40
IV)
Financial Summary
The following summary of financial data has been prepared in accordance with the Companies Act and the
SEBI (ICDR) Regulations and restated as described in the Auditors’ Report of M/s. M. M. Nissim and Co.,
Chartered Accountants, Mumbai dated August 11, 2011 in the section titled "Financial Information of Issuer
Company" beginning on page no. 140 of this Draft Letter of Offer. You should read this financial data in
conjunction with Our Company’s financial statements for each of fiscal 2007 to 2011, including the Notes
thereto and the Reports thereon, which appears on page 140 under sub-heading "Financial Statements of Issuer
Company" in this Draft Letter of Offer, and "Management’s Discussion and Analysis of Financial Condition as
reflected in the Financial Statements" on page 165 of this Draft Letter of Offer.
Restated Statement of Profits and Loss Account
(Rs. in Lakhs)
For the Year ending March, 31st
Period / Year Ended
2011
2010
2009
2008
2007
INCOME
Domestic Sales / Income
2,422.31
-
-
232.39 1,289.80
Income from Services
-
62.24
5.88
145.48
-
Share of profit from partnership Firm
-
248.73
-
-
-
Other Income
125.89
6.19
44.33
78.26
11.44
Increase / (decrease) in Stocks
4,611.36
-
-
(95.51)
(26.60)
Total Income
7,159.57
317.16
50.21
360.62 1,274.63
EXPENDITURE
Cost of Construction & Development
5,938.06
-
-
-
-
Material Cost
-
-
-
144.74
834.96
Manufacturing & Other Expenses
427.66
26.42
63.02
356.51
518.69
Loss on Sale / Redemption of Investments
8.40
-
-
-
-
Total Expenses
6,374.13
26.42
63.02
501.25 1,353.65
Net Operating Profit before Interest, Depreciation, Prior
Period Items, Non Cash Expenses and Tax
785.44
290.74
(12.81) (140.63)
(79.02)
Interest & Finance Charges
216.44
9.20
2.87
47.11
36.77
Depreciation and Amortization
10.62
-
29.10
84.10
90.14
Net Profit before Tax & Adjustments
558.38
281.54
(44.78) (271.84)
(205.93)
Provision for Taxation
0.30
-
-
-
-
Provision for FBT
-
-
0.09
0.63
1.60
Deferred Taxation
171.32
44.79
Net Profit after tax but before Adjustments
386.75
236.75
(44.87) (272.47)
(207.53)
Excess/ (Short) Provision for Tax
(0.10)
-
0.25
-
-
Net Profit after tax and before extra ordinary items
386.85
236.75
(45.12) (272.47)
(207.53)
Extraordinary items
-
-
31.69
-
64.10
Net Profit after tax and extra ordinary items
386.85
236.75
(13.43) (272.47)
(143.43)
Adjustments on Account of Restatement - Annex V
-
10.09
(40.22)
12.02
(60.08)
Net Profit after Tax, as Restated
386.85
246.84
(53.65) (260.44)
(203.51)
Proposed Dividend on preference shares for past years
88.32
-
-
-
-
Corporate Dividend Tax
14.33
-
-
-
-
Net Profit after tax after appropriations
284.20
246.84
(53.65) (260.44)
(203.51)
Capital Reduction
-
-
-
-
324.79
Net Profit after Tax, as Restated
284.20
246.84
(53.65) (260.44)
121.28
Add:
Balance Brought Forward
(564.17) (811.01) (757.36) (496.92) (618.20)
Balance Carried Forward, as Restated
(279.96) (564.17) (811.01) (757.36)
(496.92)
41
Note: The above statement should be read with the significant accounting policies and notes to the accounts for
“Restated Financial Statements” as appearing in Annexure to the report.
Restated Statement of Assets and Liabilities
(Rs. in Lakhs)
As at March 31
Particulars
2011
2010
2009
2,008
2007
A. Fixed Assets:
Gross Block
126.60
-
-
1,756.18
1,864.08
Less: Accumulated Depreciation
10.62
-
-
915.81
860.85
Net Block
115.98
-
-
840.37
1,003.23
Less: Revaluation Reserve
-
-
-
-
-
Capital Work in Progress
-
-
-
-
-
Net Block after adjustment for Revaluation
Reserve
115.98
-
-
840.37
1,003.23
B. Investments
264.01
448.83
0.11
0.11
0.11
C. Deferred Tax Asset
177.30
348.62
393.41
393.41
393.41
D. Current Assets, Loans and Advances:
Interest Accrued not due
21.30
0.32
-
-
-
Inventories including Property under Development)
4,611.36
-
-
34.29
217.02
Sundry Debtors
177.22
94.55
32.76
177.51
163.53
Cash and Bank Balances
775.95
7.82
23.17
15.89
25.57
Loans and Advances
157.17
18.15
136.29
44.42
48.80
Total
5,743.00
120.84
192.22
272.11
454.92
E. Liabilities and Provisions:
Secured Loans
1,556.36
-
-
32.41
567.07
Unsecured Loans
2,835.04
200.25
37.20
986.01
513.71
Current Liabilities and Provisions
722.93
26.30
69.37
300.23
801.07
Effect on account of Restatement of Accounts
-
-
10.09
(30.14)
(18.11)
Total
5,114.33
226.56
116.66
1,288.51
1,863.74
Net Worth
1,185.96
691.74
469.08
217.49
(12.08)
Represented by
Equity Share Capital
324.79
324.79
324.79
324.79
324.79
Preference Share Capital
700.00
490.00
490.00
490.00
-
Forfeited Shares Account
19.71
19.71
19.71
19.71
19.71
Share Application Money
-
-
24.17
115.34
115.34
Capital Subsidy
25.00
25.00
25.00
25.00
25.00
Capital Reserve
396.41
396.41
396.41
-
-
Balance in Profit & Loss Account
(279.95)
(564.17) (811.00)
(757.36)
(496.92)
Net Worth
1,185.96
691.74
469.08
217.49
(12.08)
Note: The above statement should be read with the significant accounting policies and notes to the accounts for
“Restated Financial Statements” as appearing in Annexure to the report.
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