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DB Realty

BSE: 533160|NSE: DBREALTY|ISIN: INE879I01012|SECTOR: Construction & Contracting - Real Estate
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Notes to Accounts Year End : Mar '18

Notes:

3.1 During the year depreciation inventoried Rs. 3.95 lacs (Previous Year - Rs. 3.95 lacs)

3.2 The said flats are attached by Enforcement Directorate under Prevention of Money Laundering Act, 2002. (Refer Note No. 54)

3.3 Property, plant and equipment pledged

6.1 The Company has pledged its investment of 10,000 (Previous Year: 10,000) equity shares in Goregaon Hotel and Realty Private Limited in favour of Reliance Capital Limited which sanctioned a Term Loan of Rs. 14,000 lacs (Previous Year: Rs.14,000 lacs) to the said subsidiary. (Refer Note No. 42(vii))

6.2 The Company has pledged its investment of 435,600 (Previous Year: 435,600) equity shares of Neelkamal Realtors Suburban Private Limited, in favour of Edelweiss Housing Finance Limited which provided term loan of Rs. Nil (Previous Year Rs.Nil) and in favour of ECL Finance Limited which provided term loan of Rs. NIL (Previous Year Rs.Nil) to the said Subsidiary Company. (Refer Note No. 47(iv))

6.3 The Company has pledged its investment of 3,000 (Previous Year: 3,000) equity shares of MIG (Bandra) Realtors and Builders Private Limited, in favour of Yes Bank Ltd. which sanctioned a Term Loan of Rs. 60,000 lacs (Previous Year Rs. 60,000 lacs) to the said Subsidiary. (Refer Note No. 47(iii))

6.4 The Company has pledged its investment of 986,618 (Previous Year: 986,618) equity shares of Neelkamal Realtors Tower Private Limited, an associate company, in favour of Yes Bank which provided term loan of Rs. 35,000 lacs to the said associate. The said loan has been fully repaid and release of pledged investments is in process.

6.5 The Company has pledged 0% (Previous Year: 88.79% of its investment in equity & 54.53% of its investment in ROCCPS ) of DB (BKC) Realtors Private Limited joint venture, in favour of banks which sanctioned term loans of Rs. Nil lacs (Previous Year: 7,500 lacs) to the said joint venture.

7.1 The Company had pledged its investment of 3,838,382 (Previous Year: 3,838,382) equity shares of Marine Drive Hospitality & Realty Private Limited., in favour of IL & FS Financials Services Limited which provided term loan of Rs.9,500 Lacs (Previous Year: Rs.9,500 Lacs) to the Company.

7.2 There is no return on investments in preference shares of Marine Drive Hospitality & Realty Private Limited(MDH) during the year. In view of the management, these investments in this entitiy is considered strategic and long term in nature and the market value and future prospects of these investment are significantly in excess of carrying value of Company''s investment in MDH.

7.3 2,470,000 (Previous Year: 2,470,000) shares Series A 0.002% ROCCPS and 29,415 (Previous Year: 29,415) shares of Series C 0.002% ROCCPS of Marine Drive Hospitality & Realty Private Limited which are held by the Company have been handed over to Enforcement Directorate (ED) under Prevention of Money Laundering Act, 2002 case. (Refer Note No. 54)

There are no Loans and advances due by directors or other officers of the Company or any of them either severally or jointly with any other persons or amounts due by Firms or Private Companies respectively in which any director is a partner or a director or a member.

9.1 There are no loans and advances due by directors or other officers of the Company or any of them either severally or jointly with any other persons or amounts due by Firms or Private Companies respectively in which any director is a partner or a director or a member.

9.2 Security deposits includes Rs. 6,476.33 lacs (Previous Year Rs.11,381.70 lacs) given to the various parties for acquisition of development rights. The Company or land owner is in process of obtaining necessary approvals with regard to the said properties and the said properties are having current market value significantly in excess of their carrying values and are expected to achieve adequate profitability on substantial completion of these projects.

18.1 During the financial year 2013-2014, the Directorate of Enforcement has taken physical possession of bank balance of Rs. 68.93 lacs against which the Company had written a letter to convert the amount so recovered into Fixed Deposits, till date Directorate of Enforcement has not entertained this request. In view of the same, the said balance is shown as part of other receivable. (Refer Note No. 54)

18.2 Loans and advances due by directors or other officers of the Company or any of them either severally or jointly with any other persons or amounts due by Firms or Private Companies respectively in which any director is a partner or a director or a member.

21.1 Capital Reserve

Capital Reserve is created on account of merger of Gokuldham Real Estate Development Co. Pvt. Ltd. (erstwhile subsidiary) into the Company.

21.2 Securities Premium Reserve

Securities Premium Reserve is used to record premium on issue of shares. The reserve can be utilized as per the provisions of the Act.

21.3 Retained Earnings

Retained Earnings represent the surplus/ accumulated earnings of the Company and are available for distribution to shareholders.

21.4 Other Comprehensive Income

Other Comprehensive Income consists of income that will not be reclassified to Profit and Loss.

22.1 The said loan was received for the purpose of financing the cost of constructions of the project DB Skypark, Sahar, Andheri - East a joint venture in which the Company is a venturer and carries floating effective interest rate of 13.35%- 13.75% p.a. linked to I-Base, payable monthly. The loan is repayable in 12 quarterly installments commencing from April 1st 2016. The loan has been reclassified into current maturities of long term debts. The loan is secured by :-

1. Exclusive charge on the land situated at project of one of the subsidiary, DB Skypark, Sahar, Andheri East which is a property of co-venturer (Eversmile Construction Company Pvt Ltd) including all the structures thereon both present and future.

2. First pari-passu charge over Bacchuwadi property, Mumbai Central.

3. Corporate guarantee from YJ Realty & Aviation Pvt Limited backed by first pari-passu charge over Dynamix Mall, Juhu.

4. Corporate guarantee from Milan Theatres Pvt Ltd.

5. Personal Guarantee of one of the Managing Directors.

22.2 The said loan was received for general purpose and carry interest rate of 18% p.a. Loan is repayable in 24 months with bullet repayment at the end of the loan tenure. Interest to be paid annually. The Managing Directors of the Company are co-borrowers along with the Company. The loan has been reclassified into current maturities of long term debts. The said loan is secured by :-

1. An exclusive charge on the project land of Orchid Golf View at Pune situated at S.No. 191A/2A/1/2, Plot No.2 Yerwada, Pune. together with all buildings and structures thereon, both present and future.

2. An exclusive charge on the scheduled receivables under the documents entered into with customer by the Borrower, all such proceeds both present and future.

3. An exclusive charge over all rights, titles, interest claim, benefits, demands under the project documents both present and future.

