chartered accountants - samhi · 2019-09-25 · chartered accountants 1103, level 11, universal...

SUSHI1 RUDHIA ASSOCIATES CHARTERED ACCOUNTANTS

1103, Level 11, Universal Majestic, Behind RBK International School, Ghatkopar Mankhurd Link Road. Chembur, Mumbai 400 043. Tel.:+91-226130 9800, Fax:+91-22-6130 9 888

Email: [email protected], Website : www.sbaindia.ca.i~~

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ASCENT HOTELS PRIVATE LIMITED

1. Report on Financial Statements:

We have audited the accompanying financial statements of Ascent Hotels Private Limited ("the Company"), which comprise the Balance Sheet as at March 31,2016, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accodnting policies and other explanatory information, in which are incorporated the financial statements audited by the branch auditors of the company's branch.

2. Management's Responsibility fcr the Financial Statements:

The Company's Board of Directors is responsible for the matters stated in Section - 134(5) of the Companies Act,. 2013 ("the Act") with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeners of the accounting records, relevant t o th2 preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due t o fraud or error.

3. Auditor's Responsibility:

Our responsibility is to express an opinion on these standalone financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical to obtain reasonable

assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the '

Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

4. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2016

(b) in the case of Statement of Profit and Loss, of the Profit for the year ended on that date and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

5. Report on other Legal Regulatory Requirements

A) As required by the Companies (Auditor's Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

B) As required by section 143(3) of the Act, we report that:

(a) We have obtained all the information and explanations which to the best o f our knowledge and belief were necessary for the purpose of our audit;

(b) In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books [and proper returns adequate for the purposes o f our audit have been received from branches not visited by us];

(c) The reports on the accounts o f Branch audited under section 143(8) of the Companies Act,2013 by persons other than ourselves, have been forwarded to us and that we have taken due notice of material observation, in our report of the points raised by the said Branch Auditors;

(d) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books o f account;

(e) In our opinion, the Balance Sheet, Statement o f Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred t o in section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

(f) On the basis of written representations received from the directors as on March 31, 2016, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016, from being appointed as a director in terms section 164(2) o f the Act; and

(g) With respect to the adequacy o f the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in "Annexure 0"; and

(h) with respect to the other matters t o be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and t o the best of our information and according to the explanations given to us:

i) the Company did not have any pending litigations on its financial position in its financial statements

ii) the Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses; and

3

iii) There are no amount due to be transferred of the company to Investor education and protection fund by the Company.

Sushil Budhia Associates Chartered Accountants

lCAl Registration No.113995W *

Place: Mumbai Date: 30th August, 2016

Partner Membership No.:45720

ANNEXURE - A TO THE AUDITORS' REPORT (Referred to in Paragraph (3) o f our report of even date)

i ) (a)The Company has maintained Fixed Assets Register, showing full particulars including quantitative details except situation of fixed assets.

(b)As per information and explanation given to us, Fixed Assets of the company have been physically verified during the year by the management. We are informed that no material discrepancies have been found.

(c) According to the Information and Explanation given t o us and on the basis o f our examination of the records o f the Company, the title deeds of immovable properties are held in the name of the company

ii) The inventory has been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been dealt with in books o f account.

iii) As per information and explanation given t o us, the company has not given loan t o company covered under the register maintained under Section 189 of Companies Act, 2013 ('the Act').

iv) In our opinion and according t o the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect t o the loans and investments made.

v) In our opinion and according to the information and explanations given t o us, the company has not accepted deposits covered under section 73 t o 76 or any other relevant provisions o f the Companies Act.

vi) The Central Government has not prescribed maintenance of cost records under Section 148(1) of the Companies Act, 2013 hence the provisions of clause (vi) of the order are not applicable.

vii) According t o the information and explanations given to us, in respect o f statutory dues:

(a) The Company has been generally regular in depositing undisputed statutory dues, in respect of Provident Fund, Employees' State Insurance, Income Tax, Custom Duty, Excise Duty, Cess, Service Tax and any other statutory dues t o the appropriate authorities. However the following undisputed statutory dues ou, tanding as at 31StMarch 2016 is due for a period of more than six months P from the date they became payable.

5

(b)According t o the information and explanations given t o us, in respect of statutory dues the following are the particulars of disputed statutory dues outstanding as at 3lSt March 2016.

Period t o which amount relates

2007-08

2008-09 2009-10 2010-11 2011-12 2012-13

2013-14

viii) According to information and explanation given to us the company has not defaulted in repayment of dues t o bank in respect of term loan and interest liabilities.

Amount (Tin Lacs)

1.48

14.45 11.82 16.61 2.38 0.53

0.30 47.57

Name of the statue

Income Tax Act,1961

lncome Tax Act,1961 lncome Tax Act,1961 lncome Tax Act,1961 Income Tax Act,1961 Income Tax Act,1961

Income Tax Act,1961 Total

ix) In our opinion and according t o information and explanation given to us, the terms loans have been applied for the purpose for which they are raised. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) during the year.

Nature of the dues

TDS and Interest thereon

TDS and lnterest thereon TDS and lnterest thereon TDS and lnterest thereon TDS and Interest thereon TDS and Interest thereon

TDS and Interest thereon

Name of the statue

Maharashtra Value Added Tax Act, 2002

x) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according t o information and explanation given to us, we have neither come across any instance of fraud on or by the company, its officers or employees, noticed or reported during the period, nor have we

Nature of the dues

Interest on delay payment of WCT

Amount (Tin Lacs)

0.05

been informed o f such case by the m

6

Period t o which

amount relates

2012-13

xi) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not paidlprovided for managerial remuneration.

xii) In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.

xiii) According to the information and explanations given t o us and based on our examination of the records of the company the Provisions of section 177 is not applicable t o the company. However the company has appointed Independent Director and necessary compliance has been made. Section 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as per accounting standards -18. (Refer note no 26(B) (9) of Financial statements)

xiv) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has made preferential allotment of equity shares and optional convertible debentures during the year. According to the information and explanation given t o us and based on our examination of the records of the Company the requirement o f section 42 of the Companies Act, 2013 have been complied and the amount raised have been used for the purposes for which the fund have been raised.

