Home  »  Company  »  Lords Ishwar Hotels  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Lords Ishwar Hotels Ltd.

Mar 31, 2015

1. Micro, Small and Medium Enterprises:

The information available with the company, there are no Micro, Small and Medium Enterprises in respect of whom the Company dues are outstanding for more than 45 days at the Balance Sheet.

2. Contingent Liabilities:

(to the extent not provided for) (Rs.) Sr. Particulars As at 31.03.2015 No Service Tax matter under appeal (FY 2004-05 & 2005-06)

(a) Service Tax demand under dispute: 408,000

Service Tax Penalty: 408,000

Amount Paid: 200,000

Balance amount under Dispute 616,000

Luxury Tax matter under dispute (FY : 1999-2000)

Luxury Tax demand under dispute: 243,000 662 000

(b) Luxury Tax Interest: 55,000

Luxury Tax Penalty: 364,000

Total Amount under Dispute

3. Gratuity:

As per Accounting Standard -15 - Accounting for Employees benefits as defined in the accounting standard, the summarized components of net benefit expense are recognized in Statement of Profit and Loss and the funded status and the amount are recognized in the balance sheet. The details of Group Gratuity Scheme as approved with LIC are as follows :

4. The Company operates one business namely "Hotelier" in India only; hence, business segment/ geographical segment reporting under Accounting Standard -17 issued by the Institute of Chartered Accountants of India are not applicable.

5. The total consumption of items of raw materials, stores and spares are indigenous only.

6. In the opinion of the Board, the Current Assets, Loan and Advances would if realized in the ordinary course of business, be of approximately the value at which they are stated in the Balance Sheet.

7. Related Party Disclosures:

As per Accounting Standard - 18 issued by Institute of Chartered Accountant of India, the bodies in which Directors and/or their relatives, promoters are interested & having transaction and / balances:

i. ANS Constructions Ltd.

ii. Lords Inn Hotels and Developers Ltd.

iii. Kesar Motels Pvt. Ltd.

iv. Sai Ram Krupa Hotels Pvt. Ltd.

v. Lords Oriental Resorts Developers (Silvassa) Pvt. Ltd.

vi. Srijan Holdings Ltd.

8. There is no amount due and outstanding to "Investors Education and Protection Fund".

9. Previous year figure (s) have been re-classified and / or rearranged where ever necessary.


Mar 31, 2014

1. Micro, Small and Medium Enterprises:

The information available with the company, there are no Micro, Small and Medium Enterprises in respect of whom the Company dues are outstanding for more than 45 days at the Balance Sheet.

2. Contingent Liabilities: (to the extent not provided for) (Rs. )

Sr. No Particulars As at 31.03.2014

Service Tax matter under appeal (FY 2004-05 & 2005-06) (a) Service Tax demand under dispute: 408,000

Service Tax Penalty: 408,000

Amount Paid: 200,000 616,000

Balance amount under Dispute

Luxury Tax matter under dispute (FY : 1999-2000)

Luxury Tax demand under dispute: 243,000

662,000

(b) Luxury Tax Interest: 55,000

Luxury Tax Penalty: 364,000 Total Amount under Dispute

3. Gratuity:

As per Accounting Standard -15 – Accounting for Employees benefits as defined in the accounting standard, the summarized components of net benefit expense are recognized in Statement of Profit and Loss and the funded status and the amount are recognized in the balance sheet. The details of Group Gratuity Scheme as approved with LIC are as follows:

4. The Company operates one business namely "Hotelier" in India only; hence, business segment/ geographical segment reporting under Accounting Standard -17 issued by the Institute of Chartered Accountants of India are not applicable.

5. The total consumption of items of raw materials, stores and spares are indigenous only.

6. In the opinion of the Board, the Current Assets, Loan and Advances would if realized in the ordinary course of business, be of approximately the value at which they are stated in the Balance Sheet.

7. Related Party Disclosures:

As per Accounting Standard - 18 issued by Institute of Chartered Accountant of India, the bodies in which Directors and/or their relatives, promoters are interested & having transaction and / balances:

i. ANS Constructions Ltd.

ii. Lords Inn Hotels and Developers Ltd.

iii. Kesar Motels Pvt. Ltd.

iv. Sai Ram Krupa Hotels Pvt. Ltd.

v. Lords Oriental Resorts Developers (Silvassa) Pvt. Ltd.

vi. Srijan Holdings Ltd.

8. As per Accounting Standard 28, the Company dose not has impaired assets as verified by the management during the year.

9. There is no amount due and outstanding to "Investors Education and Protection Fund".

10. Previous year figure(s) have been reclassified and or rearranged wherever necessary.


Mar 31, 2013

1. Micro, Small and Medium Enterprises:

The information available with the company, there are no Micro, Small and Medium Enterprises in respect of whom the Company dues are outstanding for more than 45 days at the Balance Sheet.

