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HB Estate Developers
BSE: 532334|ISIN: INE640B01013|SECTOR: Construction & Contracting - Housing
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HB Estate Developers is not listed on NSE
Mar 13
Notes to Accounts Year End : Mar '14
1 Issued Share capital of the Company has two classes of shares
 referred to as under:
 
 2 Equity Shares having par value of Rs.  10/. Each holder of Equity
 Shares is entitled to One vote per share. The dividend proposed by the
 Board of directors is subject to the approval of the shareholders in
 the ensuing Annual General Meeting. For the year ended 31st March 2014,
 the amount of per share dividend proposed as distribution to equity
 shareholders is Rs.  Nil (previous Year Rs.  0.50). In the event of the
 Liquidation of the company, the holder of equity shares will be
 entitled to receive any of the remaining assets of the company,after
 distribution of all Preferential amounts. The distribution will be in
 proportion to the number of equity shares held by the shareholders.
 
 3 Preference Shares having par value of Rs.  100/- were alloted on 29th
 March 2013.  The Preference Shares carries 9% coupon rate of dividend
 (non-cumulative). The holders of Preference Shares shall not be
 entitled to receive notice of or to attend and vote at General meetings
 of the Equity Shareholders of the Company. The holders of Preference
 Shares shall be entitled to attend meetings and vote (one vote per
 share) only on the Resolutions directly affecting their rights. Also
 the Preference Shareholders shall not be entitled to any bonus or right
 issue etc. of Equity Shares or other securities of the Company. The
 Preference Shares shall carry a preferential right over the Equity
 Shares of the Company as regards to payment of dividend and as regards 
 to repayment of the capital in the event of winding up of the Company. 
 The tenure of the Preference Shares will be 10 years from the date of 
 allotment. The Preference Shares will be redeemed at par in two equal 
 installments i.e. 50% at the end of 9th year from the date of allotment
 and remaining 50 % at the end of 10th year from the date of allotment. 
 For the year ended 31st March 2014, the amount of per share dividend 
 proposed as distribution to Preference Shareholders is Rs.  Nil 
 (Previous Year Rs.  0.073 per share @ 9% P.A. on pro rata basis from 
 the date of allotment).
 
 4 Reconcilation of the number of Equity Shares outstanding and Amount
 of Equity Share Capital as on 31st March, 20l4 & 31st March, 2013 is as
 under:
 
 5 (1) Vehicle Loan From HDFC Bank
 
 Secured by way of hypothecation of Vehicle Financed. The Rate of
 Interest is 10%P.A.Repayable in 36 monthly installments. Last
 installment due in May 2016.
 
 (2) Vehicle Loan From ICICI Bank
 
 Secured by way of hypothecation of Vehicle Financed. The Rate of
 Interest is 9.75%P.A. Repayable in 36 monthly installments. Last
 installment due in April 2016.
 
 (3) Term Loans From Yes Bank
 
 Secured by way of exclusive charge on company''s hotel land and hotel
 building situated in sector 44 Gurgaon,exclusive charge on company''s
 land and building situated at Sector 32,Gurgaon,exclusive charge on all
 present and future moveable fixed assets and current assets of the
 project (Taj Vivanta Hotel),exclusive charge on rentals,all receivables
 and other current assets accruing from property located at sector
 32,Gurgaon; personal guarantee of director Mr. Lalit Bhasin,Non
 Disposal Undertaking (NDU) of entire shareholding of the company held
 by Mr. Lalit Bhasin, negative lien on his entire shareholding in the
 company for entire tenor of loan facility. The Rate of Interest is
 13.50% P.A.
 
 The outstanding Term Loan of Rs. 100 Crore is repayable in 56 monthly
 installments starting from October 2015. Last installment due in May
 2020.
 
 The Term Loan of Rs. 80 Crore is repayable in 44 Quarterly installments
 starting from February 2016.Last installment due in November 2026.
 
 (4) Vehicle Loan From HDFC Bank
 
 The aforesaid vehicle loan has been fully repaid by the company during
 the year. It was earlier secured by way of hypothecation of Vehicle
 Financed. The rate of interest was 9 % P.A.
 
 (5) HDFC Bank -Term Loan
 
 The aforesaid Term Loan has been fully repaid by the company during the
 year. It was earlier secured by way of exclusive charge on rent
 receivable for part of the premises at Plot No.31, Sector-32, Gurgaon,
 exclusive charge on equivalent mortgage of property at Plot
 No.31,Sector-32, Gurgaon; shares of Jaiprakash Associates Ltd.
 equivalent to loan amount and personal guarantee of Mr. Lalit Bhasin,
 Director. The rate of interest was 12 % P.A.
 
