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Notes to Accounts of CHL Ltd.

Mar 31, 2018

1. CORPORATE INFORMATION

CHL Limited (‘the Company”) is a public limited company domiciled in India and is listed on Bombay Stock Exchange (BSE). The Company is operating a Five Star Deluxe Hotel since 1982, presently named as “The Suryaa” in New Delhi.

2. BASIS OF PREPARATION

Ministry of Corporate Affairs notified roadmap to implement Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standard) Rules, 2016 as amended by the Companies (Indian Accounting Standard) (Amendment) Rule 2016. As per said roadmap, the company is required to apply Ind AS starting from the financial year beginning on or after 1st April 2016.

For the period up to and including the year ended 31st March 2017, the company prepared its financial statements in accordance with the Accounting Standard notified under section 133 of the Companies Act 2013 read together with Companies (Accounts) Rules 2014. These financial statements for the year ended 31st March 2018 are the first, the company has prepared in accordance with Ind AS.

(a) The financial statements are prepared on a historical cost basis except certain financial assets and liabilities which have been measured at fair value, defined benefit plans and contingent consideration. Historical cost is generally based on the fair value of consideration in exchange of goods and services.

(b) The preparation of these financial statements in conformity with the recognition and measurement principle of Ind AS requires management to make judgement, estimates and assumption that affect the reported balances of assets and liabilities as at the date of financial statement.

(c) The financial statements comprise a profit and loss account (income statement), statement of comprehensive income, balance sheet (statement of financial position), statement of changes in equity, statement of cash flows, and notes. Income and expenses, excluding the components of other comprehensive income, are recognised in the profit and loss account. Other comprehensive income is recognised in the statement of comprehensive income and comprises items of income and expense, that are not recognised in the profit and loss account as required or permitted by Ind AS.

(d) The preparation of financial statements in conformity with Indian Accounting Standards requires the use of estimates and assumptions. It also requires management to exercise its judgement in the process of applying the accounting policies adopted by the company. Although such estimates and assumptions are based on the directors'' best knowledge of the information available, actual results may differ from those estimates. The judgements and estimates are reviewed at the end of each reporting period, and any revisions to such estimates are recognised in the year in which the revision is made.

- Term Loan of Rs. 1500.00 lacs from Andhra Bank is repayable in equal installment within 7 years period and carry interest of 11.80% pa. Term Loan from Andhra Bank is secured by paripassu charge over entire fixed assets and exclusive charge on current assets.

- Foreign Currency Term Loan from Bank of Baroda (USD 5.00 million) is repayable in equal installment within 5 year period from 25-08-2016 and carry interest of LIBOR 3.25% p.a. Term Loan from Bank of Baroda is secured by paripassu charge over entire fixed assets.

- Loan against velicle obligations are secured by hypothecation of vehicles taken under hire purchare Lease. The loan is payable in equated monthly installments within 5 years period from the date of respective loan. The Finance Lease obligation includes amount financed by an NBFC for purchase of computers and repayable in 3 year form the date of respective loan in equated monthly statement.

**The Exim Bank had initiated the proceedings under IBC and filed a petition bearing no. CP IB - 392 (PB) / 2017 before Hon''ble National Company Law Tribunal (NCLT) against CHL Limited, being the Corporate Guarantor of the Loan. Though there was a dispute pending between CHL International before the Economic Court of Dushanbe. Vide order dated 11.01.2018 the NCLT dismissed the case filed by Exim Bank. Pursuant to the dismissal, the Exim Bank filed an appeal bearing No. Company Appeal (AT) (Insolvency) No. 51 of 2018 before Hon''ble Company Law Appellate Tribunal (NCLAT) and the same is pending adjudication

3. (i) Other advances are for business purposes and do-not carry interest.

(ii) Legal & Professional charges includes payment of auditors.

4. The Fixed Deposits are pledged with:

(i) Statutory Authorities - Rs.1.02 lacs (Rs. 1.02 lacs);

(ii) Against overdraft facilities - Rs 505.63 lacs (Rs. 475.00 lacs).

