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Nimbus Projects
BSE: 511714|ISIN: INE875B01015|SECTOR: Computers - Software Medium & Small
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« Mar 13
Notes to Accounts Year End : Mar '14
1. The rights, preferences and restrictions attaching to each class of
 shares including restrictions on the distribution of dividends and the
 repayment of capital:
 
 The Company has one class of equity shares having a par value of ''10
 per share. Each shareholder is eligible for one vote per share held.
 The Dividend proposed by the BOD is subject to the approval of
 shareholders in the ensuing AGM. In the event of liquidation, the
 equity shareholders are entiteled to receive the remaining assets of
 the company after distribution of all preferential amount in the
 proportion to their shareholding.
 
 The Company has only one class of preference shares 8% Non -
 Cumulative, Non - Convertible, Non - Participating,Compulsory
 Redeemable Preference Shares of Rs. 10/- each at a premium of Rs. 40/-
 on each Preference Share to be redeemed after 15 years at a premium of
 Rs. 100/- on each Preference Share but which may be redeemed at the
 option of the Company at any time after 2 years at a fixed premium of
 Rs. 40/-on each Preference Share and an additional premium @ Rs. 4/-
 per year till these Preference Shares are redeemed. These shares carry
 no voting rights and the said shares are Non-convertible into equity
 shares.
 
 As per records of the Company, including its register of
 shareholders/members and other declarations received from shareholders
 regarding beneficial interest, the above shareholding represents both
 legal and beneficial ownerships of shares.
 
 2. (A) CORPORATE INFORMATION
 
 Nimbus Projects Limited is engaged in Real Estate Development, Trading
 of Properties & Real Estate Agent business etc. It is developing
 Residential Projects in National Capital Region (NCR). It has acquired
 plot of land, on long term lease basis under Builder Residential Scheme
 of Greater Noida Industrial Development Authority (GNIDA), New Okhla
 Industrial Development Authority (NOIDA) and Yamuna Expressway
 Authority (YEA). Apart from developing its own Project, the company is
 undertaking development through Special Purpose Vehicle (SPV). The
 company is engaged in four SPV for development of Residential complex.
 
 3. Presentation and disclosure of financial statements:
 
 During the year ended 31 March 2014, the revised Schedule VI notified
 under the Companies Act 1956, has become applicable to the companies,
 for preparation and presentation of its financial statements. The
 adoption of revised Schedule VI does not impact recognition and
 measurement principles followed for preparation of financial
 statements. However, it has significant impact on presentation and
 disclosures made in the financial statements. The Company has also
 reclassified the previous year figures in accordance with the
 requirements applicable in the current year.
 
 4. The company had entered into a collaboration agreement, under joint
 control, to construct a commercial complex Pearl Business Park at
 Pitampura, Delhi. On revision of the project it was found that the
 project has been fully completed. The revenue from and interest in such
 entity has been accounted for as an investment in terms of the
 provisions of the AS-27.
 
 5. The Company is developing a Group Housing Project Express Park
 View at Greater Noida. The Apartments are being planned on a Land
 admeasuring 9951.04 Sq. mtrs. Situated at Plot No GH-10B, Sector CHI-V,
 Greater Noida, U.P., located in main Noida- Greater Noida Expressway.
 The proposed Flatted Residential Development shall encompass all
 important facilities and amenities such as well laid out roads and
 paths, landscaped areas and beautiful parks, street lights and well
 designed services to give world class comfort feeling to the residents.
 Project consisting of 332 flats in totality, consisting of 2 Bed Rooms
 and 3 Bed Rooms in sizes varying 831sq.ft. to 1458 sq.ft. On revision
 of the project it was found that 95% of the Civil Construction Work &
 Finishing work has been completed as on 31st March, 2014 and project
 will be completed till September 2014.
 
 The Company has booked total 275 Flats of varying sizes in the said
 project and has collected the booking amount of Rs. 53.69 Crore for the
 above said booking of flats till 31.03.2014.
 
 6. The Company had entered into a Partnership IITL-NIMBUS THE HYDE
 PARK NOIDA in April 2010 with M/s IITL Projects Ltd.  & M/s Supertech
 Ltd. to develop the Group Housing Project The Hyde Park at Plot No.
 GH-03, Sector 78, Noida. The agreed Capital Ratio between the partners
 is 45:45:10 and profit will be shared in the Weighted Average Capital
 Ratio. The Hyde Park Project for Residential Development shall
 encompass all important facilities and amenities such as well laid out
 roads and paths, landscaped areas and beautiful parks, street lights
 and well designed services to give world class comfort feeling to the
 residents. Project consisting of 2044 flats in totality. Apartments
 shall be of IBHK/ 2BHK/ 3BHK & 4BHK in sizes varying 525sq.ft.  to 2428
 sq.ft.
 
 The Partnership Firm has booked total 1173 Flats of varying sizes in
 the said project and has collected the booking amount of Rs. 344.10
 Crore for the above said booking of flats till 31.03.2014.
 
 7. The Company had entered into a Partnership IITL-NIMBUS THE EXPRESS
 PARK VIEW - with M/s IITL Projects Ltd. & M/s Assotech Ltd. in April
 2011, to develop the Group Housing Project Express Park View - II at
 Plot No. GH-03, Sector CHI-V, Greater Noida. The agreed Capital Ratio
 between the partners is 47.5:47.5:5 and profit will be shared in the
 Weighted Average Capital Ratio. The Express Park View II, Project for
 Residential Development shall encompass all important facilities and
 amenities such as well laid out roads and paths, landscaped areas and
 beautiful parks, street lights and well designed services to give world
 class comfort feeling to the residents. Project consisting of 1668
 flats in totality. Apartments shall be of 2BHK/ 3BHK & 4BHK in sizes
 varying 984 sq.ft. to 2191 sq.ft.
 
