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Omaxe

BSE: 532880  |  NSE: OMAXE  |  ISIN: INE800H01010  |  Construction & Contracting - Real Estate

Explore Omaxe connections « Mar 08
Notes to Accounts Year End : Mar '09
1. Contingent liabilities not provided for in respect of:
 
                                              (Rupees in mio)
 
                                    Year ended March  Year ended March
 
                                             31,2009  31,2008
 
 Claims against the Company not 
 acknowledged as debts                         55.57     33.68
 Bank guarantees
 - In respect of the Company                  953.03  1,038.96
 - In respect of subsidiaries                 613.61   305.72
 - In respect of other                        153.44   180.29
 Disputed tax amounts
 - Sales tax                                  100.36    13.27
 - Service tax                                 29.10
 - Income tax                                   8.64    Nil
 
 Writ Petition filed by Income Tax Department        Amount
 
 against order of settlement commission 
 before Delhi unascertainable                        Nil
 High Court.
 
 Disputed differential Interest Liability.  15.96 Nil
 
 Cess under building and other construction workers (regulation of
 employment and conditions of services) Act, 1996 in respect of which
 writ petition filed by Builders Association of India challenging the
 levy is pending before the Supreme Court
 
 - In respect of projects in Delhi Amount 1.25
 
 - In respect of projects in other States unascertained Amount ||
 unascertained
 
 2.  During the year 2007-08, the Company had successfully completed its
 initial public offer. This comprised of 18,613,520 Equity shares of Rs.
 10 each at a premium of Rs. 300 per share (including issue of
 additional 817,000 Equity shares on account of Green shoe option). The
 fully paid up equity shares of the company stands listed on 09.08.2007
 on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) and
 additional shares issued on account of Green shoe option stands listed
 on BSE & NSE on 04.10.2007.
 
 As on 31st March, 2009, a sum of Rs. 3.49 mio (10.36 mio) is
 outstanding to be refunded to the applicants who were not/partly
 allotted the shares in initial public offer. Such amount aggregating to
 Rs. 3.49 mio (10.36 mio) is lying in the separate bank account of the
 company. The said amount has also been shown as Unclaimed share
 application money in s. This does not include any amount, due and
 outstanding, to be credited to the Investor Education and Protection
 Fund as per the provisions of the Companies Act, 1956.
 
 3.  Determination of revenues under Percentage of Completion method
 necessarilyjnvolves making estimates by management for percentage of
 completion, cost to completion, revenues expected from projects,
 projected profits and foreseeable loss. These estimates being of a
 technical nature have been relied upon by the auditors.
 
 4.  During the year the Company has granted an interest free loan of
 Rs. 527.98 mio to one of its wholly owned Subsidiary Company
 incorporated outside India namely Rohtas Holding (Gulf) Limited (RHGL)
 which has been considered as net investment in foreign operations,
 accordingly, exchange difference being the difference between exchange
 rate as on date on which such loan was granted and the exchange rate on
 Balance Sheet date as at 31.03.2009 amounting to Rs.  91.75 mio has
 been considered and accumulated as Foreign Currency Translation
 Reserve. Further, the wholly owned subsidiary company (RHGL), under
 the memorandum of understanding, has in turn given such loan amount to
 two companies (SPVs) incorporated outside India for carrying out real
 estate projects outside India. The allotment of land in favour of such
 two companies is yet to be made as these companies have yet to get the
 transfer permission to pay the balance amount. The controlling interest
 in these two SPVs has still to be acquired by the Company / wholly
 owned subsidiary company with the approval of concerned
 authority/agency which is awaited. The Management of the company /
 wholly owned subsidiary company/SPV has applied to concerned
 authority/agency for in principle approval for transfer of controlling
 interest in such SPV in its favour. Pending approval as aforesaid and
 looking to general global recession in real estate sector particularly
 in Gulf Region, further installments to such concerned authority/agency
 are yet to be paid.  The management of the Company is quite hopeful of
 early revival in Gulf markets and shall initiate further action in the
 matter.
 
 5.  The Company was allotted a plot of land at Sector 112, Noida
 measuring 149820 Sqmt. The Company subsequent to the date of the
 Balance Sheet has surrendered the land to New Okhla Industrial
 Development Authority (NOIDA) in respect of Project Omaxe Galaxy at
 Sector-112 Noida at a total surrender value of Rs. 1036.75 mio vide
 Surrender Deed executed with Noida Authority dated 20.04.09.
 Consequently, the total saleable area of the company in the said
 project has become Nil. Accordingly, turnover on this project earlier
 recorded in accordance with the accounting policy for revenue
 recognition amounting to Rs. 1861.74 mio has been reversed resulting in
 reversal of turnover and Profit amounting to Rs. 1861.74 mio and Rs.
 663.77 mio respectively. Land and development rights in schedule 18 has
 also been reduced by Rs. 2822.05 mio (including stamp duty charges)
 being cost of surrendered land. The Deferred Payment Liability on this
 project amounting to Rs. 1555.13 mio has also been reversed by giving
 equivalent reduction in value of project in progress. However, stamp
 duty charges earlier paid on execution of Lease Deed amounting to Rs.
 230.16 mio has not been charged to Profit & Loss Account as the
 company, based on legal opinion obtained, is hopeful of getting back
 such charges paid.
 
