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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.

 
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