Notes to Accounts of Country Condo's Ltd.

Mar 31, 2024

The Company has not received any intimation from "Suppliers" regarding their status under Micro, Small and Medium Enterprises Development Act, 2006, and hence disclosure relating to the outstanding amount more than 45 days cannot be ascertained.

Detailed information regarding quantitative particulars under part II of Schedule III to the Companies Act, 2013. Quantitative details are not furnished as the company is in the activity of Real Estate. Closing Inventories of Land and Land Development Expenditure is Amount 2,650.50 for current year (previous year Amount 2,525.53).

In accordance with Accounting Standard 22(AS 22) issued by the ICAI, the Company has accounted for deferred income tax during the year. The deferred income tax provision for the current year amount 0.23 towards deferred tax Asset and amount (0.29) towards deferred tax Asset in the previous year.

The Company has only one segment i.e “Real Estate”. As such there is no requirement of segment reporting.

The Corporate guarantee given by the Company is revoked as M/s. Country Club Hospitality & Holidays Limited completely repaid the term loan.

The Company has sold out the Property Situated at No.20/1-524, Sy No: 20/1, Geddanahalli, Attibele Hobli, Anekal Taluk, Bangalore District Pin-562107.

. Capital Management:

For the purpose of Company''s capital management, Capital includes issued equity capital and other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximise the shareholder value.

To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents.

Particulars	31-Mar-24	31-Mar-23
Borrowings	194.66	166.42
Trade and other payables	721.02	861.69
Less: Cash and cash equivalents	(372.06)	(407.97)
Net Debt	543.62	620.17
Equity	2,450.21	2,288.87
Capital and Net Debt	2,993.83	2,909.04
Gearing Ratio	18.16%	21.32°%

29. Additional Regulatory information

i. The Company is in possession of immovable property and title deeds are held in the Name of the company.

ii. The Company has not revalued any of its Property, Plant and Equipment during the year.

iii. The Company has not granted any loans or advances in the nature of loans to promoters, directors, KMPs and other related parties.

iv. There are no proceedings initiated or pending against the company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made there under.

v. The Company has no borrowings from banks or financial institutions on the basis of security of current assets and the quarterly returns or statements filed by the company with such banks or financial institutions are in agreement with the books of account of the Company.

vi. The Company has overdraft facility from banks on the basis of security against fixed deposits and the bank statements are in agreement with the books of accounts of the company.

vii. The Company is not declared as wilful defaulter by any bank or financial Institution or other lenders.

viii. The Company did not have any transactions with Companies struck off under Section 248 of Companies Act, 2013 or Section 560 of Companies Act, 1956 considering the information available with the Company.

30. (i) Financial risk management objectives and policies

The Company''s principal financial liabilities comprise of trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets include cash and cash equivalents that derive directly from its operations and FVTPL investments.

The Company is exposed to market risk and liquidity risk. The Company''s senior management oversees management of these risks. The Company''s financial risk activities are governed by appropriate policies and procedures so that financial risks are identified, measured and managed in accordance with the Company''s policies and risk objectives. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below.

(ii) Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises of currency rate risk, interest rate risk and other price risk. Financial instruments affected by market risk include FVTPL financial instruments.

The sensitivity analysis in the following sections relate to the position as at 31 March 2024 and 31 March 2023.

(iii) Equity price risk

The Company''s listed equity instruments are susceptible to market price risk arising from uncertainties about future values of the investment securities. The Company manages the equity price risk through diversification. The Company''s Board of Directors reviews and approves all equity investment decisions.

(iv) Liquidity Risk:

The Company''s objective is to maintain a balance between continuity of funding and flexibility. The Company has sufficient working capital funds available to honour the debt maturing within 12 months.

31. The Company does not have any transactions which are not recorded in the books of accounts that has been surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961 during the year.

32. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

33. There are no significant events that occurred after the balance sheet date.

34. The company has not advanced/loans/invested or received funds (either borrowed funds or share premium or any other sources or kind of funds to any other persons or entities, including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

35. The company has also not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the company shall (i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or (ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

36. The Company is not covered under the provisions of section 135 of the Companies Act, 2013.

37. The Company has not declared any dividend during the year.

38. In the opinion of the management, the assets As shown in the financial Statements, have a value on realization in the ordinary course of business of at least equal to the amount at which they are stated in the balance sheet.

40. Previous year''s numbers have been regrouped, rearranged, recasted, wherever necessary to conform to Current Year Classification.

41. The numbers have been rounded off to the nearest rupees in Lakhs.

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Mar 31, 2018

1. Detailed information regarding quantitative particulars under part II of Schedule III to the Companies Act, 2013. Quantitative details are not furnished as the company is in the activity of Real Estate and Hospitality Services. Closing Inventories of Land and Land Development Expenditure is Rs,13,12,01,885/- for current year (previous year Rs,10,25,70,894/ -) and Closing Inventories of Consumables is Rs,96,154/- for current year (Previous year Rs,1,44,275/-).