 6.  As per Marketing Service Agreement entered into between the Company
 and Omaxe Azorim Developers Private Limited (Joint Venture Company),
 marketing costs incurred by the Company are to be reimbursed by such
 Joint venture Company.  Till 31.03.2009, the total marketing cost
 incurred by the Company under such marketing service agreement amounts
 toRs. 86.89 mio. The Company has not yet raised debit note on such
 Joint Venture Company accordingly, Project-in- Progress as at
 31.03.2009 is higher by Rs. 86.89 mio. Similarly, as per the
 Subscription and Shareholding Agreement entered into between the
 Company and Azorim International Holding Ltd. (JV Partner) and Joint
 Venture Company, construction, administrative and other related costs
 incurred by the Company on the project undertaken by such Joint Venture
 Company will be reimbursed by Joint Venture Company to the Company on
 JV Partner. The Company till 31.03.2009 has incurred a sum of Rs.
 190.14 mio on construction, administrative and other related cost which
 was to be reimbursed from such Joint Venture Company out of which
 invoice worth Rs. 14.91 mio has only been raised. This has resulted in
 showing Project-in-Progress higher by Rs. 262.12 mio.
 
 7.  Balances of some of the sundry debtors, sundry creditors, advances
 given, advances received are subject to reconciliation and confirmation
 from respective parties. The balance of said sundry debtors, sundry
 creditors, and advances given and received are taken as shown by the
 books of accounts. The ultimate outcome of such reconciliation and
 confirmation cannot presently be determined, therefore, no provision
 for any liability that may result out of such reconciliation and
 confirmation has been made in the financial statement the financial
 impact of which is unascertainable, due to the reason as above stated.
 
 8.  Current assets, loans and advances have a value on realization
 which in the ordinary course of the business would not be less than the
 amount at which they are stated in the balance sheet and the provisions
 for all known and determined liabilities are adequate and not in excess
 of the amount reasonably required.
 
 9.  During the year 2005-06 the Company was subjected to search under
 section 132 of Income Tax Act, 1961 (The Act). Subsequently, pending
 completion of block assessment proceedings, the Company filed an
 application with Income tax settlement commission on 31st May, 2007 for
 settlement of cases under section 245 C (i) of the Act relating to the
 financial year 1999-2000 to 2005-06 and offered an aggregate income of
 Rs. 278.60 mio relating to the accounting year 1999-2000 to 2005-06.
 The Income Tax Settlement Commission vide its order dated 27.03.2008
 had accepted the aforesaid income so offered amounting to Rs.278.60 mio
 and allowed the Company to capitalize a sum of Rs. 235.00 mio towards
 land and development cost of various projects, accordingly, treatment
 was effected in books of account for the year ended 31st March, 2008.
 Subsequently Income Tax Department has filed writ petition against the
 order of settlement commission before Honble High Court of Delhi and
 is pending for admission. As the matter is sub-judice, the income tax
 liability, if any, on this account shall be provided for in the year in
 which final decision made by such honble court.
 
 10.  The Income tax department vide intimation dated 09th March, 2009
 u/s 143(1) of Income Tax Act, 1961 for Assessment Year 2007-08
 (Financial Year 2006-07) has adjusted net amount refundable against
 advance tax for the Assessment Year 2009-10 (Financial Year 2008-09)
 for Rs. 232.58 mio (including interest on such refund Rs. 24.92 mio),
 which has been contested by the Company and has filed letter dated 26th
 June, 2009 with the Income Tax Department. The scrutiny assessment u/s
 143(3) of Income Tax Act, 1961 for Assessment Year 2007-08 is still
 pending with the Income Tax Department. Pending scrutiny assessment, no
 effect of such adjustment of income tax refundable along with such
 interest paid/adjusted by income tax authority has been given in books
 of accounts.
 
 11.  As per terms of the licenses of certain group housing and/or
 township projects executed by the Company in the state of Haryana, the
 Company is required to construct residential units/ develop plots for
 economically weaker sections on specified area of land. The sale price
 of such units/plots is to be fixed by the government authorities and
 sale is also to be arranged by the government authorities. Sale price
 for such units/plots is not yet notified by the Government. Hence,
 projections of revenues, profits and cost to completion of the group
 housing projects / development plots made by the management are without
 considering the effect of profit/loss on sale of such units/plots.
 Accordingly, the projections of revenues, profits and cost to
 completion are subject to adjustments, which would be determined upon
 the sale price being fixed by the government authorities.
 
 12.  Inventories include land of Rs. 1,403.42 mio (Rs. 1,986.18 mio)
 and projects in progress include cost of land of Rs.  5,629.78 mio (Rs.
 4,906.38 mio) being consideration paid for Companys share of land,
 which is in its possession for development of real estate projects in
 terms of the collaboration arrangements with subsidiaries/ associate
 companies/ related parties/third parties.
 
 13. (i) Advances include advances against collaboration amounting to
 Rs. 8,995.19 mio (Rs. 6,226.35 mio) paid to certain parties(including
 subsidiaries/associates/related parties) for acquiring land for
 development of real estate projects, either on collaboration basis or
 self- development basis.
 
 The above stock options were granted to erstwhile Director of the
 Company Vide Special Resolution dated March 25, 2008 following
 amendments were made in Omaxe ESOP Plan Alpha:
 
 a.  The period of right to exercise the options in case of voluntary
 resignation or completion of the period of contract of his employment
 (or other service) is increased from three months to six months from
 the date of voluntary resignation or completion of the period of
 contract of his employment (or other service), as the case may be.
 
 b.  The Company may, at the discretion of ESOP Grant Committee, recover
 Fringe Benefit Tax, as may be applicable from time to time, from the
 employee(s).
 
 However, the period of extension lapsed on August 1, 2008 and hence no
 options are outstanding.
 
 The Company has adopted Omaxe ESOP Plan Beta in the Annual General
 Meeting held on September 27, 2007.  The total number of options
 available in the plan is 3% of the total paid up equity capital of the
 Company.   No options have been granted till date.
 
 16.  Secured loans
 
 a) Term loans from banks aggregating to Rs. 2,211.30 mio (Rs.1,317.10
 mio) is secured by equitable mortgage of project properties and all
 present and future construction and development work thereon as
 applicable.  [Amount repayable within one year Rs. 42.30 mio (Rs.
 211.60 mio)]
 
 b) Term loans from banks aggregating to Rs. 332.60 mio (Rs. 905.73 mio)
 is secured by equitable mortgage of project properties of subsidiary,
 associate and other company.
 
