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Notes to Accounts of Reliable Ventures India Ltd.

Mar 31, 2015

1. CONTINGENT LIABILITIES

The company is contingently liable for:

2. Some of the customers & suppliers accounts are subject to confirmation / reconciliation, which is in progress.

3. The company extends the benefits of the encashment of leave to its employees at the option of the employee and is accounted for as and when claimed.

4. Out of the total creditors, amount due to Small Scale Industries, cannot be segregated pursuant to the notification issued by the Department of Company Affairs, as none of the creditors have provided the information about their status.

5. Long term borrowing of a sum of Rs. 4,89,85,199.15 (Previous year Rs. 5,19,85,986.15) are due to body corporate and individuals in which some of the directors are interested as director and/or shareholders. Maximum outstanding amount during the year is Rs. 5,19,85,986.15 (Previous year Rs. 5,91,79,558.86) on the basis of individual lender.

6. In the opinion of the Directors, current assets, loans & advances have the value at which they are stated in the Balance Sheet if realised in the ordinary course of business.

7. As the turnover of the company includes sale of Rooms, Foods & Beverages etc., it is not possible to give quantity wise details of the turnover and of Food& Beverages consumed.

8. All raw materials, provisions & beverages consumed are indigenous.

9. Company has 38 non-resident shareholders holding 1001750 equity shares of Rupees 10/- each. The company has not declared any dividend (Previous year - 38 Non Resident Shareholders holding 1001750 equity shares of Rs 10/- each which were allotted under 39 folios).

NOTES:

a. In accordance with Accounting Standard 22, Accounting for taxes of Income issued by the Institute of Chartered Accountants of India, during the year under review the company has Credited Rs. 4,88,569.53/- in Statement of Profit and Loss towards Reversal of Deferred Tax Liability.

The Company does not have any outstanding dilutive potential equity shares. Consequently the basic and diluted earning per share of the company remain the same.

10. RELATED PARTY DISCLOSURE: -

In terms of Accounting Standard 18 issued by The Institute of Chartered Accountants of India, regarding "Related party disclosures", the desired information is annexed as Annexure "A" forming part of annual financial statements.

11. The company is in the business of Hotel, Restaurant & allied activities and all its services fall in the same segment as nature of the services, its commercial location, the regulatory environment and resulting risks and rewards associated with these business lines are not materially different and is consequently, not subject to segment reporting as defined in AS-17 issued by the Institute of Chartered Accountants of India.

12. Directors remuneration amounting to Rs. 58.96 Lacs (Previous year Rs. 50.03 Lacs).

13. Disclosure under Micro, Small and Medium Enterprises Development Act, 2006.

There are no Micro and Small Scale business Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31.03.2015. 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.

14. During the year company has not made any addition in deposit on Leasehold Land and Leasehold Land Building & Interior.

15. Provision for income tax amounting to Rs. 16.54 lacs (current tax) is made in the current year, in view of the "book profit" as envisaged in section 115 JB of the Income Tax Act, 1961.

16. The figures for the previous year have been regrouped / rearranged wherever necessary.

17. Pursuant to the enactment of Companies Act 2013, the company has applied the estimated useful lives of the assets as specified in Schedule II. Accordingly the unamortized carrying value is being depreciated / amortized over the revised/remaining useful lives. The written down value of fixed Assets whose lives have expired as at 1st April 2014 have been adjusted out of free reserves. Amount of Rs 36,55,328.86 has been Written off from Free reserve.

18. If the Schedule II of The Companies Act 2013 would not have applicable then the Depreciation of Rs.1,25,16,408.30 would have charged. Due to applicability of Schedule II The Companies Act 2013 Depreciation of Rs. 1,48,77,313.08 has been charged in the Statement of Profit & Loss Account. Net Impact of Rs 23,60,904.78 effecting the profit of Current year.

