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Notes to Accounts of Victoria Enterprises Ltd.

Mar 31, 2013

1 Impairment of Assets

The Company has carried out Impairment test on its fixed assets as on the date of Balance Sheet and the management is of the opinion that there is no asset for which provision for impairment is required to be made as per Accounting Standard - 28 on Impairment of Assets.

2 Contingent Liabilities Not provided for - Nil (P.Y. - Nil)

3 Payments to Auditors

Sr.Particulars 2012 - 2013 2011 - 12 No. Amount in Rs. Amount in Rs.

1 Statutory Audit Fees Including 1,37,875 1,37,875 service tax)

2 Taxation & Company Law Matters 30,665 30,665 (Including Service Tax)

3 11,68,540 1,68,540

4 Managerial Remuneration

The Company has not paid / provided any managerial remuneration during the financial year.

5 Additional information under Paras 3 to 4 - D of Part II of Schedule VI to the Companies Act, 1956.

The Licensed capacity, installed capacity and quantitative and value details in respect of material / construction are not relevant, since the Company is engaged in the business of real estate developments and entertainment.

6 Value of Imports calculated on CIF basis: Rs. Nil (P.Y. - 3,56,964)

7 Earnings in Foreign Exchange : Nil (P.Y. - Nil)

8 ACCOUNTING STANDARD (AS-19) LEASE TRANSACTION DISCLOSURES

Disclosures relating to Finance and Operating Leases

The Company has not entered into any kind of Finance and Operating Lease transactions during the Financial Year. Hence, no disclosure is required to be made as per AS-19 in this respect.

9 Provision for Taxation

a) Current Tax

Current Tax: The company has made appropriate provision for taxation for the year under the provision of the Income Tax Act, 1961

b) Deferred Tax

As per Accounting Standard 22 on ''Taxes on Income'' - the details of deferred tax liabilities/assets are as under:

10 Segment Reporting

Business Segments: The Company is operating in two Business Segments i.e. Real Estates Development and Entertainment but entertainment segment does not carry on any activity from preceding three financial years, and the same was not identified as a reportable segment, so Segment Reporting is given for Business/Product Segment as per Accounting Standard (AS) 17 on Segmental Reporting issued by the Institute of Chartered Accountants of India (ICAI)

Geographical Segments : The Company is on carrying all of its operational activities only in the domestic market i.e. India and not having any operations in the overseas market hence there is only one Geographical Segment i.e. India. Accordingly no details are required to be given for the ''Geographical Segments''.

11 The balance of Debtors, Creditors, Loans & Advances and other parties are subject to confirmation and reconciliation, if any.

12 In the opinion of the management Current Assets and Loans & Advances are stated approximately at the values which are realizable in the normal course of business and the provisions of all known liabilities are adequate

13 The Company has not received any intimation from its "suppliers" regarding their status under the micro, small and Medium Enterprises Act, 2006 and hence disclosers, if any, relating to amount unpaid as at the year end together with interest paid / payable as required under the said Act can not be ascertained and accordingly no disclosures have been given in this regards.

Benefits to Employees:

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

a. Defined Contribution Plan

(i) Defined Contribution Plan: Not Applicable

b. Defined Benefits Plan:

(ti) Gratuity (unfunded)

(a) Liability in respect of Gratuity of Rs. 44,748/- during the year, was made based on the basis of the valuation conducted itself by the management in consultation with their gratuity advisors.

15 During the financial year under review, the Management has identified three motor cars which are used exclusively for specific projects, the depreciation thereon of Rs. 21,20,732/- has been included in the project''s work in progress and shown as part of closing work in progress.

16 The Bank of Baroda has classified its Term Loan account as Non Performing Asset and has recalled the above loan and has also issued a Demand Notice under Section 13 of the SARFAESI. The case is pending before Debt Recovery Tribunal. The bank has not provided for the interest on the above account from the month of December, 2011 onwards (interest provided in Financial Year 2011-2012 till November 2011 -Rs. 76,54,161/-). The company has provided for interest on the above loan account in its books of accounts for the period from April 2012 to March 2013 for a sum of Rs. 1,26,30,886/-

17 During the Financial Year, three real estate projects of the company were under construction at various places. A sum of Rs. 8,98,01,838/- (Previous Year Rs. 10,47,86,060/-) was incurred by the company directly and indirectly attributable towards the construction of these projects shown as "Construction and Development Cost" as per Note No 17 annexed to the Profit and Loss Account.