 [Amount repayable within one year Rs. Nil (Rs. 673.56 mio)]
 
 c) Term loans from banks aggregating to Rs. 2,662.91 mio (Rs. 2,599.58
 mio) is secured by equitable mortgage of project properties referred in
 note 13 above and corporate guarantees provided by such group companies
 and wholly owned subsidiary company as applicable.
 
 [Amount repayable within one year Rs. 75.60 mio (Rs. 595.00 mio)]
 
 d) Term loans from Financial Institution aggregating to Rs. 2,400.00
 mio (Rs.2,000.00 mio) is secured by equitable mortgage of project land
 of wholly owned subsidiary company, associate and other company.
 
 [Amount repayable within one year Rs. 192.00 mio (Rs. Nil)]
 
 Term loans from financial institutions are further secured by personal
 guarantee of one director of the Company.
 
 e) Term loans from banks aggregating to Rs. 223.90 mio (Rs. 306.40 mio)
 is secured by equitable mortgage of project properties owned by
 collaborator.
 
 [Amount repayable within one year Rs. 27.50 mio (Rs. 110.00 mio)]
 
 f) Working capital loans of Rs. 1,625.56 mio (Rs. 1,163.13 mio) is
 secured by first charge on current assets of the Company including
 stock at site, receivables, plant and machinery and mortgage of certain
 land of the Company.
 
 Above term loans and working capital loans are further secured by
 personal guarantee of two directors of the Company.
 
 g) Vehicle loans aggregating to Rs. 24.67 mio (Rs. 43.83 mio) are
 secured by hypothecation of the vehicles purchased there against.
 
 [Amount repayable within one year Rs. 17.43 mio (Rs. 26.19 mio)]
 
 h) Term loans from Non Banking Financial Company aggregating to Rs.
 2,001.00 mio (Rs. 2430.00 mio) is secured by fixed assets cover &
 charge over cash flow and are further secured by personal guarantee of
 two directors of the Company.
 
 (Note: Unsecured loan from One Non banking Financial Company in
 previous year has since been converted in Secured Loan in current
 year.) [Amount repayable within one year Rs. 496.57 mio (Rs. 139.00
 mio)]
 
 i) Term loans from financial institutions aggregating to Rs. 845.00 mio
 (Rs. 195.00 mio) is secured by equitable mortgage of project land of
 the subsidiary and associate company.  [Amount repayable within one
 year Rs. 138.13 mio (Rs. 16.25 mio)]
 
 Term loans from financial institutions are further secured by personal
 guarantee of two directors of the Company.
 
 j) Non convertible redeemable debentures
 
 i) Series E: Rs. Nil (Rs. 300 mio) Non convertible redeemable
 debentures of Rs.10 mio each carrying a coupon rate of MIBOR+500 (Floor
 12.25% - Cap 12.50%) paid. These debentures were issued to a mutual
 fund and were subsequently redeemed in one tranche on June 2, 2008.
 
 ii) Series G: Rs. 300 mio (Rs. 300 mio) Non convertible redeemable
 debentures of Rs.10 mio each carrying a coupon rate of MIBOR+800 (Floor
 10.40% - Cap 10.50%), payable on monthly basis on 1st of every month.
 These debentures are issued to a mutual fund.
 
 iii) Series G: Rs. 400 mio (Rs. 400 mio) Non convertible redeemable
 debentures of Rs.10 mio each carrying a coupon rate of MIBOR+800 (Floor
 10.40% - Cap 10.50%), payable on monthly basis on 1st of every month.
 These debentures are issued to a mutual Fund.
 
 iv) Series J: Rs. 600 mio (Rs. 700 mio) Non convertible redeemable
 debentures of Rs.10 mio each carrying a coupon rate of MIBOR+800 (Floor
 9.90% - Cap 10.00%), payable on monthly basis on 1st of every month.
 These debentures are issued to a mutual fund.
 
 Debentures of Series G & J are redeemable in 26 equal monthly
 installment of Rs. 50.00 mio each starting from 30th June, 2009.
 
 v) Series H: Rs. Nil (Rs. 1000 mio) Non convertible redeemable
 debentures of Rs.10 mio each carrying a coupon rate of MIBOR+800 (Floor
 10.40% - Cap 10.50%), payable on monthly basis on 1st of every month.
 These debentures were issued to a mutual fund and were subsequently
 redeemed in three tranche.
 
 The said debentures are secured by equitable mortgage of land situated
 at Gujarat and further secured by personal guarantee of a director of
 the Company.
 
 [Amount repayable within one year Rs. 500 mio (Rs. 2,700 mio)]
 
 vi) Series D: Rs. Nil (Rs. 1,000 mio) Noi convertible redeemable
 debentures of Rs. 10 mio each carrying a interest rate of 14.75%
 payable on monthly basis. These debentures were issued to a Bank and
 subsequently redeemed.
 
 The said debentures were secured by first mortgage and charge of
 pari-passu basis on entire assets of Omaxe Connaught Place project
 both present and future and further secured by personal guarantee of
 two directors of the Company and corporate guarantees of promoter
 companies.
 
 The said debentures were listed on the Bombay Stock Exchange.
 
 [Amount repayable within one year Rs. Nil (Rs. Nil)]
 
 vii) Series F: Rs.250 mio (Rs. 1,000 mio) Non convertible redeemable
 debentures of Rs.10 mio each carrying a interest rate of 14.75% payable
 on monthly basis. These debentures are issued to a Bank and redeemable
 in four equal quarterly installments commencing at the end of 15 months
 i.e on September 29, 2008, December 29, 2008, March 29, 2009 and June
 29, 2009.
 
