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Notes to Accounts of Gujarat Hotels Ltd.

Mar 31, 2015

A) The Company was allotted 8200 sq Mtrs of land at Vadodara in 1984 and an additional land of 2548 sq mtrs in 1989 at R C Dutt Road, Alkapuri, Vadodara through GIIC for 30 years. As per the sub - lease agreement, after first 15 years the lease rent was to be fixed at 15% of the revised valuation of the land and the said revision was to be arrived at by mutual agreement between the State Government and the Company or else through arbitration. In June 2010, the Company has received a demand from the State Government to pay arrears of lease rental (i.e. revised rentals for next 15 years of the agreement) based on an arbitrary calculation. The Company has invoked arbitration in Gujarat High Court and has also applied for an interim order against the demand in the Vadodara Civil Court. The High Court of Gujarat has passed an order on July 22, 2011 appointing Hon'ble Justice C.K. Thakker (Retd.) as the sole arbitrator for this case for which the proceedings are in progress. Meanwhile the State Government & GIIC have confirmed in the Civil Court at Vadodara that no coercive action would be taken on the basis of demand notice against the Company. In view of the same no outflow is expected till the arbitration is decided.

B) For the year ended 31st March, 2015, dividend of Rs. 1,32,56,303/- (LY-Rs. 1,32,56,303/-) proposed to be distributed to equity shareholders. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

The amount of per share dividend proposed for distribution to equity shareholders for the year ended 31st March, 2015 isRs.3.50 pershare (LY-Rs.3.50 pershare).

C) There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days during the year and also as at 31st March, 2015. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

D) The Company operates in one segment i.e. Hoteliering.

E) Related party disclosures under Accounting Standard 18

i) Related parties with whom transactions have taken place during the year. ITC Limited, company of which the Company is an Associate

ii) Key Management Personnel Board of Directors Nakul Anand Chandrasekhar Subrahmoneyan (Till 19th January, 2015) Arun Pathak Rohitbhai Chinubhai Mehta Cheruvettolil Kochukoshy Koshy Mahalinga Narayanan Devkanya Roy Choudhury (Effective 19th January, 2015)


Mar 31, 2014

1. Cash Flow from Financing Activies

(1) The above Cash Flow Statement has been prepared under the "Indirect Method" as set out in Accounting Standard - 3 "Cash Flow Statements".

(2) Cash and Cash Equivalents include balance of Rs. 42,36,600/- (2013 Rs. 38,33,462/-) in Statutory Restricted Accounts which are not available for use by the Company.

2. SHARE CAPITAL

Rights, Preferences and Restrictions attached to the Equity Shares

The Equity Shares of the Company, having par value of Rs. 10 per share, rank pari passu in all respects including entitlement to dividend. Repayment of Capital in the event of the winding up of the Company will inter alia be subject to the provisions of the Articles of Association of Company and as may be as determined by the Company in General Meeting, prior to such winding up.

3. ADDITIONAL NOTES TO THE FINANCIAL STATEMENTS

A) The Company was allotted 8200 sq Mtrs of land at Vadodara in 1984 and an additional land of 2548 sq mtrs in 1989 at R C Dutt Road, Alkapuri, Vadodara through GIIC for 30 years. As per the sub - lease agreement, after first 15 years the lease rent was to be fixed at 15% of the revised valuation of the land and the said revision was to be arrived at by mutual agreement between the State Government and the Company or else through arbitration. In June''10, the Company has received a demand from State Government to pay arrear lease rental (i.e. revised rentals for next 15 years of agreement) based on an arbitrary calculation. The Company has invoked arbitration in Gujarat High Court and has also applied for an interim order against the demand in the Vadodara Civil Court. The High Court of Gujarat has passed an order on July 22, 2011 appointing Hon''ble Justice C.K. Thakker (Retd.) as the sole arbitrator for this case for which the proceedings are on. Meanwhile the State Government & GIIC have confirmed in the Civil Court at Vadodara that no coercive action would be taken on the basis of demand notice against the Company. In view of the same no outflow is expected till the arbitration is decided.

