NOTE 3: Property. Plant and Equipment
| |
Gross Block
|
Depreciation/Amortisation
|
Net Block
|
|
PARTICULARS
|
As at
|
Additions
|
Deductions /
|
As at
|
As at
|
FOR THE YEAR
|
Deductions /
|
As at
|
As at
|
As at
|
| |
l-Apr-17
|
|
Adjustments
|
31-Mar-18
|
l-Apr-17
|
|
Adjustments
|
31-Mar-18
|
31-Mar-18
|
31-Mar-17
|
|
Tangible Assets
|
|
|
|
|
|
|
|
|
|
|
|
Computers
|
53,000
|
-
|
-
|
53,000
|
52,735
|
264
|
-
|
52,999
|
1
|
265
|
|
Printer
|
10,900
|
24,119
|
-
|
35,019
|
10,513
|
3,065
|
-
|
13,578
|
21,441
|
387
|
|
Air Cooler
|
-
|
8,790
|
-
|
8,790
|
-
|
1,434
|
-
|
1,434
|
7,356
|
-
|
|
Office Equipment
|
-
|
2,09,607
|
-
|
2,09,607
|
-
|
11,839
|
-
|
11,839
|
1,97,768
|
-
|
|
Total
|
63,900
|
2,42,516.00
|
-
|
3,06,416
|
63,248
|
16,602
|
-
|
79,850
|
2,26,566
|
652
|
Previous Year (2016-17)
|
PARTICULARS
|
Gross Block
|
Depreciation/Amortisation
|
Net Block
|
|
As at l-Apr-16
|
Additions
|
Deductions / Adjustments
|
As at 31-Mar-17
|
As at l-Apr-16
|
FOR THE YEAR
|
Deductions / Adjustments
|
As at 31-Mar-17
|
As at 31-Mar-17
|
As at 31-Mar-16
|
|
Tangible Assets
|
|
|
|
|
|
|
|
|
|
|
|
Computers
|
53,000
|
|
- |
53,000 |
35,951 |
16,784 |
|
52,735 |
265 |
17,049 |
|
Printer
|
10,900
|
-
|
|
10,900 |
7,061 |
3,452 |
- |
10,513 |
387 |
3,839 |
|
Total
|
63,900
|
-
|
-
|
63,900
|
43,012
|
20,236
|
-
|
63,248
|
652
|
20,888
|
*Note:
The Company is not having any Intangible Assets.
The Depreciation has been provided on the fixed assets as per The Companies Act 2013 on Straight Line Basis.
NOTE 4: LONG TERM LOANS & ADVANCES
NOTE 7: TRADE RECEIVABLES
(AMOUNT IN Rs.)
|
PARTICULARS
|
As At 31-Mar-18
|
As At 31-Mar-17
|
As At 01 -Apr-2016
|
|
Security Deposits Other Loans & advances
|
-
|
-
|
1,06,842 18,33,620
|
| |
|
|
19,40,462
|
|
NOTE 5: OTHER NON-CURRENT ASSETS (AMOUNT IN Rs.)
|
|
|
|
|
PARTICULARS
|
As At 31-Mar-18
|
As At 31-Mar-17
|
As At 01-Apr-2016
|
|
Over Six Months Less: Provision for Doubtful Debts
|
-
|
-
|
1,48,71,002 -92,01,114
|
| |
|
|
56,69,888
|
|
NOTE 6: INVENTORIES
|
|
|
(AMOUNT IN Rs.)
|
|
PARTICULARS
|
As At 31-Mar-18
|
As At 31-Mar-17
|
As At 01-Apr-2016
|
|
Closing Work in Progress
|
-
|
1,76,40,385
|
-
|
| |
-
|
1,76,40,385
|
-
|
(AMOUNT IN Rs.)
|
PARTICULARS
|
As At 31-Mar-18
|
As At 31-Mar-17
|
As At Ol-Apr-2016
|
|
Other Debts Unsecured Considered Good (Less than six months)
|
3,62,61,480
|
1,13,00,800
|
-
|
| |
3,62,61,480
|
1,13,00,800
|
-
|
NOTE 8: CASH AND CASH EQUIVALENTS
(AMOUNT IN Rs.)