5. No depreciation has been provided on building, plant and machinery in NSEZ Noida as the same has not been put to use.

6. Lease rental on NSEZ Noida land has been paid. No Lease rental has been provided in financial statement in respect of Jaipur Land in the absence of any claim from the concerned authority.

7. Estimated amount of contracts remaining to be executed on capital account, net of advances:

In respect of the Company Rs.80 Lacs (previous year Rs. 1.07 lacs)

8. Debts due to or by the company, are generally unconfirmed by the parties and/or under reconciliation. In the opinion of the management the impact of adjustment on reconciliation is not likely to be significant.

9. In the opinion of the management, the assets of the company have a value on realization, in the normal course of business, at least equal to the amounts stated in the balance sheet.

10. MICRO AND SMALL ENTERPRISES

The company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence disclosure relating to the amounts unpaid at the year end with interest paid/payable under this Act has not been given.

11. EMPLOYEES BENEFITS

Defined Contribution Plans

Retirement benefit in the form of provident fund, family pension fund and ESI is a defined contribution scheme.

Defined Benefit Plans

In accordance with Ind AS 19, actuarial valuation was done in respect of Gratuity and Compensated absence-Earned Leave.

12. Details of Consumption & Purchase

The company is not required to give quantitative and value wise information in respect of, consumption; turnover, stock etc. as the same is exempted vide circular No. SO301(E) dated 08-02-2011 issued by Ministry of Corporate Affairs, Government of India.

13. Amount transferred to Investor Education and Protection Fund as required under section 125 of the Companies Act 2013 - Rs 3.11 lacs (Previous Year Rs.2.95 lacs)

14. FINANCIAL RISK MANAGEMENT

The Company''s financial risk management is an integral part of how to plan and execute the business strategies. The Company''s financial risk management policy is set by the Managing Board.

i. Credit Risk

(a) Credit risk on trade receivables is managed by ensuring that credit is extended to customers with an established credit history. To manage this, the Company periodically assess the financial reliability of customer taking into account the credit history, past experience and other relevant factors. Individual risk limits are set accordingly. In respect of walk-in customers, the Company does not allow any credit period and therefore is not exposed to any credit risk.

(b) Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor falling to engage in a repayment plant with the Company and the debt is greater than 2 years past due. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable dues. When recoveries are made, these are recognize in profit or loss.

The Company believes that no impairment allowance is necessary in respect of above mentioned financial assets, considering the marketable value of debtors.

Balance with banks are subject to very low credit risk due to good credit rating assigned to these banks.

ii. Liquidity risk

Liquidity risk is the risk that the company will encounter difficulty in meeting obligations associated with financial liabilities.

The board has developed a risk management framework for the management of the company''s short, medium and longterm liquidity requirements thereby ensuring that all financial liabilities are settled as they fall due. The company manages liquidity risk by continuously reviewing forecasts and actual cash flows, and maintaining banking facilities to cover any shortfalls.

iii. Capital Management

iv. For the purpose of the Company''s capital management, capital includes issued capital and all other equity reserves. The primary objective of the Company''s Capital Management is to maximize shareholder value. The Company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirement of the financial covenants.

The company monitors capital using gearing ratio, which is total debt divided by total capital plus debt.

15. FIRST TIME ADOPTION OF IND AS

These are the Company''s first financial statement prepared in accordance with Ind AS.

Accounting policies set out in note 2 have been applied in preparing the financial statement for the year ended March 31, 2018, the comparative information presented in these financial statements for the year ended March 31, 2017 and in the preparation of an opening Ind AS balance sheet as at April 1, 2016 (date of transition to Ind AS). In preparing its opening Ind AS balance sheet, the company has adjusted the amounts reported previously in financial statements prepared in accordance with the accounting standards notified under Companies (Accounting Standard) Rules, 2006 (as amended) and other relevant provisions of the Act.

Set out below the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind As.

A. Exemptions and exceptions availed A.1 Ind AS Optional exemptions

(a) Deemed Cost

Ind AS 101 permits a first time adopter to elect to continue with the carrying value for all of the property, plant and equipment as recognised in the financial statements as at the date of transition to Ind As, measured as per Indian GAAP and use that as its deemed cost as at the date of transition. This exemption can also be used for intangible assets covered under Ind AS 38 Intangible Assets.

