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Notes to Accounts of Howard Hotels Ltd.

Mar 31, 2015

1. Terms/Right attached to Equity Shares

The company has only one class of equity shares having par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends only in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

2. Contingent Liabilities not provided for:

a) In respect of bank guarantees issued, net of margin: Rs. Nil (P.Y. Rs. Nil).

b) In respect of Sales Tax Rs. 1.57 Lacs (P.Y. Rs.0.83 Lacs).

c) In respect of Provident Fund of Rs. 9.19 Lacs (P.Y. Rs. 9.19 Lacs)

3. Capital Commitment

Estimated amount of contracts remaining to be executed on Capital Account (Net of Advances) Rs. Nil (Previous year- Rs. Nil )

4. Segmental Reporting

The company is operating mainly in one segment i.e. Running of Hotel Business. Hence, Segment Reporting as defined in accordance with Accounting Standard 17 issued by the Institute of Chartered Accountants of India is not applicable.

5. In the opinion of Board of Directors, all 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 and that all the known liabilities have been provided for.

6. The company has not given any loans or advances in the nature of loans which are required to be disclosed pursuant to clause 32 of the Listing Agreement.

7. In the opinion of Board of Directors, none of the assets / cash generating units of the Company is impaired.

8. The company is in the process of compiling the requisite list of micro, small and medium enterprises under the MSMED Act which has come into force recently and in the absence of information in this regard, the particulars required by the aforesaid Act have not been given.

9. The estimated useful lives of fixed assets other than intangible assets have been revised in accordance with Schedule II to the Companies Act 2013, with effect from 1 st April 2014. Pursuant to the above mentioned changes in useful life of assets, the depreciation expense for the year ended 31 March 2015 is lower by Rs.20.43 lacs. Further the Company has charged Rs.7.91 lacs (net of tax) from reserves in respect of assets whose estimated life had already expired.

10. Previous Year figures have been regrouped and rearranged, wherever applicable.


Mar 31, 2014

(Rs. in Lacs)

31st March 2014 31st March 2013

1 Contingent Liabilities not provided for:

a) In respect of bank guarantees issued, net of margin: Rs. Nil (P.Y. Rs. Nil).

b) In respect of Sales Tax Rs. 0.83 Lacs (net of advance)(P.Y. Rs Nil).

c) In respect of Provident Fund of Rs. 9.19 Lacs (P.Y. Rs. Nil)

2 Capital Commitment

Estimated amount of contracts remaining to be executed on Capital Account ( Net of Advances) Rs. Nil( Previous year- Rs. 2.99 Lacs )

3 Related Party Disclosures

Related party disclosures as required under Accounting Standard - 18 on "Related Party Disclosures" issued by The In- stitute of Chartered Accountants of India are as given below as on 31st March ,2013:

4. Segmental Reporting

The company is operating mainly in one segment i.e. Running of Hotel Business. Hence, Segment Reporting as defined in accordance with Accounting Standard 17 issued by the Institute of Chartered Accountants of India is not applicable.

5 In the opinion of Board of Directors, all 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 and that all the known liabilities have been provided for.

6 The company has not given any loans or advances in the nature of loans which are required to be disclosed pursuant to clause 32 of the Listing Agreement.

7 In the opinion of Board of Directors, none of the assets / cash generating units of the Company is impaired.

8 The company is in the process of compiling the requisite list of micro, small and medium enterprises under the MSMED Act which has come into force recently and in the absence of information in this regard, the particulars required by the aforesaid Act have not been given.

9 Previous Year figures have been regrouped and rearranged, wherever applicable.


Mar 31, 2013

1. Contingent Liabilities not provided for:

a) In respect of bank guarantees issued, net of margin: Rs. Nil (P.Y. Rs. Nil).

b) In respect of Sales Tax Rs. Nil (net of advance) (P.Y. Rs. 2.32, Lacs, net of advances)

2. Related Party Disclosures

Related party disclosures as required under Accounting Standard-18 on "Related Party Disclosures" issued by The Institute of Chartered Accountants of India" are as given below as on 31st March, 2013:

a) Key Management Personnel & their relatives:

Mr.NirankarNath Mittal : Chairman Cum Managing Director

Mr. Nirvikar Nath Mttal : Executive Director

Mr. Shrikant Mittal : Executive Director

b) Enterprises over which personnel referred in (a) aforementioned exercise significant influences:

Mittal Fragrances Pvt. Ltd. : Company in which directors'' are interested

Rishi Real Estates India Pvt. Ltd. : Company in which directors'' are interested

De-Exquisite : Firm in which directors'' relative are interested

D''Craft : Firm in which directors'' relative are interested

C a A Restaurant India Pvt. Ltd : Company in which director'' s are interested

Shri Nath Exports (India) Pvt.Ltd : Company in which director'' s are interesteed

3. Segmental Reporting

The company is operating mainly in one segment i.e. Running of Hotel Business. Hence, Segment Reporting as defined in accordance with Accounting Standard 17 issued by the Institute of Chartered Accountants of India is - not applicable.