2. Contingent Liability:

a) The Company has given the Corporate Guarantee to Vijaya Bank, Bank of India and Union Bank of India in respect of Term Loan availed by M/s.Country Club Hospitality & Holidays Limited.

The details of the Property given as Collateral securities are as follows.

Company''s Immovable property situated at No.20/1-524, Sy No: 20/1, Geddanahalli, Attibele Hobli, Anekal Taluk, Bangalore District Pin-562107.

b) The Company has given the Corporate Guarantee to Central Bank of India in respect of Term Loan availed by M/s.Country Club Hospitality & Holidays Limited.

The details of the Property given as Collateral securities are as follows.

Company''s Immovable Property Situated at Sy No:101/3,102/3,103/1,103/2 & 103/17, Kumbalgodu, Kengeri Hobli beside Mc.dowell Unit near Mysore Road under BBMP, Bangalore.

3. Previous year''s numbers have been regrouped, rearranged, recasted, wherever necessary to conform to Current Year Classification.

4. The numbers have been rounded off to the nearest rupee.

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Mar 31, 2014

1. Detailed information regarding quantitative particulars under part II of Schedule VI to the Companies Act, 1956. Quantitative details are not furnished as the company is in the activity of Real Estate and Hospitality Services. Closing WIP is Rs.380,983,885 and Closing Stock of Consumables is Rs.574,411 for current year (Previous year Closing WIP is Rs.332,369,011 and Closing Stock of Consumables is Rs.530,648)

2. Depreciation has not been provided on old assets in the Fixed Assets Schedule as they belong to the earlier business, which are not put in use for current business.

3. Contingent Liability:

a) During the financial year - 2011-12, the company has given corporate guarantee to its Associated enterprise i.e. M/ s Country Club (India) Limited for availing the Term Loan from Three Banks namely Vijaya Bank, Bank of India and Union Bank of India for which the company has given its Assets as collateral security.

The details of the Property given as Collateral securities are as follows.

(i) Company''s Immovable property situated at No.20/1-524, Sy No: 20/1, Geddanahalli, Attibele Hobli, Anekal Taluk, Bangalore District Pin-562107.

b) During the financial year - 2011-12, the company has given corporate guarantee to its Associated enterprise i.e. M/s Country club (India) Limited for availing the Secured Business Loan from M/s.Karvy Financial Services. For which the company has given its Assets as collateral security.

The details of the Property given as Collateral securities are as follows.

(i) Property Situated at Sy No:101/3,102/3,103/1,103/2 & 103/17, Kumbalgodu, Kengeri Hobli beside Mcdowell Unit near Mysore Road under BBMP, Bangalore.

4. During the financial year 2013-14, both Country Club (India) Limited and Amrutha Estates & Hospitality Private Limited got amalgamated through scheme of Amalgamation approved by Hon''ble High Court of Andhra Pradesh vide its order dated 01-04-2013, petitions C.P No.s 103 & 104 of 2012.

As a result of the above, during the year company has set off a loan amount due to Country Club (India) Limited amounting to Rs.350,147,572/- (Previous year amounting to Rs.354,022,202/- shown under Long term Borrowings) against the loan receivable from Amrutha Estate & Hospitality Private Ltd amounting to Rs.361,562,797/- (Previous year amounting to Rs.367,335,604/- shown under Long Term Loans and Advances) and showing the closing balance of loan receivable from Country Club (India) Ltd amounting to Rs.11,415,225/- (Previous year amounting to Rs.13,313,402/-) as shown in the balance sheet - Note No.9.

5. Closing Balances of Debtors / Creditors / Loans & Advances are subject to confirmation from the parties.

6. Previous year''s numbers have been regrouped, rearranged, recasted, wherever necessary to conform to Current Year Classification.

7. The numbers have been rounded off to the nearest rupee.

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Mar 31, 2013

BASIS OF PREPARATION: The financial statements have been prepared to comply in all material respects with the accounting standards notified by Companies Accounting Standards Rules, 2006 and the relevant provisions of the Companies Act, 1956 (the Act''). The financial statements have been prepared under historical cost convention on an accrual basis in accordance with accounting principles generally accepted in India. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

USE OF ESTIMATES: The preparation of financial statements in conformity with generally accepted accounting principles require the management to make estimates and assumptions that affect the reported amounts of Assets and Liabilities and disclosure of Contingent Liabilities at the date of the financial statements and the result of operations during the reporting period. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates. Significant estimates used by the management in the preparation of these financial statements include estimates of the economic useful life of Fixed Assets and provisions for bad and doubtful debts. Any revision to accounting estimates is recognized prospectively.

