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Delta Corp

BSE: 532848|NSE: DELTACORP|ISIN: INE124G01033|SECTOR: Finance - General
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« Mar 14
Notes to Accounts Year End : Mar '15
 1) Terms/Rights Attached to Equity Shares
 
 The Company has only one class of equity shares having a par value of
 Rs. 1/- per share. Each holder of equity share is entitled to one vote
 per share. The Company declares and pays dividends in Indian Rupees.
 The dividend proposed by the Board of Directors is subject to the
 approval of the shareholders in the ensuing Annual General Meeting.
 
 The Directors have recommended, subject to approval of the shareholders
 at the ensuing Annual General Meeting, a Dividend for the Year Ended on
 2015 : 10% (2014: 25%).
 
 In the event of liquidation of the Company, the holders 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.
 
 2. CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED
 FOR)
 
                                                          (Rs. in Lacs)
 
                                                       As at 31st March
 Particulars
                                                       2015        2014
 
 (i)  Contingent Liabilities
 
  (a) Claims against the Company''s Disputed
      Liabilities not
      Acknowledged as Debts
 
      Appeal filed in respect of disputed
      demand of Income Tax for
      Assessment Year 2007-08                        146.22       146.22
 
      (Management is contesting against
      these matters and hopeful
      to succeed the same)
 
  (b) Guarantees & Securities
 
    *  Corporate Guarantees given for
       Credit facilities taken by
       Subsidiary Companies                       15,962.74    15,836.54
 
    *  Corporate Guarantees given and
       Security provided for Credit
       facilities taken by Subsidiary              9,500.00        -
       Companies
 
    *  Performance Guarantees given
      under EPCG (Refer Note No.iii)                 566.17      566.17
 
  (c) Other money for which the Company is
      contingently liable for
      litigation matter
 
   *  Bond given to Custom Authority               3,580.75     3,580.75
 
                                                  29,755.88    20,129.68
 
 (d) A search and seizure was carried out u/s 132 of the Income Tax Act,
 1961 (the Act) by the Income Tax Authorities on 29th April, 2014 on the
 Company. Consequently, the Company have disclosed a sum of Rs. 351.36
 Lacs for earlier years. Such disclosed amount for earlier years does
 not affect the accumulated profits of the Company as on 1st April, 2014
 only such tax of Rs. 117.69 Lacs have been accounted for.  Such
 disclosed amount is subject to final acceptance by the tax authorities
 u/s 143(3)/153A of the Act.  Further any additional liability
 consequent to such disclosure under the Income Tax Act or any other Act
 is presently not ascertainable.
 
 3. Other Commitment
 
 The Company has obtained licenses under the Export Promotion Credit
 Guarantee (''EPCG'') Scheme for importing capital goods at a concessional
 rate of custom duty against submission of bank guarantee and bonds.
 
 Under the terms of the respective schemes, the Company is required to
 earn foreign exchange value equivalent to, eight times and in certain
 cases six times of the duty saved in respect of licenses where export
 obligation has been fixed by the order of the Director General Foreign
 Trade, Ministry of Finance, as applicable with in a specified period
 from the date of import of capital goods. The Export Promotion Capital
 Goods Schemes, Foreign Trade Policy 2009-2014 as issued by the Central
 Government of India, covers both manufacturer''s exports and service
 providers. Accordingly, in accordance with the Chapter 5 of Foreign
 Trade Policy 2009-2014, the Company is required to export goods of FOB
 value of Rs. 3,882.39 Lacs (Previous Year : Rs. 3,675.32 Lacs). Non
 fulfilment of the balance of such future obligation, if any entails to
 the Government to recover full duty saved amount and other penalties
 under the above referred scheme.
 
 4. SEGMENT DISCLOSURES
 
 As per Accounting Standard (AS) 17 on Segment Reporting, segment
 information has been provided under the Notes to Consolidated Financial
 Statements.
 
 5. EMPLOYEE STOCK OPTION PLAN
 
 i.  During the Financial Year 2014-15, 2013-14 and 2010-11, the Company
 has granted Employee Stock Options to Employees of the Company and its
 Subsidiary Companies.
 
 ii. Silent Features
 
 (iii) Method of Accounting of ESOP
 
 The Company has adopted the Intrinsic Value-Based Method of Accounting
 for Stock Options granted to the employees of the Company and its
 Subsidiaries. The difference between the Intrinsic Value and the
 Exercise Price is being amortized as Employee Compensation Cost over
 the vesting period. For the year ended March 31, 2015 the Company has
 recorded Stock Compensation Expense of Rs. 44.99 Lacs (Previous Year
 Rs. 364.17 Lacs)
 
 6. 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 and Other Companies.
 
 a) 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.
 