(b) Investment in subsidiary, joint venture and associates

Ind AS 101 permits a first time adopter to measure its investment in subsidiary at deemed cost, which should be either:

(i) Fair value at the entity''s date of transition to Ind AS in its separate financial statement, or

(ii) Previous GAAP carrying amount at that date.

The Company has elected to measure in its separate financial statements all of its investment in subsidiary, joint venture and associates at their previous GAAP carrying amount on the date of transition.

(c) Classification and measurement of Lease Land

Ind AS 17 requires an entity to assess whether a contract or arrangement contains a lease. This assessment has to be carried out at the inception of the contract or arrangement. Ind AS 101 provides an option to make this assessment on the basis of facts and circumstances existing at the time of transition to Ind AS, except where the effect is expected to be not material. The company has elected to apply this exemption for such contracts/arrangements.

A.2 Ind AS - mandatory exceptions

(a) Estimates

Estimates made under Ind AS as at April 1, 2016 are consistent with the estimates under previous GAAP.

(b) Classification and measurement of financial assets:

Ind AS 101 requires an entity to assess classification and measurement of financial assets on the basis of the facts and circumstances that exist at the date of transaction to Ind AS

The company has classified all the financial assets on the basis of facts and circumstances that existed on the date of transition, i.e. April 1, 2016.

16. Segment Reporting:

The Company operates only in one reportable segment, i.e. Hospitality/Hotel Business.

17. Previous year''s figures have been regrouped and rearranged wherever necessary to make it comparable with the Current Years figures. All figures have been rounded off to nearest lac rupee.


Mar 31, 2016

1. Other advances are for business purposes and do-not carry interest.

2. The Fixed Deposits are pledged with:

i) Statutory Authorities - Rs.0.90 lacs (Rs. 0.90 lacs); and

ii) Against overdraft facilities - Rs. 680.00 lacs (Rs. 1856.84 lacs).

3. No depreciation has been provided on building, plant and machinery in NSEZ Noida as the same has not been put to use.

4. Lease rental on NSEZ Noida land has been partly paid. No Lease rental has been provided in financial statement in respect of Jaipur Land in the absence of any claim from the concerned authority.

5. Estimated amount of contracts remaining to be executed on capital account, net of advances:

In respect of the Company Rs. 30.00 Lacs (previous year Rs. 50.00 lacs)

6. Debts due to or by the company, are generally unconfirmed by the parties and/or under reconciliation. In the opinion of the management the impact of adjustment on reconciliation is not likely to be significant.

7. In the opinion of the management, the assets of the company have a value on realization, in the normal course of business, at least equal to the amounts stated in the balance sheet.

8. MICRO AND SMALL ENTERPRISES

The company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence disclosure relating to the amounts unpaid at the year end with interest paid / payable under this Act has not been given.

9. EMPLOYEES BENEFITS Defined Contribution Plans

Company''s contributions in respect of provident fund, family pension fund, employees state insurance and gratuity are included in “contributions to provident, gratuity and other funds in Schedule 11 hereof.

Defined Benefit Plans

In accordance with Accounting Standard 15, Company''s liability for compensated absences (on account of leave encashment benefit) on actuarial valuation was performed based on following assumption.

10. Details of Consumption & Purchase

The company is not required to give quantitative and value wise information in respect of, consumption; turnover, stock etc. as the same is exempted vide circular No. SO301(E) dated 08-02-2011 issued by Ministry of Corporate Affairs, Government of India.

11. Amount transferred to Investor Education and Protection Fund as required under section 205 C of the Companies Act 1956- Rs.1.58 lacs (Previous Year Rs. 1.70 lacs)

12. Previous year''s figures have been regrouped and rearranged wherever necessary to make it comparable with the Current Year’s figures. All figures have been rounded off to nearest lac rupee.


Mar 31, 2015

A) Equity shares allotted as fully paid Bonus shares for the period of five years immediately preceding 31s March 2015

NIL

B) Rights, preferences and restrictions attached to the Equity Shares

The company has one class of Equity Shares having a par value of Rs. 2/- each (Previous year par value of Rs. 2/- each). Each shareholder is eligible for one vote per share held.

