1. Rights, preferences and restrictions attached to shares Equity shares:

The Company has only one class of equity shares having a par value of Rs. 2 each. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the board of directors is subject to the approval of the shareholders in the ensuing annual general meeting. During the year ended 31 March 2016, the Company has proposed final dividend of Rs. 0.10 per equity share (2015: final dividend of Rs. 0.10 per equity share). In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to their shareholding.

Notes:

A. Details of security on loans

(i) Non Convertible Debentures (NCD) are secured against first equitable mortgage over the leasehold rights on plot at Jodhpur and charge over escrow account on receivables from the project situated at Jodhpur. The interest on debentures is 12% p.a. with 9 months compounding, payable at the time of redemption. The NCD is redeemable from April 2017 to December 2017. During the year company has redeemed 100 nos. of debentures.

(ii) Bank overdraft of Rs. 0.85 crores (2015: Rs. 0.81 crores) is secured against fixed deposits and interest rate is bank rate plus 2%.

(iii) Commercial equipment loans (2 nos.) are secured by hypothecation of the respective equipment purchased. The loans are repayable in equated monthly installments of Rs. 59,870 for each loan beginning from the month subsequent to the taking of the loan. The last installment for the loans are due in August 2019.

(iv) Term loan of Rs. 31.04 crore was secured by way of first and exclusive charge on unsold units / flats in project situated at Borivali along with receivables, pari passu charge on land and receivables from project at Kalina. Also over specific unsold units and receivables from specific sold / unsold units in the project at Vashi. The loan carried an interest rate of 19% p.a. and was repayable in 4 equal quarterly installments of Rs. 8.125 crores started from May 2015.

(v) Term Loan of Rs. 54.82 crores is secured by way of first and exclusive charge on unsold units / flats in project situated at Borivali along with receivables, pari passu charge on land and receivables from project at Kalina. Also over specific unsold units and receivables from specific sold / unsold units in the project at Vashi. The loan carries an interest rate of 22% p.a. and is repayable in 4 equal quarterly installments of Rs. 15.00 crores started from end of 39th month from the date of first disbursement.

(vi) Bank overdraft of Rs. 2.60 crores (2015: Rs. Nil) carries an interest rate of base rate plus 2.90% to 3% p.a.

(vii) Rs. Nil (2015: 0.65 crore) term loan carried an interest rate of 19% p.a. which was payable in lump sum by 7 September 2015.

(viii) Term loan of Rs. 19.96 crores (2015: Rs. 10.76 crores) carries an interest rate of 17.85% p.a. and is secured by personal assets of directors/ shareholders. The term loan is repayable in equated monthly installment of Rs. 72,30,479 (including interest) starting from June 2016. The last installment is due by May 2019.

(ix) All the above term loans, bank overdraft and the debentures are secured by personal guarantees of director/shareholders of the Company.

(x) Other unsecured loans are repayable on demand and carrying interest rates ranging up to 18% p.a.

(i) Depreciation aggregating Rs. 717,176 (2014: Rs. 471,218) has been transferred to ‘construction work-in-progress’ and Rs. 106,659 (2014: Rs. NIL) has been transferred to ‘investment under construction property’.

(ii) Pursuant to the enactment of Companies Act 2013, the Company had applied the estimated useful lives as specified in Schedule II, Accordingly the unamortized carrying value is being depreciated / amortized over the revised/ remaining useful lives. The written down value of Fixed Assets whose lives have expired as at 1 April 2014 had been adjusted, in the opening balance of Profit and Loss Account amounting to Rs. 798,089 (net of tax of Rs. 383,303).

2. SEGMENT REPORTING

The Company is operating in the real estate and construction industry and has only domestic sales. Therefore, the Company has only one reportable business segment, which is real estate development and trading in properties and transferable development rights and construction contracts and only one reportable geographical segment. Accordingly, these financial statements are reflective of the information required by the Accounting Standard 17 on ‘Segment reporting’.

Estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

The Company’s liability on account of gratuity is not funded and hence the disclosures relating to the planned assets are not applicable.

ii) Defined contribution plan

Contribution to provident and other funds aggregating to Rs. 1,573,969 [2015: Rs. 1,029,292] is recognized as an expense and included in “Employee benefits expense”.

iii) Compensated absences

Compensated absences for employee benefits of ' 638,147 [2015: Rs. 430,919] has been recognised as a gain/expense during the year.

3. MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

Under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED) which came into force from 2 October 2006, certain disclosures are required to be made relating to Micro, Small and Medium Enterprises. The Company has not received any information from the “suppliers” regarding their status under the Micro Small and Medium Enterprises Development Act, 2006.

4. OTHER MATTERS

i) In format in with regard to other matters specified in Schedule III of the Act, is either nil or not applicable to the Company for the year.

ii) In the opinion of the directors, current assets, loans and advances have the value at which they are stated in the Balance Sheet, if realized in the ordinary course of business. Sundry Debtors, Creditors and advances are subject to confirmation.

iii) In the opinion of the directors, provision has been made for all known liabilities and the same is not in excess of the amounts considered reasonably necessary.

5. Details of loans given, Investments made and guarantee given covered u/s 186 (4) of the Companies Act, 2013 are given under respective heads. [Refer Note 28 and Note 35].

6. PRIOR YEAR COMPARATIVES

Previous year’s figures have been regrouped / reclassified wherever necessary, to conform to current year’s classification.