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D B Realty Ltd

BSE Code : 533160 | NSE Symbol : DBREALTY | ISIN:INE879I01012| SECTOR : Realty |

NSE BSE
 
SMC up arrow

45.30

1.00 (2.26%) Volume 280564

07-Dec-2021 11:33:59

Prev. Close

44.30

Open Price

45.00

Bid Price (QTY)

45.15(603)

Offer Price (QTY)

45.25(743)

 

Today’s High/Low 46.35 - 44.55

52 wk High/Low 50.45 - 11.80

Key Stats

MARKET CAP (RS CR) 1078.86
P/E 0
BOOK VALUE (RS) 88.894438
DIV (%) 0
MARKET LOT 1
EPS (TTM) 0
PRICE/BOOK 0.498906354523553
DIV YIELD.(%) 0
FACE VALUE (RS) 10
DELIVERABLES (%) 47.14
4

News & Announcements

15-Nov-2021

D B Realty Ltd - D B Realty Limited - Financial Results Updates

14-Nov-2021

D B Realty reports consolidated net loss of Rs 352.50 crore in the September 2021 quarter

08-Nov-2021

DB Realty to conduct board meeting

14-Oct-2021

D B Realty Ltd - D B Realty Limited - Updates

08-Nov-2021

DB Realty to conduct board meeting

20-Sep-2021

DB Realty to convene AGM

07-Aug-2021

DB Realty announces board meeting date

24-Jun-2021

DB Realty announces board meeting date

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

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Tatia Global Venture Ltd 521228
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Variman Global Enterprises Ltd 540570
Vas Infrastructure Ltd 531574
Vascon Engineers Ltd 533156 VASCONEQ
Veer Energy & Infrastructure Ltd 503657
Veer Global Infraconstruction Ltd 543241
Venus Power Ventures (India) Ltd 531874
Vibrant Investment & Properties Ltd (Wound-up) 531222 VIBRANTINV
Victoria Enterprises Ltd 506103
Victoria Mills Ltd 503349
Vijay Shanthi Builders Ltd 523724 VIJSHAN
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Vir Developers Ltd 531803
Vishvas Projects Ltd 511276
VKJ Infradevelopers Ltd 536128
VSD Confin Ltd 531696
VSF Projects Ltd 519331
W S Industries (India) Ltd 504220 WSI
Wall Street Construction Ltd 512143
Warden Construction & Finance Ltd 512269
Wardwizard Innovations & Mobility Ltd 538970
Wellesley Corporation Ltd 532016
Welspun Enterprises Ltd 532553 WELENT
Yogi Infra Projects Ltd 522209
Yuranus Infrastructure Ltd 536846
Zandu Realty Ltd(Merged) 506720 ZANDUREALT
ZR Infra Ltd 40633
Zuari Global Ltd 500780 ZUARIGLOB

Share Holding

Category No. of shares Percentage
Total Foreign 10958972 4.51
Total Institutions 560592 0.23
Total Govt Holding 25000 0.01
Total Non Promoter Corporate Holding 16372352 6.73
Total Promoters 153075892 62.93
Total Public & others 62265974 25.60
Total 243258782 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About D B Realty Ltd

D B Realty Ltd is a Real Estate Development Company that has been built on a strong reputation of excellence through quality. The company operates as a real estate development company. They focus on residential, commercial, retail, and other projects, such as mass housing and cluster redevelopment, in and around Mumbai, India. The company's existing product portfolio ranges from upscale buildings, lavish villas and some of the most elite malls in the country, with new developments coming up at a fast pace. They undertake most of our projects through the joint-venture model. The company's business is divided into residential, commercial, retail and other projects. Their residential portfolio covers projects catering to customers across all income groups. In their commercial portfolio, they build and sell customized office space as per the requirements of buyers. Their retail portfolio includes development of shops in select locations. Their other projects include mass housing and cluster redevelopment projects. D B Realty Ltd was incorporated on January 8, 2007 as public limited company. The company received certificate for commencement of business on February 28, 2007. In May 14, 2007, the company was converted into a private company and the name was changed to DB Realty Pvt Ltd. Subsequently, the company was converted to a public company and the name was changed to DB Realty Ltd on September 5, 2009. As of December 31, 2009, the company had 11 ongoing projects, 8 forthcoming projects, and 6 upcoming projects.