19. As per the Schedule VI of The companies Act 1956 the life of Building is given 58 years and in Schedule II of The Companies Act 2013 the useful life is 60 years due to this minor change we have not recalculated the WDV of the Block Building as on 31 march 2014 assuming the Life of Building as per the Old provision and addition made thereafter has been considered as per the provision of Schedule II of The Companies Act 2013.


Mar 31, 2014

1. CONTINGENT LIABILITIES

The company is contingently liable for:

Particulars As at 31.03.2014 As at 31.03.2013

1Guarantee given by the company to 80,00,000/- 80,00,000/- ING Vysya Bank for loan taken by the Reliable Dairy Farm & Products P.Ltd.

2. Some of the customers & suppliers accounts are subject to confirmation / reconciliation, which is in progress.

3. Extra Ordinary items shown in Statement of P & L consist of Prior period Adjustment account aggregating to Rs. 31,517.00 (net Credit) (previous year the amount was Rs. 1,36,129.22, (Net Debit))

4. The company extends the benefits of the encashment of leave to its employees at the option of the employee and is accounted for as and when claimed.

5. Out of the total creditors, amount due to Small Scale Industries, cannot be segregated pursuant to the notification issued by the Department of Company Affairs, as none of the creditors have provided the information about their status.

6. Long term borrowing of a sum of Rs. 5,1 9,85,986.15 (Previous year Rs. 5,91,79,558.86) are due to body corporate and individuals in which some of the directors are interested as director and/or shareholders. Maximum outstanding amount during the year is Rs. 5,91,79,558.86/- (Previous year Rs. 7,73,33,509.26/-) on the basis of individual lender.

7. In the opinion of the Directors, current assets, loans & advances have the value at which they are stated in the Balance Sheet if realised in the ordinary course of business.

8. As the turnover of the company includes sale of Rooms, Foods & Beverages etc., it is not possible to give quantity wise details of the turnover and of Food & Beverages consumed.

9. All raw materials, provisions & beverages consumed are indigenous.

10. Value of Imports (calculated on CIF bases) in respect of :

2013-14 2012-13

Provision Stores NIL NIL

Capital Goods NIL NIL

11. Receipts in Foreign currency 2013-14 2012-13

Rs.31,15,200.90 Rs. 46,28,063.00

12. Company has 38 non-resident shareholders holding 1001750 equity shares of Rupees 10/- each. The company has not declared any dividend (Previous year - 28 Non Resident Shareholders holding 1001760 equity shares of Rs 10/- each which were allotted under 39 folios).

NOTES:

a. In accordance with Accounting Standard 22, Accounting for taxes of Income issued by the Institute of Chartered Accountants of India, during the year under review the company has Charged Rs. 53,04,557.95/- in Statement of Profit and Loss towards Deferred Tax Liability.

14. EARNING PER SHARE

The Company does not have any outstanding dilutive potential equity shares. Consequently the basic and diluted earning per share of the company remain the same.

15. RELATED PARTY DISCLOSURE:-

In terms of Accounting Standard 18 issued by The Institute of Chartered Accountants of India, regarding "Related party disclosures", the desired information is annexed as Annexure "A" forming part of annual financial statements.

16. The company is in the business of Hotel, Restaurant & allied activities and all its services fall in the same segment as nature of the services,

its commercial location, the regulatory environment and resulting risks and rewards associated with these business lines are not materially different and is consequently, not subject to segment reporting as defined in AS-17 issued by the Institute of Chartered Accountants of India.

17. Directors remuneration amounting to Rs. 50.03 Lacs (Previous year Rs. 47.02 Lacs).

18. Disclosure under Micro, Small and Medium Enterprises DevelopmentAct, 2006.

There are no Micro and Small Scale business Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31.03.2014. 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.

19. During the year company has not made any addition in deposit on Leasehold Land and Leasehold Land Building & Interior.

