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Notes to Accounts of Savera Industries Ltd.

Mar 31, 2015

1. The company has only one class of equity shares having a par value of Rs. 10/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in the case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their share holding.

2. During the year ended March 31, 2015, the amount of per share dividend recognized as distribution to equity shareholder was Rs. 1.20/- (Previous year Rs. 1.20/-)

3. Secured by First Charge on entire Land & Building, Movable & Immovable Assets of the Compa- ny situated at Door No. 146, Dr. Radhakrishnan Road, Chennai -4. & Property admeasuring 18.15 grounds, situated at Avinashi Road, Coimbatore

4. Disclosure pursuantto Accounting Standard 18 "Related Parties disclosure":

As per Accounting Standard - AS 18 "Related Parties Disclosure" notified by the Companies (Accounting Standards) Rules, the required information are given below:

1) List of Related Par ties are as follows

A) Subsidiary Company : Elkhill Agrotech Pvt Ltd

B) Key Management Personnel : Mr. A. Ravikumar Reddy, Managing Director

Mrs. A. Nina Reddy, Joint Managing Director

5. Key Management Personnel :

Key Management Personnel comprise of Managing Director and Joint Managing Director who have the authority and the responsibility for planning and controlling the activities of the Company. The remuneration paid to such director's is Rs. 56.10 Lakhs (Previous year Rs. 49.80 Lakhs)

6. As per Accounting Standards 21 on "Consolidated Financial Statement", Accounting Standard 23 on "Accounting for investments in Associates in Consolidated Financial Statements" the Company has presented consolidated financial statements separately including that of subsidiary in this annual report.

7. Pre-operative expenses represent the start up cost in setting up the units and have been amortized over a period of 5 years.

8. Renovation expenditure has been treated as deferred revenue expenditure and amortized over a period of three (3) years for the previous years.

9. Micro and Small Enterprises:

i) There is no interest paid / payable during the year by the Company to the suppliers covered under Micro, Small, Medium Enterprises Development Act, 2006

ii) The above information takes into account only those suppliers who have responded to the enquiries made by the Company for the purpose.

10. Salaries, wages and other benefits include Managerial Remuneration under section 198 ofthe Companies Act, 2013, which are as follows:

11. The financial statements for the year ended 31st March, 2015, have been prepared in accordance with the Revised Schedule III of the Companies Act, 2013. Previous year figures have been re- grouped wherever necessary.

12. Disclosure in the Annual Report 2014-15 in respect of Income Tax matters

Assessment Year 2006-07

The Assessment was reopened beyond a period of 4 years from the end of the assessment year which in the opinion of company's tax consultants is not valid in law. The Writ Petition filed by the company in the Madras High Court questioning the validity of the reopening was dismissed along with other appeals though the reasons for reopening the assessment were different from other cases. The Writ filed by the company is pending before the Supreme Court.

In the meanwhile, Assessing Officer(AO) completed the assessment demanding Rs.30.96 lakhs. The appeal filed againstthis is pending before the CIT (A).

Assessment Year 2010-11

The Commissioner of Income Tax passed an Order under section 263 setting aside the earlier assessment to consider the allowability of renovation expenses and pre-operative expenses aggregating to Rs.143.36 lakhs. The appeal is pending before the Tribunal.

Assessment Year 2012-13

AO disallowed the expenditure of Rs.63.96 lakhs resulting in a demand of Rs.19.77 lakhs. The appeal is pending before CIT (A).

The company has been advised that they have fair chances of winning the appeal and there may not be any demand payable by the company in all these three years.

13. The impairment loss is estimated at Rs. 109.21 lakhs in relation to the assets of Walnut Hotel unit at Hyderabad, since the business is discontinued and the realisable value will be less than the carrying amount. Accordingly, the provision is made in the Profit & Loss Statement.

14. The figures have been rounded off to the nearest rupee.


Mar 31, 2014

A) Corporate Information:

Savera Industries Limited is incorporated in India in November, 1969, and is engaged in the business of Hoteliering. Shares of the Company are listed in Bombay Stock Exchange Ltd (BSE) and Madras Stock Exchange Ltd (MSE).

