| 1. Advances includes amount given to various parties amounting to
'1247.14 Lac (Previous year Rs.1230.12 Lacs) in respect of property to
be purchased/ acquired in due course of time. The matters relating to
these advances for acquiring properties is sub judice.
2. Advances include amount given to various parties amounting to Rs.
1830.12 Lacs (Previous year Rs.1829.98 Lacs) process in respect of
transfer of title of land is in progress and necessary sale deeds have
not been executed so far in favour of the company.
3. An Amount of Rs.1887.92 Lacs(Previous year Rs.1887.91 Lacs) was
given to various parties on account of franchise fees and other
expenses for acquiring rights of Realogy Corpn. Inc USA for their brand
(Century 21 ) which is recoverable in due course of time from its
subsidiary century 21 properties India Pvt . Ltd. as and when the
rights are transferred to it.
4. Export debtors of merchant trade transactions amounting to '
14171.29 lacs are overdue for more than nine months. The Company has
extended credit from time to time as per market practice. Regular
follow up is being done to recover the amount. The management is
confident of recovery and hence no provision is considered necessary.
5. Contingent Liabilities not provided for
Particulars Current Previous
Year Year
Bills Discounted with bank since not realized Nil Nil
Bank Guarantees/Counter Guarantee issued Nil Nil
c) Estimated amount of contract
remaining to be executed Nil Nil
Letter of Credit un-expired Nil Nil
6. Segment Reporting(AS 17)
The company has only one reportable primary segment i.e. sale/purchase
of Construction equipments and materials and development/consultancy of
real estate and hence no separate segment disclosures made.
7. Related Party Disclosures
As per Accounting Standard 18, the disclosure of transactions with the
related parties are given below.
(i) List of related parties with whom transactions have taken place.
S. Name of the Related Party Relationship
No.
1 Alchemist Hill Resorts Limited Subsidiary
2 Century 21 Properties India Private Limited Subsidiary
3 Alchemist Airways Private Limited Associates
4 Alchemist Limited Associates
5 Alchemist Foods Limited Associates
6 Alchemist Touchnology Limited Associates
7 KDS Corporation Private Limited Promoters
8 Alchemist Media Limited Associates
9 Technology Parks Limited Associates
10 Ms. Kaajal Aijaz Key Managerial Personal
Disclosure in Respect of Material Related Party Transactions during the
year:
8 Managerial Remuneration Paid to Kaajal Aijaz Rs. 25.96 (Previous Year
Rs.44.50 Lacs)
9 Inter Corporates Loan Paid to Alchemist Hill Resorts Private Limited
Rs. 115.11 Lacs(Previous Year Rs. 94.52 Lacs) and Century 21 Properties
India Private Limited Rs. 606.01 Lacs(Previous Year Rs. 264.00 Lacs)
10 Inter Corporates Loan Received from KDS Corporation Private Limited
Rs. 18973.51 Lacs(Previous Year Rs. 16447.00 Lacs) and Technology Parks
Limited Rs. 9683.00 Lacs (Previous Year Rs. 9683.00 Lacs)
11 Revenue from Operation from Alchemist Limited Rs. 19.06 Lacs
(Previous Year Rs. 19.76 Lacs )
12 Reimbursement of Expenses include from Alchemist Food Limited Rs.0.88
Lacs (Prev. Year Rs. 0.94 Lacs), Alchemist Limited Rs. 10.79 Lacs
(Prev. Year Rs. 18.52 Lacs)Alchemist Touchnology Limited Rs. 7.37 Lacs
(Prev. Year Rs. 14.18 Lacs), Alchemist Media Limited Rs. Nil(Prev. Year
Rs.3.88 Lacs).
13 Dividend paid to KDS Corporation Private Limited Rs. Nil (Previous
Year Rs.33.67 Lacs)
14 Hire charges paid to Alchemist Airways Pvt. Ltd. Rs. 55.69 Lacs
(Previous Year Rs. 53.81 Lacs)
15 As per Accounting Standard-28 impairment of Assets, the company has
assessed the conditions of all assets used in its operation and is of
the opinion that there is no impairment of assets, hence no provision
was made.
16 In the opinion of the management current assets, loan and advances
are of the value stated, if realized in the ordinary course of
business.
17 Assets Taken on Operating Lease
Some of the office premises has been taken on operating lease for a
period less than 10 years and are generally renewable at the option of
the lessee. The lease Agreements have an escalation clause for renewal
of lease. There are no Sub-Leases and leases are generally cancellable
in nature.
18 Disclosure of Micro and Small Enterprises(Creditors)
The company is in the process of compiling information from the
suppliers regarding their status as Micro/Small Scale Enterprises, so
as to disclose the information as required by MSMED Act and Schedule VI
of the companies Act relating to Micro, Small and Medium Enterprises.
In the absence of confirmed information about the suppliers, it is
practically not feasible to state the amount payable to them as on 31st
March, 2014.
19 The Balances of debtors and creditors, loan and advances are subject
to confirmation and their pending reconciliation. Such balances are
reflected in the balance sheet as appearing in the books of accounts.
20 The Ministry of Corporate Affairs, Government of India, vide General
Circular No. 2 and 3 dated 8th February 2011 and 21st February 2011
respectively has granted general exemption from compliance with section
212 of the Companies Act, 1956, subject to fulfillment of conditions
stipulated in the circular. The Company has satisfied the conditions
stipulated in the circular and hence is entitled to exemption.
Necessary information relating to the subsidiary is disclosed in the
consolidated financial statements.
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