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Notes to Accounts of Taj GVK Hotels & Resorts Ltd.

Mar 31, 2015

1. General information

TAJGVK Hotels & Resorts Limited ("TAJGVK" / "the Company") is joint venture between the GVK Group and Indian Hotels Company Limited and was incorporated on 2nd February, 1995 in state of Andhra Pradesh, India.

The Company is primarily engaged in the business of owning, operati ng & managi ng hotels, palaces and resorts with the brand name of "TAJ".

ii) Rights, preferences and restrictions attached to shares:

The company has one class oi equity shares having a par value oi - P per share. Equity shares are attached with one vote per share. In the event oi liquidation, the equity shareholders are eligible to receive the remaining assets oi the Company after distribution oi all preferential creditors, in proportion to their shareholding.

i) Term Loans from Banks:

-15,000.00 lacs from HDFC Bank Ltd secured by first charge on all assets ofTa] Chandigarh, Chandigarh and repayable in QP equal instalments with a moratorium of P years from date of first disbursement.

-11,934.98 lacs from AXIS Bank Ltd secured by first charge on all assets of Ta] Club House, Chennai and repayable in Pb unequal instalments with a moratorium of P.5 years from date of first disbursement.

i) The Company acquired 3,67,50,000 (48.99%) equity shares of -TO/- each fully paid up of M/s.Greenwoods Palaces & Resorts Pvt Ltd at a premium of - 20/- each (previous year 2,21,62,500 (29.55%) equity share of -10/- each at a premium of - 20/- per share). M/s.Greenwoods Palaces & Resorts Pvt Ltd (SPV) is setting up a 5 Star Luxury hotel (Taj Santacruz) comprising of 279 rooms near Terminal 1C, Santacruz, Mumbai at Mumbai International Airport. The SPV is treated as a jointly controlled entity as per the Accounting Standards in vogue.

ii) Non-Trade Unquoted Investment was made in a company with which the Company entered into a power purchase agreement for supply of 3 million units of power or 5.65%of its actual generation whichever is less in order to comply with regulatory requirement for supply of such power.

2. Commitments and Contingent liabilities not provided for in respect of:

Commitments

Estimated amount ofcontracts remaining to be executed on capital account -16.30 Lacs (2014: -147.36 Lacs). Contingent liabilities not provided for in respect of (Rs in Lacs' PARTICULARS As at As at March 31,2015 March 31,2014

Sales tax matters 769.77 939.00

Income tax matters 304.16 153.08

Service tax matters 2490.88 2490.88

Wealth tax matters 31.69 31.69

Luxury tax matters 76.47 76.47

Probable customs duty payable on the Equipment Imported under Export

Promotion Capital Goods Scheme 487.18 487.18

Letters of Credit - 79.56

Bank Guarantees - Others 134.81 159.38

3. Deposits recoverable under Loans and Advances include the following amounts paid under protest:

i) - 295.89 lacs (- 124.14 lacs) paid under the VAT Act pertaining to financial years 2005-06 to 2012-13.

ii) - 147.09 lacs (- 86.40 lacs) paid under the Income Tax Act pertaining to financial years 2002-03 and 2005-06.

4. Due to inadequacy of the profits no commission to Managing Director was provided for the year and the Company is in the process of submitting an application to the Central Government for approval of minimum remuneration paid to the Managing Director and the Executive Director as per the terms of appointment, and to waive the excess remuneration paid to them. During the previous year Executive Chairman refunded the remuneration of - 410.69 lacs for the years 2008-09, 2010-11, 2011-12 and 2012-13 and the Company has withdrawn the application made to the Ministry of Company Affairs for waiver of remuneration paid in excess of the limits prescribed under Schedule XIII of the Companies Act, 1956, due to inadequacy of profits and the same has been considered as exceptional item.