4. An exclusive charge on TDR - transferable development rights till the same is loaded on the project.

5. Personal Guarantee of both the Managing Directors.

22.3 The said loan was received for general purpose and carry interest rate of 18% p.a. Loan is repayable in 24 Months with bullet repayment at the end of the loan tenure. Interest to be paid annually. The Managing Directors of the Company are co-borrowers along with the Company. The loan has been reclassified into current maturities of long term debts. The said loan is secured by :-

1. An exclusive charge on the project land of Orchid Golf View Park S.No. 191A/2A/1/2, Plot No.2 at Yerwada, Pune. together with all buildings and structures thereon, both present and future.

2. An exclusive charge on the scheduled receivables under the documents entered into with customer by the Borrower, all such proceeds both present and future.

3. An exclusive charge over all rights, titles, interest claim, benefits, demands under the project documents both present and future.

4. An exclusive charge on TDR - transferable development rights till the same is loaded on the project.

22.4 The said loan was received in the current year for general purpose and carry interest rate of 15% p.a. Loan is repayable in 24 Months with bullet repayment at the end of the loan tenure. The Managing Directors of the Company are co-borrowers along with the Company. Interest to be paid at the end of the loan tenure. The said loan is secured by :-

1. An exclusive charge on the project land of Orchid Golf View Park S. 3No. 191A/2A/1/2, Plot No.2 at Yerwada, Pune. together with all buildings and structures thereon, both present and future.

2. An exclusive charge on the scheduled receivables under the documents entered into with customer by the Borrower, all such proceeds both present and future.

3. An exclusive charge over all rights, titles, interest claim, benefits, demands under the project documents both present and future.

4. An exclusive charge on the escrow account, all monies credited/deposited therein & all investments in respect thereof (in whatever form they may be).

5. Hypothecation of future receivables from sale of proposed residential development project Orchid Golf View Park S.No 191A/2A/1/2, Plot No 2 at Yerawada, Pune

6. An exclusive charge on TDR - transferable development rights till the same is loaded on the project.

7. Registered Mortgage of Residential development Project Orchid Golf View Park S.No. 191A/2A/1/2, Plot No.2 at Yerwada, Pune

8. Personal Guarantee of both the Managing Directors.

22.5 The said loan was received for the purpose of financing the costs of construction and other project implementation costs in subsidiary companies and jointly controlled companies and carries floating interest rate of 13.5% p.a. linked to LHPLR, payable monthly. The loan was repayable in six structured quarterly installments ending on August, 2013 and the outstanding balance was due in August, 2013. The said loan has been restructured on November 23, 2013 ,on April 27, 2015 and again in October 2017. The loan tenure has been extended by 36 months and hence the outstanding balance due on October 31, 2017 will carry interest rate 13.20% p.a. The Loan is guaranteed by personal guarantees of both the Managing Directors of the Company and corporate guarantee of Esteem Properties Private Limited, a wholly owned subsidiary company, which has also mortgaged its land at Sahar, Andheri in this regard.

30.1 During the year, following omission are observed which relates to previous year. As per the requirement of Ind As-8 “Accounting Policies, Changes in Accounting Estimates and Errors”, impacts of these errors are given in the comparative financial statement and the financial preceding prior to the previous financial year. Impact of such transactions and other details are as described hereunder:

As required by Ind AS 18 - “ Revenue Recognition” Revenue is recognized when it is probable that future economic benefits will flow to the entity and these benefits can be measured reliably. During FY 2016-17 sale of flat of Rs 422.63 lacs was omitted to be included in the financial of that year. Now, the same has been included in the comparative results of FY 2016-17 by restating the required figures and affected line items of the financial statement. Hence, sales and trade receivable has been increased by Rs 422.63 lacs; inventories has been decreased by Rs 197.31 lacs and changes in inventories have been increased by Rs. 197.31 lacs in 2016-17 profit before tax and retained earnings for that year has been increased by Rs. 225.32 lacs.

2 The sensitivity analysis presented above may not be representative of the actual change in the defined obligations as it is unlikely that the change in assumptions would occur in isolation of one another as some assumption may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the project unit credit method at the end of the reporting period, which is same as that applied in calculation of defined benefit obligation liability recognized in the balance sheet.

3 Sensitivity analysis is done by varying one parameter at a time and studying its impact.

VIII. Risk Exposure and Asset Liability Matching

Provision of a defined benefit scheme poses certain risks, some of which are detailed hereunder, as companies take on uncertain long term obligations to make future benefit payments.

1 Liability Risks

a. Asset-liability Mismatch Risk -

Risk which arises if there is a mismatch in the duration of the assets relative to the liabilities. By matching duration with the defined benefit liabilities, the Company is successfully able to neutralize valuation swings caused by interest rate movements. Hence companies are encouraged to adopt asset-liability management.

b. Discount Rate Risk -

Variations in the discount rate used to compute the present value of the liabilities may seem small, but in practise can have a significant impact on the defined benefit liabilities.

c. Future Salary Escalation and Inflation Risk -

Since price inflation and salary growth are linked economically, they are combined for disclosure purposes. Rising salaries will often result in higher future defined benefit payments resulting in a higher present value of liabilities especially unexpected salary increases provided at management''s discretion may lead to uncertainties in estimating this increasing risk.

2 Unfunded Plan Risk

This represents unmanaged risk and a growing liability. There is an inherent risk here that the Company may default on paying the benefits in adverse circumstances, Funding the plan removes volatility in company''s financials and also benefit risk through return on the funds made available for the plan.

Notes:

1 The obligation towards Gratuity is unfunded and therefore, the following disclosures are not given:

a. Reconciliation of Opening and Closings Balance of fair value of plan assets.

b. Details of Investments

c. Other Long Term Employee Benefits

The obligation of Leave Encashment is provided for on actuarial valuation by an independent valuer and the same is unfunded. The amount debited /(recognized) in the Statement of Profit and Loss for the year is (Rs. 2.85 lacs)* (Previous Year (Rs. 26.98 lacs)*).

* The amount are shown as negative due to excess recovery from group entities on account of transfer of employees

1 Segment Reporting:

A Basis of Segment

Factors used to identify the entity''s reportable segments, including the basis of organization For management purposes, the Company has only one reportable segments namely , Development of real estate property. The Managing Director of the Company acts as the Chief Operating Decision Maker (“CODM”). The CODM evaluates the Company''s performance and allocates resources based on an analysis of various performance indicators.

B Geographical Information

The Geographical information analyses the Company''s revenue and Non-Current Assets by the Company''s country of domicile and other countries. As the Company is engaged in Development of Real Estate Property on India, it has only one reportable geographical segment.

C Information about major customers

Customers for the year ended March 31, 2018 Rs. 313.06 lacs and March 31, 2017 Rs. 860.82 lacs constituted 10% or more of the total revenue of the Company.