* include a) Rs. 34.16 lacs repayable by 2015 and b) Rs. 1150.40 lacs repayable in 84 monthly installment spread over seven years starting from September 2014. Both loans carry interest at 12.25% pa and are secured by pari passu charge over entire fixed assets and exclusive charge on current assets.

** Foreign Currency Loan (ECB) of US$ 5 Million is repayable in 10 equal half yearsly installments starting from August 2015 and carry interest at LIOBR 3.25% pa. The loan is secured by first pari passu charge over fixed assets.

*** These are secured by Hypothecation of vehicles taken under lease. The loans are repayable in equated monthly installments within five years period from the date of respective loan.

2. Contingent liabilities not provided for in respect of

2014-2015 2013-2014 (Rs. in Lacs) (Rs. in Lacs)

i) Demands / Claims not acknowledged as debt or which are under litigation NIL NIL

ii) Bank Guarantees furnished NIL Rs. 25.00

iii) Disputed demands for taxes duties and other levies pending adjudication in appeal Rs. 306.03 Rs. 260.39

iv) Corporate Guarantee* US$325.00 US$265.00

* Corporate Guarantee has been given to Export Import Bank of India against loan of same value taken by the subsidiary of the company in addition to second charge on its fixed assets.

3. Other advances are for business purposes and do-not carry interest .

4. The Fixed Deposits are pledged with:

i) Statutory Authorities - Rs.0.90 lacs (Rs. 0.90 lacs);

ii) Banks against bank guarantee - NIL (Rs. 25.00 lacs); and

iii) Against overdraft facilities - Rs. 1856.84 lacs (Rs. 1756.84 lacs).

5. No depreciation has been provided on building, plant and machinery in NSEZ Noida as the same has not been put to use

6. Pursuant to the enactment of the Companies Act 2013 (The Act) the depreciation on tangible fixed assets has been provided on straight line method in accordance with the provisions of Schedule II of the Act except on carrying cost of assets as on 01-04-2014 as the technical assessment and review of useful life/residual value of the assets could not be completed. The consequential impact of non provision of depreciation as per Schedule II in respect of carrying cost of assets could not be determined.

7. Lease rent on NSEZ Noida land and Jaipur Land has neither been paid nor provided in the financial statements in the absence of any claim from the concerned authority.

8. Estimated amount of contracts remaining to be executed on capital account, net of advances:

In respect of the Company Rs. 50.00 Lacs (previous year Rs. 400.00 lacs)

9. Debts due to or by the company, are generally unconfirmed by the parties and/or under reconciliation. In the opinion of the management the impact of adjustment on reconciliation is not likely to be significant.

10. In the opinion of the management, the assets of the company have a value on realization, in the normal course of business, at least equal to the amounts stated in the balance sheet.

11. MICRO AND SMALL ENTERPRISES

The company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence disclosure relating to the amounts unpaid at the year end with interest paid / payable under this Act has not been given.

12. EMPLOYEES BENEFITS Defined Contribution Plans

Company's contributions in respect of provident fund, family pension fund, employees state insurance and gratuity are included in "contributions to provident, gratuity and other funds in Schedule 11 hereof.

Defined Benefit Plans

In accordance with Accounting Standard 15, Company's liability for compensated absences (on account of leave encashment benefit) on actuarial valuation was performed based on following assumption.

13. AS-17 on Segment Reporting is not applicable as the company is engaged only in hotel business and at one location.

14. Contribution to Political party: NIL (Previous Year NIL)

D. Remittance in Foreign Currency on account of Dividend to non resident shareholders Nil (Previous years Nil)

15. Amount transferred to Investor Education and Protection Fund as required under section 205 C of the Companies Act 1956- Rs.1.70 lacs (Previous Year Rs. 3.73 lacs)

16. Previous year's figures have been regrouped and rearranged wherever necessary to make it comparable with the Current Years figures. All figures have been rounded off to nearest lac rupee.


Mar 31, 2014

1A. Other advances are for business purposes and do-not carry interest .

