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Notes to Accounts of Country Condo's Ltd.

Mar 31, 2014

1. Detailed information regarding quantitative particulars under part II of Schedule VI to the Companies Act, 1956. Quantitative details are not furnished as the company is in the activity of Real Estate and Hospitality Services. Closing WIP is Rs.380,983,885 and Closing Stock of Consumables is Rs.574,411 for current year (Previous year Closing WIP is Rs.332,369,011 and Closing Stock of Consumables is Rs.530,648)

2. Depreciation has not been provided on old assets in the Fixed Assets Schedule as they belong to the earlier business, which are not put in use for current business.

3. Contingent Liability:

a) During the financial year - 2011-12, the company has given corporate guarantee to its Associated enterprise i.e. M/ s Country Club (India) Limited for availing the Term Loan from Three Banks namely Vijaya Bank, Bank of India and Union Bank of India for which the company has given its Assets as collateral security.

The details of the Property given as Collateral securities are as follows.

(i) Company''s Immovable property situated at No.20/1-524, Sy No: 20/1, Geddanahalli, Attibele Hobli, Anekal Taluk, Bangalore District Pin-562107.

b) During the financial year - 2011-12, the company has given corporate guarantee to its Associated enterprise i.e. M/s Country club (India) Limited for availing the Secured Business Loan from M/s.Karvy Financial Services. For which the company has given its Assets as collateral security.

The details of the Property given as Collateral securities are as follows.

(i) Property Situated at Sy No:101/3,102/3,103/1,103/2 & 103/17, Kumbalgodu, Kengeri Hobli beside Mcdowell Unit near Mysore Road under BBMP, Bangalore.

4. During the financial year 2013-14, both Country Club (India) Limited and Amrutha Estates & Hospitality Private Limited got amalgamated through scheme of Amalgamation approved by Hon''ble High Court of Andhra Pradesh vide its order dated 01-04-2013, petitions C.P No.s 103 & 104 of 2012.

As a result of the above, during the year company has set off a loan amount due to Country Club (India) Limited amounting to Rs.350,147,572/- (Previous year amounting to Rs.354,022,202/- shown under Long term Borrowings) against the loan receivable from Amrutha Estate & Hospitality Private Ltd amounting to Rs.361,562,797/- (Previous year amounting to Rs.367,335,604/- shown under Long Term Loans and Advances) and showing the closing balance of loan receivable from Country Club (India) Ltd amounting to Rs.11,415,225/- (Previous year amounting to Rs.13,313,402/-) as shown in the balance sheet - Note No.9.

5. Closing Balances of Debtors / Creditors / Loans & Advances are subject to confirmation from the parties.

6. Previous year''s numbers have been regrouped, rearranged, recasted, wherever necessary to conform to Current Year Classification.

7. The numbers have been rounded off to the nearest rupee.


Mar 31, 2013

BASIS OF PREPARATION: The financial statements have been prepared to comply in all material respects with the accounting standards notified by Companies Accounting Standards Rules, 2006 and the relevant provisions of the Companies Act, 1956 (the Act''). The financial statements have been prepared under historical cost convention on an accrual basis in accordance with accounting principles generally accepted in India. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

USE OF ESTIMATES: The preparation of financial statements in conformity with generally accepted accounting principles require the management to make estimates and assumptions that affect the reported amounts of Assets and Liabilities and disclosure of Contingent Liabilities at the date of the financial statements and the result of operations during the reporting period. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates. Significant estimates used by the management in the preparation of these financial statements include estimates of the economic useful life of Fixed Assets and provisions for bad and doubtful debts. Any revision to accounting estimates is recognized prospectively.

1. Corporate Guarantee:

a) During the financial year - 2011-12, the company has given corporate guarantee to its Associated enterprise i.e. M/s Country Club (India) Limited for availing the Term Loan from Three Banks namely Vijaya Bank, Bank of India and Union Bank of India for which the company has given its Assets as collateral security.

The details of the Property given as Collateral securities are as follows.

(i) Company''s Immovable property situated at No.20/1-524, Sy No:20/1, Geddanahalli, Attibele Hobli, Anekal Taluk, Bangalore District Pin-562107.

b) During the financial year - 2011-12, the company has given corporate guarantee to its Associated enterprise i.e. M/s Country club (India) Limited for availing the Secured Business Loan from M/s.Karvy Financial Services. For which the company has given its Assets as collateral security.

The details of the Property given as Collateral securities are as follows.

(i) Property Situated at Sy No:101/3,102/3,103/1,103/2 & 103/17, Kumbalgodu, Kengeri Hobli beside Mcdowell Unit near Mysore Road under BBMP, Bangalore.

2. Closing Balances of Debtors / Creditors / Loans & Advances are subject to confirmation from the parties.

3. Previous year''s numbers have been regrouped, rearranged, recasted, wherever necessary to conform to Current Year Classification.

