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Notes to Accounts of Best Eastern Hotels Ltd.

Mar 31, 2015

A) Contingent Liability : In respect of Water Charges Rs. 4,00,408/- payable to Matheran Jivan Pradhikaran.

b) Capital Commitment : Estimated amount of contracts remaining to be executed on account of capital account is Rs. 15 Lakh approx. (Net of advances).

c) In the opinion of the management, the current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amounts at which they are stated in the Balance Sheet and provisions for all known liabilities have been made as at the year end.

d) Balance of Creditors, Debtors, Unsecured Loans and Advances are subject to confirmation and reconciliation thereof, if any.

e) The Company is not required to give any quantitative and value-wise information in respect of purchase, consumption, turn over, stocks etc. as the same is exempted vide Notification No. S.O. 301 (E) dated 8th February, 2011 issued under Saction 211 (3) of The Companies Act 1956 by the Ministry of Corporate affairs, Govt. of India.

g) Amount payable to the undertakings registered under The Micro, Small and Medium Enterprises Development Act, 2006 as on 31st March, 2015 is NIL (to the extent information available with the Management)..

h) Earning in Foreign Exchange : Rs. 3.18 Lacs through realization under credit cards (Previous year Rs. 1.94 Lacs) Expenditure in foreign currency: Rs. 63,573/-. (Previous year Rs. Nil)

Note : (1) Details of remuneration to Managing Director & Joint Managing Director are given in the note 'i' in the notes to Accounts.

(2) Figures in brackets are in respect of Previous Year.

k) The Company is exclusively engaged in the business of hoteliering. This, in the context of Accounting Standard 17 on Segment Reporting is considered to continue one single primary segment and accordingly no segment information as required under Accounting Standard 17 is furnished.

m) Previous year's figures have been re-grouped / re-arranged wherever necessary. Signature to Notes 1 to 20


Mar 31, 2014

1. a) Contingent Liability : In respect of Water Charges Rs. 2,19,644/- payable to Matheran Jivan Pradhikaran.

b) Capital Commitment : Estimated amount of contracts remaining to be executed on account of capital account is Rs. 20 Lakh approx. (Net of advances).

c) In the opinion of the management, the current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amounts at which they are stated in the Balance Sheet and provisions for all known liabilities have been made as at the year end.

d) Balance of Creditors, Debtors, Unsecured Loans and Advances are subject to confirmation and reconciliation thereof, if any.

e) The Company is not required to give any quantitative and value-wise information in respect of purchase, con- sumption, turn over, stocks etc. as the same is exempted vide Notification No. S.O. 301 (E) dated 8th February, 2011 issued under Saction 211 (3) of The Companies Act 1956 by the Ministry of Corporate affairs, Govt. of India.

g) Amout payable to the undertakings registered under The Micro, Small and Medium Enterprises Development Act, 2006 as on 31st March, 2014 is NIL (to the extent information available with the Management)..

h) Earning in Foreign Exchange : Rs. 1.94 Lacs through realization under credit cards (Previous year Rs. 3.13 Lacs) Expenditure in foreign currency: Rs. Nil. (Previous year Rs. Nil)

Note : (2) Details of remuneration to Managing Director & Joint Managing Director are given in the note ''i'' in the notes to Accounts

(3) Figures in brackets are in respect of Previous Year

a) The Company is exclusively engaged in the business of hoteliering. This, in the context of Accounting Standard 17 on Segment Reporting is considered to continue one single primary segment and accordingly no segment information as required under Accounting Standard 17 is furnished.

b) Previous year''s figures have been re-grouped / re-arranged wherever necessary.


