Mar 31, 2015
Note 1. Micro and medium scale business entities.
In the absence of information received by the company about supplied
pertaining to the micro small & medium enterprises, as defined in the
micro, small and medium enterprises development Act 2006 to whom the
company owes on account of principal amount together with interest
including interest on delayed payments and accordingly no additional
disclosure have been made ln the opinion of the management, the above
information regarding micro, Small & Medium Enterprises has through
been determined, however no such parties could be identified on the
basis of information available with the company. This has been relied
upon by the auditors.
2. There were no Commodity contracts entered during the year and the
account confirmation with outstanding contracts with Anand rathi
Commodities Ltd. and Motilal Oswal Commodities Broker Pvt. Ltd. are not
available. Note 10 Contingent liability
a) Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. NIL (previous year Rs. NIL).
b) With regards to the service Tax, the demand from the department with
regards to the period Oct, 2004 to July 2006 regarding interest &
penalty is Rs7,07,394/- & Rs. 16,41,776/- respectively. The matter is
sub-judice with CIT appeals.
Note 14 The Sundry Balance of Creditors, Loans and Advances (either
debit or credit) and Other Liabilities are subject to confirmation.
Note 15 Since all the fixed assets have been sold until and there are
no other assets as per the management which are doubtful or value will
be diminished and therefore there is no requirement of impairment of
assets in accordance with AS-28 on Impairment of Assets issued by the
ICAI.
Also the going concern concept has been affected.
Note 16 In the opinion of the board, the Current Assets, Loans and
Advances have a value on realization in the ordinary course of business
at least equal to the amount at which they are stated in the balance
sheet and provisions for all the known liabilities have been made,
subject to and read with the notes, at the reasonable amounts.
Note 3. Deferred Tax Asset & Provision for Taxation
There are no other timing differences and therefore no deferred tax.
Note 4. The accounting year of the company i.e 31st March year ending
will be same as tax financial year. There is a Nil tax liability during
the year.
Note 5. The Company is making efforts to comply with the provision of
section 203(1 )
(ii) of the Companies Act, 2013 regarding appointment of whole time
Company Secretary and during the year company has appointed Company
Secretary, however the same post has been resigned by him after the
period of two months.
Note 6. The company's long term loans and advances exceeding 50% of the
net worth with major income as 'other income' at year end may result in
applicability of Deemed NBFC(Loan Company) provisions, however the
company is of the opinion that its principal business being not
providing finance with all Loans/Advances in the ordinary course of
business hence such provisions are not applicable
Note 7. The accounts for the year ended 31st March, 2015 have been
prepared on the basis of "going concern" concept and the accumulated
losses are more than fifty percent of the net worth of the company.
Note 8. Previous years figures have been regrouped, re-classified and
re-arranged wherever necessary.
Note 9. During the previous year the company has sold shares of its
subsidiary M/s Polar Finance Limited and therefore there are no other
Subsidiaries in the company.
Note 10. During the current year the company has prepared the balance
sheet based on Schedule III of the Companies Act, 2013.
Mar 31, 2014
Note 1 Micro and medium scale business entities.
In the absence of information received by the company about supplied
pertaining to the micro small & medium enterprises, as defined in the
micro, small and medium enterprises development Act 2006 to whom the
company owes on account of principal amount together with interest
including interest on delayed payments and accordingly no additional
disclosure have been made.
In the opinion of the management, the above information regarding
micro, Small & Medium Enterprises has through been determined, however
no such parties could be identified on the basis of information
available with the company. This has been relied upon by the auditors.
Note 2 Contingent liability
a) Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. NIL (previous year Rs. NIL).
b) With regards to the service Tax, the demand from the department with
regards to the period Oct, 2004 to July 2006 regarding interest &
penalty is Rs7,07,394/- & Rs. 16,41,776/- respectively. The matter is
with CIT appeals.
Note 3 The Sundry Balance of Creditors, Loans and Advances (either
debit or credit) and Other Liabilities are subject to confirmation.
