Mar 31, 2018
Note - 41 Use of Estimates and Judgments
The preparation of the Companyâs financial statements requires the management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. In particular, information about significant areas of estimation uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements is included in the following notes:
a. Useful lives of property, plant and equipment and intangible assets
Property, plant and equipment and intangible assets represent a significant proportion of the asset base of the Company. The charge in respect of periodic depreciation and amortization is derived after determining an estimate of an assetâs expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Companyâs assets are determined by the management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technical or commercial obsolescence arising from changes or improvements in production or from a change in market demand of the product or service output of the asset.
b. Assets and obligations relating to employee benefits
The employment benefit obligations depends on a number of factors that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost/ (income) include the discount rate, inflation and mortality assumptions. Any changes in these assumptions will impact upon the carrying amount of employment benefit obligations.
c. Fair vale measurement and valuation process
When the fair values of financials assets and financial liabilities recorded in the financial statements cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques which involve various judgments and assumptions.
d. Tax expense
The Companyâs tax jurisdiction is India. Significant judgments are involved in determining the provision for income taxes, if any, including amount expected to be paid/recovered for uncertain tax positions. Further, significant judgment is exercised to ascertain amount of deferred tax asset (DTA) that could be recognized based on the probability that future taxable profits will be available against which DTA can be utilized and amount of temporary difference in which DTA cannot be recognized on want of probable taxable profits.
The following explains the material adjustments made while transition from previous accounting standards to IND AS:
A. Investments
Investment in equity instruments are carried at fair value through Profit and loss in Ind AS compared to being carried at cost under IGAAP.
B. Employee Benefits Expenses (Gratuity)
Both under Indian GAAP and Ind AS, the company recognized costs related to its post-employment defined benefit plan on an actuarial basis. Under Indian GAAP, the entire cost, including actuarial gains and losses, are charged to profit or loss. Under Ind AS, re-measurements are recognized in other comprehensive income.
C. Other comprehensive income
Under IGAAP, the company has not presented other comprehensive income (OCI) separately. Hence, it has reconciled profit or loss as per Indian GAAP to profit or loss as per Ind AS. Further, Indian GAAP profit or loss is reconciled to total comprehensive income as per Ind AS.
D. Deferred tax
Indian GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. âInd AS 12 Income Taxesâ requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind âAS 12 Income Taxesâ approach has resulted in recognition of deferred tax on new temporary differences which was not required under Indian GAAP. In addition, the various transitional adjustments lead to temporary differences. According to the accounting policies, the company has to account for such differences. Deferred tax adjustments are recognized in correlation to the underlying transaction either in retained earnings or a separate component of equity.
E. Statement of cash flows
The transition from Indian GAAP to Ind AS has not had a material impact on the statement of cash flows.
F. Financial assets and financial liabilities have been regrouped/ reclassified wherever required to comply with Ind AS.
2. Rights, preferences and restrictions
The Company has two classes of shares referred to as Equity Shares and preference shares having par value of ?.10/- each and ?. 100/- each respectively. The Company has only issued Equity Shares. Each holder of Equity Shares is entitled to one vote per share.
Dividend, if any, is declared and paid in Indian rupees. The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
3 There are no unpaid calls as at Balance Sheet date.
4 There are no forfeited shares as at Balance Sheet date.
5 There are no shares reserved for issue under options and contracts/commitments for sale of shares/disinvestment.
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.
Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly.
Level 3 inputs are unobservable inputs for the asset or liability.
The investments included in Level 3 of fair value hierarchy have been valued using the cost approach to arrive at their fair value. The cost of unquoted investments approximates the fair value because there is wide range of possible fair value measurements and the costs represents estimate of fair value within that range.
The management considers that the carrying amount of financial assets and financial liabilities carried as amortized cost approximates their fair value.
Note : 6
Capital Management
The Companyâs capital management objectives are:
- to ensure the Companyâs ability to continue as a going concern; and
- to provide an adequate return to shareholders through optimization of debts and equity balance.
