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Notes to Accounts of Emerald Leisures Ltd.

Mar 31, 2013

1. Continoent liabilities and Commitments (to the extent not provided for)

A. Contingent liabilities, in respect of:

As at 31st As at 31st Particulars March,13 March,12 Rupees Rupees

L Demand by DGFT (excluding interest and penalty), contested before 37,463,669 37,463,669 CESTAT and recovery stayed.

ii. Non-fulfillment of export obligation under the Advance L icense Scheme. 7,244,465 7,244,465

iii. Excise demand if any against the orders passed by the CESTAT (amount deposited by the Company Rs. 16 Lacs against same) 7,268,989 7,268,989

iv. Disputed penalty by Income Tax, appealed, pending disposal. Amountnot Amountnot ascertained ascertained

In all the above matters, the Company does not expect any liability to crystallize

2. Real estate stock-in-trade (Swastjk Textiles Division)ofRs.3,754,229/-(asat31sMarch, 2012, Rs.3,754,229/-) has been valued atcost of land including the accretion to its value on change of its character from ''capital assets'' to ''trading assets'' plus development expenses incurred. The plots and area of these real estate stocks in trade (land) is as under:

i. Plot No CTS 366, area 2372 Sq Meters

(Mani garage)-Encroached Both the above

ii. PlotNoCTS 366/6, area 10,004.1 Sq Meters aggregate 12376 SqMtrs.

- Encroached by slum & unauthorized

occupants.

3. Confirmation letters have not been obtained from debtors, creditors, loans/ advances given and for certain loans/ deposits taken and hence their balances are subject to reconciliation and consequent adjustments, if any.

4. Related party transactions

Related Parties (As identified by the Management In the Light of Requirements of AS 18)

Names of Related Parties:-

1. Key Management Personnel

(a) Rajesh Loya (b) Jashwant Mehta (C) Chetan Mehta 2.. Other Related Parties

(a) Dhwani Mercantile Private Limited (b) Juhu Resorts and Development Private Limited (c) Associated Engineers and Architects

Transactions with Related Parties (Figures in Rs.)

5. Segment accounting as per AS 17.

The Company Operates only in a Single Segment & hence Segment Reporting as required under Accounting Standard -17 is not applicable.

6. The deferred tax asset on account of Depreciation as per the Income Tax Act, and that as per the accounts - to Rs137,548/-, disallow- ances u/s 43B of the Income Tax act of Rs. 1,304,942/- disallowances u/s 40a (ia) of the Income Tax act of Rs.278,100/- aggregating Rs.1,720,590/- as applicable has been provided and recognized as deferred tax asset as envisaged in AS 22. In view of the continuing losses no further Deferred Tax Asset is created in view of uncertainty about its ultimate recovery.

7. The Company has not provided for wealth tax liability, if any, in view of unascertainability of the value of such property due to reservation of land, unauthorized occupants and other reasons.

8. Figures of the previous year have been regrouped to conform to current year grouping.


Mar 31, 2012

1. Contingent liabilities and Commitments (to the extent not provided for)

A. Contingent liabilities, in respect of:_

As at 31st As at 31st

Particulars March,12 March,11 Rupees Rupees

i Demand by DGFT (excluding interest and penalty), contested before 37,463,669 37,463,669 CESTAT and recovery stayed.

ii. Non-fulfillment of export obligation under the Advance License Scheme. 7,244,465 7,244,465

iii. Excise demand if any against the orders passed by the CESTAT (amount deposited by the Company Rs.16 Lacs against same) 7,268,989 7,268,989

iv. Disputed penalty by Income Tax, appealed, pending disposal. Amount not Amount not ascertained Amount not ascer tained

v. Demand for taxes by Bombay Municipal corporation (2000 to 2009), appeal ascertained (See 14,861,620 against same is pending before Bombay High Court Note Below)

vi. Paymenttocreditors.assignedtoacquirerunderslumpsale. 24,894,308 24,894,308

vii. Claims of Labourers as passed by 8* Labour Court Mumbai . 10.927,980

Note: The Matter has been decided in favour of the company. However the company has not received final demand note from BMC/ MCGM but conservatively the liability is not expected to be more than Rs. 10 Lakhs.

2. Confirmation letters have not been obtained from debtors, creditors, loans/ advances given and for certain loans/ deposits taken and hence their balances are subject to reconciliation and consequent adjustments, if any.

3. Related party transactions

Related Parties (As identified by the Management In the Light of Requirements of AS 18)

Names of Related Parties:- 1. Key Management Personnel

(a) Rajesh Loya (b) Jashwant Mehta (C) Chetan Mehta 2.. Other Related Parties

(a). Associated Engineers and Architects (b) Jashwant Mehta & Associates (c) Bela Estate and Development LLP (d) Bela Estate and Development Pvt Limited (e) Dhwani Mercantile Private Limited (f) Juhu Resorts and Development Private Limited (g) Neptune Resorts and Developers Private Limited.

Transactions with Related Parties (Figures in Rs.)

