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Notes to Accounts of Mac Charles (India) Ltd.

Mar 31, 2015

1. Confirmation of balances has not been received from parties covered under Trade Receivables, Long term Loans and Advances and Trade Payables.

2. Previous year's figures have been regrouped/ rearranged wherever necessary.


Mar 31, 2014

1. Confirmation of balances has not been received from parties covered under Trade Receivables, Long term Loans and Advances and Trade Payables.

2. RELATED PARTY DISCLOSURE

(A) Related Parties and their Relationships

(I) Subsidiary

Airport Golf View Hotels & Suites Private Limited

(II) Others

1. Kapi Investment Ink Limited, Mauritius,

2. M.K.Trading L.L.C. , Dubai, UAE

3. C. Pardhanani''s Education Trust,

4. Pardhanani International Investments And Holdings Private Limited

5. Pardhanani International Properties Private LImited

6. Sanko Properties Private Limited

Shareholder : 1. Shareholder 2. A Company in which chairman of the company is a shareholder.

3. A Trust in which the Chairman of the Company is a Trustee.

4. A Private Limited Company in which the Chairman is a Director and Managting Director of the Company is a director and shareholder.

5. A Private Limited Company in which the chairman of the Company is a Director and Managing Director of the Company is a Director and Shareholder.

6. A Private Limited Company in which the chairman of the Company is a Director and Managing Director of the Company is a Director and shareholder.


Mar 31, 2013

1. Confirmation of balances has not been received from parties covered under Trade Receivables'' Long term Loans and Advances and Trade Payables.

2. Previous year''s figures have been regrouped/ rearranged wherever necessary.


Mar 31, 2012

Footnote :

As per Accounting Standard 15 "Employee Benefits", the disclosures of Employee benefits as defined in the Accounting Standard are given below:

Defined Contribution Plan

Contribution to Defined Contribution Plan, recognized as expense for the year are as under:

Employer's Contribution to Provident Fund Defined Benefit Plan

The employee's gratuity fund scheme managed by a Trust is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.

1. Estimated amount of contract remaining to be executed on capital account not provided for Rs.2,34,85,092/- (Rs10,00,70,143./-).

2. RELATED PARTY DISCLOSURE

(A) Related Parties and their Relationships

(I) Subsidiary

Airport Golf View Hotels & Suites Private Limited

(II) Others

1. Kapi Investment Ink Limited, Mauritius, Shareholder.

2. M.K.Trading L.L.C. , Dubai, UAE a Company in which Chairman of the Company is a shareholder.

3. C. Pardhanani's Education Trust, a Trust in which the Chairman of the Company is a Trustee.

4. Pardhanani International Investments } a Private Limited Company in which the Chairman of the Company is a Director And Holdings Private Limited } and Managing Director of the Company is a Director and shareholder.

5. Pardhanani International Properties } a Private Limited Company in which the Chairman of the Company is a Director Private Limited } and Managing Director of the Company is a Director and shareholder.

6. Sanko Properties Private Limited } a Private Limited Company in which the Chairman of the Company is a Director and Managing Director of the Company is a Director and shareholder..

3. Previous year's figures have been regrouped/ rearranged wherever necessary.


Mar 31, 2011

1. Disclosure required by Clause 32 of the Listing Agreement:

The Company has advanced interest free loan of Rs. 1,35,00,000/- during the year to its 100% subsidiary company namely Messrs. Airport Golf View Hotels and Suites Private Limited, Kochi.

2. Advances recoverable in cash / kind / for value to be received includes Rs.85,95,62,166/-(Rs.54,05,04,712/-), being advance given for investments in Immovable Properties.

3. Compensation received Rs.3,57,50,000/- included in Schedule 13 - Other Income represents the amount received from M/s. Embassy Property Developments Ltd. (Developers) for delay in handing over the Property.

4. Liabilities written back Rs.38,90,676/- (Rs.33,11,278/-) is after netting off of irrecoverable advances of Rs.6,69,036/- (Rs.33,23,000/-) written off during the year.

5. Considering the nature of operations of the Company, it is not practicable to give quantitative details of turnover and consumption in terms of the requirement under Part-II of Schedule - VI to the Companies Act, 1956.

