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Notes to Accounts of Fomento Resorts & Hotels Ltd.

Mar 31, 2015

1. The company has made application for compounding of offence under section 621A read with section 297(1) of the Companies Act, 1956 in respect of service contract entered into with a Private Limited company for the period from 1st April to 30th June 2010, for which prior approval of the Central Government was not obtained.

2. Balances in Trade receivables, Trade payables and Loans & advances are subject to confirmation.

3. Corporate Social Responsibility

As per Section 135 of the Companies Act, 2013, a corporate social responsibility (CSR) committee has been formed by the Company. The areas for CSR activities are promoting education, art and culture, healthcare and destitute care. The funds were made available through a charitable trust i.e. "Ashiyana" and utilized throughout the year on these activities which are specified in Schedule VII of the Companies Act, 2013.

4. Previous year's figures have been regrouped and rearranged wherever necessary to conform to the current year's figures.


Mar 31, 2014

Notes :

1. Unclaimed dividend for a period of 7 years will be transferred to IEPF as per provision of section 205 of the Companies Act 1956.

2. Other bank balances include Rs.38 lakhs (Previous year: Rs. 38 lakhs) representing margin money for bank guarantees issued by bank

3. Fixed Deposits with banks having a maturity period of more than 12 months Rs. 1046.97 lakhs (Previous Year: Rs. 1225.83 lakhs)

Contingent Liabilities:

a) Claims against the company not acknowledged as debt:Rs.35.38 Lakhs (Previous year: NIL)

b) Other monies for which the Company is contingently liable:

Particulars As at As at 31st March 2014 31st March 2013 (Rs. In Lakhs) (Rs. In Lakhs)

(i) Disputed Expenditure Tax Liability 676.88 676.88

(ii) Bank Guarantee 38.00 38.00

(iii) Income Tax 11.34 5.04

(iv) Disputed ESIC claim 33.35 -

The Company has not recognized any loss on impairment in respect of assets of the Company as required in terms of Accounting Standard 28 on "Impairment of assets", since in the opinion of the management the reduction in value of any assets, to the extent required, has already been provided for in the books.

The company has made application for compounding of offence under section 621A read with section 297(1) of the Companies Act, 1956 in respect of service contract entered into with a Private Limited company for the period from 1st April to 30th June 2010, for which prior approval of the Central Government was not obtained.

Inventories have been valued on the same basis as in the previous year, excepting the description of the mode of valuation. This change has no impact on the profit of the company for the current year as the valuation was in fact done on "Moving Weighted Average" method in the previous year.

Cost of food and beverages and supplies consumed includes Rs.105.48 Lakhs relatable to unserviceable, non moving and damaged stock of linen.

Notes:

1. Cash and Cash Equivalents represent cash and bank balance.

2. Additions to fixed assets are stated inclusive of movements of capital work-in-progress between the beginning and end of the year and treated as part of investing activities.

3. Previous year''s figures have been re-grouped and re-arranged wherever necessary to conform to the current year''s figures


Mar 31, 2013

Basis of preparation

The financial statements of the Company are prepared under the historical cost convention on accrual basis of accounting in all material respects in accordance with the applicable accounting standards and the provisions of the Companies Act, 1956. The accounting policies have been consistently applied by the Company during the year.

1. Balance in Sundry Debtors, Creditors and other advances are subject to confirmation.

2. Sundry Debtors include an amount of Rs.74.67 lakhs (Previous Year Rs. 119.08 lakhs) due from companies in which some of the Directors are common.

3. The estimated amount of contracts remaining to be executed on Capital Account not provided for Rs. 3954.72 lakhs (Previous Year 109.07 lakhs)

4. Contingent Liabilities:

a) Claims against the company not acknowledged as debt: NIL (Previous year: NIL)

b) Other monies for which the Company is contingently liable:

Particulars As at As at 31st March 2013 31st March 2012 (Rs in lakhs) (Rs in lakhs)

(i) Disputed Expenditure Tax Liability 676.88 676.88

(ii) Bank Guarantee 38.00 113.53

(iii) Income Tax 5.04 5.04

5. The Company has not recognized any loss on impairment in respect of assets of the Company as required in terms of Accounting Standard 28 on "Impairment of assets", since in the opinion of the management the reduction in value of any assets, to the extent required, has already been provided for in the books.

6. The company has made application for compounding of offence under section 621A read with section 297(1) of the Companies Act, 1956 in respect of service contract entered into with a Private Limited Company for the period of 1 April to 30 June 2010, for which prior approval of the Central Government was not obtained.