Since there were no related parties in FY 2010-11. All Figures are only for FY 2011 -12

4. Segment accounting as per AS 17.

The Company Operates in only In a Single Segment & hence Segment Reporting as required under Accounting Standard -17 is not Applicable

5. The deferred tax asset on account of Depreciation as per the Income Tax Act, and that as per the accounts - to Rs. 137,548/- disallowances u/s 43B of the Income Tax act of Rs.1,304,942/- disallowances u/s 40a (ia) of the Income Tax act of Rs.278,100/- aggregating Rs. 1,720,590/- as applicable has been provided and recognized as deferred tax asset as envisaged in AS 22. In view of the continuing losses no further Deferred Tax Asset is created in view of uncertainty about its ultimate recovery.

6. The Company has not provided for wealth tax liability, if any, in view of unascertainability of the value of such property due to reservation of land, unauthorized occupants and other reasons.

7. Figures of the previous year have been regrouped to conform with current year grouping.

(iv) Aggregate number and class of shares allotted as fully paid up pursuant to contracts) without payment being received in cash, bonus shares and shares bought back for the period of 5 years immediately preceding the Balance Sheet date:

All the shares have been issued in the earlier years and not in preceding 5 years as on 31st March 2012 and 31st March 2011

Note 1 - Security

The Term Loan is Secured by way of First Charge on Land and Building Situated at Plot Bearing CTS No. 366/ 15A Behind Mangal Anand Hospital and Near Shushrut Hospital Siddharth Colony Swastik Park Chembur Mumbai and Exclusive charge by way of Hypothecation of Current Assets of the Company, Both Present and Future, Equitable/Registered Charge of residential/commercial properties of Corporate Guarantors.

The Above Term Loan is Guaranteed by Some of the Directors and Others.

Note 2 - Terms of Repayment

Term Loan is to be repaid in 28 Quarterly Instalments Starting FY 2013 - 14


Mar 31, 2010

1. Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs.Nil/- (as at 31a March, 2009 Rs.Nil/-).

2. Contingent liabilities, in respect of: As at 31st March,09 Rupees Rupees

i. Demand by DGFT (excluding interest and penalty), contested before 37,463,669 38,032,707 CESTAT and recovery stayed.

ii. Non-fulfillment of export obligation under the Advance License Scheme. 7,244,465 7,244,465

iii.Excise demand if any against the orders passed by the CESTAT (amount deposited by the Company Rs. 16 Lacs against same) 7,268,989 7,268,989

iv. Disputed penalty by Income Tax, appealed, pending Amount not Amount not disposal* ascertained ascertained v. Demand for taxes by Bombay Municipal corporation (2000 to 2009), 14,861,620 - appeal against same is pending before Bombay High Court

vi. Payment to creditors, assigned to. acquirer under slump sale. 24,894,308 -

In all the above matters, the Company does not expect any liability to crystallize.

3. Real estate stock-in-trade (Swastik Textiles Division) of Rs.3,754,229/- (as at 31* March, 2009, Rs.3,754,229/-) has been valued at cost of land including the accretion to its value on change of its character from capital assets to trading assets plus development expenses incurred. The plots and area of these real estate stocks in trade (land) is as under

i. Plot No CTS 366, area 2372 Sq Meters

(Mani garage)-Encroached Both the above

ii. PlotNoCTS366/6,area10,004.1SqMeters aggregate 12376 SqMtrs.

- Encroached by slum & unauthorized occupants.

4. Capita! work-in-progress as at 31" March, 2010, aggregating Rs.23,429,810/- (as at 31" March, 2009, Rs. 22.659,528/-) and incidental expenditure during construction period, 13,378,333/- (as at 31st March, 2009 Rs.12,307,116/-) representing expenditure incurred on certain project at the Sports Complex project in Mumbai.

5. Depreciation has been provided on the written down value method in accordance with the provisions of the Companies Act, 1956, at the rates and in the manner specified in schedule XIV to this Act.

6. Confirmation letters have not been obtained from debtors, creditors, loans/ advances given and for certain loans/ deposits taken and hence their balances are subject to reconciliation and consequent adjustments, if any.

7. Managerial remuneration undersection 198 of the Companies Act, 1956: (minimum remuneration)

To the Finance Director

8. Additional information pursuant to the provisions of paragraphs 3,4C and 4D of part II of Schedule VI to the Companies Act, 1956 (to the extent applicable): (i) Stock (a) Openino Stocks

9. Since there hasbeen no business activity during the year and no revenues from any business segments, there is nothing to disclose under segment accounting as per AS 17.

10. The deferred tax asset on account of Depreciation as per the Income Tax Act, and that as per the accounts - to Rs. 137,548/-, disallow- ances u/s 43B of the Income Tax act of Rs.1,304,942/- disallowances u/s 40a (ia) of the Income Tax act of Rs.278,100/- aggregating Rs. 1,720,590/- as applicable has been provided and recognized as deferred tax asset as envisaged in AS 22.

11. The Company has not provided for wealth tax liability if any in view of of the value of such property due to reservation of land, unauthorized occupants and other reasons.

12. Figures of the previous year have been regrouped to conform with current year grouping.

 
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