Notes to Accounts of Amrapali Industries Ltd.

Mar 31, 2015

I. COMPANY'S OVERVIEW

Amrapali Industries Limited („The Company') was incorporated on 10-05-1988 vide Certificate of Incorporation No. L91110GJ1988PLC010674 under the Companies Act, 1956. The Company is engaged in the business of different types of activities like entertainment activities, bullion trading, share trading, etc.

II. OTHER NOTES FORMING PART OF THE ACCOUNTS

1. RELATED PARTY TRANSACTIONS

As per accounting Standard 18, the disclosures of transactions with the related parties are given below:-

2. EARNINGS PER SHARE

The Company reports basic and diluted earnings per share (EPS) in accordance with the Accounting Standard 20 prescribed under The Companies (Accounting Standards) Rules, 2006 (as amended). The Basic EPS has been computed by dividing the income available to equity shareholders by the weighted average number of equity shares outstanding during the accounting year. The Diluted EPS has been computed using the weighted average number of equity shares and dilutive potential equity shares outstanding at the end of the year.

3. Reporting under Micro, Small and Medium Enterprise Development Act, 2006

The Company has not received information from vendors regarding their status under the Micro, Small & Medium Enterprise Development Act, 2006 and hence disclosure relating to the amount unpaid at the year-end together with the interest paid / payable under this Act has not been given.

4. Estimated amount of contracts remaining to be executed on capital account and not provided for : - NIL

5. The search proceedings u/s.132 of the Income-tax Act, 1961 has been carried out by the Income-tax Authority at the business premises of the company AmrapaliIndustries Ltd. on 26/10/2012. In pursuance of the search proceedings, the company has filed application before the Hon'ble Settlement Commission, Mumbai. Wherein the company has disclosed net additional income of Rs. 11,58,98,063/- for the F.Y.2006- 07 to 2013-14 relevant to A.Y.2007-08 to 2014-15. During the year the Hon'ble Settlement Commission has passed an Order u/s.245D(1) of the Act dated 21/11/2014 admitting the application of the company and the Hon'ble Settlement Commission has also passed an Order u/s.245D(2C) of the Act dated 9/1/2015 considering the application of the company as valid. The company has paid Income-tax with interest on the net additional income offered before the Hon'ble Settlement Commission for an amount of Rs.6,81,25,000/-. The necessary accounting entries have been passed in the books of accounts. The net additional income offered before the Hon'ble Settlement Commission has been shown under the head "Reserves & Surplus" for an amount of Rs. 11,58,98,063/-. The taxes with interest paid Rs. 6,81,25,000/- on net additional income offered before the Hon'ble Settlement Commission, has been shown under the head "Long Term Loan & Advances". The final hearing and order of the company of Hon'ble Settlement Commission u/s.245D(4) of the Income-tax Act, 1961 is pending.

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Mar 31, 2014

A. it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or

b. a reliable estimate of the amount of the obligation cannot be made.

Notes:

(i) Balances with banks - Other earmarked accounts include Rs. 126,903,187/- As at 31 March, 2013 and (Rs. 91,771,895/- As at 31 March, 2013) which have restriction on repatriation.

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Mar 31, 2013

1. CONT1GNET LIABILITIES:

The company recognizes contingent liability for disclosure in notes to accounts, if any of the following conditions are fulfilled:

i) a possible obligation that arises from past events and the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of enterprise; or

ii) a present obligation that arises from past events but is not recognized because:

a. it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or

b. a reliable estimate of the amount of the obligation cannot be made.

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Mar 31, 2010

1. The Figures of previous year have been reworked / rearranged and regrouped wherever necessary.

2. The outstanding balance of Unsecured Loans, Debtors, Creditors and Loans and Advances are subject to Confirmations.

3. The Company has made provision for Income Tax liability Rs. 5,20,000/-. Further, in the absence of timing difference and uncertainty of recovery of loss, no deferred tax asset / liability has been recognized in the financial statements.

4. The company has disclosed business segment. Segment have been identified taking into account the nature of activities, the differing risks and returns, the organization structure and internal reporting system.

Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis.

The expenses, which are not directly attributable to the business segment, are shown as unallocated corporate cost.

Assets and liabilities that cannot be allocated between the segments are shown as a part of unallocated corporate assets and liabilities respectively.

5. Amalgamation :

Pursuant to the scheme of amalgamation of Amrapali Developers India Limited and Korwett Capital and Investment Private Limited (ADIL or KCIPL or transferor Cos.), with the company approved by the share holders convey meeting held on 27th December, 2008 and subsequently sanctioned by the Honble High Court of Gujarat on September, 29th, 2009, the assets and liability of ADIL and KCIPL transferred to and vested in the company with retrospective effects from April, 1st 2008.

The scheme of amalgamation incorporated in these accounts has been accounted for under the ‘pulling of interest” method as prescribed by the Accounting Standard 14 – “Accounting for Amalgamation” issued by the Institute of Chartered Accountants of India. Accordingly the assets, liabilities and reserves of ADIL and KCIPL as of 1st April, 2009 have taken over by the company at their book values, subject to adjustment made for the difference in accounting policies between the two companies.

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Mar 31, 2009

A. Other Notes

1. The Figures of previous year have been reworked / rearranged and regrouped wherever necessary.

2. The company has made provision for Income Tax liability and Fringe Benefit Tax of Rs. 8.45lacs

3. Related party transactions

Related parties during the year ended March 31, 2009 are detailed below:

i) Associate Companies: - Amrapali Developers (India) Limited

ii) Key Management Personnel: - Rashmikant A. Thakkar, Yashwant A. Thakkar

4. Contingent Liability: NIL

5. The company has disclosed business segment. Segment have been identified taking into account the nature of activities, the differing risks and returns, the organization structure and internal reporting system.

Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis.

The expenses, which are not directly attributable to the business segment, are shown as unallocated corporate cost.

Assets and liabilities that cannot be allocated between the segments are shown as a part of unallocated corporate assets and liabilities respectively.

SEGNENT INFORMATION FOR THE YEAR ENDED MARCH 31, 2009

6. STATEMENT PURSUANT TO SECTION 212 OF THE COMPANIES ACT,1956, RELATING TO SUBSIDIARY COMPANY

7. Additional information pursuant to the provisions of paragraphs 3 and 4 of part II of Schedule VI to the Companies Act, 1956.

8 The outstanding balance of Unsecured Loans, Debtors, Creditors and Loans and Advances are subject to Confirmations.

9. Remuneration to Directors: Rs. 96000

10. Auditors remuneration include Auditors Remuneration:

11. Earning Per Share