KDJ Holidayscapes and Resorts Ltd. के अकाउंट के लिये नोट

Mar 31, 2015

1. The accounts of the company have been prepared on going concern basis. In the opinion of Board of Directors of the Company, the current assets including loans and advances and debtors of the company have a value on realisation at least equal to the amount at which they are stated.

2. The Balances of Trade Receivables and Trade Payables and Loans & Advances are subject to confirmations and reconciliation, if any.

3. Related Party Disclosures as required by Accounting Standard - 18 is given in Annexure "A" to this Notes.

4. Deferred Revenue Expenditure

During the financial year ended March 31,2012 the Company had incurred certain expenses amounting to Rs. 76,22,358/- for which management was of the view that these expenses are providing future economic benefit and accordingly these expenses have not been charged to the Profit and Loss Account and are being amortised over a period of 10 years .

Accordingly , during the year, the Company has amortised 1/10th of the expenses amounting to Rs. 762,236 /- and debited the same to the Statement of Profit and Loss (Refer Note No. 23).

As on March 31,2015 the unamortised portion of these expenses amouting to Rs. 53,35,651/- have been carried as "Deferred revenue expenditure" (Refer Note 12 & Note 17) .

5. Preoperative Expenses

During the financial year ended March 31,2011 the Company had incurred certain expenses amounting to Rs. 9,52,127/- for which management was of the view that these expenses are providing future economic benefit and accordingly these expenses have not been charged to the Profit and Loss Account and has been amortised over a period of 5 years .

During the year, as per the accounting policy followed consistently, the Company has amortised 1/5th of the expenses amounting to Rs. 2,71,216 /- (Refer Note No. 23) and debited the same to the Statement of Profit and Loss of the current year. As on March 31,2015 unamortised portion of these expenses amounting to Rs. 1,38,481/- have been carried as "Pre-operative expenses" (Refer Note 12 & Note 17).

6. Contingent liabilities not provided for:

Compounding fees under sections 276C and 277 of the Income Tax Act , 1961 - amount unascertainable

7. Segment Reporting

In accordance with the requirements of Accounting Standard 17 "Segment Reporting", the Company's business consists of one reportable business segment i.e. "Sale of Vacation Ownership", hence no separate disclosures pertaining to attributable Revenues, Profits, Assets, Liabilities, Capital Employed are given.

8. Details of Loans given, Investments made and gurarantee given pursuant to clause 32 of the Equity Listing Agreement and section 186(4) of the Companies Act, 2013, are given in Annexure "B" to the notes

9. Figures of the previous year have been regrouped, reclassified and/or rearranged wherever considered necessary to conform to the layout of the current year.

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Mar 31, 2014

1. The accounts of the company have been prepared on going concern basis. In the opinion of Board of Directors of the Company, the current assets including loans and advances and debtors of the company have a value on realisation at least equal to the amount at which they are stated.

2. The Balances of Trade Receivables and Trade Payables and Loans & Advances are subject to confirmations and reconciliation, if any.

3. Related Party Disclosures as required by Accounting Standard - 18 is given in Annexure "A" to this Notes.

4. Income Tax Demand

No Provision has been made in accounts in respect of Income tax Liability as detailed below for interest under section 234 B and 220(2) as per orders passed for prior years as representation is being made by the Company before higher authorities for waiver of interest and the Company has already received relief to the extent of Rs. 30,51,684/-

The management is of the opinion that there will be no liability on this account.

5. Deferred Revenue Expenditure

During the financial year ended March 31, 2012 the Company has incurred certain expenses amounting to Rs. 7,622,358 for which management was of the view that these expenses are providing future economic benefit and accordingly these expenses have not been charged to the Profit and Loss Account and has been amortised over a period of 10 years .

