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Nimbus Projects

BSE: 511714|ISIN: INE875B01015|SECTOR: Computers - Software Medium & Small
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« Mar 14
Notes to Accounts Year End : Mar '15
1. (a) Contingent Liabilities (to the extent not provided for)
 
 i) Guarantee issued by Bank Rs. 10,00,000 (31.03.2014: Rs. 10,00,000).
 
 ii) Claims against the Company not acknowledged as debt Rs. Nil
 (31.03.2014: Nil).
 
 (b) Commitments
 
 There are no outstanding Capital Commitments.
 
 2. Retirement Benefits: Payments under defined contribution plans
 like Provident Fund and Family Pension have been charged to the
 Statement of Profit and Loss as and when made or due.
 
 3. Earnings per share
 
 The amount considered in ascertaining the Company''s earnings per share
 constitutes the net profit/loss after tax. The number of shares used in
 computing basic earnings per share is the weighted average number of
 shares outstanding during the Year. The number of shares used in
 computing diluted earnings per share comprises the weighted average
 number of shares considered for deriving basic earnings per share and
 also the weighted average number of shares which could have been issued
 on conversion of all dilutive potential shares.
 
 4. 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.
 
 5. In the opinion of the management, the trade receivables, current
 assets, loans and advances and trade payables are approximately of the
 value stated if realized in the ordinary course of business. The
 provisions for all known liabilities are adequate.
 
 6. Status of Various Projects
 
 a) The Company is developing a Group Housing Project Express Park
 View at Plot No GH-10B, Sector CHI-V, Greater Noida, U.P., located in
 main Noida- Greater Noida Expressway. This Group Housing has 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. The Project
 is fully Completed in all respect and the company has started giving
 possession to the unit holders. The Company has booked total 303 Flats
 of varying sizes & out of which the company has given possession of 94
 Units in the said project and has collected the booking amount of Rs.
 73.44 Crore for the above said booking of flats till 31.03.2015.
 
 b) 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 1296 Flats of varying
 sizes in the said project and has collected the booking amount of Rs.
 394.97 Crore for the above said booking of flats till 31.03.2015.
 
 c) 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 662 Flats of varying sizes in the said project
 and has collected the booking amount of Rs.  164.34 Crore for the above
 said booking of flats till 31.03.2015.
 
 d) 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. The Partnership Firm has booked total 211 Flats of
 varying sizes in the said project and has collected the booking amount
 of Rs. 16.11 Crore for the above said booking of flats till 31.03.2015.
 
 e) The company holds the 50% shareholding i.e. (500000 Equity Shares &
 11250000 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 825
 Flats of varying sizes & 22 Commercial Units in the said project and
 has collected the booking amount of Rs. 266.07 Crore for the above said
 bookings till 31.03.2015.
 
 7. The Company has increased its share from 90% to 98% in Partnership
 Firm INDOGREEN INTERNATIONAL which 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.
 
 8. The Company during the previous year has sold the 47733 shares
 (97.58% shares) of M/s Hepta Developers Pvt. Ltd., which is also a Real
 Estate Development company, Now M/s Hepta Developers Pvt. Ltd. has
 ceased to the subsidiary of our company.
 
 9. The Company as on 18.03.2015, has formed a wholly owned,
 Non-Material, Subsidiary Company namely M/s Golden Palms Facility
 Management Pvt. Ltd. to providing the maintenance Facility to the Group
 Housing Projects developing by the company individually and also those
 projects which are developing in Joint Venture. As on 31.03.2015,
 Company''s Contractual Liability is arise to Subscribe the 1,00,000
 Fully paid up Equity Shares @ Rs. 10/- Per Share and the said shares is
 actually subscribe by the company as on 21.04.2015.
 
 Operating Lease
 
 The Company has given Various office premises on operating lease and
 during the previous year, The company has received rental income of Rs.
 1,24,78,440/- (P.Y. 78,29,610/-) from said leased premises.
 
 Notes:
 
 a) The Company''s share of assets, liabilities, income and expenditure
 has been included on the basis of audited financial information of its
 Jointly controlled Entities.
 
 b) Previous year figures are in brackets.
 
 2.42 In terms of the accounting policy for revenue recognition,
 estimates of project costs and revenues are reviewed periodically by
 the management and the impact of any changes in such estimates are
 recognized in the period in which such changes are determined.
 
 10. In accordance with the provisions of Companies Act, 2013, the
 Company has revised the useful life of its fixed assets to comply with
 the life as mentioned under Schedule II of the Companies Act, 2013, and
 as per the transition provisions, the Company has adjusted net credit
 of Rs.2,15,149/- with the opening balances of retained earnings, i.e.,
 surplus in the Statement of Profit and Loss.
 
 11. The company is mainly engaged in Real Estate and Infrastructure
 Development activities which constitute Single Primary Business Segment
 as defined under As-17.
 
 12. In the absence of sufficient profits, no provisions has been made
 during the year ended 31.03.2015, for Dividend, on 8% Non – Cumulative,
 Non – Convertible, Non – Participating, Compulsory Redeemable
 Preference Shares.
 
 13. The Company, was in the process of appointing a Chief Financial
 Officer as key managerial personnel during the year ended 31.03.2015
 and Mr. Jitendra Kumar is appointed as a Chief Financial Officer w.e.f.
 14.05.2015.
 
 14. Previous year figures have been regrouped, rearranged and/or
 reclassified wherever necessary to conform to current year''s
 classification.
Source : Dion Global Solutions Limited
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