D B Realty Ltd Chairman Speech

Dear Shareholders,

It gives us immense pleasure to share with you the important developments at DB Realty in the year gone by 2019 has been a significant year for the Nation and the economy. A decisive mandate was handed to the incumbent government in the general elections, confirming a big win for reforms, growth and stability. In its first term, the government had brought in ground-breaking reforms, particularly in the real estate industry. Reforms like GST, Insolvency Code, RERA, and other similar initiatives have reinvigorated the real estate sector as well as the country's economy. Now that this government is back at the helm, we can expect stable governance and policy continuity in the next five years.

The 2018-19 fiscal brought in consolidation to the real estate sector, as the central government’s transformative agenda of the previous few years started to take effect. The long-term impact of these regulatory measures look largely positive, leading to stronger administration, more transparency better compliance and a more level playing field. Moreover, the Maharashtra Government’s sustained emphasis on developing infrastructure and improving connectivity has boosted the market and led to renewed optimism.

DB Realty’s associate company Mahal Pictures Private Limited ("MPPL") has recently entered into an agreement with the Bengaluru-based real estate firm RMZ Corporation to transform Mumbai’s six-decade old Kamalistan studio, also known as Kamal Amrohi Studio, into an office park. Pursuant to this understanding, MPPL, along with RMZ Corporation, will develop a part of the land into one of India’s largest corporate office destination. Mumbai is starved of quality office spaces.

Another major development has been the launch of a residential project in Dahisar under the brand name"Aradhya High Park". It is one of the largest and most sought after residential developments in the heavily undersupplied micro-market of Dahisar. The project has raised the bar of quality and design in Dahisar, and its response has been unprecedented as a result, with over 400 units sold at launch. The project is a joint venture between one of the step-down subsidiary of your Company and ManVastucon LLP, a subsidiary of Man Infraconstruction Limited.

In the coming year, we are set to continue our journey with renewed determination and strive to set new benchmarks in urban living in Mumbai. With the Maharashtra government's Development Control and Promotion Regulations (DCPR) 2034 clearing the air on many sticky regulatory aspects with respect to real estate development in the city, construction is now in full swing on many of our projects, and we have embarked on the planning process for a number of our other land assets. In view of this, we expect to see increased sales volume in the next few years and therefore, deliver more shareholder value.

Sd/- Sd/-
VINOD GOENKA SHAHID BALWA
CHAIRMAN & MANAGING DIRECTOR VICE CHAIRMAN & MANAGING DIRECTOR

   

D B Realty Ltd Company History

D B Realty Ltd is a Real Estate Development Company that has been built on a strong reputation of excellence through quality. The company operates as a real estate development company. They focus on residential, commercial, retail, and other projects, such as mass housing and cluster redevelopment, in and around Mumbai, India. The company's existing product portfolio ranges from upscale buildings, lavish villas and some of the most elite malls in the country, with new developments coming up at a fast pace. They undertake most of our projects through the joint-venture model. The company's business is divided into residential, commercial, retail and other projects. Their residential portfolio covers projects catering to customers across all income groups. In their commercial portfolio, they build and sell customized office space as per the requirements of buyers. Their retail portfolio includes development of shops in select locations. Their other projects include mass housing and cluster redevelopment projects. D B Realty Ltd was incorporated on January 8, 2007 as public limited company. The company received certificate for commencement of business on February 28, 2007. In May 14, 2007, the company was converted into a private company and the name was changed to DB Realty Pvt Ltd. Subsequently, the company was converted to a public company and the name was changed to DB Realty Ltd on September 5, 2009. As of December 31, 2009, the company had 11 ongoing projects, 8 forthcoming projects, and 6 upcoming projects.

D B Realty Ltd Directors Reports

To

The Members

D B REALTY LIMITED

Your Directors have pleasure in presenting the 13th Annual Report on the business and operations of the Company along with the audited financial statements for the financial year ended 31st March, 2019.