4. In the opinion of Board of Directors, all 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 and that all the known liabilities have been provided for.

5. The company has not given any loans or advances in the nature of loans which are required to be disclosed pursuant to clause 32 of the Listing Agreement.

6. In the opinion of Board of Directors, none of the assets/ cash generating units of the Company is impaired.

7. The company is in the process of compiling the requisite list of micro, small and medium enterprises under the MSMED Act which has come into force recently and in the absence of information in this regard the particulars required by the aforesaid Act have not been given.

8. Capital Commitment

Estim-.u amount of contracts remaining to be executed on Capital Account ( Net of Advances) Rs. 2.99 Lacs( Previous year- Nil)

9.Information as per order no.46/133/96-CL III dated 10.5.1996 issued by Ministry of Law, Justice of Company Affairs, the company has been exempted from disclosure of quantitative details.

10.Previous Year figures have been regrouped and rearranged, wherever applicable.


Mar 31, 2012

A. Terms/Right attached to Equity Shares

The company has only one class of equity shares having par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends only in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

1. Contingent Liabilities not provided for:

a) In respect of bank guarantees issued, net of margin: Rs. Nil (P.Y. Rs. Nil).

b) In respect of Sales Tax Rs. 2.32 Lacs (net of advance) (P.Y. Rs. 8.54 Lacs net of advance), as the appeal has been filled with the concerned department.

2. Segmental Reporting

The company is operating mainly in one segment i.e. Running of Hotel Business. Hence, Segment Reporting as defined in accordance with Accounting Standard 17 issued by the Institute of Chartered Accountants of India is not applicable.

3. In the opinion of Board of Directors, all 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 and that all the known liabilities have been provided for.

4. The company has not given any loans or advances in the nature of loans which are required to be disclosed pursuant to clause 32 of the Listing Agreement.

5. In the opinion of Board of Directors, none of the assets/ cash generating units of the Company is impaired.

6. The company is in the process of compiling the requisite list of micro, small and medium enterprises under the MSMED Act which has come into force recently and in the absence of information in this regard, the particulars required by the aforesaid Act have not been given.

7. Capital Commitment

Estimated amount of contracts remaining to be executed on Capital Account (Net of Advances) Rs. 2.99 Lacs( Previous year- Nil)

8. Information as per order no.46/133/96-CL III dated 10.5.1996 issued by Ministry of Law, Justice of Company Affairs, the company has been exempted from disclosure of quantitative details.

9. Till the year ended 31st March,2011, the company was using pre-revised Schedule VI to the Companies Act, 1956 for preparation and presentation of financial statements. During the year ended 31st March,2012, the revised schedule VI notified under Companies Act,1956 has become applicable to the Company. The adoption of revised schedule VI does not impact recognition and measurement principles followed for preparation for financial statements. However, it significantly impacts presentation and disclosures made in the financial statements, particularly presentation of balance sheet. As a result, previous years' figures have been regrouped/ reclassified to conform to this year's financial statements where necessary.


Mar 31, 2011

1. Contingent Liabilities not provided for:

a) In respect of guarantees issued, net of margin: Rs. Nil (P.Y. Rs. Nil).

b) In respect of Sales Tax Rs. 8,53,897/- (net of advance) (P.Y. Rs. Nil), as the appeal has been filled with the concerned department.

2. Related Party Disclosures

Related party disclosures as required under Accounting Standard-18 on "Related Party Disclosures" issued by The Institute of Chartered Accountants of India" are as given below as on 31st March, 2011:

a) Key Management Personnel & their relatives:

Mr. Nirankar Nath Mittal : Chairman & Managing Director

Mr. Nirvikar Nath Mittal : Executive Director

Mr. Shrikant Mittal : Executive Director

Mrs. Brij Lata Mittal : Brother's Wife of Mr. Nirankar Nath Mittal

Mrs. Neena Mittal : Wife of Mr. Nirvikar Nath Mittal

Mrs. Sarita Mittal : Wife of Mr. Nirankar Nath Mittal

Mr. Saurabh Mittal : Brother of Mr. Nirankar Nath Mittal

Jyoti Prasad Mittal(HUF) : Mr. Nirankar Nath Mittal is the Karta of HUF

Nirankar Nath Mittal (HUF) : Mr. Nirankar Nath Mittal is the Karta of HUF

Nirvikar Nath Mittal (HUF) : Mr. Nirvikar Nath Mittal is the Karta of HUF

Omakr Nath Mittal (HUF) : Mr. Shrikant Mittal is the Karta of HUF

b) Enterprises over which personnel referred in (a) aforementioned exercise significant influences:

Mittal Fragrances Pvt. Ltd. : Company in which directors' are interested

Rishi Real Estates India Pvt. Ltd. : Company in which directors' are interested

Fragrance De Energy : Firm in which directors' relative are interested

Exquisite : Firm in which directors' relative are interested

D'Craft : Firm in which directors' relative are interested

Segmental Reporting 5.

