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Notes to Accounts of Risa International Ltd.

Mar 31, 2015

II. Other notes on Accounts

a. Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

Micro, Small and Medium Enterprises in terms of section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 have been determined to the extent such parties have been identified on the basis of information available with the Company and relied upon by the auditors. The Company has not received any instruction from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence, disclosures if any, relating to amounts unpaid as at the year ended together with interest payable as required under the said Act have not been given.

b. Investment in Subsidiaries

During the year under review, since there were no operations in the wholly owned subsidiaries i.e. Risa Universal Ltd (Hong Kong), Risa Global Ltd (UK) and Risa International F.Z.E. (UAE) therefore, results are prepared on Standalone basis only.

c. The balances appearing under unsecured loans, sundry creditors, loans and advances, and certain banks are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of confirmation and/or reconciliation.

d. In the opinion of the Board, the Current Assets, Loans and Advances have value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet, except trade receivables and loans and advances which falls under management's policy for bad and doubtful debts as taken in previous years.

e. The Company had declared dividend on 27th August, 2014 of Rs. 0.5 per share. Management of the Company has certified that there is no balance payable in Dividend Account at the year end. The Company has transferred the amount to separate account called Dividend Account in a Scheduled Bank as required by Section 124 of Companies Act, 2013.

f. All known liabilities are provided for on the basis of available information/ estimates.

g. Company is yet to receive compensation of Rs.30,00,000 from M/s Bafna Builders and Land Developers towards cancellation of agreement entered into with the company, since it has not been received the same has not been recognized in the Statement of Profit and Loss. The same shall be recognized on receipt basis as and when the same is received by the company.

h. Segment information

The Company has identified business segments as its primary segment. Business segments are primarily Trading and Realty. Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to each reportable segment have been allocated on the basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as un allocable expenses. Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as un allocable


Mar 31, 2014

Note 1: Related party transactions

Description of relationship Names of related parties

Key Management Personnel (KMP) Abhinandan Jain

Arihant Jain Relatives of KMP -

Company in which KMP/Relatives of KMP can Kotsin Ore Private Limited

exercise significant influence Risa Global Limited (wholly owned Subsidiary)

Risa Universal Limited (wholly owned Subsidiary)

Note: Related parties have been identified by the Management.


Mar 31, 2013

31st March, 2013 31st March, 2012 (Rs.) (Rs.)

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

Contingent liabilities

(a) Claims against the Company not acknowledged Not Ascertainable Not Ascertainable as debt

(b) Legal suits and claims filed against the company Not Ascertainable Not Ascertainable

2. Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

Micro, Small and Medium Enterprises in terms of section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 have been determined to the extent such parties have been identified on the basis of information available with the Company and relied upon by the auditors. The Company has not received any instruction from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence, disclosures if any, relating to amounts unpaid as at the year end together with interest payable as required under the said Act have not been given.

3. Details of scheme of arrangement

The Hon''ble High court of Bombay has vide its order dated 29th June, 2012 in connection with Company Scheme Petition No. 288/2012, has approved the scheme of Arrangement which provides for the following:

1: Reduction of the existing capital of the company from Rs. 5,00,05,000/- (50,00,500 Equity Shares of Rs. 10/- each fully paid up) to Rs. 50,00,500/- (5,00,050 Equity Shares of Rs. 10/- each fully paid up);

2: Allotment of 3,14,00,000 equity shares of Rs. 10/- each on preferntial basis to the allotees mentioned in the scheme;

3: Change in the management and control of the company.

4. Debit and credit balances are subject to confirmation and reconciliation

5. The balances appearing under unsecured loans, sundry creditors, loans and advances, and certain banks are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of confirmation and/or reconciliation

6. In the opinion of the Board, the Current Assets, Loans and Advances have value on realisation in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet, except trade receivables and loans and advances which falls under management''s policy for bad and doubtful debts as taken in previous years.

7. All known liabilities are provided for on the basis of available information/ estimates.

8. Other advances includes Rs.10,00,00,000/- (Previous year Rs. 10,00,00,000) paid to M/s Bafna Builders and Land Developers as advance towards booking of plot in the Dist Ahemednagar. Rs. 8,00,00,000/- (Previous year Rs. 8,00,00,000) paid to M/s. Concorde Builders as advance towards booking Flat in the Village Kolshet, Thane (W) and Rs. 10,00,00,000/- (Previous year Rs. 10,00,00,000/-) paid to Triveni Infratech Private Limited as advance towards booking Flats/offices in the Dist. Rachi.

9. Rs. 2,50,00,000/- advanced to M/s Diamant Infrastructure Limited ("DIFL") is on account of purchase of property owned by DIFL at Pune vide an Memorandum of Understanding (MOU) / Agreement of Sale dated 19th July 2012, entered into by the company with DIFL. In the mean time, while the company was to make the payment of the balance amount, DIFL has been able to search another buyer for the said land for an enhanced consideration. DIFL has entered into an agreement for sale executed and registered on 28th September, 2012, with the new buyer, making the company a confirming party to the agreement. As per the agreement the company is to receive a compensation of Rs. 3,50,00,000 as a confirming party to the agreement. As per the agreement, the compensation alongwith the amount of Rs. 2,50,00,000/- advanced to DIFL is to be received by the company from the new buyer. Since the amount of compensation has not been received by the company during the financial year 2012-13, the same has not been recognised in the Statement of Profit and Loss. The same shall be recognised on receipt basis as and when the same is received by the company from the new buyer.