41 Operating Lease:

As per Ind AS -17 ‘Leases'', the disclosure of transactions with the respect to lease of premises is disclosed as follows:

A Assets taken on Operating Lease :

(i) The Company has taken commercial premises on Operating Lease and lease rent of Rs. 121.41 lacs (Previous Year Rs. 258.68 lacs) has been debited to Statement of Profit and Loss and Rs. 32.13 lacs (Previous Year Rs. 33.53 lacs) has been inventoried for the current year. In case of one vendor, the Company is in the process of negotiating and finalizing the signed lease agreement and hence provision for such lease is made on past experience.

(ii) The Company does not have any contingent lease rental expenses/ income.

B Assets given on Operating Lease :

(i) The Company had executed lease deeds for certain units forming part of the Project for a period of 5-25 years and the lease rentals shall become due and payable on possession being granted. The lease rental is subject to escalation. Lease rent recognized during the year in the statement of Profit & Loss amount of Rs. 84.78 lacs (Previous Year: Rs. 31.54 lacs ). Accordingly, the future lease rentals are disclosed based on the Management''s estimate of the amounts that it would receive.

2 Financial Instruments

The significant accounting policies, including the criteria of recognition, the basis of measurement and the basis on which income and expenses are recognized, in respect of each class of financial assets and financial liabilities are disclosed in note 2.12 of the Ind AS financial statements.

(B) Credit risk and default risk:

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables, business advances/deposit given) and from its investing activities (primarily loans granted to various parties including related parties).

Trade Receivables

Considering the inherent nature of business of the Company, Customer credit risk is minimal. The Company generally does not part away with its assets unless trade receivables are fully realized.

Based on prior experience and an assessment of the current economic environment, management believes there is no credit risk provision required, other than those made in the accounts. Also the Company does not have any significant concentration of credit risk.

The ageing of Trade Receivable (Gross) is as follows:

Loans

The loans and advances are in the nature of advances for project in SPVs where the Company is a stakeholder and hence the risk is minimal. Based on the above factors and historical data, loss on collection of receivables is not material and hence no additional provision was made apart from provisions for impairment in respect of certain specific loans.

which the Project is constructed and personal guarantee of Mr. Vinod Goenka. The outstanding principal amount of the loan whose principal amount is of Rs.30,000.00 lacs in the books of Real Gem Buildtech Private Limited as of March 31, 2018 is Rs. 27,480.62 lacs (Previous Year Rs. 27,390.28 lacs). The outstanding principal amount of the loan whose principal amount is of Rs.15,000.00 lacs in the books of Real Gem Buildtech Private Limited as of March 31, 2018 is Rs. 14,912.56 lacs (Previous Year Rs. 14,589.94 lacs).

(ii) The Company has given Guarantee to Daimler Financial Services India Private Limited against the car finance facility of Rs. 154.00 lacs sanctioned to Real Gem Buildtech Private Limited, a subsidiary company. The same is secured against hypothecation of respective vehicle. The outstanding principal amount of the facility in the books of Real Gem Buildtech Private Limited as of March 31, 2018 is Rs. 26.00 lacs (Previous year Rs. 55.01 lacs)

(iii) During financial year 2015-16, the Company had given Corporate Guarantee and pledged its holding in the subsidiary Company, MIG (Bandra) Realtors & Builders Private Limited in respect of loan from Yes Bank Limited for Rs. 60,000.00 lacs. The loan is primarily secured by Mortgage of the subsidiary Company assets, its scheduled receivables, extension of charge on the Grand Hyatt, Goa, and personal guarantee of Mr. Vinod Goenka and Shahid Balwa. The outstanding principal amount of the facility in the books of MIG (Bandra) Realtors & Builders Private Limited is Rs.43,049.95 lacs. (Previous year Rs. 40,333.65 lacs)

(iv) The Company had given Corporate Guarantee on behalf of Neelkamal Realtors Suburban Private Limited, the subsidiary Company. The Company had also pledged entire shares of Neelkamal Realtors Suburban Private Limited. The loan is secured by (i) Exclusive charge on the land owned by the Subsidiary Company; (ii) All movables and fixed assets of the Subsidiary Company; (iii) Exclusive charge on the receivables of the project; the Escrow Accounts, together with money lying in Escrow Accounts. (iv) Personal Guarantee of the Mr. Vinod Goenka and Mr. Shahid Balwa. The outstanding principal amount of the facility in the books of Neelkamal Realtors Suburban Private Limited is Rs.Nil (Previous year Rs.Nil).

(v) During financial year 2015-16 the Company had extended Corporate Guarantee on behalf of Neelkamal Realtors Suburban Private Limited. The Company had also extended its pledge of entire shares of Neelkamal Realtors Suburban Private Limited for a loan sanctioned by Edelweiss Housing Finance Limited for an amount of Rs. 4,400 lacs which was reduced to Rs.380,809,936/- as on the date of Guarantee. The said loan is secured by (i) Extension of charge on the land owned by the Subsidiary Company; (ii) All move bales and fixed assets of the Subsidiary Company; (iii) Extension of charge on the receivables of the project; (iv) pledge of 66% share holding

(v) Personal Guarantee of the Mr. Vinod Goenka and Mr. Shahid Balwa, The outstanding principal amount of the facility in the books of Neelkamal Realtors Suburban Private Limited is Rs. Nil (Previous year Rs. Nil ).

(vi) The Company has provided security of the Company''s properties admeasuring 80,934 sq meters at Malad (East), Mumbai and Resham Bhavan located at Churchgate, Mumbai. The subsidiary company, DB View Infracon Private Limited has repaid the loan and the present outstanding is Rs.Nil in the books of the said company, however, the said Company is still in process of satisfaction of charge. The Company does not expect any outflow of resources. The outstanding principal amount of the facility in the books of DB View Infracon Private Limited is Rs.Nil (Previous year Rs. Nil).