xv) According t o the information and explanations given to. us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.

xvi) The Company is not required t o be registered under section 45-IA of the Reserve Bank of India Act 1934.



lCAl Registration No.113995W

Partner

Annexure - B to the Auditors' Report

Report on the lnternal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Ascent Hotels Private Limited ("the Company") as of 31 March 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Management's Responsibility for lnternal Financial Controls

The Company's management 'is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of lnternal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of lnternal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by lCAl and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of lnternal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial 'controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate t o provide a basis for our audit opinion on the Company's internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that (1) pertain t o the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary t o permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over ,financial reporting t o future periods are subject t o the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 3 1 March 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.



i s t 2 3 9 9 5 W

Mmbilr 3 a Gopalan

Partner ' * A c e d @ Membership No.:45720

ASCENT HOTELS PRIVATE 1-IMITED Balance Sheet as on 31st

Particulars

A EQUITY AND LIABILITIES 1 Shareholders' funds

(a) Share capital (b) Reserves and surplus

Share application money pending allotment

2 Non-current liabilities (a) Long-term borrowings (b) Other Long term liabilities (c) Long-term provisions

3 Current liabilities (a) Short-term borrowings (b) Trade payables (c) Other current liabilities (d) Short-term provisions

TOTAL

B ASSETS 1 Non-current assets

(a) Fixed assets (i)Tangible assets

(ii)lntangible assets (iii)Capital work-in-progress

(b) Long-term loans and advances (c) Other non-current assets

2 Current assets (a) Inventories (b) Trade rece~vables (c) Cash and cash equivalents (d) Short-term loans and advances (e) Other current assets (f) Investments

TOTAL

Significant Accounting Policies and Notes The Notes referred to above form an integral part of the Financial Statements.

As per our report o f even date For and on behalf of the Board.

For Sushil Budhai & Associates Chartered Accountants FRN: 113995W

Vinay Gupta Partner Director Director

Membership No. 045720

Place: Mumbai Date :3/1)Iq *

March 2016

Note No

1 2

3 4 5

6 7 8 9

31st March 2016

1,278,014,860 (467,408,385)

3,394,763,940 8,052,926 3,279,818

3,844,115 34,111,109

139,306,970 2,808,212

31st March 2015

349,716,540 (907,572,194)

37,500,000

4,110,719,047 7,529,211

17,115,280

216,873,466 32,335,077

468,813,299 17,681,460

10 10 10 11

12

13 14 15 16 17 18

25

3,963,410,438 1,849,161

59,993,704 29,458,654 13,915,808

17,174,171 32,111,472

243,921,287 13,569,638 12,177,196 9,192,036

4,396,773,565

4,163,604,385 2,869,503

61,786,278 21,997,619

13,924,667 30,441,315 26,309,809 17,270,634 12,506,976

4,350,711,186

ASCENT HOTELS PRIVATE LIMITED Statement of Profit and loss for the year ender 31st March 2016

Particulars

I. Revenue from operations

II. Other Income

Ill. Total Revenue (I+II)

IV. Expenses: Cost of materials consumed Employee benefits expense Finance costs Depreciation and amortization expense

V. Profit before exceptional items and tax (Ill-IV)

VI. Less : Prior Period Adjustments

VII. Profit before tax (V-Vl)

VIII. Tax expense:

(2) Deferred tax

IX. Profit (Loss) For the period (VII+VIII)

X. Earnings per equity share:

As per our report of even date For and on behalf of the Board.

Chartered Accountants FRN: 113995W

Membership No. -045720

Note No.

19

20

21 22 23

31st March 2016

730,599,519

480,095,665

1,210,695,184

86,852,584 131,164,907 205,187,297

31st March 2015

676,737,084

17,015,744

693,752,828

91,218,53 1 127,554,025 409,786,85 6

ASCENT HOTELS PVT LTD Cash Flow Statement for the period end 31st

I) CASH FLOW FROM OPERATING ACTIVITIES Profit /(Loss) Before Tax Adjustments for : Depreciation Interest paid Interest Income Provision for Doubtful Debts

Operating Profit before Working Capital Changes Adjustments for: Decrease/ (Increase) in Inventory Reversal of Provision for Expenses Decrease / (Increase) in Trade Receivable Decrease / (Increase) in Loans and Advances Decrease/ (Increase) in Other Current Assets (Decrease) / Increase in Trade payables (Decrease) / Increase in Other Liabilities

Less: Taxes Paid Net Cash used in Operating Activities (Total o f I)

II) CASH FLOW FROM INVESTING ACTIVITIES Purchase of Fixed Assets Decrease / (Increase) in CWlP Purchases of Mutual Fund Interest Received

Net Cash used in Investing Activities (Total of II)

Ill) CASH FLOW FROM FINANCING ACTIVITIES Issue of shares Security Premium received on Shares and debentures Secured Loan from Bank Unsecured Loan from others Loans & Advances Interest paid Decrease Share Application Money Margin money against bank guarantee Net Cash generated from Financing Activities [Total o f Ill)

IV) Net lncrease/(Decrease) In Cash and Cash Equivalents (TOTAL OF I+II+III)

V) Cash and cash equivalents-Opening-1st April

VI) Cash and cash equivalents Closing-3lst March Notes: 1) The above Cash flow statement has been prepared under the "Indirect Method" as set out in the 2) Cash and Cash Equivalents at the end of the year consist of cash in hand and Balances with banks and are net of short term loans and advances from banks as follows:

As at 31st March 2016 As at 31st March 2015 Cash, cheques, drafts (in hand) 851,737 10,674,654

Balances with scheduled banks in Current account and Fixed deposits 243,069,550 15,635,155 243,921,287 26,309,809

Less : Fixed deposits (Margin money against Bank Guarantees) (24,837,979) (11,146,664) 219,083,308 15,163,145

As per our report of even date For and on behalf of the Board.

