| 1. SHARE CAPITAL
a. Terms/rights attached to equity shares
The Company has only one class of Equity Share having value of Rs. 10
each with an entitlement of one vote per share.
In the event of company declares and pays dividends in Indian rupees,
the dividend proposed by the Board of Directors are subject to the
approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holder of equity shares
will be entitled to receive any of the remaining assets of the company,
after distribution of all preferential amounts, the distribution will
be in proportion to the number of equity shares held by the
shareholders.
2. Borrowings
a SICOM Limited - Rs. 5 Gores
Secured by way of first charge on piece or parcel of land admeasuring
25340 square metres located at Village Honad, Taluka Raigad and
1,43,930 square metres located at Village Isambe, Taluka Khalapur. The
rate of interest is Medium Term Reference Rate 2% p.a.
b SICOM Limited Rs. 9.995 Gores
Secured by way of hypothecation of receivables from the project - Magic
Hills covering the entire loan amount The rate of interest is Medium
Term Reference Rate 2% p.a.
c United Bank of India - Rs. 4.5 Gores
Secured by way of registered mortgage of 11 residential bun glows
located at Magic Hills bearing plot no. 13,14,15,16 & 17 (part),
Ambivali, Khalapur. The rate of interest is Base Rate 1.50% p.a.
d Union Bank of India - Rs. 1445 Gores
Secured by way of first charge on piece or parcel of land admeasuring
1,206,856 square feet located at Village Honad, Taluka Khalapur and
hypothecation and escrow of the lease rent receivable. The rate of
interest is Base Rate 3.25% p.a.
e India Infoline Finance Limited Rs. 1.52 Gores
Secured against premises situated at Laxmi Industrial Estate. The
floating rate of interest is 16.50% p.a.
f Religare Finvest Limited -Rs. 13 Gores
Secured against registered mortgage of entire project of Garnet
Paladium, Malad k Gross Proeject Receivables. The rate of interest is
18.00% p.a.
g Religare Finvest Limited Rs. 6 Gores
Secured against registered mortgage of project Magic Enclave, Taluka
Khalapur k Gross Proeject Receivables. The rate of interest is
18.00% p.a.
h Kotak Mahindra Bank Ltd. -0.75 Gores
Secured by way of first charge on automobiles. The rate of interest is
18.00% p.a.
3. Contingent liabilities and commitments (to the extent not provided
for)
Particulars As at As at
31st March, 31st March,
2015 Rs. 2014 Rs.
Commitments
Advance against Property 7,22,88,404 8,15,52,104
Total 7,22,88,404 8,15,52,104
4. Related Party Disclosure
List of Related Parties only with whom transactions are executed.
a) Key Management Personnel/Relative of Managerial Person
Kishan Kumar Kedia Chairman & Managing Director
Arun Kumar Kedia Marketing director
Sanjay Kumar Kedia Finance Director
Kusumdevi Kedia Relative of director
b) Subsidiary Company
Callista Realty Limited Subsidiary Company
c) Associate Concern
S.K.Investment
J.S.Realty Private Limited
Neelkant Industrial Estate
Panchsheel Industrial Estate Associate Concern
Aditya Industrial Estate
Panchdeep Industrial Estate
Kedia Industrial Development Corporation
5. 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 and other business 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.
6. The Company operates in Single Segment i.e. Real Estate \ Real
Estate Development and therefore Segment Reporting as per AS-17'
Segment Reporting is not applicable.
7. No provisions are made for liability of gratuity and leave
encashment which are treated on cash basis in the accounts and amount
for which is unascertained.
8. a. In the opinion of the management, any of the assets other than
fixed assets and non- current investments have a value on realisation
in the ordinary course of business atleast equal to the amount at which
these are stated.
The accounts of certain Trade Receivables, Trade Payables, Loans and
Advances and banks are, however, subject to confirmations or
b. reconciliations and consequent adjustments, if any. The management
does not expect any material difference affecting the current year's
financial statements on such reconciliation/ adjustments.
9. Previous year's figures have been regrouped / rearranged wherever
necessary to conform to current year's classification.
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