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Nimbus Projects
BSE: 511714|ISIN: INE875B01015|SECTOR: Computers - Software Medium/Small
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« Mar 12
Notes to Accounts Year End : Mar '13
1.) Presentation and disclosure of financial statements:
 
 During the year ended 31 March 2013, 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.
 
 2.) Basic and diluted earnings per share is computed by dividing profit
 after tax attributable to equity shareholders for the year by the
 weighted average number of equity shares outstanding during the year.
 The Company has not issued any potential equity shares and accordingly,
 the basic earnings per share and diluted earnings per share are the
 same. Values used in calculating earnings per share are as under:
 
 3.) Related Party Disclosure
 
 Related parties and transactions with them as specified in the
 Accounting Standard 18 on Related Parties Disclosures issued by ICA1
 has been identified and given below on the basis of information
 available with the Firm and the same has been relied upon by the
 auditors.
 
 A) Names of related parties and nature of related party relationship
 where control exists are as under:
 
 Group Company: Nimbus India Limited
 
 Nimbus Propmart Limited
 
 Nimbus Multicommodity Brokers Limited
 
 B) Names of other related parties and nature of relationship where
 entity has significant influence overparties:
 
 Companies/Firms in which Directors: -IIT lnvestrust Ltd.
 
 have significant influence -11T Insurance Broking and Risk Management
 Pvt. Ltd.
 
 -IIT Media and Entertainment Pvt. Ltd.  -World Resorts Ltd.  -MRG
 Hotels Pvt. Ltd.  -IITL Projects Ltd -Industrial Investment Trust Ltd
 -Capital Infra Projects Pvt. Ltd -IITL-Nimbus The Hyde Park
 -IITL-Nimbus, The Express Park View -IITL- Nimbus, The Palm Village
 -Indogreen International
 
 Key Management Personnel: Mr. Bipin Agarwal (Managing Director)
 
 4.) Defined Benefit Plan
 
 The employee''s gratuity fund scheme managed by L.I.C. of India under a
 defined benefit plan. The present value of obligation is determined
 based on the actuarial valuation using the Projected Unit Credit
 Method, which recognizes each period of service as giving rise to
 additional unit of employee benefit entitlement and measures each unit
 separately to build up the final obligation
 
 5.) 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.
 
 6.) 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. Apartments shall be 2 Bed Rooms
 and 3 Bed Rooms in sizes varying 83 1 sq.ft. to 1458 sq.ft. On revision
 of the project it was found that 95% of the Civil Construction Workhas
 been completed as on 31 st March, 2013.
 
 The Company has booked total 252 Flats of varying sizes in the said
 project and has collected the booking amount of Rs. 40.34 Crore for the
 above saidbooking of flats till 31.03.2013.
 
 7.) The Company had entered into a Partnership HTL-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 2235
 sq.ft.
 
 The Partnership Firm has booked total 1081 Flats of varying sizes in
 the said project and has collected the booking amount of Rs. 265.56
 Crore for the above saidbooking of flats till 31.03.2012.
 
 8.) 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 & 4BHKin sizes
 varying 984 sq.ft. to 2191 sq.ft.
 
 The Partnership Firm has booked total 527 Flats of varying sizes in the
 said project and has collected the booking amount of Rs. 44.98 Crore
 for the above said booking of flats till 31.03.2013.
 
 9.) 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. 3840 flats in totality.
 Apartments shall be of 2BHK & 3BHK in sizes varying 1021 sq.ft. to 1467
 sq.ft.  3 B
 
 10.) The company has purchased 50% shareholding (5000 Equity Shares) of
 M/s Capital Infra projects Pvt. Ltd. in March 2011 and during the
 F.Y. 2011-12, the company has also purchased the 495000 Equity Shares.
 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 in totality.  Apartments shall be of Studio Appt. / 2BHK/ 3BHK &
 4BHK in sizes varying 506sq.ft.  to 2473 sq.ft.
 
 The Company M/s Capital Infraprojects Pvt. Ltd. has booked total 749
 Flats of varying sizes in the said project and has collected the
 booking amount of Rs. 129.85 Crore for the above said booking of flats
 till 31.03.2013.
 
 During the Previous Year the Company M/s Capital Infraprojects Pvt.
 Ltd has issued 10000000 Preference shares and out of which our Company
 has purchased the 50% i.e. 5000000 Preference Shares.
 
 11.) The Company had entered into a Partnership with M/s. Green Meadows
 Private Limited under the name and style of INDOGREEN INTERNATIONAL
 to develop a Hotel Project FORTUNE INN at Mandawali Delhi.
 
 As per the reconstitution of the partnership, the share of the company
 in the said partnership has been increased from 50% to 90% and M/s.
 Green Meadows Private Limited has been retired from the partnership
 firm w.e.f.  01/04/2011 and a new partner M/s RC J Investment Trust
 Pvt. Ltd. entered into the Partnership we. f. 01/04/2011.
 
 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. On revision of the project it was found that all construction and
 finishing work is completed as on 31.03.2013. The Hotel is likely to
 start from June 2013 onwards.
 
 12.) The Company, during the previous year, 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.  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.
 
 13.) The company is mainly engaged in Real Estate and Infrastructure
 Development activities which constitute Single Primary Business Segment
 as defined under As-17.
 
 14.) Leases:
 
 i) The Company has taken land on finance lease which have been shown as
 inventory. The lease term is on the basis of the agreement entered into
 with the lessor. The future minimum lease payment under non cancelable
 finance lease for each of the following periods are as follows:
 
 ii) The Company has given four office premises on operating lease for a
 period of thirty three (33) month from the date of execut.on of Leave
 and License Agreement. The company has received rental income of Rs
 21,12,000/- from said three premises during the year.
 
 The Company has also given one premises on rent for aperiod of eleven
 (11) month from the date of execution of Rent Agreement. The company
 has received rental income of Rs. 4,80,000/- from the said premises
 during the year.
 
 The future minimum Lease Rent Income under operating lease for each of
 the following periods are as under:
     
 15.) 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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