i) BUSINESS SEGMENT:
The Company''s main business is investment and dealing in shares and
properties. All other activities of the Company revolve around this
main business. There are no separate segments within the Company as
defined by AS 17 (Segment Reporting) issued by The Institute of
Chartered Accountant of India.
ii) GEOGRAPHICAL SEGMENT:
There is no separate reportable geographical segment.
Investments are stated at cost in case of investment in Shares.
Debentures and Securities.
c) REVENUE RECOGNITION:
Income and Expenses are generally accounted on accrual basis.
d) DISCLOSURE IN RESPECT OF RELATED PARTIES PURSUANT TO ACCOUNTING
STANDARD IS :
i) Associates :
1. Forum Construction (formerly Everest Builders & Developers)
2. Terraform Spaces (formerly Everest Construction Company)
3. Megaview Magnum Co. (formerly Everest Developers)
4. Megaview Spaces (formerly Jayesh Builders)
5. Megabuild Spaces (formerly Nandkripa Builders)
6. Terraform Kutir (formerly Nandkripa Construction Company)
7. Money Magnum Constructions (formerly National Dyes)
8. Merit Magnum Construction (formerly Vimal Builders)
9. Terraform Construction Pvt. Ltd. (formerly Abacus Realtors Pvt.
10. Megabuild Mansi Pvt. Ltd. (formerly Avaneesh Builders &
Contractors Pvt. Ltd.)
11. Tosha Meet Pvt. Ltd. (formerly Everest Designs Pvt. Ltd.)
12. Mansi Nest Pvt. Ltd. (formerly Everest Dwellers Pvt. Ltd.)
13. Money Magnum Nest Pvt. Ltd. (formerly Everest Fincap Pvt. Ltd.)
14. Terraform Magnum Ltd. (formerly Everest Buildcon Ltd.)
15. Megaview Manjil Construction Private Limited (formerly Everest
16. Mugdha Creation Private Limited (formerly Everest Land Developers
(India) Pvt. Ltd)
17. Terrafirm Softtech Pvt. Ltd. (formerly Everest Realtors Pvt. Ltd.)
18. Manshila Construction Pvt. Ltd. (formerly Everest Shelters (I)
19. Megabuild Kutir Company Private Limited (formerly Everest
Silverline I. P. L.)
20. Terraform Meet Pvt. Ltd. (formerly Green Premises Pvt. Ltd.)
21. Terrafirm Construction Pvt. Ltd. (formerly Greentech Developers
22. Megaview Realty Pvt. Ltd. (formerly Greenavenue Infraprojects Pvt.
23. Megaview Tosha Realty Private Limited (formerly Greenpalace Infra
Projects Pvt. Ltd.
24. Megabuild Nest Realty Private Limited (formerly Grhalakshmi Town
Planners Pvt. Ltd
25. Megaview Kutir Company Private Limited (formerly Grihasukh Urban
26. Megaview Manshila Pvt. Ltd. (formerly Hillcrest Townplanners Pvt.
27. Deep Kutir Pvt. Ltd. (formerly Infrastructure & Realtors India
28. Joyce Realtors Pvt. Ltd.
29. Megaview Meet Company Private Limited (formerly Maple Townplanners
30. Tvisha Construction Pvt. Ltd. (formerly Nainesh Land Developers
31. Megaview Mugdha Construction Private Limited (formerly Nandkripa
Builders Pvt. Ltd)
32. Megaview Manjil Realtor Private Limited (formerly Palmhome Towers
33. Megabuild Tvisha Realtor Private Limited (formerly Panna Urban
Developers Private Ltd.
34. Megaview Nest Company Pvt. Ltd. (formerly Premkutir Builders &
Contractors Pvt. Ltd.
35. Megaview Tosha Construction Pvt. Ltd. (formerly Sai Tirth
Constructions Pvt. Ltd.)
36. Megabuild Tosha Realtor Pvt. Ltd. (formerly Shantikutir Realtors
37. Megaview Tvisha Construction PL (formerly Shobhan Builders &
Contractors Pvt. Ltd.
38. Terrarorm Merit Construction P. L. (formerly Shubhavastu Property
Developers P. L.)
39. Megabuild Mugdha Really Private Ltd. (formerly Silvercastle
Properly Developers Pvt. Ltd.)
40. Megabuild Manshila Realty Pvt. Ltd. (formerly Soubhagya
Homemakers Pvt. Ltd.)
41. Megaview Tvisha Realty Pvt. Lid. (formerly Soulspace Estate &
Developers Pvt. Ltd.)
42. Megabuild Meet Construction Pvt. Ltd. (formerly Sukhdham Property
Developers Pvt. Ltd.)
43. Megabuild Merit Pvt. Ltd. (formerly Sunderban Homesolutions Pvt.
44. Supernal Realtors Pvt. Ltd
45. Terraform Tvisha Pvt. Ltd. (formerly Vardan Homemakers Pvt. Ltd.)
46. Terrafirm Nest Pvt. Ltd. (formerly Varun Realtors Pvt. Ltd.)
47. Terraform Manshila Construction Pvt. Ltd. (formerly Vastushilpa
Realtors Pvt. Ltd)
48. Terraform Manjil Pvt. Ltd. (formerly Vatika Homemakers Pvt. Ltd)
49. Vengas Realtors Pvt. Ltd
50. Terraform Nest Pvt. Ltd. (formerly Vision Buildcon Pvt. Ltd)
51. Rare Township Pvt. Ltd. (formerly Infrastructure Venture India
ii) Key Management personnel
and their Relatives:
Mr. Kishor N. Shah - Managing Director
Mr. Vimal K. Shah - Director
Mr. Nainesh K. Shah - Director
Mrs. Saryu K. Shah - Relative
Mrs. Richo V. Shah - Director
Mrs. Jesal N. Shah - Relative
e) The company has acquired development right in respect of land a,
Mumbra (Dist. Thane). The land is not developed due to technical
problem like Reservation and Tenants on the Plot.
f) The Company has not paid or provided interest on unsecured loans
from Directors as the same are interest free loans.
g) ACCOUNTING FOR TAX
Current Tax is accounted on the basis of estimated taxable income for
the current accounting year and in accordance with the provision of
Income Tax Act, 1961.
h) DISCLOSURES SPECIFIED BY THE MSMED ACT
As per the information available with the company there are no Micro,
Small and Medium Enterprises as defined under the Micro, Small and
Medium Enterprises Development Act, 2006, and hence not reported.
NOTE 1 PREVIOUS YEAR FIGURES
During the year ended 31st March, 2012, the Revised Schedule VI
notified under The Companies Act, 1956 has become applicable to the
Company for preparation and presention of its financial statement.
Accordingly, the company has also reclassified the previous year''s
figures in accordance with the requirements applicable in the current
year. In view of this reclassification, certain figures of current year
are not strictly comparable with those of the previous year.