BROOKEFIELDS REAL ESTATES AND PROJECTS PRIVATE LIMITED 

 

    

ANNUAL REPORT 2018‐2019 

 BOARD’S REPORT  

Dear Members 

 We have pleasure  in presenting the Eleventh Annual Report on the business and operations of the Company together with the Audited Statement of Accounts for the financial year ended 31st March, 2019.  FINANCIAL HIGHLIGHTS:  The financial highlights of the Company for the year ended 31st March, 2019 is as follows:                                                                                                                                                        (Rupees in Lakhs) 

Particulars  Year ended     

31st March 2019 

Year ended    

31st March 2018 

Total Income   16.39  ‐ 

Total Expenses  94.18  116 

Profit/Loss before tax  (78)  (116) 

Income Tax  ‐  ‐ 

Profit/Loss after tax  ‐  ‐ 

Other Comprehensive Oncome  ‐  ‐ 

Total Comprehensive Income  (78)  (116) 

 STATE OF COMPANY’S AFFAIRS AND FUTURE OUTLOOK:    Your Company  is developing an  IT/  ITes SEZ project of over 3 million  square  foot at Brookefields, Bangalore known as “Brigade Tech Gardens”. During the year, the construction of 1.1 mn. sq. ft. has been developed and occupancy certificate for the same  has been received.  The construction is going on at rapid phase and the project will be developed fully in the next 6 to 9 months’ time. The leasing activity has also commenced and some letter of intents have already been signed  

SCHEME OF AMALGAMATION:  During the year, the Board and Shareholders have approved the Scheme of Amalgamation in which   your Company will amalgamate with Brigade Properties Private Limited, Holding Company. The Board of  Directors  and  Shareholders  of  Brigade  Properties  Limited  have  also  approved  the  Scheme  of Amalgamation. The rationale for the Amalgamation is to reduce the number of audits, reduction in costs,  inter‐company  transactions would be  reduced, would bring greater management  focus and 

integration for more efficient operations and controls.  The scheme of amalgamation  is a fast track merger scheme which     will come under the  jurisdictional Regional Director, Ministry of Corporate Affairs.  The Scheme and Petition has been filed with the Office of the Regional Director, South East Region at Hyderabad, Ministry  of  Corporate  Affairs.  The  scheme  has  also  been  filed with  the  Registrar  of 

Companies, Karnataka and the office of the Official Liquidator  in Karnataka. The approval for the scheme of the amalgamation is in final stages and the order is expected to be passed by the Office of the Regional Director, Ministry of Corporate Affairs shortly.  HOLDING / SUBSIDIARY/ ASSOCIATES:   The Company  is a wholly owned subsidiary of Brigade Properties Private Limited and there are no other subsidiaries / associates.  TRANSFER TO RESERVES:  During the year under review, the Company does not have any profits which can be transferred to Reserves.  DIVIDEND:  The Company doesn’t have any profits for dividend to be considered by the Board.  FIXED DEPOSITS:  The Company has not accepted any deposits in terms of Chapter V of the Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014, during the year under review. Accordingly, no amount is outstanding as on the balance sheet date.  SHARE CAPITAL:                   During the year under review, there was no change in the share capital of the Company.  The paid up share capital of the Company is Rs.12,94,60,000 consisting  of 1,29,46,000 equity shares of Rs.10/‐ each.  BOARD OF DIRECTORS:  The  Board  of  Directors  of  the  Company  comprises  of  4  Directors  of which  2  are  Non‐Executive Independent Directors and 2 Non‐Executive Directors as on 31st March, 2019. The composition of the Board of Directors is in accordance with the provisions of the Companies Act, 2013.  In accordance with the provisions of Section 152(6)(e) of the Companies Act, 2013, Mr. Dinesh Meel (DIN:  06406897), Director  of  the  Company will  retire  by  rotation  at  the  ensuing Annual General Meeting and being eligible, offers himself for reappointment.  

 

The Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013.  None of the Directors of the Company are disqualified under Section 164(2) of the Companies Act, 2013.  KEY MANAGERIAL PERSONNEL:  During the year under review, Mr. Ankit Garg has been appointed as Chief Financial Officer of the 

Company with effect from 24th July, 2018. Further, Mr. Nagaraj K V, Company Secretary has resigned 

from the position of Company Secretary with effect from 5th January, 2019 and Ms. Akanksha Bijawat 

has been appointed as Company Secretary of the Company with effect from 25th January, 2019.  

