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Notes to Accounts of Victoria Mills Ltd.

Mar 31, 2015

1. Segment Reporting :

The Company is in the business of real estate development. In view of the above the company has only once identified reportable segment.

2. A debt recoverable from a party, aggregating to Rs 1,70,00,000/- as on 31.03.2015, whose recovery has been outstanding since over five years, has been shown as good and fully recoverable in the financial statements. A case has been fi led by the Company against the party under section 138 of the Negotiable Instruments Act with the Additional Metropolitan Magistrate Court, Mumbai. Rs 20,00,000 has been recovered from the party during the financial year. The management is fully confident of the recovery of the outstanding amount.

3. There are no capital and other commitments as at 31.3.2015.

4. There are no Contingent Liabilities as at 31.3.2015.

5. There are no dues to suppliers covered under Micro Small and Medium Enterprises Development Act, 2006.

6. Previous year's figures are regrouped where necessary.

7. Unpaid/unclaimed dividend for the financial year ended 31.3.2007 transferred to Investor education and protection fund.

8. As per revised Accounting Standard 15 applicable from this year, the liability for gratuity and leave encashment has been valued by an Actuary. Full provision for liability in this respect has been made in the accounts. Gratuity Disclosure statement as per AS-15.

Name of the related parties and relationship :

A) Subsidiary

Victoria Land Pvt.Ltd.

Annual General Meeting of the Company.


Mar 31, 2013

1. Segment Reporting :

The Company is in the business of real estate development. In view of the above the company has only once identifi ed reportable segment.

Name of the related parties and relationship :

A) Subsidiary

Victoria Land Pvt. Ltd.

B) Associates

1. Galactic Enterprises Ltd.

2. Adarsh Enterprises

3. Fistuala Trading Pvt. Ltd.

4. Abhay Investments Pvt.Ltd.

5. Pawan Farms & Orachards

6. Bruhaspati Investment & Trading

7. Sutantu Agricultural Farm

8. Mangaldas Mehta & Co. Pvt. Ltd.

9. Bromelia Trading Pvt. Ltd.

10. Mangaldas Mehta & Co.

C) Key Mangement Personnel

1. SHRI ADITYA MANGALDAS

2. Previous year''s figures are regrouped where necessary.


Mar 31, 2011

1. No amount of unpaid dividend has become due for payment into Investors Education and Protection Fund

2. As disclosed in the previous year Consent Agreement was signed with a party of Rs.1.20 Cr. The party made a payment of Rs.12 lacs and then did not make any payment thereafter. Hence the provision of Rs. 1.08 Cr. as doubtful debts has been made during the year.

3. As per revised Accounting Standard 15 applicable from this year, the liability for gratuity and leave encashment has been valued by an Actuary. Full provision for liability in this respect has been made in the accounts.

4. Previous years figures are regrouped where necessary.


Mar 31, 2010

1. No amount of unpaid dividend has become due for payment into Investors Education and Protection Fund

2. After protracted negotiations, a consent agreement was signed with two parties for recovery of Rs. 8.81 crores (aft deducting Rs. 75.44 lacs payable to one of the concerned parties from Rs. 9.56 crores) settled at Rs. 6.36 crores. Out this amount, Rs. 1.81 crores has already been received and balance will be received in installments over a period of thre and half years. The difference of Rs. 2.45 crores between the amount settled and the amount originally receivable a written off in Profit & Loss Account as bad debts.

3. As per revised Accounting Standard 15 applicable from this year, the liability for gratuity and leave encashment has bee valued by an Actuary. Full provision for liability in this respect has been made in the accounts.

4. Previous years figures are regrouped where necessary.

 
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