Rs. In Lacs

Particulars Standalone Consolidated
F.Y.2018-19 F.Y.2017-18 F.Y.2018-19 F.Y.2017-18
Revenue from Operations 418.69 405.28 36,521.04 11,986.16
Other Income 5,366.53 12,321.62 9,545.96 16,808.93
Total Income 5,785.22 12,726.90 46,067.00 28,795.09
Expenses
Operating Expenses 8731.36 17,909.35 45583.64 43,567.15
Deprecation and Amortization 120.41 395.93 190.87 588.63
Total Expenses 8,851.77 18,305.28 45,774.51 44,155.78
Profit Before Finance Cost and Tax (3,066.55) (5,578.38) 292.49 (15,360.69)
Finance Cost 8,589.02 4,428.69 16,030.25 11,902.30
Profit/ Loss before extraordinary items and tax (11,655.57) (10,007.07) (15,737.76) (27,262.99)
Exceptional Items - - 12900.00 -
Profit/ Loss after extraordinary items and tax (11,655.57) (10,007.07) (28,637.76) (27,262.99)
Share of Profit/ (Loss) from associates and joint ventures - - (2,242.30) (1,667.42)
Profit Before Tax (PBT) (11,655.57) (10,007.07) (30,880.06) (28,930.41)
Tax Expense 394.4 (2,209.05) (4913.81) (1166.30)
Profit after Tax (PAT) (12,049.98) (7,798.02) (25,966.25) (30,096.73)
Other Comprehensive Income 2445.36 (191.05) 2617.02 (1,605.86)
Total Comprehensive Income/ Loss for the year (9,604.62) (7,989.07) (23,349.24) (31,702.58)

Status of Projects of the Company / its Subsidiaries

"DB Ozone" at Dahisar is a large residential project comprising of 25 residential buildings. The company, Neelkamal Realtors Suburban Private Limited., a subsidiary of the Company, is executing the Project, and has initiated fit out handover process for 9 buildings out of the total 25 residential towers of the project. The project is registered under RERA.

"One Mahalaxmi" at Mahalaxmi offering its elite residents the luxury of size and space along with an unmatched view of the Arabian Sea as well as the Golf Course. Spread over 4 acres of prime real estate, the project offers quick access to any part of the city. The work on the project has been revived. The work of Rehab Tower 1 is completed and Company is expecting Occupation Certificate for the same. During the year, the Sale tower A was launched with the name "OPUS" and slab has been casted upto 14th level. On approval front, Company has received revised IOD upto 54th floor and 10 th floor forTower A and B respectively.

"X BKC" at Bandra is having strategic location near Bandra Kurla Complex. The project is spread over 5 acres of land, one of largest integrated residential complex in upscale Bandra east in Mumbai Suburbs. The company, MIG (Bandra) Realtors and Builders Private Limited, a wholly owned subsidiary of the Company is executing the project in a joint venture with Radius Group. The company has received additional FSI approval letter from MHADA during the year and has also obtained revised IOD for the project.The construction work of the said project is in full swing and the project is being developed in 3 wings as per plans.

"DB Crown" at Prabhadevi was developed by one of the wholly owned subsidiary of the Company viz, Real Gem Buildtech Private Limited. Real Gem has arrived at an arrangement with Kingmaker Developers Private Limited, a Group company of Rustomjee (a subsidiary of Keystone Realtors Private Limited) for the development management of Real Estate Project and had also filed an application under NCLT for complete transfer of the project to Kingmaker during the year. The project work has been reinstated by Kingmaker and the project has been renamed is now known as "Rustomjee Crown".

"DB Skypark" is situated at the centre of the hospitality district of Mumbai, a 5-minute drive away from the Mumbai International Airport. DB Skypark makes for a highly coveted address. The 2, 3 and 4 BHK flats are designed to offer first-class comforts along with an array of common amenities, including a swimming pool, manicured gardens and a coffee lounge. The project is being developed in through a joint venture on approx. 1.5 acres of land with 6 residential wings. The project also includes rehabilitation of tenants at site for which second rehab tower is completed and Occupation Certificate is awaited from SRA.

One of its Step-down subsidiaries namely Horizontal Realty & Aviation Pvt. Ltd. is engaged in the business of real estate development. The Company has granted development rights of its land along with other co-owners to Man Vastucon LLP. As per the terms and conditions of the Agreements, the company is entitled to share the revenue from sale of units forming part of the project being developed and constructed by Man Vastucon LLP. Man Vastucon LLP has launched the project under the brand name "Aaradhya High Park" during the year and the step down subsidiary has recognized revenue to the extent of its share upon the amounts as received from the Man Vastucon customers.

The Turf View, DB Views and Enclave II projects in Mumbai are awaiting certain approvals, which will offer substantial revenue in future.

Further, Project in another company viz. Marine Drive Hospitality & Realty Private Limited (MDHRPL) wherein Company has considerable investments and developing a residential tower had tie up with a reputed partner and commenced work at site. Also, revised plans were approved from competent statutory authority during the year of the project.