During the year, as per the accounting policy followed consistently, the Company has amortised 1/10th of the expenses amounting to Rs. 762,236 /- and debited the same to the Profit and Loss Account of the current year. As on March 31, 2014 unamortised portion of these expenses amounting to Rs. 6,097,886/- have been reflected as "Deferred revenue expenditure" in Note 13 & Note 18.

6. Preoperative Expenses

During the financial year ended March 31, 2011 the holding Company has incurred certain expenses amounting to Rs. 9,52,127/- for which management was of the view that these expenses are providing future economic benefit and accordingly these expenses have not been charged to the Profit and Loss Account and has been amortised over a period of 5 years.

During the year, as per the accounting policy followed consistently, the Company has amortised 1/5th of the expenses amounting to Rs. 2,71,216 /- and debited the same to the Profit and Loss Account of the current year. As on March 31, 2014 unamortised portion of these expenses amounting to Rs. 4,09,697/- have been reflected as "Pre-operative expenses" in Note 13 & Note 18.

7. Deferred revenue income

Deferred Revenue income includes Membership fees, received or receivable from the members

8.

The Company is contingently liable in respect of :- As At As At 31-03-2014 31-03-2013

Corporate guarantee given to bank against loan given to subsidiary company 200,000,000 -

9. Segment Reporting

In accordance with the requirements of Accounting Standard 17 "Segment Reporting", the Company''s business consists of one reportable business segment i.e. "Sale of Vacation Ownership", hence no separate disclosures pertaining to attributable Revenues, Profits, Assets, Liabilities, Capital Employed are given.

10. Figures of the previous year have been regrouped, reclassified and/or rearranged wherever considered necessary to correspond with the figures of current year.

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Mar 31, 2013

Note 1 : Employee Benefi ts

Disclosure pursuant to Accounting Standard - 15 ‘Employee Benefi ts’ has not been given as the same has been accounted on payment basis.

Note 2 :

a) In the opinion of Board of Directors; the Current Assets, Loans & Advances are realizable in the ordinary course of business atleast equal to the amount at which they are stated in the Balance Sheet. The provision for all known liabilities is adequate and not in excess of amount reasonably necessary.

Note 3 : Related Party disclosures

a. List of related parties and relationships:

i) Key Managerial Personnel

Pa wan Agarwal

Vinodkumar Shubhkaran Deora (w.e.f. March 26, 2013)

Directors

Surendra Kedia (w.e.f. March 26, 2013) Dinesh Kumar Jalan (w.e.f. March 26, 2013)

ii) Relatives of Key Managerial Personnel

Usha Kiran Deora Rajesh Jalan Lata Jalan

iii) Enterprises under signifi cant infl uence:

Dolly Exim Private Limited Santogen Textile Mills Limited A B Overseas Private. Limited Prestige Mini Township Private Limited Sea Scape Riva Hotel Private Limited Jamuna Estate Private Limited

iv) Subsidiaries

KDJ Hospital Limited

KDJ Hospitality Private Limited

Note 4 : Amalgamation

a) Nature of business of amalgamating company:

The Operation of KDJ Holidayscapes Limited (Holidayscapes) include providing Vacation Membership to its members.

b) Holidayscapes have been amalgamated with the Company with effect from April 01, 2011 in terms of the scheme of amalgamation (Scheme) sanctioned by the Honorable High Court of Mumbai vide their Order dated February 08, 2013. Pursuant to scheme all assets and liabilities of Holidayscapes have been transferred to and vested in the Company retrospectively with effect from April 01, 2011. Pursuant to amalgamation of Holidayscapes with the Company 5,130,000 equity shares of Rs 10/- each fully paid up of the Company were issued and alloted to the shareholders of erstwhile KDJ Holidayscapes Limited in accordance with swap ratio of 108:100. These shares have been subsequently allotted on March 26, 2013.

c) The amalgamation stated above have been accounted for under the "pooling of interests" method as prescribed by Accounting Standard (AS-14) notifi ed under Section 211(3C) of the Companies Act, 1956. Accordingly, the assets, liabilities and reserves of Holidayscapes as at April 01, 2011 have been taken over at their book values. As stipulated in the scheme of amalgamation, all reserves of the above mentioned company have been transferred to the General Reserve except for the balance lying in the statement of profi t and loss as on March 31, 2011, which have been transferred to the defi cit in the statement of profi t and loss of the Company.

