AJMERA REALTY Notes to Accounts

b. Term/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs, 10 per share. Each holder of equity share is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The Final 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 31st March, 2016, the amount of per share dividend recognized as distributions to equity shareholders was Rs, 1.70 per share as Interim Dividend (Previous Year Rs, Nil) and Rs, 0.80 (Previous year Rs, 1.70 per share) as Final Dividend.

As per records of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

1. Contingent liabilities not provided for in respect of:

a. Income Tax Demand raised by authorities for the period 1988-1989 to 1992 -1993 not accepted by the company amounting to Rs, 2909 Lakhs. (Previous Year Rs, 2909. Lakhs) the company has filed petition with the settlement commission under Section 245 (C) of the Income Tax Act,1961, any adjustment required would be accounted in the year in which final order is received.

b. During the year Company has availed Letter of Credit facility towards import of lift to the tune of Rs, 621.55 Lakhs (Previous Year 125 Lakhs). The same is availed as a sub limit from ICICI Bank limited.

2. Deferred Taxation:

The Company has net Deferred Tax Assets of Rs, 3292.28 Lakhs (Previous year Rs, 3870.18 Lakhs) as on 31st March 2016 on account of net MAT Credit till 31st March 2016. As a prudence policy they said Deferred Tax Assets has not been recognized which is in accordance with the Accounting Standard - 22 issued by the Institute of Chartered Accountants of India.

3. The Company primarily deals in the business of Real Estate and hence there is no Primary reportable segment in the contex of Accounting Standard - 17 issued by ICAI.

4. Related Party Disclosures:

a. Name of Related Parties and Related Party Relationship Key Management Personnel i] Mr. Manoj I. Ajmera

(Managing Director)

ii] Mr. O. P. Gandhi

(Group Chief Financial Officer)

iii] Ms. Harshini D. Ajmera

(Company Secretary)

b. Relatives of Key Management Personnel








c. Related Parties Where Control exists

Subsidiaries i. Jolly Brothers Private Limited

ii. Ajmera Estate Karnataka Private Limited

iii. Ajmera Mayfair Global W.L.L

iv. Ajmera Clean Green Energy Limited

v. Ajmera Realty Ventures Private Limited

vi. Ajmera Realcon Private Limited

vii. Laudable Infrastructure LLP vIii. Ajmera Corporation UK Limited

ix. Sana Buildpro LLP

x. Sana Building Products LLP

Associates & joint Ventures i. Ultratech Property Developers Private Limited

ii. Ajmera Cement Private Limited

iii. Ajmera Housing Corporation Bangalore

iv. V.M. Procon Private Limited

v. Shree Precoated Steels Limited

vi. Sumedha Spacelinks LLP

5. Disclosure under Micro, Small and Medium Enterprises Development Act, 2006:

a) The principal amount and the interest due thereon remaining unpaid to any supplier at the end of each accounting year : Nil

b) The amount of interest paid by the buyer in terms of Section 16 of the Micro, Small and Medium Enterprises Development Act, 2006, along with the amount of the payment made to the supplier beyond the appointed day during each accounting year.

c) The amount of Interest due and payable for the period of delay in making payment but without adding the interest specified under the Micro, Small and Medium Enterprises Development Act, 2006.

d) The amount of Interest accrued and remaining unpaid at the end of each accounting year Nil.

e) The amount of further interest remaining due and payable even in the succeeding years until such date when the interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a deductible expenditure under Section 23 of the Micro, Small and Medium Enterprises Development Act, 2006 is Nil.

The above information and that given in note no.8 -“Trade Payables” regarding Micro and Small enterprises has been determined to the extent such parties have been identified on the basis of available with the company. This has been relied upon by the auditors.

6. The Company has re - assessed the useful life of assets for the purpose of determination of depreciation in the manner prescribed under the Schedule II of the Companies Act, 2013. Consequently :

(i) In Previous Year - Where the revised useful life of Assets has expired at the beginning of the year, the carrying value of such assets net of the effect of deferred tax Rs, 82.03 Lakhs aggregating Rs, 1.59 Lakhs is adjusted against the opening balance of retained earnings as a transitional adjustment as per Schedule II.

(ii) In Previous Year In other cases the carrying value of the assets at the beginning of the year are depreciated over the balance of the revised useful life of the assets. The charges on account of depreciation for the year is lower by Rs, Nil (Previous Year 1.59) Lakhs as a result of this change in the estimate.

7. Capital and other commitments

Capital and other commitments on account of revenue as well as capital nature is Rs, NIL (Previous Year NIL)

8. Corporate Social Responsibility

Company has spent total of Rs, 16.72 Lakhs during the financial year 2015-16 towards Corporate Social responsibility against the total requirement of Rs, 15.24 Lakhs.

9. The Balance in Debtors, Creditors, Bank balances and Advances accounts are subject to confirmation and reconciliation, if any. However as per management opinion no material impact on financial statements out of such reconciliation is anticipated.

10. Subsequent events

There is no subsequent event reported after the date of financial statements.

CIN: U67190WB2003PTC096617. Trading in Commodities is done through our Group Company Dynamic Commodities Pvt. Ltd. The company is also engaged in Proprietory Trading apart from Client Business.

Disclaimer: There is no guarantee of profits or no exceptions from losses. The investment advice provided are solely the personal views of the research team. You are advised to rely on your own judgment while making investment / Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. You should read and understand the Risk Disclosure Documents before trading/Investing.

Disclosure: We, Dynamic Equities Private Limited are also engaged in Proprietory Trading apart from Client Business. In case of any complaints/grievances, clients may write to us at compliance@dynamiclevels.com

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