6. Related Party Disclosures :

(A) Related Parties and their Relationships :

(I) Subsidiary:

Airport Golf View Hotels & Suites Private Limited

(II) Others :

1. Kapi Investment Ink Limited, Mauritius, Shareholder.

2. M.K.Trading L.L.C. , Dubai, UAE a Company in which Chairman of the Company is a shareholder.

3. C. Pardhanani's Education Trust, a Trust in which the Chairman of the Company is a Trustee.

4. Pardhanani International Investments And Holdings Private Limited

a Private Company in which the Chairman of the Company is a Director Managing Director of the Company is a Director and shareholder.

5. Pardhanani International Properties Private Limited

a Private Company in which the Chairman of the Company is a Director and Managing Director of the Company is a Director and shareholder.

6. Sanko Properties Private Limited

a Private Company in which the Chairman of the Company is a Director and Managing Director of the Company is a Director and shareholder..

2011 2010

Rupees Rupees

7. Contingent Liabilities :

a) Disputed Income Tax Liability against which Appeals are pending

(i) Assessment Year 1997-98 9,55,691 9,55,691

(ii) Assessment Year 2001-02 9,54,168 9,54,168

iii) Assessment Year 2007-08 14,90,801 14,90,801

Crv) Assessment Year 2008-09 27,01,461 -

8. Estimated amount of contract remaining to be executed on capital account not provided for Rs. 1000.70 lacs (Rs.20.94 lacs)

9. In the absence of information as regard to the status / classification of the Relevant enterprises into Micro, Small and Medium Enterprises, information as Required under Notification No. GS.R719[E] dated 16.11.2007 issued by the Department of Company Affairs in respect of the total amount payable at the end of the year to the Sundry Creditors could not be disclosed.

10. Confirmation of balances has not been received from parties covered under Sundry Debtors, Loans and Advances and Current Liabilities.

11. Previous year's figures have been regrouped / rearranged wherever necessary.


Mar 31, 2010

1. Disclosure required by Clause 32 of the Listing Agreement:

The Company has advanced interest free loan of Rs.2,30,00,000/- to its 100% subsidiary company namely, Messrs. Nedstar Hotels Private Limited, Kochi.

2. Advances recoverable in cash / kind / for value to be received includes Rs.54,05,04,712/- (Rs.49,27,10,071/-), being advance given for investments in Immovable Properties.

3. The Company has entered into an agreement for purchase of immovable property being commercial office space of 58000 sq.ft. with the Developer in Bangalore. Towards this, an advance of Rs.35 Crores has been paid. Subsequently, there was a delay in commencement of the project. The above referred agreement entitles the Company to take appropriate action with regard to this agreement for which the consent of the developer is deemed to have been given. Accordingly, the Company relinquished its rights to the extent of 29000 sq.ft. in the previous year and during the year the Company has decided to relinquish its balance rights in the said agreement to the extent of 29000 sq.ft. for a consideration of Rs.23,99,25,000/- of which a sum of Rs.6,49,25,000/- has already been received by the Company.

4. The Company has commissioned 2.10 MW Wind Turbine Generator on 30.03.2010 which is generating power for the Companys captive consumption.

5. Liabilities written back of Rs.33,11,278/- disclosed in Schedule No.13 - Other Income, is after netting off irrecoverable advances of Rs.33,23,000/- written off during the year.

2010 2009 6. Contingent Liabilities : Rupees Rupees

a) Penalty claim from Central Excise against which Appeal is pending before

Customs, Excise, Service Tax Appellate Tribunal - 3,89,276 b) Disputed Income Tax Liability against which Appeals are pending

(i) Assessment Year 1997-98 9,55,691 9,55,691

(ii) Assessment Year 2001-02 9,54,168 1,62,10,958 (iii) Assessment Year 2007-08 14,90,801 -

7. Estimated amount of contract remaining to be executed on capital account not provided for Rs. 20.94 lacs (Rs. 146.45 lacs)

8. In the absence of information as regard to the status / classification of the Relevant enterprises into Micro, Small and Medium Enterprises, information as Required under Notification No. G.S.R 719[E] dated 16.11.2007 issued by the Department of Company Affairs in respect of the total amount payable at the end of the year to the Sundry Creditors could not be disclosed.



 
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