For Sushil Budhia &associate Chartered Accountants FRN: 113995W

s 9 palan &&@Yo Partner eLL2b Vinay Director Gupta

Membership No. -045720

Place: Mumbai Date : 301 h.

March, 2016

31st March, 2016

203,226,069

202,226,265 167,371,885

(2,999,657) 553,027

367,151,519

570,377,589

(3,249,504) (28,708,710)

(2,223,184) 3,700,996

329,780 1,776,031

(336,835,540)

205,167,457

205,167,457

(1,011,976) 1,792,574

(9,192,036) 2,999,657

(5,411,780)

928,298,320 236,937,740

(1,571,344,584) 642,360,126 (21,376,843)

(159,518,959) (37,500,000) (13,691,315)

4,164,485

203,920,163

15,163,145

219,083,308

Accounting Standard 3 on Cash

31st March, 201s

(497,120,614)

200,738,474 396,051,488

(3,652,650)

593,137,312

96,016,698

225,650 2,228,511

(7,193,838) (1,956,392) 3,717,072 9,035,512

180,947,988

283,021,201

283,021,201

(3,224,482) (4,705,196)

3,652,650

(4,277,028)

74,803,376 (18,238,903) 25,725,042

(396,051,488)

(11,146,664)

(324,908,637)

(46,164,464)

61,327,609

15,163,145

Flow

ASCENT HOTELS PRIVATE LIMITED

NOTES ON FINANCIAL STATEMENTS AS AT 31st MARCH, 2016

NOTE 1 -SHARE CAPITAL

Particulars

Authorised Share Capital

13,00,00,000 Equity Shares of '.lo/- each (Previous Year 4,00,00,000 Equity Shares of Rs.101- each)

The Authorised Equity Share Capital was increased to 13,00,00,000 equity shares of ' 10 each

Issued, Subsricbed and Paid-up Capital 12,78,01,486 Equity Shares of Rs.101-each fully paid-up. (Previous Year 3,49,71,654 Equity Shares of Rs. 101- each fully paid-up)

Total

a) Reconcilation of the shares oustanding at the beginning and at the end of the reporting period

31st March 2016

1,300,000,000

I 1 3 ls t March 2016 1 Amount in INR 31st March 2015 Amount in INR I

3lst March 2015

400,000,000

1,300,000,000

1,278,014,860

1,278,014,860

400,000,000

349,716,540

349,716,540

In Nos.

b) Terms/ rights attached to equity shares

The company has only one class of shares having a par value Rs.101- per share. Each holder of equity shares is entitled to one vote per share.

In Nos.

Issue During the Period

c) Shares (in aggregate) of each class held by

92,829,832 1 928,298,320 At the beginning of the Period

( No. of Shares 12,78,01,486 held by holding company SAMHl Hotels Pvt. Ltd.) (Previous Year No. of Shares 2,82,94,762 held by holding company Bridgestone Devlopers Pvt Ltd)

34,971,654 ' 349,716,540 ( 34,971,654 1 349,716,540

Outstanding at the end of the period

d) Details of Shareholder's holding more than 5% shares in the company. (Equity Shares o f Rs.101-each fully paid up)

127,801,486 1 1,278,014,860 1 34,971,654 ( 349,716,540

Equity Shares SAMHI Hotels Pvt. Ltd. Bridgestone Devlopers Pvt Ltd Vascon Engineers Pvt Ltd

31st March 2015 In Nos.

28,294,762 6,669,492

31st March 2016

SAMHI Hotels Pvt. Ltd. Bridgestone Devlopers Pvt Ltd Vascon Engineers Pvt Ltd

-

Securities Premium Reserve

Opening Balance 3,49,61,654 Equity Shares Rs. 301- per share Addition during the year 58.96.566 Optional Convertible Reedemable Debentures Us. 35.231- per debenture 8,29,828 Optional Convertible Reedemable Debentures Rs. 35.191- per debenture (PreviousYear 3,49,61,654 Equity Shares Rs.301- Per Share)

%holding

80.91% 19.07%

In Nos.

127,801,486

NOTE 2 - RESERVES &SURPLUS

Profit & Loss Account Loss as per Last Year Add: P ro f~ t l (Loss) During The Year

%holding

100.001

Particulars

l~epreciat ion of Fixed Assets of Nil Residual value I I (22,311,806))

3 l s t March 2016

I I Total (467,408,385) 1 (907,572,194)

In Nos. 127,801,486

31st March 2015

31st March 2016

%holding

100.00% In Nos.

28,294,762 6,669,492

3 ls t March 2015

%holding

80.91% 19.07%

I


NOES ON FINANCIAL STATEMENTS AS AT 31st MARCH, 2016

1) Secured Loans a) Rupees Term Loan

From Banks DBS Bank (Refer note 3.1) HDFC Bank HDFC Bank ( Accumlated accrued lnterest not Due)

From Institutions

NOTE 3 - LONG TERM BORROWING

I HDFC Ltd (Refer note 3.1) Total A

b) Foreign Currency Term loans From Banks

DBS Bank (ECB) From Institutions

31st March 2015 Particulan

I HOFC Ltd (FCNR)

I 31st March 2016

Total 8

2) Unsecured Loans a) From Related Parties b) From Others c] Debentures (Refer note 3.2)

Optional Convertible Reedemable Debentures (OCRD) Total C

3.1The above term loans are secured by way of : Security terms

Total ( A t B t C)

I A) HDFC Ltd (Rs. 140 Crores) -Senior loan a ) First charge on all the immovable assets ofthe Company both present and future

I

3,394,763,940 1 4,110,719,047

l b ) First charge by way of hypothecation of all the movable fixed assets present and

I future

I c) A first charge on the current assets of the Company subject to the charges createdl t o be created in favour of the working capital lenders under the Deed of Hypothecation.

I d) Pledge in favour of the Security Trustee.

Repayment terms and rate of lnterest

l ~ a t e of Interest 1

Terms of Repayment : Repayable in 56 (Fifty Six) structured quarterly instalrnents commencing from May 2018.