Note 4
Since all the fixed assets have been sold until and there are no other
assets as per the management which are doubtful or value will be
diminished and therefore there is no requirement of impairment of
assets in accordance with AS-28 on Impairment of Assets issued by the
ICAI. Also the going concern concept has been afftected.
Note 5
In the opinion of the board, the Current Assets, Loans and Advances
have a value on realisation in the ordinary course of business at least
equal to the amount at which they are stated in the balance sheet and
provisions for all the known liabilities have been made, subject to and
read with the notes, at the reasonable amounts.
Note 6
Deferred Tax Asset & Provision for Taxation
There are no other timing differences and therefore no deferred tax.
Note 7
The accounting year of the company i.e 31st March year ending will be
same as tax financial year. There is a Nil tax liability during the
year.
Note 8
The Company is making efforts to comply with the provision of section
383 A of the companies Act, 1956 regarding appointment of whole time
Company Secretary, however it has not been able to appoint so till now.
Note 9
The accounts for the year ended 31st March, 2014 have been prepared on
the basis of "going concern" concept and the accumulated losses are
more than fifty percent of the net worth of the company.
During the year the company has appointed Mr. Dinesh Patel as a
Independent director to comply with clause 49 of the listing agreement
regarding executive director & non executive director
Note 10
Previous years figures have been regrouped, re-classified and
re-arranged whereever necessary.
Note 11
During the year the company has sold shares of its subsidiary M/s Polar
Finance Limited and therefore there are no other subsidiaries in the
company.
Mar 31, 2013
Note 1 Contingent liability
a) Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. NIL (previous year Rs. NIL).b) With
regards to the service Tax, the demand from the department with regards
to the period Oct, 2004 to July 2006 regarding interest & penalty is
Rs7,07,394/- & Rs. 16,41,776/- respectively. The matter is with CIT
appeals.
Note 2 The Sundry Balance of Creditors, Loans and Advances (either
debit or credit) and Other Liabilities are subject to confirmation.
Note 3 Since all the fixed assets have been sold until and there are
no other assets as per the management which are doubtful or value will
be diminished and therefore there is no requirement of impairment of
assets in accordance with AS-28 on Impairment of Assets issued by the
ICAI. Also the going concern concept has been affected.
Note 4 In the opinion of the board, the Current Assets, Loans and
Advances have a value on realization in the ordinary course of business
at least equal to the amount at which they are stated in the balance
sheet and provisions for all the known liabilities have been made,
subject to and read with the notes, at the reasonable amounts.
Note 5 Deferred Tax Asset & Provision for Taxation
There are no other timing differences and therefore no deferred tax.
Note 6 The accounting year of the company i.e 31st March year ending
will be same as tax financial year. There is a tax liability during the
year of Rs. 1,86,000 /- in the current year.
Note 7 The Company is making efforts to comply with the provision of
section 383 A of the companies Act, 1956 regarding appointment of whole
time Company Secretary, however it has not been able to appoint so till
now.
Note 8 The accounts for the year ended 31st March, 2013 have been
prepared on the basis of "going concern" concept though the
accumulated losses is less than fifty percent than the net worth of the
company.
Note 9 The balance sheet has been prepared in the Revised Schedule VI
format and therefore the previous year''s figures are regrouped,
rearranged and restated wherever necessary.
The above company M/s. Jai Thacker''s Land Development Ltd has been sold
& is no longer a subsidiary w.e.f 30th September, 2012.
Note 10
During the year the company has only three directors and therefore the
ratio as per clause 49 of the listing agreement regarding executive
director & non executive director is yet to be complied with. we have
been explained by the company that the company is under process of
appointing another independent director (in place of late Shri V.P Shah
& Late Shri Jyotindra Kapadia who expired on 06.02.2013 &
27.06.2012)within the prescribed time allowed under regulation.
during the current quarter the investment which has been made in jai
thicker which was w off earlier is now been w back to the extent of
sale value of subsidiary.
Mar 31, 2012
Note 1.1 Micro and medium scale business entities.