 The said debentures are secured by first mortgage and charge of
 pari-passu basis on entire project assets of Omaxe Citadel and other
 property of the company so as to maintain a minimum FACR of 1.50 times
 throughout the currency of the debenture and further secured by
 personal guarantee of two directors of the Company and corporate
 guarantees of promoter companies.
 
 The said debentures are listed on the Bombay Stock Exchange.
 
 [Amount repayable within one year Rs. 250 mio (Rs. 750 mio)]
 
 viii) Series K: Rs.180 mio (Rs.Nil) Non convertible redeemable
 debentures of Rs.10 mio each carrying a interest rate of 13.00%. These
 debentures are issued to a mutual fund and are redeemable in one
 installment along with interest 24tb June, 2009.
 
 [Amount repayable within one year Rs. 180 mio (Rs. Nil)]
 
 ix) Series L: Rs. 1000.00 mio (Rs. Nil) Non convertible redeemable
 debentures of Rs.10 mio each carrying a coupon rate of MIBOR+800 (Floor
 11.75% - Cap 12.00%), compounding daily payable on maturity. These
 debentures were issued to a mutual fund and later on transferred to LIC
 of India and redeemable in one tranche along with interest on May 22,
 2009.
 
 The said debentures are secured by equitable mortgage of land situated
 at Gujarat and further secured by personal guarantee of a director of
 the Company.
 
 [Amount repayable within one year Rs. 1000 mio (Rs. Nil)]
 
 k) Deferred payment credit of Rs. 364.19 mio (Rs. 1,919.32 mio)
 represents cost of project land acquired from government development
 authorities on installment payment basis and is secured by mortgage of
 the related project land.
 
 [Amount repayable within one year Rs. 364.19 mio (Rs. 560.28 mio)]
 
 17.  Unsecured loan
 
 a) Fixed deposits from public
 
 [Amount repayable within one year Rs. 55.97 mio (Rs 2.44 mio)]
 
 b) Short term inter corporate loan aggregating to Rs. 80.00 mio (Rs.
 Nil) [Already accrued and due on the date of balance sheet (Rs. Nil)]
 
 Short term inter corporate loan are secured by shares of the company
 held by promoter.
 
 c) Loan from subsidiary company of Rs. 122.46 mio (Rs. 122.54 mio).
 
 [Amount repayable within one year; Repayable on demand (Repayable on
 demand)]
 
 d) Inter corporate loans of Rs. 500 mio (Rs. Nil) from promoter
 companies.  [Amount repayable within one year: Repayable on demand]
 
 18.  Micro, Small Scale Business Entities
 
 The Company has not received information from vendors regarding their
 status under the Micro, Small and Medium Enterprises Development Act,
 2006 and hence disclosure relating to amounts unpaid as at the year end
 together with interest paid / payable under this Act has not been
 given.
 
 14.  Interest in Joint Venture
 
 The Company entered into a 50 : 50 Joint Venture in Omaxe Azorim
 Developers Private Ltd (incorporated in India) with M/s Azorim
 International Holdings Limited (Azorim) for development of the Real
 Estate Project in India. In terms of the Subscription & Shareholder
 Agreement & Amendment thereof, Company holds 10,00,000 Ordinary Equity
 Shares & Azorim holds 500,000 Ordinary Equity Shares having pari- passu
 rights in all respects including Voting Rights. Further, Azorim also
 holds 500,000 Superior Equity Shares having pari-passu right in every
 respect with the Ordinary Equity Shares excepting the Superior dividend
 right and preferential right to distribution on liquidation. Apart from
 the above Azorim has also been issued Differential Equity constituting
 2410 Equity Class A Shares, 6311 Equity Class B Shares and 189 Equity
 Class C Shares having pari-passu right in all respect except nil voting
 rights and nil rights towards Dividend and 2,220 Class C Preference
 shares. Accordingly, share in profit and loss item is considered @
 50:50 (previous year Nil).  However, for the purposes of Companys
 share in assets and liabilities, proportionate consolidation method has
 been adopted. Since company share in assets and liabilities in such
 Joint Venture Company has reduced to zero, no such consolidation of
 assets and liabilities has been made in Company Financial Statement.
 
 The Companys interest in the Joint Venture is reported as Long term
 Investment (Schedule 6) and stated at cost. No provision for diminution
 in value of investment in Joint Venture Company has been made, as such
 diminution is temporary in nature. However, the Companys share of each
 of the assets, liabilities, income and expenses, etc. (each after
 elimination of, the effect of transactions between the Company and the
 joint venture) related to its interests in this joint venture based on
 audited results are given here under:
 
 B.  Leave Encashment
 
 Provision for leave encashment in respect of unavailed leaves
 standingto the credit of employees is made on actuarial basis. The
 Company does not maintain any fund to pay for leave encashment.
 
 C.  Provident Fund
 
 The Company makes contribution to statutory provident fund in
 accordance with Employees Provident Fund and Misc.  Provision Act,
 1952. This is post employment benefit and is in the nature of defined
 contribution plan.
 
 b.  The lease agreements provides for an option to the Company to renew
 the lease period at the end of the non- cancellation period. There are
 no exceptional/restrictive covenants in the lease agreement.
 
 c.  Lease rent expenses in respect of operating lease debited to profit
 and loss account Rs. 47.47 mio (Rs 51.65 mio).
 
 28.  Segment information
 
 Business segments
 
 Based on similarity of activities/products, risk and reward structure,
 organization structure and internal reporting system, the Company has
 structured its operations into the following segments:
 
 Real estate
 
 Promotion, construction, development and sale of townships,
 residential, commercial property developed plots etc.
 
 Construction
 
 Construction of property on behalf of clients
 
 Trading
 
 Trading of Construction material
 
 Segment Reporting has not been given as both the segments namely
 construction activity and trading activity does not qualify the
 threshold limit as per AS-17- Accounting standard for Segment
 Reporting.
 
