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Ansal Buildwell

BSE: 523007|ISIN: INE030C01015|SECTOR: Construction & Contracting - Housing
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Mar 15
Notes to Accounts Year End : Mar '16

Provisions are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate. If it is no longer probable that the outflow of resources would be required to settle the obligation, the provision is reversed.

Contingent assets are not recognized in the financial statements. However, contingent assets are assessed continually and if it is virtually certain that an economic benefit will arise, the asset and related income are recognized in the period in which the change occurs.

(As per the records of the Company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.)

1. Terms/rights attached to equity shares:

The Company has only one class of equity shares having par value of '' 10 per share. Each equity share is entitled to one vote. In the event of liquidation of the company, the equity shareholders will be entitled to receive the remaining assets of the company after distribution of all prudential amounts. The distribution will be in the proportion to the number of the equity shares held by the equity shareholders. The Company declares 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.

During the year ended March 31, 2016, the amount of per share dividend recognized as proposed for distribution to equity shareholders was Rs, 0.80 (Previous Year : Rs, 1.00), which is subject to approval of shareholders in Annual General Meeting.

1 Term Loan from Others amounting to Rs, 7,00,00,000/- which carry interest rate of 12.40% is secured by way of first charge on immovable properties of the Company situated at Gurgaon and by way of extension of first equitable mortgage of immovable properties of HUF of CMD of the Company situated at New Delhi and Gurgaon and collaterally by personal guarantee of CMD of the Company. The said term loan is to be paid as follows:-

2 Term Loan from Others amounting to Rs, 7,50,00,000/- included in other current liabilities under the grouping “Current Maturities of Long Term Debts” carry interest rate of 13.65% and is secured by way of first charge on immovable properties of the Company situated at Gurgaon and by way of extension of first equitable mortgage of immovable properties of HUF of CMD of the Company situated at New Delhi and Gurgaon and collaterally by personal guarantee of CMD of the Company. The said term loan is to be paid as follows:-

Up to 31.05.2016 - Up to Rs, 5.00 Crore Up to 31.08.2016 - Up to Rs, 7.50 Crore Up to 30.11.2016 - Full Repayment

3 Dropline Overdraft Facility amounting to Rs, 11,99,18,480/-which carry interest rate of 11.80% is secured by way of mortgage of immovable properties of the Company situated at Gurgaon. The aforesaid Overdraft facility is repayable as follows:

April 2017 to March 2019 Rs, 10,00,000 per month April 2019 to March 2021 Rs, 20,00,000 per month April 2021 to March 2022 Rs, 40,00,000 per month

4 Dropline Overdraft Facility amounting to Rs, 9,25,29,904/-(Including Current Maturities amounting to Rs, 1,30,00,000/- included in other current liabilities) which carry interest rate of 11.80% is secured by way of mortgage of immovable properties of the Company situated at Gurgaon. The aforesaid overdraft facility is repayable as follows:

April 2016 to March 2018 Rs, 10,00,000 per month April 2018 to March 2020 Rs, 20,00,000 per month April 2020 to Feb 2022 Rs, 30,00,000 per month

March 2022 to Dec 2023 Rs, 40,00,000 per month

5 Vehicle & Machinery Loans amounting to Rs, 2,18,04,523/- (Including Current Maturities amounting to Rs, 93,11,224/- included in other current liabilities) are repayable in monthly EMIs over the tenure of the loans and are secured by way of hypothecation of assets in favour of lender, thus purchased.

6 Term Loan from Others amounting to Rs, 1,46,67,512/-(Including Current Maturities amounting to Rs, 1,46,67,512/- included in other current liabilities) which carry interest rate of 15% is secured by a plot owned by director / relative(s) of director of the company and the balance outstanding is repayable in 9 Equated Monthly Installments of Rs, 17,33,266/- each.

7 Term Loan from Others amounting to Rs, 1,72,75,734/- (Including Current Maturities amounting to Rs, 83,97,370/included in other current liabilities) which carry interest rate of 15% is secured by a plot owned by director / relative(s) of director of the company and the balance outstanding is repayable in 23 Equated Monthly Installments of Rs, 8,68,912/- each.

8 Term Loan from Others amounting to Rs, 1,81,93,246/- (Including Current Maturities amounting to Rs, 59,91,532/included in other current liabilities) which carry interest rate of 15% is secured by a plot owned by director / relative(s) of director of the company and the balance outstanding is repayable in 32 Equated Monthly Installments of Rs, 6,93,307/- each.

