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Notes to Accounts of Sinclairs Hotels Ltd.

Mar 31, 2016

(b) Terms/rights attached to equity shares

The Company has only one class of equity shares having par value of 710 per share. Every holder of an equity share Is entitled to one vote per share. The Company declares and pays dividends In Indian rupees.

During the year ended 31 March 2016, the Interim dividend amount per share of 710 distributed to equity shareholders was 74 (previous year 74). The Board confirmed the interim dividend as final.

In the event of liquidation of the Company, after distribution of all preferential amounts, the remaining assets of the company will be distributed to equity shareholders in proportion to their shareholding.

(c) Details of shareholders holding more than 5% Equity Shares in the Company

As per records of the Company, and information provided by its registrar the above shareholding represents both legal and beneficial ownership of shares.

1. GRATUITY PLAN

The Company has a defined benefit gratuity plan for its employees. Every employee who has completed five years or more of service is entitled to gratuity at the rate of 15 days last drawn salary for each completed year of service, in terms of Payment of Gratuity Act, 1972. The scheme is funded with Life Insurance Corporation of India in the form of a qualifying insurance policy.

The following tables summarize the components of net benefit expense recognized in the Statement of Profit and Loss and the funded status and amounts recognized in the Balance Sheet for the respective plans.

2. As per information and records available with the Company, there are no reportable amount of dues on account of principal and interest or any such payments during the year as required by Micro, Small and Medium Enterprises Development Act, 2006, in respect of Micro Enterprises and Small Enterprises as defined in the Act. As a result no disclosure in this respect is made in the Financial Statements.

3. SEGMENT INFORMATION

The Company''s business activity falls within a single business segment i.e. hoteliering and hence no additional disclosure other than those already made in the financial statements are required under Accounting Standard 17. The Company at present, operates in India only and therefore the analysis of geographical segment is not applicable.

4. PREVIOUS YEAR FIGURES

Previous year figures have been regrouped / reclassified, where necessary to conform to this year''s classification.


Mar 31, 2014

1. Terms/ rights attached to equity shares

The Company has only one class of equity shares having par value of X10 per share. Every holder of an equity share is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31 March 2014, the dividend amount per share recognized as distribution to equity shareholders is X4 (previous year X18).

In the event of liquidation of the Company, after distribution of all preferential amounts, the remaining assets of the company will be distributed to equity shareholders in proportion to their shareholding.

2. GRATUITY PLAN

The Company has a defined benefit gratuity plan for its employees. Every employee who has completed five years or more of service is entitled to gratuity at the rate of 15 days last drawn salary for each completed year of service, in terms of Payment of Gratuity Act, 1972. The scheme is funded with Life Insurance Corporation of India in the form of a qualifying insurance policy.

The following tables summarize the components of net benefit expense recognised in the Statement of Profit and Loss and the funded status and amounts recognised in the Balance Sheet for the respective plans.

3. As per information and records available with the Company, there are no reportable amount of dues on account of principal and interest or any such payments during the year as required by Micro, Small and Medium Enterprises Development Act,2006, in respect of Micro Enterprises and Small Enterprises as defined in the Act. As a result no disclosure in this respect is made in the Financial Statements.

4 SEGMENT INFORMATION

The Company''s business activity primarily falls within a single business segment i.e. hoteliering and hence no additional disclosure other than those already made in the financial statements are required under Accounting Standard 17. The Company at present, operates in India only and therefore the analysis of geographical segment is not applicable to the Company

5. CONTINGENT LIABILITIES NOT PROVIDED FOR (Amount in Rupees) Particulars As at As at 31stMarch,2014 31stMarch,2013 Sales Tax matters under dispute / appeal 410,428 534,369 EPCG (Duty amount on outstanding export obligations) 1,621,532 2,268,339


Mar 31, 2013

1. CORPORATE INFORMATION

The Company is in the hospitality industry and has hotels / resort at Siliguri, Darjeeling and Chalsa in West Bengal, Ooty in Tamilnadu and Port Blair in Andaman and Nicobar Islands.

2 GRATUITY PLAN

The Company has a defined benefit gratuity plan for its employees. Every employee who has completed five years or more of service is entitled to gratuity at the rate of 15 days last drawn salary for each completed year of service, in terms of Payment of Gratuity Act, 1972. The scheme is funded with Life Insurance Corporation of India in the form of a qualifying insurance policy.

The following tables summarize the components of net benefit /expense recognised in the Statement of Profit and Loss and the funded status and amounts recognised in the Balance Sheet for the respective plans.

3 As per information and records available with the Company, there are no reportable amount of dues on account of principal and interest or any such payments during the year as required by Micro, Small and Medium Enterprises Development Act,2006, in respect of Micro Enterprises and Small Enterprises as defined in the Act. As a result no disclosure in this respect is made in the Financial Statements.