 Geographic segment
 
 Operations of the Company do not qualify, for reporting as geographic
 segments, under the criteria set out under Accounting Standard 17 on
 Segment reporting issued by The Institute of Chartered Accountants of
 India.
 
 15.  Related parties disclosures
 
 Related parties are classified as:
 
 Sr. No.  Name of company
 
 I WHOLLY OWNED SUBSIDIARY COMPANIES
 
 1 Omaxe Infrastructure Limited
 
 2 Omaxe Housing and Developers Limited
 
 3 JRS Projects Private Limited
 
 4 Monarch Villas Private Limited
 
 5 JKB Constructions Private Limited
 
 6 Green Planet Colonisers Private Limited
 
 7 Omaxe Connaught Place Mall Limited
 
 8 Omaxe Buildhome Private Limited
 
 9 Primordial Buildcon Private Limited
 
 10 Omaxe Infotech City Developers Limited
 
 11 Satvik Hitech Builders Private Limited
 
 12 Omaxe Infrastructure And Construction Pvt. Ltd.
 
 13 Landlord Developers Private Limited
 
 14 Omaxe Power Private Limited
 
 15 SN Realtors Private Limited
 
 16 Finishing Touch Properties and Developers Private Limited
 
 17 Omaxe Rajasthan SEZ Developers Limited
 
 18 Eden Buildcon Private Limited
 
 19 Omaxe Infrabuild Limited (Formerly Ecstasy Construction and
 Developers Private Limited)
 
 20 Ansh Builders Private Limited
 
 21 Arman Builders Private Limited
 
 22 Omaxe Housing Finance Limited
 
 23 Golden Glades Builders Private Limited (from 19.04.2008)
 
 24 Champion Realtors Private Limited (From 19.05.2008)
 
 25 Rohtas Holdings (Gulf) Limited (from 04.06.2008)
 
 26 Max Gulf Limited (From (07.09.2008)
 
 27 Golden Peak Township Private Limited (from 14.10.2008)
 
 28 Ekansh Buildtech Private Limited (from 11.11.2008)
 
 29 Kavya Buildtech Private Limited (from 11.11.2008)
 
 30 Oasis Township Private Limited (from 16.03.2009)
 
 31 Sukhversa Properties Private Limited (upto 21.11.2008)
 
 32 National Affordable Housing and Infrastructure Limited (from
 16.04.2008 to 05.08.2008)
 
 33 J Omaxe Buildwell Private Limited (from 02.03.2009)
 
 II OTHER SUBSIDIARY COMPANIES
 
 1 Omaxe Entertainment Limited
 
 2 Omtech Infrastructure and Construction Limited
 
 3 Navratan Techbuild Private Limited
 
 4 Link Infrastructure and Developers Private Limited
 
 5 Anjaniputra Builders Private Limited
 
 6 Zodiac Housing and Infrastructure Private Limited
 
 7 Hamara Ghar Constructions and Developers Private Limited
 
 8 Jewel Projects Private Limited
 
 9 Omaxe Buildwell Private Limited (upto 02.03.2009)
 
 10 Reliable Manpower Solutions Limited
 
 11 Rivaj Infratech Private Limited (from 16.02.2009 )
 
 12 Pancham Realcon Private Limited (from 16.02.2009)
 
 13 Garv Buildtech Private Limited (from 16.02.2009)
 
 14 National Affordable Housing and Infrastructure Limited (from
 05.08.2008 to 04.11.2008)
 
 15 Champion Realtors Private Limited (upto 19.05.2008)
 
 III FELLOW SUBSIDIARY COMPANIES
 
 1 Oasis Suncity Realtors Private Limited
 
 2 First Promoters and Developers Private Limited
 
 3 RPS Suncity Promoters and Developers Private Limited
 
 4 Votvo Properties Private Limited (from 07.05.2008)
 
 5 Sri Balaji Green Heights Private Limited (from 07.05.2008)
 
 6 Silver Peak Township Private Limited (from 05.11.2008)
 
 7 Radiance Housing and Properties Private Limited (from 05.11.2008)
 
 8 Ashray Infrabuild Private Limited (from 05.11.2008)
 
 9 Aarzoo Technobuild Private Limited (from 05.11.2008)
 
 10 Hiresh Builders Private Limited (from 05.11.2008)
 
 11 Bhanu Infrabuild Private Limited (from 05.11.2008)
 
 12 Abheek Builders Private Limited (from 05.11.2008)
 
 13 Cress Propbuild Private Limited (from 07.06.2008 to 23.03.2009)
 
 14 Ryhme Propbuild Private Limited (from 07.06.2008 to 23.03.2009)
 
 15 Aditya Realtech Private Limited (from 10.11.2008)
 
 IV JOfNT VENTURE COMPANY
 
 1 Omaxe Azorim Developers Private Limited
 
 V ASSOCIATE COMPANIES
 
 1 Sunshine Buildtech Private Limited
 
 2 Omaxe Realtors Private Limited
 
 3 Omaxe Infrastructure Development Private Limited
 
 VI Entities over which key managerial personnel or their relatives
 exercises significant influence
 