Status of 2G Spectrum case

It was informed in the Annual Report of the previous year and as explained in detail in Note no. 46A(iii) of the Standalone Financial Statements for the current year that in the matter of 2G spectrum allocation case pertaining to grant of 2G License acquitting Mr. Vinod Goenka and Mr. Shahid Balwa, Managing Directors and Key Managerial Personnels of your Company from all allegations, the Order was passed by the Hon’ble CBI Special Court on 21st December, 2017. In other matter of complaint filed by Directorate of Enforcement before the same Hon’ble CBI Special Court in connection with Prevention of Money Laundering case relating to 2G Spectrum case against both the Managing Directors of the Company, Senior Official / a member of the Promoters Group and the Company, the Hon’ble CBI Special Court has passed the Order on 21 st December, 2017 acquitting all the parties.

Further, in PMLA Case, the Special Court has also given Order for release of properties attached by the Directorate of Enforcement including of the Firm - "after the period of appeal is over". Against the said Orders, CBI as well as the Directorate of Enforcement have filed Criminal Leave Petitions before the Hon’ Delhi High Court which are pending for admission Further, the Directorate of Enforcement has also filed petition for stay against Order of release of the attached properties for which "status-quo" has been granted by Hon’ Delhi High Court vide Order dated 21st March, 2018. The next hearing date is fixed for 24th October, 2019.

Scheme of Arrangement by a wholly owned subsidiary

The Wholly Owned Subsidiary company of the Company i.e. Real Gem Buildtech Private Limited ("WOS / RGBPL") has filed the Scheme of Arrangement ("Scheme") with National Company Law Tribunal, Mumbai Bench on 29th March, 2019 for transferring right, title and interest including all receivables and all obligations/liabilities of the Project "DB Crown" (now known as "Rustomjee Crown" hereinafter referred to as "Project"/ "Project Undertaking") situated at Gokhale Road (South), Prabhadevi, Mumbai-400 025 by way of slump sale to Kingmaker Developers Private Limited ("KDPL"), a company of Rustomjee Group in accordance with the provisions as contained in the Scheme subject to all requisite regulatory and other approvals and sanction by the National Company Law Tribunal, Mumbai Bench

Dividend

In the absence of profits, your Directors do not recommend dividend for the current year under review.

Subsidiaries, Associate companies and Joint ventures

The details of Subsidiary/Associate companies are provided in extract of Annual Return (Form No.MGT 9), which forms part of this Directors’ Report (Annexure A).

The Consolidated financial statements have been prepared in accordance with the provisions of the Companies Act, 2013, applicable Ind AS and SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 and include the financial information of its subsidiaries/associates and joint venture entities / partnership firms in which your Company holds stake. The audited financial statements of the subsidiary companies will be available for inspection by any member at the registered office of the Company and at the Company’s websitewww.dbrealty.co.in. Copies of the audited financial statements of the subsidiaries can be sought by any member by making a written request in this regard.

In accordance with the provisions of Section 129(3) of the Act read with the Companies (Accounts) Rules, 2014, a statement containing salient of the Company’s subsidiaries in Form AOC-1isattachedtothefinancialstatements of the Company. The featuresof thefinancial statement also provides the details of performance and financial positions of each of the subsidiaries

Management Discussion and Analysis Report

The Management Discussion and Analysis Report for the year under review as stipulated in SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is presented in a separate section forming part of this Annual Report (Annexure B).

Corporate Governance and Shareholders Information

In compliance with the Listing Regulations, a separate report on Corporate Governance along with a certificate from the Secretarial Auditors on its compliance, forms an integral part of this report. (Annexure C)

Fixed Deposits

During the year under review, your Company has not accepted any deposit within the meaning of Sections 73 and 74 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014 including any statutory modification(s) or re-enactment(s) for the time being in force.

Directors and Key Managerial Personnel (KMPs)

1. Directors retiring by rotation

In terms of Section 152 of the Companies Act, 2013 and the Articles of Association of the Company. Ms. Sunita Goenka (DIN:01010145) retires by rotation at the forthcoming Annual General Meeting and being eligible, offer herself for reappointment.

Mr. Salim Balwa (DIN 00017899) will retire by rotation at the ensuing Annual General Meeting of the Company in accordance with the provisions of Section 152 of the Companies Act, 2013. Mr. Salim Balwa, who is eligible for re-appointment, has conveyed that he does not intend to seek re-appointment and will retire upon completion of his current term at the ensuing Annual General Meeting. The Board placed on record its appreciation for the valuable services rendered by Mr. Salim Balwa.

2. Appointment of Independent Director

Ms. Maryam Khan (DIN: 01263348) was appointed as Additional Independent Director with effect from 14th August, 2018 and was appointed as an Independent Director on approval of the shareholders in the Annual General Meeting held on 29th September, 2018 for a term of five years till 13th August, 2023 commencing from 14th August, 2018.