The Company monitors capital on the basis of the carrying amount of debt less cash and cash equivalents as presented on the face of the financial statements. The Companyâs objective for capital management is to maintain an optimum overall financial structure.
Note : 7
Financial Risk Management
The Companyâs activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. The Companyâs risk management assessment and policies and processes are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the same. Risk assessment and management policies and processes are reviewed regularly to reflect changes in market conditions and the Companyâs activities.
Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Companyâs receivables from customers, loans and investments. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of a counterparty to which the Company grants credit terms in the normal course of business.
Investments
The Company limits its exposure to credit risk by generally investing in liquid securities and only with counterparties that have a good credit rating. The Company does not expect any losses from non-performance by these counter-parties, and does not have any significant concentration of exposures to specific industry sectors or specific country risks.
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risk to the Companyâs reputation.
Market risk
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes in market rates and prices (such as interest rates, foreign currency exchange rates and commodity prices) or in the price of market risk-sensitive instruments as a result of such adverse changes in market rates and prices. Market risk is attributable to all market risk-sensitive financial instruments, all foreign currency receivables and payables and all short term and long-term debt. The Company is exposed to market risk primarily related to commodity prices and the market value of its investments.
Interest rate risk
The Company has loan facilities on floating interest rate, which exposes the Company to risk of changes in interest rates. The Companyâs Treasury Department monitors the interest rate movement and manages the interest rate risk by evaluating interest rate swaps etc. based on the market / risk perception.
Commodity rate risk
Exposure to market risk with respect to commodity prices primarily arises from the Companyâs purchases and sales of raw material. Commodity products, whose prices may fluctuate significantly over short periods of time. The prices of the Companyâs raw materials generally fluctuate in line with commodity cycles, although the prices of raw materials used in the Companyâs active pharmaceutical ingredients business are generally more volatile. Cost of raw materials forms the largest portion of the Companyâs cost of revenues. Commodity price risk exposure is evaluated and managed through operating procedures and sourcing policies. As of March 31, 2018, the Company had not entered into any material derivative contracts to hedge exposure to fluctuations in commodity prices.
Note : 8
Corporate Social Responsibilities
As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. A CSR committee has been formed by the Company as per the Act. The funds were utilized throughout the year on the activities which are specified in Schedule VII of the Companies Act, 2013.
Note : 9 Trade Payables
Diclosure under the Micro, Small and Medium Enterprises Development Act, 2006 are provided as under for the year 2017-18, to the extent the Company has received intimation from the âSuppliersâ regarding their status under the Act.
Note : 10
First Time Ind As Adoption Reconciliation Explanation to transition to Ind AS
Ind AS 101 -âFirst-time Adoption of Indian Accounting Standardsâ requires that all Ind AS and interpretations that are issued and effective for the first Ind AS financial statements which is for the year ended March 31, 2018 for the Company, be applied retrospectively and consistently for all financial years presented, except the Company has availed certain exemptions and complied with the mandatory exceptions provided in Ind AS 101, as described below. The Company has recognized all assets and liabilities whose recognition is required by Ind AS and has not recognized items of assets or liabilities which are not permitted by Ind AS, reclassified items from previous GAAP to Ind AS as required under Ind AS and applied Ind AS in measurement of recognized assets and liabilities. Set out below are the Ind AS 101 optional exemptions availed as applicable and mandatory exceptions applied in the transition from previous GAAP to Ind AS.
Derecognition of financial assets and financial liabilities
The Company has applied the derecognition requirements of financial assets and financial liabilities prospectively for transactions occurring on or after the transition date.
Classification and measurement of financial assets
The Company has assessed conditions for classification of the financial assets on the basis of the facts and circumstances that were existed on the date of transition to Ind AS.
Determining whether an arrangement contains a lease
The Company has applied Appendix C of Ind AS 17 âDetermining whether an Arrangement contains a Leaseâ to determine whether an arrangement existing at the transition date contains a lease on the basis of facts and circumstances existing at that date.
Deemed cost of property, plant and equipment and intangible assets
On transition to Ind AS, the Company has elected to continue with the carrying value of all of its property, plant and equipment and intangible assets recognized as at April 01, 2016 measured as per the previous GAAP and use that carrying value as the deemed cost of the property, plant and equipment and intangible assets.
