| 1. As per Clause No. 4.4.5 (b) of the Scheme of Arrangement and
Amalgamation sanctioned by Hon'able High Court, Bombay dated 16th July
2009, the Company has acquired land from Dr. Laxman V. Kulkarni and
allotted equity shares as a consideration for land so acquired on 30th
April 2010. However, registration of the conveyance deed is pending
till the date of audit.
2. Managerial Remuneration:
No managerial remuneration is paid or payable for the current year.
3. Depreciation of additions to the Fixed Assets during the year has
been provided on pro-rata basis and on opening balances from the date
of purchase on Straight Line Method at its useful life of assets and
manner prescribed in Schedule II of the Companies Act, 2013.
4. Provision for Taxation:
Current Tax: As there in no taxable income or Book Profit; provision
for Income Tax has not been made. Deferred Tax Assets are not
recognized as there is no reasonable certainty of realization.
5. The outstanding balances of sundry creditors, sundry debtors, and
advances (taken or given) are subject to reconciliation and consequent
adjustment if any.
6. The Company has not received any information from suppliers or
service providers, whether they are covered under the "Micro, Small and
Medium Enterprises (Development) Act, 2006". Due to this, disclosure
relating to amount unpaid at the year - end together with interest
payable, if any, as required under the said Act are not ascertainable.
7. Employee Benefits (As per Accounting Standard 15 Revised):
8. The Company was availed Term Loan from Saraswat Co.-Op. Bank Ltd.
for refurbishment of hotel and Saraswat Co.-Op. Bank Ltd. has assigned and transferred the said loan in favour of Phoenix ARC Pvt. Ltd. The entire underlying securities such as Land, Building, Plant and Machinery etc.
situated at C.T.S. No. 18349/1/1 2 3 at Aurangabad are mortgaged to
Phoenix ARC Pvt. Ltd. as per assignment agreement dated 9th April 2014.
b. No remuneration paid to the Directors of the Company. No Board
Meeting Seating Fees paid. (Previous Year Rs, Nil).
9. Impairment of Fixed Assets:
The Fixed assets specifically Land, Building, and Plant and Machinery
of the Company have been valued by an approved value at reasonable
interval and there is no impairment of assets in the current year.
10. The Company has provided diminution in the value of Investment
made in Subsidiary Companies to the extent of Rs, 441.57 lacs.
11. Events occurring after Balance Sheet Date:
No significant events have been reported by the Company after the
balance sheet date till signing of the report which could affect the
financial position as on 31st March 2015.
In the opinion of the Management the above legal matters when
ultimately concluded will not have material effect on the results of
the operations or the financial position of the Company.
ii. Provisions are recognized when the Company has present legal or
constructive obligation, as a result of past events, for which it is
probable that an outflow of economic benefits will be required to
settle the obligation and a reliable estimates can be made for the
amount of the obligation.
iii. The Company has defaulted in payment of statutory dues and term
loan account; there may be penalties in this respect, which are not
provided in books of accounts.
iv. The Company has availed Bank Guarantee of Rs, 1,00,000/- from
Saraswat Co-operative Bank for the purpose of Bar License.
12. Previous year's figures are regrouped, reworked and rearranged
wherever necessary.
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