 1 Guild Builders Private Limited
 
 2 Buildwell Builders Private Limited
 
 3 Examo Estate Management Private Limited
 
 4 Axeom Advertising Solutions Limited
 
 5 Uppal Resorts Private Limited
 
 6 Constellation Capital Limited
 
 7 S.A. Finvest Limited
 
 8 Kautilya Monetary Services Private Limited
 
 9 B.D. Agarwal Securities Private Limited
 
 10 Goel Isha Colonisers Private Limited
 
 11 Dream Home Developers Private Limited
 
 12 Hansa Properties Private Limited
 
 13 Rocky Valley Resorts Private Limited
 
 14 P N Buildcon Private Limited
 
 15 NAJ Builders Private Limited
 
 16 Ramniya Estate Developers Private Limited
 
 17 Neegar Developers Private Limited
 
 18 Green Earth Promoters Private Limited
 
 19 MIJ Infrastructure Private Limited
 
 20 Sumedha Builders Private Limited
 
 21 NJS Developers Private Limited
 
 22 SNJ Builders Private Limited
 
 23 VSG Builders Private Limited
 
 24 Mangla Villas Private Limited
 
 25 Vimsan Realtors Private Limited
 
 26 PSJ Developers Private Limited
 
 27 DVM Realtors Private Limited
 
 28 True Dream Developers Private Limited
 
 29 Dream Techno Build Private Limited
 
 30 True Villas Developers Private Limited
 
 31 Starex Projects Private Limited
 
 32 True Gem Tech Developers Private Limited
 
 33 Green Tech Tower Builders Private Limited
 
 34 Neptune Technobuild Projects Private Limited
 
 35 True Estate Build Developers Private Limited
 
 36 Dream Towers Private Limited
 
 37 Ananddeep Realtors Private Limited
 
 38 Vineera Colonisers Private Limited
 
 39 Deepaalaya Realtors Private Limited
 
 40 Deepsan Realtors Private Limited
 
 41 Eesan Estate Developers Private Limited
 
 42 Naveenraj Realtors Private Limited
 
 43 Jivish Colonisers Private Limited
 
 44 Sangupt Developers Private Limited
 
 45 Veenish Realtors Private Limited
 
 46 Singdeep Estate Developers Private Limited
 
 47 An nay Realtors Private Limited
 
 48 Deepsing Realtors Private Limited
 
 49 Deejit Developers Private Limited
 
 50 Parjit Realtors Private Limited
 
 51 Garg and Goel Estate Developers Private Limited
 
 52 VGSG Realtors Limited
 
 53 Vingar Developers Limited
 
 54 Vimvin Realtors Private Limited
 
 55 Garg Realtors Private Limited
 
 56 Manparv Developers Private Limited
 
 57 Raveendeep Colonisers Private Limited
 
 58 Devgar Estate Developers Private Limited
 
 59 Jitenjay Realtors Private Limited
 
 60 Derwal Realtors Private Limited
 
 61 Manwal Colonisers Private Limited
 
 62 Saamit Realtors Private Limited
 
 63 Savin Realtors Private Limited
 
 64 Mankish Colonisers Private Limited
 
 65 Gaamit Realtors Private Limited
 
 66 Jai Dev Colonisers Private Limited
 
 67 Sanya Realtors Private Limited
 
 68 Kishordeep Realtors Private Limited
 
 69 Indrasan Developers Private Limited
 
 70 Avindra Estate Developers Private Limited
 
 71 Garvish Realtors Private Limited
 
 72 Laldeep Realtors Private Limited
 
 73 Sanjit Realtors Private Limited
 
 74 Sankalp Realtors Private Limited
 
 75 Sanvim Developers Private Limited .
 
 76 Source Developers Private Limited
 
 77 Sandeep Township Private Limited
 
 78 Sandeep Landcon Private Limited
 
 79 Amit Landcon Private Limited
 
 80 Praveen Mehta Builders Private Limited
 
 81 Amit Jain Builders Private Limited
 
 82 Shiv Kripa Build Home Private Limited
 
 83 Krishan Kripa Build Home Private Limited
 
 84 Praveen Buildcon Private Limited
 
 85 Motto Developers Private Limited
 
 86 New Horizon Township Developers Private Limited
 
 87 Spike Developers Private Limited
 
 88 Shantiniwas Developers Private Limited
 
 89 Starshine Realtors Private Limited
 
 90 Shubh Bhumi Developers Private Limited
 
 91 Deepal Township Private Limited
 
 92 Sunview Township Private Limited
 
 93 Swapan Sunder Township Developers Private Limited
 
 94 Bharatbhoomi Township Limited
 
 95 Jai Bhoomi Projects Limited
 
 96 J. B. Realcon Private Limited
 
 97 Omaxe Hotels Limited
 
 98 Mangal Bhumi Properties Private Limited
 
 99 Renown Estate Developers Private Limited
 
 100 Milestone Township Private Limited
 
 101 Luxury Township Private Limited
 
 102 Udal Properties Private Limited
 
 103 Omaxe Housing and Infrastructure Limited
 
 104 Omaxe Housing And Commercial Projects Limited (Formerly Omaxe
 Township Ltd.)
 
 105 Lavanya Builders Private Limited
 
 106 Amod Builders Private Limited
 
 107 Advay Properties Private Limited
 
 108 Agasthya Properties Private Limited
 
 109 Aadhira Developers Private Limited
 
 110 Advaita Properties Private Limited
 
 111 Amshul Developers Private Limited
 
 112 Alpesh Builders Private Limited
 
 113 Daksh Township Private Limited
 
 tp114 Pearl Peak Landbase Private Limited
 
 115 Superior Landbase Private Limited
 
 116 Sentinent Properties Private Limited
 
 117 Fragrance Housing And Properties Private Limited
 
 118 Beautiful Landbase Private Limited
 
 119 Paradise On Earth Properties Private Limited
 
 120 Forever Housing and Properties Private Limited
 
 121 Sapphire Township and Developers Private Limited
 