5. i) Disclosure of Trade Payables under Current Liabilities is based on the information available with the Company regarding the status of the suppliers as defined under the "Micro, Small and Medium Enterprises Development (MSMED) Act, 2006".

ii) Details of total outstanding dues to Micro and Small Enterprises as per MSMED Act, 2006: (- in Lacs)

iii) Transactions in Foreign Currency

a) Earnings in Foreign Exchange -4163.46 Lacs (2014: -4698.84 Lacs)

As reported by the Company to the Ministry of Tourism / Government of India and as certified by the Management but not verified by the auditors

b) Expenditure in foreign currency:

PP. Related Parties Disclosure

Disclosures as required under Accounting Standard (AS) 18 "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given below:

a. Key Management personnel:

Name of the Related Party Relationship

Dr. G.V.Krishna Reddy Chairman

Mrs. G.Indira Krishna Reddy Managing Director

Mrs. Shalini Bhupal Executive Director

Green Woods Palaces and Resorts Pvt Ltd Jointly controlled entity

The Indian Hotels Company Limited Joint Venturer

b. Companies/Firms/Trust in which the key management and their relatives are interested:

Accura Constructions (P) Ltd

Accura Estates (P) Ltd

Alaknanda Hydro Power Co Ltd(*)

Amtran Constructions (P) Ltd

Bengaluru Airport & Infrastructure Developers Pvt.Ltd

Bengaluru International Airport Ltd(*)

Bonanza Real Estates (P) Ltd

Cygnus Real Estates (P) Ltd

Eagle Land Holdings (P) Ltd

GVK Gautami Power Ltd(*)

Goldgreen Land Holdings (P) Ltd

Green Woods Palaces & Resorts (P) Ltd

Greenridge Hotels & Resorts LLP GVK Airport Developers (P) Ltd

GVK Airport Holdings (P) Ltd

GVK Biosciences (P) Ltd(*)

GVK City (P) Ltd

GVK Coal (Tokisud) Co.(P) Ltd(*)

GVK Davix Research (P) Ltd

GVK Davix Technologies (P) Ltd

GVK Foundation GVK EMRI (UP) Pvt Ltd

GVK Informatics (P) Ltd.

GVK Janani Shishu Suraksha (UP) Pvt Ltd

GVK Energy Ltd(*)

GVK Energy Ventures (P) Ltd

GVK Estates Private Limited

GVK Industries Ltd(*)

GVK Jaipur Expressway Private Ltd(*)

GVK Natural Resources (P) Ltd(*)

GVK Oil & Gas Limited

GVK Power & Infrastructure Ltd(*)

GVK Power (Goindwal Sahib) Ltd(*)

(*) - companies with which there are transactions during the year

GVK Properties & Management Co.(P) Ltd(*)

GVK Projects & Technical Services Ltd.

GVK Technical Consultancy Services (P) Ltd(*)

GVK Ratle Hydro Electric Project Pvt Ltd(*)

GVK Virudhnagar SEZ (P) Ltd

Innovative Land Holdings (P) Ltd

Inogent Laboratories (P) Ltd(*)

GVK EMRI(b) Mallikarjuna Estates (P) Ltd

Mallikarjuna Finance (P) Ltd

Marriot Land Holdings (P) Ltd

Midas Estates (P) Ltd

Mumbai Airotropolis Pvt Ltd

Mumbai Airport Habitation Pvt Ltd

Navi Mumbai Airport Developers (P) Ltd

Mumbai Aviation Fuel Form Facility (P) Ltd

Mumbai International Airport (P) Ltd(*)

Novopan Industries Ltd

Nova Technical & Consultancy Services P Ltd.

