a) Terms/rights attached to Equity Shares
The Company has only one class of Equity Share having par value of Rs.
1/- each. Each shareholder is entitled to one vote per share. The
company declares and pays dividends in Indian rupees. The dividend
proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting. In the event of
liquidation of the Company, the shareholders would be entitled to
receive remaining assets of the Company.
(1) Loan-I from LIC Housing Finance Ltd. is secured by exclusive
equitable mortgage of properties at sector-48, Village- Tikri, Fazilpur
Jharsa, Distt.- Gurgaon, equitable mortgage of portion of land at
village- wazirpur, sector-53, Gurgaon , equitable mortgage of land of
fellow subsidiaries at sector-81, Gurgaon, hypothecation of receivables
of the project at Gurgaon & Bhubaneshwar and Personal guarantee from
Mr. Punit Beriwala- Managing Director. Terms of repayment- 12 months
moratorium upto March, 2011 and thereafter 24 equal monthly
installments. Rate of Interest- 15.90 % p.a.
(2) Loan-II from LIC Housing Finance Ltd. is secured by equitable
mortgage of entire land parcel of Vipul Greens, Bubaneshwar, cross
collateral security of Vipul world project at Sector-48, Gurgaon,
hypothecation of the receivables of the Vipul Grees, Bhubaneshwar &
Personal guarantee of Mr. Punit Beriwala-Managing Director. Terms of
repayment- 12 months moratorium upto February, 2013 and thereafter 18
monthly equal monthly installments. Rate of Interest- 15.90 % p.a
(3) Loan-I from DMI Finance Ltd. is secured against pledge of equity
shares of the Company held by Promoters, cross collateral of unsold
stock of commercial project at Vipul Plaza, Faridabad and Personal
guarantee from Mr. Punit Beriwala- Managing Director. Terms of
repayment- Repayable on 13.06.2012 (since paid). Rate of Interest-22%
(4) Loan-II from DMI Finance Ltd. is secured against mortgage of unsold
stock of commercial project at Vipul plaza, Faridabad, pledge of equity
shares of the Company held by Promoters & Personal guarantee of Mr.
Punit Beriwala-Managing Director. Terms of repayment- 12 months
moratorium upto February, 2013 and thereafter 24 equal monthly
installments. Rate of Interest- 21% p.a.
(5) Loan-I from Religare Finvest Limited is secured by mortgage of
certain units in various projects located at Gurgaon and Personal
guarantee form Mr. Punit Beriwala- Managing Director. Terms of
repayment- 47 equal monthly installments from the date of disbursement
i.e 12.06.2009. Rate of Interest- 17.25% p.a.
(6) Loan-II from Religare Finvest Limited was secured by equitable
mortgage of land for commercial project at faridabad, pledge of equity
shares of the Company held by Promoters & Personal guarantee from Mr.
Punit Beriwala- Managing Director. Terms of repayment- 12 equal monthly
installments from the date of disbursement i.e 15.10.2010 Rate of
Interest- 16.50% p.a.
(7) Loan form Paramount Realtec Private Ltd. is secured against pledge
of equity shares of the Company held by Promoters and Personal
guarantee from Mr. Punit Beriwala- Managing Director. Terms of
repayment- Repayable on 31.03.2013. Rate of Interest- 12% p.a
(8) Loan from Bahubali Propertis Ltd. is secured against pledge of
equity shares of the Company held by Promoters & others. Terms of
repayment- Repayable on 07.11.2012. Rate of Interest- 15% p.a.
(9) Vehicle loans are secured by hypothecation of financed Cars. Terms
of repayment-In equal monthly instalments as per the respective
repayment schedules. Rate of Interest- 10-12% p.a.
* Cash Credit Facility from Indian Overseas Bank is secured against
hypothecation of stocks at site & receivables, equitable mortgage of
property at village- Chakarpur, Tehsil & District Gurgaon, sector- 43,
Gurgaon owned by one of the group company. Terms of repayments-Annual
renewal. Rate of Interest- 15.50% p.a
**Terms of repayment- Repayable after 12 months from the date of
disbursement; Rate of Interest- 12% p.a.
Defined Benefit Plan
The Cost of providing gratuity is determined using the projected unit
The following tables summarize the components of net benefit expenses
recognized in the Profit and Loss Account as per Actuarial Valuation as
on 31st March, 2012.
10. As per information available with the company, there are no dues
outstanding in respect Micro and Small enterprises as provided in the
[Micro, Small and Medium Enterprises Development Act, 2006Cat the year
end. Further, no interest during the year has been paid or payable in
respect thereof. The parties have been identified based on the
information available with the company and the same has been relied
upon by the auditor.
11. The company has reviewed the carrying amount of its tangible and
intangible assets (being a cash generating unit) with its future
present value of cash flows and there has been no indication of
impairment of the carrying amount of the Company such Assets taking
consideration into external and internal sources of information.
12. Contingent Liabilities and Commitments (to the extent not provided
S. Contingent Liabilities Year ended Year ended
No. 31.03.2012 31.03.2011
(a) Claims against the company, not
acknowledged as debts
(i) Income tax matters under dispute 346,905,087* 375,050,555
(ii) Service tax disputed claims 1,610,821 1,610,821
(b) Bank Guarantees (net) 634,009,268 413,432,442
(c) Capital Commitments 59,708 Nil
* Net of Rs.213,587,562/- (P.Y Rs. 152,750,000/-), paid under protest.
13. There is no diminution in the value of investments which are of
14. (a) Rs. 15,081,815/- (under Loan) to Mab Finlease Ltd. which in
the view of management is doubtful of realization to the extent of 25%
and accordingly provision for doubtful loan has been made in accounts.
(b) In the opinion of the management, current assets including loans
and advances have a value on realization in the ordinary course of
business at least equal to the amount at which they are stated in the
books. However, certain balances under Loans and advances are subject
15. (a) Rs.868,382,607/- (P.Y. Rs.1,266,555,709/-) (under advance) due
from Private Companies in which a director is interested.
(b) Rs.NIL/- (P.Y. Rs.3,909,398/-) (under loan) due from Classic Real
Estate Developers Private Limited, an associate and the maximum amount
outstanding at any time during the year is Rs NIL/-(P.Y.
(c) Rs.1,177,818,873/- (RYRs.1,289,386,616/-) is due from subsidiary
16. The unclaimed dividend for the financial years 2004-05, 2005-06,
2006-07, 2007-08, 2008- 09 2009-10 & 2010-11 amounting to Rs.110,215/-,
Rs.113,060/- , Rs.265,278/-, Rs.362,042/- , Rs.253,960/-, Rs. 258,247/-
& Rs. 326,599/- respectively and is being deposited in separate Bank
17. The details pertaining to related parties transactions are shown
in a separate sheet.
18. a) The accounts for the year ended 31st March, 2011 had been
prepared as per the then applicable Schedule VI of the Companies Act,
1956. Consequent to the notification of Revised Schedule VI, the
accounts for the year ended 31st March, 2012 are prepared as per
Revised Schedule VI. Accordingly, the previous year figures have also
been reclassified to conform to this year classification. The
adoption of Revised Schedule VI for previous year figures does not
impact recognition and measurement principles followed for preparation
b) Previous year figures have been regrouped, rearranged and recasted
wherever considered necessary.