1. Corporate Guarantee:

a) During the financial year - 2011-12, the company has given corporate guarantee to its Associated enterprise i.e. M/s Country Club (India) Limited for availing the Term Loan from Three Banks namely Vijaya Bank, Bank of India and Union Bank of India for which the company has given its Assets as collateral security.

The details of the Property given as Collateral securities are as follows.

(i) Company''s Immovable property situated at No.20/1-524, Sy No:20/1, Geddanahalli, Attibele Hobli, Anekal Taluk, Bangalore District Pin-562107.

b) During the financial year - 2011-12, the company has given corporate guarantee to its Associated enterprise i.e. M/s Country club (India) Limited for availing the Secured Business Loan from M/s.Karvy Financial Services. For which the company has given its Assets as collateral security.

The details of the Property given as Collateral securities are as follows.

(i) Property Situated at Sy No:101/3,102/3,103/1,103/2 & 103/17, Kumbalgodu, Kengeri Hobli beside Mcdowell Unit near Mysore Road under BBMP, Bangalore.

2. Closing Balances of Debtors / Creditors / Loans & Advances are subject to confirmation from the parties.

3. Previous year''s numbers have been regrouped, rearranged, recasted, wherever necessary to conform to Current Year Classification.

4. The numbers have been rounded off to the nearest rupee.

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Mar 31, 2012

BASIS OF PREPARATION:

The financial statements have been prepared to comply in all material respects with the accounting standards notified by Companies Accounting Standards Rules, 2006 and the relevant provisions of the Companies Act, 1956 ('the Act'). The financial statements have been prepared under historical cost convention on an accrual basis in accordance with accounting principles generally accepted in India. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

USE OF ESTIMATES:

The preparation of financial statements in conformity with generally accepted accounting principles require the management to make estimates and assumptions that affect the reported amounts of Assets and Liabilities and disclosure of Contingent Liabilities at the date of the financial statements and the result of operations during the reporting period. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from these estimates. Significant estimates used by the management in the preparation of these financial statements include estimates of the economic useful life of Fixed Assets and provisions for bad and doubtful debts. Any revision to accounting estimates is recognized prospectively.

1. Detailed information regarding quantitative particulars under part II of Schedule VI to the Companies Act, 1956. Quantitative details are not furnished as the company is in the activity of Real Estate and Hospitality Services. Closing WIP is Rs.239,912,726 and Closing Stock of Consumables is Rs.355,229 for current year (Previous year Closing WIP is Rs.167,807,578)

2. Depreciation has not been provided on old assets in the Fixed Assets Schedule as they belong to the earlier business, which are not put in use for current business.

3. Corporate Guarantee:

a) During the financial year, the company has given corporate guarantee to M/s Country Club (India) Limited for availing the Term Loan from Three Banks namely Vijaya Bank, Bank of India and Union Bank of India for which the company has given its Assets as collateral security.

The details of the Property given as Collateral securities are as follows.

Company's Immovable property situated at No.20/1-524, Sy No:20/1, Geddanahalli, Attibele Hobli, Anekal Taluk, Bangalore District Pin-562107.

b) During the financial year, the company has given corporate guarantee to M/s Country club (India) Limited for availing the Secured Business Loan from M/s.Karvy Financial Services. For which the company has given its Assets as collateral security.

The details of the Property given as Collateral securities are as follows.

Property Situated at Sy No:101/3,102/3,103/1,103/2 & 103/17, Kumbalgodu, Kengeri Hobli beside Mcdowell Unit near Mysore Road under BBMP, Bangalore.

c) During the financial year, the company has given corporate guarantee and mortgaged their property for loans taken by M/s. Country Club (India) limited for which the Company has to obtain the necessary approval of share holders U/s. 293(1)(a) and Section 372A by way of postal ballot and the Company has initiated necessary steps to obtain the approval from share holders.

4. Closing Balances of Debtors / Creditors / Loans & Advances are subject to confirmation from the parties.

5. Previous year's numbers have been regrouped, rearranged, recasted, wherever necessary to conform to Current Year Classification.

6. The numbers have been rounded off to the nearest rupee.

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Mar 31, 2011

1. Share warrants forfeited due to non conversion within 18 months from the date of issue i.e. on or before 23fd February, 2011. Therefore the amount of Rs.4,52,20,000/- forfeited in share warrants amount transferred to Reserves & Surplus as on 24th February, 2011.

