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Notes to Accounts of Sungold Capital Ltd.

Mar 31, 2014

1. Related Party Transactions (Accounting Standard -18): Name of Related Parties & Descriptions of Relationships:

a) Directors having a Significant Influence / Key Management Personnel:

I. Mr. Rajiv Kotia –Managing Director

Wholly Own Subsidiaries

I. Shree Krishna Holiday Homes and Farms Limited II. Shree Krishna Infrastructure Limited

2. Leases (Accounting Standard – 19)

The company has not entered into any operating leases during the year.

3. Deferred Tax (Accounting Standard - 22)

The tax effects of significant timing (temporary) differences that resulted in Deferred Tax assets and liabilities and description of Financial Statement items that creates these differences are as follows.


Mar 31, 2013

1. Accounting for Amalgamation (As-14) Composite Scheme of Arrangement

A scheme of arrangement under section 391 to 394 of the Companies Act,1956 (the scheme) with regard to merger of Magic touch InfoTech Limited (Transferor Company ) with Sungold Capital Limited (Transferee Company) was sanctioned by the Hon''ble High Court of Gujarat on 20th March,2012. Upon filling of certified copy of the high court with the register of companies, the scheme had become effective on 30th March, 2012.

a) The amalgamation of the transferor company with the transferee company took effect from 01st April, 2011, being the merger appointed date.

b) Sungold Capital Limited which is into the business of NBFC and has a entertainment division, whereas Magic Touch Infotech limited which is into the business of Software development, investment and finance.

c) The transferor company Magic Touch Infotech Limited dissolved without undergoing the process of winding up.

d) The Pooling of interest method of accounting is followed for amalgamation in the nature of merger.

e) The Transferor Company Magic Touch Infotech Limited had a Authorized Capital of Rs 7 Crore divided in to 7, 00, 00,000[Seven Crore] Equity shares of Rs 1/- Each. The Issued, Subscribed & Paid up Capital of Company was Rs 6,99,00,000/= [Six Crore Ninety Nine Lacs only] divided in to 6,99,00,000 [Six Crore Ninety Nine Lacs only] Equity Shares of Rs 1/= Each. Under the scheme of Amalgamation 1[ One] Equity Shares of Face Value of Rs 10/- each of the transferee Comp. has been allotted for every 10[Ten] Equity Shares of transferor company. Therefore a total of 69, 90,000/-(Sixty Nine Lacs Ninety Thousand)Equity Shares of Rs 10/- each has been allotted to the shareholders of Magic Touch Infotech Limited.

f) The entire undertaking Magic Touch Infotech Limited including all assets and liabilities were transferred to and vested in the company with effect from 01st April, 2011.

g) The Scheme has accordingly given effects to in the accounts. The amalgamation has been accounted for under the in the manner as specified in the scheme '' Pooling of Interest'' method surplus arising out of amalgamation shall be treated as Free Reserve & accordingly the Company has credited the surplus of Rs 2,82,822 to the Free Reserve as per the Scheme

2. Related Party Transactions (Accounting Standard -18):

Name of Related Parties & Descriptions of Relationships:

a) Directors having a Significant Influence / Key Management Personnel:

I. Mr. Rajiv Kotia –Managing Director

b) Wholly owned Subsidiaries

I. Shree Krishna Holiday Home and Farms Limited II. Shree Krishna Infrastructure Limited

3. Leases (Accounting Standard – 19)

The company has not entered into any operating leases during the year.


Mar 31, 2010

1. Contingent Liabilities not provided for: Nil

2. Estimated amounts of contracts remaining to be executed on Capital Account, not provided for Rs. Nil (previous year Rs. Nil).

3. Previous year figures have been regrouped/ rearranged, whenever necessary.

4. Related Party Disclosures as per AS-18 issued by the Institute of Chartered Accountants of India, for the year ended 31st March, 2010.

(A) Relationship

(i) Key Management Personnel and Relatives Mr. Rajiv Kotia, Managing Director

(ii) Associates Nil

(iii) Enterprises over which key management personnel and/ortheir relatives have significant influence - Nil

 
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