(vii) During the year, the Company has extended security on behalf of Goregaon Hotels & Realty Private Limited, the subsidiary company and pledged its entire holding in the subsidiary Company in respect of loan from Reliance Capital Limited of Rs. 14,000 lacs. The loan is primarily secured by (i) An exclusive charge on the scheduled receivables under the documents entered into with customers by the Borrower, all such proceeds both present and future, (ii) An exclusive charge over all rights, titles, interest, claims , benefits, demands under the Project documents both present and future, (iii) An exclusive charge on the escrow account , all monies credited/ deposited therein and all investments in respect thereof (in whatever form they may be), (iv) Registered Mortgage on residential units falling under the share of Goregaon Hotels & Realty Private Limited in the proposed project located at land bearing CTS No- A/791(pt) of Mahim Bandra Reclamation Area , Bandra (West), (v) Hypothecation of receivables from sale of residential units falling under the share of Goregaon Hotels & Realty Private Limited in the proposed project located at land bearing CTS No- A/791(pt) of Mahim Bandra Reclamation Area , Bandra (West). The outstanding principal amount of the facility in the books of Goregaon Hotels & Realty Private Limited is Rs. Nil (previous year Rs. 5,686.47 lacs)

(viii) During the year, the Company has extended Corporate Guarantee and security on behalf of Vanita Infrastructure Private Limited, the subsidiary Company in respect of loan from IL &FS Financial Services Limited (IFIN) of Rs. 3,500 lacs. The loan is primarily secured by (i) First ranking hypothecation and escrow of balance receivables from all the units in DB Woods Project of the Company, (ii) Mortgage of 5 units of MIG Bandra Realtors & Builders Pvt. Ltd. backed up Corporate Guarantee of MIG (Bandra) Realtors & Builders Pvt. Ltd, (iii) Pledge of 22 million fully paid up, de-materialised, unencumbered, freely transferable equity shares of the Company held by Neelkamal Tower Construction LLP, (iv) Personal guarantee of Mr. Shahid Balwa and Mr. Vinod Goenka. The outstanding principal amount of the facility in the books of Vanita Infrastructure Private Limited is Rs. Nil.(previous year Rs. 5,686.47 lacs)

(ix) During the year, the Company has granted Corporate Guarantee and security on behalf of Vanita Infrastructure Private Limited, the subsidiary Company in respect of loan from IL &FS Financial Services Limited (IFIN) of Rs. 4,500 lacs. The loan is primarily secured by

(i) First and exclusive mortgage on immoveable property arnd 7,682 Sq.ft. On Ten - BKC (ii) Pledge of 22 mn shares of DB Realty (iii) Hypothecation of receivables of Ten-BKC mortgaged area (iv) CG of MIG (Bandra) Realtors & Builders Pvt. Ltd. (v) Personal Guarantee of Mr. Shahid Balwa and Mr. Vinod Goenka. The outstanding principal amount of the facility in the books of Vanita Infrastructure Private Limited is Rs. Nil as the facility of loan has not been availed yet.

(x) The Company has given corporate guarantee to ECL Finance Limited on behalf of Milan Theatres Private Limited. The said facility is secured by (i) Pledge of 20,000,000 shares of D B Realty Limited.; (ii) First Mortgage and Charge on the land admeasuring 3,442.20 Sq mtr. situated at Santacruz, Mumbai; (iii) First Mortgage and Charge on the land admeasuring 72,000 sq. yards situated at S. No. 92,

Mahajan wadi, Thane; (iv) First charge on the existing and future receivables; (v) Pledge of 66.67% shares of Milan Theatres Private Limited.; (vi) Corporate Guarantee of Conwood Construction & Developers Private Limited; and (vii) Personal Guarantee of Mr. Shahid Balwa and Mr. Vinod Goenka. The outstanding balance of loan as on March 31, 2018 is Rs.Nil (Previous year Rs. 17,653.60 lacs)

(xi) In earlier years, the Company had given corporate guarantee on behalf of Majestic Infracon Private Limited in which some of the directors of the Company are interested for facility availed from Punjab National Bank, Mumbai and Bank of India, Mumbai, for an amount aggregating Rs. 85,300 lacs (Previous Year Rs. 85,300 lacs). The Company has also provided collateral securities of the Company''s property admeasuring 80,934 sq meters at Malad (East), Mumbai (forming part of Inventory) with including all development rights, unutilized Floor Space Index (FSI) / or such other FSI that may be granted in future for Rs. 42,500 lacs out of total loan amounting to Rs. 85,300 lacs.

The said facility is also secured by (a) pledge of Majestic Infracon Private Limited shareholding consisting of 45,934,000 equity shares in Etisalat DB Telecom Private Limited; (b) a pari passu charge on the property consisting of Hotel Hilton, Mumbai. (c) Together with collateral securities of the Company''s property admeasuring 80,934 sq meters at Malad (East), Mumbai with including all development rights, unutilized Floor Space Index (FSI) / or such other FSI that may be granted in future.

The liability towards Punjab National Bank is Rs. Nil and Bank of India is Rs. 6,252 lacs as on March 31, 2018 (Previous Year Rs.6,811.47 lacs ) . The Company is confident that this company would fulfill the obligations under the credit facilities and does not expect any outflow of resources.

(xii) The Company has given corporate guarantees and has given collateral securities of the Company''s property DB Hill Park admeasuring 80,934 Sq meters at Malad (East), Mumbai and Resham Bhavan located at Churchgate, Mumbai (forming part of Inventory), on behalf of BD&P Hotels (India) Private Limited and Pune Buildtech Private Limited which is not a part of DB consolidated group.

The said facilities are also secured by (i) Charge on Fixed Assets both present and future of the respective projects other than project land

(ii) charge on all current assets including receipt of all the receivables related to the respective project (iii) charge on all bank accounts, insurance contracts of respective company along with the following common securities (iv) a pari passu charge on its property consisting of Hotel Hilton, Mumbai. The outstanding balance of loan as on March 31, 2018 is Rs. 25,697 lacs ( Previous Year Rs.3,765.50 lacs)

(xiii) During the year, the Company has given corporate guarantee in respect of facilities availed by Bamboo Hotel and Global Centre (Delhi) Private Limited from Reliance Commercial Finance for Rs. 27,500 lacs. The loan is primarily secured by (i) charge on all buildings and structures, (ii) charge on the scheduled receivables, both present and future, (iii) charge over all the rights, titles, interest, claims, benefits, demands under the Project, both present and/future, (iv) charge on the escrow account, all monies credited/ deposited therein and all investments in respect thereof, (v) charge on the Transferrable Development Rights till the same is loaded on the project, (vi) mortgage on the assets proposed and located at Asset Area 13, Aerocity Delhi, (vii) Hypothecation of receivables from assets proposed and located at Asset Area 13, Aerocity Delhi, (viii) Charge over security deposit of Rs. 26,800 lacs s paid by Heaven Star Hotels (Delhi) Private Limited to DIAL. The outstanding balance of loan as on March 31, 2018 is Rs. 24,600 lacs (Previous year Rs. 27,500 lacs).