Orbit Travel & Tours (P) Ltd(*)

Pace Constructions (P) Ltd

Paigah House Hotel (P )Ltd

Pinakini Share & Stock Brokers Ltd

Pinnacle Land Holdings (P) Ltd

Raghavendra Finance (P) Ltd

Rocktown Estates Pvt Ltd(*)

SR Finance (P) Ltd

Starlet Land Holdings (P) Ltd

Suphala Real Estates (P) Ltd

Vertex Projects Ltd

Volantis Land Holdings (P) Ltd

Vulcon Constructions (P) Ltd

6. Deferred Tax :

In accordance with the Accounting Standard 22 (AS-22) 'Accounting ior Taxes on Income' issued by the Institute oi Chartered Accountants oi India, the Company has provided ior deferred tax liability up to 31.03.2015 comprising oithe following components' (All amounts are - in lacs, unless otherwise stated)

7. Employee benefits:

Defined contribution plan:

Amount recognised as an expense in statement of profit and loss - 95.11 lacs (2014: - 93.37 lacs) on account of provident fund and - 46.95 lacs (2014: -49.75 lacs ) on account of Employee State Insurance.

Defined benefit plan:

The Company has a funded defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service as per the provision of the Payment of Gratuity Act,1972 with total ceiling on gratuity of -1,000,000/-

The Company's liability towards un-funded leave encashment is calculated by considering, each employee's, salary (last drawn salary) and accumulated un-utilised leave as at the reporting date.

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

The estimates of future salary increases (which has been set in consultation with the company) takes on account inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

8. Disclosure of interest in jointly controlled entities:

i) The Company holds 48.99% (Previous year 29.55%) of the total share capital of M/s Green Woods Palaces & Resorts Pvt Ltd (Greenwoods), which is incorporated in India.

ii) The proportionate share of estimated contracts to be executed on capital account by Green Woods is - 2988.99 lacs (- 2487.55 lacs).

iii) The interest of the Company in Green Woods' assets and liabilities as required to be disclosed as per Accounting Standard 27, Financial Reporting of interests in Joint Ventures, is given below:

9. In the opinion of the Board of Directors of the company, the current assets, loans and advances are expected to realise in the ordinary course of business approximately the value at which they are stated in accounts.

10. Segmental Reporting:

The Company's only business being hoteliering, disclosure of segment-wise information is not applicable under Accounting Standard (AS) 17 "Segmental Information" notified by the Companies (Accounting Standards) Rules, 2006 (as amended). There is no geographical segment to be reported since all the operations are undertaken in India.

11. The Company has during the year adopted the useful lives prescribed under Schedule II to the Companies Act, 2015, except for those mentioned in note 2 (vii) to the financial statements. The transitional impact of depreciation amounting to -285.51 lacs on the opening block of fixed assets as of 1st April 2014 consequent to change in useful lives of certain assets as per Schedule II to the Companies act, 2015 is included in the depreciation charge for the year.

12. Previous Year's figures have been regrouped / rearranged, wherever necessary. Figures in brackets indicates those for previous year.


Mar 31, 2013

1. Deposits recoverable under Loans and Advances include the following paid under protest:

i) Rs.83.84 lacs paid under the VAT Act pertaining to financial years 2005-06 to 2008-09.

2. Other Commitments: The uncalled liability on account of acquisition of 1,95,37,500 shares of Rs.10/- each of Greenwoods Palaces & Resorts Pvt Ltd, Rs.13,67,62,500/-.

3. The Central Power Distribution Company Limited of Andhra Pradesh (CPDCL of AP) raised demands towards Fuel Surcharge Adjustment (FSA) of Rs.107.15 lacs for the financial years 2008-09 and 2009-10. The Hon''ble High Court of Andhra Pradesh, on a batch petition filed by various consumers, granted stay from collection of the same. Hence, no provision is made for such amount in the books of account. However, an amount of Rs.21.13 lacs has been paid under protest and shown under loans and advances.

i) Disclosure of Trade Payables under Current Liabilities is based on the information available with the Company regarding the status of the suppliers as defined under the "Micro, Small and Medium Enterprises Development Act, 2006" and relied upon by the Auditors.

ii) Details of total outstanding dues to Micro and Small Enterprises as per MSMED Act, 2006:

4. The Executive Chairman and Managing Director are entitled to commission @ 1% each of Net Profits computed in accordance with Section 349 of the Companies Act, 1956 after tax. Due to inadequacy of the profits no commission was provided for the year and the Company is in the process of submitting an application to the Central Government for approval of minimum remuneration as per the terms of appointment.