3. Re-appointment of Independent Directors

In terms of the requirements of the Companies Act, 2013, the Independent Directors of the Company were appointed for a period of five years on 27th September, 2014. Such term of appointment of the Independent Directors shall come to an end on 26th September, 2019. In view of the same, the Board of Directors on the basis of recommendation of the Nomination and Remuneration Committee proposed to re-appoint Mr. Jagat Killawala and Mr. Nasir Mahmud Rafique as the Independent Directors of the Company for a second term. A resolution proposing re-appointment of Independent Directors of the Company for the second term pursuant to Section 149(6) of the Companies Act, 2013 forms part of the Notice of Annual General Meeting.

4. Resignation of Independent Directors

Mr. Devender K. Vasal, Independent Director (DIN:06858991) of the Company has resigned from the office of Director with effect from 18th June, 2018 due to his personal reason.

Mr. Mahesh Gandhi, Independent Director (DIN:00165638) of the Company has resigned from the office of the Director with effect from 27th March, 2019 due to his personal business commitments. Consequent upon resignation of Mr. Mahesh Gandhi as an Independent Director, he has also ceased to be member of the Finance & Investment Committee and the Chairman of Audit Committee, Nomination & Remuneration Committee and CSR Committee.

Mr. Sundaram Rajagopal, Independent Director (DIN: 01951392) of the Company has resigned from the office 27th May, 2019 due to his professional obligations.

The Board places on record its appreciation for the valuable services rendered by Mr. Devender Vasal, Mr. Mahesh Gandhi and Mr. Sundaram Rajagopal during their tenure as Independent Directors of the Company.

5. Independent Directors Statement

All independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149 of the Companies Act, 2013 and Regulation 16 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and were placed at the Board Meeting.

6. Key Managerial Personnel

Mr. Vinod Goenka, Chairman and Managing Director and Mr. Shahid Balwa, Vice Chairman and Managing Director, Mr. Asif Balwa, Chief Shah, Company Secretary of the Company are Key Managerial Personnels as per the provisions of the FinancialOfficer Companies Act, 2013.

Performance Evaluation of the Directors, Committee and Board

The performance of the Directors is evaluated on the basis of their contributions at the meetings, strategic inputs for the performance and growth of the Company among others. The Directors have carried out performance evaluation on annual basis of Directors, Committees and the Board. The Nomination and Remuneration Committee of the Board has laid down the performance evaluation framework under which performance of every Director is evaluated. The framework also provides the manner in which the Directors as a collective unit in the form of Board Committees and the Board function and perform.

Particulars of Loans, Guarantees or Investments

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements. However, the Company, being a company engaged in the business of providing infrastructural facilities is exempt from the applicability of the relevant provisions of the Companies Act, 2013.

Contracts or Arrangements with Related Parties

All related party contracts/arrangements/transactions as specified in Section 188 (1) of the Companies Act, 2013 entered during the financialyear were in the ordinary course of the business of the Company and were on arm’s length basis. There were no materially significant related party transactions entered by the Company with Promoters, Directors, Key Managerial Personnels or other persons which may have a potential conflict with the interest of the Company. In accordance with Section 134(3)(h) of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014, the particulars of contract or arrangement entered into by the Company with related parties referred to in Section 188(1) is provided in Form AOC-2 (Annexure D).

All such Related Party Transactions are periodically placed before the Audit Committee for approval, whenever applicable. The details of the contracts or arrangements with related parties for the financial year under review are given in the notes to the financial statements.

The policy on materiality of Related Party Transaction and also on dealing with Related Party Transaction as approved by the Audit Committee and the Board of Directors is uploaded on the website of the Company and the link for the same is http://www.dbrealty.co.in/pdf/DBRL_Policy%20 of%20Related%20Party%20Transaction.pdf

Statutory Auditors

The members, at the 10th Annual General Meeting held on 29th September, 2016, appointed M/s. Haribhakti & Co.LLP, Chartered Accountants, (Firm Registration No. 103523W) as the Statutory Auditors of theCompany,toholdoffice fiveyears from the conclusion of the for termof 10th Annual General Meeting (AGM) of the Company until the conclusion of 15th AGM of the Company on such remuneration as may be determined by the Board of Directors.

Auditors’ Report and Audit Observation

The Statutory Auditors have (without qualifying) made observations under the headings ‘Emphasis of matter’ and ‘Other Matters’ in their reports on the Standalone Financial Statements and Consolidated Financial Statements, respectively, which together with the relevant Notes are self explanatory and do not call for further information/clarification.

