1. Corporate Overview
South Asian Enterprises Ltd. was incorporated in 1991 to run Amusement
parks and engage in other activities of Amusement Industry. Presently,
it has amusement Parks in Kanpur and Lucknow. The other activities
include Trading in Earthing & Lightning Protection Systems, which
segment has shown promising results.
2. Share Capital
a. Terms/rights attached to equity shares
The company has only one class of equity shares having a par value of
Rs. 10 per share. Each holder of equity shares is entitled to one vote
per share.
3. Commitments
Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. Nil (Previous Year Rs. Nil).
4. Contingent liabilities in respect of
Counter Guarantee given against Bank Guarantees - Rs.1,59,100/-
(Previous Year- Rs.10,01,500/-)
5. Related Party Disclosure Following are the related parties:
Holding Company : VLS Capital Ltd.
Key Managerial Personnel:
- Shri T. B Gupta (Managing Director)
- Shri Surya Pratap Singh (Chief Financial Officer)
- Shri Ramesh Chandra Pandey (Company Secretary)
6. The management has technically appraised the recoverable amount of
the cash generating assets being used at its amusement parks and is of
the opinion that considering the future cash flow expected to arise,
impairment loss is NIL (Previous Year- Rs. 18,34,040/-) on assets as
provided for in the books in previous year as required by the
Accounting Standard -28 on "Impairment on Assets" issued by the
Institute of Chartered Accountants of India (ICAI) is sufficient and no
further provision is required.
7. Employee Benefits: In accordance with AS-15 - 'Accounting for
Retirement Benefits', actuarial valuation was done in respect of
defined benefit plan of gratuity and leave encashment.
i) Defined Contribution Plans:
Amount of Rs.2,58,349/-(Previous Year Rs.2,22,668/-) contributed to
provident funds is recognised as an expense and included in
Contribution to Provident & Other Funds under Employee Cost in the
Statement of Profit and Loss.
ii) Defined Benefit Plans
The Company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service gets a gratuity on death or
resignation or retirement at 15 days salary (last drawn salary) for
each completed year of service subject to a maximum payment of Rs. 10
lakhs. The gratuity plan is funded.
8. (a) In the absence of necessary information with the company,
relating to the registration status of suppliers under the micro, small
and medium enterprises development ACT, 2006, the information required
under the said act could not be complied and disclosed.
(b) The Company has become the subsidiary company of VLS Capital Ltd.
during the year w.e.f. 03.02.2015. In terms of Section 19 of Companies
Act, 2013 Voting rights of shares, if any, held by subsidiary in
Holding Company prior to becoming subsidiary. stand frozen from the
date it becomes subsidiary. The company hold 10,00,000 equity shares of
Rs.10/- each of its holding company viz. VLS Capital Ltd., prior to the
company became subsidiary of VLS Capital Ltd.
(c)As required under schedule II of the companies Act 2013, the company
has adopted the revised estimates of the useful life of the tangible
assets w.e.f. 1st April, 2014, whereas rates prescribed in schedule
XIV of companies Act 1956 were applied up to the previous accounting
year. Consequent to this change, the depreciation for the current year
is higher by Rs.88,380/- and profit before tax is lower by Rs.88,380/-.
Further an amount of Rs.1,10,270/- has been adjusted against the
opening balance of retained earnings as on that date in respect of the
residual value of the assets wherein the remaining useful life has
become NIL.
9. Park receipts of Rs.49,79,905/- (PY Rs.45,52,878/-) is net off of
entertainment tax of Rs.7,96,518/- (PY. Rs.8,92,242/-).
10. Previous year's figures have been regrouped/reclassified wherever
necessary to correspond with current year's classification/disclosure.
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