9 Term Loan from Others amounting to Rs, 8,22,50,652/- (Including Current Maturities amounting to Rs, 91,44,800/included in other current liabilities) which carry interest rate of 15.35% is secured by related parties of the company and the balance outstanding is repayable in 72 Equated Monthly Installments of Rs, 17,62,051/each.

10 Term Loan from Others amounting to Rs, 91,38,967/- (Including Current Maturities amounting to Rs, 10,16,082/included in other current liabilities) which carry interest rate of 15.35% is secured by related parties of the company and the balance outstanding is repayable in 72 Equated Monthly Installments of Rs, 1,95,783/- each.

11 Term Loan from Others amounting to Rs, 5,00,00,000/- (Including Current Maturities amounting to Rs, 1,40,98,453/- included in other current liabilities) which carry interest rate of 16% is secured by related parties of the company and the balance outstanding is repayable in 36 Equated Monthly Installments of Rs, 17,57,852/- each.

12 Term Loan from Others amounting to Rs, 4,04,80,147/- (Including Current Maturities amounting to Rs, 86,78,623/included in other current liabilities) which carry interest rate of 13.50% is secured by related parties of the company and the balance outstanding is repayable in 60 Equated Monthly Installments of Rs, 8,62,490/- each.

Note: The amount(s) given in point (ii) are total long-term borrowings guaranteed by directors or other including amounts mentioned in current maturity of long term debt under Note 9.

13 The amount of Rs, 3,66,58,764 received from Himachal Pradesh State Electricity Board under the order of HonRs,ble High Court of Himachal Pradesh is classified as liability since the said amount shall be refundable if the appeal of Himachal Pradesh State Electricity Board is ultimately decided against the Company.

14 The amount of Rs, 82,90,137 received from Haryana Urban Development Authority under the order of Hon’ble High Court of Punjab and Haryana is classified as liability since the said amount shall be refundable if the appeal of the respondent is ultimately decided against the Company.

15 The details of the above Provisions for Gratuity and Leave Encashment are as per Note no. 31, “Employee Benefits - Gratuity and Leave Encashment”.

16 Overdraft Facility of Rs, 13,74,09,564/- from banks carrying interest rate of 17.25% is secured primarily by immovable property of the Company situated at Gurgaon and collaterally by personal guarantee of director of the Company and hypothecation of current assets of the Company except the project financed by other banks / Financial Institutions on pari passu basis with other banks.

17 Overdraft Facility of Rs, 4,89,38,799/- from bank carrying interest rate of 14.25% is secured primarily by equitable mortagage of immovable properties of the Company situated at Gurgaon and collaterally by personal guarantee of the director of the Company and first pari passu charge on inventories and books debts not older than 180 days both present and future exclusive of project financed by other banks / Financial Institutions on Pari passu basis with other banks.

18 Other short term loans of Rs, 3,00,00,000/- carrying interest rate of 15% are secured against immovable properties of the Company situated at Gurgaon and due for repayment by the end of June 2016.

19 Other short term loans of Rs, 3,00,00,000/- carrying interest rate of 18% are secured against immovable properties of the Company situated at Gurgaon and due for repayment by the end of September 2016.

(ii) Details of short-term borrowings guaranteed by the directors or others:

20. Based on the information available with the Company, there are no dues outstanding in respect of Micro, Small and Medium enterprises at the balance sheet date. No amounts were payable to such enterprises which were outstanding for more than 45 days. Further, no interest during the year has been paid or payable in respect thereof. The above disclosure has been determined to the extent such parties have been identified on the basis of information available with the Company.

21. The Company had accepted the Registration Amounts against proposed projects in Jaipur & Panipat in earlier years which was outstanding to the extent of Rs, 8,01,64,304/- as on 31.03.2016 as against sum of Rs, 9,89,41,828/- as on 01.04.2015.and these amounts were offered to refund to the customers due to non-receipt of necessary Government approvals for the proposed projects but inspite of the efforts made by the Company, balance number of parties did not accept the refunds of Registration Money deposited by them to the extent of Rs, 8,01,64,304/due on 31st March 2016. However no such amount was received by the Company during the year 2015-16

Further the Company had received Registration Money towards EWS Scheme in earlier years which was outstanding to the extent of Rs, 1,03,86,655/- as on 31.03.2016 as against sum of Rs, 1,05,33,655/- as on 01.04.2015. The Company had sent cheques for refunds of Registration Amounts to all the parties but various parties either did not receive the cheques due to change of address or did not get the cheques encashed and therefore the amounts continued to be outstanding as ‘Advance Against EWS’ to the extent of Rs, 1,03,86,655/- due on 31st March 2016. However no such amount was received by the Company during the year 2015-16

Note: During the year the Company has introduce a policy on i) Leave Travel Allowance and ii) Medical Expenses Reimbursible to its employees and accordingly the Company has made provisions as on 31.03.2016 for the same.