20. Accumulated depreciation on Computer upto 31.03.2013 was Rs 41,46,675.73/- while Gross block of the same was Rs. 44,92,871.00/- therefore Depreciation on opening value has been charged maximum upto the amount of gross block of computer i.e Rs. 3,46,195.27/-

21. Provision for income tax amounting to Rs. 50.34 lacs (current tax) is made in the current year, in view of the "book profit" as envisaged in section 115JBofthelncomeTaxAct, 1961.

22. The figures for the previous year have been regrouped / rearranged wherever necessary.


Mar 31, 2013

1. CORPORATE INFORMATION

Reliable ventures India Limited is a public Company domiciled in India and incorporated under the provisions of the companies Act 1956. Its share is listed on two stock exchanges in India. The company is engaged in the hospitality business. The company caters in domestic market.

2. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

The accounts have been prepared to comply in all material aspects with applicable accounting principles in lndia(lndian GAAP), the Accounting Standards (Accounting Standard Rules 2006 as amended ) issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

The accounting policies adopted in preparation and presentation of financial statement are consistent with those of previous year except as suitably explained.

3 CONTINGENTLIABILITIES

The company is contingently liable for:

S.No Particulars As at 31.03.2013 As at 31.03.2012

1. Guarantee given by the company to 80,00,000/- 80,00,000/- ING Vysya Bank for loan taken by the Reliable Dairy Farm & Products P. Ltd.

2. Some of the customers & suppliers accounts are subject to confirmation / reconciliation, which is in progress.

3. Extra Ordinary items shown in Statement of P & L consist of Prior period Adjustment account aggregating to Rs. 1,36,129.22 (net Debit) (previous yearthe amount was Rs. 4,12,717.00, (Net Debit))

4. The company extends the benefits of the encashment of leave to its employees at the option of the employee and is accounted for as and when claimed.

5. Out of the total creditors, amount due to Small Scale Industries, cannot be segregated pursuant to the notification issued by the Department of Company Affairs, as none of the creditors have provided the information abouttheir status.

6. Long term borrowing of a sum of Rs. 5,80,98,771.86 (Previous year Rs. 7,62,52,722.26) are due to directors, shareholders and companies in which some of the directors are interested as director and/or shareholders, besides that a sum of Rs. 10,80,787.00 which is repayable on demand considered as Short term borrowings in Balance Sheet. Maximum outstanding amount during the year is Rs. 5,91,79,558.86/-(Previous year Rs. 7,73,33,509.26/-) on the basis of individual lender.

7. In the opinion of the Directors, current assets, loans & advances have the value at which they are stated in the Balance Sheet if realised in the ordinary course of business.

8. As the turnover of the company includes sale of Rooms, Foods & Beverages etc., it is not possible to give quantity wise details of the turnover and of Food & Beverages consumed.

9. All raw materials, provisions & beverages consumed are indigenous.

12. Company has 28 non-resident shareholders holding 1001760 equity shares of Rupees 10/- each, which are allotted under 39 folios. The company has not declared any dividend (Previous year - 29 Non Resident Shareholders holding 1005510 equity shares of Rs 10/- each which were allotted under 40 folios).

4 RELATED PARTY DISCLOSURE: -

In terms of Accounting Standard 18 issued by The Institute of Chartered Accountants of India, regarding "Related party disclosures", the desired information is annexed as Annexure "A" forming part of annual financial statements.

5. The company is in the business of Hotel, Restaurant & allied activities and all its services fall in the same segment as nature of the services, its commercial location, the regulatory environment and resulting risks and rewards associated with these business lines are not materially different and is consequently. not subject to segment reporting as defined in AS-17 issued by the Institute of Chartered Accountants of India.

6. Directors remuneration amounting to Rs. 47.02lacs (Previous year Rs. 46.15 Lacs).

7 Disclosure under Micro, Small and Medium Enterprises Development Act, 2006.

There are no Micro and Small Scale business Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31.03.2013. 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.

8. During the year company has made addition in deposit on leasehold land by Rs. 2.5 lacs and Leasehold Land, Building & Interior by Rs. 25 Lacs.