1. Disclosure pursuant to Accounting Standard 18 "Related Parties disclosure":

As per Accounting Standard - AS 18 "Related Par ties Disclosure" notiied by the Companies (Accounting- Standards) Rules, 2006, the required information are given below :

1) List of Related Parties are as follows

A) Subsidiary Companies Elkhill Agrotech Pvt Ltd

B) Key Management Personnel Mr.A.Ravikumar Reddy, Managing Director

Mrs.A.Nina Reddy, Joint Managing Director

Key Management Personnel :

Key Management Personnel comprise of Managing Director and Joint Managing Director who have the authority and the responsibility for planning and controlling the activities of the Company. The remuneration paid to such directors is X 49.80 Lakhs (Previous year X 55.18 Lakhs)

2. As per Accounting Standards 21 on "Consolidated Financial Statement", Accounting Standard 23 on "Accounting for investments in Associates in Consolidated Financial Statements'' the Company has presented consolidated financial statements separately including that of subsidiary entity in this annual report.

3. Pre-operative expenses represent the start up cost in setting up the units and have been amor tized over a period of 5 years.

4. Renovation expenditure has been treated as deferred revenue expenditure and amor tized over a period of three (3) years for the previous years.

5. Micro and Small Enterprises:

i) There is no interest paid / payable during the year by the Company to the suppliers covered under Micro, Small, Medium Enterprises Development Act, 2006.

ii) The above information takes into account only those suppliers who have responded to the enquiries made by the Company for the purpose.

6. The financial statements for the year ended 31 st March, 2014, have been prepared in accordance with the Revised Schedule VI of the Companies Act, 1956. Previous year figures have been re- grouped wherever necessary.

7. The figures have been rounded off to the nearest rupee.


Mar 31, 2013

1. Disclosure pursuant to Accounting Standard 18 "Related Parties disclosure":

As per Accounting Standard AS 18 "Related Parties Disclosure" notified by the Companies (Accounting Standards) Rules, 2006 the required information are given below :

1) List of Related Parties are as follows

A) Subsidiary Companies : Elkhill Agrotech Pvt Ltd

Savera Hotels & Resorts Limited

B) Key Management Personnel : Mr.A.Ravikumar Reddy, Managing Director

Mrs.A.Nina Reddy, Joint Managing Director

Key Management Personnel:

Key Management Personnel comprise of Managing Director and Joint Managing Director who have the authority and the responsibility for planning and controlling the activities of the Company. The remuneration paid to such,directors is X 55.18 Lakhs (Previous year t 74,40 Lakhs)

2. As per Accounting Standards 21 on "Consolidated Financial Statement", Accounting Standard 23 on "Accounting for investments in Associates in Consolidated financial Statements'' the Company has presented consolidated financial statements separately including that of subsidiaries entities in this annual report.

3. Pre-operative expenses represent the start up cost in setting up the units and have been amortized over a period of 5 years

4. Renovation expenditure has been treated as deferred revenue expenditure and amortized over a period of three (3) years for the previous years.

5. Micro and Small Enterprises:

i) There is no interest paid / payable during the year by the Company to the suppliers covered under Micro, Small, Medium Enterprises Development Act, 2006

ii) The above information takes into account only those suppliers who have responded to the enquiries made by the Company for the purpose.

6. Salaries, wages and other benefits include Managerial Remuneration under section 349 of the Companies Act, 1956, which are as follows:

7. The financial statements for the year ended 31 st March, 2013, have been prepared in accordance with the Revised Schedule VI of the Companies Act, 1956. Previous year figures have been re- grouped wherever necessary.

8. The figures have been rounded off to the nearest rupee.


Mar 31, 2012

(i) Of the above, following were allotted:

As fully paid up Bonus Shares:

59,64,000 Shares in 2010-11 by capitalisation of Securities Premium Reserve and General Reserve

(ii) The company has only one class of equity shares having a par value of Rs.10/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in the case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

(iii) During the year ended March 31, 2012, the amount of per share dividend recognized as distribution to equity shareholder was Rs. 1.20/- (Previous year Rs.1.20/-)

1. Disclosure pursuant to Accounting Standard 15- "Employee Benefits":

Under the employee Benefits - Staff Costs are as follows : The Company's contribution to Provident fund is Rs. 47.00 lakhs (Previous year Rs. 34.35 lakhs), ESI is Rs. 17.38 lakhs (Previous year Rs. 10.79 lakhs ) and Gratuity is Rs. 37.23 lakhs (Previous year Rs.16.74 lakhs). PF Contribution to Key Management Personnel viz., Managing Director and Executive Director (Operations) is Rs. 0.19 lakhs (Previous year Rs. 0.19 lakhs).

2. Disclosure pursuant to Accounting Standard 18 "Related Parties disclosure":

There were no transactions with the Related Parties during the year under review.