2. The Fixed Deposits are pledged with:

i) Statutory Authorities - Rs.0.90 lacs (Rs. 2.85 lacs);

ii) Banks against bank guarantee –Rs. 25.00 lacs (Rs.67.00 lacs); and

iii) Banks against overdraft facilities–Rs.1756.84 lacs (Rs. 2176.84 lacs)

3. No depreciation has been provided on building, plant and machinery in NSEZ Noida as the same has not been put to use.

4. No lease rent on following has neither been paid nor provided in the financial statements in the absence of any claim from the concerned authority:

a. NSEZ Noida Land- b. Jaipur Land

5. Estimated amount of contracts remaining to be executed on capital account, net of advances. In respect of the Company Rs. 400.00 Lacs (previous year Rs. 22.96 lacs)

In respect of subsidiary Rs. 3000 lacs (previous yrar Rs. 3500/- lacs)

6. Debts due to or by the company, in some cases, are unconfirmed and/or under reconciliation. In the opinion of the management the impact of adjustment on reconciliation is not likely to be significant.

7. In the opinion of the management, the assets of the company have a value on realization, in the normal course of business, at least equal to the amounts stated in the balance sheet.

8. MICRO AND SMALL ENTERPRISES

The company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence disclosure relating to the amounts unpaid at the year end with interest paid / payable under this Act has not been given.

9. EMPLOYEES BENEFITS

Defined Contribution Plans

Company''s contributions in respect of provident fund, family pension fund, employees state insurance and gratuity are included in "contributions to provident, gratuity and other funds in Schedule 11 hereof.

Defined Benefit Plans

In accordance with Accounting Standard 15, Company''s liability for compensated absences (on account of leaveencashment benefit) on actuarial valuation was performed based on following assumption.

10. AS-17 on Segment Reporting is not applicable as the company is engaged only in hotel business and at one location.

11. Contribution to Political party: NIL (Previous Year NIL)

12. Related party transactions

Subsidiary Company CHL International

Associate Companies CHL (South) Hotels Limited

Key Management Personnel Dr. L.K.Malhotra Managing Director

Mr. Luv Malhotra Joint Managing Director

Mr. Gagan Malhotra Executive Director

Entities controlled by Directors or their relatives

Kyjol Projects Pvt Ltd.

Mela Hotels Limited

Sankalp Portfolio Investments Pvt Ltd.

United Exports

Ultima Leasing & Financing

13. Details of Consumption & Purchase

The company is not required to give quantitative and value wise information in respect of, consumption; turnover, stock etc. as the same is exempted vide circular No. SO301(E) dated 08-02-2011 issued by Ministry of Corporate Affairs, Government of India.

14. Amount transferred to investor education and protection fund as required under section 205 C of the Companies Act as Rs. 3.73 lacs (Previous Year Rs. 1.51 lacs)

15. Previous year''s figures have been regrouped and rearranged wherever necessary to make it comparable with the Current Years figures. All figures have been rounded off to nearest lac rupee.

16. Balance Sheet abstract and Company''s General Business profile


Mar 31, 2013

1. Contingent liabilities not provided for in respect of

2012-2013 2011-2012 (Rs. in lacs) (Rs.in lacs)

i) Demands / Claims not acknowledged as debt or which are under litigation(i) Rs. 10.00 Rs. 10.00

ii) Bank Guarantees furnished Rs. 67.00 Rs. 22.00

iii) Disputed demands for taxes duties and other levies pending adjudication in appeal Rs. 143.86 Rs. 299.65

iv) Corporate Guarantee(ii) US$ 180.00 US$ 180.00

i Rs. 6.08 lacs deposited in Delhi High Court as security.

ii Corporate Guarantee has been given to Export/Import Bank of India against loan of same value taken by the subsidiary of the company in addition to second charge on its fixed assets.

2. Other advances are for business purposes and do not carry interest

3. The Fixed Deposits are pledged with:

i) Statutory Authorities - Rs.2.85 lacs (Rs. 3.15 lacs);

ii) Banks against bank guarantee - Rs. 67.00 lacs (Rs. 22 lacs); and

iii) Banks against overdraft facilities - Rs. 2176.84 lacs ( Rs.2096.84 lacs).