Mar 31, 2013

A) Contingent Liability : Rs. 71.220/- in respect of water charges payable to Maharashtra Jeevan Pradhikaran. (MJP).

b) Capital Commitment : Estimated amount of contracts remaining to be executed on account of capital account is Rs. Nil.

c) Miscellaneous income (net) includes Rs. 6,14,637/- (previous year Rs. 13,32,639/-) advances received from parties towards the booking of hotel rooms remains unutilised hence forfeited.

d) In the opinion of the management, the current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amounts at which they are stated in the Balance Sheet and provisions for all known liabilities have been made as at the year end.

e) Balance of Creditors, Debtors, Unsecured Loans and Advances are subject to confirmation and reconciliation thereof, if any.

f) The Company is not required to give any quantitative and value–wise information in respect of purchase, consumption, turn over, stocks etc. as the same is exempted vide Notification No. S.O. 301 (E) dated 8th February, 2011 issued under Saction 211 (3) of The Companies Act 1956 by the Ministry of Corporate affairs, Govt. of India.

g) Amout payable to the undertakings registered under The Micro, Small and Medium Enterprises Development Act, 2006 as on 31st March, 2013 is NIL (to the extent information available with the Management).

h) Earning in Foreign Exchange : Rs. 1.63 Lacs through realization under credit cards (Previous year Rs. 3.13 Lacs) Expenditure in foreign currency: Rs. Nil. (Previous year Rs. Nil)

j) Remuneration paid to Managing Director and Joint Managing Director :

j) Related Party Disclosure :

(k) Relationship :

(a) Parties where control exists : Nil

(b) Other parties with whom the Company has entered into transaction or not during the year – Associates:

Vandeep Holdings Pvt. Ltd. Vandeep Developers LLP. Vandeep Hotels Pvt. Ltd. Matheran Ropeway Pvt. Ltd.

(c) Key Management Personnel :

Mr. Vinaychand Kothari (Chairman & Managing Director) Mr. Dilip V. Kothari (Joint Managing Director)

(d) Relatives of Key Management Personnel : Mrs. Meena V. Kothari

Mrs. Neelam D. Kothari Mr. Parasmal Kothari

l) The Company is exclusively engaged in the business of hoteliering. This, in the context of Accounting Standard 17 on Segment Reporting is considered to continue one single primary segment and accordingly no segment information as required under Accounting Standard 17 is furnished.

m) Previous year''s figures have been re-grouped / re-arranged wherever necessary.


Mar 31, 2012

A) During the year, each Equity shares of Rs 10/- each has been sub divided into Five Equity share of Rs 2/- each

b) 12% Non-Cumulative Preference Shares of Rs.10/- each to be redeemed on or before 27th June, 2019 but not later than 27th June, 2019.

a) Contingent Liability : Nil

b) Capital Commitment : Estimated amount of contracts remaining to be executed on account of capital account is Rs. 7 Lakh approx.

c) (i) Miscellaneous income (net) includes Rs.13,32,639/- (previous year Rs. 9,94,639/-) advances received from parties towards the booking of hotel rooms remains unutilized hence forfeited.

(ii) During the year fraud of cash for Rs. 6.43 lakhs by an ex-employee of the company had been done, against which company has initiated appropriate legal action.

d) In the opinion of the management, the current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amounts at which they are stated in the Balance Sheet and provisions for all known liabilities have been made as at the year end.

e) Balance of Creditors, Debtors, Unsecured Loans and Advances are subject to confirmation and reconciliation thereof, if any.

f) The Company is not required to give any quantitative and value-wise information in respect of purchase, consumption, turn over, stocks etc. as the same is exempted vide Notification No. S.O. 301 (E) dated 8th February, 2011 issued under Section 211 (3) of The Companies Act 1956 by the Ministry of Corporate affairs, Govt. of India.

g) Amount payable to the undertakings registered under The Micro, Small and Medium Enterprises Development Act, 2006 as on 31st March, 2012 is NIL (to the extent information available with the Management)..

h) Earning in Foreign Exchange : Rs. 3.13 Lacs through realization under credit cards (Previous year Rs. 3.26 Lacs) Expenditure in foreign currency: Rs. Nil. (Previous year Rs. Nil)

i) Related Party Disclosure :

(As identified & certified by The Management of the Company)

(j) Relationship :

(a) Parties where control exists : Nil

(b) Other parties with whom the Company has entered into transaction or not during the year - Associates: Vandeep Holdings Pvt. Ltd.

Vandeep Developers Pvt. Ltd.

Vandeep Hotels Pvt. Ltd.

Matheran Ropeway Pvt. Ltd.