From the Appointed Date upto the Effective date, the business of Holidayscapes Limited is deemed to have been carried out in trust for the Company. And hence, any income or profi t accruing or arising and any costs, charges, expenses and losses incurred in relation to Holidayscapes in accordance with the Scheme shall be treated as of the Company.

Pending completion of the formalities for transfer of titles of assets and liabilities acquired, such assets and liabilities are included in the books of the Company under the name of the erstwhile company.

The difference between the book value of assets and liabilities recorded in the Company have been adjusted to Reserves.

Accordingly, the amalgamation have resulted in transfer of assets, liabilities and reserves in accordance with the terms of the Scheme at the following summarized values on April 01, 2011:

Note 5 : Income Tax Demand

No Provision has been made in accounts in respect of Income tax Liability as detailed below for interest under section 234 B and 220(2) as per orders passed for prior years as representation is being made by the Company before higher authorities for waiver of interest and the management is of the opinion that there would be no liability on this account.

Note 6 : Deferred Revenue Expenditure

During the fi nancial year ended March 31, 2012 the Company has incurred certain expenses amounting to Rs. 7,622,358 for which management was of the view that these expenses are providing future economic benefi t and accordingly these expenses have not been charged to the Profi t and Loss Account and has been amortised over a period of 10 years . During the year, as per the accounting policy followed consistently, the Company has amortized 1/10th of the expenses amounting to Rs. 762,236 and debited the same to the Profi t and Loss Account of the current year. As on March 31, 2013 unamortised portion of these expenses amounting to Rs. 6,860,122 have been refl ected as "Deferred revenue expenditure" in Note 13 & Note 17.

Note 7 : Preoperative Expenses

During the fi nancial year ended March 31, 2011 the Company has incurred certain expenses amounting to Rs. 952,127 for which management was of the view that these expenses are providing future economic benefi t and accordingly these expenses have not been charged to the Profi t and Loss Account and has been amortised over a period of 5 years. During the year, as per the accounting policy followed consistently, the Company has amortized 1/5th of the expenses amounting to Rs. 271,216 and debited the same to the Profi t and Loss Account of the current year. As on March 31, 2013 unamortised portion of these expenses amounting to Rs. 680,912 have been refl ected as "Preoperative expenses" in Note 13 & Note 17.

Note 8 : Deferred revenue income

Membership fees, received or receivable from the members are accounted as Admission fees and Deferred Revenue Income under ‘Other Long-Term Liabilities / Other Current Liabilities’ and same have been amortized over the entitled vacation period.

Note 9 : Food and grocery items which are perishable in nature and are immaterial in value and are thus charged to Statement of Profi t and Loss as an expense in the year of purchase.

Note 10 : Operating Leases

The Company has taken premises on operating lease and entered into non-cancellable Leave and License agreements with various parties. The disclosure required to be made in accordance with Accounting Standard 19 on "Leases" is as under:

a) Future minimum lease payments under non-cancellable operating lease in aggregate for the following periods:

Note 11 : Segment Reporting

In accordance with the requirements of Accounting Standard 17 "Segment Reporting", the Company’s business consists of one reportable business segment i.e. "Sale of Vacation Ownership", hence no separate disclosures pertaining to attributable Revenues, Profi ts, Assets, Liabilities, Capital Employed are given.

Note 12 : Figures of the previous year have been regrouped, reclassifi ed and/or rearranged wherever considered necessary to correspond with the fi gures of current year. However in view of amalgamation (Note no. 28 above) the same are strictly not comparable.

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Mar 31, 2012

A. Terms & Conditions

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity share is entitled to one vote per share.

