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Notes to Accounts of Ajwa Fun World & Resorts Ltd.

Mar 31, 2014

Note-1

As at 31st As at 31st MARCH 2014 MARCH 2013

Contingent liabilities and commitments (to the extent not provided for) Rs Rs

(i) Contigent Liablities

(a) Claims against the company not acknowledged as debt 1,95,070.00 1,95,070.00

(b) Gurantees - -

(c) Other money for which the company is contingently liable - -

1,95,070.00 1,95,070.00

(ii) Commitments

(a) Estimated amount for contracts remaining to be executed - - on capital account and not provided for

(b) Uncalled liablity on shares and other investments partly paid - -

(c) Other commitments (specify nature) - -

1,95,070.00 1,95,070.00



A Corporate Information

Ajwa Fun World & Resort Ltd. is a Public Limited Company By Shares Incorporated On 16/09/1992 engaged in the business of Entertainment sector by installing the facilities of rides & other entertainment devices at its park near Vadodara. The Company has diversified into infrastructure projects, Construction of Residential and Commercial Complexes.

Additional Information

01. The company has disclosed Business segment as Primary segment, segments have been identified taking into account the nature of products, the differing risks and returns, the organisational structure and internal reporting system. The company''s operations predominantly relate to Entertainment Industry at Vadodara which comprising Amusement Park, Water Park, Resort and Restaurant & construction Industry at Indore.

02. Segment Revenue, segment Results, Segment Assets and Segment Liability includes the respective amounts identifiable to each of the segment as also amount allocated on reasonable basis. The expenses, which are not directly related to the business segment are shown as unallocated Expenses'' and Income not directly related to the business segment ate shown as External revenue''. Assets and liability that cannot be allocated between the segments are shown as unallocated corporate Assets and Liability respectively.


Mar 31, 2013

Note 1

As at 31st MARCH 2013 As at 31st MARCH 2012

Contingenl liabilities and commitments (extent not provided for)

(i) ConUgent LiabHtios

{a) Claims against the company not acknowledged as debt 1,95.070.00 31.&3.655.00

{b) Gurantees

{ej Oilier money for which the company is contingently liable

1,95,070.00 31,65,655.00





(a) Estimated tmount tat contacts remaking to be- exetul&o'' capMal account and not provided for

(b) Uncall&d hablity on shares and olfier investments partly paid —

(t) Oilier commitments (specify nature)

Information

Ajwa Fur* World & Resort Ltd. Is a Public Limited Company By Shares Incorporated On l6/fl9f t&92 engaged in the business of Entertainment sector by installing 1he facilities of rides & other entertainment devices at its park near Vadodara. The Company has diversified into infrastructure projects. Const*uotion of Residential and Commercial Complexes.

2 Other Disclosure

A Figures of Pre vidua year have been regrouped V recast wherever necessary Id make them comparable with the figures of Vie Currant year.

B The company lias not provided for the gratuity liability as wall as employees'' oirer retirement benefits trough :t shuuId have provided for the same In line with the accounting standard made mandatory.

C Since the company Is following cash method of accounting: in this respect the liability in respect of gratuity Is not being worked out by

D Ho provision has been made for penalty and interest which may levied upon the Company for non deduction .¦ short deduction of TDS and delay default m remitting money to various authorities because the amount is not ascertainable as on the dale of Balance Sheet. The same shall be accounted for as and when levied by such authorities.

3 Balance due to or due from parties/ banks from whom confirmations are not received are subject to adjustment on receipt of necessary confirmations.

4 LOAMS A ADDUCES INCLUDE THE FOLLOWING:

Rs.4,25.3S4/- given as loan to M/s. Mahavir Estate Put Ltd. Maximum outstanding during the year Rs. 4.25,334)-. (Previous year both amount are R6.4.l2.fl§47-)

(All these companies are under the same management as defined Lire 370 1(B) of the Companies Act, 1S56.J

5 Directors'' Remuneration (Current year as well as previous year) represents Directors salary only.

6 The Inventory of stores includes stocks of Stores. Spares, and Restaurant Items etc. and is stated In the Balance Sheet as taken, valued and certified by the management.

7 COHTIHSEHT LIABILITIES;

I. Demand rose by the Gujarat Electricity Board for Rs.l.SS.QW- towards Installation charges and interest bul contested by the company.

The Income Tax and Sales Tax assessments fur the AssL Year 2005-W end onwards and financial year 2004-05 respectively are yet tea made by the concerned authorities.


