అకౌంట్స్ గమనికలుMazda Properties Ltd.

Mar 31, 2014

1. CORPORATE INFORMATION

Mazda Properties Limited (the Company) is a public limited company domiciled in India and incorporated on 16-10-1986. The company is engaged in the business of Real Estate.

2. Terms/Voting Rights attached to the Equity Shares :

The paid up Capital of the company consists of only Equity Shares of Rs.10/- Each. Every Equity Shareholder is entitled to one vote per share.

In event of liquidation of the Company, the holders of the Equity Shares will be entitled to receive remaining assets of the Company, after distribution of all preferencial amount. The distribution will be in proportion of the number of the Equity Shares held by the Shareholders.

3. With regard to the Bordi property of the Company, dispute has arisen between the Company and the Vendor. The matter is pending in the Court. As per the legal advice, the company is confident that the outcome of the said suit will be in favour of the company and the company will be able to recover its expenses on the project.

4. The Company had filed two suits viz. Special Civil Suit No.75/97 & 76/97 at Palghar Court against the respective Vendor and Confirming Parties for specific performance of the agreements entered into with them for purchase of lands at Village Bordi, Taluka Dahanu. Spl. C.S. No.75/97 was for purchase of 4 Acres and 35.9 Gunthas of agricultural land and 1 Guntha of N.A. land. Spl. C.S. No.76/1997 was for purchase of 3 Acres and 34.5 Gunthas of agricultural land and 22.2 Gunthas of N.A. land. Both the suits have been partly decreed in favour of the company and Specific Performance of the agreements have been granted.

5. Gist of both the judgements are as under:

a) Spl. C. S. No.75/97:-

The Vendor has been directed to execute the sale deed in respect of 1 Hector 22.9 Are land (part of the suit property) described in the reconveyance dtd.16-06-1999 after obtaining N.A. permission on or before 30-04-2010 and hand over possession of the said lands to the company.

In case of refusal of N.A. permission by the competent authority and impossibility of the performance of the contract, the Vendor shall repay the amount of Rs.20,10,000/- to the company along with interest @ 10% p.a. from the dates of respective payments as mentioned in the plaint till realisation of this amount.

Charge of the said amount be kept on the property i.e. 1 Hector 22.9 Are land described hereinabove.

The Vendor has been directed to pay the proportionate costs of the suit to the company.

b) Spl. C. S. No.76/97:-

The Vendor has been directed to execute the sale deed in respect of entire property after obtaining N.A. permission on or before 30-04-2010 by accepting the remaining consideration amount of Rs. 3,05,000/- from the company and hand over possession of entire land to the company.

The company has been ordered to deposit the said amount of Rs.3,05,000/- in the court on or before 30-04-2010.

In case of refusal of N.A. permission by the competent authority and impossibility of the performance of the contract, the Vendor shall repay the amount of Rs.14,70,000/- to the company along with interest @ 10% p.a. from the dates of respective payments as mentioned in the plaint till realisation of this amount.

Charge of the said amount be kept on the suit property.

The Vendor has been directed to pay the proportionate costs of the suit to the company.

6. The said judgements were pronounced in an open court on 04-03-2010. The company has deposited Rs.3,05,000/- in court as directed in Spl. C.S. No.76/97. As legally advised, the company has preferred an appeal against the judgement in Spl. C.S.No. 75/97 in the High Court of Bombay for refusal of specific performance in respect of 1 Acre and 34 Gunthas of land in August, 2010. The said appeal is admitted and its hearing is awaited. The Vendor has not obeyed and complied the terms & conditions of the decree dtd.04-03-2010 in both the suits and as legally advised, the company has filed execution proceedings in both the suits at the Palghar Court. The Vendor has died on 20-11-2012 and as legally advised, the company applied for and obtained orders for bringing legal heirs of the Vendor on record in both the execution proceedings filed at the Palghar Court. As legally advised, the company has filed an application for bringing legal heirs of the Vendor in an appeal against the judgement in Spl. C.S.No. 75/97 in the High Court of Bombay and the same is pending for order.

7. In case of refusal of N.A. permission by the competent authority and impossibility of the performance of the contract, the Vendor will be liable to pay to the company as per the order of the court as on 31-03-2014 Rs.70,89,587/- in Spl. C. S. No.75/97 and Rs.51,74,289/- in Spl. C. S. No.76/97.

NOTE 8

No provision is made for interest payable to a party Rs.13,45,674/-(Previous Year Rs.13,01,557/-) as the company is having negotiations with the party for settlement of dues.

NOTE 9

SEGMENT INFORMATION

i) Business Segment -

The business segment has been identified on the basis of the activity of the company. Accordingly, the Company has identified "Real Estate Segment" as the operating segment.

Real Estate:-

To deal in Real Estate as builders, developers, contractors, etc.

As the Company has only one segment, details regarding segmentation are not applicable pursuant to Accounting Standard 17 issued by the Institute of Chartered Accountants of India.

ii) Geographical Segment -

There is no geographical segment since the Company operates in India only.