B) For the year ended 31st March 2014, dividend of Rs. 1,32,56,303/- (LY - Rs. 1,32,56,303/-) proposed to be distributed to equity shareholders. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

The amount of per share dividend proposed for distribution to equity shareholders for the year ended 31st March 2014 is Rs. 3.50 per share (LY - Rs. 3.50 per share).

C) There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days during the year and also as at 31st March, 2014. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

D) The Company operates in one segment i.e. Hoteliering. However, interest income arising from deposits and dividend income/ gain from Investments in Mutual Funds made out of cash surplus from operations has been shown under Other Income.

E) Previous Year''s figures have been regrouped/ reclassified wherever necessary to correspond with the current years classification/ disclosure.


Mar 31, 2013

A) The Company was allotted 8200 sqMtrsof land at Vadodara in 1984 and an additional land of 2548 sq m t rs in 1989 at RC Dutt Road, Alkapuri, Vadodara through GIIC for 30 years. As per the sub- lease agreement, after first 15 years the lease rent was to be fixed at 15% of the revised valuation of the land and the said revision was to be arrived at by mutual agreement between the State Government and the Company or else through arbitration. In June''10, the Company has received a demand from State Government to pay arrear lease rental (i.e. revised rentals for next 15 years of agreement) based on an arbitrary calculation. The Company has invoked arbitration in Gujarat High Court and has also applied for an interim order against the demand in the Vadodara Civil Court. The High Court of Gujarat has passed an order on July 22, 2011 appointing Hon''ble Justice C.K. Thakker (Retd.) as the sole arbitrator for this case for which the proceedings are on. Meanwhile the State Government & GIIC have confirmed in the Civil Court at Vadodara that no coercive action would be taken on the basis of demand notice against the Company. In view of the same no outflow is expected till the arbitration is decided.

B) For the year ended 31st March 2013, dividend of Rs. 1,32,56,303/- (LY - Rs. 1,23,09,424/-) proposed to be distributed to equity shareholders. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

The amount of per share dividend proposed for distribution to equity shareholders for the year ended 31st March 2013 isRs.3.50 pershare (LY-Rs.3.25 pershare)

C) There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days during the year and also as at 31st March, 2013. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

D) The Company operates in one segment i.e. Hoteliering. However, interest income arising from deposits and dividend income/ gain from Investments in Mutual Funds made out of cash surplus from operations has been shown under Other Income.

E) Related party disclosures under Accounting Standard 18

i) Related parties with whom transactions have taken place during the year.

ITC Limited, company of which the Company is an Associate

ii) Key Management Personnel Board of Directors Nakul Anand

Prafull Indulal Bhuva (retired on 8th August, 2012) Cheruvettolil Kochukoshy Koshy Rohitbhai Chinubhai Mehta Mahalinga Narayanan Arun Pathak Chandrasekhar Subrahmoneyan

iii) Summary of transactions during the year

F) Previous Year''s figures have been regrouped/ rearranged wherever necessary to conform with the revised presentation.


Mar 31, 2012

Rights, preferences and restrictions attached to the Equity Shares

The Equity Shares of the Company, having par value of Rs 10/- per share, rank pari passu in all respects including entitlement to dividend. Repayment of Capital in the event of the winding up of the Company will inter alia be subject to the provisions of the Articles of Association of Company and as may be as determined by the Company in General Meeting, prior to such winding up.

1 ADDITIONAL NOTES TO THE FINANCIAL STATEMENTS

I) The Company was allotted 8200 sq mtrs of land at Vadodara in 1984 and an additional land of 2548 sq mtrs in 1989 at R C Dutt Road, Alkapuri, Vadodara through GIIC for 30 years. As per the sub - lease agreement, after first 15 years the lease rent was to be fixed at 15% of the revised valuation of the land and the said revision was to be arrived at by mutual agreement between the State Government and the Company or else through arbitration. In June'10, the Company has received a demand from State Government to pay arrear lease rental (i.e. revised rentals for next 15 years of agreement) based on an arbitrary calculation. The Company has invoked arbitration in Gujarat High Court and has also applied for an interim order against the demand in the Vadodara Civil Court. The High Court of Gujarat has passed an order on July 22, 2011 appointing Hon'ble Justice C K Thakker (Retd.) as the sole arbitrator for this case for which the proceedings are on. Meanwhile, the State Government & GIIC have confirmed in the Civil Court at Vadodara that no coercive action would be taken on the basis of demand notice against the Company. In view of the same no outflow is expected till the arbitration is decided.

