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Delta Corp
BSE: 532848|NSE: DELTACORP|ISIN: INE124G01033|SECTOR: Finance - General
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« Mar 12
Notes to Accounts Year End : Mar '13
1 DEFERRED TAX
 
 In accordance with Accounting Standard 22 Accounting for Taxes on
 Income issued by the Institute of Chartered Accountants of India,
 the Company has accounted for Deferred Tax during the year.  The
 components of Deferred Tax Assets to the extent recognized and Deferred
 Tax Liabilities as on 31st March, 2013 are as follows:
 
 2 SEGMENT DISCLOSuRES
 
 As per Accounting Standard (AS) 17 on Segment Reporting, segment
 information has been provided under the Notes to Consolidated Financial
 Statements.
 
 3 employee stock option plan
 
 i.  During the year 2010-11, the Company has granted Employee Stock
 Options to Employees of the Company and Subsidiaries.
 
 ii.  Salient Features
 
 The options are granted at the price determined by the Compensation
 Committee. Each option entitles the holder to exercise the right to
 apply for and seek allotment of one equity share of Rs. 1/- each. The
 option shall vest in four equal installments. Details of options
 granted during the financial year 2010-11 duly approved by the
 Compensation Committee under the said scheme are as under:
 
 **Out of ESOP granted in November, 2010 employees of the Company and
 Subsidiary Companies have surrendered their unexercised right of ESOP
 to the Company. The Compensation Committee of the Board of Directors of
 the Company at its meeting held on 30th March, 2013, have cancelled
 23,15,100 options granted in November, 2010.
 
 4 DISCLOSURE REQUIRED BY CLAUSE 32 OF THE LISTING AGREEMENT
 
 Amount of Loans and Advances in the nature of Loans outstanding to
 Subsidiaries /Step down Subsidiaries / Associates etc.
 
 a) Loans and Advances in the nature of Loans
 
 b) Investment by the loanee in the share of the Company
 
 None of the loanees and loanees of subsidiary Companies has, per se,
 made investments in Shares of the Company.
 
 5 RELATED PARTY DISCLOSURES
 
 (A) Related parties and transactions with them during the year as
 identified by the Management are given below:
 
 (i) Parties where control exists Direct Subsidiaries:
 
 - Daman Entertainment Private Limited
 
 - Delta Pleasure Cruise Company Private Limited (DPCCPL)
 
 - Delta Adventures and Entertainment Private Limited (DAEPL)
 
 - Delta Holding USA Inc. (DHUSA)
 
 - Delta Hospitality & Leisure Private Ltd (DHLPL)
 
 - Delta Leisure and Entertainment Private Limited (earlier known as
 Delta Cruises and Entertainment Private Limited (DLENPL)
 
 - Delta Lifestyle and Entertainment Private Limited (DLEPL) (upto
 19.03.2013)
 
 - Delta Offshore Developers Limited (DODL)
 
 - Delta Pan Africa Limited (DPAL)
 
 Step-down Subsidiaries / LLPS:
 
 - AAA Township Private Limited (AAATPL)
 
 - Aman Infrastructure Private Limited (AIPL)
 
 - Argyll Hotels Private Limited (AHPL)
 
 - Atled Technologies Private Limited (ATPL)
 
 - Caravella Casino (Goa) Private Limited (CCGPL)
 
 - Coastal Sports and Ventures Private Limited (CSVPL)
 
 - Daman Hospitality Private Limited (DHPL)
 
 - Delta Corp East Africa Limited (DCEAL)
 
 - Delta Hospitality and Entertainment Private Limited (DHEPL)
 
 - Delta Square Limited (DSL)
 
 - Delta Hotels Lanka (Private) Limited (DHLKPL)
 
 - Freedom Charter Services Private Limited (FSCPL) (from 16.10.2012)
 
 - Highstreet Cruises & Entertainment Private Limited (HCEPL)
 
 - Highstreet Riviera Leisure (Goa) Private Ltd (HRLGPL) (through its
 Subsidiary Company DLEPL)
 
 - Kaizan LLP (KLLP)
 
 - Marvel Resorts Private Limited (MRPL)
 
 - Samarpan Properties and Construction Private Limited (SPCPL)
 
 - Samarpan Township Private Limited (STPL)
 
 - Shree Mangesh Realty Private Limited (SMRPL)
 
 - Victor Hotels and Motels Limited (VHML)
 
 - Delta Hospitality and Entertainment (Mauritius) Ltd (DHEML)
 
 Associate Companies:
 
 - Zeicast Pte Limited (ZPL) (through its Step down subsidiary Company
 HCEPL)
 
 - Interactive Gaming & Sports Pty Ltd (IGSP) (through its Step down
 subsidiary Company DLEPL)
 
 (ii) Key Management Personnels (KMP):
 
 - Mr. Jaydev Mody (JM) - Chairman
 
 - Mr. Ashish Kapadia (AK) - Managing Director
 
 - Mr. Hardik Dhebar (HD) - Group CFO
 
 (iii) Relatives of Key Management Personnels:
 
 - Mrs. Zia Mody (ZM) - Wife of Chairman
 
 - Mrs. Urvi Piramal (UP) - Sister of Chairman
 
 - Mrs. Kalpana Singhania (KS) - Sister of Chairman
 
 - Ms. Anjali Mody (AM) - Daughter of Chairman
 
 (iv) Enterprises over which persons mentioned in (ii) and (iii) above
 exercise significant influence:
 
 - Anjoss Trading Private Limited (ATPL)
 