 

Mr. Pradyumna K, Manager, Ms. Akanksha Bijawat, Company Secretary and Mr. Ankit Garg, Chief Financial Officer are the Key Managerial Personnel in accordance with the provisions of Section 203 of the Companies Act, 2013.    POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION:  

The  Directors  of  the  Company  are  appointed  by  the  members  at  annual  general  meetings  in accordance with the provisions of the Companies Act, 2013 and the Rules made thereunder.  The Company has adopted the provisions of the Companies Act, 2013 for appointment and tenure of the Directors.   The Company’s Remuneration Policy for Directors, Key Managerial Personnel and Senior Management 

Personnel is contained in Annexure‐1. 

 BOARD MEETINGS:  

During the year under review, the Board of Directors of the Company has met 5 times and the details of the same is as tabled below:  

Dates on Which Meetings were Held  Total Strength of the Board  No of Directors Present 

17th April, 2018  4 (Four)  3 (Three) 

20th April, 2018  4 (Four)  4 (Four) 

24th July, 2018  4 (Four)  4 (Four) 

2nd November, 2018  4 (Four)  4 (Four) 

25th January, 2019  4 (Four)  4 (Four) 

 In  accordance  with  the  provisions  of  the  Companies  Act,  2013,  a  separate  meetings  of  the 

Independent Directors was held on March 30, 2019. 

ATTENDANCE OF DIRECTORS AT BOARD MEETINGS AND ANNUAL GENERAL MEETING:  The Board of Directors of the Company have attended the Board Meetings & Annual General Meeting the details of which are as follows:  

 

Name of the Director  Board  meetings attended  in  the financial  year   2018‐2019 

Attendance in the 10th Annual  General Meeting  held  on  29th September, 2018             

No. of Committee positions held in other Public Limited Companies  

Chairman  Member 

Mr. Roshin Mathew  4 (Four)  Yes  Nil  Nil 

Mr. Dinesh Meel  5 (Five)  Yes  Nil  Nil 

Mr. Mohan Parvatikar  5 (Five)  No  Nil  Nil 

Ms.  Meera Krishnakumar 

3 (Three)  No  Nil  Nil 

  AUDIT COMMITTEE: 

During the year 2018‐19, the Audit Committee met 4 times. The dates on which the said meetings were held are as follows:  20th April, 2018 24th July, 2018 

2nd November, 2018 25th January, 2019 

 The composition of the Audit Committee and the details of meetings attended by  its members are 

given below:  

 

SI No.  Name of the Directors  Designation  No. of Committee Meetings during the year 2018‐19 

Held  Attended 

1  Mr. Mohan Parvatikar   Chairman  4 (Four)  4 (Four) 

2  Mr. Dinesh Meel  Member  4 (Four)  4 (Four) 

3  Mr. Roshin Mathew  Member  4 (Four)  3 (Three) 

4  Ms. Meera Krishnakumar  Member  4 (Four)  4 (Four) 

 The Company Secretary officiates as the Secretary of the Committee.  NOMINATION & REMUNERATION (NRC) COMMITTEE: 

During the year, the Nomination & Remuneration (NRC) Committee met on 25th January 2019. The composition of the NRC Committee and the details of meetings attended by its members are given below:        

SI No.  Name of the Directors  Designation  No. of Committee Meetings during the year 2018‐19 

Held  Attended 

1  Mr. Roshin Mathew   Chairman  1 (one)  1 (one) 

2  Ms. Meera Krishnakumar  Member  1 (one)  1 (one) 

3  Mr. Dinesh Meel  Member  1 (one)  1 (one) 

4  Mr. Mohan Parvatikar  Member  1 (one)  1 (one) 

 The Company Secretary acts as the Secretary of the Committee.  DIRECTORS’ RESPONSIBILITY STATEMENT: 

To the best of their knowledge and belief and according to the information and explanations Obtained by them, your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:  (a) that in the preparation of the annual financial statements 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) that  such accounting policies have been  selected and applied  consistently and  judgment and 

estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2019 and of the profit of the Company for the year ended on that date;  

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

(d) that the annual financial statements have been prepared on a going concern basis;  

(e) that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively.  

(f) that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively. 

 BOARD EVALUATION:  Structured assessment forms were sent to all the Directors for the overall Board evaluation comprising various aspects of the Board’s functioning  in terms of structure,  its meetings, strategy, governance and other dynamics of its functioning besides the financial reporting process, internal controls and risk management. The evaluation of the Committees were based on their terms of reference fixed by the Board  besides  the  dynamics  of  their  functioning  in  terms  of meeting  frequency,  effectiveness  of contribution  etc.  Separate  questionnaires  were  used  to  evaluate  the  performance  of  individual Directors on parameters such as their level of engagement and contribution, objective judgement etc.   

