Mar 31, 2018
A. NOTESONACCOUNTS
1. Refundable Membership Fees
The Company has received Rs. 6,69,65,000/- (Rs. 1,53,52,005/- after Ind AS effect)towards Refundable Membership Fees as on the date of the Balance Sheet and the same are shown under Non- Current Liability as Refundable Membership Fees.
2. Contingent Liabilities and Commitments (to the extent not provided for)
A. Contingent Liabilities:
i. Real estate stock-in-trade (Swastik Textiles Division) of Rs.3,754,229/- (as at 31st March, 2018, Rs.3,754,229/-) has been valued at cost of land including the accretion to its value on change of its character fromâcapital assetsâto âtrading assetsâ plus development expenses incurred. The plots and area of these real estate stocks in trade (land) is as under:
ii. Confirmation letters have not been obtained from debtors, creditors, loans/ advances given and for certain loans/ deposits taken and hence their balances are subject to reconciliation and consequent adjustments, if any.
iii. Related party transactions
Related Parties (As identified by the Management In the Light of Requirements of AS 18)
Names of Related Parties:-
1. Key Management Personnel
(a)Rajesh Loya
(b)Jashwant Mehta
(c)Chetan Mehta
2. Other Related Parties
(a)Dhwani Mercantile Private Limited
(b) Juhu Resorts and Development Private Limited
(c) Neptune Resorts & Developers Private Limited
(d) Techno Broking & Financial Services Private Limited
(e) Techno Equity Broking Private Limited
(f) Juhu Tours & Travels Private Limited
iv. Earnings per share
Earnings per share (EPS) are calculated by dividing the profit attributable to equity shareholders by the weighted average number of equity shares outstanding during the year, as under:
v. Segment accounting as per AS 17.
The Company Operates only in a Single Segment & hence Segment Reporting as required under Accounting Standard -17 is not applicable.
vi. The deferred tax asset on account of Depreciation as per the Income Tax Act, and that as per the accounts - to Rs17,20,590/-. In view of the continuing losses no further Deferred Tax Asset is created in view of uncertainty about its ultimate recovery.
vii. Figures of the previous year have been regrouped to conform to current year grouping.
Mar 31, 2013
1. Continoent liabilities and Commitments (to the extent not provided
for)
A. Contingent liabilities, in respect of:
As at 31st As at 31st
Particulars March,13 March,12
Rupees Rupees
L Demand by DGFT (excluding interest
and penalty), contested before 37,463,669 37,463,669
CESTAT and recovery stayed.
ii. Non-fulfillment of export
obligation under the Advance L
icense Scheme. 7,244,465 7,244,465
iii. Excise demand if any
against the orders passed
by the CESTAT (amount
deposited by the Company
Rs. 16 Lacs against same) 7,268,989 7,268,989
iv. Disputed penalty by Income Tax, appealed, pending disposal.
Amountnot Amountnot ascertained ascertained
In all the above matters, the Company does not expect any liability to
crystallize
2. Real estate stock-in-trade (Swastjk Textiles
Division)ofRs.3,754,229/-(asat31sMarch, 2012, Rs.3,754,229/-) has been
valued atcost of land including the accretion to its value on change of
its character from ''capital assets'' to ''trading assets'' plus
development expenses incurred. The plots and area of these real estate
stocks in trade (land) is as under:
i. Plot No CTS 366, area 2372 Sq Meters
(Mani garage)-Encroached Both the above
ii. PlotNoCTS 366/6, area 10,004.1 Sq Meters aggregate 12376 SqMtrs.
- Encroached by slum & unauthorized
occupants.
3. Confirmation letters have not been obtained from debtors,
creditors, loans/ advances given and for certain loans/ deposits taken
and hence their balances are subject to reconciliation and consequent
adjustments, if any.
4. Related party transactions
Related Parties (As identified by the Management In the Light of
Requirements of AS 18)
Names of Related Parties:-
1. Key Management Personnel
(a) Rajesh Loya (b) Jashwant Mehta (C) Chetan Mehta 2.. Other Related
Parties
(a) Dhwani Mercantile Private Limited (b) Juhu Resorts and Development
Private Limited (c) Associated Engineers and Architects
Transactions with Related Parties (Figures in Rs.)