 (6) IDBI Bank -Term Loan
 
 The aforesaid Term Loan has been fully repaid by the company during the
 year. It was earlier secured by way of first pari passu charge by way
 of mortgage by deposit of title deeds on Company''s immovable properties
 situated at Site No 1, Sec 44, Disst. Gurgaon (Haryana) and on all the
 current assets including all receivables and investments of Hotel
 Project of the Company,Movable Fixed Assets of the Hotel Project of the
 Company, both present and future and personal guarantee of Mr.  Lalit
 Bhasin, Director. The rate of interest was 14.50 % P.A.(Variable)
 
 (7) Punjab National Bank -Term Loan
 
 The aforesaid Term Loan has been fully repaid by the company during the
 year. It was earlier secured by way of first pari passu charge by way
 of mortgage by deposit of title deeds on Company''s immovable properties
 situated at Site No 1, Sec 44 Distt. Gurgaon (Haryana) and on all the
 current assets including all receivables and investments of Hotel
 Project of the Company,Movable Fixed Assets of the Hotel Project of the
 Company both present and future and personal guarantee of Mr. Lalit
 Bhasin, Director. The rate of interest was 15.25 % P.A.(Variable)
 
 (8) Intercorporate Loans and Advances are interest free and are
 repayable beyond 3 years.
 
 6 Other Notes
 
 7 Capital Commitments:
 
 Estimated amount of contracts remaining to the executed on Capital
 account (net of advances) Rs.  (Previous year Rs.  5,16,81,364/-).
 
 8 Contingent liability in respect of:
 
 (a) Property Tax - Rs.  78,21,151/- (Previous year Rs.  78,21,151/-)
 
 The total demand raised by MCD was Rs.  83,85,604/-(Previous Year Rs.
 83,85,604/-).  Against this, the company deposited the admitted
 liability of Rs.  5,64,453/-(Previous Year Rs.  5,64,453/-). For the
 balance amount of Rs.  78, 21,151/- the company had filed a Writ
 Petition before the Hon''ble Delhi High Court. The company had also
 filed a stay petition before the Hon''ble High Court praying for stay
 for the payment of aforesaid amount of Rs.  78,21,151/-. As per
 direction of Hon''ble Court the company paid a sum of Rs.
 10,18,477/-against the aforesaid demand and for the balance amount the
 company had been granted stay. The Hon''ble High Court directed MCD to
 re-compute the tax. In the opinion of management the demand raised by
 MCD is not sustainable and no further liability will arise and
 therefore the aforesaid amount of Rs. 10,18,477/- paid by the company
 is being shown as recoverable in the Balance Sheet under the head Short
 Term Loans & Advances.
 
 (b) Income tax demand for which rectification/appeal has been filed
 with the appropriate authorities- Rs.  8,93,376/-(previous year Rs.
 5,59,190/-).
 
 (c) Letter of Credit/Bank guarantee issued by bank Rs.  10,86,70,032/-
 (previous year Rs.  10,82,69,455/-).
 
 (d) The company had received a show cause notice dated 17.11.2006 from
 Delhi Development Authority (DDA) demanding a sum of Rs.  258.68 Lacs
 (Excluding un determined interest) on account of ground rent in respect
 of its property at Plot No.  A-2, 3 & 4 in District Centre, Wazirpur,
 Delhi upto the period 14th July, 2006. Aggrieved by show cause notice
 issued by DDA, the company filed a writ petition in the Hon''ble High
 Court of Delhi Challenging the aforesaid demand. The Hon''ble High
 Court, vide its order dated 4th December, 2006 set-aside the matter to
 DDA for reconsi- deration. DDA vide Notice dated 12.01.2010 demanded a
 sum of Rs.  398.46 lacs (excluding interest) towards ground rent upto
 the period 14.07.2010. Aggrieved by the said demand, the company again
 filed a writ petition in the Hon''ble High Court of Delhi which vide its
 order dated 31.05.2010 stayed the operations of the order of DDA
 subject to company depositing a sum of Rs.  100 Lacs. As per the
 direction of Hon''ble high court, the company has deposited the said
 amount of Rs.  100 lacs on 10.06.2010.  The matter is pending for final
 disposal by the Hon''ble Court. The liability will be determined only
 after the disposal of matter by the Hon''ble High Court of Delhi ; and
 therefore at this stage, in the opinion of management any further
 provision is neither considered necessary nor ascertainable. The effect
 of any arrear/excess amount will be taken after the decision of the
 Hon''ble Court.
 
