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Notes to Accounts of International Travel House Ltd.

Mar 31, 2015

1. RELATED PARTY DISCLOSURE

Related Parties with whom the Company had transactions

Companies with respect to which International Travel House Limited (ITHL) is an Associate: ITC Limited and Russell Credit Limited

Key Management Personnel (KMP)

BoardofDirectors Designation

Mr Nakul Anand Non-Executive Chairman

Mrjehangirjal Ghadiali Managing Director

Mr Anil Baijal Non-Executive Independent Director

MrAnil Rajput Non-Executive Director

Mr Homi Phiroze Ranina Non-Executive Independent Director

Mr Chandrasekhar Subrahmoneyan Non-Executive Director (till 27th January, 2015)

Mr Krishan LalThapar Non-Executive Independent Director

Late Mr Om PrakashVaish Non-Executive Independent Director (till 18th September, 2013)

Ms Sudha Pillai Non-Executive Independent Director (w.e.f. 10th March, 2014)

MrArun Pathak Additional Non-Executive Director (w.e.f. 28th January, 2015)

Members - Corporate Management Committee

Mr Ghanshyam Arora

MrSandip Datta (w.e.f. 25th April, 2013)

Mr Raghupati Wahi (till 25th April, 2013)

Mrsjanaki Aggarwal (Secretary)

Relatives of Key Management Personnel

Mrs Timsy Anand (wife of Mr Nakul Anand)

Mrs Mala Baijal (wife of MrAnil Baijal)

MrsVandana Ghadiali (wife of Mrjehangirjal Ghadiali)

Mrs Lalitha Sekhar (wife of Mr Chandrasekhar Subrahmoneyan)

Mrs Aban Homi Ranina (wife of Mr Homi Phiroze Ranina)

Mrs Praveen Thapar (wife of Mr Krishan Lai Thapar)

Mrs Poonam Pathak (wife of MrArun Pathak)

Enterprise on which KMP / relatives of KMP exercise significant influence

Vaish Associates (till 18th September, 2013)

Asian Institute ofTransport Development

Employee Trust where there is significant influence

Travel House Superannuation Fund International Travel House Limited Gratuity Fund

2.SEGMENT REPORTING

Business Segments

The primary reporting of the Company has been performed on the basis of business segment.The Company has only one reportable business segment, which is ''Travel Related Services'' that includes AirTicketing, Car Rentals, Inbound Tourism, Overseas and Domestic Holiday Packages, Conferences, Events and Exhibition management and operates in a single business segment based on the nature of the products, the risks and returns, the organisation structure and the internal financial reporting systems. Accordingly, the figures appearing in these financial statements relate to the Company''s single business segment.

Geographical Segments

Secondary Segmental reporting is performed on the basis of the geographical location of customers.The operations of the Company are confined to India. Accordingly, the figures appearing in these financial statements relate to the Company''s single geographical segment.


Mar 31, 2014

(i) Contingent Liabilities and Commitments

a) Contingent Liabilities

- Service tax demand of Rs 23,61,528/- (2013 - Rs 23,61,528/-) issued by Commissioner of Service Tax for the year from July, 2003 to March, 2009 for which Company has filed an appeal with Tribunal (Service Tax) and also deposited cumulative amount of Rs 14,70,000/- (2013 - Rs 14,70,000/-) under protest.

- Guarantee outstanding Rs 1,00,00,000/- (2013 - Rs 1,00,00,000/-).

b) Commitments Capital commitments (net of capital advances) Rs 7,49,50,012/- (2013 - Rs 94,14,041/-).

(ii) Earnings per share 2014 2013

Earnings per share has been computed as under

(a) Profit for the year 18,10,75,228/- 17,91,79,209/-

(b) Weighted average number of Equity

Shares outstanding 79,94,500 79,94,500

(c) Earnings per share on profit for the year (Face Value of Rs 10/- per share)

Basic and diluted [(a)/(b)] 22.65 22.41

(iii) Trade Receivables include an amount of ? 46,70,033/- (2013 - ? 46,70,033/-) representing recoverable from certain customers on account of Value added Tax. Management is confident that the same is recoverable either through the process of law or from the said customers.

(iv) Micro and Small scale business entities:

There are no Micro and small 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.

(v) The Company''s significant leasing arrangements are in respect of operating leases for premises (residential, office, godowns etc). These leasing arrangements which are not non-cancellable range between 11 months and 5 years generally, or longer, and are usually renewable by mutual consent on mutually agreeable terms. The aggregate lease rentals payable are charged as "Rent" under Note 21.