 - Aarti Management Consultancy Private Limited (AMCPL)
 
 - Aditi Management Consultancy Private Limited (ADCPL)
 
 - Blackpool Realty Private Limited (BRPL)
 
 - Arrow Textiles Limited (ATL)
 
 - AZB & Partners (AZB)
 
 - Delta Magnets Limited (DML)
 
 - Freedom Registry Private Limited (FRPL)
 
 - Peninsula Facility Management Services Private Limited (PFMS)
 
 - Peninsula Land Ltd (PLL)
 
 - Aarti J Mody Trust (AAJMT)
 
 - Aditi J Mody Trust (ADJMT)
 
 - Anjali J Mody Trust (ANJMT)
 
 - Jayem Realty Solutions Private Limited (JRSPL)
 
 - AAA Holding Trust (AAAHT)
 
 - Pavurotti Finance & Investments Private Limited (PFIPL)
 
 - Khemani & Sorabjee Charitable Trust (KSCT)
 
 6 EMPLOYEE BENEFITS
 
 Disclosure required under Accounting Standard - 15 (revised 2005) for
 Employee Benefits are as under:
 
 i) The Company has recognized the expected liability arising out of the
 compensated absence and gratuity as at 31st March, 2013 based on
 actuarial valuation carried out using the Project Credit Method.
 
 ii) The below disclosure have been obtained from independent actuary.
 The other disclosures are made in accordance with AS - 15 (revised)
 pertaining to the Defined Benefit Plan is as given below :
 
 7 Pursuant to the Scheme of Amalgamation (‘the Scheme'') between
 the Company and Richtime Realty Private Ltd (RRPL) (the Transferor
 Company), as approved by the respective shareholders of both the
 Companies and subsequently approved by the Honorable High Court of
 Judicature at Mumbai vide its Order dated 21st December, 2012, which
 has been filed with the Registrar of Companies on 10th January, 2013
 (the Effective Date), the entire business and the whole undertakings of
 the Richtime Realty Private Ltd (the Transferor Company) were
 transferred to, as a going concern and became vested in, the Company,
 effective from 1st April, 2011 (the appointed date). The Transferor and
 Transferee Company both are engaged in the business of real estate.
 
 Accordingly, accounting treatment as per the scheme approved by the
 Hon''ble High Court has been given effect in the above financial
 statements and is as under:
 
 - All the Assets and Liabilities of RRPL as at April 01, 2011 were
 incorporated in the financial of the Company at their book value.
 
 - Inter-Company balances, if any, stands cancelled.
 
 - The Equity Shares, if any held by the Transferee Company or its
 Wholly Owned Subsidiary in the Transferor Company stands cancelled and
 there shall be no further obligation/outstanding in that behalf.
 
 - The excess of Net Assets of the Transferor Company transferred to
 the Transferee Company over the Equity Shares issued by the Transferee
 Company were credited to Capital Reserve of the Transferee Company.
 Working of Goodwill/ (Capital Reserve) is as under:
 
 Pursuant to the Scheme, the Company had credited 335 Equity shares for
 each Equity Shares held by the Shareholders of the Transferor Company
 whose name was appearing as Registered Member / Shareholder of the
 Transferor Company on the record date. Accordingly, 16,74,665 Equity
 Shares of Rs. 1 each credited as fully paid up have been issued to the
 Shareholder of Transferor Company.
 
 As per the conditions prescribed in the Accounting Standard (AS) 14 -
 Accounting for Amalgamations (AS 14), the Company was suppose to
 adopt Pooling of Interest method. However, to reflect the impact of the
 Scheme (approved by the High Court), the Company has adopted Purchase
 Method prescribed under the AS 14.
 
 As per the Pooling of Interest method as prescribed in Accounting
 Standard 14, the difference arising if any, needs to be adjusted in the
 balance of General Reserve. However, as prescribed in the merger scheme
 approved by the Honorable High Court of Judicature at Mumbai vide its
 Order dated 1st April, 2011, the difference of Rs. 1,040.98 Lacs arising
 of account of such merger is recognized as Capital Reserve.
 
 8 EXCEPTIONAL ITEM
 
 An exceptional item included in financial statement is comprised of
 employee compensation expenses written back during the year. Due to the
 unexpected decrease in share price of the Company, which has fallen
 beyond Rs. 51 which is exercise price of ESOP granted in November, 2012
 tranche, employees of the Company and it''s subsidiary Companies have
 surrendered their unexercised rights of ESOP to the Company. The
 Compensation Committee of the Board of Directors of the its Company at
 its meeting held on March 30, 2013, has accordingly, cancelled
 23,15,100 options granted to grantees under ESOP Scheme of the Company
 and Subsidiary Companies. In view of the same, the Compensation Cost
 debited in Current Year as well as Earlier Years amounting to Rs. 516.27
 Lacs has been reversed and shown as exceptional item in financial
 statements.
 
 9 MAT CREDIT ENTITLEMENT
 
 MAT Credit Entitlement of Rs. 1,808.11 Lacs (Previous Year Rs. 1,818.14
 Lacs) is based on business projections of Company provided by
 Management, and the same have been relied upon the Auditors.
 
 10 Borrowing cost capitalized for the year amounts to Rs. Nil (Previous
 year Rs. 168.58 Lacs).
 
 11 PREVIOUS YEAR COMPARATIVES
 
 Previous year''s figures have been regrouped/ rearranged/
 recasted/reclassified/ readjusted wherever necessary to conform to
 Current Year''s classifications.
Source : Dion Global Solutions Limited
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