Mar 31, 2012

A) The company had issued 1,00,000 5% optionally convertible preference shares (OCPS) of Rs. 1000 each on 28-04-2008 with due approval of SEBI. The said preference shares were to be converted into the equity shares on or before the exercise date i.e. 18 months from the date of allotment of OCPS, at the discretion of the preference shareholders. However if a preference shareholder has not exercised the option on or before that date. After the lapse of exercise date, the OCPS will be converted into 5% Non Cumulative Redeemable Preference Share (NCRPS) of Rs. 1000/- each carrying a coupon rate of 5% and will be redeemable at the end of 10 years from the date of allotment of OCPS. However The Board of Directors is entitled to call for redemption of NCRPS in full or in part in one or more trenches after the expiry of 18 months.

b) There are nil number of shares (Previous year Nil) in respect of each, class in the company held by its holding company or its ultimate holding company including shares held by or by subsidiary or associates of the holding company or the ultimate holding company in aggregate.

c) Shares in the company held by each shareholders holding more than 5% shares, as on 31.03.2012:

d) There are no calls unpaid ( Previous year No including calls unpaid by Directors and Officers as on balance sheet date

e) There is no forfeiture of the shares of any class during the Financial Year (Previous Year -Nil).

1 Impairment of Assets

The Company has carried out Impairment test on its fixed assets as on the date of Balance Sheet and the management is of the opinion that there is no asset for which provision for impairment is required to be made as per Accounting Standard - 28 on Impairment of Assets.

2 Contingent Liabilities Not provided for - Nil (P.Y. - Nil)

3 Managerial Remuneration

The Company has not paid / provided any managerial remuneration during the financial year.

4 Additional information under Paras 3 to 4 - D of Part II of Schedule VI to the Companies Act, 1956.

The Licensed capacity, installed capacity and quantitative and value details in respect of material / construction are not relevant, since the Company is engaged in the business of real estate developments and entertainment.

5 Value of Imports calculated on CIF basis : Rs. 3,56,964 (P.Y. - Nil)

6 Earnings in Foreign Exchange : Nil (P.Y. - Nil)

7 Expenditure in Foreign Currency Nil (P.Y. - Nil)

8 ACCOUNTING STANDARD (AS-19) LEASE TRANSACTION DISCLOSURES

Disclosures relating to Finance and Operating Leases

The Company has not entered into any kind of Finance and Operating Lease transactions during the Financial Year. Hence, no disclosure is required to be made as per AS-19 in this respect.

9 Provision for Taxation

a) Current Tax

Current Tax: The company has made appropriate provision for taxation for the year under the provision of the Income Tax Act, 1961

b) Deferred Tax

As per Accounting Standard 22 on ''Taxes on Income'' - the details of deferred tax liabilities/assets are as under:

10 Segment Reporting

Business Segments: The Company is operating in two Business Segments i.e. Real Estates Development and Entertainment but entertainment segment does not carry on any activity from preceding three financial years, and the same was not identified as a reportable segment, so Segment Reporting is given for Business/Product Segment as per Accounting Standard (AS) 17 on Segmental Reporting issued by the Institute of Chartered Accountants of India (ICAI)

Geographical Segments : The Company is on carrying all of its operational activities only in the domestic market i.e. India and not having any operations in the overseas market hence there is only one Geographical Segment i.e. India. Accordingly no details are required to be given for the ''Geographical Segments''.

11 The balance of Debtors, Creditors, Loans & Advances and other parties are subject to confirmation and reconciliation, if any.

12 In the opinion of the management Current Assets and Loans & Advances are stated approximately at the values which are realizable in the normal course of business and the provisions of all known liabilities are adequate.

13 The Company has not received any intimation from its "suppliers" regarding their status under the micro, small and Medium Enterprises Act, 2006 and hence disclosers, if any, relating to amount unpaid as at the year end together with interest paid / payable as required under the said Act can not be ascertained and accordingly no disclosures have been given in this regards.

14 There is no Income Tax assessment of the Company pending in appeal/ under regular assessment up to the assessment year 2010-11.

Benefits to Employees:

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

a. Defined Contribution Plan

(i) Defined Contribution Plan: Not Applicable

b. Defined Benefits Plan:

(ii) Gratuity (unfunded)

(a) Liability in respect of Gratuity of Rs. 40,680/- during the year, was made based on Actuarial Basis as valued by Gratuity Consultants.

15 During the financial year under review, the Management has identified three motor cars which are used exclusively for specific projects, the depreciation thereon of Rs. 11,40,667/- has been included in the project''s work in progress and shown as part of closing work in progress.

