Notes to Accounts of Bhanot Construction & Housing Ltd.

Mar 31, 2014

1 Corporate information:-

Bhanot Constructton and Housing Umited (the company) Is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange & Delhi stock exchange In India. The company is engaged in the business of Infrastructure, Real Estate/Trading of Goods, Facility Management, Hospitality and running a guest house under a brand name of Krishna Residency.

2 Licensed and installed capacity: As the Company is engaged in the business or infrastructure development; the same is not applicable.

3 Expenditure and earning in foreign exchange: NIL (Previous year NIL).

4 Previous year figures have been regrouped and recast where ever necessary to make them comparable with current year.

5 Managerial remuneration Including tonaging Director''s Remuneration:

Particulars As at 31.03.2014 As at 31.03.2013

Director''s Remuneration 14,40,000.00 25,20,000.00

6 Expenditure in respect of employees employed throughout the year whose remuneration was more than Rs. 60,00,000/- per annum and employed for part of the year whose remuneration was more than Rs. 5,00,000/- per month is Nil (Previous year Nil).

7 No Gratuity is due or accrued as on 31.03.2014 and on 31.03.2013.

8 Equity Shares of the company are listed with Bombay Stock Exchange and Delhi Stock Exchange.Trading of shares is done with Bombay Stock Exchange and listing fee has been paid to both stock exchanges.

9 Balance of debtors/creditors, advances from/to parties are yet to be confirmed/reconciled.

10 A sum of Rs.174 crores has been transferred from Capital WIP to Land A/c

11 A sum of Rs.9.22 lacs on conversion of fixed asstes into stock in trade has been taken as indirect income instead of real estate income.

12 Company did not file any statutory liability returns (indirect & direct).

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Mar 31, 2013

1 Corporate information:-

Bhanot Construction and Housing Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange & Delhi stock exchange in India. The company is engaged in the business of Infrastructure, Real Estate, Trading of Goods, Facility Management, Hospitality and running a guest house under a brand name of Krishna Residency.

2 Licensed and installed capacity: As the Company is engaged in the business of Infrastructure development, the same is not applicable.

3 Expenditure and earning in foreign exchange: NIL (Previous year NIL).

4 Previous year figures have been regrouped and recast where ever necessary to make them comparable with current year.

5 Expenditure in respect of employees employed throughout the year whose remuneration was more than Rs. 24,00,000/- per annum and employed for part of the year whose remuneration was more than Rs. 2,00,000/- per month is Nil (Previous year Nil).

6 No Gratuity is due or accrued as on 31.03.2013 and on 31.03.2012

7 Advances given by the Company are in the nature of its normal business activities

8 Change in Capital Structure - The Company has issued 3,50,000 equity shares of Rs. 10/- each at a premium of Rs. 38/- per shares on preferential basis to the Promoters pursuant to which, the paid up capital of the company has increased form Rs. 200,481,600 to Rs. 203,981,600

9 Equity Shares of the company are listed with Bombay Stock Exchange and Delhi Stock Exchange. Trading of shares is done with Bombay Stock Exchange and listing fee has been paid to both stock exchanges.

10 Balance of debtors/creditors, advances from/to parties are yet to be confirmed/reconciled.

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Mar 31, 2012

1 Employee benefit plans

The provision of E.P.F Act, 1952 and Gratuity Act, 1972 is not applicable to the Company as the total employees is less than the statutory minimum. Moreover no employee is in service for more than five years if eligibility under Gratuity Act, 1972.

2 Corporate information

Bhanot Construction and Housing Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Delhi stock exchanges in India. The company is engaged in the business of Infrastructure, Real Estate, Facility Management, Hospitality and running a guest house under a brand name of Krishna Residency.

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Mar 31, 2011

1. The deferred tax Liability (net) for Rs. 4105015.23/- for the year has been recognized in the P & L A/c.

2. Determination of revenues under ' Percentage of Completion Method' necessarily involves making estimates by management for percentage of completion, cost of completion, revenues expected from projects, projected profits.

3. Licensed and installed capacity: As the Company is engaged in the business of Infrastructure development, the same is not applicable.

4. Expenditure and earning in foreign exchange: NIL (Previous Year NIL).

5. Previous year figures have been regrouped and recast where ever necessary to make them comparable with current year.

6. Expenditure in respect of employees employed throughout the year whose remuneration was more than Rs. 24,00,000/ - per annum and employed for part of the year whose remuneration was more than Rs. 2,00,000/- per month is Nil {Previous year Nil).

7. No Gratuity is due or accrued as on 31.03.2010 and on 31.03.2011.

8. Advances given by the Company are in the nature of its normal business activities.

9. Equity Shares of the company are listed with Delhi Stock Exchange and not traded. The listing fee has been paid to Delhi Stock Exchange.