|
PARTICULARS
|
As At 31-Mar-18
|
As At 31-Mar-17
|
As At 01 Apr-2016
|
|
Cash on hand
|
1,04,287
|
4,02,811
|
2,09,743
|
|
Balances with banks
|
|
|
|
|
- in current accounts
|
8,46,350
|
-32,04,292
|
29,758
|
|
in FD Sweep accounts
|
18,50,000
|
45,80,000
|
|
|
Interest accrued on MOD
|
5,269
|
|
|
| |
28,05,906
|
17,78,519
|
2,39,501
|
NOTE 9: SHORT TERM LOANS & ADVANCES
(AMOUNT IN Rs.)
|
PARTICULARS
|
As At 31-Mar-18
|
As At 31-Mar-17
|
As At 01-Apr-2016
|
|
To Relatives
|
4,48,120
|
5,68,120
|
-
|
|
To Other
|
66,20,216
|
66,20,217
|
24,01,822
|
| Advance Tax FY 2016-17 |
4,52,918 |
6,66,272 |
- |
| |
75,21,254
|
78,54,609
|
24,01,822
|
a. In the opinion of management, the current assets including loans, advances, deposits etc, is fully realizable in the normal course of business.
b. The balances of loan & advances as appearing above are fully confirmed.
NOTE 10: OTHER CURRENT ASSETS
(AMOUNT IN Rs.)
|
PARTICULARS
|
As At 31-Mar-18
|
As At 31-Mar-17
|
As At Ol-Apr-2016
|
|
Security Deposit VAT Deposit
|
22,820
|
22,820
|
22,820
|
|
Interest accrued on MOD
|
_
|
3,705
|
_
|
|
TDS on VAT Receivables Other advances
|
95,15,822
|
93,000
|
-
|
| |
95,38,642
|
1,19,525
|
22,820
|
NOTE 11: NOTES FORMING PART OF FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018
a) EQUITY SHARE CAPITAL
(AMOUNT IN Rs.)
|
PARTICULARS
|
As At 31-Mar-18
|
As At 31-Mar-17
|
As At Ol-Apr-16
|
|
Authorized:
35,000,000 (Previous year 35,000,000) Equity Shares of Rs.l Each Issued, subscribed and fully paid up:
|
3,50,00,000
|
3,50,00,000
|
3,50,00,000
|
|
32,955,000 ( Previous year 3,255,000) Equity Shares of Rs.l Each
|
3,29,55,000
|
3,29,55,000
|
32,55,000
|
|
Total
|
3,29,55,000
|
3,29,55,000
|
32,55,000
|
(AMOUNT IN Rs.)
|
Balance as on 1st April, 2016
|
Changes in equity share capital during the Reporting Period
|
Balance as on 31st March, 2017
|
|
3255000
|
29700000
|
32955000
|
|
Balance as on 1st April, 2017
|
Changes in equity share capital during the Reporting Period
|
Balance as on 31st March, 2018
|
|
32955000
|
Nil
|
32955000
|
Other Information:
Terms/Rights attached to the Equity Shares
The Company has only one class of equity shares having a par value of Rs. I/- per share, each holder of equity shares is entitled to one vote oer share.
Details of Shareholders holding more than 5% shares in the Company
Equity shares of Rs.l each fully paid up:
There are no equity shareholders holding more than 5% of euity shares in the company during the year.
NOTE 12:
b) OTHER EQUITY
| |
|
|
|
|
|
|
|
|
|
Money
|
|
| |
Share
|
Equity
|
Reserves and Surplus
|
|
|
Effective
|
|
Exchange
|
Other Items
|
Received
|
|
| |
Application
|
component of
|
|
|
|
|
Debt
|
Equity
|
portion of
|
|
Differences
|
of OCI
|
against
|
|
| |
Money pending
|
Financial
|
|
Securities
|
|
|
Instruments
|
Instruments
|
Cash flow
|
Revaluation
|
on
|
(specify
|
share
|
|
|
Particulars
|
allotment
|
Instruments
|
Capital Reserve
|
Premium Reserve
|
Other Reserves
|
Retained Earnings
|
Through OCI
|
through OCI
|
hedge
|
Reserve
|
translation
|
nature)
|
warrants
|
Total
|
|
Balance at the
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
beginning of the
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reporting period
|
Nil
|
Nil
|
Nil
|
Nil
|
12,58,469
|
(98,38,640)
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
(85,80,171)
|
|
Changes in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
accounting
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
policy or prior
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
period errors
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
|
Restated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
balance at the
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
beginning of the
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
period
|
Nil
|
Nil
|
Nil
|
Nil
|
-1258469
|
1258469
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income for the
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
year
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
|
Dividends
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
|
Transfer to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retained
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
1,06,88,575
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
1,06,88,575
|
|
Any other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
change (Specify)
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
|
Balance at the
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
end of the
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reporting period
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
21,08,404
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
Nil
|
21,08,404
|
NOTE 13: NON-CURRENT BORROWINGS
(AMOUNT IN Rs.)