 7. RELATED PARTY DISCLOSURES
 
 Related parties and transactions with them during the year as
 identified by the Management are given below:
 
 (i) Parties where control exists
 
 Direct Subsidiary Companies:
 
 * Atled Technologies Private Limited (ATPL)
 
 * Caravella Casino (Goa) Private Limited (CCGPL)
 
 * Coastal Sports and Ventures Private Limited (CSVPL) (w.e.f.
 01.04.2013 till 31.07.2013)
 
 * Daman Entertainment Private Limited (DEPL)
 
 * Daman Hospitality Private Limited (DHPL)
 
 * Delta Holding (USA) Inc. (DHUSA) (till 10.12.2014)
 
 * Delta Hospitality & Entertainment Mauritius Limited (DHEML)
 
 * Delta Lifestyle and Entertainment Private Limited (DLEPL)
 
 * Delta Offshore Developers Limited (DODL)
 
 * Delta Pan Africa Limited (DPAL)
 
 * Delta Pleasure Cruise Company Private Limited (DPCCPL)
 
 * Highstreet Cruises & Entertainment Private Limited (HCEPL)
 
 * Interactive Gaming & Sports Pty Limited (IGSP)
 
 * Marvel Resorts Private Limited (MRPL)
 
 Step down Subsidiaries / LLPS:
 
 * Buddy Communication and Productions Pte Limited (BCPL)
 
 * Delta Corp East Africa Limited (DCEAL)
 
 * Delta Hotels Lanka (Private) Limited (DHLKPL)
 
 * Kaizan LLP (KLLP) (till 21.08.2014)
 
 * Victor Hotels and Motels Limited (VHML)(amalgamated with the Company
 w.e.f. 01.10.2013
 
 * iGAS Services Pty Limited (IGSPL)
 
 * Results International Pte Limited (RIPEL)
 
 * Results International Pty Limited (RIPYL)
 
 * Canbet UK Limited (CUKL)
 
 * Canbet Sports Bookmakers UK Limited (CSBUKL)
 
 Associate Company
 
 * Zeicast Pte Limited (ZPL) (through its Step down subsidiary Company
 HCEPL)
 
 Joint Venture
 
 * Freedom Charter Services Private Limited (FCSPL) (from 28.03.2014)
 
 (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. Aditi Mody (ADM) - Daughter of Chairman
 
 * Ms. Anjali Mody (AM) - Daughter of Chairman
 
 (iv) Enterprises over which persons mentioned in (ii) and (iii) above
 exercise significant influence:
 
 * AAA Holding Trust (AAAHT)
 
 * Aarti J Mody Trust (AAJMT)
 
 * Aditi J Mody Trust (ADJMT)
 
 * Anjali J Mody Trust (ANJMT)
 
 * Arrow Textiles Limited (ATL)
 
 * AZB & Partners (AZB)
 
 * Delta Magnets Limited (DML)
 
 * Delta Foundation (DF)
 
 * Freedom Registry Limited (FRL)
 
 * Highland Resorts Private Limited (HRPL)
 
 * J M Township and Real Estate Private Limited (JMT)
 
 * Jayem Realty Solutions Private Limited (JRSPL)
 
 * NMRT Partners Communication and Consultancy LLP (SKR)
 
 * Pavurotti Finance & Investments Private Limited (PFIPL)
 
 * Peninsula Facility Management Services Limited (PFMS)
 
 * Peninsula Land Limited (PLL)
 
 * Whitecity Mercantile Company Private Limited (WC)
 
 9. 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, 2015 based on
 actuarial valuation carried out using the Projected Unit Credit Method.
 
 9. EXCEPTIONAL ITEMS
 
 An exceptional item included in financial statement is on account of
 gain of Rs. 343.32 Lacs (Previous Year : '' 1,546.11 Lacs) arising on
 partial liquidation proceeds received from overseas subsidiary (in
 Liquidation) and gain on account of depreciation gain of Rs. 23.40 Lacs
 (Previous Year : Rs. Nil) due to change in method of depreciation as
 per Companies Act, 2013 and provision made for diminution in value of
 Investment and loans & advances in Foreign Subsidiary in the business
 of online gaming amounting to Rs. Nil (Previous Year : Rs. 1424.05 Lacs
 ) respectively.
 
 10. MAT CREDIT ENTITLEMENT
 
 MAT Credit Entitlement of Rs. 2,167.61 Lacs (Previous Year Rs. 2,374.51
 Lacs) is based on future business projections of Company as projected
 by Management, and the same have been relied upon by the Auditors.
 
 11. The Company has incurred total expenditure of Rs. 82.23 Lacs on CSR
 activities as defined under section 135 of the Companies Act, 2013
 along with relevant rules.
 
 12. PREVIOUS YEAR COMPARATIVES
 
 Previous year''s figures have been regrouped/ rearranged/
 recasted/reclassified/ re-adjusted wherever necessary to conform to the
 Current Year''s classifications. Current Year Figures are really not
 Comparable with corresponding Previous Year figures as Current Year
 Figures includes the figures of amalgamated Companies for whole year
 while previous year they were for part of the year.
Source : Dion Global Solutions Limited
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