4 SEGMENT INFORMATION

The Company''s business activity primarily falls within a single business segment i.e. hoteliering and hence no additional disclosure other than those already made in the financial statements are required under Accounting Standard 17.

5. CONTINGENT LIABILITIES NOT PROVIDED FOR

(Amount in Ru pees)

Particulars As at 31st March, 2013 As at 31st March,2012

Sales Tax matters under dispute / appeal 534,369 409,875

EPCG (Duty amount on outstanding export obligations) 2,268,339 2,967,451

The Company has filed a writ petition before the Circuit Bench of the Hon''ble High Court at Calcutta against the Secretary, Port Blair Municipal Council against property tax on hotels in Port Blair which was levied without giving them an opportunity of being heard as was directed by the Hon''ble High Court vide its earlier order dated 21.2.2011 in this regard. The management believes that the Company has a good case for success in this matter and therefore no provision is necessary for the same. The amount of liability, if any, is not presently ascertainable.

6 PREVIOUS YEAR FIGURES

Previous year figures have been regrouped / reclassified, where necessary to conform to this year''s classification.


Mar 31, 2012

1. CORPORATE INFORMATION

The Company is in the hospitality industry and has hotels / resort at Siliguri, Darjeeling and Chalsa in West Bengal, at Ooty in Tamilnadu and at Port Blair in Andaman and Nicobar Islands.

(a) Terms/ rights attached to equity shares

The Company has only one class of equity shares having par value of Rs. 10 per share. Every holder of an equity share is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31 March 2012, the dividend amount per share recognized as distribution to equity shareholders was Rs. 4.00 (31 March 2011: Rs. 3.50).

In the event of liquidation of the Company, after distribution of all preferential amounts, the remaining assets of the Company will be distributed to equity shareholders in proportion to their shareholding.

(a) The Company subscribed to these equity shares and debentures of Savannah Hotels Private Limited on October 31,2011. The subscription to equity shares represents 51.02% shareholding of Savannah Hotels Private Limited.

(b) The above shares are pledged with Tourism Finance Corporation of India Limited against the outstanding loan of Rs.115,358,000 of the subsidiary company. Savannah Hotels Private Limited.

2. GRATUITY PLAN

The Company has a defined benefit gratuity plan for its employees. Every employee who has completed five years or more of service is entitled to gratuity at the rate of 15 days last drawn salary for each completed year of service, in terms of Payment of Gratuity Act, 1972. The scheme is funded with Life Insurance Corporation of India in the form of a qualifying insurance policy.

The following tables summarize the components of net benefit expense recognised in the Statement of Profit and Loss and the funded status and amounts recognised in the Balance Sheet for the respective plans.

As confirmed by the actuary, there are no experience adjustments on plan assets and liabilities that need to be reported for the current year and previous years.

3. As per information and records available with the Company, there are no reportable amount of dues on account of principal and interest or any such payments during the year as required by Micro, Small and Medium Enterprises Development Act,2006, in respect of Micro Enterprises and Small Enterprises as defined in the Act. As a result no disclosure in this respect is made in the Financial Statements.

4 SEGMENT INFORMATION

The Company's business activity primarily falls within a single business segment i.e. hoteliering and hence no additional disclosure other than those already made in the financial statements are required under Accounting Standard 17.

5. CONTINGENT LIABILITIES NOT PROVIDED FOR

(Amount in Rupees)

Particulars As at As at 31st March, 2012 31st March, 2011

Sales Tax matters under dispute / appeal 409,875 1,129,836

EPCG (Duty saved amount on outstanding export obligations) 2,967,451 -

6. PREVIOUS YEAR FIGURES

During the year ended 31st March 2012, revised Schedule VI notified under the Companies Act, 1956 for preparation and presentation of the financial statements became applicable to the Company. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The Company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.


Mar 31, 2011

1. NATURE OF OPERATIONS

The Company is in the hospitality industry and has five hotels / resort at Siliguri, Darjeeling and Chalsa in West Bengal, at Ooty in Tamilnadu and at Port Blair in Andaman and Nicobar Islands.

2. SEGMENT INFORMATION

The Company's business activity primarily falls within a single business segment i.e. hoteliering and hence no additional disclosure other than those already made in the financial statements are required under Accounting Standard 17.