| |
Non Current Portion
|
Current Portion
|
|
PARTICULARS
|
As At
|
As At
|
As At
|
As At
|
As At
|
As At
|
| |
31-Mar-18
|
31-Mar-17
|
Ol-Aor-16
|
31-Mar-18
|
31-Mar-17
|
Ol-Aor-16
|
|
Secured:
|
|
|
|
|
|
|
|
National Small Industries Corporation
|
-
|
-
|
-
|
-
|
-
|
1,46,57,713
|
|
Unsecured:
|
|
|
|
|
|
|
|
From Related Parties
|
-
|
-
|
-
|
6,05,759
|
3,29,759
|
52,757
|
|
From Others
|
-
|
-
|
-
|
-
|
-
|
3,00,000
|
|
From Companies
|
-
|
-
|
-
|
-
|
-
|
63,00,000
|
| |
-
|
-
|
-
|
6,05,759
|
3,29,759
|
2,13,10,470
|
NOTE 14: TRADE PAYABLES
(AMOUNT IN Rs.)
|
PARTICULARS
|
As At 31-Mar-18
|
AsAt31-Mar-17
|
As At Ol-Apr-16
|
|
Trade payables for material, supplies & services
|
1,63,28,008
|
1,31,79,431
|
5,65,092
|
|
Statutory liabilities
|
8,80,141
|
4,78,867
|
-
|
| |
1,72,08,149
|
1,36,58,298
|
5,65,092
|
a) Trade payables include Nil (Previous Year Nil) due to Micro, Small and Medium Enterprises to the extent such parties have been identified by the management from available information.
b) The Company has not received any intimation from the 'suppliers' regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures if any relating to amounts unpaid as at March 31, 2018 (Previous year as at March 31,2017) together with interest paid / payable as required under the said Act, have not been given.
c) Statutory liabilities includes TDS payable and output GST payable as on March 31, 2018.
NOTE 15: SHORT-TERM PROVISIONS
|
PARTICULARS
|
|
1
|
|
A^^l-Mar-18
|
As At 31-Mar-17
|
As ^l-Apr-16
|
|
Provision for Construction Expenses
|
|
|
|
25,50,000
|
_
|
_
|
|
Provision for Audit Fees
|
|
|
|
60,000
|
54,000
|
20,000
|
|
Provision for Professional Fees
|
|
|
|
_
|
81,000
|
_
|
|
Provision for Salary Expenses
|
|
|
|
1,18,700
|
1,80,700
|
-
|
|
Provision for Electricity Expenses
|
|
|
|
31,302
|
15,904
|
-
|
|
Provision for Income Tax
|
|
|
|
7,15,404
|
-
|
-
|
| |
|
|
|
34,75,406
|
3,31,604
|
20,000
|
(AMOUNT IN Rs)
|
PARTICULARS
|
AsAt31-Mar-18
|
AsAt31-Mar-17
|
|
Construction Receipt Interest Income
|
13,14,58,000
|
5,87,00,000
|
| |
13,14,58,000
|
5,87,00,000
|
|
NOTE 17: OTHER INCOME (AMOUNT IN Rs)
|
|
PARTICULARS
|
AsAt31-Mar-18
|
AsAt31-Mar-17
|
|
Interest Income Dr/ Cr. Balance Written Off
|
5,25,257
|
3,92,711 22,78,340
|
| |
5,25,257
|
26,71,051
|
NOTE 21: FINANCE COST
NOTE 22: OTHER EXPENSES
(AMOUNT IN Rs)
|
PARTICULARS
|
AsAt31-Mar-18
|
As At 31-Mar-17
|
|
Interest Expenses
|
2,14,285
|
|
| |
2,14,285
|
-
|
(AMOUNT IN Rs)
|
PARTICULARS
|
AsAt31-Mar-18
|
As At 31-Mar-17
|
|
Advertisement Expenses
|
10,325
|
11200
|
|
