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Notes to Accounts of Odyssey Corporation Ltd.

Mar 31, 2016

1 Provisions. Contingent Liabilities And Contingent Assets

(Provisions are recognised only when there is a present obligation as a result of past events and when a reliable estimate of the amount of obligation can be made.

(ii) Contingent liability is disclosed for

(1) Possible obligations which will be confirmed only by future events not wholly within the control of the Company or

(2) Present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

(iii) Contingent Assets are not recognised in the financial statements since this may result in the recognition of income that may never be realised.

2 Segment Reporting

(i) Business Segments have been identified on the basis of nature of products/services. The Company''s operations relate to trading of goods, trading in shares, selling of film rights and consultancy.

(ii) Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relates to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "unallowable".

(iii) Segment Assets and Segment Liabilities represents assets and liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allotted to a segment on reasonable basis, have been disclosed as "unallowable"

3 Impairment of Assets

The Company assesses at each Balance Sheet date whether there is any indication that an asset may be impaired. If any such indication exists ,the Company estimates the recoverable amount of the assets. If such recoverable amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognised in the Profit and Loss Account. If at the Balance Sheet date there is an indication that if a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount.

Other additional information required as per Schedule III of the Companies Act,2013 is either Nil or Not Applicable to the Company during the year.

ii Balance of Debtors & Creditors and loans & Advances are subject to confirmation & Reconciliation.

iii Share application money given is subject to confirmation.

iv Odyssey Group PTE Ltd. ceased to be subsidiary company on 31st March, 2015.

vi Related Party Disclosures: -

In accordance with ''Accounting Standard -18'' relating to Related Party Disclosures, information pertinent to related party transaction is given as under:-

© Enterprise owned or significantly influenced by key management personnel or their relatives:-

1. Alacrity Securities Limited

2. Pooja Equi-Research Private Limited

3. Earth Stone Resources Zambia Limited

Figure in bracket relates to previous year.

vii The above information regarding Micro, Small And Medium Enterprises has been determined to the extent such parties have been indentified on the basis of the information available with the company.

This has been relied upon by the Auditor.

viii Segment Reporting

During the year the company operated in signal business segment of trading business in India. Hence there are no separate reportable business or geographical segments as per Accounting Standard (AS-17) on Segmental Reporting.

ix Previous Years figures have been regrouped/reclassified wherever necessary to confirm to the current years classification.


Mar 31, 2015

A) Terms / Rights attached to the Equity Shares:-

i) The company has only one class of Equity Shares having a par value of Rs. 5/- per share. Each holder of Equity Share is entitled to one vote per share.

ii) The company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval of the Shareholders in the ensuing Annual General Meeting.iii)In the event of liquidation of the Company the holders of Equity Shares will be entitled to receive 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.

Note 1.1

Pursuant to the enactment of Companies Act 2013, the company has applied the estimated useful lives as specified in Schedule II.

The written down value of Fixed Assets whose lives have expired as at 1st April, 2014 have been adjusted in opening balance of Profit and Loss Account to Rs. 122,322 & correspondingly Deferred Tax Asset of Rs. 37,798.

Note 2.1

i) Out of 2,10,00,000 equity shares of Syncom Formulation (India) Ltd. 1,50,00,000 shares has been given as loan to and 60,00,000 shares has been pledged with the Canara Bank for availing facilities by the Alacrity Securities Ltd.

ii) 16,012 equity shares of Chennai Ferrous Industries Ltd & 18,299 equity shares of Geeta Renewable Energy Ltd. received on account of demerger of Kanishk Steel India Ltd.


Mar 31, 2014

1) Terms / Rights attached to the Equity Shares:-

i) The company has only one class of Equity Shares having a par value of Rs. 5/- per share Each holder of Equity Share is entitled to one vote per share.

ii) The company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval of the Shareholders in the ensuing Annual General Meeting.iii)In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive 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 Capital and other commitments:

Estimated amount of capital corntract remaining to be executed and not provided for (net of advance) NIL (Previous year-146,75,000)

3 Balances Of Debtors & Creditors And Loans & Advances Are Subject To confirmation & Reconciliation Share Application Money Given Is Subject To Confirmation.

4 In respect Of Amounts Mentioned under section 205C of the Companies Act, 1956 there were no dues required to be credited to the Investor education and Protection Fund as on 31st March, 2014.

5 No Borrowing Costs have been capitalised during the year.

6 The above information regarding Micro, Small And Medium Enterprises has been determined to the extent such parties have been indentified on the basis of the information available with the company. This has been relied upon by the Auditor.

7 Segment Reporting

During the year the company operated in signal business segment of trading business in India. Hence there are no separate reportable business or geographical segments as per Accounting Standard (AS-17) on Segmental Reporting.

8 Other additional information required as per Schedule VI of the Companies Act,1956 is either Nil or Not Appliacble to the Company during the year.

9 Previous Years figures have been regrouped/reclassified wherever necessary to confirm to the current years classification.


Mar 31, 2013

1 Capital and other commitments:

Estimated amount of capital contract remaining to be executed and not provided for (net of advance) Rs. 146,75,000/- (Previous year-Nil)

2 In respect Of Amounts Mentioned under section 205C of the Companies Act, 1956 there were no dues required to be credited to the Investor education and Protection Fund as On 31st March, 2013.