(xiv) The Company has given corporate guarantee in respect of facilities availed by Delux Hospitality Limited, Mauritius (‘DBH, Mauritius'') & YJ Realty & Aviation Private Limited from ICICI Bank UK PLC and ICICI Bank Limited respectively of USD 138 million - Rs. 89,760.86 lacs as at the year end March 31, 2018 (Previous Year Rs. 89,443.87 lacs ) and security in respect of Bacchuwadi Property of the Company against stand by letter of credit issued by ICICI Bank Limited as an integral part of the arrangement of USD 65 million. The current outstanding of the loan is USD 127 lacs as on March 31, 2018 (Previous year USD 199.73 lacs) in ICICI Bank UK PLC. For the purpose of the said corporate guarantee, the Company has received in its favour irrevocable and unconditional personal guarantees from the two interested directors covering the entire amount of guarantee issued by the Company.

The said facilities are secured by (a) mortgage of its property consisting of Dynamix Mall in YJ Realty & Aviation Private Limited and

(b) pledge of its entire shareholding of Marine Drive Hospitality & Realty Private Limited in DBH, Mauritius (being a wholly owned subsidiary of DBHPL) and (c) Pledge of 50,409,641 shares of the Company held by Neelkamal Tower Construction LLP (Previous year 33,997,818), one of the Managing Director and his relatives (16,411,823 shares).

For all the above Contingent Liabilities the Company is confident that these companies will fulfill their obligations under the credit facilities and does not expect any outflow of resources.

(xv) During the year 2017-2018, the Company has granted Corporate Guarantee and security on behalf of Indo Global Soft Solutions & Technologies Private Limited which is not a part of D B Consolidated group, in respect of loan from Dewan Housing Finance Corporation Limited (DHFL) of Rs. 70,000 lacs. The loan is primarily secured by (i) Exclusive charge on lease hold land admeasuring 19,434.10 sq.mt along wih the structures thereon pertaining to the free sale area (ii) Exclusive charge by way of hypothecation on present and future receivables excluding few units (iii) CG of NRTPL and DB Realty Limited (iv) Personal Guarantee of Mr. Sanjay Chhabria, Mrs. Ritu Chhabria, Mr. Shahid Balwa and Mr. Vinod Goenka. The outstanding principal amount of the facility in the books of Indo Global Soft Solutions & Technologies Private Limited is Rs. 65,000 lacs as at the year end March 31, 2018.

The outstanding loan figures as on the reporing date of the entities to whom guarantees are given are provided by the Management and relied upon by the auditors.

The Company is in the process of releasing the security and guarantee whereever there is no loan outstanding as on reporting date.

In case of financial guarantee given by the Company to various entities, there are few defaults by borrowers . However the Company is not expecting any liability as security given by the borrower is on higher side as per best estimation of the Management. Hence the Company has not made any provision for expected credit loss.

Cash and Bank Balances

The Company held cash and bank balance with credit worthy banks of Rs.756.09 lacs at March 31, 2018 (March 31, 2017 Rs. 618.67 lacs) . The credit risk on cash and cash equivalents is limited as the Company generally invests in deposits with banks where credit risk is largely perceived to be extremely insignificant.

C) Liquidity Risk:

The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts, bank loans and preference shares. The Company''s management regularly reviews expected future cash inflows and outflows. Accordingly, based on the projections, the management takes necessary steps for raising fresh debt and recovery from existing financial assets to meet its obligations. The amounts are gross and undiscounted, and include contractual interest payments.

46 Share of loss (net) from investments in partnership firms (“the firms”) and investments in the firms is based on financial statements of the firms as audited by respective auditors. The audited financial statements/the auditors'' report on the financial statements of the partnership firms viz. Dynamix Realty (“Dynamix”), DBS Realty and Mira Real Estate Developers (formerly known as Mira Salt Works Company) in which the Company is a partner have reported certain significant matters as under (Refer note 36).

A. Dynamix Realty:

i. Notes to financial statements regarding to property tax liability:

The Firm has disputed its liability for property tax on the land on which it has constructed the Project as the said land was conveyed to the Municipal Corporation of Greater Mumbai (MCGM), though it provided for such property tax as upto March 31, 2012 and accordingly, has not paid Rs. 102.34 lacs (Previous year Rs.102.34 lacs). Without prejudice to the same, in any view of the matter, in terms of the agreement with Slum Rehabilitation Authority as well as with MCGM, the Firm is not liable for property tax effective April 2012. Accordingly, the amounts of Rs. 33.74 lacs (Previous Year Rs. 33.74 lacs )paid under protest on or after April 2012 are carried forward as recoverable from MCGM. Adjustment entries shall be passed once the outcome is finalized.

ii. Notes to Financial statements relating to procedures regarding direct confirmations:

Balances of trade receivables and payables are subject to confirmation and reconciliation, wherever applicable, if any.

iii. Notes to financial statements and reference in Auditors'' report regarding a matter which is sub-judice:

1 The Firm had granted Loan to Kusegaon Realty Private Limited aggregating to Rs. 20,925 lacs, (the said loans) as upto 31.03.2010 which as of 31.03.2016, along with interest thereon stands recovered. Central Bureau of Investigation Anti-corruption Branch, New Delhi (CBI) in the Supplementary (First) charge sheet RC.DAI.2009.A.0045 (2G Spectrum Case) has alleged that out of the said loans, through the Firm, Rs. 20,000 lacs is paid as illegal gratification to M/s Kalaignar TV Private Limited (Kalaignar) through Kusegaon Realty Private Limited and M/s Cineyug Films Pvt. Ltd., in lieu of the undue favours by accused public servants to Swan Telecom Private Limited (SWAN) in 2G Spectrum Case. The CBI have alternatively alleged in the said charge sheet that even if the said transaction of Rs. 20,000 lacs is accepted as genuine business transaction, the said loans obtained by Kalaignar for a consideration which being known as inadequate, constitutes commission of offence. The Firm is not an accused in the 2G Spectrum Case. The CBI Special Court in the 2G trial case passed an order on December 21, 2017 whereby all parties have been acquitted.

Further, consequent to above, a complaint was filed under the Prevention of Money Laundering Act, 2002 (the PML Act) (Money Laundering Case) and the Adjudicating Authority vide Order dated 10.01.2012 has confirmed the Provisional Attachment Order (the Order). The Firm being included as one of the defendant, properties in the form of bank balances and sundry debtors aggregating to Rs. 13,389 lacs (Previous Year Rs. 13,389 lacs) were provisionally attached, out of which, trade receivable of Rs. 4,971 lacs (Previous year Rs.4,971 lacs) are realized by the firm. An appeal has been preferred against the Order before the Appellate Tribunal under the PML Act. The Directorate of Enforcement has taken physical possession of bank balance of Rs. 35.99 lacs (Previous

Year Rs. 35.99 lacs) and has realized the trade receivable (The Phonix Mills Limited) of Rs. 3,451 lacs (Previous Year Rs. 3,451 lacs). Against such recoveries the Firm has made a representation to convert the amount so recovered into fixed deposits to be held by them in trust, which is pending. These recoveries by Directorate of Enforcement are shown as receivable from Directorate of Enforcement in the firm''s financial statements.