The company is operating mainly in one segment i.e. Running of Hotel Business. Hence, Segment Reporting as defined in accordance with Accounting Standard 17 issued by the Institute of Chartered Accountants of India is

3. In the opinion of Board of Directors, all 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 and that all the known liabilities have been provided for.

4. The company has not given any loans or advances in the nature of loans which are required to be disclosed pursuant to clause 32 of the Listing Agreement.

5. In the opinion of Board of Directors, none of the assets/ cash generating units of the Company is impaired.

6. The company is in the process of compiling the requisite list of micro, small and medium enterprises under the MSMED Act which has come into force recently and in the absence of information in this regard, the particulars required by the aforesaid Act have not been given.

7. Information as per order no.46/133/96-CL III dated 10.5.1996 issued by Ministry of Law, Justice of Company Affairs, the company has been exempted from disclosure of quantitative details.

8. Figures have been rounded off to the nearest rupee.

9. Previous Year's figures have been regrouped and/or rearranged to conform to those of current year's figures wherever necessary.


Mar 31, 2010

1. Contingent Liabilities not provided for:

In respect of guarantees issued, net of margin: Rs. Nil (P.Y. Rs. Nil).

2. In accordance with the Accounting Standard -22 relating to accounting for taxes on income issued by the Institute of Chartered Accountants of India, made applicable w.e.f. lst April, 2001. During the year under consideration, the company has generated net profit and as prudence, company has recognized deferred tax assets/ Deferred tax liabilities.

3. Related Party Disclosures

Related party disclosures as required under Accounting Standard - 18 on "Related Party Disclosures" issued by The Institute of Chartered Accountants of India are as given below as on 31st March ,2010:

a) Key Management Personnel & their relatives:

Nirankar Nath Mittal : Chairman and Managing Director

Nirvikar Nath Mittal : Executive Director

Shri Kant Mittal : Executive Director

Brij Lata Mittal : Brothers Wife of Nirankar Nath Mittal

Neena Mittal : Wife of Nirvikar Nath Mittal

Sarita Mittal : Wife of Nirankar Nath Mittal

Saurab Mittal : Brother of Shri Kant Mittal

Jyoti Prasad Mittal (HUF) : Mr. Nirankar Nath Mittal is Karta of HUF

Nirankar Nath Mittal (HUF) : Mr. Nirankar Nath Mittal is Karta of HUF

Nirvikar Nath Mittal (HUF) : Mr. Nirvikar Nath Mittal is Karta of HUF

Omkar Nath Mittal (HUF) : Mr. Shri Kant Mittal is Karta of HUF



b) Enterprises over which personnel referred in (a) aforementioned exercise significant influence

Mittal Fragrance Pvt. Ltd. : Company in which directors are interested

Rishi Real Estate India Pvt. Ltd. : Company in which directors are interested

Fragrance De Energy : Firm in which directors relative are interested

De Exqusite : Firm in which directors are interested

DCraft : Firm in which directors relative are interested



4. Segmental Reporting

The company is operating mainly in one segment i.e. Running of Hotel Business. Hence, Segment Reporting as defined in accordance with Accounting Standard 17 issued by the Institute of Chartered Accountants of India is not applicable.

5. In the opinion of Board of Directors, all 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 and that all the known liabilities have been provided for.

6. The company has not given any loans or advances in the nature of loans which are required to be disclosed pursuant to clause 32 of the Listing Agreement.

7. In the opinion of Board of Directors, none of the assets/ cash generating units of the Company is impaired.

8. The company is in the process of compiling the requisite list of micro, small and medium enterprises under the MSMED Act which has come into force recently and in the absence of information in this regard, the particulars required by the aforesaid Act have not been given.

9. Term of Issue of Share Warrants:

An amount of Rs. 114.50 Lacs being 25 % of the total sum has been received on account of preferential allotment of 1800000 warrants at a price of Rs. 12.25 per warrant, by the Company during the financial year 2008-09. As on 31st March, 2010, the Company has not utilized the same and the same is lying in deposit/current account with the scheduled bank of the Company.

10. Information as per order no.46/133/96-CL 111 dated 10.5.1996 issued by Ministry of Law, Justice of Company Affairs, the company has been exempted from disclosure of quantitative details.

11 Figures have been rounded off to the nearest rupee.

12 Previous Years figures have been regrouped and/or rearranged to conform to those of current years figures wherever necessary.

 
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