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Anant Raj Ltd. Notes to Accounts
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You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (Rs.) 10644.77 Cr. P/BV 3.76 Book Value (Rs.) 82.74
52 Week High/Low (Rs.) 365/115 FV/ML 2/1 P/E(X) 70.44
Bookclosure 05/07/2023 EPS (Rs.) 4.42 Div Yield (%) 0.16
Year End :2023-03 

(b) Right, preference and restrictions attached to shares

The Company has only one class of equity shares having a par value of ' 2 each. Each shareholder is eligible for one vote per share held and carry a right of dividend. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend.

In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

(c) Dividend

The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividend is recorded as a liability on the date of declaration by the Company's Board of Directors. Income tax consequences of dividends on financial instruments classified as equity will be recognized according to where the entity originally recognized those past transactions or events that generated distributable profits.

The Company declares and pays dividends in Indian rupees. The Finance Act, 2020, has repealed the Dividend Distribution Tax (DDT). Companies are now required to pay/distribute dividend after deducting applicable taxes. The remittance of dividends outside India is also subject to withholding tax at applicable rates.

The Board of Directors in their meeting held on April 25, 2023, recommended a final dividend @25% i.e. Re. 0.50 per equity share (face value of ' 2 per equity share) for the financial year ended March 31, 2023. This payment is subject to the approval of shareholders in the ensuing Annual General Meeting of the Company and if approved, would result in a net cash outflow of approximately ' 16.20 crores.

28 CONTINGENT LIABILITIES

(to the extent not provided for)

(' in Lakhs)

March 31, 2023

March 31, 2022

(i) (a) Claims against the Company not acknowledged as debts*

755.80

489.50

(b) Income tax demands disputed in appellate proceedings

2,846.68

701.10

(c) Disputed demands in respect of indirect taxes

217.16

217.16

* [Amounts are net of payments made and without considering interest for the overdue period and penalty, if any, as may be levied if the demand so raised is upheld]

(ii) Bonds/Guarantee given to custom authorities for custom duty saved on import of capital goods under EPCG scheme

331.08

331.08

[Unfulfilled export obligation of ' 1,273.82 lakhs (' 1,218.46 lakhs) under EPCG license for import of capital goods.]*

* As advised by legal experts, the Company adopting Amnesty Scheme issued by the Ministry of Commerce and Industry vide Notice no. 2/2023 regarding fulfilling its export obligations.

(iii) Guarantees given by Banks

Guarantees given to Town and Country Planning, Haryana, towards external/ internal development work.

3,169.65

1,992.89

Guarantees given to Gurugram Metropolitan Development Authority Gurugram, Haryana, towards switching station and feeder work.

10.65

-

Guarantees given to Ministry of Food Processing Industries, towards performance security for Agro Processing Cluster Development Project by Project Implementing Agency

50.00

[Deposits, inclusive of accrued interest, of ' 20,76.41 lakhs (' 813.17 lakhs) held by Banks as margin, shown under the head 'Other bank Balances']

(iv) Borrowings by affiliate companies whose loans have been guaranteed by the Company as at close of the year

4,109.71

4,274.36

29 CAPITAL AND OTHER COMMITMENTS

(' in Lakhs)

March 31, 2023

March 31, 2022

Estimated amount of contracts remaining to be executed on capital account and not provided for

1,047.27

2,336.23

30 Inventory includes, Development Rights acquired for ' 1,04,341.75 lakhs (' 95,899.58 lakhs), being payments made to subsidiary companies under Development Agreements to acquire irrevocable rights over land whereby the Company is entitled to construct, market and sell the development on the same.

31 In the opinion of the Board, all assets other than fixed assets and non current investments, have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated.

32 The Board of Directors at its meeting held on August 3, 2022, made the allotment of 2,90,00,000 equity shares of the face value of ' 2 each pursuant to the conversion of 2,90,00,000 fully convertible warrants ('Warrants'), allotted as on May 5, 2021, at an issue price of ' 56.35 each by way of preferential allotment to 'Promoter and Promoter group' and 'Non-Promoter' (Allottees), in accordance with the provisions of the Companies Act, 2013, read with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Consequent to the said allotment, the paid-up equity share capital of the Company stands increased to ' 64,81.93 lakhs divided into 32,40,96,335 equity shares of face value of ' 2 each.

