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Godrej Properties
BSE: 533150|NSE: GODREJPROP|ISIN: INE484J01027|SECTOR: Construction & Contracting - Real Estate
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« Mar 13
Notes to Accounts Year End : Mar '14
Note 1
 
 a) Contingent Liabilities:
 
 Matters                                  Current year     previous Year
 
 I) Claims against Company not 
 Acknowledged as debts;
 
 i) Claims against the Company not 
 acknowledged as debts represent            82,115,560       82,999,992
 cases filed by parties in the 
 Consumer forum, Civil Court and High
 Court and disputed by the Company as 
 advised by our advocates. In
 the opinion of the management the 
 claims are not sustainable. 
 
 ii) Claims against the Company 
 under the Labour Laws for disputed          1,989,240        1,989,240
 cases 
 
 iii) Claims against the Company 
 under Bombay Stamp Act, 1958               14,850,000       14,850,000
 
 iv) Other Claims against the Company 
 not acknowledged as debts                  11,184,920        3,925,000
 
 v) Claims against the Company under 
 Income Tax Act, Appeal preferred            5,996,853        2,203,685 
 to Commissioner of Income Tax (Appeals) 
 
 vi) Claims against the Company under 
 Sales Tax Act, Appeal preferred to         21,874,981       12,130,007 
 
 The Joint Commissioner of Commercial
 Taxes (Appeals) 
 
 vii) Appeal preferred to Customs, 
 Excise and Service Tax Appellate          335,102,594      316,499,606
 tribunal at Bengaluru 
 
 viii) Demand raised wide audit 
 memo issued by office of Commissioner 
 of                                          2,656,077 
 
 Service tax New Delhi 
 
 II) Guarantees;
 
 i) Guarantees given by Bank, counter 
 guaranteed by the Company                  345,188,721    174,168,003
 
 III) Other Money for which Company is 
 contingently liable
 
 i) Letter of credit opened by Bank on 
 behalf of the Company                       11,999,908    113,425,102
 
 Note 2
 
 Dues to Micro and Small Enterprise
 
 Disclosure of trade payables and other liabilities is based on the
 information available with the Company regarding the status of the
 suppliers as defined under the Micro, Small & Medium Enterprises
 Development Act 2006. There is no amount overdue as on 31st March,
 2014 to Micro & Small Enterprises on account of principal amount
 together with interest and also during the previous year.
 
 Note 3
 
 Employee Stock Option Plan:
 
 a) During the financial year ended 31st March, 2008, the Company
 instituted an Employee Stock Option Plan (GPL ESOP) approved by the
 Board of Directors, Shareholders and the Remuneration Committee, which
 provided allotment of 885,400* options convertible into 885,400* Equity
 Shares of 5/- each (Previous Year 442,700 Equity Shares of 10/- each)
 to eligible employees of Godrej Properties Limited and its Subsidiary
 Companies (the Participating Companies) with effect from 28th December,
 2007.
 
 The Scheme is administered by an Independent ESOP Trust which has
 purchased shares from Godrej Industries Limited (The Holding Company),
 equivalent to the number of options granted to the eligible employees
 of the Participating Companies.
 
 Note 4
 
 Employee Stock Grant Scheme
 
 a) During the period April 1, 2011 to March 31, 2014, the Company
 instituted an Employee Stock Grant Scheme (GPL ESGS) approved by the
 Board of Directors, shareholders and the Remuneration Committee, which
 provided allotment of 342,208 options convertible into 342,208 Equity
 Shares of  5/- each (Previous Year Equity Shares of 10/- each) to
 eligible employees of Godrej Properties Limited, its Holding and its
 Subsidiary Companies (the Participating Companies) 82,406* options with
 effect from 7th May, 2011, 3,756* options w.e.f. 1 st October 2011 ,
 72,416* options w.e.f. 1 st June 2012, 22,040* options w.e.f. 1st June
 2012, 4,436* options w.e.f. 1st August 2012, 690* options w.e.f. 1st
 November 2012, 720* options w.e.f. 1 st February 2013, 30,000* options
 1 st June 2013 and 1,25,744* options 1 st June 2013. Out of the total
 342,208* stock grants 35,234* stock grants have lapsed on account of
 employees leaving the service of the company before the vesting date,
 83,616* stock grants has been vested and exercised, hence 223,358*
 stock grants are outstanding as at March 31, 2014.
 