Further, on 24.04.2014, the Directorate of Enforcement has filed a complaint before the Hon''ble Special Court in connection with the Prevention of Money Laundering Case relating to the 2G Spectrum Case against 19 accused including the Firm and its partners. The Hon''ble Special Court by an Order have framed charges against the accused persons, including the Firm. The Firm has been alleged to have paid illegal gratification of Rs. 20,000 lacs to Kalaignar on behalf of an accused public servant, through the process of layering and received back the same again through the process of layering from Kalaignar as Rs. 22,355 lacs. Thus, the Firm is alledged to be involved as also alledged to have committed an offence of money laundering under section 3 of the PML Act, which is punishable under section 4 of the PML Act.

After completion of both the cases by two separate orders dated 21.12.2017, the Special Court in CBI as well as Prevention of Money Laundering Act, 2002 Case has passed the Orders acquitting all the Accused. By the Order dated 21.12.2017 in Prevention of Money Laundering Act, 2002 Case, the Special Court has also given Order for release of properties attached by the Directorate of Enforcement including of the Firm - “after the period of appeal is over”. Against the said Orders, CBI as well as the Directorate of Enforcement have filed Criminal Leave Petitions before the Hon'' Delhi High Court which are pending for admission. Further, the Directorate of Enforcement has also filed petition for stay against Order of release of the attached properties for which “status-quo” has been granted by Hon'' Delhi High Court vide Order dated March 21, 2018.

In the opinion of the Firm, though the aforesaid cases are sub-juiced, as legally advised favorable outcome are expected and hence it would realized the attached assets.

2 The Firm has not made provision for contested income tax liability of Rs. 2,911.63 lacs (Previous Year: Rs. Nil) since based on the interpretation of law being supported by decisions of the appellate authorities, the Management of the Firm is of the opinion that the demands shall be deleted.

3 Trade Receivables, considered good outstanding more than 6 Months of Rs 272.29 lacs (Previous year Rs 366.40 lacs) (net of provision for expected credit loss) attached under the PML Act. The Firm has filed legal cases against these parties before the Hon'' High Court of Bombay for recovery of outstanding amounts along with interest thereon, which are pending. The Firm is confident that the outcome of these cases would be in its favour and hence, the outstanding amount shall stand realized in the due course of time. Under the circumstances, provision for doubtful debts, if any, is not considered necessary to be provided for.

B. DBS Realty:

i. Notes to financial statement regarding property tax liabilities:

During the earlier years, the firm has received special notice from Municipal Corporation of Greater Mumbai (M.C.G.M) with regard to payment of property tax. In response to said notice the firm has filed complaint to M.C.G.M stating that the said property belongs to Government of Maharashtra and therefore the assessment for property tax made on the firm is bad in law and void.

ii. During the earlier year, Airport Authority of India (AAI) had disputed the height of the SRA Buildings which is being constructed by the Firm and had denied the permission for further construction. AAI had ordered to demolish the floors beyond permissible height in order to conduct Aeronautical Studies. The Firm had filed an appeal before the Hon''ble Delhi High Court against the said order of AAI.

The Hon''ble Delhi High Court vide its order dated 30.01.2018 has directed the AAI to conduct Aeronautical Studies of the SRA Project without demolishing the structure and to grant further permissions based on Aeronautical Studies.

Accordingly, the firm is awaiting final report of Aeronautical Studies from AAI for grant of additional height clearance for SRA buildings and subsequent to which the firm can start the construction activity of the SRA project.

iii. Certain Trade Payables, Contractors'' Retention Money and Mobilization Advance in the Financial Statements are subject to confirmation.

C. Mira Real Estate Developers:

i. Notes to financial statements regarding a matter which is sub-judice:

The Salt Department, Union of India has filed a petition and the partnership firm has filed cross petitions towards their respective claim for exclusive title over the salt pan land. Though the matter is sub-judice, the firm is of opinion that it has a rightful claim over the ownership of the salt pan land and will be in a position to defend its title.

ii. Notes to Financial statements relating to procedures regarding direct confirmations:

Certain Trade Payables, Contractors'' Retention Money and Mobilisation Advance in the Financial Statements are subject to confirmation.

3 During an earlier year, the Company acquired 1/3rd stake in Mahal Pictures Private Limited by paying Rs. 8,922 Lacs by and under a Share Purchase Agreement dated December 2, 2010, the Company agreed to purchase additional 1/3rd stake from another shareholder vide a Share Purchase Agreement and paid advance of Rs. 4,000 Lacs. However, as per the said agreement, such purchase is subject to settlement of a suit which is pending at the High Court of Judicature at H''ble Bombay High Court. The Company has become a party to the said suit on account of demise of that Shareholder. The Company, based on legal advice is confident of a favorable resolution in getting the matter resolved favorably and accordingly the said advance paid is considered to be good of recovery.

4 One of the subsidiary Company has plans to construct/ develop/ market project/s on its land, which are delayed due to title dispute concerning the previous landlords. The subsidiary Company has filed a special leave petition before the Supreme Court of India which is pending and a status quo order has been passed by the Supreme Court of India. The Company considers its investment in the said subsidiary as long term and strategic in nature. As of March 31, 2018, the Company''s investment in and Loan to this subsidiary aggregate Rs. 3,120.19 lacs (Previous year Rs. 3,120.19 lacs) and Rs. 11,305.03 lacs (Previous year Rs. 11,301.15 lacs) respectively. The subsidiary Company has been legally advised that the outcome of the petition before the High Court of Bombay against the reversed order & that of the Supreme Court of India against the order of the Bombay High Court in PIL can be in favor & accordingly the management is confident about the positive outcome and does not believe that there is any diminution in the value of its investments and considers the loan given as good of recovery.

5 One of the Company''s wholly owned subsidiary, DB Man Realty Private Limited has not written off the inventory amount though LOA stands cancelled, as the said company expects positive outcome from the writ petition. As of March 31, 2018, the Company''s investment in and loan to this subsidiary aggregate Rs. 719.60 lacs (Previous year Rs. 719.60 lacs) and Rs 4.47 lacs (Previous year Rs.4.44 lacs)respectively. The Management is confident about the positive outcome and does not believe that there is any diminution in the value of its investments and considers the loan given as good of recovery.