22. Advances for land though unsecured, are considered good as the advances have been given based on arrangements/ memorandum of understanding executed by the Company and the Company/seller/intermediary is in the course of obtaining clear and marketable title, free from all encumbrances.

23. Details of loans and advances to related parties are as given in Note no. 34, “Related Party Transactions”.

24. Advances given to Subsidiaries and Joint Venture Companies for purchase of land and other purposes are not considered advances in the nature of loans and have not been considered for the disclosure.

The company has not issued any potential equity shares and accordingly, the basic and diluted earnings per share are the same.

25. EMPLOYEE BENEFITS

The Company makes Provident Fund and Employee State Insurance Scheme contributions which are defined contribution plans, for qualifying employees. The Company recognized Rs, 1,01,69,549 (Previous Year: Rs, 1,11,56,564) for Provident Fund contributions and Rs, 2,50,869 (Previous Year: Rs, 3,31,792) for Employee State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

Gratuity is provided for Employees who are in service as at the end of the financial year for 5 years or more, at the rate of 15 days’ salary for each completed year of service and is payable on retirement/ termination/ resignation.

The Gratuity plan for the Company is a defined benefit scheme where annual contributions as per Actuarial Valuation Certificate are charged to the Statement of Profit & Loss.

The Company also has a leave encashment scheme with defined benefits for its employees. The Company makes provision of such liability in the books of accounts on the basis of year end Actuarial Valuation Certificate. No fund has been created for this scheme.

The following table summaries the components of net benefit expense recognized in the Statement of Profit & Loss and amounts recognized in the Balance Sheet for the respective plans.

The present value of the gratuity and leave encashment obligations is determined based on Actuarial Valuation Certificate using the Projected Unit Credit Method.

Under the Projected Unit Credit Method a “projected accrued benefit” is calculated at the beginning of the year and again at the end of the year for each benefit that will accrue for all active members of the Plan. The “projected accrued benefit” is based on the Plan’s accrual formula and upon service as of the beginning or end of the year, but using a member’s final compensation, projected to the age at which the employee is assumed to leave active service. The Plan Liability is the actuarial present value of the “projected accrued benefits” as of the beginning of the year for active members.

26 LEASING ARRANGEMENTS As Lessee:

The significant leasing arrangements entered into by the Company include the following:

a) Buildings taken on operating lease with lease term between 11 to 36 months for office premises and residential accommodation for employees and which are renewable on a periodic basis by mutual consent of both parties.

b) All the operating leases are cancellable by the lessee for any reason by giving notice of between 1 to 3 months.

c) Lease payments recognized in the Statement of Profit & Loss under rent expenses in Note-22 & Note-26.

d) The company has various operating leases for office facilities and residential premises for employees that are renewable on a perodic basis. Rental expenses for operating leases recognized in the Statement of Profit & Loss for the year is Rs, 2,14,95,038 (Previous Year : Rs, 2,19,11,716).

As Lessor:

a) The Company has entered into non-cancellable operating lease arrangements. Against such non cancellable operating leases, total rent credited to the Statement of Profit and Loss is Rs, 1,24,12,857/-, out of which Rs, 39,90,175/- is contingent rent and Rs, 84,22,682/- is the actual rent received by the Company. The future minimum lease payments in respect of these leases are:-

b) The assets in respect of which the company has entered into operating lease arrangements are included in inventories and are held for sale in the ordinary course of business of the Company. Therefore, no depreciation is charged on the leased assets in accordance with AS 6.

c) No impairment loss is recognized or reversed on the leased assets during the year.