REMUNERATION DETAILS OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND EMPLOYEES:  During the year under review, the Company has not paid any remuneration to the Key Managerial Personnel. None of the Directors has received any remuneration for attending the Board/Committee Meetings.  The  Independent Directors were  paid  sitting  fees  for  attending  the Board/  Committee Meetings. STATUTORY AUDITORS: 

The members of the Company at the Eighth Annual General Meeting held on 11th September, 2015 approved  the  appointment  of M/s  S.R.  Batliboi  &  Associates  LLP,  Chartered  Accountants,  (Firm Registration No.101049W/ E300004) as the Statutory Auditors of the Company for a period of 5 years till the conclusion of Thirteenth Annual General Meeting  in terms of Section 139 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014.  There are no qualifications or adverse  remarks  in  the  Statutory Auditors’ Report  for  the  financial statements  for  the year ended 31st March, 2019 which  require any explanation  from  the Board of Directors.  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.  

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES: 

All  transactions entered  into during  the  financial year 2018‐2019 with  related parties were  in  the ordinary course of business and on arm’s length basis.   

The details of the transactions with related parties (including material transactions) during the year are listed out in note 18 forming part of the standalone financial statements.  

INTERNAL FINANCIAL CONTROL SYSTEM:  

The Internal Financial Control System of the Holding Company has been implemented in the Company and the same are found to be adequate.   MATERIAL CHANGES AND COMMITMENTS:  There were no material changes and commitments for the period under review, which significantly affects the financial position of the Company.  

SIGNIFICANT OR MATERIAL ORDERS: During  the  financial  year  under  review,  no  significant  and material  orders  were  passed  by  the regulators or courts or tribunals impacting the going concern status and the Company’s operations in the future.    

RISK MANAGEMENT:  The  Board  of  Directors  and  Audit  Committee  establish  policies  to  monitor  and  evaluate  risk 

management  systems of  the Company. M/s. Deloitte Haskins & Sells LLP,  Internal Auditors of  the 

Company undertake the risk evaluation of processes  in different departments of the Company and 

the same is presented to the Audit Committee/ Board of Directors on a quarterly basis. 

 

The Audit Committee and Board review the risks associated with different departments and functions 

as well the mitigation measures against such risks on the continuous basis both independently as well 

as based on the periodic reports of the Internal Auditors of the Company. 

 

EXTRACT OF ANNUAL RETURN: 

In terms of Section 92 (3) of the Companies Act, 2013 read with the Companies (Management and Administration) Rules, 2014, the extract of the Annual Return of the Company for the financial year 2018‐19 in Form No. MGT‐9 is appended as Annexure‐2 to this Report.   CORPORATE SOCIAL RESPONSIBILITY:   The provisions relating to Corporate Social Responsibility are not applicable to the Company as on 31st March, 2019.    CONSERVATION  OF  ENERGY,  TECHNOLOGY  ABSORPTION,  FOREIGN  EXCHANGE  EARNINGS  AND OUTGO: 

A. CONSERVATION OF ENERGY: 

The company has not commenced the operations and therefore there is no consumption of energy.  B. TECHNOLOGY ABSORPTION: NIL 

 C. FOREIGN EXCHANGE EARNINGS AND OUTGO:  

  

During the year under review, the Company has neither earned nor used any foreign exchange.  HUMAN RESOURCES: 

There are no employees on the rolls of the Company at present.          

 ACKNOWLEDGEMENTS:  The Directors wish to place on record their appreciation and sincere thanks to all the stakeholders for the  continued  support  and patronage. We  look  forward  to  your  support  and  co‐operation  in  the coming years.                                                                                                                      By order of the Board                                                                           For Brookefields Real Estates and Projects Private Limited  

                                                                          

 

                                                                                                      Place: Bangalore                                                        Mr. Dinesh Meel         Mr. Mohan Parvatikar Date:  3rd May, 2019                                                     Director                                              Director  

DIN: 06406897       DIN: 00235941 

1

2

3

4

5

6

7

1

Name and Address of the company Applicable Section

2(46)