5. Segment accounting as per AS 17.
The Company Operates only in a Single Segment & hence Segment Reporting
as required under Accounting Standard -17 is not applicable.
6. The deferred tax asset on account of Depreciation as per the Income
Tax Act, and that as per the accounts - to Rs137,548/-, disallow- ances
u/s 43B of the Income Tax act of Rs. 1,304,942/- disallowances u/s 40a
(ia) of the Income Tax act of Rs.278,100/- aggregating Rs.1,720,590/-
as applicable has been provided and recognized as deferred tax asset as
envisaged in AS 22. In view of the continuing losses no further
Deferred Tax Asset is created in view of uncertainty about its ultimate
recovery.
7. The Company has not provided for wealth tax liability, if any, in
view of unascertainability of the value of such property due to
reservation of land, unauthorized occupants and other reasons.
8. Figures of the previous year have been regrouped to conform to
current year grouping.
Mar 31, 2012
1. Contingent liabilities and Commitments (to the extent not provided
for)
A. Contingent liabilities, in respect of:_
As at 31st As at 31st
Particulars March,12 March,11
Rupees Rupees
i Demand by DGFT (excluding interest
and penalty), contested before 37,463,669 37,463,669
CESTAT and recovery stayed.
ii. Non-fulfillment of export obligation
under the Advance License Scheme. 7,244,465 7,244,465
iii. Excise demand if any against the
orders passed by the CESTAT (amount
deposited by the Company Rs.16 Lacs
against same) 7,268,989 7,268,989
iv. Disputed penalty by Income Tax,
appealed, pending disposal. Amount not
Amount not
ascertained
Amount
not
ascer
tained
v. Demand for taxes by Bombay Municipal corporation (2000 to 2009),
appeal ascertained (See 14,861,620 against same is pending before
Bombay High Court Note Below)
vi. Paymenttocreditors.assignedtoacquirerunderslumpsale. 24,894,308
24,894,308
vii. Claims of Labourers as passed by 8* Labour Court Mumbai .
10.927,980
Note: The Matter has been decided in favour of the company. However the
company has not received final demand note from BMC/ MCGM but
conservatively the liability is not expected to be more than Rs. 10
Lakhs.
2. Confirmation letters have not been obtained from debtors,
creditors, loans/ advances given and for certain loans/ deposits taken
and hence their balances are subject to reconciliation and consequent
adjustments, if any.
3. Related party transactions
Related Parties (As identified by the Management In the Light of
Requirements of AS 18)
Names of Related Parties:- 1. Key Management Personnel
(a) Rajesh Loya (b) Jashwant Mehta (C) Chetan Mehta 2.. Other Related
Parties
(a). Associated Engineers and Architects (b) Jashwant Mehta &
Associates (c) Bela Estate and Development LLP (d) Bela Estate and
Development Pvt Limited (e) Dhwani Mercantile Private Limited (f) Juhu
Resorts and Development Private Limited (g) Neptune Resorts and
Developers Private Limited.
Transactions with Related Parties (Figures in Rs.)
Since there were no related parties in FY 2010-11. All Figures are only
for FY 2011 -12
4. Segment accounting as per AS 17.
The Company Operates in only In a Single Segment & hence Segment
Reporting as required under Accounting Standard -17 is not Applicable
5. The deferred tax asset on account of Depreciation as per the Income
Tax Act, and that as per the accounts - to Rs. 137,548/- disallowances
u/s 43B of the Income Tax act of Rs.1,304,942/- disallowances u/s 40a
(ia) of the Income Tax act of Rs.278,100/- aggregating Rs. 1,720,590/-
as applicable has been provided and recognized as deferred tax asset as
envisaged in AS 22. In view of the continuing losses no further
Deferred Tax Asset is created in view of uncertainty about its ultimate
recovery.
6. The Company has not provided for wealth tax liability, if any, in
view of unascertainability of the value of such property due to
reservation of land, unauthorized occupants and other reasons.
7. Figures of the previous year have been regrouped to conform with
current year grouping.
