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Notes to Accounts of South Asian Enterprises Ltd.

Mar 31, 2015

1. Corporate Overview

South Asian Enterprises Ltd. was incorporated in 1991 to run Amusement parks and engage in other activities of Amusement Industry. Presently, it has amusement Parks in Kanpur and Lucknow. The other activities include Trading in Earthing & Lightning Protection Systems, which segment has shown promising results.

2. Share Capital

a. Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.

3. Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil (Previous Year Rs. Nil).

4. Contingent liabilities in respect of

Counter Guarantee given against Bank Guarantees - Rs.1,59,100/- (Previous Year- Rs.10,01,500/-)

5. Related Party Disclosure Following are the related parties:

Holding Company : VLS Capital Ltd.

Key Managerial Personnel:

- Shri T. B Gupta (Managing Director)

- Shri Surya Pratap Singh (Chief Financial Officer)

- Shri Ramesh Chandra Pandey (Company Secretary)

6. The management has technically appraised the recoverable amount of the cash generating assets being used at its amusement parks and is of the opinion that considering the future cash flow expected to arise, impairment loss is NIL (Previous Year- Rs. 18,34,040/-) on assets as provided for in the books in previous year as required by the Accounting Standard -28 on "Impairment on Assets" issued by the Institute of Chartered Accountants of India (ICAI) is sufficient and no further provision is required.

7. Employee Benefits: In accordance with AS-15 - 'Accounting for Retirement Benefits', actuarial valuation was done in respect of defined benefit plan of gratuity and leave encashment.

i) Defined Contribution Plans:

Amount of Rs.2,58,349/-(Previous Year Rs.2,22,668/-) contributed to provident funds is recognised as an expense and included in Contribution to Provident & Other Funds under Employee Cost in the Statement of Profit and Loss.

ii) Defined Benefit Plans

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on death or resignation or retirement at 15 days salary (last drawn salary) for each completed year of service subject to a maximum payment of Rs. 10 lakhs. The gratuity plan is funded.

8. (a) In the absence of necessary information with the company, relating to the registration status of suppliers under the micro, small and medium enterprises development ACT, 2006, the information required under the said act could not be complied and disclosed.

(b) The Company has become the subsidiary company of VLS Capital Ltd. during the year w.e.f. 03.02.2015. In terms of Section 19 of Companies Act, 2013 Voting rights of shares, if any, held by subsidiary in Holding Company prior to becoming subsidiary. stand frozen from the date it becomes subsidiary. The company hold 10,00,000 equity shares of Rs.10/- each of its holding company viz. VLS Capital Ltd., prior to the company became subsidiary of VLS Capital Ltd.

(c)As required under schedule II of the companies Act 2013, the company has adopted the revised estimates of the useful life of the tangible assets w.e.f. 1st April, 2014, whereas rates prescribed in schedule XIV of companies Act 1956 were applied up to the previous accounting year. Consequent to this change, the depreciation for the current year is higher by Rs.88,380/- and profit before tax is lower by Rs.88,380/-. Further an amount of Rs.1,10,270/- has been adjusted against the opening balance of retained earnings as on that date in respect of the residual value of the assets wherein the remaining useful life has become NIL.

9. Park receipts of Rs.49,79,905/- (PY Rs.45,52,878/-) is net off of entertainment tax of Rs.7,96,518/- (PY. Rs.8,92,242/-).

10. Previous year's figures have been regrouped/reclassified wherever necessary to correspond with current year's classification/disclosure.




Mar 31, 2014

Note 1

Corporate Overview

South Asian Enterprises Ltd., was incorporated in 1991 to run Amusement parks and engage in other activities of Amusement Industry. Presently, it has amusement Parks in Kanpur, Lucknow and Ayodhya. The other activities include Trading in Earthing & Lightning Protection Systems, which segment has shown promising results.

2. Contingent liabilities in respect of

Counter Guarantee given against Bank Guarantees – Rs.10,01,500/- (Previous Year- Rs.10,42,800/-)

3. Related Party Disclosure

Following are the related parties:

Key Managerial Personnel: - Shri. T. B Gupta (Managing Director)

Associates: VLS Finance Ltd.

4. The management has technically appraised the recoverable amount of the cash generating assets Being used at its amusement parks and is of the opinion that considering the future cash flow expected to arise, impairment loss of Rs.18,34,040/- (Previous Year- Rs. 15,18,524/-) (on assets as provided for in the books in previous year as required by the Accounting Standard -28 on "Impairment on Assets" issued by the Institute of Chartered Accountants of India (ICAI) is sufficient and no further provision is required.

5. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with current year''s classification/disclosure.


Mar 31, 2013

Corporate Overview

South Asian Enterprises Ltd., was incorporated in 1991 to run Amusement parks and engage in other activities of Amusement Industry. Presently, it has amusement Parks in Kanpur, Lucknow and Ayodhya. The other activities include Trading in Earthling & Lightning Protection Systems, which segment has shown promising results.

1. Commitments -

Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil (Previous Year Rs. Nil).

2. Contingent liabilities in respect of Counter Guarantee given against Bank Guarantees - Rs. 10,42,800/- (Previous Year- Rs.6,43,000/-)

3. Related Party Disclosure .

Related Party disclosures as required under Accounting Standard AS-18 on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given below:

4. The management has technically appraised the recoverable amount of the cash generating assets being used at its amusement parks and is of the opinion that considering the future cash flow expected to arise, impairment loss of Rs. 15,18,524/- on assets as provided for in the books in previous year as required by the Accounting Standard -28 on "Impairment on Assets" issued by the Institute of Chartered Accountants of India (ICAI) is sufficient and no further provision is required.

5. There is no amount due and payable to any enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006, at the end of the financial Year.

6. Disclosures pursuant to Accounting Standard (AS) 15 (revised)- Oefined Benefit Plans

7. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with current year''s classification/disclosure.

8. In the absence of necessary information with the company, relating to the registration status of suppliers under the micro, small and medium enterprises development ACT, 2006, the information required under the said act could not be complied and disclosed.


Mar 31, 2012

Corporate Overview

South Asian Enterprises Ltd.' was incorporated in 1991 to run Amusement parks and engage in other activities of Amusement Industry. Presently' it has amusement

Parks in Kanpur' Lucknow and Ayodhya. The other activities include Trading in Earthing & Lightning Protection Systems which segment has shown promising results.

1. The management has technically appraised the recoverable amount of the cash generating assets being used at its amusement parks and is of the opinion that considering the future cash flow expected to arise' impairment loss of Rs. 15'18'524/- on assets.as provided for in the books in previous year as required by the Accounting Standard -28 on "Impairment on Assets" issued by the Institute of Chartered Accountants of India (ICAI) is sufficient and no further provision is required.

2. There is no amount due and payable to any enterprises covered under the Micro' Small and Medium Enterprises Development Act' 2006' at the end of the financial Year.

3. Disclosures pursuant to Accounting Standard (AS) 15 (revised)-


Mar 31, 2011

Not Available


Mar 31, 2010

I) Contingent liabilities

Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil (Previous Year Rs. Nil).

ii) Related Party Disclosure

Related Party disclosures as required under Accounting Standard AS-18 on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given below: Key Managerial Personnel: - Shri. T. B Gupta (Managing Director) and Smt. Usha Gupta (Wife of Shri. T.B.Gupta) Details of transactions:



S. Name of Party Transaction Balance as on 31.03.2010

No Dr. (Rs.) Cr. (Rs.) (Rs)

1. Remuneration to Rs. 2,40,000/- - Rs. 2,40,000/- Managing (Previous year - (Previous year - Director 2,40,000) 2,40,000)



a) Managing Director:

i) An amount aggregating to Rs. 2,40,000/- as remuneration has been paid to the Managing Director (Previous Year - Rs. 2,40,000) during the year.

ii) Accommodation facility - Rs. Nil (Previous Year --Nil)

vii) The management has technically appraised the recoverable amount of the cash generating assets being used at its amusement parks and is of the opinion that considering the future cash flow expected to arise, impairment loss of Rs.15,18,524/- on assets as provided for in the books in previous year as required by the Accounting Standard -28 on "Impairment on Assets" issued by the Institute of Chartered Accountants of India (ICAI) is sufficient and no further provision is required.

viii)There is no amount due and payable to any enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006, at the end of the financial Year.

ix) The Company has produced a music album as shown in Schedule- 5 under Inventory and all direct payments made in respect thereof have been apportioned as cost of producing the said music album.

x) Disclosures pursuant to Accounting Standard (AS) 15 (revised)-

xii) Previous year figures have been regrouped/ rescheduled wherever considered necessary. xiii) Schedules 1 to 12 form an integral part of Balance Sheet and Profit & Loss Account.

 
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