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 ÂManaging 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 ÂManaging 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, 2012
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 is into the business of NBFC and has an
entertainment division, whereas Magic Touch Infotech limited 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 Re 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 6,99,00,00 [Six Crore Ninety Nine Lacs only] Equity
Shares of Re 1/= Each. Under the scheme of Amalgamation 1[ One] Equity
Shares of Face Value of Rs 10/- each of the transferee Company. 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 of Magic Touch Infotech Limited including all
assets and liabilities were transferred to and vested in the company
from appointed date 01st April, 2011.
g) The Scheme has accordingly given effects in the accounts. The
amalgamation has been accounted for under 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 ÃManaging Director
b) Subsidiaries
I. Shree Krishna Holiday Home and Farms Limited
II. Shree Krishna Infrastructure Limited
Mar 31, 2011
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, wherever
necessary.
4. Related Party Disclosures as per AS-18 issued by the Institute of
Chartered Accountants of India, for the year ended 31st March, 2011.
(A) Relationship
(i) Key Management Personnel and Relatives Mr. Rajiv Kotia, Managing
Director
(ii) Associate - Nil
(iii) Enterprises over which key management personnel and/or their
relatives have significant influence à Nil
5. Prior Period Items amounting to Rs.320000/-pertains to expenses
relating to short payment of Stamp duty on shares issued in earlier
years, paid 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