3 No Borrowing Costs have been capitalised during the year

4 The above information regarding Micro, Small And Medium Enterprises has been determined to the extent such parties have been indentified on the basis of the information available with the company.

This has been relied upon by the Auditor.

5 Segment Reporting

During the year the company operated in signal business segment of trading business in India. Hence there are no separate reportable business or geographical segments as per Accounting Standard (AS-17) on Segmental Reporting.

6 Other additional information required as per Schedule VI of the Companies Act,1956 is either Nil or Not Applicable to the Company during the year.

7 Previous Years figures have been regrouped/reclassified wherever necessary to confirm to the current years classification.


Mar 31, 2011

1 As per the best estimate of the management, no provision is required to be made as per Accounting Standard [AS-29] Provisions, Contingent Liabilities and Contingent Assets notified by The Companies (Accounting Standard) Rules, 2006, in respect of present obligation as a result of past event that could lead to probable outflow of resources, which would be required to settle the obligation

2 The estimated amount of contracts remaining to be executed on capital account and not provided for is Rs.1 50 lacs

3 During the year the company has entered into Joint venture agreement as co-producer with M/s Harvey India Production a unit of Harvey India Tours & Travels Private Limited for producing one Hindi feature film. The company's commitment towards the said project would be Rs. 250 lacs. The company has already invested Rs. 100 lacs towards this project. The company has 50% share in the profit of the said project

4 In respect of advances of Rs. 100 lacs against which supply of material is pending beyond the stipulated delivery schedule. The Company is pursuing parties for refund / supply of material for above amount

5 The Company is a Small and Medium Size Company (SMC) as defined in the General Instruction in respect of Accounting Standard notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable to Small and Medium Sized enterprises

6 In respect of amounts as mentioned under Section 205C of the Companies Act, 1956, there were no dues required to be credited to the Investor Education and Protection Fund as on March 31, 2011

7 No borrowing costs have been capitalised during the year

8 The company has not received any intimation from the suppliers regarding status under Micro, Small and Medium Enterprises Development Act, 2006 (the act) and hence the disclosure regarding

a) Amount due and outstanding to Suppliers as at the end of the accounting year;

b) Interest paid during the year;

c) Interest payable at the end of the accounting year;

d) Interest accrued and unpaid at the end of the accounting year, has not been provided

The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors

9 Previous year figures have been regrouped / reclassified wherever necessary to conform to the current year's classification


Mar 31, 2010

1 Contingent Liabilities:

Particulars As At As At 31-Mar-10 31-Mar-09 Rs. Rs.

Contingent Liabilities - -

- -

2 As per the best estimate of the management, no provision is required to be made as per Accounting Standard (AS-29) Provisions, Contingent Liabilities and Contingent Assets notified by The Companies (Accounting Standard) Rules, 2006, in respect of present obligation as a result of past event that could lead to probable outflow of resources, which would be required to settle the obligation.

3 Information required under paragraphs 3 and 4 of part II to Schedule VI of the Companies Act, 1956 are stated to the extent applicable to the company.

4 Related Party Disclosure

As per Accounting Standard 18 - "Related Party Disclosures" notified by The Companies (Accounting Standard) Rules, 2006, the companys related parties are as under:

i) Key Management personnel (KMP)

Name of the Persons Relationship

Hemanshu Mehta Director

Paresh Mahajan Director

Denis Selarka Director

Samar Singh Director

ii) Relative of key management personnel

Name of the KMP Name of the Relative Relationship

1) Mr Hemanshu Mehta Bina Mehta Spouse

Pooja Mehta Daughter

Karishma Mehta Daughter

Hiten Mehta Brother

Ramniklal Mehta Father

Jyoti Mehta Mother

2) Mr. Paresh Mahajan Jagruti Mahajan Spouse

Parth Mahajan Son

Bhupendra Mahajan Father

3) Mr. Denis Selarka Hasmukhlal Selarka Father

4) Mr. Samar Singh Vishwanath Singh Father

Usha Singh Mother

Vishal Singh Brother

Vikrant Singh Brother

iii) Other Related parties Name of the Related Party

i) Alacrity Securities Limtied

ii) Tekstar Networks India Private Limited

iii) Adler Security Systems Private Limited

iv) Padma Impex Private Limited

Relationship

Entities where KMPs and the relative/s of KMP are interested as a Director or a shareholder or partner or proprietor.

5 The Company is a Small and Medium Size Company (SMC) as defined in the General Instruction in respect of Accounting Standard notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable to Small and Medium Sized enterprises.

6 In respect of amounts as mentioned under Section 205C of the Companies Act, 1956, there were no dues required to be credited to the Investor Education and Protection Fund as on March 31,2009.

7 No borrowing costs have been capitalised during the year.

8 The company has not received any intimation from the suppliers regarding status under Micro, Small and Medium Enterprises Development Act, 2006 (the act) and hence the disclosure regarding :

a) Amount due and outstanding to Suppliers as at the end of the accounting year;

b) Interest paid during the year;

c) Interest payable at the end of the accounting year;

d) Interest accrued and unpaid at the end of the accounting year, has not been provided.

The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

9 Previous year figures have been regrouped / reclassified wherever necessary to conform to the current years classification.


Mar 31, 2009

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