5. Additional information pursuant to provisions of paragraphs 3, 4 and 4D of Part II of Schedule VI of the Companies Act 1956.

6. Related Parties Disclosure

The Company does not have any holding company or companies controlling the company, as defined under Accounting Standard 18. The company does not have any subsidiary companies. Transactions with various companies related to the company by way of common directorships or firms in which directors are partners, are disclosed hereunder:

Key Management personnel:

Dr. G.V.Krishna Reddy Executive Chairman

Smt.G.Indira Krishna Reddy Managing Director

Smt.Shalini Bhupal Executive Director

Joint Venture with The Indian Hotels Company Limited

Jointly controlled entity Greenwoods Palaces and Resorts Pvt Ltd

Companies/Firms/Trust in which the key management and their relatives are interested:

Accura Constructions (P)

Ltd Accura Estates (P)

Ltd Alaknanda Hydro Power Co Ltd (*)

Allied Estates (P) Ltd

Amtran Constructions (P) Ltd

Anchor Estates (P) Ltd

Appease Estates Private Limited

Bengaluru Airport & Infrastructure Developers Pvt.Ltd

Bengaluru International Airport Ltd (*)

Blue Streak Land Holdings (P)

Ltd Bonanza Real Estates (P)

Ltd Caspian Capital & Finance (P)

Ltd Casuarina Capital & Finanace (P)

Ltd Classic Land Holdings (P)

Ltd Consolidated Real Estates (P)

Ltd Cygnus Real Estates (P)

Ltd Delta Land Holdings (P)

Ltd Dhaulasidh Power (P)

Ltd Eagle Land Holdings (P)

Ltd Fair Value Land Holdings (P)

Ltd Fortune Real Estates (P)

Ltd Fresenius Intraven (P)

Ltd GVK Gautami Power Ltd (*)

Genesis Realtors (P)

Ltd Goldgreen Land Holdings (P)

Ltd Goriganga Hydro Power Co.(P)

Ltd Greenwoods Land Holdings (P)

Ltd Greenwoods Palaces & Resorts (P) Ltd (*)

Greenridge Hotels and Resorts

LLP GVK Airport Developers (P)

Ltd GVK Airport Holdings (P) Ltd

GVK Biosciences (P) Ltd (*)

GVK City (P) Ltd

GVK Cements Pvt Ltd

GVK Coal (Tokisud) Co.(P) Ltd (*)

GVK Davix Research (P)

Ltd GVK Davix Technologies (P)

Ltd GVK Deoli Kota Expressway (P)

Ltd GVK Developmental Projects (P)

Ltd GVK Foundation (*)

GVK EMRI (UP) Pvt Ltd GVK Energy Holdings (P)

Ltd GVK Energy Ltd (*)

GVK Energy Ventures (P)

Ltd GVK Estates Private Limited GVK Hydel (P)

Ltd GVK Industries Ltd (*)

GVK Jaipur Expressway Private Ltd (*)

GVK Natural Resources (P) Ltd GVK Oil & Gas Limited (*)

GVK Perambalur SEZ (P) Ltd GVK Power & Infrastructure Ltd (*)

GVK Power (Goindwal Sahib) Ltd (*)

GVK Properties & Management Co.(P) Ltd

GVK Projects & Technical Services Ltd. (*)

GVK Technical & Consultancy Private Ltd (*)

GVK Ratle Hydro Electric Project Pvt Ltd (*)

GVK Transportation (P) Ltd (*)

GVK Virudhnagar SEZ (P) Ltd

Inc GVK Bio (P) Ltd

Innovative Land Holdings (P) Ltd

Inogent Laboratories (P) Ltd

GVK EMRI(*)