 Note 5
 
 The amount of exchange difference included in the Statement of Profit
 and Loss, is  45,555/- (net gain) under the head Other Income
 (Previous Year 640,397/-(net loss)).
 
 Note 6
 
 Segment Information:
 
 As the company has only one business segment, disclosure under
 Accounting Standard 17 on Segment Reporting issued by the Institute
 of Chartered Accountants of India is not applicable.
 
 1.  Godrej Kinky Holdings Ltd.(a subsidiary of Godrej Consumer
 Products Mauritius Ltd)
 
 2.  Kinky Group Pty Ltd.(a subsidiary of Godrej Kinky Holdings Ltd)
 
 3.  Godrej Nigeria Ltd. (incorporated in Nigeria) (a subsidiary of
 Godrej Nigeria Holdings Ltd)
 
 4.  Indovest Capital Ltd. (incorporated in Malaysia) (a subsidiary of
 Godrej Consumer Products Holding (Mauritius) Ltd.)
 
 5.  Godrej Consumer Products Dutch Cooperatief UA, (incorporated in
 the Netherlands) (a subsidiary of Godrej Consumer Products Holding
 (Mauritius) Ltd)
 
 6.  Godrej Consumer Holdings (Netherlands) BV (incorporated in the
 Netherlands) (a subsidiary of Godrej Consumer Products Dutch
 Cooperatief UA)
 
 7.  Godrej Consumer Products (Netherlands) BV (incorporated in the
 Netherlands) (a subsidiary of Godrej Consumer Products Dutch
 Cooperatief UA)
 
 8.  Godrej Indonesia Netherlands Holding BV (incorporated in the
 Netherlands) (a subsidiary of Godrej Consumer Products Dutch
 Cooperatief UA) (merged with Godrej Consumer Holding (Netherlands)
 
 9.  PT Megasari Makmur (incorporated in Indonesia) (a subsidiary of
 Godrej Consumer Holdings (Netherlands) BV)
 
 10.  PT Intrasari Raya (incorporated in Indonesia) (a subsidiary of
 Godrej Consumer Holdings (Netherlands) BV)
 
 11.  PT Simba Indosnack Makmur (incorporated in Indonesia) (a
 subsidiary of Godrej Consumer Holdings (Netherlands) BV) upto 21st
 March, 2013)
 
 12.  PT Ekamas Sarijaya (incorporated in Indonesia) (a subsidiary of
 Godrej Consumer Holdings (Netherlands) BV)
 
 13.  PT Indomas Susemi Jaya (incorporated in Indonesia) (a subsidiary
 of Godrej Consumer Holdings (Netherlands) BV)
 
 14.  PT Sarico Indah (incorporated in Indonesia) (a subsidiary of
 Godrej Consumer Holdings (Netherlands) BV)
 
 15.  Godrej Argentina Dutch Cooperatief UA (incorporated in
 Netherlands) (a subsidiary of Godrej Consumer Products Mauritius Ltd.)
 
 16.  Godrej Netherlands Argentina Holding BV . (incorporated in
 Netherlands) (a subsidiary of Godrej Argentina Dutch Cooperatief UA)
 
 17.  Godrej Netherlands Argentina BV (incorporated in the Netherlands)
 (a subsidiary of Godrej Argentina Dutch Cooperatief UA)
 