With regard to certain other non-cancellable operating leases for premises, the future minimum rentals are as follows:

2. RELATED PARTY DISCLOSURE

Related Parties with whom the Company had transactions

Companies with respect to which International Travel House Limited (ITHL) is an Associate: ITC Limited and Russell

Credit Limited

Key Management Personnel (KMP)

Board of Directors Designation

Mr Nakul Anand Non Executive Chairman

Mr Jehangir Jal Ghadiali Managing Director

Mr Anil Baijal Non Executive Independent Director

Mr Anil Rajput Non Executive Director

Mr Homi Phiroze Ranina Non Executive Independent Director

Mr Chandrasekhar Subrahmoneyan Non Executive Director

Mr Krishan Lal Thapar Non Executive Independent Director

Mr Om Prakash Vaish till 18th September 2013 Non Executive Independent Director

Ms Sudha Pillai w.e.f. 10th March, 2014 Non Executive Independent Director

Members - Corporate Management Committee

Mr Ghanshyam Arora

Mr Sidhartha Roy (till 10th November, 2012)

Mr Raghupati Wahi (till 25th April, 2013)

Mr Sandip Datta (w.e.f. 25th April, 2013)

Relatives of Key Management Personnel

Mrs Timsy Anand (wife of Mr Nakul Anand)

Mrs Mala Baijal (wife of Mr Anil Baijal)

Mrs Vandana Ghadiali (wife of Mr Jehangir Jal Ghadiali)

Mrs Lalitha Sekhar (wife of Mr Chandrasekhar Subrahmoneyan)

Mrs Aban Homi Ranina (wife of Mr Homi Phiroze Ranina)

Mrs Praveen Thapar (wife of Mr Krishan Lal Thapar)

Enterprise on which KMP/ relatives of KMP exercise significant influence Vaish Associates (till 18th September, 2013) Asian Institute of Transport Development

Employee Trust where there is significant Influence Travel House Superannuation Fund International Travel House Limited Gratuity Fund

3. Segment Reporting Business Segments

The primary reporting of the Company has been performed on the basis of business segment. The Company has only one reportable business segment, which is ''Travel Related Services'' that includes Air Ticketing, Car Rentals, Inbound Tourism, Overseas and Domestic Holiday Packages, Conferences, Events and Exhibition management and operates in a single business segment based on the nature of the products, the risks and returns, the organisation structure and the internal financial reporting systems. Accordingly, the figures appearing in these financial statements relate to the Company''s single business segment.

Geographical Segments

Secondary Segmental reporting is performed on the basis of the geographical location of customers. The operations of the Company are confined to India. Accordingly, the figures appearing in these financial statements relate to the Company''s single geographical segment.


Mar 31, 2013

1. ADDITIONAL NOTES TO THE FINANCIAL STATEMENTS

(i) Contingent Liabilities and Commitments

a) Contingent Liabilities

- Service tax demand of Rs. 23,61,528/- (2012 - Rs. 23,61,528/-) issued by Commissioner of Service Tax for the period from July, 2003 to March, 2009 for which Company has filed an appeal with Tribunal (Service Tax) and also deposited cumulative amount of Rs. 14,70,000/- (2012 - Rs. 14,70,000/-) under protest.

- Guarantee outstanding Rs. 1,00,00,000/- (2012 - Rs. 1,00,00,000/-).

b) Capital commitments (net of capital advances) Rs. 94,14,041/- (2012 - Rs. 1,61,74,518/-).

(iii) Trade Receivables include an amount of Rs. 46,70,033/- (2012 - Rs. 46,70,033/-) representing recoverable from certain customers on account of Value added Tax. Management is confident that the same is recoverable either through the process of law or from the said customers.

(iv) Micro, Small and Medium scale business entities :

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.

(v) The Company''s significant leasing arrangements are in respect of operating leases for premises (residential, office, godowns etc). These leasing arrangements which are not non-cancellable range between 11 months and 5 years generally, or longer, and are usually renewable by mutual consent on mutually agreeable terms. The aggregate lease rentals payable are charged as "Rent" under Note 19.

With regard to certain other non-cancellable operating leases for premises, the future minimum rentals are as follows:

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

2. Segment Reporting Business Segments

The primary reporting of the Company has been performed on the basis of business segment. The Company has only one reportable business segment, which is ''Travel Related Services'' that includes Air Ticketing, Car Rentals, Inbound Tourism, Overseas and Domestic Holiday Packages, Conferences, Events and Exhibition management and operates in a single business segment based on the nature of the products, the risks and returns, the organisation structure and the internal financial reporting systems. Accordingly, the figures appearing in these financial statements relate to the Company''s single business segment.

Geographical Segments

Secondary Segmental reporting is performed on the basis of the geographical location of customers. The operations of the Company are confined to India. Accordingly, the figures appearing in these financial statements relate to the Company''s single geographical segment.


Mar 31, 2012

1. (a) Claims against the Company not acknowledged as debts Rs.33,54,934/- (Previous Year Rs.33,54,934/-).

These Comprise

- Service tax demand of Rs.23,61,528/- (Previous Year Rs.23,61,528/-) issued by Commissioner of Service Tax for the period from July, 2003 to March, 2009 for which Company has filed an appeal with Tribunal (Service Tax) and also deposited cumulative amount of Rs.14,70,000/- (Previous Year Rs.12,00,000/-) under protest.

- Third party claims arising from disputes Rs.9,93,406/- (Previous Year Rs.9,93,406/-) for which Company has initiated legal suits in High Court of Delhi.

(b) Guarantee outstanding Rs.1,00,00,000/- (Previous Year Rs.1,00,00,000/-).