Mallikarjuna Estates (P) Ltd

Mallikarjuna Finance (P) Ltd

Marriot Land Holdings (P) Ltd

Metro Architects & Contractors (P) Ltd

Midas Estates (P) Ltd

Mumbai Airotropolis Pvt Ltd

Mumbai Airport Habitation Pvt Ltd

Navi Mumbai Airport Developers (P) Ltd

Mumbai Aviation Fuel Form Facility (P) Ltd

Mumbai International Airport (P) Ltd (*)

Novopan Industries Ltd (*)

Orbit Travel & Tours (P) Ltd (*)

Oxford Land Holdings (P) Ltd

Pace Constructions (P) Ltd

Pace Estates (P) Ltd

Paigah House Hotel (P )Ltd

Parthasarathy A/c Tourists (P) Ltd

Pinakini Share & Stock Brokers Ltd

Pinnacle Land Holdings (P) Ltd

Raghavendra Finance (P) Ltd

Raghavendra Land Holdings (P) Ltd

Regulus Estates (P) Ltd

Rocktown Estates Pvt Ltd(*)

Seregarha Mines Limited

SR Finance (P) Ltd

Starlet Land Holdings (P) Ltd

Suphala Real Estates (P) Ltd

Vertex Infratech (P) Ltd

Vertex Projects Ltd

Volantis Land Holdings (P) Ltd

Vulcon Constructions (P) Ltd

Zinger Investments (P) Ltd

(*) - companies with which there are transactions during the year

7. Deferred Tax:

In accordance with the Accounting Standard 22 (AS-22) ''Accounting for Taxes on Income'' issued by the Institute of Chartered Accountants of India, the company has provided for deferred tax liability up to 31.03.2013 comprising of the following components.

8. Disclosure of interest in jointly controlled entities:

i) The Company holds 26.05% (Previous year 21.06%) of the total share capital of M/s Greenwoods Palaces & Resorts Pvt Ltd (Greenwoods), which is incorporated in India.

ii) The share of contracts to be executed on capital account of the Company in Greenwoods is Rs.1159.60 lacs (Rs.775.34 lacs).

iii) The interest of the Company in Greenwoods'' assets and liabilities as required to be disclosed as per Accounting Standard 27, Reporting of interests in Joint Ventures, is given below:

9. In the opinion of the Board of Directors of the company, the current assets, loans and advances are expected to realise in the ordinary course of business approximately the value at which they are stated in accounts.

10. Previous Year''s figures have been regrouped / rearranged, wherever necessary. Figures in brackets indicates those for previous year.


Mar 31, 2012

I) Term Loans from banks

Rs 90 crores from Housing Development Finance Corporation Limited secured by first charge on all assets of Taj Krishna & Taj Deccan is repayable in 32 equal instalments after 2 years from date of each disbursement. First instalment payable in June 2012. Interest at a weighted average rate of 11.15% p.a with an annual reset clause

Rs 72 crores from HDFC Bank Ltd secured by first charge on all assets of Taj Club House, Chennai is repayable in 32 equal instalments after 2 years from date of each disbursement. First instalment payable in June 2012. Interest at a weighted average rate of 11.40% p.a with an annual reset clause

ii) Loans from related parties

Rs 5 crores from The Indian Hotels Company Limited repayable in July 2013. Interest at a rate of 7% p.a

i) Secured loans - Bank overdraft

Rs 6,60,64,046/- from Hongkong and Shanghai Banking Corporation Ltd secured by first charge on all assets of Taj Chandigarh at an interest rate of 10.75% p.a

Rs 2,71,33,594/- from IDBI Bank Ltd secured by hypothecation of Operating Supplies, Stores, Food & Beverages and Receivables at an interest rate of 12.25% p.a

ii) Unsecured loans

Loan from the Bank of Nova Scotia for a tenure of 67 days from the drawal date at an interest rate of 11.90% p.a

i) The Non-Trade Unquoted Investment are made in a company with which the Company entered into a power purchase agreement for supply of 3 million units of power or 5.65% of its actual generation whichever is less in order to comply with regulatory requirement for supply of such power.