4. No depreciation has been provided on building, plant and machinery in NSEZ Noida as the same has not been put to use.

5. No lease rent on following has neither been paid nor provided in the financial statements in the absence of any claim from the concerned authority:

a. NSEZ Noida Land

b. Jaipur Land

6. Estimated amount of contracts remaining to be executed on capital account, net of advances: In respect of the Company Rs. 22.96 Lacs (previous year Rs. 3.74 lacs)

7. Debts due to or by the company, in some cases, are unconfirmed and/or under reconciliation. In the opinion of the management the impact of adjustment on reconciliation is not likely to be significant.

8. In the opinion of the management, the assets of the company have a value on realization, in the normal course of business, at least equal to the amounts stated in the balance sheet.

9. MICRO AND SMALL ENTERPRISES

The company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence disclosure relating to the amounts unpaid at the year end with interest paid / payable under this Act has not been given.

10. EMPLOYEES BENEFITS

Defined Contribution Plans

Company''s contributions in respect of provident fund, family pension fund, employees state insurance and gratuity are included in "contributions to provident, gratuity and other funds in Schedule 11 hereof.

Defined Benefit Plans

In accordance with Accounting Standard 15, Company''s liability for compensated absences (on account of leave encashment benefit) on actuarial valuation was performed based on following assumption.

11. AS-17 on Segment Reporting is not applicable as the company is engaged only in hotel business and at one location.

12. Contribution to Political party: NIL (Previous Year Rs. 0.11 lacs)

13. Details of Consumption & Purchase

The company is not required to give quantitative and value wise information in respect of, consumption; turnover, stock etc. as the same is exempted vide circular No. SO301(E) dated 08-02-2011 issued by Ministry of Corporate Affairs, Government of India.

14. Amount transferred to investor education and protection fund as required under section 205 C of the Companies Act as Rs. 1.51 lacs (Previous Year Rs. 1.56 lacs)

15. Previous year''s figures have been regrouped and rearranged wherever necessary to make it comparable with the Current Years figures. All figures have been rounded off to nearest lac rupee.


Mar 31, 2012

A) Rights, preferences and restrictions attached to the Equity Shares

The company has one class of Equity Shares having a par value of Rs. 10 each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.

- Term Loan from The Hongkong & Shanghai Banking Corporation Ltd is repayable in equal instalment within 5 years from the date of respective loan i.e.by 2012-13 and it carries interest of 10.50% pa and the term loan is secured by pari passu charge over entire present & future Fixed Assets of the company.

- Term Loan from Andhra Bank is repayable in equal installment within 5 year period from the date of respective loan i.e. by 2015- 16 and carry interest of 12.25% p.a. Term Loan from Andhra Bank is secured by paripassu charge over entire fixed assets and exclusive charge on current assets.

- The Finance Lease obligations are secured by hypothecation of vehicles taken under Lease. The loan is payable in equated monthly instalments within 5 years period from the date of respective loan.

1. Contingent liabilities not provided for in respect of

2011-2012 2010-2011 (Rs. in lacs) (Rs.in lacs)

i) Demands / Claims not acknowledged as debt or which are under litigation 10.00* 10.00*

ii) Bank Guarantees furnished 22.00 22.00

iii) Disputed demands for taxes duties and other levies pending adjudication in appeal 299.65 438.95

* includes claim against which Security deposit for Rs. 6.08 lacs given to High Court.

2. MICRO AND SMALL ENTERPRISES

The company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence disclosure relating to the amounts unpaid at the year end with interest paid / payable under this Act has not been given.

3. No depreciation has been provided on building, plant and machinery in NSEZ Noida as the same has not been put to use.

4. Lease rental not provide in the financial statements in respect of:

a. NSEZ Noida land-Amount not determined

b. Jaipur (Rajasthan) land-Rs. 47.21 Lacs ( previous year Rs. 23.61 lacs)

5. Estimated amount of contracts remaining to be executed on capital account, net of advances:

In respect of the Company Rs. NIL (previous year Rs. 63.40 Lacs)

6. The amount represents the expenditure incurred till the year end on repair of assets damaged due to fire. The value of the claim lodged with the insurance company for the loss suffered in fire is Rs.53.40 Lacs, which amount has not been approved till the balance sheet date.

