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Notes to Accounts of Gujarat Hotels Ltd.

Mar 31, 2018

A) 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 voting rights and entitlement to dividend.

B) There are no bonus issue or buy back of equity shares during the period of five years immediately preceding the reporting date.

1 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 (Gujarat Industrial Investment Corporation) on sublease for a period 30 years on which the Hotel Welcomhotel Vadodara was constructed. Lease term of land admeasuring 8200 Sq mtrs expired on 30.09.2014 and lease term of land admeasuring 2548 sq mtrs is valid till 30.11.2018.

The High Court of Gujarat in pursuance of Writ petition filed by Company in April 2013, passed an Order on December 24, 2014 restraining the State Government from disturbing the peaceful and actual possession of the Company over the hotel property in any manner. The writ petition is pending.

The Company has made necessary application to State Government for Conversion of land from Leasehold to Freehold or Extension of Lease, which is in process.

B. The Board of Directors of the Company recommended a dividend of Rs.3.50 per share (for the year ended 31st March, 2017 - dividend Rs.3.50 per share) be paid on fully paid equity shares. This equity dividend is subject to approval by shareholders at the Annual General Meeting.

The total equity dividend to be paid Rs.1,32,56,303 (for the year ended 31st March, 2017 - dividend Rs.1,32,56,303). Income tax on proposed dividend being Rs.27,24,873 (for the year ended 31st March, 2017 -Rs.26,98,671).

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 31^st March 2018. 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 and within one geographical segment i.e. India.

E. Defined Benefit Plan:

The Company has taken a Policy with Life Insurance Corporation of India (LIC) to cover the gratuity liability with respect to the employees and the premium paid to LIC is charged to Statement of Profit & Loss. The difference between the actuarial valuation of the gratuity with respect to employees at the year-end and the contribution paid to LIC is further adjusted in the books of accounts.

The accounting charge for benefits under the defined benefit obligation is calculated by independent actuary using the projected unit credit method.

All such Employee Benefit expenditure / provisions are reimbursed by the Licensee (ITC Limited) as per the Operating License Agreement, hence no effect on Statement of Profit & Loss and Other Comprehensive Income.

Risk Management

The defined Benefit Plan expose the company to risk of actuarial deficit arising out of investment risk, interest rate risk and salary cost inflation risk.

Investment Risks: This may arise from volatility in asset values due to market fluctuations and impairment of assets due to credit losses. These Plans primarily invest in debt instruments such as Government securities and highly rated corporate bonds - the valuation of which is inversely proportional to the interest rate movements. Interest Rate Risk: The present value of Defined Benefit Plans liability is determined using the discount rate based on the market yields prevailing at the end of reporting period on Government bonds. A decrease in yields will increase the fund liabilities and vice-versa.

Salary Cost Inflation Risk: The present value of the Defined Benefit Plan liability is calculated with reference to the future salaries of participants under the Plan. Increase in salary due to adverse inflationary pressures might lead to higher liabilities.

These Plans have a relatively balanced mix of investments in order to manage the above risks. The investment strategy is designed based on the interest rate scenario, liquidity needs of the Plans and pattern of investment as prescribed under various statutes.

I Sensitivity Analysis

The below Sensitivity Analysis are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the Defined Benefit liability recognised in the balance sheet. The methods and types of assumptions used in preparing the Sensitivity Analysis did not change compared to the prior period.

F. Amount towards Defined Contribution Plans have been recognized under Contribution to Provident and Other Funds in Note 18: Rs.39,83,444/- (2017- Rs.44,09,439/-)

G. Ministry of Corporate Affairs (MCA) has issued the Companies (Indian Accounting Standards) (Amendment) Rules, 2018 on 28th March, 2018 notifying new Standard Ind AS 115 âRevenue from Contracts with Customersâ. This Ind As is applicable for annual period beginning on or after 1st April, 2018. The Company expects that there will be no material impact on the financial statements resulting from the implementation of this standard.

2 Financial Instruments and Related Disclosures

I. Capital Management

The Company does not have borrowing and aims at maintaining a strong capital base so as to maintain adequate supply of funds towards future growth plans as a going concern.

II. Categories of Financial Instruments

The carrying amounts of trade payables, other financial liabilities, cash and cash equivalents, other bank balances, trade receivables and other financial assets are considered to be the same as their fair values due to their short term nature.

Fair value in Mutual fund has been considered as Level 1 as Hierarchy for the same are based on unadjusted prices in active market.

III. Liquidity Risk

The Company has current assets aggregate to Rs.28,34,75,635/- (2017- Rs.26,42,18,727/-) including Current Investments, Cash and cash equivalents and Other bank balances of Rs.26,25,65,943/- (2017- Rs.24,28,04,111/-) against an aggregate Current liability of Rs.1,27,30,077/- (2017- Rs.1,09,94,308/-) on the reporting date.

Further, while the Companyâs total equity stands at Rs.28,13,43,744/- (2017- Rs.26,40,06,115/-) and it has no borrowings. In such circumstances, liquidity risk or the risk that the company may not be able to settle or meet its obligations as they become due does not exist.