33 The Board of Directors of the Company at their meeting held on March 4, 2023, had approved the issuance of 5,500, unlisted, redeemable, transferable, non- convertible debentures ("Debentures") bearing face value of ' 10,00,000 (Rupees Ten Lakhs Only) each, in multiple tranches aggregating up to ' 550,00 lakhs (Rupees Fifty Five Thousand lakhs Only) on a private placement basis. The first two tranches to be issued for an aggregate amount of up to ' 250,00 lakhs (Rupees Twenty Five Thousand lakhs Only) to eligible investors.

The Board of Directors of the Company at their meeting held on March 17, 2023, approved the allotment of 2,000 (Two Thousand), Debentures of face value of ' 10,00,000 (Rupees Ten Lakhs Only) aggregating to ' 200,00 lakhs (Rupees Twenty Thousand lakhs Only) in first tranche, on private placement basis to India Real Estate II Scheme III of Apollo Global Management.

34 The Board of Directors of the Company at their meeting held on August 3, 2022, approved the raising of funds by issuance of 250 ( Two Hundred Fifty) , secured, unlisted, redeemable, non- convertible debentures ('Debentures') bearing face value of ' 10,00,000 (Rupees Ten Lakhs Only) each, at par aggregating upto ' 25,00 lakhs (Rupees Twenty Five Hundred lakhs Only) on private placement basis to eligible investor(s).

The Board of Directors of the Company at their meeting held on September 9, 2022, approved the allotment of 250 (Two Hundred Fifty) Debentures of face value of '10,00,000 (Rupees Ten Lakhs Only) aggregating to ' 25,00 lakhs (Rupees Twenty Five Hundred lakhs Only), on private placement basis to Touchstone Trust Scheme II on the receipt of subscription amount.

35 The Company has received approval from National Stock Exchange of India Limited and BSE Limited for reclassification of the following persons from the "Promoter and Promoter Group" Category to the "Public" Category of shareholders of the Company, in accordance with provisions of Regulation 31A(3) and 31A(10) of the Listing Regulations:

S.

No.

Persons reclassified under Regulation 31A(10)

S.

No.

Persons reclassified under Regulation 31A(3)

1

Anil Sarin

1

Chanda Sachdev

2

Sharda Sarin

2

Dhruv Bhasin

3

Amar Sarin

4

Saloni Sarin

5

Sunaini Sarin

6

Heera Lal Bhasin

7

Anil Sarin (HUF)

36 As per Indian Accounting Standard-110 on "Consolidated Financial Statements" issued by the "Ministry of Corporate Affairs, Government of India, the Company has presented consolidated financial statements separately in this annual report.

37 All creation, modification and satisfaction of charges are registered/filed with Registrar of Companies within the period prescribed under the Companies Act, 2013, and the relevant rules made thereunder.

38 The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013, read with the Companies (Restriction on number of layers) Rules, 2017.

39 The State Government of Haryana, did not fulfil its obligations in the matter of grant of sales tax exemption. The Company had filed a writ petition before the Hon'ble High Court of Punjab and Haryana, situated at Chandigarh, which was admitted and is yet to be fully disposed. The Company has been advised that no liability is likely to arise on account of sales tax, and accordingly, no provision has been made by the Company in its books of account.

40 RETIREMENT BENEFIT PLANS

(i) In accordance with the Ind AS-19 on "Employee Benefits" issued by the Ministry of Corporate Affairs, Government of India, the Company has recognised its liability towards defined benefit plans being gratuity liability of ' 201.66 lakhs (' 212.55 lakhs) and leave encashment liability of ' 46.93 lakhs (' 50.39 lakhs).

(ii) The disclosures as per Ind-AS-19 on "Employee Benefits" are as follows:

(a) Change in defined benefit obligations

(e) The discount rate is based upon the market yields available on Government bonds at the accounting date with a term that matches that of the liabilities.

(f) The estimates of future salary increase considered in the actuarial valuation takes into account factors like inflation, seniority, promotion and other relevant factors.