6 a) The Company has incurred a sum of Rs.1,753.58 lacs (Previous Year Rs. 1,767.62 lacs) towards acquisition of development rights

pertaining to a SRA redevelopment project, which is the subject matter of litigation. There are six litigations pending regarding the same. Based on legal advice, the Company believes that it has a good chance of getting the project and is confident of commencement of redevelopment activities shortly and accordingly the said amount is considered as good of recovery.

b) In respect of project under development having a value of Rs. 3,517.59 Lacs (Previous Year Rs. 3,515.86 lacs) (forming a part of inventory) the Bombay High Court has ordered payment of money under the award as and by way of part compensation of Rs. 723.88 lacs (Previous Year Rs. 723.88 Lacs) towards land acquisition (included under current liabilities). The Company has moved to Supreme Court against such order of the High Court seeking further compensation of Rs. 2,168.14 lacs (Previous Year 2,168.14 Lacs). The Company also expects to recover amounts paid to other parties towards the project. Pending outcome of the matter, no adjustment have been made in the accounts in this regard.

7 The Company has investments in certain subsidiaries, jointly controlled entities and associates aggregating Rs. 27,354.56 lacs (Previous year Rs. 25,850.50 lacs) and loans and advances outstanding aggregating Rs. 60,826.93 lacs (Previous year Rs. 62,525.99 lacs) as at March 31, 2018. While such entities have incurred losses during the year and have negative net worth as at the year end, the underlying projects in such entities are in the early stages of real estate development and are expected to achieve adequate profitability on substantial completion and/ or have current market values of certain properties which are in excess of the carrying values. The Company considers its investments in such entities as long term and strategic in nature. Accordingly, no provision is considered necessary towards diminution in the value of the Company''s investments in such entities and for expected credit losses in respect of loans and advances advanced to such entities, which are considered good and fully recoverable.

8 The Company has received summons from Special Court for Prevention of Money Laundering Act (PMLA), Mumbai as one of the accused in connection with a complaint filed by Enforcement Directorate under ECIR No. ECIR/MBZO/07/2015 & ECIR/MBZO/08/2015. The Hon''ble Court had also summoned two of the KMP''s of the Company as one of the accused as per the said complaint. The matter in relation to the Company and the KMP involves certain advances given by the Company in the ordinary course of its business to another company, which was subsequently refunded fully upon cancellation of the understanding. The Company does not expect any financial liability.

9 Managerial remuneration:

a) In view of inadequate profit during the current and previous year, the Company has not paid any managerial remuneration to any managing director in both years.

b) Sitting fees amounting to Rs. 9.00 lacs (Previous Year Rs. 10.20 lacs) have been paid to the independent directors.

10 Dynamix Realty (“Partnership Firm”) in which the holding Company is a partner, had granted Loan to Kusegaon Realty Private Limited aggregating to Rs. 20,925 lacs (the said loan) as upto 31st March 2010. As of March 31, 2018, the outstanding balance due from Kusegaon Realty Private Limited is Rs. Nil (Previous year Nil). Central Bureau of Investigation (Anti-corruption Branch, New Delhi) in the Supplementary (First) charge sheet RC.DAI.2009.A.0045 (2G Spectrum Case) has alleged that out of the said loans granted, Rs. 20,000 lacs was paid as illegal gratification to M/s Kalaignar TV Private Limited through Kusegaon Realty Private Limited and M/s Cineyug Films Private Limited, in lieu of the undue favours by accused public servant to Swan Telecom Private Limited in 2G Spectrum Case. The Central Bureau of Investigation has alternatively alleged in the said charge sheet that even if the said transaction of Rs. 20,000 lacs is accepted as genuine business transaction, the interest charged is being inadequate is a favour to a government servant, hence, it constitutes commission of offence. The firm is not an accused in the 2G Spectrum Case. The CBI Special Court in the 2G Trial case passed an order on December 21, 2017 whereby all the partners have been acquitted..

Further, The Deputy Director Enforcement vide his attachment order No: 01/2011 dated 30th August, 2011 has provisionally attached Company''s bank account number 05211011001053 maintained with Oriental Bank of Commerce, Goregaon (East), having Bank Balance of Rs. 68.93 lacs . The Enforcement Directorate has also attached two flats belonging to the Company situated at Goregaon (East). The Combined value of these two flats as shown in Company''s financial statement is Rs. 107.65 lacs at the time of attachment (WDV as on 31st March, 2018 is Rs. 94.39 lacs (Previous year Rs.96.23 lacs)). Also, a loan amounting to Rs. 5,039.63 lacs (at the time of attachment) advanced to Goan Hotels & Clubs Private Limited (now Goan Hotels & Realty Pvt. Ltd.) has also been provisionally attached. However, the above loan was converted into the Redeemable Optionally Convertible Cumulative Preference Shares (ROCCPS) of Marine Drive Hospitality & Realty Private Limited (“MDHRPL”) holding Company of Goan Hotels & Clubs Private Limited, before the provisional attachment order via tripartite confirmation. This fact has been brought to the notice of Enforcement Directorate vide Office Letter dated September 20, 2011.

This provisional attachment order has been upheld by adjudicating authority vide order number 116/2011 dated January 10, 2012. Appeal has been filed on 19th March, 2012 with Appellate Tribunal under Prevention of Money Laundering Act (PML Act). The said appeal is sub-judice.

In an earlier year, the Directorate of Enforcement had taken physical possession of bank balance of Rs. 68.93 lacs against which the Company has written a letter to convert the amount so recovered into Fixed Deposits. Till date Directorate of Enforcement has not entertained this request. In view of the same, the said balance is shown as part of Other financial assets. . (Note No. 18.1)

Further, on April 24, 2014, the Directorate of Enforcement has filed a complaint before the Hon''ble Special Court in connection with the Prevention of Money Laundering Case relating to the 2G Spectrum Case against 19 accused including the Firm and its partners. The Hon''ble Special Court by an Order have framed charges against the accused persons, including the Firm. The Firm has been alleged to have paid illegal gratification of Rs. 20,000 lacs to Kalaignar on behalf of an accused public servant, through the process of layering and received back the same again through the process of layering from Kalaignar as Rs. 22,355 lacs. Thus, the Firm is alleged to be involved as also alleged to have committed an offence of money laundering under section 3 of the PML Act, which is punishable under section 4 of the PML Act. During the year 2014, 2,470,000 Series A ROCCPS shares of the value of Rs. 2547.90 lacs in lieu of loan advanced to Goan Hotels & Club Pvt. Limited., held by the Company have been handed over to Enforcement Directorate by letter dated 28th October, 2014 (Note No. 7.3). During the year 2015-16, 29,415 ROCCPS shares of the value of Rs.30.34 lacs in lieu of loan advanced to Marine Drive Hospitality & Realty Private Limited, held by the Company have been handed over to Enforcement Directorate vide letter dated September 28, 2015.