Maturity Profile

(B) HDFC Ltd (Rs. 44.65 Crores) and DBS Bank (Rs. 35.85 Crores)

1- 2 Years 2-3 Years 3-4 Years Beyond 4 Years

I (i) Registered mortgage creating second charge over the immovable fixed assets (including the hotel property and land) both present and future

28,000,000 56,000,CI)O

1,316,000,000

(ii) Charge by way of hypothecation creatingsecond charge over entire movable fixed assets and the current assets

I(iii) Charge by way of a pledge over shares of the Company

Terms of Repayment : Bullet repayment on or before the expiry of the Tenor. Rate of lnterest OBS Bank Ltd 9.20 % P.a. HDFC Ltd 5.00 % P.a.


NOTES ON FINANCIAL nATEMENTS AS AT 31St MARCH, 2016

I I 3.2 Debentures Terms and conditions of issuance o f Optional Convertible Redeemable Debentures (OCRDs) is as follows : 1) Redemption -

a) The OCRDs are redeemable on 1st April ,2036. b) Terms of Redemptions -

i) The OCRDs are redeemable for an amount equivalent t o the fair market value of such number of equity shares as are equivalent t o 1.43 times the number of OCRDs in case the Company achieves the target of EBITDA of INR 70 Crores i n any financial year prior to 1st April, 2036.

ii) The OCRDs are redeemable for an amount equivalent to the fair market value of such number of equity shares as are equivalent the number of OCRDs in case the Company achieves the target of EBITDA of INR 70 Crores in any financial year prior t o 1st April, 2036.

I 2) Conversion - a) The OCRDs can be converted at the option of the subscriber at any time after 1st April 2021. b) Terms of Conversion -

i) The OCRDs will be converted into equity shares in the ratio of N . 4 3 in case the Company achieves the target of EBITDA of INR 70 Crores in any financial year prior t o date of exercise of option t o convert.

I ii) In any other case, the OCRDs will be converted into equityshares in the ratio of 1:1. I

lothers Payable I 200,000 1 7,529,211 1

NOTE 4 -OTHER LONG TERM LIABILITIES

Micro and Small Enterprises: The Company has not received any intimation from any of its suppliers regarding their status under the Micro Small & Medium Enterprises Act 2006 (MSMED Act) and hence disclosures, i f any relating t o amount unpaid as at the year end along with interest Paid / payable as required under the said act have not been given.

Particulars 31st March 2016

NOTE 5 - LONG-TERM PROVISIONS

31st March 2015

Particulars

Provision for Employee Benefits Provision Others

Total

I

31st March 2016 I 31st March 2015 I

NOTE 6 - SHORTTERM BORROWING

I ii) Rate of Interest 14.90% (Base Rate + 4.25%) p.a. I I I

3,279,818

3,279,818

Particulars

1) Secured a) Working Capital Loans from Bank

Corporation Bank (Previous Year) i) Working Capital Finance from corporation Bank Secured by paripassu first charge on fixed Assets of the company to the extent o f ' 5 crore

b) Maturities of Finance Lease Obligation (i) ClSCO System Capital India Pvt Itd (ii) The Above loan is secured against assets under leased

2,497,239 14,618,041 17,115,280

50,599,980

31st March 2016 31st March 2015

2) Unsecured Loan From Others * 'The Above Loans are secured by way of PDC'S & Promisory Note

Total

I

3,844,115

3,844,115

166,177,077

216,873,466


NOTES ON FINANCIALSTATEMENTS AS AT 31st MARCH, 2016

NOTE 7 - TRADE PAYABLE

Particulars

Trade Payable

Total

1) Interest Accrued & Due DB5 Bank Ltd DBS Bank Ltd (ECB Loan) HDFC Limited (FC Loan)

NOTE 8 -OTHER CURRENT LlABLTlES

2) Other Liabilities (i) Statutory Dues (ii) Salary Payable (iii) Advance from Customers (iv) Liabilities for Expenses (v) Property Tax Payable (vi) Book Overdraft (vii) Payable to Related Parties (viii) Provision for Ex-gratia Payment (ix) Other Liabilities

31st March 2016

34,111,109

34,111,109

Particulars

3) Other Payable -Capital Project

31st March 201s

32,335,077

32,335,077

Total A

31st March 2016

Total B

Total C

31st March 2015 I

( ~ i c r o and Small Enterprises: I Total (A + B + C)

The Company has not received any intimation from any of its suppliers regarding their status under the Micro Small & Medium Enterprises Act 2006 (MSMED Act) and hence disclosures, i f any relating t o amount unpaid as at the year end along with interest Paid / payable as required under the said act have not been given.

I

l39,306,970 1 468,813,299

NOTE 9 - SHORT TERM PROVISIONS

Particulars

Provision for Employee Benefits Provision Others - ( Interest on late payment of TDS)

Total

3 1 s March 2016

998,052 1,810,160 2,808,212

31st March 2015

80,208 17,601,252 17,681,460

I -.


NOTES ON FINANCIAL STATEMENTS AS AT 31st MARCH, 2016

( Unsecured, considered good ) Deposits Balances with Government authorities Prepaid Expenses Property Tax Receivable Less Provision for Doubt Full Debts

Total

NOTE :

NOTE 11- LONG-TERM LOANS AND ADVANCES

11.1 : NSC of Rs 1.25 Lacs Pledged for Liqour Licence I

Particulars 31st March 2016

Note 12-OTHER NON CURRENT ASSETS

31st March 2015

Particulars I

NOTE 14 -TRADE RECEIVABLE

Particulars I 31st March 2016 319 March 2015 l

I

Unarnortised borrowing cost Total

NOTE 13 - lNVENTORlES (As valued & certified by Management)

a) Outstanding over six months: Considered Good Considered Doubtful Provision for Duobtful recievables

31st March 2016

13,915,808 1 13,915.808 1

Particulars

Raw materials (Food and beverages) OperatingSupply Stock Boiler fuel in stock Uniform in Stock

5 ) Others Considered Good

31st March 2015

Total 30,441,315

I

31st March 2016

12,032,001 2,591,059

994,836 1,556,275

31st March 2015

8,232,383 3,598,471

604,893 1,488,920


NOTES ON FINANCIAL STATEMENTS AS AT31st MARCH, 2016

Note 15 -CASH & CASH EQUIVALENTS

Balances With Scheduled Banks In current Accounts

Balances in Fixed Deposits Deposits with bank more than 12 Months Deposits with bank less than 12 Months

Cheques, drafts on hand

Particulars

CASH & BANK BALANCES Cash in hand

Note 16 -SHORT TERM LOANS & ADVANCES

I Particulars 31st March 2016 I 31st March 2015 I I

31st March 2016

647,248

Total

31st March 2015

10,674,654

I

243,921,287 1 26,309,809

I

NOTE: 15.1 : Fixed Deposits amounting to Rs. 2,48,37,979/- (Previous Year Rs. 1,11,24,803-) is issued towards Margin Money.