In the absence of information received by the company about supplied
pertaining to the micro small & medium enterprises, as defined in the
micro, small and medium enterprises development Act 2006 to whom the
company owes on account of principal amount together with interest
including interest on delayed payments and accordingly no additional
disclosure have been made.
In the opinion of the management, the above information regarding
micro, Small & Medium Enterprises has through been determined, however
no such parties could be identified on the basis of information
available with the company. This has been relied upon by the auditors.
Note 2 The Sundry Balance of Creditors, Loans and Advances (either
debit or credit) and Other Liabilities are subject to confirmation.
Note 3 Since all the fixed assets have been sold until and there are
no other assets as per the management which are doubtful or value will
be diminished and therefore there is no requirement of impairment of
assets in accordance with AS-28 on Impairment of Assets issued by the
ICAI. Also the going concern concept has been affected.
Note 4 In the opinion of the board, the Current Assets, Loans and
Advances have a value on realisation in the ordinary course of business
at least equal to the amount at which they are stated in the balance
sheet and provisions for all the known liabilities have been made,
subject to and read with the notes, at the reasonable amounts.
Note 5 Contingent liability not provided, for
a) Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. NIL (previous year Rs. NIL).b)
Uncompleted assessment of Income Tax, and Services Tax of the company
for which assessment are pending for various years. The amount is
unascertainable.
Note 6 Deferred Tax Asset & Provision for Taxation
There are no other timing differences and therefore no deferred tax.
Note 7 The accounting year of the company i.e 31st March year ending
will be same as tax financial year. There is a tax liability during the
year of Rs. 70,000 in the current year.
Note 8 The Company is making efforts to comply with the provision of
section 383 A of the companies Act, 1956 regarding appointment of whole
time Company Secretary, however it has not been able to appoint so till
now.
Note 9 The balance sheet has been prepared in the Revised Schedule VI
format and therefore the previous years figures are regrouped,
rearranged and restated wherever necessary.
NOTES TO ACCOUNTS
Notes Annexed to and forming a part of the Consolidated Accounts for
the year ended 31 st March, 2012
BASIS OF PREPARATION
Note 1:
The accounts have been prepared as per accounting policies of Hotel
Rugby Limited and its subsidiary companies.
Note 2:
The excess of the share capital and reserves of one company over the
cost of investments in another company has been described as "Capital
Reserve" in the Consolidated Financial Statements. Diminution in value
of shares of one subsidiary company held by another subsidiary company
has been considered for the purpose of calculation of Capital Reserve.
The difference calculated during the year in adjustment has been
effected in Capital Reserve as Post Sale of investments.
Note 3:
Adjustment have been made in respect of inter group transactions as
Inter-corporate Deposits, Investments etc.
Note 4:
Minority interest in subsidiary companies belongs to promoters and
their relatives. Hence minority interest has not been considered.
Note 5:
The results arising out of consolidation are subject to confirmation
with respective parties. The consolidation has been done as required
under Clause 32 of the Listing Agreement.
Note 7:
Considering the cross holdings of holding and subsidiary companies and
holdings of one of subsidiary company in another subsidiary company and
it being peculiar cross holding transactions with diminution provisions
made in one subsidiary as against none in others. The consolidation has
been prepared in the best possible method taking into account AS-21 for
Consolidated Financial Statements and other accounting standards.
Note 8:
The accounting year of two subsidiary companies viz. Polar Finance
Limited, and Jai Thacker's Land Development Limited is same as that of
the holding company. Hence for the purpose of consolidation the audited
figures for the year 1st April 2011 to 31st March 2012 is taken.
Note 9:
Considering the materiality, the cut off dates for acquisition of
shares by holding company in subsidiary companies and vice-versa is
taken as 30th April, 1995 even though the actual acquisition is
earlier.
Most of the accounting policies of the holding Company and that of the
subsidiaries are similar.
Micro and medium scale business entities.
In the absence of information received by the company about supplied
pertaining to the micro small & medium enterprises, as defined in the
micro, small and medium enterprises development Act 2006 to whom the
company owes on account of principal amount together with interest
including interest on delayed payments and accordingly no additional
disclosure have been made in the opinion of the management, the above
information regarding micro. Small & Medium Enterprises has through
been determined, however no such parties could be identified on the
basis of information available with the company. This has been relied
upon by the auditors.