Computer Expenses
|
36,000
|
29,363
|
|
Demat Account Charges
|
|
4,683
|
|
Electricity Expenses
|
3,83,363
|
1,49,340
|
|
Festival Gift Exp
|
3,09,338
|
-
|
|
Insurance Expenses
|
|
35,071
|
|
Internet Expenses
|
3,474
|
10,540
|
|
Legal & Professional Fees
|
1,32,000
|
1,00,500
|
|
Listing Expenses
|
3,31,081
|
3,63,850
|
|
Office Expenses
|
9,066
|
78,060
|
|
Other Expenses
|
59,348
|
60,217
|
|
Petrol Expenses
|
33,630
|
7,960
|
|
Postage & Courier Expenses
|
10,550
|
59,506
|
|
Printing & Stationery Expenses
|
92,778
|
92,241
|
|
Rent Expenses
|
60,000
|
60,000
|
|
ROC Filling Fees
|
2,400
|
1,200
|
|
Security Charges
|
72,896
|
-
|
|
Swachh Bharat Cess
|
31,672
|
1,02,295
|
|
Telephone Expenses
|
16,636
|
12,624
|
|
Payment to Auditor:
|
|
|
|
Audit Fees
|
60,000
|
60,000
|
|
Tax Matters
|
90,000
|
90,000
|
| |
17,44,557 13,28,650
|
NOTE 23: EARNING PER SHARE (EPS)
(AMOUNT IN Rs)
|
PARTICULARS
|
AsAt31-Mar-18
|
As At 31-Mar-17
|
|
Profit / (Loss) after tax
|
|
1,06,88,575
|
62,75,010
|
|
Net Profit / (Loss) for calculation of basic EPS
|
|
1,06,88,575
|
62,75,010
|
|
Number of equity shares
|
|
3,29,55,000
|
3,29,55,000
|
|
Number of equity shares for calculation of basic EPS
|
|
3,29,55,000
|
1,87,38,288
|
|
Earnings Per Share (EPS)
|
|
0.32
|
0.33
|
NOTE 24: RELATED PARTY DISCLOSURE
As per Indian Accounting Standard 24, the disclosures of transactions with the related parties are given below:
a. List of related parties where control exists and related parties with whom transactions have taken place and relationships:
|
Name of Related Party
|
Relationship
|
|
Pro Leasing and Finance Limited
|
Company in which director is director
|
|
Parimal RShah Bhavik V Patel Shailesh chandra N Naik Samir D Vora PintubhaiSShah
|
Directors
|
|
Parimal RShah
|
Managing Director
|
b. Transaction during the year with related parties.
(AMOUNT IN Rs)
|
Nature of Transaction
|
As At 31-Mar-18
|
As At 31-Mar-17
|
|
Lease rent for office premises
|
|
|
|
Pro Leasing and Finance Limited
|
60,000
|
60,000
|
|
Director Remuneration
|
|
|
|
Bhavik V Patel
|
4,94,000
|
4,18,000
|
|
Umesh Gandhi
|
|
56,000
|
|
Parimal RShah
|
2,76,000
|
2,76,000
|
|
Unsecured loan taken
|
|
|
|
Parimal R Shah
|
6,05,759
|
3,29,759
|
|
Short Term advances
|
|
|
|
Pro Leasing and Finance Limited
|
4,68,120
|
5,68,120
|
Mr. Umesh Gandhi left the company as a director w.e.f. 25th July 2016.
NOTE 25
The Company is engaged in construction business only and therefore there is only one reportable segment in accordance with Indian Accounting Standard 108 on "Operating Segments".