Designation of previously recognized financial instruments
Ind AS 101 allows an entity to designate investments in equity instruments at FVOCI on the basis of the facts and circumstances as at the date of transition to Ind AS. The Company has elected to apply this exemption for its investments in certain equity instruments.
Fair value measurement of financial assets and financial liabilities at initial recognition
The Company has applied the requirements in paragraph B5.1.2A (b) of Ind AS 109 prospectively to transactions entered into on or after the date of transition to Ind AS. This exemption has been availed by the Company.
Business Combinations
Ind AS 101 provides the option to apply Ind AS 103 prospectively from the transition date or from a specific date prior to the transition date. This provides relief from full retrospective application that would require restatement of all business combinations prior to the transition date.
The Company elected to apply Ind AS 103 prospectively to business combinations occurring after its transition date. Business combinations occurring prior to the transition date have not been restated.
Notes on reconciliations between previous GAAP and Ind AS
a) Investments at fair value through profit or loss
Under previous GAAP, Investments were accounted for on the principles of prudence. Pursuant to this, losses, if any, on mark to market basis, were recognized and gains were not recognized. Under Ind AS, investments have been measured at fair value through profit or loss and gains or losses are recognized in the statement of profit and loss.
b) Employee benefits
Under previous GAAP, actuarial gains and losses were recognized in statement of profit and loss. Under Ind AS, the actuarial gains and losses form part of remeasurement of net defined benefit liability / asset which is recognized in other comprehensive income in the respective periods.
c) Deferred tax
Indian GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. âInd AS 12 Income Taxesâ requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind âAS 12 Income Taxesâ approach has resulted in recognition of deferred tax on new temporary differences which was not required under Indian GAAP. In addition, the various transitional adjustments lead to temporary differences. According to the accounting policies, the company has to account for such differences. Deferred tax adjustments are recognized in correlation to the underlying transaction either in retained earnings or a separate component of equity.
Note : 11
Names of Related parties and Nature of relationship
Sr. No. Relation Related Party
1 Enterprise Controlling the Company NIL
2 Key Management Personnel 1.Anupa Tanna Shah
2.Shirish B Kamdar
3.Kishore M Vussonji
3 Enterprise controlled by the company Subsidary Company
1. Goldcrest Habitat Pvt. Ltd.(100% Holding)
2. Goldcrest Pune LLP (99.99% Holding)
4 Relative of Key Management Personnel 1.Late Tulsidas J. Tanna
2.Hansa T. Tanna
3.Tushar Tanna
4. Nita Tanna
5.Namrata Tanna
6.Chirag Shah
5 Enterprise over which Key Management personnel exercise 1.Goldcrest Exports
significant influence 2.Goldcrest Global Trading Pvt. Ltd.
3.Perique Finance and Leasing Pvt. Ltd.
4.Fliessen Real Estates Pvt. Ltd.
5. Quest Academy Pvt.Ltd.
6.Bhagwati Associates Pvt. Ltd.
7.Varities Builders and Trustees Pvt. Ltd.
8. Goldcrest Solutions Pvt. Ltd.
9. Sunteck Reality Ltd.
10. Krishna Ventures Ltd.
11.Weizmann Forex Ltd.
12. Karma Energy Ltd.
13.Kanga& Co.
14.Batot Hydro Power Limited
15.Revive Labs Pvt. Ltd.
Mar 31, 2014
1. SHARE CAPITAL
Rights, preferences and restrictions
The Company has two class of shares referred to as Equity Shares and
preference shares having par value of Rs. 10 each and Rs. 100 each
respectively. The Company has only issued Equity Shares. Each holder of
Equity Shares is entitled to one vote per share.
Dividends, if any, is declared and paid in Indian rupees. The dividend,
if any, proposed by the Board of Directors is subject to the approval
of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive any of the remaining assets of the
Company, after distribution of all preferential amounts. The
distribution will be in proportion to the number of equity shares held
by the shareholders.