NOTE 10

PREVIOUS YEAR FIGURES

Previous year figures has been regrouped and/or rearranged whenever necessary.

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Mar 31, 2013

NOTE1

CORPORATE INFORMATION

Mazda Properties Limited (the Company) is a public limited company domiciled in India and incorporated on 16-10 -1986. The company is engaged in the business of Real Estate.

2. With regard to the Bordi property of the Company, dispute has arisen between the Company and the Vendor. The matter is pending in the Court. As per the legal advice, the company is confident that the outcome of the said suit will be in favour of the company and the company will be able to recover its expenses on the project.

2.1 The Company had filed two suits viz. Special Civil Suit No.75/97 & 76/97 at Palghar Court against the respective Vendor and Confirming Parties for specific performance of the agreements entered into with them for purchase of lands at Village Bordi, Taluka Dahanu. Spl. C.S. No.75/97 was for purchase of 4 Acres and 35.9 Gunthas of agricultural land and 1 Guntha of N.A. land. Spl. C.S. No.76/1997 was for purchase of 3 Acres and 34.5 Gunthas of agricultural land and 22.2 Gunthas of N.A. land. Both the suits have been partly decreed in favour of the company and Specific Performance of the agreements have been granted.

2.2 Gist of both the judgements are as under:

a) Spl. C. S. No.75/97:-

The Vendor has been directed to execute the sale deed in respect of 1 Hector 22.9 Are land (part of the suit property) described in the reconveyance dtd. 16-06-1999 after obtaining N.A. permission on or before 30-04-2010 and hand over possession of the said lands to the company.

In case of refusal of N.A. permission by the competent authority and impossibility of the performance of the contract, the Vendor shall repay the amount of Rs.20,10,000/- to the company along with interest @ 10% p.a. from the dates of respective payments as mentioned in the plaint till realisation of this amount.

Charge of the said amount be kept on the property i.e. 1 Hector 22.9 Are land described hereinabove.

The Vendor has been directed to pay the proportionate costs of the suit to the company.

b) Spl. C. S. No.76/97:-

The Vendor has been directed to execute the sale deed in respect of entire property after obtaining N.A. permission on or before 30-04-2010 by accepting the remaining consideration amount of Rs. 3,05,000/- from the company and hand over possession of entire land to the company.

The company has been ordered to deposit the said amount of Rs.3,05,000/- in the court on or before 30-04-2010.

In case of refusal of N.A. permission by the competent authority and impossibility of the performance of the contract, the Vendor shall repay the amount of Rs. 14,70,000/- to the company along with interest @ 10% p.a. from the dates of respective payments as mentioned in the plaint till realisation of this amount.

Charge of the said amount be kept on the suit property.

The Vendor has been directed to pay the proportionate costs of the suit to the company.

2.3 The said judgements were pronounced in an open court on 04-03-2010. The company has deposited Rs.3,05,000/- in court as directed in Spl. C.S. No.76/97. As legally advised, the company has preferred an appeal against the judgement in Spl. C.S.No. 75/97 in the High Court of Bombay for refusal of specific performance in respect of 1 Acre and 34 Gunthas of land in August, 2010. The said appeal is admitted and its hearing is awaited. The Vendor has not obeyed and complied the terms & conditions of the decree dtd.04-03-2010 in both the suits and as legally advised, the company has filed execution proceedings in both the suits at the Palghar Court. The Vendor has died on 20-11-2012 and as legally advised, the company applied for and obtained orders for bringing legal heirs of the Vendor on record in both the execution proceedings filed at the Palghar Court. As legally advised, the company has filed an application for bringing legal heirs of the Vendor in an appeal against the judgement in Spl. C.S.No. 75/97 in the High Court of Bombay and the same is pending for order.

2.4 In case of refusal of N.A. permission by the competent authority and impossibility of the performance of the contract, the Vendor will be liable to pay to the company as per the order of the court as on 31-03-2013 Rs.68,88,587/- in Spl. C. S. No.75/97 and Rs.50,27,289/- in Spl. C. S. No.76/97.

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Mar 31, 2012

CORPORATE INFORMATION

Mazda Properties Limited(the Company) is a public limited company domiciled in India and incorporated on 16-10 -1986. The company is engaged in the business of Real Estate.

NOTE 1(A)

No provision is made for interest payable to a party Rs,12,57,440/''(Previous Year Rs. 12,13,202/-) as the company is having negotiations with the party for settlement of dues.

As the Company has only one segment, details regarding segmentation are not applicable pursuant to Accounting Standard 17 issued by the Institute of Chartered Accountants of India.

ii) Geographical Segment

There is no geographical segment since the Company operates in India only.

NOTE 2

PREVIOUS YEAR FI CUKES

Ill the year ended 31st March 2011, the company was using pre-revised Schedule VI to the Companies Act 1956, for preparation and presentation of its financial statements. For the year ended 31st March 2012, the Revised Schedule VI notified under the Companies Act 1936 has become applicable to the company. The company has reclassified previous year figures to confirm to current year''s classification.