( Unsecured, considered goad ) (Amount recoverable in cash or in kind or for value to be received) a) Security Deposits b ) Advances to Supplier c) Advances

100,000 932,004 926,277

d) Balances with Government Authorities Total

Note 17 -OTHER CURRENT ASSETS

N0te:lC.l Balance of Loans & Advances have been taken at values stated in Books of accounts and are subject to confirmation.

11,611,357

Particulam

Prepaid Expenses Total

Note 18 -INVESTMENTS

1,204,892

Particulars

Investment in Mutual Fund -Quoted (Valued at Cost) DSP Black Rock - Ultra short term fund -Dir - G

(Market value Us. 93,18,172/-) Total

13,569,638 1 17,270,634

31st March 2016

12,177,196 12,177,196

9,192,036

9,192,036

31st March 2015

12,506,976 12,506,976

31st March 2016 31st March 2015 I


NOTES ON FINANCIAL 57ATEMENTS AS AT 31st MARCH. 2016

NOTE- 10 FIXED ASSETS

Particulars

A. TANGIBLE ASSITS

LAND

BUILDING

FURNITURE AND FIXTURE

OFFICE EQUIPMENTS

PLANT AND MACHINARY

COMPUTERS

VEHICLES

Total (A)

B. INTANGIBLE ASSETS

COMPUTER SOWARE

Total (b)

As at 01.04.2015

103,762,425

2,910,564,607

614,872,905

1,975,787

1,137,343,909

46,112,983

4,728,396

4,819,361,012

28,437,756

28,437,756

GROSS

Addition

56,253

140,509

815,213

1,011,976

1

DEPRECIATION

Total (A+B) Previous Year Figures - Capital Work In Progress

1,011,976 82,928,749

AS at 01.04.2015

173,592,832

212,456,053

4,166,473,888 4,306,595,413

61,786,278

Amount in '

681,324,880 458,274,600

4,847,798,768 4,764,870,019

4,848,810,744 4,847,738,768

BLOCK

Deduction

NET BLOCK

As at 31.03.2016

103,762,425

2,691,217,061

326,969,045

394,094

836,926,443

3,033,505

1,107,864

3,963,410,438

1,849,161

1,849,161

AS at 31.03.2016

103,762,425

2,910,564,607

614,929,158

2,116,296

1,138,153,122

46,112,983

4,728,396

4,820,372,388

28,437,756

28,437,756

During the Year

45,754,714

75,504,060

538,993

As ~t 31.03.2015

103,762,425

2,736,971,775

402,416,852

792,578

910,443,270

7,380,608

1,836,877

4,163,604,385

2,869,503

2,869,503

202,226,265 200,738,474

1,722,202

301,232,679

43,079,478 1 3,620,532

856,962,550

Transfer to Reserve

1'183'209 1

883,551,145 22,311,806 1 681,324,880

As at 31.03.2016

219,347,546

287,960,113

226,900,639

38,732,375

2,891,519

655,756,627

3,965,259,599 4,166,473,888

59,993,704

74,332,040

4,347,103

729,013

201,205,923

25,568,253

25,568,253

1,020,342 1 - 1,020,342 1

26,588,595

26,588,595


NOTES ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH, 2016

NOTE 19: REVENUE FORM OPERATION

NOTE 20: OTHER INCOME

I Particulars

Sale of Products Food & Beverages

Sale of Services

Hotel Room Services

Total

31st March 2016

254,223,323

476,376,196

730,599,519

Particulars

Interest on others Excess of provision of WCT written back Interest on Income tax refund Interest on Fixed Deposits with banks Rent Credit balance Written back - (~efer Note No. 25(8)(13))

Interest waiver by DBS Bank and HDFC Ltd -(~efer Note NO. 25(8)(13))

Insurance Claim received Profit on sale of Mutual Fund Miscellaneous Income

Gain on foreign currency transactions and translation Total

31st March 2015

262,274,598

414,462,486

676,737,084

NOTE 21 : COST OF RAW MATERIAL CONSUMED

NOTE 22 :EMPLOYEE BENEFIT EXPENSES

Particulars

I

31st March 2016

1,407,536

1,592,121 5,053,423

132,375,288 333,248,819

588,101 1,666,065 4,164,312

480,095,665

Particulars

Consumption of Provisions, Beverages, Smokes & Others Opening Stock Purchases Less: Closing Stock

Total

Payments t o & Provisions for Employees : Salaries, Wages & Bonus Employer's contribution to Provident Fund Gratutity Expense Staff welfare expenses

Total

31st March 2015

2,202,761 1,530,348

487,539 1,449,889 4,436,392 5,700,819

1,207,996

17,015,744

31st March 2016 31st March 2015 1

31st March 2016

8,232,383 90,652,202

(12,032,001) 86,852,584

31st March 2015

8,725,503 90,725,411 (8,232,383)

91,218,531

I


NOTES ON FINANCIALSTATEMENTS FORTHE YEAR ENDED 31st MARCH, 2016

NOTE 23 : FINANCE COST

NOTE 24 : OTHER EXPENSES

Particulars

I Particulars

lnterest & Finance Charges Interest on-Fixed Loans Bank & Finance Charges

Total

Stores & Operating Supplies Consumed Operating Equipments & Supplies Written off Uniform Expenses Electricity Expenses Fuel, Power, Light & Utilities Foreign Exchange loss Management Fees & Royalty Commissions Contract Services Communication Expenses Telephone Charges Admin Rates & Taxes Repairs & Maintenance