9. Accumulated depreciation on Computer upto 31.03.2012 was Rs 39,28,250.55/- while Gross block of the same was Rs. 41,38,278/- therefore Depreciation on these value has been charged maximum upto the amount of gross block of computer i.eRs. 2,10,027.45/-

10. Provision for income tax amounting to Rs. 53.73 lacs (current tax) is made in the current year, in view of the "book profit" as envisaged in section 115 JB of the Income TaxAct, 1961.


Mar 31, 2012

1. CORPORATE INFORMATION

Reliable ventures India Limited is a public Company domiciled in India and incorporated under the provisions of the companiesAct 1956. Its share is listed on two stock exchanges in India. The company is engaged in the hospitality business. The company caters in domestic market.

2. BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

The accounts have been prepared to comply in all material aspects with applicable accounting principles in lndia(lndian GAAP), the Accounting Standards (Accounting Standard Rules 2006 as amended) issued by the Institute of Chartered Accountants of India and the relevant provisions of the CompaniesAct, 1956.

The accounting policies adopted in preparation and presentation of financial statement are consistent with those of previous year except as suitably explained.

1. CONTINGENT LIABILITIES

The company is contingently liable for:

S. No Particulars As at 31.03.2012 As at 31.03.2011

1. Guarantee given by the company to ING Vysya Bank for 80,00,000/- 80,00,000/- loan taken by the Reliable Dairy Farm & Products P. Ltd.

2. Guarantee issued by the bank on behalf of the 0.00 1,63,175.00 company.

2. Some of the customers & suppliers accounts are subject to confirmation / reconciliation, which is in progress.

3. Extra Ordinary items shown in Statement of P & L consist of Prior period Adjustment account aggregating to Rs. 4,12,717.00 (net Debit) (previous year Rs. 26,481.00, (Net Debit) consisting of previous years expenses.

4. The company extends the benefits of the encashment of leave to its employees at the option of the employee and is accounted for as and when claimed.

5. Out of the total creditors, amount due to Small Scale Industries, cannot be segregated pursuant to the notification issued by the Department of Company Affairs, as none of the creditors have provided the information about their status.

6. Long term borrowing of a sum of Rs. 7,62,52,722.26 (Previous year Rs. 88,730,981.36) are due to companies in which some of the directors are interested as director and/or shareholders, besides that a sum of Rs. 5,80,787.00 which is repayable within 12 months considered as Short term borrowings in Balance Sheet. Maximum outstanding amount during the year is Rs. 9,08,72,098.30 (Previous year Rs. 10,53,29,1'24.42)

7. In the opinion of the Directors, current assets, loans & advances have the value at which they are stated in the Balance Sheet if realised in the ordinary course of business.

8. As the turnover of the company includes sale of Rooms, Foods & Beverages etc., it is not possible to give quantity wise details of the turnover and of Food & Beverages consumed.

9. All raw materials, provisions & beverages consumed are indigenous.

10. Company has 29 non-resident shareholders holding 1005510 equity shares of Rupees 10/- each, which are allotted under 40 folios. The company has not declared any dividend (Previous year - 29 Non Resident Shareholders holding 1005375 equity shares of Rs 10/- each which were allotted under 40 folios).

NOTES:

a. In accordance with Accounting Standard 22, Accounting for taxes of Income issued by the Institute of Chartered Accountants of India, during the year under review the company has Charged Rs. 80,21,014.20 in Statement of Profit and Loss towards Deferred Tax Liability.

b. The company expects to generate taxable income in the coming years which will enable it to utilise the carried forward losses, in view of increasing trend of Turnover and corresponding incremental profits as compared to previous financial year.

11. RELATED PARTY DISCLOSURE: -

In terms of Accounting Standard 18 issued by The Institute of Chartered Accountants of India, regarding "Related party disclosures", the desired information is annexed as Annexure "A" forming part of annual financial statements.