(iv) Aggregate number and class of shares allotted as fully paid up
pursuant to contracts) without payment being received in cash, bonus
shares and shares bought back for the period of 5 years immediately
preceding the Balance Sheet date:
All the shares have been issued in the earlier years and not in
preceding 5 years as on 31st March 2012 and 31st March 2011
Note 1 - Security
The Term Loan is Secured by way of First Charge on Land and Building
Situated at Plot Bearing CTS No. 366/ 15A Behind Mangal Anand Hospital
and Near Shushrut Hospital Siddharth Colony Swastik Park Chembur Mumbai
and Exclusive charge by way of Hypothecation of Current Assets of the
Company, Both Present and Future, Equitable/Registered Charge of
residential/commercial properties of Corporate Guarantors.
The Above Term Loan is Guaranteed by Some of the Directors and Others.
Note 2 - Terms of Repayment
Term Loan is to be repaid in 28 Quarterly Instalments Starting FY 2013
- 14
Mar 31, 2010
1. Estimated amount of contracts remaining to be executed on capital
account and not provided for is Rs.Nil/- (as at 31a March, 2009
Rs.Nil/-).
2. Contingent liabilities, in respect of: As at 31st
March,09
Rupees Rupees
i. Demand by DGFT (excluding interest
and penalty), contested before
37,463,669 38,032,707
CESTAT and recovery stayed.
ii. Non-fulfillment of export obligation
under the Advance License Scheme. 7,244,465 7,244,465
iii.Excise demand if any against the
orders passed by the CESTAT (amount
deposited by the Company Rs. 16 Lacs
against same) 7,268,989 7,268,989
iv. Disputed penalty by Income Tax, appealed,
pending Amount not Amount not disposal*
ascertained ascertained
v. Demand for taxes by Bombay Municipal
corporation (2000 to 2009), 14,861,620 -
appeal against same is pending before
Bombay High Court
vi. Payment to creditors, assigned to.
acquirer under slump sale. 24,894,308 -
In all the above matters, the Company does not expect any liability to
crystallize.
3. Real estate stock-in-trade (Swastik Textiles Division) of
Rs.3,754,229/- (as at 31* March, 2009, Rs.3,754,229/-) has been valued
at cost of land including the accretion to its value on change of its
character from capital assets to trading assets plus development
expenses incurred. The plots and area of these real estate stocks in
trade (land) is as under
i. Plot No CTS 366, area 2372 Sq Meters
(Mani garage)-Encroached Both the above
ii. PlotNoCTS366/6,area10,004.1SqMeters aggregate 12376 SqMtrs.
- Encroached by slum & unauthorized occupants.
4. Capita! work-in-progress as at 31" March, 2010, aggregating
Rs.23,429,810/- (as at 31" March, 2009, Rs. 22.659,528/-) and
incidental expenditure during construction period, 13,378,333/- (as at
31st March, 2009 Rs.12,307,116/-) representing expenditure incurred on
certain project at the Sports Complex project in Mumbai.
5. Depreciation has been provided on the written down value method in
accordance with the provisions of the Companies Act, 1956, at the rates
and in the manner specified in schedule XIV to this Act.
6. Confirmation letters have not been obtained from debtors,
creditors, loans/ advances given and for certain loans/ deposits taken
and hence their balances are subject to reconciliation and consequent
adjustments, if any.
7. Managerial remuneration undersection 198 of the Companies Act,
1956: (minimum remuneration)
To the Finance Director
8. Additional information pursuant to the provisions of paragraphs
3,4C and 4D of part II of Schedule VI to the Companies Act, 1956 (to
the extent applicable): (i) Stock (a) Openino Stocks
9. Since there hasbeen no business activity during the year and no
revenues from any business segments, there is nothing to disclose under
segment accounting as per AS 17.
10. The deferred tax asset on account of Depreciation as per the
Income Tax Act, and that as per the accounts - to Rs. 137,548/-,
disallow- ances u/s 43B of the Income Tax act of Rs.1,304,942/-
disallowances u/s 40a (ia) of the Income Tax act of Rs.278,100/-
aggregating Rs. 1,720,590/- as applicable has been provided and
recognized as deferred tax asset as envisaged in AS 22.
11. The Company has not provided for wealth tax liability if any in
view of of the value of such property due to reservation of land,
unauthorized occupants and other reasons.
12. Figures of the previous year have been regrouped to conform with
current year grouping.