After completion of both the cases by two separate orders dated 21.12.2017, the Special Court in CBI as well as PMLA Case has passed the Orders acquitting all the Accused. By the Order dated 21.12.2017 in PMLA Case, the Special Court has also given Order for release of properties attached by the Directorate of Enforcement including of the Firm after the period of appeal is over. Against the said Orders, CBI as well as the Directorate of Enforcement have filed Criminal Leave Petitions before the Hon''ble Delhi High Court. Further, the Directorate of Enforcement has also filed petition for stay against Order and also release of the attached properties for which “status-quo” has been granted by Hon''ble Delhi High Court vide Order dated March 21, 2018.

11 In respect of company''s investment in Association of Person (AOP), each executing
a single project, the Company''s share in the uninventorised expenses of such projects and shown as accumulated losses, is recognized only when such loss will be debited to members account in the books of such AOPs. As per the projections of the management, each of such projects is expected to make a good profit on completion.

12 Corporate Social Responsibility:

Disclosure as required under Section 135 of Companies Act, 2013, read with Companies (Corporate Social Policy) Rules, 2014 is as under: a) Gross amount required to be spent by the Company during the year Rs. 7.58 lacs (Previous year Rs. 56.36 lacs)

13 Related Party Disclosure:

(i) Disclosures as required by the Indian Accounting Standard 24 (Ind AS-24) Related Party Disclosures are given below:

(a) List of related parties where control exists.

Sr No Name of the Related Parties Subsidiary Companies

1 Neelkamal Realtors Suburban Private Limited

2 Neelkamal Shantinagar properties Private Limited

3 DB View Infracon Private Limited

4 Goregaon Hotel And Realty Private Limited

5 MIG (Bandra) Realtors & Builders Private Limited

6 Nine Paradise Erectors Private Limited

7 Real Gem Buildtech Private Limited

8 N A Estates Private Limited

9 Priya Constructions Private Limited

10 Esteem Properties Private Limited

11 Saifee Bucket Factory Private Limited

12 Spacecon Realty Private Limited

13 Vanita Infrastructure Private Limited

14 D B Contractors & Builders Private Limited

15 DB Man Realty Private Limited

16 Royal Netra Constructions Private Limited

17 Horizontal Realty & Aviation Private Limited( earlier known as Eon Aviation Private Limited) (w.e.f 02.01.2017) (Stepdown subsidiary )

18 Shree Shantinagar venture (Stepdown subsidiary)

19 Turf Estate JV (AOP in which Company is a member)

20 Mira Real Estate Developers (Partnership Firm)

21 Conwood DB JV (AOP in which Company is a member)

22 ECC DB JV (AOP in which Company is a member)

23 Evergreen Industrial Estate (Stepdown subsidiary)

Jointly Controlled Entities

24 Sneh Developers (Partnership Firm in which Subsidiary Company is partner)

25 DB Realty and Shreepati Infrastructure LLP

26 Dynamix Realty (Partnership Firm)

27 Lokhandwala Dynamix Balwas Joint Venture

28 Lokhandwala DB Realty LLP

29 National Tiles (Partnership Firm)

30 Suraksha DB Realty

31 DBS Realty (Partnership Firm)

32 Om Metal Consortium (Partnership Firm in which Subsidiary Company is partner)

33 DB ( BKC ) Realtors Private Limited

(b) Related parties with transaction have taken place during the year & relationship thereof:

__Associate Companies_

34 Sangam City Township Private Limited_

35 Mahal Pictures Private Limited_

36 DB Hi-Sky Constructions Private Limited_

37 Shiva Buildcon Private Limited_

38 Shiva Multitrade Private Limited_

39 Shiva Realtors Suburban Private Limited_

40 Neelkamal Realtors Towers Private Limited_

41 Milan Theatres Private Limited (Associate of Step Down Subsidiary w.e.f 10.07.2017)_

__Entity in respect of which the company is an Associate_

42 Neelkamal Tower Construction LLP_

__Key Management Personnel (KMP)_

43 Vinod Goenka (Chairman & Managing Director)_

44 Shahid Balwa (Vice Chairman & Managing Director)_

45 A. Anil Kumar (CFO) resigned w.e.f 15.11.2017_

46 Asif Balwa (CFO) appointed w.e.f 14.02.2018_

47 Mahesh Manilal Gandhi (Non-Executive Director)_

48 Sundaram Rajagopal (Non-Executive Director)_

49 Devendra Vasal (Non-Executive Director)_

50 Jagat Killawala (Non-Executive Director)_

51 Sunita Goenka (Non-Executive Director)_

52 Janak Ishwarbhai Desai (till 14.09.2017) (Non-Executive Director)_

53 Nasir Mahumad Rafique (Non-Executive Director)_

54 Jayavardhan Vinod Goenka (Non-Executive Director)_

55 Salim Usman Balwa (Non-Executive Director)_

__Relatives of KMP_

56 Aseela V Goenka (Wife of Chairman)_

57 Sanjana V Goenka (Daughter of Chairman)_

58 Pramod Goenka (Brother of Chairman)_

59 Shanita D Jain (Sister of Chairman)_

60 Usman Balwa (Father of Vice Chairman)_

61 Sakina U Balwa (Mother of Vice Chairman)_

62 Shabana Balwa (Wife of Vice Chairman)_

63 Arshad S Balwa (Son of Vice Chairman)_

64 Aaliya S Balwa (Daughter of Vice Chairman)_

65 Wahida Asif Balwa (Wife of CFO) (w.e.f 14.02.2018)_

66 Ishaq Balwa (Brother of CFO) (w.e.f 14.02.2018)_

67 Mohammed Balwa (Brother of CFO) ( w.e.f 14.02.2018)_

__Enterprises where individuals i.e. KMP and their relatives have significant influence_

68 Pune Buildtech Private Limited_

69 Hotels Balwas Private Limited_

70 Mystical Constructions Private Limited (formerly known as Nihar Construction Private Limited)_

71 Neelkamal Realtors & Builders Private Limited_

72 YJ Realty And Aviation Private Limited_

73 Conwood Construction & Developers Private Limited_

74 Dynamix Clubs And Resorts Private Limited_

75 Dynamix Contractors & Builders Private Limited_

76 Eversmile Construction Company Private Limited_

77 K G Enterprises_

78 Goenka & Associates Medical Research Centre_

79 Balwas Charitable Trust_

80 Goenka Family Trust_

81 Vinod Goenka HUF_

82 Bamboo Hotel and Global Centre ( Delhi ) Private Limited( formerly known as Heaven Star Hotels (Delhi) Private Limited)

83 BD&P Hotels (India) Private Limited_

84 Goan Hotels & Realty Private Limited_

85 Majestic Infracon Private Limited_

86 Marine Drive Hospitality & Realty Private Limited_

87 Deluxe Hospitality Limited, Mauritius_

88 Neelkamal Realtors and Hotels Private Limited ( w.e.f 14.02.2018)_

Source : Dion Global Solutions Limited
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