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Notes to Accounts of Supreme Holdings & Hospitality (India) Ltd.

Mar 31, 2015

Note 1A Corporate Information

The Supreme Holdings & Hospitality (India) Limited (the company) is a public limited company domiciled in India and incorporated under the provisions of Companies Act 1956. The company is engaged in hospitality and constructions of commercial and residential complex activities.

(ii) Term/ right attached to equity:

The company has only one class of share capital namely Ordinary Shares having par value of Rs. 10/- per share. Each holder of Ordinary Shares is entitled to one vote per share. In the event of liquidation of the company, the holders of Ordinary Shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Ordinary Shares held by the shareholder.

Terms of Borrowings:

During the year the Company has been sanction term loan of Rs. 85.00 Crores from a Bank The terms and condition of the term loan are as under

1 Interest Rate: 2.75% (Bank's spread) over Base Rate

2 Moratorium Period: Moratorium period of 2 years

3 Repayment: 9 unequal quarterly instalments

4 Security: The term loan is secured by exclusive charge by way of Equitable Mortgage of project land, superstructure, material at site & work in progress and hypothecation of movable assets, receivables and other assets. The term loan is further secured by personal guarantee of Vinod Jatia, Prateek Jatia and Vidip Jatia."

Notes

i) Expenses payable to Related Parties includes dues to a firm in which Directors are partners Rs. NIL (P.Y. Rs. 9,000/-)

Note 2

The name of the Micro, Small and Medium Enterprises suppliers defined under "The Micro Small Enterprises Development Act,2006" could not be identified, as the necessary evidence is not in the possession of the Company.

Note 3

In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated as realizable in the ordinary course of business and the provision for all known liabilities are adequate.

Note 4 Related Party Disclosures A Subsidiary Company

1 Helmet Traders Limited

B Key Management Personnel

2 Vinod Kumar Jatia

3 Prateek Jatia

4 Vidip Jatia

C Entities Controlled by Key Management Personnel or their relatives

5 Subhkaran & Sons

6 Makalu Trading Ltd

Note 5

Till the financial year 2013-14, the Company has charged depreciation as per rates provided under schedule XIV of Companies Act, 1956.

With effective from 01st April, 2014, the Company has charged depreciation on its assets based on the useful life as stipulated under schedule II of Companies Act, 2013. Based on the transitional provision as provided in Note 7(b) of the Schedule II, Rs. 1,20,843/- (Net of Tax) has been adjusted against opening balance of retained earnings.

Note 6

Previous year figures are regrouped and rearranged, wherever necessary, to make them comparable with those of the current year's figures.

Note 7

Disclosure as per clause 32 of the Listing Agreement in the respect of Loans and Advances in the nature of Loans given to Subsidiaries and Associates


Mar 31, 2014

I) Estimated amount of contracts remaining to be executed

Particulars 31.03.2014 31.03.2013

Commitments

Estimated amount of contracts remaining to 13837514 13630000 be executed on capital account and not provided for 13837514 13630000

ii) The Company has given Bank Guarantee for Rs. 5,00,000/- (P.Y. Nil)

iii) The Company has mortgaged its part Land at Panvel of Rs.231.34 Lacs to a Bank towards the Credit Facilities sanctioned to Associate Concern.

The name of the Micro, Small and Medium Enterprises suppliers defined under "The Micro Small Enterprises Development Act,2006" could not be identified, as the necessary evidence is not in the possession of the Company.

Note 2

In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated as realizable in the ordinary course of business and the provision for all known liabilities are adequate.

Note 3 Related Party Disclosures

List of related parties with whom transaction have been taken place and relationship A Subsidiary Company

1 Helmet Traders Limited

B Key Management Personnel

2 Vinod Kumar Jatia

3 Prateek Jatia

4 Vidip Jatia

C Entities Controlled by Key Management Personnel or their relatives

5 Subhkaran & Sons

6 Grandeour Hotels Pvt Ltd

Previous year figures are regrouped and rearranged, wherever necessary, to make them comparable with those of the current year''s figures.