4. The numbers have been rounded off to the nearest rupee.


Mar 31, 2012

BASIS OF PREPARATION:

The financial statements have been prepared to comply in all material respects with the accounting standards notified by Companies Accounting Standards Rules, 2006 and the relevant provisions of the Companies Act, 1956 ('the Act'). The financial statements have been prepared under historical cost convention on an accrual basis in accordance with accounting principles generally accepted in India. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

USE OF ESTIMATES:

The preparation of financial statements in conformity with generally accepted accounting principles require the management to make estimates and assumptions that affect the reported amounts of Assets and Liabilities and disclosure of Contingent Liabilities at the date of the financial statements and the result of operations during the reporting period. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from these estimates. Significant estimates used by the management in the preparation of these financial statements include estimates of the economic useful life of Fixed Assets and provisions for bad and doubtful debts. Any revision to accounting estimates is recognized prospectively.

1. Detailed information regarding quantitative particulars under part II of Schedule VI to the Companies Act, 1956. Quantitative details are not furnished as the company is in the activity of Real Estate and Hospitality Services. Closing WIP is Rs.239,912,726 and Closing Stock of Consumables is Rs.355,229 for current year (Previous year Closing WIP is Rs.167,807,578)

2. Depreciation has not been provided on old assets in the Fixed Assets Schedule as they belong to the earlier business, which are not put in use for current business.

3. Corporate Guarantee:

a) During the financial year, the company has given corporate guarantee to M/s Country Club (India) Limited for availing the Term Loan from Three Banks namely Vijaya Bank, Bank of India and Union Bank of India for which the company has given its Assets as collateral security.

The details of the Property given as Collateral securities are as follows.

Company's Immovable property situated at No.20/1-524, Sy No:20/1, Geddanahalli, Attibele Hobli, Anekal Taluk, Bangalore District Pin-562107.

b) During the financial year, the company has given corporate guarantee to M/s Country club (India) Limited for availing the Secured Business Loan from M/s.Karvy Financial Services. For which the company has given its Assets as collateral security.

The details of the Property given as Collateral securities are as follows.

Property Situated at Sy No:101/3,102/3,103/1,103/2 & 103/17, Kumbalgodu, Kengeri Hobli beside Mcdowell Unit near Mysore Road under BBMP, Bangalore.

c) During the financial year, the company has given corporate guarantee and mortgaged their property for loans taken by M/s. Country Club (India) limited for which the Company has to obtain the necessary approval of share holders U/s. 293(1)(a) and Section 372A by way of postal ballot and the Company has initiated necessary steps to obtain the approval from share holders.

4. Closing Balances of Debtors / Creditors / Loans & Advances are subject to confirmation from the parties.

5. Previous year's numbers have been regrouped, rearranged, recasted, wherever necessary to conform to Current Year Classification.

6. The numbers have been rounded off to the nearest rupee.


Mar 31, 2011

1. Share warrants forfeited due to non conversion within 18 months from the date of issue i.e. on or before 23fd February, 2011. Therefore the amount of Rs.4,52,20,000/- forfeited in share warrants amount transferred to Reserves & Surplus as on 24th February, 2011.

2. The company has issued bonus shares of 4,85,97,300 @ Rs.1A each on 08.09.09 out of securities premium account.

3. A Scheme of Amalgamation of M/s Country Club Bangalore Limited with M/s Country Condo's Limited has been approved by the Honorable High Court of Andhra Pradesh dated 29,h April, 2010 vide CP No.61 & 62 of 2010 and obtained certified copy of the order dated 15th June, 2010. The Swap ratio for allotment of shares is 5:29 i.e. for every 5 shares of Country Club Bangalore Limited 29 shares of Country Condo's Limited is recommended fair for appointed date 1st October, 2009. Accordingly 2,90,00,000 shares @ Rs.1/- amounting to Rs.2,90,00,000 is included under subscribed & paid up capital of the Company.

4. Deferred Tax Assets & Liabilities:

In accordance with Accounting standard 22 (As 22) issued by the ICAI, the Company has accounted for deferred income tax liability Rs.28,594/- for current year (Previous year Rs.30,211/-)

5. Amalgamation Expenses incurred during the Current year are amortised over a period of 5 years

6. Particulars of Employees in accordance with Sub-section (2A) of Section 217 of the Companies Act, 1956 read with Companies (Particulars of Employees) Rule 1975. NIL

7. Detailed information regarding quantitative particulars under part II of Schedule VI to the Companies Act, 1956. Quantitative details are not furnished as the company is in the activity of Real estate and Construction. Closing WIP is 1678.07 (Rs. in Lakhs) for current year (Previous year 1277.00 (Rs. in Lakhs)).

8. Depreciation has not been provided on old assets in the Fixed Assets Schedule as they belong to the earlier business, which are not put in use for current business

9. Segment Reporting:

Since the Company is Operating in only one segment-Real Estates & Construction, hence segment reporting as required under Accounting Standard - 17 is not practicable.

10. Related Party Disclosure:

Particulars of related parties:

Name of the Related Party Nature of Transaction during the year

Country Club (India) Limited Lease Rent of Rs.28,44,000 received

Amrutha Estates & Hospitality Private Limited Commission Income of Rs.15,58,050 received

11. Directors Remuneration during the year - NIL

12. Employee benefits: Provision for Gratuity, Leave Encashment hat not been provided for as per AS - 15, on the basis of Actuarial Valuation

13. Closing Balances of Debtors / Creditors / Loans & Advances are subject to confirmation from the parties.

14. Previous year's numbers have been regrouped, rearranged, recasted, wherever necessary to conform to Current Year Classification.

 
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