 The Partnership Firm has booked total 620 Flats of varying sizes in the
 said project and has collected the booking amount of Rs. 107.80 Crore
 for the above said booking of flats till 31.03.2014.
 
 8. The Company had entered into a Partnership IITL-NIMBUS THE PALM
 VILLAGE - with M/s IITL Projects Ltd. & M/s Assotech Ltd. in June 2011,
 to develop the Group Housing Project The Golden Palm Village at Plot
 No. GH-03, Sector 22A, Greater Noida of Yamuna Expressway Industrial
 Development Authority. The agreed Capital Ratio between the partners is
 47.5:47.5:5 and profit will be shared in the Weighted Average Capital
 Ratio. The Golden Palm Village, Project for Residential Development
 shall encompass all important facilities and amenities such as well
 laid out roads and paths, landscaped areas and beautiful parks, street
 lights and well designed services to give world class comfort feeling
 to the residents. Project consisting of approx.  2036 flats in
 totality. Apartments shall be of 2BHK & 3BHK in sizes varying 1021
 sq.ft. to 1467 sq.ft.
 
 The Partnership Firm has booked total 256 Flats of varying sizes in the
 said project and has collected the booking amount of Rs. 18.53 Crore
 for the above said booking of flats till 31.03.2014.
 
 9. The company holds the 50% shareholding i.e. (500000 Equity Shares &
 5000000 Preference Shares) of M/s Capital Infraprojects Pvt. Ltd..
 The company M/s Capital Infraprojects Pvt. Ltd. is developing a Group
 Housing Project at Plot No. GH-01/E, Sector - 168, Noida. The Project
 The Golden Palms shall encompass all important facilities and
 amenities such as well laid out roads and paths, landscaped areas and
 beautiful parks, street lights and well designed services to give world
 class comfort feeling to the residents. Project consisting of 1408
 flats & 49 Commercial Units in totality. Apartments shall be of Studio
 Appt.  / 2BHK/ 3BHK & 4BHK in sizes varying 506sq.ft. to 2629 sq.ft.
 
 The Company M/s Capital Infraprojects Pvt. Ltd. has booked total 783
 Flats of varying sizes & 20 Commercial Units in the said project and
 has collected the booking amount of Rs. 220.87 Crore for the above said
 bookings till 31.03.2014.
 
 10. The Company holds 90% share in Partnership Firm INDOGREEN
 INTERNATIONAL who is running a Hotel The Golden Palms Hotel & Spa.
 The said hotel starts in June 2013 & successfully running during the
 previous year.
 
 The Firm is a jointly controlled entity and prepares its own separate
 financial statements and will be assessed as Firm under the Income Tax
 Act.
 
 11. The Company, during the Financial Year 2012-13, has issued
 20000000, 8% Non-Cumulative, Non-Convertible, Non- Participating,
 Compulsary Redeemable Preference Shares of Rs. 10/- each at a Premium
 of Rs. 40/- on each Preference Shares to be redeemed after 15 years at
 a Premium of Rs. 100/- on each Preference Shares but which may be
 redeemed at the option of the Company at any time after 2 years at a
 fixed premium of Rs. 40 on each Preference Shares and an additional
 premium @ Rs. 4/- per year till these Preference Shares are redeemed
 out of which the company has received an application for 15800000
 shares upto 31.03.2013 and the company has allotted the same till
 31.03.2013. During the April 2013 the company has received the
 application for balance 4200000 shares and the same was allotted during
 April 2013.
 
 12. The Company during the previous year has acquired 97.58% shares of
 M/s Hepta Developers Pvt. Ltd., which is also a Real Estate Development
 company and doing construction business currently at Ludhiana &
 Pinjore. Now M/s Hepta Developers Pvt. Ltd. Has become subsidiary of
 our company.
 
 13. The company is mainly engaged in Real Estate and Infrastructure
 Development activities which constitute Single Primary Business Segment
 as defined under As-17.
 
 i) The Company has given four office premises on operating lease for a
 period of thirty three (33) month from the date of execution of Leave
 and License Agreement. The company has received rental income of Rs.
 23.01 Lacs from said three premises during the year.
 
 The Company has also given three premises on rent for a period of
 eleven (11) month from the date of execution of Rent Agreement. The
 company has received rental income of Rs. 10.96 Lacs from the said
 premises during the year.
 
 The Company during the previous year has given one office premises on
 operating lease for a period of 9 years from the date of execution of
 Lease Agreement. The company has received rental income of Rs. 43.33
 Lacs from said three premises during the year.
 
 14. There are no amounts due to the suppliers covered under the Micro,
 Small and Medium Enterprises Development Act, 2006; this information
 takes into account only those suppliers who have responded to the
 enquiries made by the Company for this purpose. This has been relied
 upon by the auditors.
 
 15. Note:
 
 1.  The Company''s share of assets, liabilities, income and expenditure
 has been included on the basis of audited financial information of its
 joint ventures.
 
 2.  Previous year figures are in brackets.
 
 24) Figure of the previous year has been regrouped / rearranged /
 recasted wherever necessary to confirm the figures of the current year.
Source : Dion Global Solutions Limited
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