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Notes to Accounts of Ras Resorts & Apart Hotels Ltd.

Mar 31, 2015

1. Details of the rights, and restrictions attaching to each class of shares

Equity Shares: The Company has one class of equity shares having a par value of 10/- per share. Each share holder is eligible for one vote per share held. In the event of liquidation. The equity share holders are eligible to receive the remaining assets of the Company in proportion to share holding.

a) Time Share Refundable amount is Rs. 594,000/- (Previous Year: Rs. 594,000/-) which is refundable to the members at the end of thirty years from the date of subscription, and does not carry any interest.

b) Non-refundable deposit - Time Share dream vista is recognised as income equally over a period of 30 years from the date of sale of time share.

2. CONTINGENT LIABILITY

Bank Guarantee issued in favour of Electricity Dept. Silvassa of Rs. 750,000/-.

3. Capital Commitment(net of advances) Rs. 4,177,245/- (P.Y Rs. 2,211,720/-)

4. SEGMENT REPORTING

The segment reporting of the Company has been prepared in accordance with Accounting Standard (AS-17), "Accounting for Segment Reporting" issued by the institute of Chartered Accountants of India.

Segment Reporting Policies

(a) Identification of Segments:

Primary - Business Segment

The Company has identified two reportable segments viz. Hoteliering & Real Estate on the basis of the nature of services, the risk return profile of individual business and the internal business reporting systems.

Secondary - Geographical Segment

The Company operates entirely in India and hence has no reportable geographical segment.

(b) Revenue and expenses have been identified to the segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "allocable expenses". Since the Real Estate segment is still in 'preoperative stage' all the other unallocable expenses are allocated to Hoteliering segment.

(c) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investment, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "unallocated assets" and "unallocated liabilities".

5. Consequent to the adoption of the Revised Accounting Standard 15' Employees Benefits' (Revised) issued by the Institute of Chartered Accountants of India following disclosures have been made as required by the standard:- (Refer Note- 7)

(a) The Company operates post retirement defined benefit plans as follows :

Funded : Provided Fund

Unfunded : Post Retirement Gratuity

Method Used : Projected unit credit method

6. RELATED PARTY DISCLOSURE

The Names of related parties are as under:

(i) Enterprise that directly or indirectly control (through subsidiaries) or are controlled by or are under common control with the reporting enterprise. - NIL

(ii) Associates, Joint ventures of the reporting entity, investing party or venturer in respect of which reporting enterprise is an associate or joint venture. - NIL

(iii) Individuals owning, directly or indirectly, an interest in voting power of the reporting enterprises that gives them control or significant influence over the enterprises & relatives of any such individual. - NIL

(iv) Key Managerial Person (KMP) & their Relatives.

a) Key Management Personnel

Vishamber Shewakramani - Managing Director

Nalini Shewakramani - Executive Director

b) Relatives of Key management Personnel Tekchand Shewakramani

Kamla Shewakramani

Gautam Shewakramani

Rahul Shewakramani

(v) Enterprises over which any person described in (iii) & (iv) is able to exercise significant influence.

Associate Enterprises

Ras Stock & Financial Services Pvt. Ltd. Audio Compas (India) Pvt. Ltd.

Rahul Agrotech (I) Pvt. Ltd. Burger King Restaurant Pvt. Ltd.

Ras Erectors Pvt. Ltd. Gautam Enterprises

Hungry Jacks Fast Food Pvt. Ltd. Ras Business Premises Pvt.Ltd

Gautam Premises Pvt. Ltd. Ras Diu Hotels Pvt. Ltd.

The Details of the related party transactions entered into by the Company.

7. Trade payable & Trade receivable and advance balances are subject to confirmation and subsequent reconciliation, if any

8. Current assets, loans and advances have a value on realization in the ordinary course of business atleast equal to the amount at which they are stated.

9. Consequent to the enactment of the Companies Act, 2013 (the Act) and its applicability for accounting periods commencing after April 01, 2014, the Company has re-worked depreciation with reference to the estimated economic lives of Fixed Assets prescribed by Schedule II to the Act or actual useful life of assets, whichever is lower. In case of any asset, whose life has been completed as above, the carrying value, net residual value as at April 01, 2014 has been adjusted to the opening balance of retained earnings and in other cases, the carrying value has been depreciated over the remaining of revised life of the assets and recognized in the Profit and Loss. If these had been no change in the useful life of the assets, depreciation for the year would have been lower by Rs. 937,203/- consequently profit would have been higher by Rs. 937,203/-.