NOTE 26
Figures of the previous year have been regrouped/ rearranged/ reclassified wherever necessary to correspond with the classification of
NOTE 27
The disclosures regarding details of specified bank notes held and transacted during November 8, 2016 to December 30, 2016 has not been made since the requirement does not pertain to financial year ended March 31, 2018. Corresponding disclosure as appearing in the audited financial statements for the period ended March 31, 2017 have been disclosed below: Details of Specified Bank Notes (SBN) held and transacted during the period Novembers, 2016 to December 30, 2016:
|
Particulars
|
SBNs
|
Other denomination notes
|
Total
|
|
Closing cash in hand as on 08.11.2016
|
64000
|
246893
|
310893
|
|
( ) Permitted receipts
|
Nil
|
Nil
|
Nil
|
|
(-) Permitted payments
|
Nil
|
(85913)
|
(85913)
|
|
(-) Amount deposited in Banks
|
(64000)
|
Nil
|
(64000)
|
|
( ) Amount withdrawn from Banks
|
Nil
|
300000
|
300000
|
|
Closing cash in hand as on 30.12.2016
|
Nil
|
460980
|
460980
|
NOTE 28
A] Explanation of transition to Ind AS
There is no difference in total equity as on 31.03.2017 and 01.04.2016 and total comprehensive income for the year ended 31.03.2017 in comparison to previous GAAP. Resultantly effect of transition to Ind AS is considered as Nil.
B] First time adoption of Ind AS
The accounting policies have been applied consistently in preparing the financial statements for the year ended 31.03.2017, the comparative information presented in these financial statements for the year ended 31.03.2016 and in the preparation of an opening Ind AS balance sheet as at 01.04.2016 (the company's date of transition).
C] Ind AS optional exemptions
Deemed cost of Property, Plant and Equipment, Investment Property and Intangible Assets
Ind AS 101 permits a first time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognized in the financila statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-comissioning liabilities. This exemption can also be used for Intangible assets covered by Ind AS 38 Intangible Assets and Investment Property covered by Ind AS 40 Investment properties. Accordingly, the company has elected to measure all of its Property, Plant and Equipment, Intangible Assets and Investment property at their previous GAAP carrying value as deemed cost.
D] Ind AS mandatory exemptions Estimates
An entity's estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any differences in accounting policies), unless there is objective evidence that those estimates were in error. Ind AS estimates as at 01.04.2016 are consistent with the estimates as the same date made in confirmity with previous GAAP.
Classification and Measurement of Financial assets and liabilities
The classification and measurement of financial assets will be made considering whether the conditions as per Ind AS 109 are met based on facts and circumstances existing at the date of transition.
Reconciliation between previous GAAP and Ind AS
Ind AS 101 requires an entity to reconcile total equity and total comprehensive income for prior periods. The following tables represent the reconciliation from previous GAAP to Ind AS.
1. Reconciliation of total equity as at 31 March 2017 and 1 April 2016
|
(AMOUNT IN RS)
|
|
|
|
Particulars
|
31-Mar-17
|
01-Apr-16
|
|
Total Equity (Shareholder's Funds) as per previous GAAP
|
2,43,74,829
|
1,16,00,181
|
|
Adjustments
|
|
|
|
Total Equity as per Ind AS
|
2,43,74,829
|
1,16,00,181
|
2. Reconciliation of total comprehensive income for the year ended 31 March 2017
(AMOUNT IN RS)
|
Particulars
|
31-Mar-17
|
|
Profit after tax as per previous GAAP
|
62,75,010
|
|
Adjustments:
|
-
|
|
Total comprehensive income for the year ended 31 March 2017
|
62,75,010
|
|
3. Reconciliation of Statement of cash flows for the year ended 31 March 2017
|
|
Particulars
|
Previous GAAP
|
Adjustments
|
Ind AS
|
|
Net cash flows from Operating activities
|
(1,47,90,621)
|
0
|
(1,47,90,621)
|
|
Net cash flows from investment activities
|
0
|
0
|
0
|
|
Net cash flows from financing activities
|
1,63,29,639
|
0
|
1,63,29,639
|
|
Net increase/ decrease in cash and cash equivalents
|
15,39,018
|
0
|
15,39,018
|
|
Cash and cash equivalents at 1 April 2016
|
2,39,501
|
|
2,39,501
|
|
Cash and cash equivalents at 31 March 2017
|
17,78,519
|
0
|
17,78,519
|
|
As Per Our Report of Even Date
|
|
|
For Shirish Desai & Co.
|
For and On Behalf Of the Board of Directors
|
|
Chartered Accountants
|
|
|
(Firm Registration No: 112226W)
|
|
|
Jaydeep A. Samani
|
Parimal Shah
|
Bhavik Patel
|
|
(Partner)
|
(Managing Director)
|
(Director)
|
|
Membership No: 150207
|
DIN: 00569489
|
DIN: 07521766
|
|
Place : Vadodara
|
|
|
|
Date : 28th May 2018
|
|
|
|