Building Machinery Others

Data Processing Charges Travel & Conveyance Expenses Vehicle Expenses Advertisement & Marketing Fees Sales Promotions Advance to Suppllier Written Off License Fees Legal & Professional Services Sundry balances written off ROC Filing Fees Insurance Charges Provision for Doubt-ful Debts Auditors Remuneration: -Statutory Audit -Tax Audit Miscellaneous Expenses

Total

31st March 2016

167,371,885 37,815,412

205,187,297

31st March 2015

396,051,488 13,735,368

409,786,856

31st March 2016 31st March 2015


NOTES FORMING PART OF BALANCE SHEET AS AT 31" MARCH 2016

NOTE NO.- 25

A. SIGNIFICANT ACCOLINTING POLICIES

1.1 Basis o f Accounting

The financial statements have been prepared t o comply in all material aspects with the Accounting Standards notified by Companies Accounting Standard Rules, 2014 and under the relevant provisions of the Companies Act, 2013. The financial statements have been prepared under the historical cost convention on an accrual basis. However, there are few instances where the accounting is done at the time of payment. The accounting policies have been consistently applied by the company and are consistent with those used in the previous year.

1.2 Use of Estimates

The presentation of the financial statements are in conformity with the generally accepted accounting principles which requires management t o make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as at the date of the financial statements and the results 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 the estimates.

2. Revenue Recognition:

Revenue is recognized t o the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.

a) Sale of goods:

Sales are recognized when goods are supplied. Sales are recorded at net of trade discounts, rebates, sales taxes and VAT.

b) Income from Service:

Revenue from Service contracts are recognised on rendering of services.

3. Foreign Exchange Transactions:

Transactions in foreign exchange are recorded at the exchange rate prevailing on the date of

payment. Outstanding balances at the Balance sheet date are restated at the exchange rate

prevailing as on that date and the resultant difference is recognised as income or expense.

4. Employee Benefits:

4.1 Post-Employment Benefits Plans:

Contribution to defined contributory retirement benefit schemes are recognized as expense when employees have rendered services entitling them to contributions.

For defined benefit schemes, the cost of providing benefits is determined using the Project Unit Credit Method, with actuarial valuation being carried out at each Balance Sheet Date. Actuarial gains and losses are recognized in full in profit and loss account for the period in which they occur. Past service Cost is recognized immediately t o the extent that the benefits are already vested, otherwise it is amortized on straight line basis over the average period until the benefits become eligible for being vested.

4.2 Short-term employee benefits

The undiscounted amount of short term employee benefits are expected to be paid in

exchange for the services rendered by employees is recognized during the period

when the employee renders the service. These benefits include compensated

absences such as paid annual leave and performance incentive.

4.3 Leave Encashment:

The Company does not have Encashment Policy however the branch has provided

Leave Encashment on the basis of actuarial valuation.

5. Cash Flow Statement:

Cash flows are reported using the indirect method, whereby profits(loss)before extraordinary

items and tax i s adjusted for the effects of transactions of non-cash nature and any deferrals

or accruals of past or future cash receipts and payments. The cash flow from operating,

investing and financing activities of the Branch is segregated based on available information.

6. Taxation:

6.1 Provision for current income tax is made for the tax liability payable on taxable Income after considering tax allowances, deductions and exemptions determined in accordance with the prevailing tax laws. The difference between the taxable income and the net profit or loss before tax for the year as per the financial statements are identified and the tax effect of timing differences is recognized as a deferred tax asset or deferred tax liability. The tax effect is calculated on accumulated timing differences at the end of the accounting year, based on the effective tax rates substantively enacted by the balance sheet date

6.2 Deferred Tax is computed in accordance with Accounting Standard 22- Accounting for Taxes on Income' (AS-22), notified by the Companies (Accounting Standard) Rules, 2014. Tax expenses are accounted in the same period to which the revenue and expense relate. In situations where the Company has unabsorbed depreciation or carried forward losses, deferred tax assets are recognized only if there is a virtual certainty supported by convincing evidence that the same can be realized against future taxable profits. n

The calculation of Deferred Tax Assets/(Liability) is as follows:

Particulars

On timing difference on account of depreciation

Unabsorbed Tax depreciation carried forward

I

Net deferred Tax Assets 1 23,31,25,606

2016

(37,15,45,791)

60,22,60,633

On timing difference for deduction of expenses

As a matter of prudence the Company has not recognise Deferred Tax in terms of 'Accounting Standard - 22 Accounting for Taxes.'

24,10,764 I

7. Fixed Assets

7.1 Fixed Assets are valued at cost.

7.2 The Cost of land represents the consideration paid for of the property and other expenses incidental t o the acquisition of Land.

7.3 Capitalization of construction period expenses: Direct expenses, as well as clearly identifiable indirect expenses, incurred on project during the period of construction are capitalized along with the respective assets and finance cost.

8. Depreciation:

8.1 Effective lSt April 2014, the company depreciates its fixed assets over the useful life in

the manner prescribed in schedule II of the Companies Act, 2013, as against the

earlier practice of depreciating at the rates prescribed in schedule XIV of the

Companies Act,1956.

8.2 The Company provides depreciation on the Fixed Assets at the rates and in the

manner specified in Schedule II t o the Companies Act, 2013 on Straight Line

Method.

8.3 Depreciation on various assets installed during project stage are treated as

preoperative Expenditure till the commencement of operations and allocated to

various assets on the basis of Capital cost.

8.4 Depreciation is provided at the rates as prescribed under Schedule II of the

Companies Act, 2013 pro rata from the month of purchase. If purchased on or before

the 15th of the month, depreciation is charged for the month of purchase otherwise

depreciation is charged from the month following the month of purchase.

8.6 5% on the original cost of the asset is considered as residual value of the asset and

depreciation is calculated based on the remaining useful life of the asset.

