Towers Private Limited
27. Sankalp Hotels Private Limited
28. Saya Plantation & Resorts Private Limited
D) KEY MANAGERIAL PERSONNEL
1. Sh. Gopal Ansal (Chairman cum Managing Director)
2. Sh. R. L. Gupta (Wholetime Director - Finance & Business
Development)
3. Sh. Gaurav Mohan Puri (Wholetime Director - Projects)
E) RELATIVES OF KEY MANAGERIAL PERSONNEL WITH WHOM TRANSACTION WERE
CARRIED OUT DURING THE YEAR
1. Mrs. Ritu Ansal (Wife of CMD)
2. Mrs. Suruchi Bharadwaj (Daughter of CMD)
3. Mrs. Shweta Charla (Daughter of CMD)
4. Gopal Ansal (HUF) (CMD is Karta of HUF)
F) SUBSIDIARIES
1. Ansal Real Estate Developers Private Limited
2. Lancer Resorts & Tours Private Limited
3. Potent Housing & Construction Private Limited
4. Sabina Park Resorts & Marketing Private Limited
5. Triveni Apartments Private Limited
6 Leasing Arrangements
Operating Lease :
The significant leasing arrangments entered into by the Company include
the following:
a) Buildings taken on operating lease with lease term between 11 and 36
months for office premises and residential accomodation for employees
and which are renewable on a periodic basis by mutual consent of both
parties.
b) All the operating leases are cancellable by the lessee for any
reason by giving notice of between 1 and 3 months.
c) Lease payments recognised under rent expenses in Schedule-10 &
Schedule-11.
The company has various operating leases for office facilities and
residential premises for employees that are renewable on a perodic
basis. Rental expenses for operating leases recognised in Profit & Loss
Account for the year is Rs. 1,93,30,082 (Previous Year : Rs.
2,11,47,356).
7 Interests in Joint Ventures
The financial statements of the following jointly controlled entities
have been consolidated as per Accounting Standard 27 on 'Financial
Reporting of Interests in Joint Ventures' as notified by the Companies
(Accounting Standards) Rules, 2006. All the jointly controlled entities
are incorporated in India.
8 Based on the information available with the Company, there are no
dues outstanding in respect of Micro, Small and Medium enterprises at
the balance sheet date. No amounts were payable to such enterprises
which were outstanding for more than 45 days. Further, no interest
during the year has been paid or payable in respect thereof. The above
disclosure 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.
9 Previous year's figures have been regrouped/ rearranged wherever
considered necessary to make them comparable with current year's
figures.
Mar 31, 2010
1 a) Contingent Liabilities in respect of Counter Guarantees given to
the Bankers and against the Guarantees issued by the Bankers on behalf
of the Company is Rs.403.20 Lacs. (Previous Year Rs. 1,155 Lacs)
b) Contingent Liabilities in respect of Performance Guarantees Rs. 150
Lacs (Previous Year Rs. 150 Lacs)
c) Vide Judgment Dated 16.03.2010 HonbÃle Delhi High Court has
confirmed the claim of Rs.1,72,78,256 of liquidated damages (Net of
Companies claims) by Centre for Development of Telematics (C-DOT) in
respect of contract for construction of main R & D building at
Chattarpur, Mehrauli Gurgaon Road, New Delhi, executed by the Company.
However the operation of said order of Honble High Court has been
stayed by Honble Supreme Court. In view of the same no provision has
been made in the accounts for the year in respect of the said
liquidated damages, being in the nature of contingent liability.
d) Net claim of Rs.72,69,965 under Arbitral Award in respect of
contract with Northern Railways has not been provided in the accounts
for the year, since the same is subÃjudice in HonÃble Delhi High Court,
and accordingly being contingent in nature.
2 Information pursuant to PartÃII of ScheduleÃVI to the Companies Act,
1956.
a) Since the company is following Ãpercentage of completion methodà for
the projects in accordance with Accounting Standard ASÃ7, it is not
practicable to give quantitative details of sales turnover.
*Items being too many, quantitative details are not practicable.
Quantitative details of units of houses/ plots sold during the year is
not feasible to be worked out as the company follows percentage
completetion method for accounting itÃs turnover.
(a) The company has not issued any potential equity shares and
accordingly, the basic and diluted earnings per share are the same.
4 GRATUITY AND LEAVE ENCASHMENT
Gratuity is provided for Employees who are in service as at the end of
the financial year for 5 years or more, at the rate of 15 days salary
for each completed year of service and is payable on retirement/
termination/ resignation. The Gratuity plan for the Company is a
defined benefit scheme where annual contributions as per Actuarial
Valuation Certificate are charged to the Profit & Loss Account.
The Company also has a leave encashment scheme with defined benefits
for its employees. The Company makes provision of such liability in
the books of accounts on the basis of year end Actuarial Valuation
Certificate. No fund has been created for this scheme.