Qualification by Auditors and our comments thereon

The Statutory Auditors have qualified their report on certain matters and majority of them are repetitive in nature. The details of such qualifications as mentioned in their Report with your Directors’ response thereon are as under:

1. Para 2(a) of the Audit Report on the Standalone Financial Statements (SFS) and Consolidated Financial Statements (CFS) read with Note Nos.57 and 56 of SFS and CFS, respectively, refer to Financial Guarantees issued by the Company to banks / financial institutions on behalf of various entities including Subsidiaries, Joint Ventures and other entities, which have not been re-measured, at fair value. Your Directors state that these financial guarantees were issued in terms of the sanction letters by banks/financialinstitutions which generally also prohibited the Company to charge any commission on giving such guarantees and hence in compliance with the terms of the sanction letters/loan documents, no commission was charged on such financial guarantees which were provided as collateral securities. The notes referred to in the Report are self explanatory.

2. Para 2(b) of the Audit Report on the SFS and CFS read with Note Nos. 51 and 62 of SFS and CFS, respectively, refer to evaluation of provision for impairment for credit losses in the case of loans and advances to certain subsidiaries and related parties, which have incurred losses and have negative net worth. Your Directors state that the Company has economic interests in these entities which are at different stages of execution of the Projects where revenue recognition has not started and the Company is confident of recovering the same. Such loans and advances are towards the costs to be incurred / being incurred by these entities for their projects and to facilitate proper execution and will be repaid and / or recovered in due course. The notes referred to in the Report are self explanatory.

3. Para 2(c) and Para 2(d) of the Audit Report on the SFS and CFS, respectively, read with Note No. 2(B)(i)(d) of SFS and CFS refer the Company has measured its investments in equity instruments of one of its subsidiary company at fair value through other comprehensive income which the Management has not considered as a subsidiary. Your Directors state that the said entity is not within its control, as it is managed by its own Board of Directors and the Company has not nominated any director on the Board of the said entity. Further, the investments by the Company in this entity are not just in equity shares but the same is in the form of different preference shares having maturity terms in future and the Company together with one of its wholly owned subsidiary company hold around 17.58% of current total paid-up share capital in the said entity. Hence control does not vest in the Company through its investment or otherwise and not required to be consolidated. Therefore, the management is of the opinion that the Company has rightly measured is investments in equity instruments of the said entity at fair value instead of measuring it at cost and has given accounting treatments accordingly. The notes referred to in the Report are self explanatory.

4. Para 2(c) of the Audit Report on CFS read with Note No. 2(B)(i)(d) refer to non consolidation by the Company of another company and its subsidiaries/associates etc, on the basis of control assumed to be exercised by your Company on the same under the applicable Ind AS 110. As mentioned in detail in above point no. 3, your Directors again state that the said company is not under the control of your Company and hence your Directors are of the opinion that this is not required to be consolidated. The same is also detailed in Note 2(B)(i)(d) in Significant Accounting Judgements, Estimates and Assumptions. The note referred to in the Report is self explanatory.

5. Para 2(e) of the Audit Report on CFS read with Note 4.1 regarding non impairment of goodwill created for one of the subsidiary company. As stated in the said note, your Directors again state that during the year, the said subsidiary company which is wholly owned by the Company ("WOS") has filed a Scheme with NCLT whereby it has proposed to transfer its all the assets and liabilities pertaining to Identified Project Undertaking, being "DB Crown" Project, on going concern basis as Slump Sale to Kingmaker Developers Private Limited (KDPL) for a consideration of Rs. 10 lakh. Additionally, as mentioned in the scheme, upon achieving certain milestones to be mutually agreed between said WOS and KDPL, said WOS shall be entitled to receive the such realization / sale proceeds of the Project Undertaking as Contingent consideration from KDPL. The Management is hopeful that the said Project Undertaking will be able to achieve those milestones and above Contingent consideration will accrue to the said WOS. Accordingly, no provision of impairment of goodwill is considered necessary by the Company. The note referred to in the Report is self explanatory.

Secretarial Auditors and Secretarial Audit Report

Pursuant to Section 204 of the Companies Act 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 your Company had appointed M/s Vicky Kundaliya & Associates, Practicing Company Secretaries, Mumbai as its Secretarial Auditors to conduct the secretarial audit of the Company for the FY 2018-19.The Company has provided all assistance and facilities to the Secretarial Auditor for conducting their audit. The Report of Secretarial Auditor for the FY 2018-19 is annexed to this report (Annexure E).