Demat Physical Total % of Total Shares

Demat Physical Total % of Total Shares

- - 0.00% - - 0.00% 0.00%

- - 0.00% - - 0.00% 0.00%

- - 0.00% - - 0.00% 0.00%

- - 0.00% - - 0.00% 0.00%

- - 0.00% - - 0.00% 0.00%

- - 0.00% - - 0.00% 0.00%

- - 0.00% - - 0.00% 0.00%

- - 0.00% - - 0.00% 0.00%

- - 0.00% - - 0.00% 0.00%

- - 0.00% - - 0.00% 0.00%

- - 0.00% - - 0.00% 0.00%

- - - 0.00% - - - 0.00% 0.00%

- - - 0.00% - - - 0.00% 0.00%

- 0.00% - 0.00% 0.00%

0.00% 0.00% 0.00%

- 0.00% - 0.00% 0.00%

- 0.00% - 0.00% 0.00%

- 0.00% - 0.00% 0.00%

0.00% 0.00% 0.00%

- 0.00% - 0.00% 0.00%

- - - 0.00% - - - 0.00% 0.00%

ANNEXURE-2

III.     PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

0.00%

-

Brookefields, Kundalahalli, Marathahalli Post, Bangalore – 560 037

No

NA

0.00% - 0.00% 0.00%

- 0.00% -

Name and Description of main products / services NIC Code of the Product/service % to total turnover of the company

NA

Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company (Management & Administration) Rules, 2014.

(All the business activities contributing 10 % or more of the total turnover of the company shall be stated)

Whether listed company

Category/Sub-category of the Company

Address of the Registered office & contact details

Name, Address & contact details of the Registrar & Transfer Agent, if

Indian Non Government Company

II.  PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

I.  REGISTRATION & OTHER DETAILS:

Company Limited by Shares

CIN

Brookefields Real Estates and Projects Private Limited

1st October, 2007

U70100KA2007PTC085237

Registration Date

Name of the Company

- NIL

% of Shares held

100%

CIN/GLNBrigade Properties Private Limited 29th

Flr,World Trade Center,Brigade Gateway Campus,26/1, Dr.Rajkumar Road, Malleswaram-Rajajinagar, Bangalore-

560055

Holding /Subsidiary/Associate

U70200KA2007PTC042824 Holding Company

As on financial year ended on 31.03.2019

EXTRACT OF ANNUAL RETURN

FORM NO. MGT 9

(Equity share capital breakup as percentage of total equity)(i) Category-wise Share Holding

g) FIIs

i) Others (specify)

Sub-total (B)(1):-

No. of Shares held at the end of the year % Change during the year

Category of Shareholders

No. of Shares held at the beginning of the year

S. No.

Sub Total (A) (1)

f) Any other

IV. SHAREHOLDING PATTERN

f) Insurance Companies

c) Central Govt

b) Banks / FI

e) Banks / FI

d) Bodies Corp.

c) State Govt(s)

b) Central Govt

a) Individual/ HUF

(1) Indian

A. Promoters

d) State Govt(s)

e) Venture Capital Funds

h) Foreign Venture Capital Funds

a) Mutual Funds

1. Institutions

a) NRI Individuals

(2) Foreign

B. Public Sh h ldi

TOTAL (A)

Sub Total (A) (2)

d) Any other

c) Bodies Corp.

b) Other Individuals

0.00%

12945999 ‐ 129,45,999 99.99% 129,45,999 ‐ 129,45,999 99.99% 0.00%

0.00% 0.00% 0.00%

- 0.00% - 0.00% 0.00%

0.00%

0.00% 0.00% 0.00%

- 0.00% - 0.00% 0.00%

0.00% 0.00% 0.00%

0.00% - - - - -

0.00% - - - - -

0.00% - 0.00% 0.00%

- 0.00% - 0.00% 0.00%

129,45,999 1 129,46,000 100.00% 129,45,999 1 129,46,000 100.00% 0.00%

129,45,999 1 129,46,000 100.00% 129,45,999 1 129,46,000 100.00% 0.00%

129,45,999 1 129,46,000 100.00% 129,45,999 1 129,46,000 100.00% 0.00%

(ii) Shareholding of Promoter- NIL

(iii) Change in Promoters’ Shareholding (please specify, if there is no change) - NIL

(iv) Shareholding Pattern of top ten Shareholders (Other than Directors, Promoters and Holders of GDRs and ADRs):

1

01.04.2018 -

- -

31.03.2019 99.99% 99.99%

2

01.04.2018 0.01%

-

31.03.2019 0.01% 0.01%

(v) Shareholding of Directors and Key Managerial Personnel: NIL

* Beneficial interest is with Brigade Properties Private Limited

- Changes during the year

At the end of the year 1 1

i) Individual shareholders holding nominal share capital upto Rs. 1 lakh

ii) Individual shareholders holding nominal share capital in excess of Rs 1 lakh

0.00%

0.00% 0.00%

0.00%C. Shares held by Custodian for GDRs & ADRs

0.01%

SN For each of the Top 10 shareholders

Date Reason Shareholding at the beginning of the year Cumulative Shareholding during the year

No. of shares % of total shares No. of shares % of total shares

Foreign Bodies - D R

Sub-total (B)(2):-

Total Public (B)

Grand Total (A+B+C)

- 0.00% 0.00%

- 0.00%

-

b) Individuals

2. Non-Institutions

i) Indian

ii) Overseas

At the beginning of the year

Changes during the year

129,45,999

At the end of the year 129,45,999 129,45,999

Non Resident Indians

c) Others (specify)

a) Bodies Corp.

