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Delta Corp

BSE: 532848|NSE: DELTACORP|ISIN: INE124G01033|SECTOR: Finance - General
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« Mar 15
Notes to Accounts Year End : Mar '16
COMPANY OVERVIEW
 
 Delta Corp Ltd, incorporated in the year 1990, is a fast growing Indian
 Company. The Company along with its subsidiaries currently operates at
 Goa and Daman in gaming & hospitality segments. Shares of Company are
 listed on National Stock Exchange (NSE) and Bombay Stock Exchange
 (BSE).
 
 1 DEFERRED TAX ASSETS / LIABILITIES
 
 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, 2016 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 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
 
 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.
 Details of options granted during the financial year 2014-15, 2013-14
 and 2010-11 duly approved by the Compensation Committee under the said
 scheme are as under:
 
 (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 Market Price and the Exercise
 Price is being amortized as Employee Compensation Cost over the vesting
 period. For the year ended 31st March, 2016 the Company has recorded
 Stock Compensation Expense of '' (0.65) Lacs (Previous Year Rs.44.99
 Lacs).
 
 4 a) 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)
 
 - Daman Entertainment Private Limited (DEPL)
 
 - Daman Hospitality Private Limited (DHPL)
 
 - Delta Holding (USA) Inc. (DHUSA) (till 10.12.2014)
 
 - Delta Hospitality and 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 Communications and Productions Pte Limited (BCPL) (upto
 17.02.2016)
 
 - Delta Corp East Africa Limited (DCEAL)
 
 - Delta Hotels Lanka (Private) Limited (DHLKPL)
 
 - Kaizan LLP (KLLP) (till 21.08.2014)
 
 - 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)*
 
 - Subsidiary / Step down Subsidiary till 30.03.2016 Associate Company
 
 - Zeicast Pte Limited (ZPL) (through its Step down subsidiary Company
 HCEPL)
 
 Joint Venture
 
 - Freedom Charter Services Private Limited (FCSPL)
 
 (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 Properties Private Limited (JPPL)
 
 - Jayem Realty Solutions Private Limited (JRSPL)
 
 - NMRT Partners Communication and Consultancy LLP (SKR)
 
 - Peninsula Land Limited (PLL)
 
 - Skarma Consultancy Private Limited (SCPL)
 
 5 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, 2016 based on
 actuarial valuation carried out using the Projected Unit Credit Method.
 
 ii) The disclosure given below has been obtained from independent
 actuary pertaining to defined benefit plan and other long term employee
 compensation. The other disclosures are made in accordance with AS - 15
 (revised) pertaining to the Defined Benefit Plan are as given below:
 
 6 EXCEPTIONAL ITEMS
 
 An exceptional item in financial statement includes Rs.500 Lacs being
 one time fees payable to the Government of Goa on account of transfer
 of casino licence due to the merger of one of the subsidiary of the
 company in the earlier years (Previous Year: Rs.Nil), gain of Rs.Nil
 (Previous Year : Rs.343.32 Lacs ) arising on partial liquidation
 proceeds received from overseas subsidiary (in Liquidation) and gain on
 account of depreciation of Rs.Nil (Previous Year : Rs.23.40 Lacs) due
 to change in method of depreciation from Written Down Value to Straight
 Line Method.
 
 7 MAT CREDIT ENTITLEMENT
 
 MAT Credit Entitlement of Rs.2,000.59 Lacs (Previous Year Rs.2,167.61
 Lacs) is based on future business projections of Company as projected
 by Management, and the same have been relied upon by the Auditors.
 
 8 The Company has incurred total expenditure of Rs.95.87 Lacs
 (Previous Year Rs.82.23 Lacs) on CSR activities as defined under
 section 135 of the Companies Act, 2013 read with relevant rules.
 
 9 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.
Source : Dion Global Solutions Limited
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