Deferred Tax on amount of Depreciation debited and retained earnings is also credited to retained earnings.

10. Previous year's figures have been regrouped & rearranged wherever necessary.


Mar 31, 2014

1. CONTINGENT LIABILITY

Bank Guarantee issued in favour of Electricity Dept. Silvassa of Rs. 7,50,000/-.

2. Capital Commitment (net of advances) Rs. 22,11,720/- (PY Rs. 22,11,720/-)

3. SEGMENT REPORTING

The segment reporting of the Company has been prepared in accordance with Accounting Standard (AS-17), ''Accounting for Segment Reporting" issued by the institute of Chartered Accountants of India.

Segment Reporting Policies

(a) Indentification of Segments:

Primary - Business Segment

The Company has identified two reportable segments viz. Hoteliering & Real Estate on the basis of the nature of services, the risk return profile of individual business and the internal business reporting systems.

Secondary - Geographical Segment

The Company operates entirely in India and hence has no reportable geographical segment.

(b) Revenue and expenses have been identified to the segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "allocable expenses". Since the Real Estate segment is still in ''preoperative stage'' all the other unallocable expenses are allocated to Hoteliering segment.

(c) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investment, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "unallocated assets" and "unallocated liabilities".

4. Consequent to the adoption of the Revised Accounting Standard 15''Employees Benefits'' (Revised) issued by the Institute of Chartered Accountants of India following disclosures have been made as required by the standard:- (Refer Note-7)

(a) The Company operates post retirement defined benefit plans as follows : Funded : Provided Fund

Unfunded : Post Retirement Gratuity

Method Used : Projected unit credit method

5. RELATED PARTY DISCLOSURE

The Names of related parties are as under:

(i) Enterprise that directly or indirectly control (through subsidiaries) or are controlled by or are under common control with the reporting enterprise. - NIL

(ii) Associates, Joint ventures of the reporting entity, investing party or venturer in respect of which reporting enterprise is an associate or joint venture. - NIL

(iii) Individuals owning, directly or indirectly, an interest in voting power of the reporting enterprises that gives them control or significant influence over the enterprises & relatives of any such individual. - NIL

(iv) Key Managerial Person (KMP) & their Relatives.

a) Key Management Personnel

Vishamber Shewakramani - Managing Director Nalini Shewakramani - Executive Director

b) Relatives of Key management Personnel

Tekchand Shewakramani Kamla Shewakramani Gautam Shewakramani Rahul Shewakramani (v) Enterprises over which any person described in (iii) & (iv) is able to exercise significant influence. Associate Enterprises Ras Stock & Financial Services Pvt. Ltd. Audio Compas (India) Pvt. Ltd.

Rahul Agrotech (I) Pvt. Ltd. Burger King Restaurant Pvt. Ltd.

Ras Erectors Pvt. Ltd. Gautam Enterprises

Hungry Jacks Fast Food Pvt. Ltd. Ras Business Premises Pvt. Ltd

Gautam Premises Pvt. Ltd. Ras Diu Hotels Pvt. Ltd.

6. Trade payable, Trade receivable and advance balances are subject to confirmation and subsequent reconciliation, if any.

7. Current assets, loans and advances have a value on realization in the ordinary course of business atleast equal to the amount at which they are stated.

8. Previous year''s figures have been regrouped & rearranged wherever necessary.


Mar 31, 2013

1. CONTINGENT LIABILITY

Liability in respect of VAT on sale of food and beverages at Silvassa is presently unascertainable pending completion of assessment by the authorities.

Bank Guarantee issued in favour of Electricity Dept. Silvassa of Rs. 750,000/-.

2. Capital Commitment (net of advances) Rs.2,211,720/- (P.Y Rs.2,211,720/-)

3. SEGMENT REPORTING

The segment reporting of the Company has been prepared in accordance with Accounting Standard (AS-17), "Accounting for Segment Reporting" issued by the institute of Chartered Accountants of India. Segment Reporting Policies

(a) Indentification of Segments:

Primary - Business Segment

The Company has identified two reportable segments viz. Hoteliering & Real Estate on the basis of the nature of services, the risk return profile of individual business and the internal business reporting systems.