9. Capital Work in Progress and Incidental Expenditure during Construction Period

9.1 Capital Work-in-Progress comprises of outstanding advances paid t o acquire fixed Assets/Services and the cost of fixed assets that are not yet ready for the intended use at the reporting date.

9.2 Other incidental expenditure directly attributable to the project is accumulated as Capital Work-in Progress and allocated to the relevant fixed assets on a pro-rata basis according to the prime cost of the assets in the year of completion.

10. Investments:

Investments that are readily realizable and intended to be held for not more than a year are classified as current investments or short term investments. All other investments are classified as long-term investments. Current investments are valued at the lower of cost and fair value. Changes in the carrying amount of current investments are recognized in the Profit and Loss Account. Long-term investments are valued at cost, less any provision for diminution, other than temporary, in the value of such investments, decline, if any, is charged t o the Profit and Loss Account. Cost comprises cost of acquisition and related expenses such as brokerage and stamp duties.

11. Inventories:

11.1 Raw Material, stores and spares are valued at cost. Cost of raw materials, stores and spares is determined on a weighted average basis.

11.2 Operating equipments are valued as below:

- Chinaware, silverware and glass ware are equally charged off over a period of 4 years

- Linen are valued on the basis of 1 year

- Uniforms are charged off 100% in the following year of purchase.

(During the current year the company has changed policy for Linen Valuation, due to this change valuation of linen (which is included in Operating Supply Stock) has increased by Rs. 8,84,834/-.)

12. Borrowing Costs:

12.1 lnterest and other borrowing costs on specific borrowings, attributable t o qualifying assets are capitalized.

12.2 lnterest not attributable to qualifying assets is charged to revenue account in the year in which it is incurred.

12.3 Other Borrowing costs are charged t o revenue account over the tenure of the borrowing.

0

13. lmpairment of Assets:

lmpairment is ascertained at each Balance Sheet date in respect of the Company's fixed assets. An impairment loss is recognized whenever the carrying amount of an asset exceeds its recoverable amounts.

14. Accounting for Provisions, Contingent Liabilities and Contingent Assets:

Provisions are recognized in terms of Accounting Standard 29-Provisions, Contingent Liabilities and Contingent Assets' (AS-29), notified by the Companies (Accounting Standards) Rules, 2014, when there is a present legal or statutory obligations as a result of past events, where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made. Contingent Liabilities are recognized only when there is a possible obligation arising from past events, due to occurrence or non- occurrence of one or more uncertain future events, not wholly within the control of the Company, or where any present obligation cannot be measured in terms of future outflow of resources, or where a reliable estimate of the obligation cannot be made. Obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are provided for. Contingent Assets are not recognized in the financial statements.

B. ADDITIONAL NOTES TO THE ACCOUNTS

1. The company owns a 5 Starcategory Hotel under the brand name Hyatt Regency Pune.

2. Contingent Liabilities :( In Lacs)

1 Disputed TDS Demand I

29.47 1 29.47 I Outstanding bank guarantees

3. The Company had imported certain capital goods under the EPCG License:

he Export Obligation on such actual imports under EPCG Scheme '5210.99 (Previous Year '8722.331acs).

4. There has been no change in accounting policies compared to that followed immediately preceding year.

31.03.2016

221.78

5. Additional information Under Schedule Ill of the Companies Act 2013-( ' In Lacs)

31.03.2015

1019.72

l A I Auditors Remuneration -Audit Fees

Sr. No

1 ( -Tax Audit Fees 1 1.00 1 2.00 I

Particular

Expenditure in foreign exchange I C 1 (i) Marketing

B

I 1 (ii) Professional 1 26.33 1 24.44 1

31.03.2016

(iii) Travelling & other expenses (iv) Insurance Expenses

31.03.2015

CIF Value of Imports (i) Store Supplies and spares

parts (ii) Food & Beverage

6. Details of Consumption of Raw Material as per information given by the Management.

'i I I Particulars 1 31.03.2016 1 31.03.2015

5.36 11.50

17.28 15.58

(iii) Capital Goods 1 -

Note : Production of finished goods & Consumption of Raw Material figures are balancing

14.43

A B

figures ascertained on the basis of opening stock plus sales / purchases less closing stock and therefore include adjustment for excess / shortage ascertained on physical count etc.

Food Beverages Total consumption o f raw Material

686.13 182.39 868.53

713.23 198.95 912.18

7 Value of Consumption of directly imported and indigenously obtained raw materials and percentage of each thereto:

( ' in Lacs)

1 1 VALUE 1 % . I VALUE % I

Particulars

I a) Domestic 1 857.03 1 98.68% 1 896.60 ( 98.29%

8. Earning in Foreign currency( ' In Lacs)

31.03.2016 31.03.2015

Particulars

9. Related Party Disclosures as per AS-18 are as follows:

The shareholding structure of the company changed on 4th February, 2016. The related party transactions prior to the change in shareholding and post change in shareholding is as follows:

a

A) Related Parw Transactions till 4th Februaw, 2016.

a) Parties, which are significantly influenced by the company (either individually or with others) Nil

b) Holding Company - Bridgestone Developers Private Limited

31.03.2016

c) Entities controlled by Directors or their relatives: i) Companies and entities incorporated in India

31.03.2015

Sale of Room / F&B Income

I Avenue Technologies Private Limited Nidhivan Farms 1 ( Provenance Land Pvt. Ltd., Nidhivan Project Cons~lltancy Pvt. Ltd 1

3,511.34 '

Zeus Beverages Pvt. Ltd. Prudential Hotels Pvt. Ltd * Mannalam Organics Limited. Southshore Develo~ers IP) Ltd.

3,039.81

I urn bai Broadcasting ~ o . T v t Ltd Plash Foods ~ v t . Ltd.

1 Mittal Communication Pvt. Ltd I * Mr. Raj Kumar Jatia- Resigned on 2gth August 2015

ii) Companies incorporated outside India i n which Mr. Adarsh Jatia and Mr.