10. Segment Reporting:

During the year, the Company has only one segment in product wise and geographical wise, hence Segment Reporting in accordance with Accounting Standard 17 (AS-17), "Segmental reporting", issued by the Institute of Chartered Accountants of India, has not been provided.

11. The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure


Mar 31, 2012

Note Particulars 31st March, 2012 31st March, 2011 (Rs.) (Rs.)

1.1 Contingent liabilities and commitments (to the extent not provided for)

Contingent liabilities

(a) Claims against the Company not acknowledged as debt Not Ascertainable Not Ascertainable

(b) Legal suits and claims filed against the company Not Ascertainable Not Ascertainable

1.2 During the year, The Company has changed its Registered office from 129-B, Ansa Industrial Estate, Sakivihar Road, Sakinaka, Andheri (E), Mumbai - 400 072 to 604, Kushal Point, 4th Road, Behind Uday Cinema, Ghatkopar (W), Mumbai 400 086.

1.3 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

Micro, Small and Medium Enterprises in terms of section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 have been determined to the extent such parties have been identified on the basis of information available with the Company and relied upon by the auditors. The Company has not received any instruction from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence, disclosures if any, relating to amounts unpaid as at the yearend together with interest payable as required under the said Act have not been given.

1.4 Details of scheme of arrangement

The Hon'ble High court of Bombay has vide its order dated 29th June, 2012 in connection with Company Scheme Petition No. 288/2012, has approved the scheme of Arrangement which provides for the following:

1: Reduction of the existing capital of the company from Rs. 5,00,05,000/- (50,00,500 Equity Shares of Rs. 10/- each fully paid up) to Rs. 50,00,500/- (5,00,050 Equity Shares of Rs. 10/- each fully paid up);

2: Allotment of 3,14,00,000 equity shares of Rs. 10/- each on preferntial basis to the allotees mentioned in the schme;

3: Change in the management and control of the company.

In connection with clause 2 above, the Company has till 31st March 2012 received an amount of Rs. 28,40,00,000/- as application money for the proposed preferential allotment. Further, the meeting of the Board of Directors has been scheduled to be held on the 13th August, 2012 to take congnizance and necessary action to give effect to the above approval of the Hon'ble High court of Bombay.

1.5 The balances appearing under unsecured loans, sundry creditors, loans and advances, and certain banks are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of confirmation and/or reconciliat

1.6 In the opinion of the Board, the Current Assets, Loans and Advances have value on realisation in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet.

1.7 All known liabilities are provided for on the basis of available information/ estimates.

1.8 Other advances includes Rs. 10,00,00,000/- (Previous year Rs. Nil/-) paid to M/s Bafna Builders and Land Developers as advance towards booking of plot in the Dist Ahemednagar, Rs. 8,00,00,000/- (Previous year Rs. Nil) paid to M/s. Concorde Builders as advance towards booking Flat in the Village Kolshet, Thane (W) and Rs. 10,00,00,000/- (Previous year Rs. Nil) paid to Triveni Infratech Private Limited as advance towards booking Flats/offices in the Dist. Rachi. Registration of the proposed plot, offices and/ or flats for the above projects are yet to be done and hence the same has been reflected under other advances.

1.9 Segment Reporting:

During the year, the Company has only one segment in product wise and geographical wise, hence Segment Reporting in accordance with Accounting Standard 17 (AS-17), "Segmental reporting", issued by the Institute of Chartered Accountants of India, has not been Provided

1.10 The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure


Mar 31, 2010

1 Sundry Creditors are subject to confirmation.

2 Provision for Interest Payable on Various Loans from Bank has not been made in the accounts. Pending application by the company to the bank for rescheduling of the same and considering negotiation with the bank.

3 Expenditure in Foreign Currency :- NIL

4 Earning in Foreign Exchange :- NIL

5 In the opinion of the Board, the current Assets, Loans & Advances are approximately of the values stated, if realized in the ordinary course of business. The provision for all known and determined liabilities are adequate and nit in excess of the amounts reasonably required.

6 Pending registration with provident fund authority. Provident fund liability has not been ascertained and provided in the accounts.

7 Related Party Information and transaction with Related Parties.

8 Previous Year's figures have been regrouped and rearranged whenever necessary.


Mar 31, 2009

1. Sundry Creditors are subject to confirmation.

2. Provision for Interest Payable on Various Loans from Bank has not been made in the accounts. Pending application by the company to the bank for rescheduling of the same and considering negotiation with the bank.

3. Expenditure in Foreign Currency :- NIL

4. Earning in Foreign Exchange:- NIL

5. In the opinion of the Board, the current Assets, Loans & Advances are approximately of the values stated, if realized in the ordinary course of business. The provision for all known and determined liabilities are adequate and nit in excess of the amounts reasonably required.

6. Pending registration with provident fund authority. Provident fund liability has not been ascertained and provided in the accounts.

7. Related Party Information and transaction with Related Parties.

8. Previous Years figures have been regrouped and rearranged whenever necessary. Signature to the Schedule 1 to 12 forming part of the Balance Sheet & Profit & Loss Account.

 
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