7. Debts due to or by the company, in some cases are unconfirmed and/or under reconciliation. In the opinion of the management the impact of adjustment on reconciliation is not likely to be significant.

8. In the opinion of the management, the assets of the company have a value on realization, in the normal course of business, at least equal to the amounts stated in the balance sheet.

9. The Fixed Deposit consists of pledged with:

i) Statutory Authorities - Rs.3.15 lacs;

ii) Banks against bank guarantee - Rs. 22.00 lacs; and

iii) Banks against overdraft facilities - Rs. 2096.84 lacs.

10. The Company has given corporate guarantee and created second charge on its fixed assets in favour of Export Import Bank of India against Term Loan of USD 180.00 Lacs granted by the bank to its subsidiary.

11. EMPLOYEES BENEFITS

Defined Contribution Plans

Company's contributions in respect of provident fund, family pension fund, employees state insurance and gratuity are included in "contributions to provident, gratuity and other funds in Schedule 11 hereof.

Defined Benefit Plans

In accordance with Accounting Standard 15, Company's liability for compensated absences (on account of leave encashment benefit) on actuarial valuation was performed based on following assumption.

12. AS-17 on Segment Reporting is not applicable as the company is engaged only in hotel business and at one location.

13. Contribution to Political party: Rs. 0.11 lacs (Previous Year Rs. 0.21 lacs)

14. Details of Consumption & Purchase

The company is not required to give quantitative and value wise information in respect of, consumption; turnover, stock etc. as the same is exempted vide circular No. SO301(E) dated 08-02-2011 issued by Ministry of Corporate Affairs, Government of India.

15. Amount transferred to investor education and protection fund as required under section 205 C of the Companies Act as Rs. 1.56 lacs (Previous Year Nil)

16. A. Out of "Income Tax Refundable", Rs. 172.82 Lacs has been adjusted against the disputed demands of taxes for earlier years, which demands are in appeals.

B. As against the current tax of Rs. 289.55 Lacs, taxes paid/deducted at source till the year end amounted to Rs. 490.01 Lacs, resulting in refundable of Rs. 200.42 lacs.

17. Previous year's figures have been regrouped and rearranged wherever necessary to make it comparable with the Current Years figures. All figures have been rounded off to nearest lac rupee.


Mar 31, 2011

1. Contingent liabilities not provided for in respect of 2010-2011 2009-2010 (Rs. in (Rs. in lacs) lacs)

i) Demands / Claims not acknow 10.00* 8.00* ledged as debt or which are under litigation

ii) Bank Guarantees furnished 22.00 NIL

iii) Disputed demands for taxes 438.95 568.34 duties and other levies pending adjudication in appeal

* includes claim against which Security deposit for Rs. 6.08 lacs given to High Court.

2. MICRO AND SMALL ENTERPRISES

The company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence disclosure relating to the amounts unpaid at the year end with interest paid / payable under this Act has not been given.

3. No depreciation has been provided on building, plant and machinery in NSEZ, Noida as the same has not been under use.

4. Estimated amount of contracts remaining to be executed on capital account, net of advances: In respect of the Company Rs. 63.40 lacs (previous year Rs. 30.35 lacs)

5. Debts due to or by the company, in some cases are unconfirmed and/or under reconciliation. In the opinion of the management the impact of adjustment on reconciliation is not likely to be significant.

6. In the opinion of the management, the assets of the company have a value on realization, in the normal course of business, at least equal to the amounts stated in the balance sheet.

7. The Fixed Deposit consists of Rs. 3.05 lacs pledged with Statutory Authorities and Rs. 2466.84 lacs with bank against overdraft facility.

8. Lease Renal for Jaipur Land has not been provided for the year.

9. The Company has given corporate guarantee and created second charge on its fixed assets in favour of Export Import Bank of India against Term Loan of Rs. 8500 Lacs granted by the bank to its subsidiary.

10. EMPLOYEES BENEFITS

Defined Contribution Plans

Company's contributions in respect of provident fund, family pension fund, employees state insurance and gratuity are included in “contributions to provident, gratuity and other funds in Schedule 11 hereof.

