Rights, preference and restrictions attached to shares
Equity Shares :The company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors, except in the case of interim dividend, is subject to the approval of the shareholders in the ensuing Annual General Meeting, 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 of their shareholding.
|
23
|
Contingent Liability
|
|
| |
Particulars
|
Amount (Rs. )
|
| |
1) in respect of Bank Gurantee
|
5,352,000.00
|
| |
|
|
|
24
|
Auditor Remuneration
|
|
| |
Particulars
|
Amount (Rs.)
|
| |
1) Auditors Remuneration
|
100,000.00
|
| |
2) GST on above
|
18,000.00
|
| |
Total
|
118,000.00
|
25 Going Concern
Though the Company’s losses have exceed the net worth, the Company has received large orders and on the basis of positive future projection prepared, the Company is expecting turn around by itself. Therefore the Company believes that there will be turn around and accordingly the accounts are prepared on a going concern basis.
26 Fixed Assets
The Management is in the process of updating the fixed assets register, considering the nature of the assets no major discrepancies are anticipated. Based on the same no impairment is required.
27 Trade Receivable include of Rs.36197.3 thousands is under dispute and company has taken the legal recourse for its recovery. These items are under close and constant recovery of the management. The Management is hopeful about the recovery of the same, hence no provision has been considered necessary by the management.
28 Other Current Assets include Rs. 22296.72 thousands in respect of which the confirmations are not available with the Company, i.e., Deposit with other of Rs.5962.51 thousand, Advance to suppliers of Rs. 7281.80 thousand and Money with Rajasthan Urban Infrastructure Development of Rs. 9052.41 thousands.
These items are under close and constant recovery of the management. The Management is hopeful about the recovery of the same, hence no provision has been considered necessary by the management.
29 Investment in subsidiaries, joint ventures and associates
The Company has entered into a Joint Venture named “Diviniti” for Construction of Low Cost Housing and related Infrastructure work under the Jawaharlal Nehru Scheme in which the partners are as under:
a. Sumer Infrastructure Private Limited - 34%
b. Vardhman Concrete Limited - 33%
c. S V Inova Build Private limited - 33%
As on 31 March 2023, the Company has overdrawn balance of Rs. 6909.13 thousands in Diviniti. During the current year and previous there was no transaction from Diviniti. The closing credit balance of Rs 6909.13 (which is inclusive of any share of Profit/ Loss in the Joint Venture) is shown in Note No 9.
The accounts of Diviniti for year March 2023 are not yet finalized and therefore disclosures as required by Ind AS - 111 “Joint Arrangements” are not given.
The Company has entered into a Joint Venture named “DKS(JV)” for Construction of Low Cost Housing and related Infrastructure work under the Jawaharlal Nehru Scheme in which the partners are as under:
a. M/s. DK Infrastructure Pvt Ltd - 50%
b. Sumer Corporation,Vardhman Concrete Limited & SV Jiwani - 50%
As on 31 March 2023, the Company has balance of Rs. 337.55 thousands in DKS(JV). During the current year there was no transaction from DKS(JV). The closing debit balance of Rs 337.55 thousands (which is inclusive of any share of Profit/ Loss in the Joint Venture) is shown in Note No 6.
The accounts of DKS(JV) for year March 2023 are not yet finalized and therefore disclosures as required by Ind AS - 111 “Joint Arrangements” are not given.
30 Imports calculated on CIF basis : Nil
31 Expenditure in Foreign Currency : Nil
32 Earnings in Foreign Currency on FOB basis : Nil
33 The company has entered into contract with Nanded Muncipal Corporation for executing certain contracts for which The Company has given the guarantees to Nanded Muncipal Corporation. However, the same could not be materialised. Presently the matter is sub-judice in the Court. In the opinion of the management, the liability, if any, in no case,will not exceed the amount of bank guarantee.
34 In the Opinion of the Board of Directors, the Current Assets, Loans & Advances are approximately of the value stated in the Balance Sheet as at 31st March, 2024 if realized in the ordinary course of business. Provision for depreciation and all known liabilities has been made and is adequate and not in excess of the amount reasonably necessary.
35 Bank Balance other than cash and cash equvivalent are liened against the bank guarantees as referred in Note no. 23 herein above.
36 The Balance of Sundry Debtors, Sundry Creditors and unsecured loans and Others are Subject to confirmation and reconciliation
37 Previous year figures have been regrouped / rearranged or reclassified wherever considered necessary.
| 