Note 10.1 The company owns 13.26% shares in the Joint Venture properties
known as Marine
Mention, Marine View at Parsi chawl, Marine Lines and at Kamatipura,
junction of For as It is a residential cum commercial building build
parent to year 1925. The entire property of the Joint venture is let out
to tenants and no income has accrued till date from the said joint
venture.
Note 10.2 The company has sold investments in equity instruments M/s Sea
Jewel Property Developers Private Limited and the necessary entries
have been accounted.
Note 11:
The Sundry Balance of Creditors, Loans and Advances (either debit or
credit) and Other Liabilities are subject to confirmation.
Note 12:
Since all the fixed assets have been sold until and there are no other
assets as per the management which are doubtful or value will be
diminished and therefore there is no requirement of impairment of
assets in accordance with AS-28 on Impairment of Assets issued by the
ICAI.
Note 13:
In the opinion of the board, the Current Assets, Loans and Advances
have a value on realisation in the ordinary course of business at least
equal to the amount at which they are stated in the balance sheet and
provisions for all the known liabilities have been made, subject to and
read with the notes, at the reasonable amounts.
Note 14:
The computation of net profits for the purpose of calculation of
Director's remuneration under section 349 of the Companies Act, 1956 is
not enumerated since no commission is allowed / paid to Managing
Director and/or Executive Director of the company for the year.
Note 15: Contingent liability not provided, for
a) Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. NIL (previous year Rs. NIL).b)
Uncompleted assessment of Income Tax, and Services Tax of the company
for which assessment are pending for various years. The amount is
unascertainable.
Note 16: Deferred Tax Asset & Provision for Taxation
Deferred Tax Liability arises due to timing difference of depreciation.
The major assets of the company have been sold / disposed off during
the previous years and there fore the respective deferred tax is
adjusted accordingly during the previous years.
There are no other timing differences and therefore no deferred tax.
The accounting year of the company i.e 31st March year ending will be
same as tax financial year.
There is a tax liability during the year of Rs. 45,000 after
considering carried forward losses.
Note 17:
The accounting year of the company i.e. 31st March year ending will be
same as tax financial year.
Note 18:
The Company is making efforts to comply with the provision of section
383 A of the companies Act, 1956 regarding appointment of whole time
Company Secretary, however it has not been able to appoint so till now.
Note 19:
During the current year the balance sheet has been prepared in the
Revised Schedule VI format and therefore the previous years figures are
regrouped, rearranged and restated wherever necessary.
Note 20: Important note for Jai Thacker Land Development Limited
The accounts are prepared on a going concern basis though the net worth
has been almost eroded.
Note 21: Important note for Polar Finance Limited
The accounts are prepared on a going concern basis though the
accumulated losses is more than the net worth of the company.
Mar 31, 2011
1. The Sundry Balance of Creditors, Loans and Advances (either debit
or credit) and Other Liabilities are subject to confirmation.
2. Since all the fixed assets have been sold until and there are no
other assets as per the management which are doubtful or value will be
diminished and therefore there is no requirement of impairment of
assets in accordance with AS-28 on Impairment of Assets issued
bythelCAI.
3. In the opinion of the board, the Current Assets, Loans and Advances
have a value on realisation in the ordinary course of business at least
equal to the amount at which they are stated in the balance sheet and
provisions for all the known liabilities have been made, subject to and
read with the notes, at the reasonable amounts.
4. Advance Subscription as well as deposit towards time share sale
have been settled by inviting deposit holders to take refund and in the
opinion of management no liability is materially left & therefore
balances lying in the credit have been written back in P&L A/c during
the current year.
5. Remuneration to Managing Director and Executive Director.
No remuneration is paid w.e.f 1st Aug 2006 since Managing Director &
Executive Director have voluntary stopped the remuneration in view of
financial difficulties of the company.