2. Contingent Liabilities:

(to the extent not provided for) Rs.

Sr. No Particulars As at 31.03.2013

(a) Service Tax matter under appeal (FY 2004-05 & 2005-06) Service Tax demand under dispute: 408,000 Service Tax Penalty: 408,000 Amount Paid: 200,000 616,000 Balance amount under Dispute

Luxury Tax matter under dispute (FY : 1999-2000)

(b) Luxury Tax demand under dispute: 243,000 662 000 Luxury Tax Interest: 55,000 Luxury Tax Penalty: 364,000 Total Amount under Dispute

3. Gratuity:

As per Accounting Standard -15 - Accounting for Employees benefits as defined in the accounting standard, the summarized components of net benefit expense are recognized in the Statement of profit and loss and the funded status and the amount are recognized in the balance sheet. The details of Group Gratuity Scheme as approved with LIC are as follows:

4. The company operates one business namely "Hotelier" in India only; hence, business segment/ geographical segment reporting under Accounting standard-17 issued by the Institute of Chartered Accountants of India are not provided.

5. The total consumption of items of raw materials, stores and spares are indigenous only.

6. In the opinion of the Board, the Current Assets, Loan and Advances would if realized in the ordinary course of business, be of approximately the value at which they are stated in the Balance Sheet.

7. Earnings per Share:

Earnings per share are calculated in accordance with Accounting Standard-20, notified by the Company''s (Accounting Standards) Rules, 2006.

8. Related Party Disclosures:

As per Accounting Standard - 18 issued by Institute of Chartered Accountant of India, the bodies in which Directors and/or their relatives, promoters are interested & having transaction and / balances:

i. ANS Constructions Ltd.

ii. Lords Inn Hotels and Developers Ltd.

iii. Kesar Motels Pvt. Ltd.

iv. Sai Ram Krupa Hotels Pvt. Ltd.

v. Lords Oriental Resorts Developers (Silvassa) Pvt. Ltd.

vi. Srijan Holdings Ltd.

9. As per Accounting Standard 28, the Company dose not has impaired assets as verified by the management during the year.

10. There is no amount due and outstanding to "Investors Education and Protection Fund".

11. Previous year figure(s) have been reclassified and or rearranged wherever necessary.


Mar 31, 2012

* 732,300 equity shares of Rs. 10/- partly paid up @ Rs. 5/- each amounting Rs. 3,661,500/-.

The Company has re-issued & allotted 732,300 Forfeited Equity shares of face value of Rs. 10/- each at par for an amount aggregating Rs. 7,323,000 on Preferential basis to Promoters and Non- promoters of the Company. Allotment was made in pursuant to approval received by Bombay Stock Exchange Ltd.

1. Micro, Small and Medium Enterprises:

There are no Micro, Small and Medium Enterprises in respect of whom the Company dues are outstanding for more than 45 days at the Balance Sheet. These are on the information available with t he Company.

2. Contingent Liabilities:

(to the extent not provided for)

Sr.No Particulars As at 31.03. 2012

Service Tax matter under appeal(FY 2004-05 & 2005-06)

(a) Service Tax demand under dispute: Rs. 408,000

Service Tax Penalty: Rs. 408,000 Rs. 616,000

Amount Paid: Rs. 200,000

Balance amount under Dispute

(b) Luxury Tax matter under dispute (FY : 1999-00)

Luxury Tax demand under dispute: Rs. 243,000

Luxury Tax Interest: Rs. 55,000 Rs. 662,000

Luxury Tax Penalty: Rs. 364,000

Total Amount under Dispute

3. Gratuity:

As per Accounting Standard -15 - Accounting for Employees benefits as defined in the accounting standard, the summarized components of net benefit expense are recognized in the profit and loss Statement and the funded status and the amount are recognized in the balance sheet. The details of Group Gratuity Scheme as approved with LIC are as follows:

4. The Company has only one segment namely “Hotelier” so as per Accounting Standard 17 on segment reporting issued by the Institute of Chartered Accountants of India is not provided.

5. The total consumption of items of raw materials, stores and spares are indigenous only.

6. In the opinion of the Board, the Current Assets, Loan and Advances would if realized in the ordinary course of business, be of approximately the value at which they are stated in the Balance Sheet.

7. Earning per Share:

Earning per share is calculated in accordance with Accounting Standard-20, notified by the Company’s (Accounting Standards) Rules, 2006.

8. Related Party Disclosures: As per Accounting Standard 18 issue by Institute of Chartered Accountant of India, the related party disclosures are as followed:

Followings are the bodies in which Directors and/or their relatives, promoters are interested:

i. ANS Constructions Ltd.

ii. Lords Inn Hotels and Developers Ltd.

iii. Kesar Motels Pvt. Ltd.

iv. Sai Ram Krupa Hotels Pvt. Ltd.

v. Lords Oriental Resorts Developers (Silvassa) Pvt. Ltd.

vi. Srijan Holdings Ltd.