(c) Key Management Personnel :

Mr. Vinaychand Kothari (Chairman & Managing Director)

Mr. Dilip V. Kothari (Joint Managing Director)

(d) Relatives of Key Management Personnel :

Mrs. Meena V. Kothari

Mrs. Neelam D. Kothari Mr. Parasmal Kothari

Note : (1) Details of remuneration to Managing Director & Joint Managing Director are given in the note 'J' in the notes to Accounts

(2) Figures in brackets are in respect of Previous Year

The Company is exclusively engaged in the business of hoteliering. This, in the context of Accounting Standard 17 on Segment Reporting is considered to continue one single primary segment and accordingly no segment information as required under Accounting Standard 17 is furnished.

k) Previous year's figures have been re-grouped / re-arranged wherever necessary.

Notes

1.Cash flow statement has been prepared following the indirect method

2. Proceeds from Short/Long terms and other borrowing are shown net of repayment

3. Figures in brackets represents outflow.

4. Previous year's figures have been regrouped / reclassified wherever applicable.


Mar 31, 2010

A) Miscellaneous income includes Rs. 12,63,099/- (previous year Rs. 8,55,453/-) advances received from parties towards the booking of hotel rooms,remains unutilised hence forfeited.

b) In the opinion of the management, the current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amounts at which they are stated in the Balance Sheet and provisions for all known liabilities have been made as at the year end.

c) Balance of Creditors, Debtors, Unsecured Loans and Advances are subject to confirmation and reconciliation thereof, if any.

d) In line with the industry practice, the Quantitative details of turnover and consumption have not been disclosed as the same is not practicable. The Company is in the process of making application seeking exemption under para 3 (i) (a) and 3 (ii) (d) of Part II, Schedule VI of The Companies Act 1956.

e) Payment to Auditors :

f) Amout payable to the undertakings registered under The Micro, Small and Medium Enterprises Development Act, 2006 as on 31s* March, 2010 is NIL (to the extent information available with the Management)..

g) Earning in Foreign Exchange : Rs. 2.02 Lacs through realization under credit cards

(Previous year Rs. 5.10 Lacs) Expenditure in foreign currency: Rs. Nil. (Previous year Rs. 0.29 Lacs)

h) Remuneration paid to Managing Director and Joint Managing Director:

j) Related Party Disclosure :

As identified & certified by The Management of the Company) (I) Relationship :

(a) Parties where control exists : Nil

(b) Other parties with whom the Company has entered into transaction or not during the year - Associates:

Vandeep Holdings Pvt. Ltd. Vandeep Developers Pvt. Ltd. Vandeep Hotels Pvt. Ltd. Matheran Ropeway Pvt. Ltd.

(c) Key Management Personnel :

Mr. Vinaychand Kothari (Chairman & Managing Director) Mr. Dilip V. Kothari (Joint Managing Director)

(d) Relatives of Key Management Personnel: Mrs. Meena V. Kothari Mrs. Neelam D. Kothari Mr. Parasmal Kothari

Note : (1) Details of remuneration to Managing Director & Joint Managing Director are given in the note H in the notes to Accounts (2) Figures in brackets are in respect of Previous Year

k) The Company is exclusively engaged in the business of hoteliering. This, in the context of Accounting Standard 17 on Segment Reporting is considered to continue one single primary segment and accordingly no segment information as required under Accounting Standard 17 is furnished.

l) Provision for Income Tax in shown net of Income Tax paid Rs. 22,99,199/- During the year. n) Previous years figures have been re-grouped / re-arranged wherever necessary.

The abstract & general profile of the company is enclosed herewith. Signature to Schedules 1 to 17

For and on behalf of the Board

Vinaychand Kothari - Chairman & Managing Director

Oilip V. Kothari - Joint Managing Director

Dr. R. K. Baxl - Director

Mangal S. Chheda - Director

Manohar R. Tambat - Director

Mehernoz C. Dangore - Director

Notes :-

1 .Cash flow statement has been prepared following the indirect method

2. Proceeds from Short/Long terms and other borrowing are shown net of repayment

3. Figures in brackets represents outflow.

4. Previous years figures have been regrouped / reclassified wherever applicable.

Dilip V. Kothari - Joint Managing Director Dr. R. K. Baxi - Director

Mangal S. Chheda - Director

Manohar R. Tambat - Director

Mehemoz C. Dangore - Director

 
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