1. Related party transactions
(i) Parties where control exists
Parties where control exists include: Subsidiaries:
Prudential Housing and Infrastructure Development Limited
Centurions Housing and Constructions Private Limited
Melmont Construction Private Limited
Purva Marine Properties Private Limited
Purva Realities Private Limited
Welworth Lanka Holding Private Limited
Welworth Lanka Private Limited
Nile Developers Private Limited
Vaigai Developers Private Limited
Purva Good Earth Properties Private Limited
Purva Star Properties Private Limited
Purva Sapphire Land Private Limited
Purva Ruby Properties Private Limited
Purva Opel Properties Private Limited
Puravankara Hotels Limited
Starworth Infrastructure and Construction Limited
Provident Housing Limited
Purva Land Limited
Key management personnel:
Mr. Ravi Puravankara
(ii) Relative of key management personnel:
Ms. Geeta S. Vhatkar Ms. Aarti Panjabi Mr. Ashish Puravankara Mr.
Suresh Puravankara Ms. Amanda Puravankara Ms. Tanya Puravankara Ms.
(iii) Entities controlled by key management personnel (other related
Uniquepark Constructions Private Limited
Handiman Services Limited
Dealwel - Proprietorship
Dealwel Finance Corporation
Purva Properties and Resorts Private Limited
Dealwel Estates Private Limited
2. Employee benefits
A. Defined benefit plan
The Company has gratuity and vacation pay as defined benefit retirement
plans for its employees. As at 31 March 2012 and 31 March 2011 the plan
assets were invested in insurer managed funds.
B. Defined contribution plan
The Company makes contribution of statutory provident fund as per
Employees Provident Funds and Miscellaneous Provisions Act, 1952.
This is a defined contribution plan as per AS15. Contribution made was
Rs. 90.89 for the year ended 31 March 2012 (31 Mar 2011 -Rs. 71.57).
3. Segmental information
The Company is engaged in the development and construction of
residential and commercial properties which is considered to be the
only reportable business segment as per Accounting Standard 17 on
Segment Reporting. The Company operates primarily in India and there is
no other significant geographical segment.
4. Disclosures of dues to micro, small and medium enterprises
Based on the information available with thecompany,Rs.88.04(31 March
2011 Rs.0.74)is the amount payable to Micro, Small and Medium Enterprises
at the Balance Sheet date. These amounts, being retention money, are
due only on completion of retention period and are contractually not
due as on 31 March 2012 as per the contract with the said parties.
Consequently the management feels that the interest liability under''The
Micro, Small and Medium Enterprises Development Act, 2006does not
arise and hence no disclosure is required under the said law.
The above information has been determined to the extent such parties
have been identified on the basis of information provided by the
Company which has been relied upon by the auditors.
5. Unhedged foreign currency exposure
Balance as on 31 March 2012 in Hatton National Bank, Sri Lanka amounted
to LKR 1.10 lakh (31 March 2011 LKR 0.76 lakh) Balance as on 31 March
2012 in HSBC, Dubai amounted to AED 0.90 lakh (31 March 2011 AED 0.37
lakh) Balance as on 31 March 2012 in EEFC account with Andhra Bank
Bangalore amounted to USD 0.003 lakh (31 March 2011 USD 0.003 lakh)
6. Prior Year Comparatives
The financial statements for the year ended 31 March 2011 had been
prepared as per the then applicable, pre-revised Schedule VI to the
Companies Act, 1956. Consequent to the notification of Revised Schedule
VI under the Companies Act, 1956, the financial statements for the year
ended 31 March 2012 are prepared as per Revised Schedule VI.
Accordingly, the previous year figures have also been reclassified to
conform to this year''s classification.