ii) The Company has acquired 1,58,00,000 Equity Shares (21.06% of total shares issued) of Rs10/- each (Rs3/- paid up) of Greenwoods Palaces & Resorts Pvt Ltd from M/s Greenridge Hotels and Resorts Pvt Ltd at a premium of Rs 20/- per share. The Company is setting up a 5 Star Deluxe (Luxury category) Hotel Project comprising of 275 rooms near Terminal 1C, Santacruz, Mumbai at Mumbai International Airport, under the 'TAJ' brand with M/s. Greenridge Hotels & Resorts Private Limited (a GVK Company) through its SPV M/s. Green Woods Palaces & Resorts Private Limited. As per the MOU signed with M/s Greenridge, the Company is entitled to acquire upto 49% stake in the SPV. As per the conditions of the share holders' agreement, the same is treated as a jointly controlled entity as per the Accounting Standards in vogue.

1. Contingent liabilities not provided for in respect of :

(Rs in lacs) Sl. Particulars As at As at No. 31-03-2012 31-03-2011

i. Sales Tax matters 169.45 169.45

ii. Income Tax matters 7.60 86.41

iii. Service Tax matters 23.65 23.65

iv. Excise duty 3.21 -

v. Probable customs duty payable on the Equipment Imported under Export Promotion Capital Goods Scheme 487.18 613.74

vi. Letters of Credit - 224.31

vii. Bank Guarantees - Others 153.26 140.43

viii.Estimated amount of contracts remaining to be executed on capital account. 274.10 2422.66

ix. Telephone charges in dispute with BSNL 13.73 13.73

2. Deposits recoverable under Loans and Advances include the following paid under protest:

i) Rs 83.84 lacs paid under the VAT Act pertaining to financial years 2005-06 to 2008-09.

3. Other Commitments: The uncalled liability on account of acquisition of 1,58,00,000 shares of Rs10/- each of Greenwoods Palaces & Resorts Pvt Ltd, Rs 11,06,00,000/-

4. i) Disclosure of Trade Payables under Current Liabilities is based on the information available with the Company regarding the status of the suppliers as defined under the "Micro, Small and Medium Enterprises Development Act, 2006" and relied upon by the Auditors.

ii) Details of total outstanding dues to Micro and Small Enterprises as per MSMED Act, 2006:

5. The Executive Chairman and Managing Director are entitled to commission @ 1% each of Net Profits computed in accordance with Section 349 of the Companies Act, 1956 after tax. Due to inadequacy of the profits no commission was provided for the year and the Company is in the process of submitting an application to the Central Government for approval of minimum remuneration as per the terms of appointment.

6. Disclosure of interest in jointly controlled entities:

i) The Company holds 21.06% (Previous year NIL) of the total share capital of M/s Greenwoods Palaces & Resorts Pvt Ltd (Greenwoods), which is incorporated in India.

ii) The share of contracts to be executed on capital account of the Company in Greenwoods is Rs 775.34 lacs as of 31.03.2012.

7. In the opinion of the Board of Directors of the company, the current assets, loans and advances are expected to realise in the ordinary course of business approximately the value at which they are stated in accounts.

8. Previous Year's figures have been regrouped / rearranged, wherever necessary. Figures in brackets indicates those for previous year.


Mar 31, 2010

1. Contingent liabilities not provided for in respect of:

Rs.in lacs SI. Particulars As at As at No. 31-03-2010 31-03-2009 i. Sales Tax matters 135.86 71.80 ii. Income-tax matters 86.41 86.41 iii. Probable customs duty payable on the Equipment Imported under Export Promotion Capital Goods Scheme against which Bank Guarantees of Rs.72.34 lacs are given. (Previous Year: Rs.107.81 lacs) 144.69 215.62 iv. Letters of Credit 11.08 283.09 v. Bank Guarantees-Others 453.22 482.07 vi. Estimated amount of contracts remaining to be executed on capital account. 3080.55 1013.07 vii. Telephone charges in dispute with BSNL 13.73 -

2. None of the suppliers informed the Company regarding their status under Micro, Small and Medium Enterprises Development Act, 2006. Accordingly, the dues to the supplier under this Act and interest payable, if any could not be furnished.