6. The computation of net profits for the purpose of calculation of
Director's remuneration.under section 349 of the Companies Act, 1956 is
not enumerated since no commission is allowed / paid to Managing
Director and/or Executive Director of the company for the year.
7. Contingent liability not provided, for
a) Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. NIL (previous year Rs. NIL).
b) Uncompleted assessment of Income Tax, and Services Tax of the
company for which assessment are pending for various years. The amount
is unascertainable.
8. (a) Deferred Tax Liability arises due to timing difference of
depreciation.
(b) The major assets of the company have been sold / disposed off
during the previous years and there fore the respective deferred tax is
adjusted accordingly during the previous years.
(c) There are no other timing differences and therefore no deferred
tax.
9. (a) The accounting year of the company i.e 31s' March year ending
will be same as tax financial year.
(b) There is no tax liability during the year in view of carried
forward losses.
10. The Company is making efforts to comply with the provision of
section 383 A of the companies Act, 1956 regarding appointment of whole
time Company Secretary, however it has not been able to appoint so till
now.
11. Previous years figures are regrouped, rearranged and restated
wherever necessary.
12. Additional information pursuant to para 3 and 4 of the Part-ll of
Schedule of VI to the Companies Act, 1956:
a) Dividends remitted in foreign currency Rs. NIL/- (Previous Year Rs.
NIL/-)
b) All other information - either NIL or Not Applicable.
13. Micro and medium scale business entities.
In the absence of information received by the company about supplied
pertaining to the micro small & medium enterprises, as defined in the
micro, small and medium enterprises development Act 2006 to whom the
company owes on account of principal amount together with interest
including interest on delayed payments and accordingly no additional
disclosure have been made
In the opinion of the management, the above information regarding
micro, Small & Medium Enterprises has through been determined, however
no such parties could be identified on the basis of information
available with the company. This has been relied upon by the auditors.
14. Related Party Disclosures for the year ended 31st March, 2011
(A) Related Party and their relationship
Subsidiary Companies Associates Key Management
Jai Thacker's Land Crystal Hospitality Mahendra R.Thacker
Development Ltd Services Pvt. Ltd Darshana M. Thacker
Polar Finance Limited K.R.Thacker & Others Mihir M.Thacker
Mar 31, 2010
1. Balance of Sundry Creditors, Loans and Advances (either debit or
credit) and Other Liabilities are subject to confirmation. - 2. Since
all the fixed assets have been sold off till the year end and there are
no other assets as per the management which are doubtful or value will
be diminished and therefore there is no requirement of impairment of
assets in accordance with AS-28 on Impairment of Assets issued by the
ICAI.
2. In the opinion of the board, the Current Assets, Loans and Advances
have a value on realisation in the ordinary course of business at least
equal to the amount at which they are stated, in the balance sheet and
provisions for all the known liabilities have been made, subject to and
read with the notes, at the reasonable amounts.
3. Advance Subscription as well as deposit towards time share sale are
shown in the Balance Sheet under separate head after the unsecured
loans in view of its peculiar nature with the fact that these are
neither of the nature of current liabilities nor unsecured loans.
No remuneration is paid w.e.f 1st Aug 2006 since Managing Director &
Executive Director have voluntary stopped the remuneration iri view of
financial difficulties of the company.
4. The computation of net profits for the purpose of calculation of
Directors remuneration under. section 349 of the Companies Act, 1956
is not enumerated since no commission is allowed / paid to Managing
Director and/or Executive Director of the company for the year.
5. (a) The Department of Company Affairs through its order no.
47/266/2005-CL-lll dt. 07th October,2005 has exempted the company from
giving details as required by the provision of section 212(1) of the
Companies Act,1956 in respect of the subsidiary companies for the year
ended 30lh Sept,2004 since the company is preparing and presenting
Consolidated Financial Statements. Hence the individual Balance Sheets
of subsidiary companies have not been attached. It is expressed by the
management (not verifiable) that it has applied for the exemption for
the year ended 31st March 2010 and exemption received for the year
ended 30th September 2004 and pending such approvals for the subsequent
periods ended no disclosure of separate balance sheet during the year
ended 31st March 2010 is done for subsidiaries.