12. The company is in the business of Hotel, Restaur- -ant & allied activities and all its services fall in the same segment as nature of the services, its commercial location, the regulatory environment and resulting risks and rewards associated with these business lines are not materially different and is consequently, not subject to segment reporting as defined in AS-17 issued by the Institute of Chartered Accountants of India.

13. Directors remuneration amounting to Rs. 46.15 lacs (Previous year Rs. 24.79 Lacs).

14. Disclosure under Micro, Small and Medium Enterprises Development Act, 2006.

There are no Micro and Small Scale business Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31.03.2012. 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.

15. The figures for the previous year have been regrouped / rearranged wherever necessary and the typographical error of displaying the figure of Rs. 4.09 lacs as exp. simultaneously as extraordinary as well as exceptional item in the quarterly result for the Last quarter ended 31.03.2012 has been rectified which culminated into increase in the net profit for the Financial 2011-12 by Rs. 4.13 lacs with incidental improvement in the EPS for the year.


Mar 31, 2010

1. CONTINGENT LIABILITIES

The company is contingently liable for:

S.No Particulars As at 31.03.2010 As at 31.03.2009

1. Guarantee issued by bank on behalf of the company 1,63.175.00 1,63,175.00

2. Some of the customers and suppliers accounts are pending confirmation/ reconciliation and the same have been taken as per the balances appearing in the books. Any differences arising on account of such reconciliations will be accounted for as and when these reconciliations are completed.

3. Prior period Adjustment account aggregating to Rs. 1,51,755.00 (net Credit) (previous year Rs. 3,73,577.43 Net Credit) consisting of previous years income.

4. The company extends the benefits of the encashment of leave to its employees at the option of the employee and is accounted for as and when claimed and have not been provided for.

5. Of the total creditors, amount due to Small Scale Industries, cannot be segregated pursuant to the notification issued by the Department of Company Affairs, as none of the creditors have provided the information about their status.

6. Unsecured loans of a sum of Rs. 9,28,29,124.42 (Previous year Rs. 5,90,80,147.42) are due to companies in which some of the directors are interested as director and/or shareholders, maximum outstanding amount during the year is Rs. 10,70,74,889.25 (Previous year Rs. 9,03.86,383.10)

7. In the opinion of the Directors, current assets, loans & advances have the value at which they are stated in the Balance Sheet if realised in the ordinary course of business.

8. As the turnover of the company includes sale of Rooms, Foods & Beverages etc., it is not possible to give quantity wise details of the turnover and of Food & Beverages consumed.

9. All raw materials, provisions & beverages consumed are indigenous.

10. Value of Imports (calculated on CIF bases) in respect of :

2009-10 2008-09

Provision Stores NIL NIL

Capital Goods NIL NIL -

2009-10 2008-09

11. Earning in Foreign currency Rs.53,08.829.00 Rs. 53,11.402.00

12. Company has 28 non-resident shareholders holding 1004800 equity shares of Rupees 10/- each, which are allotted under 43 folios. The company has not declared any dividend (Previous year - 27 Non Resident Shareholders holding 1004800 equity shares of Rs 10/- each which were allotted under 42 folios).

13. Related Party Disclosure :

In terms of Accounting Standard 18 issued by The Institute of Chartered Accountants of India, regarding "Related party disclosures", the desired information is annexed as Annexure "A" forming part of annual financial statements.

14. The company is in the businessof Hotel, Restaurant & allied activities and all its services fall in the same segment as nature of the services, its commercial location, the regulatory environment and resulting risks and rewards associated with these business lines are not materially different and is consequently, not subject to segment reporting as defined in AS-17 issued by the Institute of Chartered Accountants of India.

15. Directors remuneration amounting to Rs. 14.04 lacs (Previous year Rs.14.04 Lacs) has been provided for Managing Director during the year.

16. Previous year figures have been regrouped and rearranged wherever considered necessary.

17. Disclosure under Micro, Small and Medium Enterprises Development Act, 2006.

There are no Micro and Small Scale business Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31.03.2010. 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.

 
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