IV. Market Risk

The Company invests in mutual fund schemes of leading fund houses. Such investments are susceptible to market price risk that arise mainly from changes in interest rate which may impact the return and value of such investments. However, given the relatively short tenure of the underlying portfolio of the mutual fund schemes in which the company has invested, such price risk is not significant.

V. Credit Risk

The Companyâs deployment in financial instruments such as mutual funds and fixed deposit are made in high quality papers/counterparties.

The Company has receivable balances with ITC Limited under the Operating Service Agreement, which are generally short term in nature. Accordingly, the Company has concluded that no provision for expected credit loss is required.

3 Related Party Disclosures Related Party Transactions

i) Name of related parties and nature of relationships.

ITC Limited, company of which the Company is an Associate.

ii) Key Management Personnel :

Board of Directors

N Anand Chairman & Non-Executive Director

J Singh Non-Executive Director

R C Mehta Non-Executive Director

C K Koshy Non-Executive Director

M Narayanan Non-Executive Director

D R Choudhury Non-Executive Director

Mar 31, 2017

1. The Board of Directors of the Company recommended a dividend of Rs.3.50 per share (for the year ended 31st March, 2016 - dividend Rs.3.50 per share) be paid on fully paid equity shares. This equity dividend is subject to approval by shareholders at the Annual General Meeting.

The total equity dividend to be paid Rs.1,32,56,303 (for the year ended 31st March, 2016 - dividend Rs.1,32,56,303). Income tax on proposed dividend being Rs.26, 98,671 (for the year ended 31st March, 2016 - Rs.26,98,671).

2. 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 2017. 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.

3. The Company operates in one segment i.e. Hoteliering and within one geographical segment i.e. India.

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

5. The eligible employee(s) deputed from ITC Limited, have been granted stock options by ITC Limited under the ITC Employee Stock Option Schemes (ITC ESOS). These options vest over a period of three years from the date of grant and are exercisable within a period of five years from the date of vesting. Each option entitles the holder thereof to apply for and be allotted ten Ordinary Shares of ITC of Rs.1.00 each upon payment of exercise price. These options have been granted at ''market priceâ within the meaning of the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014. The fair value of the options granted is determined by ITC Limited, using the Black Scholes Option Pricing Model, for all the Optionees covered under the ITC ESOS as a whole.

The Company has recognized the cost of options granted, as stated above, as equity settled share based payment scheme in accordance with Ind AS 102 - Share Based Payment and the Company''s share of the cost of fair value of such options has been accounted for based on the advice / on-charge by ITC Limited. Accordingly, an amount of Rs.5.13 Lakhs (2016 : Rs.11.73 Lakhs) has been recognized as employee benefits expense and has been considered as deemed capital contribution, net of reimbursements, if any.

6. Ind AS 101 allows first-time adopters exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the following exemptions and exceptions in standalone financial statements:

7. Property, Plant and Equipment and Intangible assets were carried in the statement of financial position prepared in accordance with previous GAAP on 31^st March, 2015. The Company has elected to regard such carrying values as deemed cost at the date of transition.

8. In addition to the above, the principal adjustments made by the Company in restating its previous GAAP financial statements, including the balance sheet as at 1st April, 2015 and the financial statements as at and for the year ended 31st March, 2016 are detailed below:

9. Under previous GAAP, current investments were stated at lower of cost and fair value. Under Ind AS, these financial assets have been classified as Fair Value through Profit or Loss (FVTPL) on the date of transition and fair value changes after the date of transition has been recognized in profit or loss.

Mar 31, 2016

1. 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 on which the hotel Welcomhotel Vadodara was constructed. 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 received a demand from the State Government to pay arrears of lease rental (i.e. revised rentals for the next 15 years of the agreement). The Company invoked arbitration and the High Court of Gujarat by an order dated July 22, 2011 appointed Honâble Justice C.K. Thakker (Retd.) as the sole arbitrator for determining the revised valuation of land. Meanwhile the High Court of Gujarat passed an order on December 24, 2014 restraining the State Government from disturbing the peaceful and actual possession of the Company over the hotel property in any manner. After hearing all the parties, the Sole Arbitrator pronounced the Arbitral Award on February 11, 2016 determining the revised valuation at less than half of the valuation as contended by the State Government. On the basis of such determination, the differential lease rentals have been paid after adjusting lease rentals already paid prior to the Arbitral Award.

2. For the year ended 31 st March, 2016, 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, 2016 is Rs.3.50 per share (LY - Rs.3.50 per share).

3. Amount towards Defined Contribution Plans have been recognized under âContribution to Provident and Other Fundsâ in Note No.17: Rs.37,80,780/- (2015 - Rs.28,63,100/-). Such amount includes Rs.33,678/- (2015 - Rs.34,673/-) charged to Statement of Profit and Loss for contribution to Group Gratuity Scheme with Life Insurance Corporation of India.

4. 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, 2016. 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.

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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