2. The company has issued bonus shares of 4,85,97,300 @ Rs.1A each on 08.09.09 out of securities premium account.

3. A Scheme of Amalgamation of M/s Country Club Bangalore Limited with M/s Country Condo's Limited has been approved by the Honorable High Court of Andhra Pradesh dated 29,h April, 2010 vide CP No.61 & 62 of 2010 and obtained certified copy of the order dated 15th June, 2010. The Swap ratio for allotment of shares is 5:29 i.e. for every 5 shares of Country Club Bangalore Limited 29 shares of Country Condo's Limited is recommended fair for appointed date 1st October, 2009. Accordingly 2,90,00,000 shares @ Rs.1/- amounting to Rs.2,90,00,000 is included under subscribed & paid up capital of the Company.

4. Deferred Tax Assets & Liabilities:

In accordance with Accounting standard 22 (As 22) issued by the ICAI, the Company has accounted for deferred income tax liability Rs.28,594/- for current year (Previous year Rs.30,211/-)

5. Amalgamation Expenses incurred during the Current year are amortised over a period of 5 years

6. Particulars of Employees in accordance with Sub-section (2A) of Section 217 of the Companies Act, 1956 read with Companies (Particulars of Employees) Rule 1975. NIL

7. Detailed information regarding quantitative particulars under part II of Schedule VI to the Companies Act, 1956. Quantitative details are not furnished as the company is in the activity of Real estate and Construction. Closing WIP is 1678.07 (Rs. in Lakhs) for current year (Previous year 1277.00 (Rs. in Lakhs)).

8. Depreciation has not been provided on old assets in the Fixed Assets Schedule as they belong to the earlier business, which are not put in use for current business

9. Segment Reporting:

Since the Company is Operating in only one segment-Real Estates & Construction, hence segment reporting as required under Accounting Standard - 17 is not practicable.

10. Related Party Disclosure:

Particulars of related parties:

Name of the Related Party Nature of Transaction during the year

Country Club (India) Limited Lease Rent of Rs.28,44,000 received

Amrutha Estates & Hospitality Private Limited Commission Income of Rs.15,58,050 received

11. Directors Remuneration during the year - NIL

12. Employee benefits: Provision for Gratuity, Leave Encashment hat not been provided for as per AS - 15, on the basis of Actuarial Valuation

13. Closing Balances of Debtors / Creditors / Loans & Advances are subject to confirmation from the parties.

14. Previous year's numbers have been regrouped, rearranged, recasted, wherever necessary to conform to Current Year Classification.

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Mar 31, 2010

1. During the year the Company has issued Bonus Shares on 08.09.2009 in the ratio of 2:1 out of Securities Premium Account up to the tune of `3,23,98,200, Hence net reserves & Surplus after Bonus issue is `47,15,300 therefore, the total no. of shares after Bonus issue is 4,85,97,300 equity share of `1/-each amounting to `4,85,97,300/-

2. A Scheme of Amalgamation of M/s Country Club Bangalore Limited with M/s Country Condos Limited has been approved by the Honorable High Court of Andhra Pradesh dated 29th April, 2010 vide CP No.61 & 62 of 2010 and obtained certified copy of the order dated 15th June, 2010. The Swap ratio for allotment of shares is 5: 29 i.e. for every 5 shares of Country Club Bangalore Limited 29 shares of Country Condos Limited is recommended fair for appointed date 1st October, 2009. Accordingly 2,90,00,000 shares @ `1/- amounting to `2,90,00,000 is included under subscribed & paid up capital of the Company.

3. Company has also issued 1,70,00,000 partly paid share warrants of `10.64/-each to be converted into equity shares of `1/- each at a premium of `9.64/-. Out of which the Company has received 25% as on 24.08.2009 which is required to be converted into equity shares within 18 months from the date of issue i.e on or before 23rd February, 2011.

4. Capital Reserve of `2,29,82,670 arrived out of amalgamation through Honorable High Court of Andhra Pradesh dated 29th April, 2010 vide CP No.61 & 62 of 2010.

5. Particulars of Employees in accordance with Sub-section (2A) of Section 217 of the Companies Act, 1956 read with Companies (Particulars of Employees) Rule 1975. NIL

6. The Company has not made any provision for Gratuity to its employees, because no employee has put in qualifying period of service for entitlement of this benefit.

7. Depreciation has not been provided on old assets in the Fixed Assets Schedule as they belong to the earlier business, which are not put in use for current business.

8. Balance confirmations from Sundry Creditors are yet to be obtained.

9. Segment Reporting

Since the Company is Operating in only one segment – Real Estate & Construction, hence segment reporting as required under Accounting Standard – 17 is not applicable.

10. Related Party Transactions

During the year the company has received rent from Country Club India Limited for an amount of `14,22,000/-.

11. Deferred Tax Assets & Liabilities

In accordance with Accounting standard 22 (As 22) issued by the ICAI, the Company has accounted for deferred income tax liability `30,211/- for current year (Previous year `6,71,078/- towards deferred income tax asset).

12. Figures have been rounded off to the nearest rupee.

13. Previous years figures have been regrouped / rearranged wherever necessary.