 122 Shining Home Infrastructure Private Limited
 
 123 Sunlife Properties Private Limited
 
 124 Interactive Buildtech Private Limited
 
 125 Rockyard Properties Private Limited
 
 126 Stronghold Properties Private Limited
 
 127 Sunrise Township Private Limited
 
 128 Absolute Infrastructure Private Limited
 
 129 Distinctive Infrastructure And Construction Private Limited
 
 1301 Miniature Township And Properties Private Limited
 
 131 JSM Enterprises Private Limited
 
 132 Lifestyle Township Private Limited
 
 133 Omaxe Pargati Maidan Exhibition Limited
 
 134 Desire Housing and Construction Private Limited
 
 135 Stepping Stone Buildhome Private Limited
 
 136 Smart Buildhome Private Limited
 
 137 Swarn Bhumi Buildhome Private Limited
 
 138 Versatile Buildhome Private Limited
 
 139 Swarg Sukh Buildhome Private Limited
 
 140 Fast Track Buildcon Private Limited
 
 141 Blossom Buildhome Private Limited
 
 142 KBM Constructions Private Limited
 
 143 The International Omaxe Construction Limited
 
 144 Omaxe Orissa Developers Limited
 
 145 Glamour Hotels Private Limited
 
 146 Starshine Hotels Private Limited
 
 147 Hitech Hotels Private Limited
 
 148 Puru Builders Private Limited
 
 149 Hriday Hitech Builders Private Limited
 
 150 Prabal Developers Private Limited
 
 151 Navadip Developers Private Limited
 
 152 Vaibhav Technobuild Private Limited
 
 153 Nikunj Infrabuild Private Limited
 
 154 Aanchal Infrabuild Private Limited
 
 155 Fragrance Information And Communication Technologies Private
 Limited
 
 156 Omaxe Affordable Homes Private Limited
 
 157 Bhargav Builders Private Limited
 
 158 Arhant Infrabuild Private Limited
 
 159 Bandhu Buildtech Private Limited
 
 160 Basant Infrabuild Private Limited
 
 161 Bhuvan Buildtech Private Limited
 
 162 Avtar Infrabuild Private Limited
 
 163 Badal Developers Private Limited
 
 164 Banke Builders Private Limited
 
 165 Aviral Buildtech Private Limited
 
 166 Arjit Builders Private Limited
 
 167 Omaxe Punjab Affordable Housing Private Limited
 
 168 Omaxe Uttar Pradesh Affordable Housing Private Limited
 
 169 Omaxe Rajasthan Affordable Housing Private Limited
 
 170 Omaxe Bihar Affordable Housing Private Limited
 
 171 Omaxe Madhya Pradesh Affordable Housing Private Limited
 
 172 Daksh Airport Developers Private Limited
 
 173 I Megh Airways Private Limited
 
 1741 Mohak Tours And Travels Private Limited
 
 175 Rahi Transport Private Limited
 
 176 Caleen Hotels Private Limited
 
 177 Omaxe Chhattisgarh Affordable Housing Private Limited
 
 178 Manik Buildcon Private Limited*
 
 179 Kartik Buildhome Private Limited*
 
 180 Lohith Developers Private Limited*
 
 181 Jishnu Buildcon Private Limited*
 
 182 Bhavesh Buildcon Private Limited*
 
 183 Aric Infrabuild Private Limited*
 
 184 Apoorva Infrabuild Private Limited*
 
 185 Kanak Buildhome Private Limited*
 
 186 Jayant Buildhome Private Limited*
 
 187 Abhay Technobuild Private Limited*
 
 188 Chirag Buildhome Private Limited*
 
 189 Gaurang Buildcon Private Limited*
 
 190 Girish Buildwell Private Limited*
 
 191 Gurmeet Builders Private Limited*
 
 192 Hemang Buildcon Private Limited*
 
 193 Inesh Buildcon Private Limited*
 
 194 Anant Realcon Private Limited*
 
 195 Geet Buildhome Private Limited*
 
 196 Mihir Buildwell Private Limited*
 
 197 Sakal Agrotech Private Limited*
 
 198 Dinkar Realcon Private Limited*
 
 199 Davesh Technobuild Private Limited*
 
 200 Sarva Buildtech Private Limited*
 
 201 Caspian Realtors Private Limited*
 
 202 Aashna Realcon Private Limited*
 
 203 Chetan Infrabuild Private Limited*
 
 204 Shashank Buildhome Private Limited*
 
 205 Shardul Builders Private Limited*
 
 206 Devang Builders Private Limited*
 
 207 Manit Developers Private Limited*
 
 208 Rohak Builders Private Limited*
 
 209 Amber Infrabuild Private Limited*
 
 210 Adil Developers Private Limited*
 
 211 Kanha Logistics Private Limited*
 
 212 Kirti Hotels Private Limited*
 
 213 Umang Buildcon Private Limited*
 
 214 Tushar Landcon Private Limited*
 
 215 Taru Buildcon Private Limited*
 
 216 Swapnil Buildhome Private Limited*
 
 217 Snehal Buildcon Private Limited*
 
 218 Shreyas Buildhome Private Limited*
 
 219 Nakul Technobuild Private Limited*
 
 220 I Shalin Buildwell Private Limited*
 
 221 Subodh Buildwell Private Limited*
 
 222 Shikhar Landcon Private Limited*
 
 223 Vaman Buildhome Private Limited*
 
 224 Veer Buildhome Private Limited*
 
 225 Amani Realcon Private Limited*
 
 226 Ashtam Builders Private Limited*
 
 227 Avval Builders Private Limited*
 
 228 Balesh Technobuild Private Limited*
 
 229 Bali Buildtech Private Limited*
 
 230 Chaitanya Realcon Private Limited*
 
 231 Hina Technobuild Private Limited*
 
 232 Chapal Buildhome Private Limited*
 
 233 Istuti Realcon Private Limited*
 
 234 Damini Infratech Private Limited*
 
 235 Inqalab Builders Private Limited*
 
 236 Darpan Buildtech Private Limited*
 
 237 Jagat Buildtech Private Limited*
 