2. Gold crest Realty Trust is a private trust having Corpus amount of
Rs.10,000/-. The Company has invested the said corpus amount and is
holding 98% beneficiary interest. The other beneficiary is Mrs. Nita T.
Tanna holding the balance 2% interest. By virtue of holding majority
beneficiary interest in the said trust all the Assets, Liabilities,
Income and Expenditures are incorporated in the Companies Books of
Account. The interest of the other beneficiary in the said trust is
shown separately as, amount recoverable from other beneficiary.
3. The name of the Company has been changed from Gold crest Finance
(India) Limited to Gold crest Corporation Limited.
4. The Company has invested in the Partnership firm named M/s Avanti
Electronic City Project LLP. The percentage of capital contribution of
Gold crest Corporation Limited is 16.66%.
5. The Company had exposure of commodities trade on NSEL (National
Spot Exchange Limited) during the current year through broker
registered with NSEL. The goods that ought to be in the possession of
NSEL were not in existence which resulted in failure to honour
commitment to its brokers. The Company has joined NSEL INV FORUM whose
members have filed a writ petition against NSEL, its promoters and its
borrowers before High Court, Mumbai. The Company has also filed
complaint with Economic Offence Wing. The Board is of the opinion that
the chances of recovery is very remote and have decided to write off
the sum of Rs.2,52,09,329/- as bad debts.
6. Related party Disclosures as required by Accounting Standard - 18:
Related Party disclosures have been set out in a separate statement
annexed to Financial Statements. The related parties, as defined by
Accounting Standard 18 "Related Party Disclosure" issued and as
prescribed by the Companies (Accounting Standard) Rules, 2006 in
respect of which the disclosures have been made, have been identified
on the basis of disclosures made by the key management persons and
taken on record by the Board.
Parties where control exists:
Subsidiary Company :
Gold crest Habitats Pvt. Ltd.
Other Related parties with whom transactions have taken place during
the year:
Associate Companies ;
Mist Investment & Trading Pvt. Ltd.
Marmalade Construction Pvt. Ltd.
Gold crest Realty Trust
Key Management Personel :
Mr. Tulsidas J. Tanna
Mr. Tushar T. Tanna
Mr. Shirish B. Kamdar
Mr. Kishore M. Vussonji
Relatives of Key Management :
Anupa Tanna Shah Prime
Hygine Care Pvt. Ltd.
7. As per Schedule 6 of the Company's Act Part AC and 4D of
(Manufacturing Company) is not applicable.
8. There are no Micro and Small Enterprises, to whom the Company owes
dues, which are outstanding for more than 45 days as at 31st March,
2014.This information as required to be disclosed under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
9. Previous Year Figures are regrouped / rearranged / reclassified,
wherever necessary.
Mar 31, 2013
(1) Goldcrest Realty Trust is a private trust having Corpus amount of
Rs.10,000/-. The Company has invested the said corpus amount and is
holding 98% beneficiary interest. The other beneficiary is Mrs. Nita T.
Tanna holding the balance 2% interest. By virtue of holding majority
beneficiary interest in the said trust all the Assets, Liabilities,
Income and Expenditures are incorporated in the Companies Books of
Account. The interest of the other beneficiary in the said trust is
shown separately as, amount recoverable from other beneficiary.
(2) Related party Disclosures as required by Accounting Standard - 18:
Related Party disclosures have been set out in a separate statement
annexed to Financial Statements. The related parties, as defined by
Accounting Standard IS "Related Party Disclosure" issued and as
prescribed by the Companies (Accounting Standard) Rules, 2006 in
respect of which the disclosures have been made, have been identified
on the basis of disclosures made by the key management persons and
taken on record by the Board.
a) List of Related Parties;
Parties where control exists:
Other Related parties with whom transactions have taken place during
the year
Associate Companies :
Mist Investment & Trading Pvt Ltd.
Marmalade Construction Pvt Ltd.
Goldcrest Realty Trust
GokJcrest Capital Markets Pvt Ltd.
