Notes to Accounts of Victoria Mills Ltd.

Mar 31, 2018

C. EXPLANATION FOR TRANSITION TO IND AS.

a) These are the Company''s first financial statements prepared in accordance with Ind AS. The accounting policies have been applied consistently in preparing the financial statements for the year ended 31 March 2018, the comparative information presented in these financial statements for the year ended 31 March 2017 and in the preparation of an opening Ind AS balance sheet at 1 April 2016 (the Company''s date of transition). An explanation of how the transition from financial statements prepared in accordance with accounting standards notified under the Section 133 of the Act, read together with paragraph 7 of the Companies (Accounts) Rules,

2014 (Previous GAAP) to Ind AS has affected the Company''s financial position, financial performance and cash flows is set-out in the following tables and notes:

b) Ind AS optional exemptions

Deemed cost for property, plant and equipment, investment property and intangible assets

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets and investment property covered by Ind AS 40 Investment Properties. Accordingly, the Company has elected to measure all of its property, plant and equipment, intangible assets and investment property at their previous GAAP carrying value.

Investment

Ind AS 101 permits a first-time adopter to continue previous GAAP carrying value for investment in equity instrument of subsidiaries. Accordingly, the Company has elected to apply the said exemption.

Initial recognition of a financial asset

Under Ind AS 109, at initial recognition of a financial asset, an entity may make an irrevocable election to present subsequent changes in the fair value of an investment in an equity instrument in other comprehensive income. Ind AS 101 allows such designation of previously recognized financial assets, as Fair Value through Other Comprehensive Income (FVTOCI) on the basis of the facts and circumstances that existed at the date of transition to Ind AS. Accordingly, the Group has designated its investments in equity instruments at fair value through other comprehensive income on the basis of the facts and circumstances that existed at the date of transition to Ind AS.

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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.

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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.

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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.

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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.