(b) During the current period ended 31st March 2010 the audited balance
sheet of the subsidiaries have been considered for the twelve month
period from 1st April 2009 to 31st March 2010 for the consolidation
purpose.
6. Contingent liability not provided, for
a) Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. NIL (previous year Rs. NIL).
b) Uncompleted assessment of sales Tax, Income Tax, Luxury Tax and
Services Tax of the company for which assessment are pending for
various years. The amount is unascertainable.
7. (a) Deferred Tax Liability arises due to timing difference of
depreciation.
(b) The major assets of the company have been sold / disposed off
during the previous periods and there fore the respective deferred tax
is adjusted accordingly during the previous periods.
(c) During the current year since the remaining fixed assets are also
sold and there for opening deferred tax liability of Rs. 1,54,187 has
been fully reversed and adjusted in the profit and loss account.
(d) There are no other timing differences and therefore no deferred
tax.
8. (a) The accounting year of the company i.e 31st March year ending
will be same as tax financial year. The necessary tax provision for the
period from 1st April 2009 to 31st March 2010 is made during the
current year. b) Provision for tax made for assessment year 2010-11 is
Rs. 1,80,000 ( RYr Rs 5,35,000) and Fringe Benefit Tax provided is Rs
NIL ( PYr Rs 2,180)
9. The Company is making efforts to comply with the provision of
section 383 A of the companies Act, 1956 regarding appointment of whole
time Company secretary, however it has not been able to appoint so till
now.
10. (a) Previous years figures are regrouped, rearranged and recasted
Wherever necessary.
(b) The current year balance sheet and profit & loss account is for 12
months which is not comparable with the previous years balance sheet
and profit & loss account which is from 1st January 2008 to 31st March
2009 for 15 months.
11. Additional information pursuant to para 3 and 4 of the Part-ll of
Schedule of VI to the Companies Act, 1956:
a) Till previous period, the turnover of the Company was in respect of
food, catering services, sala of sweets and room rentals, it is not
possible to give quantity wise details of turnover and raw materials
and food and beverages consumed. The Department of Company Affairs
through its order no.47/266/2005/L-lll dated 07/10/2005, has exempted
the Company from giving such details for the year ended 31/03/2005 and
the renewal of exemption is pending for future years. Pending renewal,
the company has not given quantitative details till the previous year
ended. During the current year, there is no sale & there for the
quantitative details are not provided for the current year.
b) Dividends remitted in foreign currency Rs. NIL/- (Previous Year Rs.
NIL/-)
c) All other information - either NIL or Not Applicable.
12. Micro and medium scale business entities.
In the absence of information received by the company about supplied
pertaining to the micro small & medium enterprises, as defined in the
micro, small and medium enterprises development Act 2006 to whom the
company owes on account of principal amount together with interest
including interest on delayed payments and accordingly no additional
disclosure have been made In the opinion of the management, the above
information regarding micro. Small & Medium Enterprises has through
been determined, however no such parties could be identified on the
basis of information available with the company. This has been relied
upon by the auditors.
13. The Companys Time share deposit holders / advance subscription
liability is under taken to be discharged by Rupali Commercial
Corporation Ltd. (The buyer of Hotel at Matheran) & accordingly though
the company has paid advance subscription liability to respective
parties during the previous period on reimbursement from said Rupali
Commercial Corporation Ltd., the necessary effect is given in profit &
loss account appropriation in previous period by treating the same as
Income as the company is no more liable for the same.
14. Related Party Disclosures for the period ended 31st March, 2010
(A) Related Party and their relationship
Subsidiary Companies
Jai Thackers Land Development Ltd
Polar Finance Limited
Associates
Crystal Hospitality Services Ltd.
K. R. Thacker & Others
Key Management
Mahendra R.Thacker Darshana M.Thacker Mihir M. Thacker
15. Additional Information as required under part IV of Schedule VI to
the Companies Balance Sheet abstract and companys General Business
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