10. Balance of some debtors and creditors are yet to be confirmed.

11. As per AS-16 "Borrowing Cost" issued by ICAI Company charged expenses of Rs. 1,15,76,960/- directly to project cost.

12. Related party disclosures

As per Accounting Standard 18 - "Related Party Disclosures" issued by the Institute of Chartered Accountants of India, the company's related parties are as under:

(i) Parties where Control Exists -

(a) Holding Company - None

(b) Fellow Subsidiaries - None

(c) Associate Company -

1. Indica Credits Private Ltd

2. Bhanot Infrastructure & Tourism Ltd.

(d) Subsidiary Company - None

(ii) Key Management personnel -

(a) R.D Bhanot

(b) Rajeev Bhanot

(iii) Relative of key management personnel -

(a) Mr. Bhavya Bhanot

(b) Mrs. Rekha Bhanot

(c) Ms. Aditi Bhanot

(d) Ms. Palak Bhanot

(e) Mrs. Shruti Sharma

(f) Mr. Vijay Sharma

(g) Mr. Dushyant Sharma

(h) Ms. Somia Sharma

(i) Mrs. Tanya Taneja

iv) Other Related parties - None

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Mar 31, 2010

1. As per the AS-14 " Accounting of Amalgamation" issued by "Institute of Chartered Accountant of India, the following disclosure are required:

a) Name of the Transferee company : Bhanot Construction and Housing Limited.

b) Name of the transferor Companies: Bhanot Infrastructure and Hospitalities Limited, Trishul Industries Pvt Ltd and Fakir properties Limited

c) The effective date of amalgamation is 31st of October, 09 and the appointed date is 01st April, 08.

d) Nature of Amalgamation as per AS 14: is "Pooling of Interest method".

e) The scheme of amalgamation of Company is approved by Delhi High court on 09th Oct, 2009.

f) General nature of Business: The transferor companies were engaged in the business of Construction.

2. The deferred tax Liability (net) for Rs. 47, 08,937/- for the year has been recognized in the P&L A/c.

3. Determination of revenues under ''Percentage of Completion method'' necessarily involves making estimates by management for percentage of completion, cost of completion, revenues expected from projects, projected profits.

4. Licensed and installed capacity: As the Company is engaged in the business of Infrastructure development, the same is not applicable.

5. Expenditure and earning in foreign exchange: NIL (Previous year NIL).

6. Previous year figures have been regrouped and recast where ever necessary to make them comparable with current year.

7. Managerial remuneration including Managing Director''s Remuneration:

8. Expenditure in respect of employees employed throughout the year whose remuneration was more than Rs. 24,00,000/- per annum and employed for part of the year whose remuneration was more than Rs. 2,00,000/- per month is Nil (Previous year Nil).

9. No Gratuity is due or accrued as on 30.06.2009 or 31.03.2010.

10. Advances given by the Company are in the nature of its normal business activities.

11. Equity Shares of the company are listed with Delhi Stock Exchange and not traded. The listing fee has been paid to Delhi Stock Exchange.

12. Related party disclosures

As per Accounting Standard 18 - "Related Party Disclosures" issued by the Institute of Chartered Accountants of India, the company''s related parties are as under:

I) Parties where Control Exists - ia) Holding Company - None

(b) Fellow Subsidiaries - None

(c) Associate Company-

1. Indica Credits Private Ltd.,

2. Bhanot Infrastructure & Tourism Ltd.

d) Subsidiary Company - None

ii) Key Management personnel

(a) R.D Bhanot

(b) Rajeev Bhanot

iii) Relative of key management personnel -

(a) Mr. Bhavya Bhanot

(b) Mrs. Rekha Bhanot

(c) Ms. Aditi Bhanot

(d) Ms. Palak Bhanot

(e) Mrs. Shruti Sharma

(f) Mr. Vijay Sharma

(g) Mr. Dushyant Sharma

(h) Ms. Somia Sharma

(i) Mrs. Tanya Taneja

13. Fixed Deposits worth Rs. 164.95 lacs were taken during the period against personal guarantee of the Directors of the Company. However guarantee bonds has yet to be executed.

14. The company has not received information from suppliers or service, providers, whether they are covered under micro, small and medium enterprises (development) Act, 2006 and hence it has not been possible to give the required information relating, no amount unpaid, if any as at year end together with interest paid or payable to them.

15. Balance of Sundry Debtors, Creditors and Loans & Advances are yet to be confirmed.

16. Balance of advance against Future Projects for Rs. 3.03 Lacs are yet to be confirmed.

17. The Company has taken the land situated at plot No.2, Sector -12, B, Dwarka, New Delhi-110075 0 20000/- month on operating lease from Mr. Rajeev Bhanot, Director of the Company for 5 years & paid security Deposit of Rs. 75 Lacs.

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Jun 30, 2009

1. As per the AS-14 "Accounting of Amalgamation" issued by "Institute of Chartered Accountant of India, the following disclosure are required:

(a) Name of the Transferee company : Bhanot Construction and Housing Limited.

(b) Name of the transferor Companies: Bhanot Infrastructure and Hospitalities Limited, Trishul Industries Pvt Ltd and Fakir properties Limited

(c) The effective date of amalgamation is 31 st of October, 09 and the appointed date is 01 st April, 08.