Secondary - Geographical Segment

The Company operates entirely in India and hence has no reportable geographical segment.

(b) Revenue and expenses have been identified to the segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "allocable expenses". Since the Real Estate segment is still in ''preoperative stage'' all the other unallocable expenses are allocated to Hoteliering segment.

(c) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investment, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "unallocated assets" and "unallocated liabilities".

4. Consequent to the adoption of the Revised Accounting Standard 15''Employees Benefits'' (Revised) issued by the Institute of Chartered Accountants of India following disclosures have been made as required by the standard:- (Refer Note - 7)

(a) The Company operates post retirement defined benefit plans as follows :

Funded : Provident Fund

Unfunded : Post Retirement Gratuity

Method Used : Projected unit credit method

5. RELATED PARTY DISCLOSURE

The Names of related parties are as under:

(i) Enterprise that directly or indirectly control (through subsidiaries) or are controlled by or are under common control with the reporting enterprise. - NIL

(ii) Associates, Joint ventures of the reporting entity, investing party or venturer in respect of which reporting enterprise is an associate or joint venture. - NIL

(iii) Individuals owning, directly or indirectly, an interest in voting power of the reporting enterprises that gives them control or significant influence over the enterprises & relatives of any such individual. - NIL

(iv) Key Managerial Person (KMP) & their Relatives.

a) Key Management Personnel

Vishamber Shewakramani - Managing Director Nalini Shewakramani - Executive Director

b) Relatives of Key management Personnel

Tekchand Shewakramani Kamla Shewakramani Gautam Shewakramani Rahul Shewakramani

(v) Enterprises over which any person described in (iii) & (iv) is able to exercise significant influence.

Associate Enterprises

Ras Stock & Financial Services Pvt. Ltd. Rahul Agrotech (I) Pvt. Ltd.

Ras Erectors Pvt. Ltd.

Gras Health Resorts Pvt. Ltd.

Gautam Premises Pvt. Ltd.

Ras Dui Hotels Pvt. Ltd.

Audio Compas (India) Pvt. Ltd. Primary Cuisine Pvt. Ltd.

Burger King Restaurant Pvt. Ltd. Hungry Jacks Fast Food Pvt. Ltd. Ras Business Premises Pvt. Ltd.

6. Trade payable & Trade receivable and advance balances are subject to confirmation and subsequent reconciliation, if any.

7. The company does not have the data about status of its vendor as macro small and medium enterprises. Hence amount due to macro small and medium enterprises as on 31st March 2013 cannot be ascertained.

8. Current assets, loans and advances have a value on realization in the ordinary course of business atleast equal to the amount at which they are stated.

9. Previous year''s figures have been regrouped & rearranged wherever necessary.


Mar 31, 2012

A. CONTINGENT LIABILITY

Liability in respect of VAT on sale of food and beverages at Silvassa is presently unascertainable pending completion of assessment by the authorities. And Bank Guarantee issued in favour of Electricity Dept. Silvassa of Rs. 750,000/-.

B. Unexpired Capital Commitment (net of advances) - Rs. 2,211,720 (Previous year:Rs.72,528,720/-)

C. TIME SHARE

a) Time Share Refundable amount Rs.594,000/- (Previous Year: Rs.594,000/-)

The amount is refundable to the members at the end of thirty years from the date of subscription, and does not carry any interest.

b) Non-refundable deposit - Time Share dream vista is recognised as income equally over a period of 30 years from the date sale of time share.

(Refer Note - 5)

D. SEGMENT REPORTING

The segment reporting of the Company has been prepared in accordance with Accounting Standard (AS-17), "Accounting for Segment Reporting" issued by the institute of Chartered Accountants of India.

Segment Reporting Policies

(a) Identification of Segments:

Primary - Business Segment

The Company has identified two reportable segments viz. Hoteliering & Real Estate on the basis of the nature of services, the risk return profile of individual business and the internal business reporting systems.

Secondary - Geographical Segment

The Company operates entirely in India and hence has no geographical segment.

(b) Revenue and expenses have been identified to the segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "allocable expenses". Since the Real Estate segment is still in 'preoperative stage' all the other unallocable expenses are allocated to Hoteliering segment.