Note 4

Disclosure of Loans/Advances and Investments in its own shares by the listed companies, their Subsidiaries, Associates etc, pursuant to Circular CRD/GEN/2003/1 Dated February 6, 2003 of The Stock Exchange, Mumbai.

Note : In respect of Loans & Advances to Subsidiary there is no repayment schedule and no interest is charged on above loan.


Mar 31, 2013

Note 1A Corporate Information

The Supreme Holdings & Hospitality (India) Limited (the company) is a public limited company domiciled in India and incorporated under the provisions of Companies Act 1956. The company is engaged in hospitality and constructions of commercial and residential complex activities.

Board of Directors of the Company at their meeting held on 16th March, 2013 have approved to develop a residential and commercial complex at Pune land in lieu of hospitality project and accordingly the land at Pune and other expenses related thereto have been converted from Fixed Assets and CWIP to inventory.

Note 2

The name of the Micro, Small and Medium Enterprises suppliers defined under "The Micro Small Enterprises Development Act,2006" could not be identified, as the necessary evidence is not in the possession of the Company.

Note 3

In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated as realizable in the ordinary course of business and the provision for all known liabilities are adequate.

Note 4 Related Party Disclosures

List of related parties with whom transaction have been taken place and relationship

A Subsidiary Company

1 Helmet Traders Limited

B Key Management Personnel

2 Vinod Kumar Jatia

3 Prateek Jatia

C Entities Controlled by Key Management Personnel or their relatives

4 Subhkaran & Sons

5 Grandeour Hotels Pvt Ltd

Note 5

Previous year figures are regrouped and rearranged, wherever necessary, to make them comparable with those of the current year''s figures.

Note 6

Disclosure of Loans/Advances and Investments in its own shares by the listed companies, their Subsidiaries, Associates etc, pursuant to Circular CRD/GEN/2003/1 Dated February 6, 2003 of The Stock Exchange, Mumbai.


Mar 31, 2012

(i) Agreegate number of equity shares issued for consideration other then cash during the period of five year immediately preceding the year in which balance sheet Prepared :

Pursuant to amalgmation of Jatia Hotels & Resorts Private Limited and Royalways Trading & Investment Service Private Limited with the company, the company has allotted 2,66,82,553 Eauity Share of Rs. 10 Each during the year 2011-12 to the share holders of Jatia Hotels & Resorts Private Limited and Royalways Trading & Investment Services Private Limited.

Note 1 Contingent Liabilities and Commitments (to the extent not provided for)

i) Estimated amount of contracts remaining to be executed

Particulars 31.03.2012 31.03.2011

Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for 980,323,995 991,007,000

980,323,995 991,007,000

ii) The Company has mortgaged its part Land at Panvel of Rs. 218.42 Lacs to a Bank towards the Credit Facilities sanctioned to Associate Concern.

Note 2

The name of the Micro, Small and Medium Enterprises suppliers defined under "The Micro Small Enterprises Development Act,2006" could not be identified, as the necessary evidence is not in the possession of the Company.

Note 3

Balances of Loans and Advances and Sundry Creditors are subject to confirmations.

Note 4

In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated as realizable in the ordinary course of business and the provision for all known liabilities are adequate.

Note 5

Cenvat Credit Receivable of Rs. 1,53,08,860/- includes Rs. 1,37,28,580/- which is not eligible for Cenvat Credit in terms of "Cenvat Credit (Amendment) Rules 2011". However, the management believes that such taxes would be available as Cenvat Credit in the future and therefore the entire amount is shown as Cenvat Credit Receivable.

Note 6 Related Party Disclosures

List of related parties with whom transaction have been taken place and relationship

A Subsidiary Company

1 Helmet Traders Limited

B Key Management Personnel

2 Vinod Kumar Jatia

3 Prateek Jatia

C Entities Controlled by Key Management Personnel or their relatives

4 Subhkaran & Sons

5 Dilshad Trading Co Pvt Ltd

Note 7

Previous year figures are regrouped and rearranged, wherever necessary, to make them comparable with those of the current year's figures.

Note : In respect of Loans & Advances to Subsidiary there is no repayment schedule and no interest is charged on above loan.