Key Management Perspiwl.;
Mr. Tuteidas J. Tanna
Mr. Tushar T. Tanna
Mr. Shirish B. Kamdar
Mr. Kishore M. Vussonji
Relatives of Key Management ;
Anupa Tanna Shah
Prime Hygine Care Pvt. Ltd.
(3) The present liability for the future payment of gratuity to
employees has not been ascertained by the Company and not provided for.
(4) As per Schedule 6 of the Company''s Act Part 4C and 4D of
(Manufacturing Company) is not applicable.
(5) There are no Micro and Small Enterprises, to whom the Company owes
dues, which are outstanding for more than 45 days as at 31st March,
2013.This information as required to be disclosed under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
(6) Previous Year Figures are regrouped / rearranged / reclassified,
wherever necessary.
Mar 31, 2012
1.1. Rights, preferences and restrictions
The Company has two class of shares referred to as Equity Shares and
preference shares having par value ofRs. 10 each and Rs. 100 each
respectively. The Company has only issued Equity Shares. Each holder of
Equity Shares is entitled to one vote per share.
Dividends, if any, is declared and paid in Indian rupees. The dividend,
if any, proposed by the Board of Directors is subject to the approval
of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive any of the remaining assets of the
Company, after distribution of all preferential amounts. The
distribution will be in proportion to the number of equity shares held
by the shareholders.
The Company has issued 14,85,740/- Equity Shares at Par value ofRs. 10/-
per share to Mr. Viresh P. Kothari as per Scheme of Amalgamation
approved by Honourable Bombay High Court, with its wholly owned
Subsidiary Company M/s. Goldcrest Trade & Merchandise Private Limited.
(2) Goldcrest Realty Trust is a private trust having Corpus amount of
T10.000/-. The Company has invested the said corpus amount and is
holding 98% beneficiary interest. The other beneficiary is Mrs. Nita T.
Tanna holding the balance 2% interest. By virtue of holding majority
beneficiary interest in the said trust all the Assets, Liabilities,
Income and Expenditures are incorporated in the Companies Books of
Account. The interest of the other beneficiary in the said trust is
shown separately as, amount recoverable from other beneficiary.
(3) Related party Disclosures as required by Accounting Standard - 18:
Related Party disclosures have been set out in a separate statement
annexed to Financial Statements. The related parties, as defined by
Accounting Standard 18 "Related Party Disclosure" issued and as
prescribed by the Companies (Accounting Standard) Rules 2006 in respect
of which the disclosures have been made, have been identified on the
basis of disclosures made by the key management persons and taken on
record by the Board.
a) List of Related Parties:
Parties where control exists:
Other Related parties with whom transactions have taken place during
the year:
Associate Companies :
Mist Investment & Trading Pvt. Ltd.
Perique Finance & Leasing Pvt. Ltd.
Marmalade Construction Pvt. Ltd.
Goldcrest Realty Trust
Goldcrest Capital Markets Limited
Key Management Personal :
Mr. Tulsidas J. Tanna
Mr. Tushar T. Tanna
Relatives of Key Management :
Prime Hygine Care Pvt. Ltd.
(4) The present liability for the future payment of gratuity to
employees has not been ascertained by the Company and not provided for.
(5) As per Schedule 6 of the Company's Act Part 4C and 4D of
(Manufacturing Company) is not applicable.
(6) There are no Micro and Small Enterprises, to whom the Company owes
dues, which are outstanding for more than 45 days as at 31st March,
2012.This information as required to be disclosed under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
(7) The financial statements for the year ended March 31, 2011 had
been prepared as per the then applicable, pre- Revised Schedule VI to
the Companies Act, 1956. Consequent to the notification of the Revised
Schedule VI under the Companies Act, 1956, the financial statements for
the year ended March 31, 2012 are prepared as per the Revised Schedule
VI. Accordingly, the previous year's figures have also been
reclassified/regrouped to conform to this year's classification. The
adoption of Revised Schedule VI does not impact recognition and
measurement principles followed for preparation of financial
statements.
Mar 31, 2010
(1) Goldcrest Realty Trust is a private trust having Corpus amount of
Rs. 10,000/-. The Company has invested the said corpus amount and is
holding 98% beneficiary interest. The other beneficiary is Mrs. Nita T.