9. As per Accounting Standard 28, the Company dose not has impaired assets as verified by the management during the year.

10. The amount and disclosures included in the previous year have been reclassified or rearranged to conform to the compliances of the revised Schedule VI of the Companies Act, 1956.


Mar 31, 2010

(2009-10) (Rs. in Lacs

Contingent Liabilities not provided for in respect of:

(a) Service Tax matter under appeal (FY : 2004-05 & 2005-06)

Service Tax demand under dispute Rs.4.08

Service Tax Penalty Rs.4.08

Amount Paid Rs.2.00

Balance Amount under Dispute 6.16

(b) Luxury Tax matter under

dispute (FY : 1999-00)

Luxury Tax demand under dispute Rs.2.43

Luxury Tax Interest Rs.0.55

Luxury Tax Penalty Rs.3.64 6.62

(c) Income - Tax matter under appeal

( A Y : 2004-05)

Penalty u/s 271 ( 1 ) ( c ) 0.40

Note: Future cash outflows in respect of (a) (b) & (c) above are Determinable on receipt of the judgments/decisions pending with various forums/ statutory authorities

(i) Contributions to Provident Fund and Gratuity Fund are charged to Profit and Loss Account.

(ii) Provision for Gratuity is being made. The arrangement with Life Insurance Corporation for creation of trust is properly done. (iii) Provision for Leave Encashment is made on the basis of actual leave outstanding at the end of the year based on the present pay structure.

- Foreign Exchange Transactions :

Transactions denominated in foreign currency settled / negotiated during a month are recorded at exchange rate on the date of settlement/ negotiation. Foreign currency transactions remaining not settled / negotiated at the end of each month are converted into rupees at the month end rates. All gains or losses on foreign exchange transaction other than those related to Fixed Assets are recognised in the Profit and Loss Account.

Taxation :

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of Income Tax Act, 1961.

Deferred Tax is recognised on timing differences being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

2. DEFERRED TAXES:

The Company, as on March 31, 2010, has deferred tax assets (primarily representing carry forward of losses and unabsorbed depreciation under tax laws) in excess of the deferred tax liabilities. In the absence of virtual certainty that sufficient future taxable income would be available against which deferred tax assets can be realised, the Company has not recognized the net deferred tax assets as on March 31, 2010.

3. As the turnover of the Company includes sales of food & beverages, it is not possible to give quantitative details of the turnover and food and beverages consumption. The Company has been exempted from disclosure of quantitative details in compliance of Para 3(i) (a) of Part II of Schedule VI of the Companies Act, 1956 vide Order No.46/4/2010-CL-III dated 20/01/2010 issued by Ministry of Corporate Affairs, Government of India.

4. The Company has initiated the process of obtaining details from Sundry Creditors who are registered under the Micro, Small and Medium Enterprises Development Act, 2006. To the extent that the Company has received information, it has evaluated that there are no amounts due to the Creditors who are registered under the said Act beyond the period of 45 days.

5. As per Accounting Standard -15 – Accounting for Employees benefits as defined in the accounting standard the summarised components of net benefit expense recognised in the profit and loss account and the funded status and the amount recognised in the balance sheet. The details of Group Gratuity Scheme as approved with LIC are as follows:

6. Capital expenditure commitments of Rs. NIL (Pre. Year Rs. NIL)

7. Directors Remuneration Previous Year

Rs. NIL/- Rs. NIL/-

8. C.I.F. Value of Imports: NIL (Pre. Year Rs. 4,77,940/- )

9. The total consumption of items of raw materials, stores and spares are indigenous only.

10. Earning in foreign currency: Rs10,96,953/- (Pre. Year Rs. 27,05,187 /-)

11. Expenditure in Foreign Currency: Rs. NIL (Pre. Year Rs. NIL)

12. In the opinion of the Board, the Current Assets, Loans and Advances would if realised in the ordinary course of business, be of approximately the value at which they are stated in the Balance Sheet.

13. As required by Accounting Standard – AS 18 "Related Parties Disclosures" issued by the Institute of Chartered Accountants of India are given below:

- Followings are the bodies in which Directors and/or theirs relatives, promoters are interested:

A. ANS Constructions Ltd.

B. Radheshyam Bansal Engineers India Ltd.

C. Lords Inn Hotels and Developers Ltd.

D. Kesar Motels Pvt. Ltd.

14. Segment Reporting:

Accounting Standard 17 issued by The ICAI regarding Segment Reporting has been considered by us taking in to account the organisation structure etc. of the company. As the company has no operations any where else than the head office, hence, Geographical Segment is not applicable. Similarly, company is not operating any other business operations thus, disclosure requirements of AS-17 is not applicable to the company.

15. As per Accounting Standard 28, the Company does not have impaired assets as verified by the management during the year under review.

16. Previous year figures have been regrouped and/or rearranged wherever found necessary.