| 1.1. Extra Ordinary Items :
During the year, due to a dimunition in value of its investment in its
subsidiary, Nando's Indage Restaurant Pvt. Ltd., the Company has
written off the entire share application money pending for allotment
amounting to Rs 65,000,000, and the share value of its investment
amounting to Rs 9,217,758.
1.2. Segment Reporting
In terms of the Accounting Standard 17 (AS - 17) "Segment
Reporting" issued by the Institute of Chartered Accountants of India
the company has only one Segment i.e. "Management and operations of
restaurants & hotels", and accordingly no separate disclosure is
made. There is no geographical segment to be reported since all the
operations are undertaken in India.
1.3. Outstanding of Micro, Small and Medium Enterprises
The Company has not received any information from suppliers regarding
their Status under the Micro, Small & Medium Enterprises Development
Act, 2006 & hence disclosures regarding amount due and outstanding to
suppliers as at the end of the Accounting Year have not been given. The
Company is making efforts to get the confirmations from the suppliers
as regards their status under the Act.
1.4. Related Party Disclosure (As identified and certified by the
Management)Disclosure requirements are as per Accounting Standard 18
(AS-18) Related Party Disclosure" issued by the Institute of
Chartered Accountants of India are given below:
1.5. Investments in Partnership Firm - Indage Aries Restaurant-
Partnership FirmCompany has entered into a partnership - Indage Aries
Restaurant on 1st April, 2010- in which it has a 50% share for a
consideration of Rs 17,500,000. The Company has transferred all its
existing assets of Athena Bangalore as the consideration.
1.6. Deferred Tax
In accordance with the Accounting Standard 22 (AS-22) Accounting for
Taxes on Income" issued by the Institute of Chartered Accountants of
India there is a Deferred Tax Asset (DTA). As a matter of prudence the
DTA arising has not been accounted for in the books. Hence, the
existing Deferred Tax Liability of Rs.1,028,829/- has been carried
forward.
1.7. Earnings Per Share:
Earnings per Share is calculated in accordance with Accounting Standard
20 - Earnings per Share' (AS - 20) issued by the ICAI.
a. The above claim has been filed by a party in respect of a cheque
bouncing case.
b. The Company has not provided for disputed income tax liability of
Rs. 8,529,928 (Previous year - Rs. 8,529,928) arising from
disallowances made for A.Y. 2006-07 which is pending with ITAT for its
decision.
Previous year figures have been regrouped and recast wherever necessary
to confirm to the current years presentation.
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