3. Balances in current accounts under Cash and Bank balances include Rs.139.20 lacs (Rs. 119.29 lacs) on account of unclaimed dividends.

4. MANAGERIAL REMUNERATION :

Computation of Profit under Section 349 of the Companies Act, 1956

The Executive Chairman and Managing Director are entitled to commission @ 1% each of Net Profits computed in accordance with Section 349 of the Companies Act, 1956 after tax. Due to inadequacy of the profits no commission was provided for the year and the Company has submitted an application to the Central Government for approval of minimum remuneration as per the term of appointment.

5. Deposits recoverable under Loans and Advances include the following being paid under protest: i) Rs.86.41 lacs paid under the Income Tax Act pertaining to A.Y 2003-04.

ii) Rs.32.64 lacs paid under the VAT Act pertaining to the years 2005-06 to 2008-09

6. The Company has subscribed to 18000 Equity Shares of Rs.10/- each of Green Infra Windfarms Limited, with whom the Company entered into a power purchase agreement for supply of 3 million units of power or 5.65% of its actual generation whichever is less in order to comply with regulatory requirement for supply of such power.

7. Additional information pursuant to provisions of paragraphs 3, 4 and 4D of Part II of Schedule VI of the Companies Act 1956.

i) As per the Order No.46/179/2008 CL - III dated 17/06/2008 issued by the Department of Company Affairs, the Company has been exempted from giving the quantitative details of turnover in respect of supply of Food & Beverages, Liquors & Wines and Accomodation.

11. a) Related Parties Disclosures

The Company does not have any holding company or companies controlling the company, as defined under Accounting Standard 18. The company does not have any subsidiary companies. Transactions with various companies related to the company by way of common directorships or firms in which directors are partners, are disclosed hereunder:

Key Management personnel:

Sri C.V.Krishna Reddy Executive Chairman

Smt.G.Indira Krishna Reddy Managing Director

Smt.Shalini Bhupal Executive Director

Joint Venture with The Indian Hotels Company Limited (*)

Companies/Firms/Trust in which the key management and their relatives are interested:

Accura Constructions (P) Ltd Accura Estates (P) Ltd Alaknanda Hydro Power Co Ltd (*) Allied Estates (P) Ltd (*) Altitude Design & Development (P) Ltd Amtran Constructions (P) Ltd Anchor Estates (P) Ltd Appease Estates Private Limited Blue Streak Consultants (P) Ltd Blue Streak Land Holdings (P) Ltd Bonanza Real Estates (P) Ltd Caspian Capital & Finance (P) Ltd Casuarina Capital & Finanace (P) Ltd Classic Land Holdings (P) Ltd Consolidated Real Estates (P) Ltd Cygnus Real Estates (P) Ltd Delta Land Holdings (P) Ltd Dhaulasidh Power (P) Ltd Eagle Land Holdings (P) Ltd Fair Value Land Holdings (P) Ltd Fortune Real Estates (P) Ltd Fresenius Intraven (P) Ltd Gautami Power (samalkot) Private Ltd Gautami Power Ltd (*) Genesis Realtors (P) Ltd GIKR Land Holdings (P) Ltd Goldgreen Land Holdings (P) Ltd Goriganga Hydro Power Co.(P) Ltd Green Woods Golf & Resorts (P) Ltd Greenridge Hotels &Resorts(P)Ltd GSR Land Holdings (P) Ltd GVK Airport Developers (P) Ltd GVK Airport Holdings (P) Ltd GVK Aviation (P) Ltd GVK Biosciences (P) Ltd (*) GVK Cements Ltd GVK City (P) Ltd GVK Coal (Tokisud) Co.(P) Ltd (*) GVK Davix Research (P) Ltd (*) GVK Davix Technologies (P) Ltd GVK Developmental Projects (P) Ltd GVK Foundation (*) GVK Energy Holdings (P) Ltd GVK Energy Ltd GVK Estates Private Limited GVK Hydel (P) Ltd GVK Industries Ltd (*) GVK Infrastructure Holdings (P) Ltd. GVK Infratech (P) Ltd GVK Jaipur Expressway Private Ltd (*) GVK Oil & Gas Limited (*) GVK Perambalur SEZ (P) Ltd ISR Infrastructure Jegurupadu Power Plant Services (P) Ltd JK Operation & Maintainance (P) Ltd KR Bhupal Land Holdings (P) Ltd KRAMB Land Holdings (P) Ltd KRBSB Estates Private Limited KRGV Land Holdings (P) Ltd Krishna Enterprises Lakshmi Enterprises Lepus Land Holdings (P) Ltd Mallikarjuna Estates (P) Ltd Mallikarjuna Finance (P) Ltd Marine Developers Marine Enterprises Marine Estates Marriot Land Holdings (P) Ltd Marwell Architects & Contractors (P) Ltd Metro Architects & Contractors (P) Ltd Midas Estates (P) Ltd MMR Constructions MR Constructions MRK Constructions Mumbai Airport Developers (P) Ltd Mumbai International Airport (P) Ltd (*) Mystique Jewellery & Accessories P Ltd Novopan Industries Ltd (*) Orbit Travel & Tours (P) Ltd (*) Oxford Land Holdings (P) Ltd Pace Constructions (P) Ltd Pace Estates (P) Ltd Paigah House Hotel (P )Ltd Parthasarathy A/c Tourists (P) Ltd Patikari Power Private Ltd Pinakini Share & Stock Brokers Ltd Pinnacle Land Holdings (P) Ltd Plateau Construction & Engg.(P) Ltd Plateau Land Holdings (P) Ltd Raghavendra Finance (P) Ltd Raghavendra Land Holdings (P) Ltd Regulus Estates (P) Ltd Revatha Aqua Mineral (P) Ltd RK Estates S.Bhupal & Others (*) SBSR Land Holdings (P) Ltd Sheraton Estates (P) Ltd (*) SHSB Land Holdings (P) Ltd Siregraha Mines Limited SOMKRB Land Holdings (P) Ltd , SR Finance & Others SR Finance (P) Ltd Sri Hari Developers Sri Hari Enterprises GVK Power & Infrastructure Ltd (*) GVK Power & Infrastructure Private Ltd GVK Power (Goindwal Sahib) Ltd (*) GVK Power (Krishnapatnam) (P) Ltd (*) GVK Power (Ratlam) Private Ltd GVK Properties & Management Co.(P) Ltd (*) GVK Projects Ltd GVK Technical & Consultancy Private Ltd (*) GVK Virudhnagar Sez (P) Ltd IKR Land Holdings (P) Ltd Inc GVK Bio (P) Ltd Indigo Enterprises Indigo Estates Indira Constructions Indira Enterprises (*) Innovative Land Holdings (P) Ltd Inogent Laboratories (P) Ltd (*) Sri Hari Estates Sri Lakshmi Enterprises Sri Shiva Enterprises Sri Venkateswara Enterprises Sri Vishnu Enterprises Starlet Land Holdings (P) Ltd Sunshine Properties (P) Ltd Suphala Real Estates (P) Ltd TRG Constructions Trinity Advisors (P) Lid Ubiquitous Infratech (P) Ltd Verdura Vertex Infratech (P) Ltd Vertex Projects Ltd Volantis Land Holdings (P) Ltd Vulcon Constructions (P) Ltd Zinger Investments (P) Ltd

(*) Companies with which there are transactions during the year

8. In the opinion of the Board of Directors of the company, the current assets, loans and advances are expected to realise in the ordinary course of business approximately the value at which they are stated in accounts.

9. Previous Years figures have been regrouped / rearranged, wherever necessary. Figures in brackets indicates those for previous year.

 
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