The said report does not contain any qualifications or adverse marks except that the composition of the Board and its Committees is not as per the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015 due to disqualification of one of the Independent Directors pursuant to first proviso of Section 167(1)(a) of the Companies Act, 2013.Your Directors have to state that the said Director has tendered his resignation w.e.f. 27th March, 2019 and the Board has re-constituted its Committees on 29th March, 2019 and thus the Company has complied with the Act and Listing Regulations.

Internal Financial Control Systems and their Adequacy

The Company has adequate system of internal control to safeguard and protect from loss, unauthorized use or disposal of its assets. The Company is following all the applicable Accounting Standards for properly maintaining the books of accounts and reporting financial statements. The Company continues to ensure proper and adequate systems and procedures commensurate with its size and nature of its business. Your Directors have also appointed a professional firm to examine the adequacy of these controls and the work of designing controls, documenting risks control matrix for each area of business operation and implementation thereof.

During the year under review, no material or serious observation has been received from the Statutory Auditors and the Internal Auditors of the Company on the inefficiency or inadequacy of such controls and the Internal Financial Controls with reference to financial statements as designed and implemented by the Company are adequate.

Remuneration Policy

The Nomination and Remuneration Policy provides for appropriate composition of Executive, Non-Executive and Independent Directors on the Board of Directors of your Company along with criteria for appointment and remuneration including determination ofqualifications,positive attributes, independence of Directors and other matters as provided under sub-section (3) of Section 178 of the Companies Act, 2013. The remuneration paid to the Directors is as per the terms laid out in the Nomination and Remuneration Policy of your Company.

Vigil mechanism

Pursuant to the provisions of section 177(9) & (10) of the Companies Act, 2013, a Vigil Mechanism for directors and employees to report genuine concerns has been established. The policy comprehensively provides an opportunity for any employee/Director of the Company to raise any issue concerning breaches of law, accounting policies or any act resulting in financialor reputation loss and misuse of office or suspected or actual fraud. The policy provides for a mechanism to report such concerns to the Audit Committee through specified channel. The Vigil Mechanism Policy has been uploaded on the website of the Company at http://www.dbrealty.co.in/pdf/Whistler_Blower.pdf

Fraud Reporting

During the year under review, no instances of fraud were reported by the Statutory Auditors and Secretarial Auditors of the Company.

Risk Management Policy

The Board of Directors reviews the risk management policy from time to time and the said policy aims at enhancing shareholders’ value and providing an optimum risk-reward trade off. The risk management approach is based on a clear understanding of the variety of risks that the organization faces, disciplined risk monitoring and measurement and continuous risk assessment and mitigation measures.

Corporate Social Responsibility Committee

As per the provisions of Section 135 of the Companies Act, 2013, a Corporate Social Responsibility (CSR) Committee constituted by the Board of Directors exists.

However, during the financial year under review, in view of the average losses in the last three financial years, the provisions set out under Section 135 of the Companies Act, 2013 read with rules made thereunder were not attracted. Hence, the compliances to the provisions of Section 135 of the Companies Act, 2013 read with Companies (Corporate Social Responsibility Policy) Rules, 2014, are not required.

Extract of the Annual Return

Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014, an extract of the annual return for the financialyear ended March 31, 2019 in MGT 9 is attached as (Annexure A) to this report. The same is available on www. dbrealty.co.in under the section "Investors".

Number of Board Meetings during 2018-19

The Board met Four (4) times during the financial year 2018-19 and the details are mentioned in the Corporate Governance Report which is annexed to the Directors Report.

Directors’ Responsibility Statement

In terms of provisions of Section 134(5) of the Companies Act, 2013, your Directors confirm that:

a) In the preparation of the annual accounts for the year ended 31st March, 2019, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on 31st March, 2019 and of the loss of the Company for the year ended on that date;

c) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) they have prepared the annual accounts on a going concern basis.

e) they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively

f) they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Familiarization Programs for Independent Directors

The various programs undertaken for familiarizing Independent Directors with the functions and procedures of the Company are disclosed in the Corporate Governance Report, which forms part of this Annual Report.

Committees of the Board

The Company has five (5) Committees of the Board which have been established as a part of the best corporate governance practices and are in compliance with the requirements of the relevant provisions of applicable laws and statutes. The Company has following Committees of the Board:

1. Audit Committee

2. Corporate Social Responsibility Committee

3. Nomination and Remuneration Committee

4. Finance and Investment Committee

5. Stakeholders Relationship Committee

On account of resignation of Mr. Mahesh Gandhi, Independent Director of the Company w.e.f March 27, 2019, the Board of Directors of the Company vide Circular resolution passed on March 29, 2019, have approved and reconstituted the Committees (except Stakeholders Relationship Committees). The composition of the committees of the Board of Directors is stated in the Corporate Governance Report annexed to this Report.

