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Moneycontrol.com India | Notes to Account > Construction & Contracting - Real Estate > Notes to Account from MVL - BSE: 532991, NSE: MVL
BSE: 532991|NSE: MVL|ISIN: INE744I01034|SECTOR: Construction & Contracting - Real Estate
Apr 21, 10:17
0.03 (2.8%)
VOLUME 2,000
, 16:01
VOLUME 67,461
Dec 11
Notes to Accounts Year End : Mar '13
1.  As per board resolution dated 10.12.2012 the accounting period was
 extended by three months in consequence of the said change in this
 period the statement of profit and loss figures are for fifteen months
 ending 31.03.2013, whereas the comparative figures for previous year
 are for twelve months ending 31.12.2011.
 2. Mr. Prem Adip Rishi, Director and chairman of the company was
 appointed as Managing Director of the Company for a period of 5 years
 w.e.f 01.08.2012 by the board of director at their meeting held on
 13.08.2012 subject to shareholders approval and remuneration was also
 fixed for him w.e.f 01.08.2012. As such, commission payable to Mr. Prem
 Adip Rishi as chairman of the company as earlier approved was
 discontinued w.e.f. 01.08.2012.
 3.  Retirement Benefits a) Contributions payable by the Company to the
 concerned Government Authorities in respect of Provident Fund, Family
 Pension fund and Employee State Insurance are charged to the statement
 of profit and loss.  b) Provisions for gratuity and Leave Encashment
 are made on actuarial valuation, as per Accounting Standard (AS)-15.
 Defined Benefit Plans In respect of Gratuity and Leave encashment as
 carried out by an independent actuary as at 31 December 2012.
 4.  Previous year figures have been regrouped and rearranged, wherever
 5. Some of the Debit and credit balances of Trade Receivables, Trade
 Payable, Loans, advance & deposits are subject to confirmation and
 consequent adjustment if any arising from reconciliation. The
 Management however is of the view that there will be no material
 adjustments in this regard.
 6. Determination of Revenues under ''Percentage of Completion Method''
 necessarily involves making estimates by management for percentage of
 completion, projected cost to completion, revenues expected from
 projects, and foreseeable losses.  These estimates being of technical
 nature have been relied upon by the auditors as per management
 7. In the opinion of Directors, the current assets, loans and advances
 have value on realization in the ordinary course of business at least
 equal to the value at which they are stated in the forgoing Balance
 8.  There are no micro and small enterprises, to whom the company owes
 sums, which are outstanding for more than 45 days as at 31st March
 2013. This information as required to be disclosed under the Micro,
 Small and Medium Enterprises Development Act. 2006 has been determined
 (to the extent such parties have been identified) on the basis of
 information available with the company, further no interest during the
 year has been paid or is payable under the terms of the Act.
 9.  Disclosure of Related Party Transactions in accordance with
 Accounting Standard (AS)- 18 Related Party Disclosures.  a)
 Subsidiaries (Group  A) MVL Developers Ltd. Udyan Hoticultures Pvt.
 Ltd. Creative Pools Developers Pvt. Ltd. Parisar Property Developers
 Pvt. Ltd.  b) Associates (Group  B) Shri Balaji Tirupati Electronics
 Pvt. Ltd. MVL Telecom Ltd.  c) Key Managerial Personnel (Group  C) Mr.
 Prem Adip Rishi  Managing Director Mr. Praveen Kumar  Whole Time
 Director Mr.  Anukool Rishi  Director (upto 19.02.2012) Mr. Sushil
 Aggarwal  Vice President (Legal & Company Affairs) Mr. Dhiraj Suri 
 Vice President Operations d) Key Managerial Personnel Relative (Group 
 D) Mr. Arjun Rishi e) Companies/Parties in which key management Person
 or his relatives have substantial interest/significant influence (Group
  E) Anukool Films Pvt. Ltd.  Aster Auto Pvt. Ltd.  Global Digital
 Technologies Ltd.  Media Holding Pvt. Ltd.  Media Infrastructure Ltd.
 Media Magnetic Cassettes Ltd.  Media Satellite & Telecoms Ltd.  MVL
 Credits Holdings & Leasing Ltd.  MVL Industries Ltd.  Risbro Technical
 Equipment Pvt. Ltd.  MVL Constructions Ltd.  Balaji Tirupati Buildwell
 Pvt. Ltd.  Balaji Tirupati Property Developers Pvt. Ltd.  Balaji
 Tirupati Infrastructure Pvt. Ltd.  Creative Pools Estates Pvt. Ltd.
 Shiwalik Property Developers Pvt. Ltd.  MVL Solar Power Ltd.
 Note : - List of related parties has been identified by the management
 and relied upon by the auditors 
 10. In view of Board Resolution dated 26.03.2013, Hospitality Division
 of the company has been closed. Assets of the Hospitality Division
 including land have been transferred to real estate division and the
 company is planning to seek approval for the same land for housing
 project. As a result of this there is only one segment that is real
 estate to be reported.
 11. As per the best estimate of the Management, no provision is
 required to be made in terms of Accounting Standard (AS)-29, in respect
 of any present obligation as a result of past event that could lead to
 a probable outflow of resource which would be required to settle the
 12. Directorate of Town and country planning (DTCP), Haryana,
 Chandigarh vide its letter dated 21.07.2010 for grant of license for
 Yamuna Nagar project had claimed charges towards internal development
 work (IDW) and external development charges (EDC) in all amounting to
 Rs. 4882.59 lacs, DTCP had further advised the company to provided a
 Bank Guarantee for 25% of the said amount. During last year, under a
 wrong notion, liability for Rs. 4882.59 lacs was created as if, payable
 to DTCP, which has been reversed during the year as this amount is
 recoverable from the project buyers. In respect of Bank Guarantee,
 contingent liability, net of security deposit paid, is reflected under
 note no. 29 annexed with the financial statements.
Source : Dion Global Solutions Limited
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