27 RELATED PARTY TRANSACTIONS I. LIST OF RELATED PARTIES A) SUBSIDIARIES

1. Ansal Real Estate Developers Private Limited

2. Lancers Resorts & Tours Private Limited

3. Potent Housing & Construction Private Limited

4. Sabina Park Resorts & Marketing Private Limited

5. Triveni Apartments Private Limited

B) ASSOCIATES

1. Aadharshila Towers Private Limited

C) JOINT VENTURES

1. Ansal Crown Infrabuild Private Limited

2. Ansal JKD Pearl Developers Private Limited ( Formerly Incredible City Home Private Limited)

3. Incredible Real Estate Private Limited

4. Southern Buildmart Private Limited

5. Sunmoon Buildmart Private Limited

D) ENTERPRISES WHERE KEY MANAGERIAL PERSONNEL / RELATIVE OF KMP EXERCISE SIGNIFICANT INFLUENCE

1. Ansal Buildwell Infrastructure Private Limited

2. Ansal Engineering Projects Limited

3. Ansal Hospitality & Leisure Co. Private Limited

4. Ansal KGK Developer Private Limited

5. APM Buildcon Private Limited

6. Bedi Exports Private Limited

7. Bhandari Machinery Co. Private Limited

8. Chandraprabha Estate Private Limited

9. Elite Concepts (Partnership Firm)

10. Glorious Hotels Private Limited

11. Ansal Buildwell Infrabuild Private Limited (Formerly GSG Developers Private Limited)

12. K.C. Towers Private Limited

13. K.J. Towers Private Limited

14. M.K. Towers Private Limited

15. Madakinee Estate Private Limited

16. Mid Air Properties Private Limited

17. Rigoss Estate Networks Private Limited

18. S.J. Towers & Developers Private Limited

19. S.S. Towers Private Limited

20. Sankalp Hotels Private Limited

21. Saya Plantation & Resorts Private Limited

22. Rephcons Consultancy Services

23. Gee Five Global Services LLP

24. Ansal Theatres and Clubotels Private Limited

25. AB Rephcons Infrastructure Private Limited

26. Geo Reality and Infratech Private Limited

27. Aerens Goldsouk International Private Limited

28. Geefive Global Projects Private Limited

29. Gyan Bharti Trust / School

30. Savera Association

E) EXECUTIVE DIRECTORS & KEY MANAGERIAL PERSONNEL

1. Sh. Gopal Ansal (Chairman cum Managing Director)

2. Sh. Gaurav Mohan Puri (Wholetime Director - Projects)

3. Sh. Ashok Babu (VP & Company Secretary)

4. Sh. Arun Kumar Pandey (VP & CFO)

F) RELATIVES OF KEY MANAGERIAL PERSONNEL

1. Gopal Ansal (HUF) (CMD is Karta of HUF)

2. Smt. Ritu Ansal (Wife of CMD)

3. Mrs. Suruchi Bhardwaj (Daughter of CMD)

4. Mrs. Shweta Charla (Daughter of CMD)

5. Shri Ashok Mehra (Brother of Director)

6. Shri. Pranav Bhardwaj (Husband of Daughter of CMD)

28. REMITTANCE OF DIVIDENDS IN FOREIGN CURRENCY

The Company does not have complete information as to the extent to which remittances in foreign currencies on account of dividends have been made by the company or on behalf of the company to non-resident shareholders during the financial year. The particulars of dividends declared in respect of non-resident shareholders during the year ended March 31, 2016 are as follows:

29. CORPORATE SOCIAL RESPONSIBILITY

As per Section 135 of the Companies Act, 2013, a Corporate Social Responsibility Committee has been formed by the Company. The areas for CSR activities are (1) Rural Development CSR Project, (2) Health care- Running a charitable clinic, (3) Health care- Set-up Blood Bank. The funds were primarily allocated towards corpus contributions, As specified in Schedule VII to the Companies Act, 2013.

The company yet to receive the details of actual utilisation made by the above receipients as well as particulars of their earlier engagement for 3 years or more in the activities for which contribution was made by the company to them.

(c) Details of Related Party Transactions are enumerated in (b) above (as per Related Party definition in AS 18):-

(d) No provision is required to be made by the company for CSR Expenditure.

30. The Company’s normal operating cycle in respect of operations relating to under construction real estate projects may vary from project to project depending upon the size of the project, type of development, project complexities and related approvals. Operating cycle for all completed projects is based on 12 months period. Assets and liabilities have been classified into current and non-current based on the operating cycle of respective businesses.

31. Previous year’s figures have been regrouped / reclassified wherever necessary to correspond with the current year’s classification / disclosure.

Source : Dion Global Solutions Limited
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