The following table summarise the components of net benefit expense
recognized in the Profit & Loss Account and amounts recognized in the
Balance Sheet for the respective plans.
Profit & Loss Account
Net Employee Benefit Expense considered in Profit & Loss Account
The present value of the gratuity and leave encashment obligations is
determined based on Actuarial Valuation Certificate using the Projected
Unit Credit Method.
Under the Projected Unit Credit Method a Ãprojected accrued benefità is
calculated at the beginning of the year and again at the end of the
year for each benefit that will accrue for all active members of the
Plan. The Ãprojected accrued benefità is based on the PlanÃs accrual
formula and upon service as of the beginning or end of the year, but
using a memberÃs final compensation, projected to the age at which the
employee is assumed to leave active service. The Plan Liability is the
actuarial present value of the Ãprojected accrued benefitsà as of the
beginning of the year for active members.
5 RELATED PARTY TRANSACTIONS I. LIST OF RELATED PARTIES
A) ASSOCIATES
1. Aadharshila Towers Private Limited
B) JOINT VENTURE
1. Ansal Crown Infrabuild Private Limited
C) RELATED PARTY WHERE KEY MANAGERIAL
PERSONNEL EXERCISE SIGNIFICANT INFLUENCE
1. Ansal Buildwell Infrastructure Private Limited
2. Ansal Buildwell Real Estate Promoters Private Limited
3. Ansal Buildwell Developers Private Limited
4. Ansal Engineering Projects Limited
5. Ansal Hospitality & Leisure Co. Private Limited
6. Ansal KGK Developer Private Limited
7. APM Buildcon Private Limited
8. Bedi Exports Private Limited
9. Bhandari Machinery Co. Private Limited
10. Chandraprabha Estate Private Limited
11. Elite Concepts (Partnership Firm)
12. Glorious Hotels Private Limited
13. GSG Developers Private Limited
14. Gyan Bharti Trust / School
15. Hitech Township And Infrastructure Private Limited
16. K.C. Towers Private Limited
17. K.J. Towers Private Limited
18. KTM Finance Private Limited
19. M.K. Towers Private Limited
20. Madakinee Estate Private Limited
21. Mid Air Properties Private Limited
22. Rigoss Electric Distribution Co. Private Limited
23. Rigoss Estate Networks Private Limited
24. Rigoss Exports International Private Limited
25. S.J. Towers & Developers Private Limited
26. S.S. Towers Private Limited
27. Sankalp Hotels Private Limited
28. Saya Plantation & Resorts Private Limited
D) KEY MANAGERIAL PERSONNEL
1. Sh. Gopal Ansal (Chairman cum Managing Director)
2. Sh. R. L. Gupta (Wholetime Director - Finance & Business
Development)
3. Sh. Gaurav Mohan Puri (Wholetime Director - Projects)
E) RELATIVES OF KEY MANAGERIAL PERSONNEL WITH WHOM TRANSACTION WERE
CARRIED OUT DURING THE YEAR
1. Mrs. Ritu Ansal (Wife of CMD)
2. Mrs. Suruchi Bharadwaj (Daughter of CMD)
3. Ms. Shweta Ansal (Daughter of CMD)
4. Gopal Ansal (HUF) (CMD is Karta of HUF)
F) SUBSIDIARIES
1. Ansal Chaudhary Developers Private Limited (Nepal)
2. Rahul Buildwell Private Limited (Nepal)
3. Rahul Township Private Limited (Nepal)
4. AC Shelter Private Limited (Nepal)
5. AC Infrastructure & Development Private Limited (Nepal)
6. Ansal Real Estate Developers Private Limited *
7. Lancer Resorts & Tours Private Limited *
8. Potent Housing & Construction Private Limited *
9. Sabina Park Resorts & Marketing Private Limited *
10. Triveni Apartments Private Limited *
* These companies became the subsidiaries of M/s Ansal Buildwell Ltd.
from 30th July, 2009. The transactions uptill 30th July, 2009, with M/s
Ansal Buildwell Ltd. are shown under the head ÃSignificant InfluenceÃ
and transactions thereafter are shown under the head ÃSubsidiariesà in
the table below.
6 Interests in Joint Ventures
The financial statements of the following jointly controlled entities
have been consolidated as per Accounting Standard 27 on ÃFinancial
Reporting of Interests in Joint Venturesà as notified by the Companies
(Accounting Standards) Rules, 2006. All the jointly controlled entities
are incorporated in India.
7 Based on the information available with the Company, there are no
dues outstanding in respect of Micro, Small and Medium enterprises at
the balance sheet date. No amounts were payable to such enterprises
which were outstanding for more than 45 days. Further, no interest
during the year has been paid or payable in respect thereof. The above
disclosure 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.
Previous years figures have been regrouped rearranged wherever
considered necessary to make them comparable with current years figures.
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