 238 Darsh Buildtech Private Limited*
 
 239 Kalp Buildtech Private Limited*
 
 240 Kashish Buildtech Private Limited*
 
 241 Gagan Realcon Private Limited*
 
 242 Mehboob Builders Private Limited*
 
 243 Mehtab Infratech Private Limited*
 
 244 Panchi Developers Private Limited*
 
 245 Abhiman Buildtech Private Limited*
 
 246 Adhar Buildtech Private Limited*
 
 247 Abhas Realcon Private Limited*
 
 248 Adesh Realcon Private Limited*
 
 249 Aftab Developers Private Limited*
 
 250 Anveshan Builders Private Limited*
 
 251 Aditya Realtech Private Limited* (upto 10.11.2008)
 
 252 Aneesh Buildtech Private Limited*
 
 253 Meghmala Builders Private Limited*
 
 254 Shamba Developers Private Limited*
 
 255 Tariq Infrabuild Private Limited*
 
 256 Vishishth Buildhome Private Limited*
 
 257 Aradhya Real Estate Private Limited*
 
 258 Arhan Builders Private Limited*
 
 259 Daman Builders Private Limited*
 
 260 Dhanu Real Estate Private Limited*
 
 261 Ekapad Developers Private Limited*.
 
 262 Bhanu Retail Private Limited*
 
 263 Kamini Builders And Promoters Private Limited*
 
 264 Havish Buildcon Private Limited*
 
 265 Inesh Developers Private Limited*
 
 266 Obalesh Buildcon Private Limited*
 
 267 Jalesh Builders And Developers Private Limited*
 
 268 Keshto Buildcon Private Limited*
 
 269 Badal Impex Private Limited*
 
 270 Omaxe Retail Limited*
 
 271 Rupesh Infratech Private Limited*
 
 272 Damodar Infratech Private Limited*
 
 273 Sarthak Landcon Private Limited*
 
 274 Ayush Landcon Private Limited*
 
 275 Rishit Buildcon Private Limited*
 
 276 Excellent Apartments Private Limited (from 05.07.2008)
 
 277 Natraj Colonisers Private Limited (from 12.08.2008)
 
 278 NAFHIL Gujrat Homes Limited*
 
 279 Affordable Home Loan Advisors Private Limited*
 
 280 National Affordable Housing and Infrastructure Limited (from
 04.11.2008)
 
 281 Shrey Technobuild Private Limited
 
 282 Radhika Buildwell Private Limited*
 
 283 Ramneesh Builders Private Limited*
 
 284 Divya Buildhome Private Limited
 
 285 Dwarkadish Land and Farms Private Limited (upto 21.11.2008 and from
 30.12.2008)
 
 286 Cress Propbuild Private Limited (from 23.03.2009) .
 
 287 Ryhme Propbuild Private Limited (from 23.03.2009)
 
 288 Rivaj Infratech Private Limited* (upto 16.02.2009)
 
 289 Pancham Realcon Private Limited* (upto 16.02.2009)
 
 290 Garv Buildtech Private Limited* (upto 16.02.2009)
 
 291 Golden Glades Builders Private Limited (upto 16.04.2008)
 
 292 Golden Peak Township Private Limited (upto 14.10.2008)
 
 293 Ekansh Buildtech Private Limited* (upto 11.11.2008)
 
 2941 Kavya Buildtech Private Limited* (upto 11.11.2008)
 
 295 Silver Peak Township Private Limited (upto 05.11.2008)
 
 296 Radiance Housing and Properties Private Limited (upto 05.11.2008)
 
 297 Ashray Infrabuild Private Limited (upto 05.11.2008)
 
 298 Aarzoo Technobuild Private Limited (upto 05.11.2008)
 
 299 Hiresh Builders Private Limited* (upto 05.11.2008)
 
 300 Bhanu Infrabuild Private Limited (upto 05.11.2008)
 
 301 Abheek Builders Private Limited (upto 05.11.2008)
 
 302 Oasis Township Private Limited (upto 16.03.2009)
 
 303 Aggradeep Realtors Private Limited (upto 30.03.2009)
 
 304 Sanish Developers Private Limited (upto 17.03.2009)
 
 305 Neervi Colonisers Private Limited (upto 17.03.2009)
 
 306 Nayrmal Realtors Private Limited (upto 30.03.2009)
 
 307 Prerak Buildtech Private Limited* (upto 16.12.2008)
 
 308 M/s Rohtas Goel (HUF)
 
 309 M/s Sunil Goel ( HUF)
 
 310 M/s J.B.Goel ( HUF)
 
 VII Key managerial personnel
 
 1 Mr. Rohtas Goel
 
 2 Mr. Sunil Goel
 
 3 Mr. Jai Bhagwan Goel
 
 4 Mr. Vipin Aggarwal ( Upto 03.01.2009 )
 
 5 Mr. Arvind Parakh ( Upto 04.10.2008)
 
 VIII Relatives of Key managerial personnel
 
 1 Mrs. Sushma Goel
 
 2 Mrs. Seema Goel
 
 3 Mrs. Rekha Goel
 
 4 Mrs. Lata Aggarwal ( Upto 03.01.09 )
 
 5 Mrs. Snigdha Parakh ( upto 04.10.2008)
 
 * incorporated during the year.
 
 16.  Provision for Tax has been computed under section 115JB of Income
 Tax Act,1961. Tax Credit available as per section 115JAA of Income Tax
 act, 1961, amounting to Rs.41.87 mio (Rs. Nil) has been shown as MAT
 Credit Entitlement under Loans and advances.
 
 17.  During the year Company has redeemed debentures of Rs. 3,270 mio.
 Accordingly a sum of Rs. 817.46 mio has been withdrawn from debenture
 redemption reserve earlier created. The Company has further issued
 debentures of Rs. 1,000 mio to LIC Mutual Fund and Rs. 300 mio to Can
 Bank Mutual Fund.
 
 As per provisions of the Companies Act, the Company is required to
 create Debenture Redemption Reserve before the date of redemption of
 debentures. Accordingly, Debenture Redemption Reserve amounting to Rs.
 354.78 mio has been created out of profit and loss appropriation
 account on outstanding debentures.
 
 18.  Previous year figures have been regrouped/reclassified where
 necessary to conform with current years classification
Source : Religare Technova

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