Mar 31, 2011

1. Contingent Liabilities not provided for and Estimated amount of contract remaining to be executed:

i) Estimated amount of contracts remaining to be executed on capital account not provided for Rs. 9,910.07 Lacs (net of advances)( Previous YearRs. 110 Lacs)

ii) The Company has mortgaged its part Land at Panvel of Rs.218.42 lacs to a Bank towards the credit facilities sanctioned to associate concern.

2. In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated as realizable in the ordinary course of business and the provisions of all known liabilities are adequate.

3. Balances of Loans and Advances and Sundry Creditors are subject to confirmations

4. Cash in hand includes dollars in hand Rs 34,353.71/- (PY. Rs. 34,730.72/-).

5. The name of the Micro, Small and Medium Enterprises suppliers defined under "The Micro Small and Medium Enterprises Development Act, 2006" could not be identified, as the necessary evidence is not in the possession of the Company.

6. Loans and Advances include Rs. 89.91 Lac (P.Y Rs. 95.06 Lac) amount due from Helmet Traders Limited a subsidiary of the Company and Rs.Nil (P.YRs. 130.96 Lac) due from an assosiate concern Makalu Trading Ltd. Maximum Balance outstanding during the year is 1124.02 Lac (P.Y 741.36 Lac)

7. The Hon'ble Bombay High Court has by its order dated 29th July. 2011 sanctioned the scheme of amalgamation of Jatia Hotels & Resorts Private Limited ("First Transferor Company") and Royalways Trading & Investment Private Limited ("Second Transferor Company") with the company we.f from 1st April 2010 being the appointed date. ,

As per the Scheme of Amalgamation the company has to issue 2,66,82,553 fully paid up Equity Shares of Rs. 10/- each to the shareholders of Jatia Hotels & Resorts Private Limited (35 shares for every 2 Equity Shares of Rs. 10/-each held) and 1668 fully paid up Equity Shares of Rs. 10/- each to the shareholders of Royalways Trading & Investment Private Limited (1 Share for every 6 equity shares of Rs. 10/- each held). As the allotment of shares is pending, the corresponding amount of Rs.2,668.26 Lac has been stated as "Share Capital Pending allotment" as at 31st March, 2011. All the assets and liabilities of Transferor Companies have been transferred and vested in the Company.

The difference of Rs.3265.29 lacs arised on adjustment of aggregate value of the assets of transferor companies reduced by the aggregate value of the liabilities, including the profit and loss account and reserves over the aggregate value of the new equity shares to be issued and allotted by the company to the shareholders of Transferor Companies pursuant to the scheme of amalgamation has been reduced from security premium account.

The accounting treatment and recognition of the above is done in accordance with the Scheme of Amalgamation.

The assets vested with the company pursuant to scheme of Amalgamation, are under process of being transferred in name of the Company.

8. Previous year figures pertains only results of the company and current year figures include results of the transferor companies under the scheme of amalgamation, hence current year figures are not comparable.

9. During the year company has retrospectively changed its method of providing depreciation on fixed assets from the Written Down Value ('WDV') method at the rates prescribed in Schedule XIV to the Companies Act, 1956 to Straight Line Method ('SLM') at the Schedule XIV rates. The change has effected into reversal of depreciation charged earlier of Rs 7,83,183/-. Of the said amount Rs 3,47,150/- has been adjusted in Profit and Loss Account and Rs 4,36,033/- has been adjusted in incidental expenses pertaining to Capital WIP. Had the company continued to use the earlier basis of providing depreciation, the charge to Profit and Loss Account after taxation for the current year would have been higher by Rs 14,318/- and the net block of fixed assets and reserve and surplus would have been lower by Rs 14,318/- and Capital WIP would have been lower by 4,36,033/-.

10. Related Party Disclosures :

List of related parties with whom transaction have taken place and relationship;

A. Subsidiary Company

1 Helmet Traders Limited

B. Key Management Personnel

2 Vinod Kumar Jatia

3 Prateek Jatia

4 Rudrapattana Gunduramiah Narayana Swamy

C. Entities controlled by Key Management Personnel or their relatives

5 Subhkaran & Sons

6 Makalu Trading Ltd.

7 Ogardhani Exports Pvt.Ltd.

8 Dilshad Trading Co.Pvt.Ltd.

11. Previous year figures are regrouped and rearranged, wherever necessary, to make them comparable with those of the current year's figures.