 (e) Claim against the company not acknowledged as debt Rs.
 2,77,55,293/- (Previous Year Rs.  2,77,55,293/-)
 
 9 Related Party Transactions:
 
 Related party disclosures
 
 As per Accounting Standard (AS-18) on Related Party Disclosures, the
 disclosure of transactions with the related party as defined in the
 Accounting Standard are given below :-
 
 29.3 (a) List of Related parties with whom transactions have taken
 place and relationship :
 
 (a) Key Managerial Personnel
 
 (i)   Mr.Praveen Gupta -CFO
 
 (ii)  Mr.Rajesh Singh Chahar,Company Secretary (w.e.f. 13th March,2014)
 
 (iii) Ms.Arpita B.Malhotra, Company Secretary ( Up to 12th March,
       2014)
 
 (b) Person having significant influence/control/major shareholders (i)
 Sh. Lalit Bhasin
 
 (c) Enterprises over which significant influence/control exist of the
 relatives of persons mentioned in (b) above
 
 (i) RRB Master Securities Delhi Ltd.
 
 (d) Enterprises under direct or indirect common control/significant
 influence
 
 (i)   HB Stockholdings Ltd.
 
 (ii)  HB Portfolio Ltd.
 
 (iii) HB Securities Ltd.(Subsidiary of HB Portfolio Ltd.)
 
 (iv)  HB Leasing & Finance Co Ltd.
 
 (v)   RRB Securities Ltd.
 
 (vi)  RRB Masterholdings Ltd.(Subsidiary of RRB Securities Ltd.)
 
 (e)   Enterprises under Joint ventures/Assocaite Company
 
 (i)   Parsvnath Developers (AOP)
 
 (ii)  Parsvnath HB Projects Pvt. Ltd.-Associate
 
 10 (c) Disclosure in respect of material outstanding balance of
 related party transactions:
 
 (i) Short Term borrowing includes loan taken from HB Portfolio Ltd. Rs.
 9,00,00,000/- (previous year Rs.  9,00,00,000/-); Interest accrued but
 not due thereon Rs.  48,46,685/- (previous year Rs.  48,46,685/-). (ii)
 Security Deposits received includes Rs.  3,45,00,000/-(previous year
 Rs.  3,45,00,000/-) from HB Stockholdings Ltd.; Rs.
 3,45,00,000/-(previous year Rs.  3,45,00,000/-) from HB Portfolio Ltd.;
 Rs.  1,15,00,000/-(previous year Rs.  1,15,00,000/-) from HB Leasing &
 Finance Co. Ltd.; Rs.  57,00,000/-(previous year Rs.  57,00,000/-) from
 RRB Securities Ltd. and Rs.  1,42,485/-(previous year Rs.  1,42,485/-)
 from RRB Master Securities Delhi Ltd. (iii) Short teim Loan and
 advances includes Rs.  1,08,94,884/-(Previous Year Rs.  1,08,94,884/-)
 from Parsvnath HB Projects Pvt. Ltd.
 
 11 Segment Reporting 
 
 Business Segments: 
 
 The company organized its operations in to two major businesses viz. 
 Real estate and Hotel. 
 
 Geographical Segments: 
 
 The Company operates in a single geographical segment. 
 
 12 Disclosure pursuant to Accounting Standard AS-19 for Leases:-
 
 The company generally enters into cancellable operating lease fo office
 premises and residence of the employees normally renewable on expiry.
 Lease payments amounting to Rs.  67,13,597/- (Previous Year Rs.
 12,74,652/-) made under operating lease have been recognized as an
 expense.
 
 13 The Board of directors of the company has approved the
 amalgamation of a company Pisces Portfolio Private Limited with the
 company w.e.f. the appointed date i.e 1st April, 2012. These financial
 statements are on standalone basis and do not include the figures of
 Pisces Portfolio Private Limited as the scheme of amalgamation is
 subject to various statutory approvals.
 
 14 Previous year figures have been regrouped/reclassified wherever
 necessary to confirm the current year presentation.
Source : Dion Global Solutions Limited
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