II) For the year ended 31st March, 2012, dividend of Rs 1,23,09,424/- (LY - Rs 1,13,62,545/-) proposed to be distributed to equity shareholders. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

The amount of per share dividend proposed for distribution to equity shareholders for the year ended 31st March, 2012 is Rs 3.25 per share (LY - Rs 3.00 per share)

b) Amount towards Defined Contribution Plans have been recognized under "Contribution to Provident and Other Funds" in Note No.17 : Rs 30.86 lacs (2011 - Rs 25.97 lacs). Such amount includes Rs 6.25 lacs (2011 - Rs 3.79 lacs) charged to P&L for contribution to Group Gratuity Scheme with Life Insurance Corporation of India.

IV) There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days during the year and also as at 31st March, 2012. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

VI) The Company operates in one segment i.e. Hoteliering . However, interest income arising from deposits and dividend income/ gain from Investments in Mutual Funds made out of cash surplus from operations has been shown under Other Income.

VIII) Previous Year's figures have been regrouped/ rearranged wherever necessary to conform with the revised presentation.


Mar 31, 2011

I) Retirement benefits in respect of Employees of the Company is provided for based upon actuarial valuation as at the date of Balance Sheet.

II) The Company operates in one segment i.e. hoteliering. However, interest income arising from deposits made out of cash surplus from operations has been shown under Other Income.

III) The Company was allotted 8200 sq Mtrs of land at Vadodara in 1984 and an additional land of 2548sq mtrs in 1989 at R C Dutt Road, Vadodara through GIIC for 30 years. As per the sub - lease agreement, after first 15 years the lease rent was to be fixed at 15% of the revised valuation of the land and the said revision was to be arrived at by mutual agreement between the State Government and GHL or else through arbitration. In June10, the Company has received a demand from State Government to pay arrear lease rental (i.e. revised rentals for next 15 years of agreement) based on an arbitrary calculation. The Company has invoked arbitration in Gujarat High Court and has also applied for an interim order against the demand in the Vadodara Civil Court. The Gujarat High Court is yet to appoint an arbitrator. Meanwhile the State Government & GIIC have confirmed in the Civil Court at Vadodara that no coercive action would be taken on the basis of demand notice against the Company. In view of the same, at this stage, the Company considers the possibility of an outflow as remote.

V) The outstanding liabilities as at the close of the year do not include any amounts due to any Micro, Small and Medium scale industrial under taking as defined under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006.

VI) Previous Years figures have been regrouped/ rearranged wherever necessary.


Mar 31, 2010

I) Retirement benefits in respect of Employees of the Company is provided for based upon actuarial valuation as at the date of Balance Sheet.

II) The Company operates in one segment i.e. hoteliering. However, interest income arising from deposits made out of cash surplus from operations has been shown under other Income.

III) Related Party Disclosures under Accounting Standard 18

i) Related parties with whom transactions have taken place during the year. Investing Party : ITC Limited

a) Sale of Services to WelcomHotel Vadodara - Rs. 3,21,89,886/-

b) Purchase of Services from ITC Maurya Sheraton - Rs. 1,68,235/-

c) Expenses Recovered from WelcomHotel Vadodara - Rs. 33,07,407/-

d) Dividend Payments to ITC Limited - Rs. 43,34,768/-

e) Balance amount due from WelcomHotel Vadodara as on 31.03.2010 - Rs. 29,34,004/- ii) Key Management Personnel

Board of Directors Nakul Anand Prafull I Bhuva Rohit C Mehta S C Sekhar Ashok K Tandon C K Koshy M Narayanan

IV) The outstanding liabilities as at the close of the year do not include any amounts due to any Micro, Small and Medium scale industrial under taking as defined under section 22 of the Micro, Small and Medium Enterprises Development Act, 2006.

V) Previous Years figures have been regrouped / rearranged wherever necessary.

 
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