Tanna holding the balance 2% interest. By virtue of holding majority
beneficiary interest in the said trust all the Assets, Liabilities,
Income and Expenditures are incorporated in the Companies Books of
Account. The interest of the other beneficiary in the said trust is
shown separately as, amount recoverable from other beneficiary.
(2) Related party Disclosures as required by Accounting Standard - 18:
a) List of Related Parties:
Parties where control exists: Other Related parties with whom
transactions have taken place during the year: Quest Academy Limited
Mist Investment & Trading Pvt. Ltd. Perique Finance & Leasing Pvt.
Ltd. Goldcrest Realty Trust Goldcrest Capital Markets Limited
Goldcrest Trade & Merchandise Pvt. Ltd. Key Management Personel: Mr.
Tulsidas J. Tanna Mr. Tushar T. Tanna
(3) The Company along with M/s Natasha Realtors Pvt. Ltd. has entered
in to an Agreement dated 21st February, 2007 for Lease Hold Land for a
consideration of Rs.177 Lacs and Villa for a consideration of Rs.275
Lacs at Aamby Valley City with Sahara India Commercial Corporation
Limited. The Company holds one half share in the said property and
other one half share is held by M/s Natasha Realtors Pvt. Ltd. The
Company has paid Rs.8.85 Lacs out of Rs. 88.50 Lacs towards Lease Hold
Land and Rs.13.75 Lacs out of Rs. 137.50 Lacs towards Villa and balance
consideration is payable as per the said Agreement.
(4) The Company has made total payment of Rs. 1,03,27,050/- to M/s
Sahara India Commercial Corporation Ltd. ("SICCL") towards perpetual
lease of land and villa for Plot No.324. The total Agreed Consideration
for the said perpetual lease of land and villa for Plot No.324
admeasuring 1171 Sq. Mtrs. is Rs.1,15,50,000/-. The agreement with
SICCL was entered by the Company and registered with appropriate
authority on 26.03.2009.
(5) The Company has Purchased for a total consideration of
Rs.1,05,78,071/-, 0.79063 Acre land at Salt Lake City - Kolkatta. The
company has been informed that additional stamp duty is payable over
and above the stamp duty already paid. Since the additional amount of
stamp duty is not ascertained the same is not provided in the books of
accounts.
(6) Goldcrest Realty Trust has through its trustee M/s Varities
Builders & Trustees Pvt. Ltd. had given to M/s Business Octane
Solutions Pvt. Ltd. on Leave & Licence basis to use its part of its
unit no. 001-006 on the ground floor and service area on the Mezzanine
level on the building named "Panchshil Tech Park" situated at Pune for
a period of 60 months from 19"1 September 2007 as per certain terms and
conditions. The said Leave & Licence agreement had a lock-in-period
clause of 36 months. The said M/s Business Octane Solutions Pvt. Ltd
failed to make monthly payment towards Licence fees from February 2009
for four calendar months forcing the said Trust to terminate the Leave
& Licence agreement w.e.f 22nd May 2009. The said Trust has filed a
case through its above referred Trustee against M/s. Business Octane
Solutions Pvt. Ltd. before small Cause Court at Pune vide Appeal
No.40/2010 demanding a sum of Rs. 29,31,152.36 being outstanding
licence fees, unpaid electricity bill, telephone bills, maintenance
charges, Licence fees for the lock-in-period after adjusting security
deposit alongwith service tax and interest é 18% p.a. on the
outstanding amount.
(7) The present liability for the future payment of gratuity to
employees has not been ascertained by the Company and not provided for.
(8) As per Schedule 6 of the Companys Act Part 4 C & 4 D of
(Manufacturing Company) not applicable.
(9) There are no Micro and Small Enterprises, to whom the Company owes
dues, which are outstanding for more than 45 days as at 31s1 March
2010.This information as required to be disclosed under the Micro,
Small and Medium Enterprises Development Act, 2006 has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
(10) Figures of the previous year have been regrouped / rearranged /
reclassified wherever necessary.