In the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note 1 :

In the opinion of the Board the Current Assets, Loans & Advances are realisable in the ordinary course of business atleast equal to the amount at which they are stated in the Balance Sheet. The provision for all known liabilities is adequate and not in excess of amount reasonably necessary.

Note 2 :Commitments

Estimated amount of contracts remaining to be executed on capital account (net of advances already made) and not provided for is Rs.5,40,00,000 (PY: Rs.Nil).

Note 3 : Disclosure pursuant to Accounting Standard - 15 'Employee Benefits'

Liabilities in respect of Gratuity & Leave Encashment are accounted for on payment basis which is not in conformity with Accounting Standard (AS) 15 on Employee Benefits (Revised 2005) as prescribed by the Companies (Accounting Standards) Rules, 2006 which requires that Liabilities be accounted for on accrual basis.

Note 4 : Segment Reporting

The segment wise details as per Accounting Standard 17 "Segment Reporting" as notified by the Companies (Accounting Standard) Rules, 2006 is not applicable since the Company do not have separate reportable business segments during the year.

Note 5 :

In case of delinquent hirers or persons who have availed of financial facilities, appropriate action for the recovery of the outstanding amounts has been taken. Provision for Non Performing Assets on the said delinquent hirers has been made as per Reserve Bank of India guidelines on Non Banking Financial Companies

Note 6 :

The Company has, during the year, made a preferential issue of 18,10,000 Equity Shares of Rs.10 each at a premium of Rs.12 per Share in accordance with SEBI guidelines and received an amount aggregating to Rs.3,98,20,000 against the said allotment. Pending utilization as at March 31, 2012 the funds has been kept in Fixed Deposits with Bank, inter-corporate loans and current account with Bank.

Note 7 :

A Scheme of amalgamation of the Company with KDJ Hospitality Private Limited and KDJ Holidayscapes Limited having appointed date of April 1, 2011 has been approved by BSE but the said scheme has not been filed with High Court for approval hence became null and void. On 24th July,2012 subsequently a new scheme of arrangement with KDJ Holidayscapes Limited has been filed with BSE, which is subject to approval.

Note 8 :

During the year the name of the Company has been changed from Gomti Finlease (India) Limited to Two-up Financial Services Limited and fresh certificate of incorporation dated 16th September, 2011 has been received from the Registrar of Companies, Maharashtra

Note 9 :

Till the year ended 31st March 2011, the Company was using pre-revised schedule VI to the Companies Act 1956, for preparation and presentation of its financial statements. During the year ended 31s1 March, 2012, the revised schedule VI notified under the Companies Act, 1956 has become applicable to the Company. The Company has re-grouped, reclassified and/or re-arranged previous year's figures, wherever necessary to conform to current year's classification. The adoption of revised schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosures made in the financial statements applicable in the current year.

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Mar 31, 2010

1 The State Bank of India had filed a suit in the High Court for recovery of debit balance in Cash Credit account and a Court Receiver was appointed by order dated 5th July, 1996 to take charge of the stocks and book debls of the company. During the year the matter has been resolved with the bank amicably and dues have been fully settled.

2. In case of delinquenl hirers or persons who have availed of financial facilities, appropriate action for the recovery of the outstanding amounts has been taken. Provision lor Non-performing Assets on the said delinquent hirers was done in earlier years as per Reserve Bank Of India guidelines on Non-Banking Financial Companies-During the year, the company has recovered amount from some of is debtors / Loans & Advances.

3, a) As at 31st March, 2010, there are no Micro, Small and Medium Enterprises, as defined in the Micro, Small, Medium Enterprises Act, 2006. to whom the company owes dues on account of principal amount together with interest and accordingly no additional disclosure have been made.

b) The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

4. The balances in the accounts of debtors and loans and advances are suject to confirmation t reconciliation.

5, Previous years figures have regrouped / reclassified / recast whereever expedient.