Mar 31, 2012

1 Corporate Information

Ajwa Fun Worid & Resort Ltd. is a Public Limited Company By Shares Incorporated On 16/09/1992 engaged in the business of entertainment by installing the facilities of rides & other entertainment devices as its park near Vadodara with resumption of the operation of Water Park . The Company has diversified into infrastructure projects, construction of complexes also.

2 LOANS & ADVANCES INCLUDE THE FOLLOWING:

Rs.4,12,894/- given as loan to M/s. Mahavir Estate Pvt. Ltd. Maximum outstanding during the year Rs. 4,12,894/-. (Previous year both amount are Rs.3,78,387/-)

[All these companies are under the same management as defined U/s 370 1(B) of the Companies Act, 1956.]

a Directors'' Remuneration (Current year as well as previous year) represents Directors salary only.

b The Inventory of stores includes stocks of Stores, Spares, and Restaurant Items etc. and is stated in the Balance Sheet as taken, valued and certified by the management.

c CONTINGENT LIABILITIES:

i. Disputes not acknowledged as debt by the company for Rs.29,88,583/-

ii. Demand rose by the Gujarat Electricity Board for Rs.1,95,070/- towards installation charges and interest but contested by the company.

d The company has been advised by experts that due to business loss and claim of depreciation as per the provisions of she Income lax Act, 1961 the company does not have any tax liability for the current financial year ana therefore no provision for Income Tax has been made. Also, due to carried forward depreciation and business loss as per the provisions of Income Tax Act, 1961, there is no need to provide any deferred Tax liability under Accounting Standard 22 (AS 22).

e The income Tax and Sales Tax assessments for the Asst. Year 2005-06 and onwards and financial year 2004-05 respectively <.ve yet too made by the concerned authorities.

f RELATED PARTY TRANSACTIONS

Related Parties with whom the Company had transactions.

1. ASSOCIATES :

A AJWA FINANCE LTD

B. SRJ PROJECTS PVT LTD

C. MAHAViR ESTATE PVT.LTD.

D UNO JE CONSTRUCITON PVT.LTD

2. KEY PERSONA!.:

A. Shn Rajesh C. Jam ( C.M.D)

B. Rahil R. Jam.

3. Relatives of Key Managerial Personal :

A. Sml Vijaybaia R. Jain

B. Rajesh C. Jain (H.U.F.)


Mar 31, 2011

1. Figures of Previous year have been regrouped/recast wherever necessary to make them comparable with the figures of the Current year.

2. The company has not provided for the gratuity liability as well as employees'' other retirement benefits though it should have provided for the same in line with the accounting standard made mandatory.

Since the company is following cash method of accounting in this respect, the liability in respect of gratuity is not being worked out by it.

3. No provision has been made for penalty and interest which may be levied upon the Company for non deduction/short deduction of TDS and delay/default in remitting money to various authorities because the amount is not ascertainable as on the date of Balance Sheet. The same shall be accounted for as and when levied by such authorities.

4. Balance due to or due from parties/ banks from whom confirmations are not received are subject to adjustment on receipt of necessary confirmations including balance with,

5. LOANS & ADVANCES INCLUDE THE FOLLOWING :

1. Rs.3,78,387/- given as loan to M/s. Mohair Estate Pvt. Ltd. Maximum outstanding during the year Rs.3,78,387/- (Previous year both the amounts are Rs.3,78,387/-)

[All these companies are under the same management as defined U/s 370 1(B) of the Companies Act, 1956.)

6. Directors'' Remuneration (Current year as well as previous year) represents Directors salary only.

7. The Inventory of stores includes stocks of Stores, Spares, Restaurant Items etc and is stated in the Balance Sheet as taken, valued and certified by the management.

8. CONTINGENT LIABILITIES :

i. Disputes not acknowledged as debt by the company for Rs.29,88,583/-

ii. Demand raised by the Gujarat Electricity Board for Rs. 1,95,070/- towards installation charges and interest but contested by the company.

9. The company has been advised by experts that due Id business loss and claim of depreciation as per the provisions of the Income Tax Act, 1961, the company does not have any tax liability for the current financial year and therefore no provision for Income Tax has been made. Also due to carried forward depreciation and business loss as per the provisions of Income Tax Act, 1961, there is no need to provide any Deferred Tax liability under Accounting Standard 22 (AS 22).