16 The Bank of Baroda has classified its Term Loan account as Non Performing Asset and has recalled the above loan and has also issued a Demand Notice under Section 13 of the SARFAESI. The case is pending before Debt Recovery Tribunal. The bank has not provided for the interest on the above account from the month of December, 2011 onwards (interest provided in Financial Year 2011-2012 till November 2011 -Rs., 76,54,161/-). The company has provided for interest on the above loan account in its books of accounts for the period from December 2011 to March 2012 for a sum of Rs. 42,15,413.55/-

17 During the Financial Year, three real estate projects of the company were under construction at various places. A sum of Rs. 10,47,86,060/- (Previous Year Rs. 14,57,43,235/-) was incurred by the company directly and indirectly attributable towards the construction of these projects shown as "Construction and Development Cost" as per Note No 14 annexed to the Profit and Loss Account.

18 Previous year figures have been re-arranged and re-grouped wherever necessary.


Mar 31, 2010

1. Impairment of Assets

The Company has carried out Impairment test on its fixed assets as on the date of Balance Sheet and the management is of the opinion that there is no asset for which provision for impairment is required to be made as per Accounting Standard - 28 on Impairment of Assets.

2. Contingent Liabilities Not provided for - Nil (P.Y. - Nil)

3. Managerial Remuneration

The Company has not paid / provided any managerial remuneration during the financial year.

4. Additional Information under Paras 3 to 4 - D of Part II of Schedule VI to the Companies Act, 1956.

The Licensed capacity, installed capacity and quantitative and value details in respect of material / construction are not relevant, since the Company is engaged in the business of real estate developments and entertainment.

4. Value of Imports calculated on CIF basis : Nil (P.Y. - Nil)

6. Earnings in Foreign Exchange : Nil (P.Y. - Nil)

7. Expenditure in Foreign Currency : Nil (P.Y. - Rs. 62.84 Lacs)

8. Related Parties Disclosures

(I). Names of related parties

Names of related parties where control exists irrespective of whether Nil transactions have occurred or not

Names of other related parties with - whom transactions have taken place during the year

Associates Nil

Key Management Personnel Mr. Krishna Kumar pittiee (Direclor)

Mrs. Sangeeta Pittie (Director)

Relatives of key management personnel Nil

1. M/S. Victoria Enterta- inment Pvt. Ltd.

Enterprises owned or significantly influenced by key management personnel 2. M/s. Bad Boys or their relatives Entertainment Pvt Ltd

3. M/s. Eastern Ceramics Ltd

4. M/s. Victoria Projects Pvt. Ltd

5. M/s. Shraddha Builders

6. M/s. Victoria Construction

7. M/s. Tassion Developers Pvt. Ltd.

8. M/s. P Zone Developers Pvt. Ltd

9. M/s. Victoria Utilities Pvt. Ltd.

10. M/s. Victoria Realities Pvt Ltd.



9. ACCOUNTING STANDARD (AS-19) LEASE TRANSACTION DISCLOSURES

(a) Disclosures relating to Finance and Operating Leases

The Company has not entered in any kind of Finance and Operating Lease transactions during the Financial Year. Hence, no disclosure is required to be made as per AS-19 in this respect.

10. Provision for Taxation

a) Current Tax

Current Tax: The company has made a appropriate provision for taxation for the year under the provision of the Income Tax Act, 1961

11. Segment Reporting

Business Segments: The Company is operating in two Business Segment i.e. Real Estates Development and Entertainment but entertainment segment not carry on any activity from preceding two financial year, and the same was not identified as a reportable segment, so Segment Reporting is given for Business/Product Segment as per Accounting Standard (AS) 17 on Segmental Reporting issued by the Institute of Chartered Accountants of India (ICAI)

Geographical Segments : The Company is carrying all of its operational activities only in the domestic market i.e. India and not having any operations in the overseas market hence there is only one Geographical Segment i.e. India, accordingly no details are required to be given for the 'Geographical Segments'.

12. The balance of Debtors, Creditors, Loans & Advances and other parties are subject to confirmation and reconciliation, if any.

13. in the opinion of the management Current Assets and Loan & Advances are stated approximately at the values which are realizable in the normal course of business and the provisions of all known liabilities are adequate

14. The Company has not received any intimation from its "suppliers" regarding their status under the micro, small and Medium Enterprises Act, 2006 and hence disclosers, if any, relating to amount unpaid as at the year end together with interest paid / payable as required under the said Act can not be ascertained and accordingly no disclosures have been given in this regards.

15. Income Tax assessments of the Company are pending in appeal for the assessment year 2006-07. However Income Tax assessments of the Company have been completed till the assessment year 2005-06.