(c) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investment, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "unallocated assets" and "unallocated liabilities".

E. Food & Beverages consumption is inclusive of cost of complimentary meals provided to houseguests and staff.

F. Creditors, debtors and advance balances are subject to confirmation and subsequent reconciliation, if any.

G. Pursuant to the Company's application, the Government of India has vide its order no.46/7/2010-CL-lll dtd 20th January 2010, exempted the Company from giving particulars in respect of quantity-wise details of the turnover consumption and stock for the year ended 31st March, 2012.

H. The company does not have the data about status of its vendor as macro small and medium enterprises. Hence amount due to macro small and medium enterprises as on 31st March 2012 cannot be ascertained.

I. Current assets, loans and advances have a value on realization in the ordinary course of business atleast equal to the amount at which they are stated.

J. Previous year's figures disclosed have been recast, to comply with revised Schedule VI wherever necessary, to make them comparable with those for the current year.


Mar 31, 2010

1. CONTINGENT LIABILITY

Liability in respect of Sales Tax on sale of food and beverages at Silvassa is presently unascertainable pending completion of assessment by the authorities.

2. Unexpired Capital Commitment (net of advances) - Rs.72,836,220/- (Previous year:Rs. 75,240,720/-)

3. TIME SHARE

Time Share Refundable Rs.594,0007- (Previous Year: Rs.594,000/-)

The amount is refundable to the members at the end of thirty years from the date of subscription, and does not carry any interest.

4. SEGMENT REPORTING

The segment reporting of the Company has been prepared in accordance with Accounting Standard (AS-17), "Accounting for Segment Reporting" issued by the institute of Chartered Accountants of India.

Segment Reporting Policies

(a) Identification of Segments:

Primary - Business Segment

The Company has identified two reportable segments viz. Hoteliering & Real Estate on the basis of the nature of services, the risk return profile of individual business and the internal business reporting systems.

Secondary - Geographical Segment

The Company operates entirely in India and hence has no geographical segment.

(b) Revenue and expenses have been identified to the segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "allocable expenses". Since the Real Estate segment is still in preoperative stage all the other unallocable expenses are allocated to Hoteliering segment.

(c) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investment, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "unallocated assets" and "unallocated liabilities".

5. Consequent to the adoption of the Revised Accounting Standard 15 Employees Benefits (Revised) issued by the ICAI following disclosures have been made as required by the standard :-

(a) The Company operates post retirement defined benefit plans as follows :

Funded : Provident Fund

Unfunded : Post Retirement Gratuity

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion, and other relevant factors. The above information is certified by the actuary and relied upon by the Auditors.

6. RELATED PARTY DISCLOSURE

The names of related parties are as under:

A. Key Management Personnel

Vishamber Shewakramani

B. Relatives of Key management Personnel

Nalini Shewakramani Tekchand Shewakramani Kamla Shewakramani

C. Associate Enterprises

Ras Stock & Financial Services Pvt. Ltd.

Rahul Agrotech (I) Pvt. Ltd.

Ras Erectors Pvt. Ltd.

Gras Health Resorts Pvt. Ltd.

Gautam Premises Pvt. Ltd.

Ras Maestros Technology Pvt. Ltd.

Primary Cuisine Pvt. Ltd.

Burger King Restaurant Pvt. Ltd.

Hungry Jacks Fast Food Pvt. Ltd.

Gautam Enterprises

7. Food & Beverages consumption is inclusive of cost of complimentary meals provided to houseguests and staff.

8. Creditors, debtors and advance balances are subject to confirmation and subsequent reconciliation, if any.

9. Pursuant to the Companys application, the Government of India has vide its order no. 46/7/2010-CL-lll dtd 20th January, 2010, exempted the Company from giving particulars in respect of quantity-wise details of the turnover, consumption and stock for the year ended 31st March, 2010.

10. According to the information available with the Company, there are no amounts as at March 31, 2010 due to suppliers who constitute a "small scale industrial undertaking".

11. Current assets, loans and advances have a value on realization in the ordinary course of business atleast equal to the amount at which they are stated.

12. Previous years figures disclosed have been recast, wherever necessary, to make them comparable with those for the current year.

 
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