7. Previous year''s figures have been re-grouped and re-arranged wherever necessary to conform to the current year''s figures.


Mar 31, 2012

Basis of preparation

The financial statements of the Company are prepared under the historical cost conven- tion on accrual basis of accounting in all material respects in accordance with the appli- cable accounting standards and the provisions of the Companies Act, 1956. The account- ing policies have been consistently applied by the Company during the year.

1. Balance with scheduled bank include Rs. 38 lakhs (March 31,2011: Rs 38 lakhs) represents margin money for bank guarantees issued by bank.

2. Unclaimed dividend for a period of 7 years will be transferred to IEPF as per provision of sectioi 205 of the Companies Act 1956.

3. Fixed Deposits with bank having a maturity period of more than 12 months Rs. 635.47 lakhi (March 31, 2011: Rs. 171.61 lakhs)

4. Balance in Sundry Debtors, Creditors and other advances are subject to confirmation.

5. Sundry Debtors include an amount of Rs. 119.08 (Previous Year Rs. 80.80) due from companies in which some of the Directors are common.

6. The estimated amount of contracts remaining to be executed on Capital Account not provided for Rs. 109.07 (Previous Year 184.63)

7. Contingent Liabilities:

a) Claims against the company not acknowledged as debt: NIL (Previous year: NIL)

b) Other monies for which the Company is contingently liable:

Current Year Previous Year Particulars (Rs in lakhs) (Rs in lakhs)

(i) Disputed Expenditure Tax Liability 676.88 676.88

(ii) Bank Guarantee 113.53 113.53

(iii) Income Tax 5.04 0.00



8. The Company has not recognized any loss on impairment in respect of assets of th Company as required in terms of Accounting Standard 28 on "Impairment of assets1 since in the opinion of the management the reduction in value of any assets, to the exter required, has already been provided for in the books.

9. The company has made application for compounding of offence under section 621A read with section 297(1) of the Companies Act, 1956 in respect of service contract entered into with a private limited company for the period of 1st April to 30' June 2010, for which prior approval of the Central Government was not obtained.

10. Previous year's figures have been re-grouped and re-arranged wherever necessary to conform to the current year's figures.


Mar 31, 2010

1. Capital work in progress represents advance payment / development and other expenses in respect of new projects amounting to Rs.11,78,74,814/- ( Previous year Rs.11,15,25,072/-).

2. Company is carrying on business of hotelier. Government of India, Department of Company Affairs vide their order No. 46/143/2009-CL-lll dated 20th May 2009 exempted from disclosure of quantitative details for the year ended 31sl March 2009,31st March, 2010 and 31st March, 2011. As required by the above order the following information is furnished.

3. Balance in Sundry Debtors, Creditors and other advances are subject to confirmation.

4. Sundry Debtors include an amount of Rs. 8521209/- (Previous Year Rs. 8797502/-) due from companies in which some of the Directors are common.

5. Sales are net of commission of Rs. 18449985 /- (Previous Year Rs. 23023834/-).

6. Based on the information available with the Company, there are no dues to micro and small enterprises under the Micro, Small and Medium Enterprises Development Act.

7. The company has made application for compounding of offence under section 621A read with section 297(1) of the Companies Act, 1956 in respect of service contract entered into with two private limited companies involving an amount of Rs. 62.61 lacs for which prior approval of the Central Government as required under proviso to the said section was not obtained.

8. The estimated amount of contracts remaining to be executed on Capital Account not provided for Rs 195,09,766 /- (Previous Year Rs267,06,102/-)

9. Contingent Liabilities:

a) Claims against the company not acknowledged as debt: NIL (Previous year: NIL)

b) Other monies for which the Company is contingently liable:

Current Year (Rs) Previous Year (Rs)

(Rs in lacs) (Rs in lacs)

(i) Disputed Expenditure Tax Liability 676.88 676.88

(ii) Bank Guarantee 113.53 153.16

10. The Company has not recognized any loss on impairment in respect of assets of the Company as required in terms of Accounting Standard 28 on "Impairment of assets" issued by the Institute of Chartered Accountants of India, since in the opinion of the management the reduction in value of any assets, to the extent required, has already been provided for in the books.

11 Previous years figures have been re-grouped and re-arranged wherever necessary to conform to the current years figures.

12 Information pursuant to Part IV of Schedule VI of the Companies Act, 1956, is enclosed separately.

13 Schedule A to T form an integral part of the Balance Sheet and Profit & Loss Account.