 18.  Panamar Procuccioness Sri (incorporated in Argentina) (a
 subsidiary of Godrej Netherlands Argentina BV)
 
 19.  Argencos S.A. (incorporated in Argentina) (a subsidiary of Godrej
 Netherlands Argentina BV)
 
 20.  Laboratoria Cuenca S.A. (incorporated in Argentina) (a subsidiary
 of Godrej Netherlands Argentina BV)
 
 21.  Issue Group Uruguay S.A. (incorporated in Uruguay) (a subsidiary
 of Laboratoria Cuenca S.A.)
 
 22.  Deciral S.A. (incorporated in Uruguay) (a subsidiary of
 Laboratoria Cuenca S.A.)
 
 23.  Issue Group Brazil Ltd. (incorporated in Brazil) (a subsidiary of
 Laboratoria Cuenca S.A.)
 
 24.  Consell S.A . (incorporated in Argentina) (a subsidiary of
 Laboratoria Cuenca S.A.)
 
 25.  Godrej Consumer Products Nepal Pvt. Ltd.
 
 26.  Subinite Pty Ltd. (incorporated in South Africa) (a subsidiary of
 Weave Business Holdings Mauritius Pvt. Ltd.)
 
 27.  Lorna Nigeria Ltd (incorporated in Nigeria) (a subsidiary of Weave
 Business Holdings Mauritius Pvt. Ltd.
 
 28.  Weave IP Holding Mauritius Pvt. Ltd. (incorporated in Mauritius)
 (a subsidiary of Weave Business Holdings Mauritius Pvt. Ltd.)
 
 29.  DGH Mauritius Pvt. Ltd. (incorporated in Mauritius) (a subsidiary
 of Godrej Weave Holdings Ltd.)
 
 30.  Weave Business Holdings Mauritius Pvt. Ltd. (incorporated in
 Mauritius) (a subsidiary of DGH Mauritius Pvt. Ltd.)
 
 31.  Weave Trading Mauritius Pvt. Ltd. (incorporated in Mauritius) (a
 subsidiary of Godrej Weave Holdings Ltd.)
 
 32.  Hair Trading (offshore) S. A. L. (incorporated in Lebanon) (a
 wholly-owned subsidiary of Weave Trading Mauritius Pvt Ltd.)
 
 33.  Weave Mozambique Limitada (incorporated in Mozambique) (a
 subsidiary of Weave Business Holdings Mauritius Pvt Ltd)
 
 34.  Godrej Consumer Investments (Chile) Spa, (incorporated in Chile)
 (a subsidiary of Godrej Netherlands BV)
 
 35.  Godrej Holdings (Chile) Limitada, (incorporated in Chile) (a
 subsidiary of Godrej Consumer Investments Spa)
 
 36.  Cosmetica Nacional, (incorporated in Chile) (a subsidiary of
 Godrej Holdings (Chile) Limitada)
 
 37.  Plasticos Nacional, (incorporated in Chile) (a subsidiary of
 Cosmetica Nacional)
 
 38.  Godrej East Africa Holdings Ltd. (incorporated in Mauritius) (a
 subsidiary of Godrej Consumer Products Ltd.)
 
 39.  Style Industries Ltd. (incorporated in Kenya) (a subsidiary of DGH
 Phase Two Mauritius Pvt. Ltd.
 
 40.  DGH Phase Two Mauritius Pvt. Ltd. (incorporated in Mauritius) (a
 subsidiary Godrej East Africa Holdings Limited)
 
 41.  Godrej Tanzania Holdings Ltd. (incorporated in Mauritius) (a
 subsidiary of Godrej Consumer Products Ltd.)
 
 42.  DGH Tanzania Ltd (incorporated in Tanzania) (a subsidiary of
 Godrej Tanzania Holdings Ltd. w.e.f. 6th December, 2012)
 
 43.  Sigma Hair Ind Ltd (incorporated in Tanzania) (a subsidiary of DGH
 Tanzania Ltd w.e.f. 19th December, 2012)
 
 44.  Godrej West Africa Holdings Ltd. (incorporated in Mauritius on
 11th February, 2014) (a subsidiary of DGH Mauritius Pvt. Ltd.)
 
 45.  Godrej Consumer Investments Holding Ltd. (incorporated in
 Mauritius on 8th October, 2013)
 
 v) Key Management Personnel :
 
 Mr. Pirojsha Godrej
 
 Mr. V. Srinivasan
 
 Mr. K.T. Jithendran
 
 vi) Individuals exercising Significant Influence :
 
 Mr. A. B. Godrej Mr. N. B. Godrej
Source : Dion Global Solutions Limited
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