11. AS-17 on Segment Reporting is not applicable as the company is engaged only in hotel business and at one location.

12. Contribution to Political party: Rs. 0.21 lacs (Previous Year Rs. 5.00 lacs)

13. Related party transactions

- Subsidiary Company CHL International

- Associate Companies CHL (South) Hotels Limited

- Key Management Dr. L.K.Malhotra Chairman Personnel & Managing Director

Mr. Luv Malhotra Executive Director

- Entities controlled Kyjol Securities and Investments by Directors or their Pvt Ltd. relatives Mela Hotels Limited

Sunkalp Portfolio Investments Pvt Ltd.

United Exports

14. A. The company has been exempted vide order No. 46/222/2008/CL-III dated 05/02/2009 of Ministry of Company Affairs, Government of India u/s 211(4) of the Companies Act, 1956 from the disclosure of quantitative details of turnover, stocks, purchases, production and consumption of raw material for the financial years ended 31st March 2009, 31st March 2010 and 31st March 2011.

15. Amount transferred to investor education and protection fund as required under section 205 C of the Companies Act as Rs. NIL (Previous Year Nil)

16. Previous figures have been regrouped and rearranged wherever necessary to make it comparable with the Current Years figures. All figures have been rounded off to nearest lac rupee.


Mar 31, 2010

1. Contingent liabilities not provided for in respect of

2009-2010 2008-2009

(Rs. in lacs) (Rs. in lacs)

i) Demands / Claims not acknowledged as debt or which are under litigation 8.00* 8.00*

ii) Bank Guarantees furnished NIL 31.58

iii) Disputed demands for taxes duties and other levies pending adjudication 568.34 316.81

in appeal

* includes claim against which Security Deposit for Rs. 6.08 lacs given to High Court.

2. MICRO AND SMALL ENTERPRISES

The company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence disclosure relating to the amounts unpaid at the year end with interest paid / payable under this Act has not been given.

3. Depreciation on intangible asset viz computer software has been provided at straight line method. No depreciation has been provided on building, plant and machinery in NSEZ, Noida as the same has not been under use.

4. Estimated amount of contracts remaining to be executed on capital account, net of advances, is Rs. 30.35 Lacs (previous year 294.94 Lacs).

5 Debts due to or by the company, in some cases are unconfirmed and/or under reconciliation. In the opinion of the management the impact of adjustment on reconciliation is not likely to be significant.

6. In the opinion of the management, the assets of the company have a value on realization, in the normal course of business, at least equal to the amounts stated in the balance sheet.

7. The Fixed Deposit consist of Rs. 2.78 lacs pledged with State Government Authorities, Rs. 13.75 Lacs with Suppliers, Rs. 0.10 Lacs with Consumer Court and Rs. 1856.84 Lacs with bank against overdraft facility.

8. EMPLOYEES BENEFITS

Defined Contribution Plans

Companys contributions in respect of provident fund, family pension fund, employees state insurance and gratuity are included in "contributions to provident, gratuity and other funds in Schedule 11 hereof.

9. Related party transactions

- Subsidiary Company

- Associate Companies

- Key Management Personnel

- Entities controlled by Directors or their relatives

CHL International

CHL (South) Hotels Limited CHL Biotech Pvt. Ltd.

Dr. L.K.Malhotra Managing Director

Mr. Luv Malhotra Executive Director

Kyjol Entertainment Media Pvt Ltd.

Mela Hotels Limited

Malbros Capital Services Pvt Ltd.

On Track Technocrat Developer Pvt Ltd.

United Overseas

10. A. The company has been exempted vide order No. 46/222/2008/CL-III dated 05/02/2009 of Ministry of Company Affairs, Government of India u/s 211(4) of the Companies Act, 1956 from the disclosure of quantitative details of turnover, stocks, purchases, production and consumption of raw material for the financial years ended 31st March 2009, 31st March 2010 and 31st March 2011.

11. Amount transferred to investor education and protection fund as required under section 205 C of the Companies Act as Rs. NIL (Previous Year Nil)

12. Previous years figures have been regrouped and rearranged wherever necessary to make it comparable with the Current Years figures. All figures have been rounded off to nearest rupee.

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