3. As per Accounting Standards 21 on "Consolidated Financial Statement", Accounting Standard 23 on "Accounting for investments in Associates in Consolidated Financial Statements' the Company has presented consolidated financial statements separately including that of subsidiaries entities in this annual report.

4. Pre-operative expenses represent the start up cost in setting up the units and have been amortized over a period of 5 years.

5. Renovation expenditure has been treated as deferred revenue expenditure and amortized over a period of three (3) years.

6. Micro and Small Enterprises:

i) There is no interest paid/payable during the year by the Company to the suppliers covered under Micro, Small, Medium Enterprises Development Act, 2006

ii) The above information takes into account only those suppliers who have responded to the enquiries made by the Company for the purpose.

7. The financial statements for the year ended 31st March, 2012, have been prepared in accordance with the Revised Schedule VI of the Companies Act, 1956. Previous year figures have been regrouped wherever necessary.

8. The figures have been rounded off to the nearest rupee.


Mar 31, 2011

A) Being a Hotel industry, the company is exempt vide order No. 46/112/2009 CL - III dated i 15.05.2009 to furnish Quantitative details.

b) Term Loans from Banks (Industrial Finance Branch) are secured by the following Charges on the Assets.

f) Pre-operative expenses represent the start up cost in setting up the units and has been i amortised over a period of 5 years.

g) Renovation expenditure has been treated as deferred revenue expenditure and amortised over a period of three (3) years.

h) Disclosure Under AS - 6: out of the total depreciation of Rs.94 thousands for the year, Rs.49 thousands debited to Profit and Loss Account and balance Rs.5 thousands transferred to revaluation reserve account.

i) Disclosure Under AS - 15 (Revised) - Under the employee Benefits-Staff Cost, the Company's contribution to Provident fund is Rs.5 thousands (Previous year Rs.3 thousands), ESI is Rs.9 thousands (Previous year Rs.1 thousands) and Gratuity Rs.3 thousands (Previous year Rs. 2847 ousands). PF contribution to Key Management Personnel viz., Managing Director and Executive Director (Operations) is Rs.19 thousands (Previous year Rs.19 thousands).

j) As per Accounting Standard -AS 18 "Related Parties disclosure" the required information are given below:

- The company disclosed that Water was purchased for Rs.1962 thousands (Previous year i Rs.1543 thousands) from M/s. Shyam Hotels & Restaurants where directors of the company are common.

- The company disclosed that the fixed assets were purchased for Rs. 52000 thousands from M/s. Amaravathi Restaurants (P) Ltd. where directors of the company are common.

- The company disclosed that the receivables from the subsidiary companies are Rs.11135 thousands (Previous year Rs.13816 thousands).

k) Accounting for Leases AS-19: Cost of asset purchased on HP basis is Rs.12024 thousands. Lease Rental Payable in the next one year is Rs.2503 thousands, in the next 1 to 5 year is Rs.6267 thousands and more than 5 years is nil.

I) Earning Per Share AS-20:

m) As per Accounting Standards 21 on "Consolidated Financial Statement", Accounting Standard 23 on "Accounting for investments in Associates in Consolidated Financial Statements' the Company has presented consolidated financial statements separately including that of subsidiaries entities in this annual report.

n) Deferred Tax: In accordance with the Accounting Standard 22 (AS-22) 'Accounting for Taxes on Income', the Company has provided for deferred tax and the net deferred tax liability as on 31st March, 2011 comprises of the following:

o) Micro, Small and Medium Enterprises:

(a) There is no interest paid / payable during the year by the Company to the suppliers covered under Micro, Small and Medium Enterprises Development Act, 2006

(b) The above information takes into account only those suppliers who have responded to the enquiries made by the Company for the purpose.

p) Previous year figures have been regrouped wherever necessary.

q) The figures have been rounded off to nearest rupee.

Schedules 1 to 19 form an integral part of the Balance Sheet and the Profit and Loss Account.


Mar 31, 2010

A) Disclosure Under AS -15 (Revised) - Under the Employee Benefits Staff Costs the Companys contribution to Provident Fund is Rs.25,23 Thousands (Previous year Rs.29,61 Thousands).

b) As per Accounting Standards 21 on "Consolidated Financial Statement", Accounting Standard 23 on "Accounting for Investments in Associates in Consolidated Financial Statements" the Company has presented consolidated financial statements separately, including that of subsidiaries entities in this annual report.

c) Previous year figures have been regrouped wherever necessary.

d) The figures have been rounded off to nearest rupee.

Schedules 1 to 19 form an integral part of the Balance Sheet and the Profit and Loss Account.

 
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