Benefits to Employees:

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

a. Defined Contribution Plan

(i) Defined Contribution Plan: Not Applicable

b. Defined Benefits Plan:

(ii) Gratuity (unfunded)

(a) Liability in respect of Gratuity of Rs. 46,550/- during the year, was made based on estimation done by the Management which looks on higher side.

16. During the financial year under review, the Management has identified two motor cars which are used exclusively for specific projects, the depreciation thereon of Rs. 17.47 lakhs has been included in the project's work in progress and shown as part of closing work in progress, whereas the last year the depreciation on the same charged to Profit & Loss Account since it was not specifically used for the projects.

17. The company had issued 1,00,000 5% optionally convertible preference shares (OCPS) of Rs. 1000 each on 28-04-2008 with due approval of SEBI. The said preference shares were to be converted into the equity shares on or before the exercise date i.e. 18 months from the date of allotment of OCPS, at the discretion of the preference shareholders. However a preference shareholder has not exercised the option on or before that date. After the lapse of exercise date, the OCPS converted into 5% Non Cumulative Redeemable Preference Share (NCRPS) of Rs. 1000/- each carrying a coupon rate of 5% and will be redeemable at the end of 10 years from the date of allotment of OCPS. However The Board of Directors is entitled to call for redemption of NCRPS in full or in part in one or more chances after the expiry of 18 months.

18. Previous years figures have been re-arranged and re-grouped wherever necessary


Mar 31, 2009

1 Impairment of Assets

The Company has carried out Impairment test on its fixed assets as on the date of Balance Sheet and the management is of the opinion that there is no asset for which provision for impairment is required to be made as per Accounting Standard - 28 on Impairment of Assets.

2 Contingent Liabilities Not provided for - Nil (P.Y. - Nil)

3 Managerial Remuneration

The Company has not paid / provided any managerial remuneration during the financial year.

4 Additional information under Paras 3 to 4 - D of Part II of Schedule VI to the Companies Act, 1966.

The Licensed capacity, installed capacity and quantitative and value details in respect of material / construction are not relevant, since the Company is engaged in the business of real estate developments and entertainment.

5 Value of Imports calculated on CIF basis : Nil (P.Y. - Nil)

6 Earnings in Foreign Exchange : Nil (P.Y. - Nil)

7 Expenditure in Foreign Currency 62.84 Lacs (P.Y. - Nil)

8 Related Parties Disclosures

(I). Names of related parties

Names of related parties where control exists irrespective Nil of whether transactions have occurred or not

Names of other related parties with whom transactions have taken place during the year:

Associates Nil

Mr. Krishna Kumar Pittie (Director)

Key Management Personnel Mrs Sangeeta Pittie (Director)

Relatives of key management personnel Nil

Enterprises owned or significantly influenced by key Victoria Reality Pvt. Ltd. management personnel or their relatives

Victona Entertainment Pvt. Ltd.

Victoria Developers Pvt. Ltd.

9 ACCOUNTING STANDARD (AS-19) LEASE TRANSACTION DISCLOSURES

(a) Disclosures relating to Finance and Operating Leases

The Company has not entered in any kind of Finance and Operating Lease transactions during the Financial Year. Hence, no disclosure is required to be made as per AS-19 in this respect.

10 Provision for Taxation

a) Current Tax

Current Tax: The company has made a appropriate provision for taxation for the year under the provision of the Income Tax Act, 1961

11 Account confirmation statements were not received from some of the parties.

Segment Reporting

12 Business Segments : The Company is operating in two Business Segment i.e. Real Estates Development and Entertainment but entertainment segment not carry on any activity from preceding two financial year, and the same was not identified as a reportable segment, so Segment Reporting is given for Business/Product Segment as per Accounting Standard (AS) 17 on Segmental Reporting issued by the Institute of Chartered Accountants of India (ICAI)

Geographical Segments : The Company is carrying all of its operational activities only in the domestic market i.e. India and not having any operations in the overseas market hence there is only one Geographical Segment i.e. India, accordingly no details are required to be given for the Geographical Segments.

13 General Notes

I) The dues to Small Scale Industrial (SSI) units are not determinable as the suppliers have not furnished information about their status

II) Term Loan

The Company has availed a Term Loan facilities from Indiabulls, Mumbai secured by registered mortgage of the entire 9th and 10th floor of Vaibhav Chambers, BKC Bandra (East) property held in the name of Mr. Krishna Kumar Pittie, Director of the Company.

III) Income Tax assessments of the Company have been completed till the assessment year 2006-07.

14 Current Assets and Loan & Advances are stated at the values which are realizable in the normal course of business in the opinion of the management.

15 Previous years figures have been re-arranged and re-grouped wherever necessary As per report of even date.

 
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