(Amount in Rupees) 3. CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars As at As at 31st March, 2011 31st March, 2010

Sales Tax matters under dispute / appeal 1,129,836 2,163,294

4. RELATED PARTY DISCLOSURES:

(a) Names of related parties :

Key Management Personnel

Mr Navin Suchanti (CEO & Managing Director) Mr Vikash Kuthari (Whole time Director)

Relatives of Key Management Personnel

Dr. Niren Suchanti (Chairman)

Mr Rohan Suchanti (Director, upto November 16, 2009)

Enterprises owned or significantly influenced by Key Management Personnel or their relatives

Pressman Advertising Limited Pressman Properties Limited Pressman Realty Limited Son-et-Lumiere Art Gallery Private Limited

5. GRATUITY PLAN

The Company has a defined benefit gratuity plan for its employees. Every employee who has completed five years or more of service is entitled to gratuity at the rate of 15 days last drawn salary for each completed year of service, in terms of Payment of Gratuity Act, 1972. The scheme is funded with Life Insurance Corporation of India in the form of a qualifying insurance policy.

The following tables summarize the components of net benefit expense recognised in the Profit and Loss Account and the funded status and amounts recognised in the Balance Sheet for the respective plans.

6. As per information and records available with the Company, there are no reportable amount of dues on account of principal and interest or any such payments during the year as required by Micro, Small and Medium Enterprises Development Act, 2006, in respect of Micro Enterprises and Small Enterprises as defined in the Act. As a result no disclosure in this respect is made in the Financial Statements.

7. The Ministry of Corporate Affairs, by its Order No. S.O. 301 (E) dated 8th February, 2011, has exempted hotel companies (including restaurants) from disclosing in their Profit and Loss Account the information mentioned under paragraphs 3 (i) (a) and 3 (ii) (d) of Part II of Schedule VI. Hence the quantitative details for its consumption, turnover, stock etc. for the year ended 31st March 2011 have not been furnished.

8. PREVIOUS YEAR COMPARATIVES:

Previous year's figures have been regrouped where necessary to conform to this year's classification.


Mar 31, 2010

1. NATURE OF OPERATIONS

The Company is in the hospitality industry and has five hotels / resort at Siliguri, Darjeeling and Chalsa in West Bengal, at Ooty in Tamilnadu and at Port Blair in Andaman & Nicobar Islands.

2. SEGMENT INFORMATION

The Companys business activity primarily falls within a single business segment i.e. hoteliering and hence no additional disclosure other than those already made in the financial statements are required under Accounting Standard 17.

3. CONTINGENT LIABILITIES NOT PROVIDED FOR

(Amount in Rupees)

Particulars As at As at

31st March, 2010 31st March, 2009

Sales Tax matters under dispute/appeal 2,163,294 711,344

4. RELATED PARTY DISCLOSURES

(a) Names of related parts: Subsidiary Company (Upto September 30,2009 Sinclairs Management Education Co Pvt Ltd Key Management Personal Mr Navin Suchanti (CEO & Managing Director Mr Vikas Kuthari (Whole time Director

Relatives of Key Management Personal Dr.Niren Suchanti (Chairman)

Mr.Rohan Suchanti (Director,upto November 16 2009

Enterprises owned or significantly Pressman Properties Limited influenced by Key Management Personal Pressman Advertising Limited or their ralatives Pressman Realty Limited Son-et-Luminer Art Gallery Private Limited

5. GRATUITY PLAN

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on the basis of 15 days salary (last drawn salary) for each completed year of service, in terms of Payment of Gratuity Act, 1972. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

The following tables summarize the components of net benefit expense recognised in the profit and loss account and the funded status and amounts recognised in the balance sheet for the respective plans.

Profit and Loss Account

Particulars of net employee benefit expenses, recognised in Personnel Expenses

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

The management has relied on the overall actuarial valuation conducted by the actuary. However, experience adjustments on plan liabilities and assets are not readily available and hence not disclosed.

The Company expects to contribute the amount ascertained as per actuarial valuation to gratuity fund in the year 2010-2011.

6. The Company has not been informed by any supplier of being covered under Micro, Small and Medium Enterprises Development Act, 2006. As a result no disclosure in this respect are made in the Financial Statements.

7. The Department of Company Affairs in exercise of its powers conferred by sub-section (4) of Section 211 of the Companies Act,1956 by its Order No 46/150/2009-CL-III dated 26th June,2009 has exempted the Company from giving the quantitative details for its consumption, turnover, stock etc. for the year ended 31st March 2010.

8. During the year, 1,406,629 outstanding warrants issued to strategic investor, other investors and promoters group in earlier years were converted into an equal number of equity shares of Rs 10 each at a premium of Rs 162.50 per equity share. This has resulted in increase in the paid up equity share capital by Rs 14,066,290 and securities premium by Rs 228,577,212.

9. During the financial year 2007-08, 2008-09 and 2009-10 the Company has raised funds through a Preferential issue of Equity Shares aggregating to Rs.498,292,125 for the purpose of expanding its activities. Pending utilization, the funds to the extent of Rs.138,297,125 have been invested in short term Mutual funds and balance Rs.359,995,000 has been invested in term deposits with Banks.

10. Previous years figures have been regrouped where necessary to conform to this years classification.

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