Secretarial Standards

The Company has complied with the applicable Secretarial Standards notified by the Institute of Company Secretaries of India.

Statutory Disclosures

1. Conservation of Energy, Technological Absorption, Foreign Exchange Earnings and Outgo

Your Company is not covered by the schedule of industries which are required to furnish the information pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule (8) of the Companies (Accounts) Rules, 2014.

The Company has not imported any technology or carried out any business of export or import and therefore the disclosure requirement against technology absorption are not applicable. The details of Foreign Exchange earnings and outgo are as under (Stand alone Amounts):

Particulars 31.03.2019 31.03.2018
(Rs. in lacs) (Rs. in lacs)
Earnings in Foreign Currency Nil Nil
Expenditure in Foreign Currency
Foreign Travel Nil 18.16
Business Promotion Nil 5.90
Nil 24.06

2. Particulars of Employees

In accordance with the provisions of Section 197 (12) of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of the Managerial Personnel) Rules, 2014, the names and other particulars of the employees are to be set out in the Directors’ Report as an addendum. However, in line with the provisions of Section 136 (1) of the Act, the Report and Accounts herein are being sent to all the members excluding the above information. Those interested in obtaining a copy of the said statement may write to the Company Secretary at the Registered Office of the Company. Since no remuneration except sitting fees has been paid to any Director, the ratio of such remuneration to the median employees ’remuneration has not been stated. During the year no increase in remuneration of any Director or KMP or manager has been effected. The number of permanent employees at the end of the financial year was 6 (No. of employees was 61 in FY 2017-18) as the employees were transferred to one of its wholly owned Subsidiary as it has a major project which required various resources to finish the project. The aforesaid transfer of employees will not impact the working of the Company, as the said employees are carrying out the work of the Company. The other remuneration details of Directors/KMPs/employees are disclosed in Annexure F to this report.

Other Disclosures:

Your Company has not issued any shares with differential voting rights.

Your Company has not issued any sweat equity shares.

There was no revision in the financial statements.

There were no material changes or commitments affecting the financial position of the Company between the financial year end and date of this report.

There were no shares held by trustees for the benefit of employees and hence no disclosure under Rule 16(4) of the Companies (Share Capital and Debentures) Rules, 2014 has been furnished.

The Company has not received any complaints under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

No significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status and Company’s operations in future.

Acknowledgement

Your Directors wish to place on record their appreciation to the Banks, Financial Institutions, Government Authorities, customers and other business associates for their support and co-operation and wish to place on record their gratitude to the shareholders and the investors for their trust, support and confidence in the Company. The Board also places on record its appreciation for the dedication displayed by employees at all levels.

On behalf of the Board of Directors
For D B Realty Limited
Vinod K. Goenka Shahid U. Balwa
Mumbai, Chairman & Managing Director Vice- Chairman & Managing Director
30th May, 2019 (DIN:00029033) (DIN:00016839)

   

D B Realty Ltd Company Background

Vinod K GoenkaVinod K Goenka
Incorporation Year2007
Registered OfficeDB Central Maulana Azad Road,Rangwala Compound Jacob Circle
Mumbai,Maharashtra-400011
Telephone,Managing Director
Fax
Company SecretaryJignesh Shah
AuditorHaribhakti & Co LLP
Face Value10
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarLink Intime India Pvt Ltd
C-101 247 Park ,L B S Marg ,Vikhroli West ,Mumbai-400083

D B Realty Ltd Company Management

Director NameDirector DesignationYear
Vinod K GoenkaChairman & Managing Director2017
Shahid BalwaVice Chairman & M.D.2017
Jagat KillawalaIndependent Director2017
Nasir Mahmud RafiqueIndependent Director2017
Salim BalwaDirector2017
Sunita GoenkaDirector2017
Jignesh ShahCompany Secretary2017
Maryam KhanAddtnl Independent Director2017
Nabil PatelDirector2017
Mahesh GandhiIndependent Director2017

D B Realty Ltd Listing Information

Listing Information
BSESMALLCA
BSEALLCAP
GOODSSERVI

D B Realty Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Lease Rental Income NA 0000.4593
Interest NA 0000
Flats NA 0000
Other Operational income NA 0000
Sale of Development Rights NA 0000
Unspecified NA 0000

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