2. Trade Receivables include an amount of Rs.46,70,033/- (Previous Year Rs.46,70,033/-) representing recoverable from certain customers on account of value added tax. Management is confident that the same is recoverable either through the process of law or from the said customers.

3. Capital and Other Commitments

a) Capital Commitments (Net of capital advances) Rs.1,61,74,518/- (Previous Year Rs.1,35,03,757/-).

b) Export Promotional Capital Goods (EPCG) commitment on import of capital goods (vehicles) against import license amounted to Rs.72,94,96,573/- (Previous Year Rs.60,62,14,333/-). The Company has met export obligation amounting to Rs.61,10,11,750/- (Previous year Rs.50,58,63,424/-) till date against the aforesaid EPCG commitment.

4. Employees of the Company and other parties misappropriated funds aggregating to Rs.11,59,269/-. The Company has terminated the services of employees and has taken steps for recovering the amount including through fidelity insurance.

5. Micro and Medium enterprises

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.

6. The Company's significant leasing arrangements are in respect of operating leases for premises (residential, office, godowns etc.). These leasing arrangements which are not non-cancellable range between 11 months and 5 years generally, or longer, and are usually renewable by mutual consent on mutually agreeable terms. The aggregate lease rentals payable are charged as" Rent" under Note 22. With regard to certain other non- cancellable operating leases for premises, the future minimum rentals are as follows

7. Segment Reporting Business Segments

The primary reporting of the Company has been performed on the basis of business segment. The Company has only one reportable business segment, which is 'Travel Related Services' that includes Air Ticketing, Car Rentals, Inbound Tourism, Overseas and Domestic Holiday Packages, Conferences, Events and Exhibition Management and operates in a single business segment based on the nature of the products, the risks and returns, the organisation structure and the internal financial reporting systems. Accordingly, the figures appearing in these Financial Statements relate to the Company's single business segment.

Geographical Segments

Secondary Segmental reporting is performed on the basis of the geographical location of customers. The operations of the Company are confined to India. Accordingly, the figures appearing in these Financial Statements relate to the Company's single geographical segment.


Mar 31, 2011

I. Related Party Disclosure under Accounting Standard 18 Parties where control exists Associate companies: ITC Limited and Russell Credit Limited.

Key Management Personnel:

Board of Directors

Mr Nakul Anand

Mr Jehangir J Ghadiali

Mr Anil Baijal

Mr Anil Rajput

Mr H P Ranina

Mr S C Sekhar

Mr K L Thapar

Mr O P Vaish

Corporate Management Committee Members

Mr Raghupati Wahi

Mr Ghanshyam Arora

Mr Sidhartha Roy

vi. Contingent liabilities not provided for:

a. Guarantee outstanding Rs.1,00,00,000/- (Previous Year Rs.1,00,00,000/-).

b. Claim against the Company not acknowledged as debts Rs.9,93,406/- (Previous Year Rs.9,93,406/-) for which Company has initiated a legal suit in High Court of Delhi.

c. Income tax demand of Rs. Nil (Previous Year Rs.10,31,903/-) for assessment year 2006-07 for which Company has filed an appeal with Commissioner of Income Tax (Appeal).

d. Service tax demand of Rs.23,61,528/- (Previous Year Rs.23,61,528/-) issued by Commissioner of Service Tax for the period from July, 2003 to March, 2009 for which Company has filed an appeal with Tribunal (Service Tax) and also deposited an amount of Rs.12,00,000/- (Previous Year Rs. Nil) under protest.

vii. Sundry debtors include an amount of Rs.46,70,033/- (Previous Year Rs.46,70,033/-) representing recoverable from certain customers on account of value added tax. Management is confident that the same is recoverable either through the process of law or from the said customers.

viii. Capital commitments (net of capital advances) Rs.1,35,03,757/- (Previous Year Rs.16,61,440/-).

ix. In terms of the requirements of the Micro, Small and Medium Enterprises Development Act, 2006, the Company has continuously asked for confirmations. Based on the information available with the Company there are no principle/ interest amounts due to micro and small enterprises.

x. The Company's significant leasing arrangements are in respect of operating leases for premises. These leasing arrangements which are primarily cancellable range between 11 months and 9 years generally, or longer, and are usually renewable by mutual consent on mutually agreeable terms. The aggregate lease rentals payable are charged as Rent under Schedule 15. The minimum lease payments in respects of the non-cancellable leases are:

xi. Segmental Reporting

Business Segments

The primary reporting of the Company has been performed on the basis of business segment. The Company has only one reportable business segment, which is 'Travel Related Services' that includes Air Ticketing, Car Rentals, Inbound Tourism, Overseas and Domestic Holiday Packages, Conferences, Events and Exhibition Management and operates in a single business segment based on the nature of the products, the risks and returns, the organisation structure and the internal financial reporting systems. Accordingly, the figures appearing in these financial statements relate to the Company's single business segment.

Geographical Segments

Secondary Segmental reporting is performed on the basis of the geographical location of customers. The operations of the Company are confined to India. Accordingly, the figures appearing in these financial statements relate to the Company's single geographical segment.

xii. Previous Year's figures have been regrouped / re-arranged wherever necessary.









 
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