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SENSEX NIFTY India | Notes to Account > Construction & Contracting - Real Estate > Notes to Account from Arihant Superstructures - BSE: 506194, NSE: ARIHANTSUP

Arihant Superstructures

BSE: 506194|NSE: ARIHANTSUP|ISIN: INE643K01018|SECTOR: Construction & Contracting - Real Estate
Oct 15, 16:00
Oct 16, 15:32
-1.25 (-4.94%)
VOLUME 2,634
Mar 16
Notes to Accounts Year End : Mar '18

1 Corporate information

Arihant Superstructures Limited (“the Company”) having CIN L51900MH1983PLC029643 is a Public Limited Company domiciled and incorporated in India and its shares are publically traded on National Stock Exchange (“NSE”) and the Bombay Stock Exchange (“BSE”), India. The Company’s Registered Office is located at Arihant Aura, B-Wing, 25th Floor, Plo no. 13/1, TTC Industrial Area, Thane Belapur Road, Turbhe, Navi Mumbai, Maharashtra - 400705. The operation of the Company spanned in all aspect of Real Estate Development, from the identification and Acquisition of Land, planning, execution, construction and marketing of projects. The Company has its presence in the States of Rajasthan and Maharashtra.

The Financial Statements were authorised for issue in accordance with a resolution passed by the Board of Directors on 23rd May, 2018.

c) There are no material adjustments to the statements of Cash Flows as reported under the previous GAAP,

d) Notes to first time adoption

Note 2 : Proposed Dividend (including Tax on Dividend)

Under the previous GAAP, Dividends proposed by the Board of Directors after the Balance Sheet date but before the approval of the Financial Statements were considered as adjusting events. Accordingly, provision for proposed dividend was recognised as a liability. Under Ind AS, such Dividends are recognised when the same is approved by the Shareholders in General Meeting. Accordingly, the Liability for proposed Dividend (included Tax) of Rs. 445.85 Lakhs as at 1st April, 2016 included under provisions has been reversed with corresponding adjustment to Retained Earnings. Consequently, the total equity increased by an equivalent amount.

Note 3 : Preliminary Expenses

Under previous GAAP, preliminary expenses were recognised as Assets and were being charged to Profit and Loss on a periodic basis. However, under Ind AS, the same has been Adjusted with the Retained Earnings on the date of transition, since the same no longer meets the criteria of Assets leading to a decrease in the Equity.

The portion of Preliminary Expenses which had been charged to Statement of Profit and Loss during the year ended 31st March, 2017 under previous GAAP amounting to Rs.0.18 Lakhs, has been reversed while computing the Total Comprehensive Income under Ind AS for the said period.

Note :

a) The company has availed the deemed cost exemption in relation to the Property, Plant and Equipments on the date of transition and hence the net block carrying amount has been considered as the Gross Block carrying amount as on that date. Refer note below for the gross block value and the accumulated depreciation on April 1, 2016 under the previous GAAP.

Note :

1. Term Loan from STCI is secured against Land (with all the buildings and structures thereon) of the project Arihant Adita, situated at Gangana, Jodhpur, Rajasthan.

2. Vehicles loans are secured against the vehicle itself.

3. Term loan from HDFC Bank Ltd. Is secured against mortgage of 851971 sq. ft approx. of project land located at survey no. 20/1, 20/2, 20/3, 25/11, 22/4, 22/1, 21/2B, 22/2, 23/2, 25/9 and 22/3, pen road, adjacent to khalapur toll naka, dahivali, khopoli - 410203, Maharashtra.

4. Loan with Federal Bank is against Fixed Deposit.


Related parties and transactions with them as specified in the Ind-AS 24 on “Related Parties Disclosures” presribed under Companies (Accounting Standards) Rules, 2015 has been identified and given below on the basis of information available with the company and the same has been relied upon by the auditors.

Note 5 : Foreign currency transactions

Transactions in foreign currency are accounted for at the exchange rate prevailing on the date of the transaction. All monetary items denominated in foreign currency are converted into Indian rupees at the year-end exchange rate.

Note 6 : Contigent Liablities

Contingent Liabilities :

(i) Claims against the Company pending appellate/judicial decisions not acknowledged as debts:

(a) Income-Tax (AY 2010-11) : Rs.4.17 Lakhs

(b) Income-Tax (AY 2011-12) : Rs.15.35 Lakhs

(c) MVAT (FY 2009-10) : Rs.59.78 Lakhs

(d) MVAT (FY 2010-11) : Rs.2.02 Lakhs

(e) MVAT (FY 2011-12) : Rs.1.78 Lakhs

(f) Service Tax : Rs.90.95 Lakhs

(ii) Guarantees:

(a) Guarantees given to Banks & Financial Institutions for Rs.90 cr against financial facilities availed by the subsidiary companies.

(b) Guarantees given to Banks & Financial Institutions for Rs.16.60 cr against financial facilities availed by the group company

(c) Facilites against which Guarantee was given outstanding Fund amount is Rs.58.21 cr.

Note 7 : Employee benefits

Expenses and liabilities in respect of employee benefits are recorded in accordance with Ind-AS -19, Employee Benefits, notified in the Companies (Accounting Standard) Rules, 2015.

Provident fund

The Company makes contribution to statutory provident fund in accordance with the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. In terms with Ind-AS -19, Employee Benefits, notified in the Companies (Accounting Standard) Rules, 2015, the provident fund trust set-up by the Company is treated as a defined benefit plan since the Company has to meet the interest shortfall, if any. Accordingly, the contribution paid or payable and the interest shortfall, if any is recognised as an expense in the period in which services are rendered by the employee.

Note 8 : Dues to Micro Enterprises and Small Enterprises

There are no parties/companies which have been identified as Micro and Small Enterprises. As at March 31,2018, there are no outstanding dues to Micro and small enterprises. There are no interest dues or outstanding on the same.

Note 9 : Segment Information

In accordance with Indian Accounting Standard 108 “Operating Segments” prescribed by Companies (Accounting Standards) Rules, 2015, the company has determined its primary business segment as a single segment of Real Estate Business. Since there are no other business segments in which the company operates, there are no other primary reportable segments. Therefore, the Segment Revenue, Segment Results, Segment Assets, Segment Liabilities, total cost incurred to acquire Segment Assets, depreciation charge are all as is reflected in the financial statements.

Note 10 : On the basis of physical verification of Assets, as specified in IND AS - 36 and cash generation capacity of those Assets, in the management perception there is no impairment of such Assets as appearing in the Balance Sheet as on 31.03.2018.

Note 11 : CSR Expenditure

The Company has framed CSR policy pursuant to the Companies Act, 2013. the Company has spent Rs.30.56 Lakhs against the gross requirement of Rs.76.34 (include Rs.19.80 Lakhs of F.Y. 16-17) Lakhs during the year, as per provision of Companies Act 2013. Remaining amount of Rs.45.78 Lakhs to be spent in the subsequent year.

Note 12 : Previous Year Figure’s regrouping

The previous year’s figures have been regrouped, rearranged and reclassified wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

Source : Dion Global Solutions Limited
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