- 1

Overseas CorporateBodies

Foreign Nationals

Clearing Members

Trusts

HUF

Directors

Employees

1 0.01% - 1 1 0.01%

1

ROSHIN MATHEW *

At the beginning of the year

BRIGADE PROPERTIES PRIVATE LIMITED

0.00%

52,933.00

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL: NILA. Remuneration to Managing Director, Whole-time Directors and/or Manager:

SN. Total Amount

(Rs/Lac)

-

2 -

3 -

-

-

-

5 -

-

B. Remuneration to other DirectorsSN. Total Amount

(Rs/Lac)

3.00

-

-

3.00

-

-

-

-

-

3.00

SN. Total Amount

(Rs/Lac)

-

-

-

-

-

-

29,477.00

-

Indebtedness at the beginning of the financial year

i) Principal Amount

29,477.00

ii) Interest due but not paid

Total (i+ii+iii)

Indebtedness at the end of the financial year

-

-

52,933.00

-

-

- -- -

-

-

-

- -

-

- 52,933.00

41,700.00

- - -

Independent Directors

Fee for attending board committee meetings

Commission

--

Meera KrishnakumarMohan Parvatikar

* Addition

* Reduction

Net Change

i) Principal Amount

- -

52,933.00

iii) Interest accrued but not due

-

Particulars of Remuneration Name of Directors

1.50 1.50

52,933.00

- - - -

-

-

41,700.00 4,677.00 -

- - -

- - -

1.50 1.50

-

Name of MD/WTD/ ManagerParticulars of Remuneration

Name

Designation

- -

Name of Directors

-

Particulars of Remuneration

Total (1)

Fee for attending board committee meetings

Commission

-- - -

1.50 1.50 -

Overall Ceiling as per the Act

Total (2)

Total (B)=(1+2)

Total Managerial Remuneration

- others, specify

Unsecured Loans Deposits Total IndebtednessParticulars

29,477.00 -

V. INDEBTEDNESS

Indebtedness of the Company including interest outstanding/accrued but not due for payment.

1

2

Others, please specify

Total (A)

Ceiling as per the Act

(c) Profits in lieu of salary under section 17(3) Income- tax Act, 1961

(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961

-

-

-

Other Non-Executive Directors

Others, please specify

Total (1)

(b) Value of perquisites u/s 17(2) Income-tax Act, 1961

Stock Option

Sweat Equity

Commission

- as % of profit

Gross salary

Fee for attending board committee meetings

Commission

Others, please specify

-

11,233.00

-

-

Others, please specify - - -

- 29,477.00

(Amt. Rs./Lacs)

- -ii) Interest due but not paid

iii) Interest accrued but not due

Secured Loans excluding deposits

1

1

Independent Directors

4

Total (i+ii+iii)

Change in Indebtedness during the financial year

-

-

-

-

-

-

-

C. Remuneration to Key Managerial Personnel other than MD/Manager/WTDSN. Total Amount

(Rs/Lac)

Gross salary

-

2 Stock Option -

3 Sweat Equity - Commission - - as % of profit - - others, specify -

5 Others, please specify - Total -

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES: NIL

Penalty

Punishment

Compounding

Penalty

Punishment

Compounding

Penalty

Punishment

Compounding

- --

-

- -

-

Name of Key Managerial Personnel

4 - -

- -

-

-

-

-

-

- - -

-

-

1

(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961

(b) Value of perquisites u/s 17(2) Income-tax Act,

(c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961

2

Name

Designation

Other Non-Executive Directors - - -

Particulars of Remuneration

Type

A. COMPANY

NIL

B. DIRECTORS

C. OTHER OFFICERS IN DEFAULT

NIL

NIL

Section of the Companies Act

Brief Description Details of Penalty / Punishment/ Compounding

fees imposed

Authority [RD / NCLT/ COURT] Appeal made, if any (give Details)

Fee for attending board committee meetings - -

Commission - - -Others, please specify - -

Overall Ceiling as per the Act

Total (2) - -

Total (B)=(1+2) - - -

Total Managerial Remuneration