Rajkumar Jatia are Directors-

I Yoroshii Investments [Mauritius) Pte. Ltd.. Mauritius 1 1 Hai ~ h " Limited, HOG ~ o n i

I Magus Estates & Hotels Pte Ltd., Singapore 1 ( Business Holding Pte. Ltd Singapore * i

( Amber Link Investments Corp. BVI* I

Servsystem Pte. Ltd., Singapore

JBS Investment Pte. Ltd., Singapore

Springleaf lnvestments Ltd. Mauritius*

I Jaella-Asian Holdings Limited, Mauritius* 1

1

) Energy Infrastructure Overseas Ltd. Mauritius* I * Mr. Adarsh Jatia is not a Director in these entities

d) Key Management Personnel:

Mr. Adarsh Rajkumar Jatia:- Director

Mr. Rqjkumar Subhkaran Jatia:- Director

e) Transactions wi th Related Parties during the year: ( ' In Lacs)

Name of Party

Vascon Engineers 31.03.2016 (88.51) NIL NIL Ltd

(Interest (Interest Free) Free)

Year Ended

31.03.2015

Bridgestone 1 Developers Pvt t d

Loans & Advances

Taken /(Paid)

NIL

31.03.2016

31.03.2015

Avenue 1 31.03.2016 NIL

(25.00) Technologies Pvt Ltd

Loans & Advances

Given

NIL

NIL

NIL

31.03.2015

Interest

NIL

NIL

NIL

NIL

NIL

NIL I NIL

Balance Outstanding from related

88.51

lUlL

NIL

NIL

186.39 , 1316.09

38.44 I

f) Transactions with key management personnel during the year: (' In Lacs)

Name o f Party

Mr. Rajkumar Jatia

1 31.03.2015 I NIL 1 1.65 1 9.65 I

Year Ended

Mr. Adarsh Jatia

B) From 5"' February 2016 till 31St March 2016

a) Parties, which are significantly influenced by the company (either individually or wi th others) Nil

b) Holding Company - SAMHl Hotels Private Limited

31.03.2016

c) Entities controlled by Directors or their relatives: i) Companies and entities incorporated i n India

Loans & Advances Taken (Interest Free)

I

31.03.2016

ISAMHI JV Business Hotels Private Limited

NIL

ISAMHI Hotels (Gurgaon) Private Limited I

Rent Paid

RllL

ISAMHI Hotels (Ahmedabad) Private Limited I

Balance Outstanding

payable t o related

Pa rh/

NIL

~ a r ~ u e Hotels Private Limited 1

NIL

NIL

Caspia Hotels Private Limited

Paulmech Hos~italitv Private Limited

NIL I

bascon Engineers Limied I i~ovacare Drug Specialities Private Limited I

d) Key Management Personnel:

Mr. Rajat Mehra Director

Mr. Vinay Gupta ._ Director

Mr. Gyana Das ._ Director

Mr. Vasudevan Ramamoorthy :- Director

e) Transactions with Related Parties during the year:

(' In Lacs)

Name of Party

SAMHl Hotels Private Limited

Year Endea

31.03.2016

Loans & Advances

Taken

11,000.00

Cost Allocation

108.47

Reimburse ment o f

Expenses

200.33

Interest

223.18

Balance Outstanding from

related Party

11,547.81

10. Employees Benefits:-

a) On account of defined contribution plans, following amount has charged in profit & loss accounts: (' in Lacs)

b) The Gratuity Scheme' of the Company is non-funded. The following tables set out the amounts recognized in the Company's financial statements as at 31st March 2016 for the Defined Benefits plans for Gratuity. (' inLacs)

Particular

Provident Fund

I. Table Showing Change in Benefit Obligation:

Liability at the beginning of the year

l nterest Cost

Current Service Cost

31.03.2016

66.30

Benefits Paid

Actuarial (gain) loss on obligations

Liability at the end of the year

31.03.2015

65.01

I II. Amount Recognised in the Balance / 31.03.2016 1 31.03.2015 I Sheet

Liability at the end of the year

Fair Value of Plan Assets at the end of the year

Differences

Unrecognized Past Service Cost

Unrecognized Transitional Liability

Amount Recognised in the Balance Sheet

Net employees benefit expense for Gratuity (recognized in Employee Cost) forthe year:

II. Expenses Recognised i n the Income Statement

Current Service Cost

Interest Cost

Actuarial (gain) or Loss

Expense recognised in P&L

31.03.2016

2.54

0.82

9.57

12.93

Assumption used in accounting for Gratuity:

11. The Company's only business is hoteliering and hence disclosure of segment-wise information is not applicable under Accounting Standard-17-'Segmental Information' (AS-17) notified by the Company's (Accounting Standards) Rules, 2014. There is no geographical segment to be reported since all the operations are undertaken in India.

Ill. Assumptions:

Discount Rate Current.(p.a)

Rate of escalation in salary(p.a)

12. Micro and small enterprises:

The Management had sent our confirmation letters to creditors / suppliers for confirmation of Account and also information whether they fall under Micro, Small & Medium Enterprises Development Act, 2006 (MSNIEDAct). IUo such information received from of its suppliers. This has been relied upon by the auditors.

31.03.2016

7.79%

6.00%

13. Credit balances written back:

a) As per the terms of settlement with DBS Bank and HDFC Limited, an amount of Rs.41,84,42,476/- due and outstanding taken and accordingly has been waived and has been written back in the books of accounts.

31.03.2015

7.90%

6.00%

b) Other sundry ci-edit balances aggregating to Rs.8,50,095/- considered by the management as not payable have been written back.

14. The company has been appointed whole time Company secretary as stipulated by Section 203 of Companies Act, 2013.

15. Previous year figures have been recast, regrouped as per Schedule Ill of the Companies Act, 2013.

As per our attached report of even date

For Sushil Budhia Associates., For and on behalf of Board o f Directors Chartered Accountants

Mum

Partner

Place: Mumbai

~ a j a d ~ e h r a Director

Vinay Gupta Director

chartered accountants - samhi · 2019-09-25 · chartered accountants 1103, level 11, universal...

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