10. The Income Tax and Sales Tax assessments for the Asst. Year 2005-06 and onwards and financial year 2004-05, respectively are yet to made by the concern authorities.

11. The investments made by the Company are not held in its own name though required as per the provisions of section 49 of the Companies Act, 1956.

12. The company has not provided for the diminution in the value of iong term investments as the same is being held in unquoted investments. Hence the company is stating the investment at cost, the same method of accounting has been continued.

13. RELATED PARTY TRANSACTIONS:

Related Parties with whom the Company had transactions.

1. ASSOCIATES:

1. Ajwa Finance Ltd.

2. S R J Projects Pvt.Ltd.

3. Mahavir Estate Pvt.Ltd.

4. Unique Construction Pvt.Ltd.

2. Key Personal:

1. Shri Rajesh C Jain (C.M.D.)

2. RahiiR.Jain

3. Relatives of Key Managerial Personal:

1, Smt.Vijaybaia R Jain

14. Figures are rounded off to the nearest rupee.

15. Additional information pursuant to the provisions of paragraphs 3 & 4 in part II of the Schedule VI of the Companies Act, 1956.


Mar 31, 2010

1. Figures of Previous year have been regrouped/recast wherever necessary to make them comparable with the figures of ihe Current year.

2. The company has not provided for the gratuity liability as well as employees other retirement benefits though it should have provided for the same in line with the accounting standard made mandatory.

Since the company is following cash method of accounting in this respect, the liability in respect of gratuity is not being worked out by it.

3. No provision has been made for penalty and interest which may be levied upon the Company for non deduction/short deduction of TDS and delay/default in remitting money to various authorities because the amount is not ascertainable as on the date of Balance Sheet. The same shall be accounted for as and when levied by such authorities.

4. Balance due to or due from parties/ banks from whom confirmations are not received are subject to adjustment on receipt of necessary confirmations including balance with.

5. LOANS & ADVANCES INCLUDE THE FOLLOWING:

1. Rs.3,52,116/- given as loan to M/s.Mahavir Estate FM. Ltd. Maximum outstanding during the year Rs.3,52,116/-. (Previous year both the amounts are Rs.3,52,116 /-)

[Alt these companies are under the same management as defined U/s 3701 (B) of the Companies Act, 1956.]

6. Directors Remuneration (Current year as well as previous year) represents Directors salary only.

7. The Inventory of stores includes stocks of Stores, Spares, Restaurant Items etc. and is stated in the Balance Sheet as taken, valued and certified by the management.

8. CONTINGENT LIABILITIES:

i. Disputes not acknowledged as debt by the company for Rs. 19,46,655/-

ii. Demand raised by the Gujarat Electricity Board for Rs.1,95,070/- towards installation charges and interest but contested by the company.

9. The company has been advised by experts that due to business loss and claim of depreciation as per the provisions of the Income Tax Act, 1961, the company does not have any tax liability for the current financial year and therefore no provision for Income Tax has been made. Also due to carried forward depreciation and business loss as per the provisions of Income Tax Act, 1961, there is no need to provide any Deferred Tax liability under Accounting Standard 22 (AS 22).

10. The Income Tax and Sales Tax assessments for the Asst. Year 2005-06 and onwards and financial year 2004-05, respectively are yet to made by the concern authorities.

11. The investments made by the Company are not held in its own name though required as perthe provisions of section 49 of the Companies Act, 1956.

12. The company has not provided for the diminution in the value of long term investments held by it though it is required to do so as per the accounting standard eing made mandatory. Since the Company is stating the investments at cost, the same method of accounting has been continued. The diminution in the value of investments of the Company as at 31.3.2009 is Rs. 92,06,840.20

13. RELATED PARTY TRANSACTIONS:

Related Parties with whom the Company had transactions.

1. ASSOCIATES:

LAjwa Finance Ltd. 2.SR J ProjectsPvt.Ltd.

3. Mahavir Estate Pvt.Ltd.

4. Unique Construction Pvt.Ltd.

2. Key Personal:

1. Shri Rajesh C Jain (C.M.D.)

2. Rahil R.Jain

3. Relatives of Key Managerial Personal:

1. Smt.VijaybalaRJain

14. Figures are rounded off to the nearest rupee.

15. Additional information pursuant to the provisions of paragraphs 3 & 4 in part II of the - Schedule VI of the Companies Act, 1956.

 
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