12. The Company is constructing a Hotel Project at Pune. The expenditure incurred during the construction period are classified as "Incidental Expenses during Construction"'pending Capitalisation and the same is included in Capital Work in Progress, which will be apportioned to the fixed assets on the completion of the said Project. Necessary details as per Part II of Schedule VI of the Companies Act, 1956 have been disclosed in Annexure "A".


Mar 31, 2010

1. Contingent Liabilities not provided for:

i) Estimated amount of contracts remaining to be executed on capital account not provided for Rs. 110 Lacs (net of advances)( Previous Year Rs. 110 Lacs)

2. In the opinion of the Management, the Current Assets, Loans and Advances are approximately of the value stated as realizable in the ordinary course of business and the provisions of all known liabilities are adequate.

3. The Balances and classification of some of the Loans and Advances, Sundry Creditors and other liabilities shown in the Financial Statements are as per the ledgers and are subject to confirmation and consequent reconciliation and adjustment.

4. Loans and Advances include Rs. 95, 06,300/- (P.Y Rs. 94, 71,300/-) amount due from Helmet Traders Limited a subsidiary of the Company. Maximum Balance outstanding during the year is 95, 06,300/- (P.Y. 95, 51,300/-)

5. During the earlier years the company had purchased Land at Panvel for a total consideration of Rs. 418.40 Lacs (P.Y. Rs. 418.40 Lacs) but the same is still not registered in the name of the Company.

6. The company does not have any employees on its payroll as at 31st March, 2010 hence provision for gratuity has not been made.

7. During the year the Company has transferred its employees to the associate concern hence gratuity liability of Rs. 40,000/- (P.Y. 3,22,472/-) due to them have been written back.

8. Deferred Tax Liability for the current year amounting to Rs.9,55,615/- (Previous year Rs. 12,06,218/-) has been recognized in the Profit & Loss Account.

10. The names of the Micro, Small and Medium Enterprises suppliers defined under "The Micro Small and Medium Enterprises Development Act, 2006" could not be identified, as the necessary evidence is not in the possession of the Company.

13. Related Party Disclosures :

List of related parties with whom transaction have taken place and relationship;

Sl. No. Name of Related Party Relationship

1 Helmet Traders Limited Subsidiary Company

2 Vinod Kumar Jatia Key Management Personnel

3 Prateek Jatia Key Management Personnel

4 Makalu Trading Ltd.

5 Subhkaran & Sons

6 Royalways Trading & Investment Service Pvt. Ltd.

7 Jat a Hotels & Resorts Pvt. Ltd. Entities controlled by Key Management Personnel or their relatives.

14. The Company has entered into MOU with two associate concerns for purchase of Land at Panvel for its new business activity of development & running of Hotels & Resorts. An amount of Rs. 6,90,00,000/- Lacs (PY Rs. 6,90,00,000/) has been paid as advance for purchase of the said land up to year-end. The Land will be capitalized in the year in which agreement will be executed.

15. The Company has paid Rs. 1,74,20,000/- (P.Y. 40,20,000/-) towards Share Application money to an associate concern, Jatia Hotels & Resorts Private Limited, the allotment of shares thereof pending up to 31st March, 2010

16. Other Income Includes Rs. 80,00,000/- (P.Y. Rs. Nil) from assignment of Key Man Insurance Policy in favor of director.

17. Previous year figures are regrouped and rearranged, wherever necessary, to make them comparable with those of the current years figures.

19. The Company has transferred the balance of Rs. Nil (P.Y. Rs. 80, 06, 095/-) appearing in the Reserve Fund in terms of Section - 45 IC(1)of Reserve Bank of India Act, 1934 to General Reserve as the Company has deregistered itself as a NBFC and the balance of the said Reserve Fund is no more required.

20. Previous years figures have been audited by other than Churiwala & Co.

 
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