(g) The employees are assumed to retire at the age of 58 years.

(h) The mortality rates considered are as per the published rates under Indian Lives Mortality (2012-2014) ultimate table.

41 Balances grouped under trade receivables, trade payables and loans and advances recoverable in cash or in kind are subject to confirmation from subjective parties.

(c) During the year, the Company has transferred a sum of ' 4.72 lakhs with the unspent CSR account to be spent over a period of time on the ongoing projects of the Company as per its CSR policy. The said amount remained unspent during the year and wil be spent in the current financial year on the ongoing projects.

(d) The Company during the year ended March 31, 2023, spent ' 161.65 lakhs towards ongoing projects, out of which ' 64.67 lakhs were spent on approved ongoing projects towards unspent CSR amount for financial year 2020-21, in line with the CSR Policy of the Company.

49 The Code on Social Security, 2020, (Code) relating to employees benefits during employment and post-employment benefits received President assent in September, 2020. The Code has been published in the Gazette of India. However, the data on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

50 SEGMENT REPORTING

An operating segment is one whose operating results are regularly reviewed by the entity's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance. The Company has identified the chief operating decision maker as its Managing Director. The Chief Operating Decision Maker reviews performance of real estate business on an overall business.

As the Company has a single reportable segment, the segment wise disclosure requirements of Ind AS 108 on 'Operating Segment' is not applicable. In compliance to the said standard, Entity-Wise disclosures are as under:

(a) Revenues from external customers attributed to the country of domicile and attributed to all foreign countries from which the company derives revenues

51 FINANCIAL INSTRUMENTS

Capital Management

For the purpose of the Company's capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company's capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents.

52 FAIR VALUE MEASUREMENTS

The Company uses the following hierarchy for determining and/or disclosing the fair value of financial instruments by valuation techniques:

The following is the basis of categorising the financial instruments measured at fair value into Level 1 to Level 3:

i) Level 1: This level includes financial assets that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities.

ii) Level 2: This level includes financial assets and liabilities, measured using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).

iii) Level 3: This level includes financial assets and liabilities measured using inputs that are not based on observable market data (unobservable inputs).

Fair values are determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.

Trade receivables, cash and cash equivalents, other bank balances, loans, other current financial assets, trade payables and other current financial liabilities: Approximate their carrying amounts largely due to short-term maturities of these instruments.

Management uses its best judgment in estimating the fair value of its financial instruments. However, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented above are not necessarily indicative of all the amounts that the Company could have realized or paid in sale transactions as of respective dates. As such, the fair value of the financial instruments subsequent to the respective reporting dates may be different from the amounts reported at each year end.

53 FINANCIAL RISK MANAGEMENT OBJECTIVES

The Company's principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance and support Company's operations. The Company's principal financial assets include inventory, trade and other receivables, cash and cash equivalents and land advances that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company's senior management oversees the management of these risks. The Company's senior management provides assurance that the Company's financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company's policies and risk objectives. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below:

(a) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: interest rate risk and other price risk, such as equity price risk and commodity/ real-estate risk. Financial instruments affected by market risk include loans and borrowings.

(b) Credit 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) and from its financing activities, including refundable joint development deposits, security deposits, loans to employees and other financial instruments. To manage this, the Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets.

Trade receivables

(i) Receivables resulting from sale of properties: Customer credit risk is managed by requiring customers to pay advances before transfer of ownership, therefore, substantially eliminating the Company's credit risk in this respect.

(ii) Receivables resulting from other than sale of properties: Credit risk is managed by each business unit subject to the Company's established policy, procedures and control relating to customer credit risk management. Outstanding customer receivables are regularly monitored. The impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogeneous groups and assessed for impairment collectively.

(c) Financial Instrument and cash deposits

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying businesses, the Company's treasury maintains flexibility in funding by maintaining availability under committed credit lines. The management monitors rolling forecasts of the Company's liquidity position and cash and cash equivalents on the basis of expected cash flows.

57 Figures have been rounded off to the nearest ' In lakh.

58 Figures in brackets pertain to previous year, unless otherwise indicated.


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