(d) Nature of Amalgamation as per AS 14: is "Pooling of Interest method".

(e) The scheme of amalgamation of Company is approved by Delhi High court on 09th Oct, 2009.

(f) General nature of Business: The transferor companies was engaged in the business of Construction.

(g) Change in share capital structure.

1. Authorized share capital

As per the scheme of amalgamation as approved by the Hon'ble high court by order dated 09th October. The Authorized share capital of Three amalgamating companies i.e. Bhanot Infrastructure and Hospitalities Limited, Trishul Industries Pvt Ltd and Fakir properties Limited amounting to Rs 1050,00,000 has been included in the Authorised Share Capital of the company during the year.

2. Paid up share capital

As per the scheme of amalgamation as approved by the Hon'ble high court, New Delhi, by order dated 09th October, which is effected from appointed date 01 st April, 08. The Paid-up Share Capital of the Transferor Companies has been included in the paid up share capital of company of Rs 186,131600 during the year towards scheme of amalgamation approved by the Hon'ble High Court, New Delhi, the details of paid-up capital of transferor Companies given below:

3. The deferred tax Liability (net) for Rs. 687514/- for the year has been recognized in the P&L A/c.

4. Determination of revenues under 'Percentage of Completion method' necessarily involves making estimates by management for percentage of completion, cost of completion, revenues expected from projects, projected profits

5. Balance of Sundry Debtors/ Creditors are yet to be confirmed.

6. Claim against the Company not acknowledged as debts are NIL. (Previous year NIL)

7. Licensed and installed capacity: As the Company is engaged in the business of real estate, the same is not applicable.

8. Expenditure and earning in foreign exchange: NIL (Previous year NIL).

9. Estimated amount of contracts remaining to be executed on capital account and not provided for- NIL (Previous year NIL).

10. Vide High court of Delhi order dated 09th Oct, 09, the scheme of Merger of Bhanot Infrastructure and Hospitalities Limited, Trishul Industries Private Limited and Fakir properties Limited with the company has been approved.

11. Previous year figures have been regrouped and recast where ever necessary to make them comparable with current year.

12. Investment held by company in Bhanot Construction and Housing Ltd. have been treated as unquoted

* investment as there is no quotation of these shares in last 36 months in Delhi Stock Exchange, where the shares of these companies, under same management, are listed.

13. Claims against the Company not acknowledged as debt Nil (Previous year Nil).

14. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil (Previous year Nil).

15. Earning and expenditure in foreign exchange was Nil (Previous year Nil).

16. Expenditure in respect of employees employed throughout the year whose remuneration was not less than Rs. 24,00,000/- per annum and employed for part of the year whose remuneration was not less than Rs. 2,00,000/- per month is Nil (Previous year Nil).

17. Licensed and installed capacity and production is not applicable as Company is not engaged in any manufacturing activity.

18. No Gratuity is due or accrued as on 31.3.2008 or 30.06.2009 after the merger.

19. Advances given by the Company are in the nature of its normal business activities.

20. Equity Shares of the company are listed with Delhi Stock Exchange however neither listing fee has been paid to Delhi Stock Exchange nor any provision has been made for listing fee for the year.

21. The company does not have confirmation in respect of advance against Future Projects 52.03 thousand after merger of Company.

22. Related Parties:-

a) Krishna Continentals limited.

b) R.D Bhanot (Managing Director).

c) Rajeev Bhanot (Director).

23. The Company is listed on Delhi Stock Exchange; however some of its requirements are yet to be complied with.

24. Fixed Deposits worth Rs. 147.51 thousand were taken during the period against personal guarantee of the Directors of the Company However guarantee bonds has yet to be executed.

25. The company has not received information from suppliers or service, providers, whether they are covered under micro, small and medium enterprises (development) Act, 2006 and hence it has not been possible to give the required information relating, no amount unpaid, if any as at year end together with interest paid or payable to them.

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Mar 31, 2008

(a) Market value of Unquoted investment is Rs. 0 (previous year Rs.26,00,000) as on 31st March 2008.

(b) No provision has been made in Accounts for accrued liability on account of gratuity payable to employees as the same will be accounted for on payment basis. The estimated liability for gratuity as at 31sl March 2008 is NIL (Previous year NIL)

(c) Balance of Sundry Debtors/Creditors are yet to be confirmed.

(d) Claim against the Company not acknowledged as debts are NIL (Previous Year NIL)

(e) Licensed and installed capacity: As the Company is engaged in the business of real estate, the same is not applicable.

(f) Expenditure and earning in foreign exchange: NIL (Previous year NIL)

(g) Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. NIL (Previous year NIL)

i.) Previous year figures are given in brackets have been re-grouped and re- arranged wherever necessary.

ii.) The sales are booked on casting of the top roof of the building. The determination of exact expenses to be incurred cannot be made due to the time gap between the date of booking of sales and the date of actual completion of the building in all respect, as the expense are provided for the period of sale on estimated bases resulting in over/under provision of expense made at the time of booking of sales.