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Notes to Accounts of Velan Hotels Ltd.

Mar 31, 2015

1.ADDITIONAL NOTES

a. Estimated amount of the contracts remaining to be executed on capital account and not provided for : Not ascertainable.(Previous Year - Not Ascertainable)

b. The Company has not given any guarantee.

c. Contingent Liabilities not provided for in the books of accounts Rs.Nil. (Previous year Rs. Nil)

d. Expenditure on employees who are in receipt of remuneration of not less than Rs. 60,00,000/- per annum (previous year Rs. 60,00,000/- per annum) when employed through out the year or Rs. 5,00,000/- per month (previous year Rs. 5,00,000/- per month) when employed for part of the year is Nil (previous year Rs. Nil.)

e. Previous year figures have been regrouped and/or reclassified wherever necessary,

f. The figures have been rounded off to the nearest Rupee.

g. Balances in Sundry Debtors, Creditors and Loans & Advances are subject to confirmation and reconciliation and are stated at the book balance thereof.

h. In the opinion of the Management, the Current Assets, Loans & Advances will fetch the amount as stated, if realized in the ordinary course of its business.

2. TERM LOANS :

1. Allahabad Bank , Andhra Bank & Canara Bank.

Secured by way of Hypothecation of entire fixed assets of the Company both existing and future, Equitable Mortgage of hotel properties at Tirupur and Coonoor and Hypothecation of entire current assets of the Company. The loan is also personally guaranteed by the Managing Director & Executive Director of the Company.

2. Axis Bank Limited

Secured by way of hypothecation of the Vehicle of the Company.

3. The Company has called for details of applicability from trade parties from the provisions of Micro,Small and Medium Enterprises Development Act,2006, However no reply has been received from any of the parties, In view of the above no disclosure is made under Micro, Small and Medium Enterprises Development Act,2006.

. Related Party Transactions.

The following are the transactions with related parties in terms of Accounting Standard 18 Issued by the ICAI.

Key Managerial Personnel Interested Concerns

Sri.E.V.Muthukumararamalingam - Managing m/s. Shree Vallee Enterprises Director Private Limited Sri.M.R.Gautham - Executive Director Sri.B.A.Madhusudan - Whole-Time Director


Mar 31, 2014

NOTE : 1

a. Estimated amount of the contracts remaining to be executed on capital account and not provided for : Not ascertainable.(Previous Year not ascertainable)

b. The company has not given any guarantee.

c. Contingent Liabilities not provided for in the books of accounts Rs.Nil. (Previous year Rs. Nil)

d. Expenditure on employees who are in receipt of remuneration of not less than Rs. 60,00,000/- per annum (previous year Rs. 60,00,000/- per annum) when employed through out the year or Rs. 5,00,000/- per month (previous year Rs. 5,00,000/- per month) when employed for part of the year is nil (previous year Rs. Nil.)

e. Previous year figures have been regrouped and/or reclassified wherever necessary,

f. The figures have been rounded off to the nearest Rupee.

g. Balances in Sundry Debtors, Creditors and Loans & Advances are subject to confirmation and reconciliation and are stated at the book balance thereof.

h. In the opinion of the Management, the Current Assets, Loans & Advances will fetch the amount as stated, if realized in the ordinary course of its business.

j. TERM LOANS :

2. Allahabad Bank , Andhra Bank ,Canara Bank & Axis Bank Limited :

Secured by way of Hypothecation of entire fixed assets of the Company both existing and future, Equitable Mortgage of hotel properties at Tirupur and Coonoor and Hypothecation of entire current assets of the Company. The loan is also personally guaranteed by the Managing Director & Executive Director of the company.

3. Axis Bank Limited :

Secured by way of hypothecation of the Vehicle of the Company.

a. The Company has called for details of applicability from trade parties from the provisions of Micro,Small and Medium Enterprises Development Act,2006, However no reply has been received from any of the parties, In view of the above no disclosure is made under Micro,Small and Medium Enterprises Development Act,2006.

b. During the year a sum of Rs.1275000 been provided in the books of accounts towards income tax.

c. Earning per share :

d. Basic earnings per share are calculated by dividing the net profit attributable to the share holders by the weighted average number of ordinary shares outstanding during the year.

e. Disclosure as required by Accounting Standard 17 on Segment Reporting issued by the Institute of Chartered Accountants of India (ICAI) is furinished in a separate annexure.


Mar 31, 2013

A. Estimated amount of the contracts remaining to be executed on capital account and not provided for : Not ascertainable.(Previous Year - not ascertainable)

b. The Company has not given any guarantees.

c. Contingent Liabilities not provided for in the books of accounts Rs.Nil. (Previous year Rs. Nil)

d. Expenditure on employees who are in receipt of remuneration of not less than Rs. 60,00,000/- per annum (previous year Rs. 60,00,000/- per annum) when employed throughout the year or Rs. 5,00,000/- per month (previous year Rs. 5,00,000/- per month) when employed for part of the year is Nil (previous year Rs. Nil.)

e. Previous year figures have been regrouped and/or reclassified wherever necessary.

f. The figures have been rounded off to the nearest Rupee.

g. Balances in Sundry Debtors, Creditors and Loans & Advances are subject to confirmation and reconciliation and are stated at the book balance thereof.

h. In the opinion of the Management, the Current Assets, Loans & Advances will fetch the amount as stated, if realized in the ordinary course of its business.

i TERM LOANS :

1. Allahabad Bank and Andhra Bank :

Secured by way of Hypothecation of entire fixed assets of the Company - both existing and future, Equitable Mortgage of hotel properties at Tirupur and Coonoor and Hypothecation of entire current assets of the Company. The loans are also personally guaranteed by the Managing Director & Executive Director of the Company.

2. Sundaram Finance Limited

Secured by way hypothecation of Vehicle of the Company.

j. The Company has called for details of applicability from trade parties from the provisions of Micro, Small and Medium Enterprises Development Act, 2006. However, no reply has been received from any of the parties. In view of the above, no disclosure is made under Micro, Small and Medium Enterprises Development Act, 2006.

k. During the year, a sum of Rs.21,10,000/- has been provided in the books of accounts towards Income Tax.

l. Earning per share :

a. Basic earnings per share are calculated by dividing the net profit attributable to the share holders by the weighted average number of ordinary shares outstanding during the year.


Mar 31, 2012

A. Estimated amount of the contracts remaining to be executed on capital account and not provided for : Not ascertainable.(Previous Year - not ascertainable)

b. The Company has not given any guarantees.

c. Contingent Liabilities not provided for in the books of accounts Rs. Nil. (Previous year Rs. Nil)

d. Expenditure on employees who are in receipt of remuneration of not less than Rs. 60,00,000/- per annum (previous year Rs. 60,00,000/- per annum) when employed throughout the year or Rs. 5,00,000/- per month (previous year Rs. 5,00,000/- per month) when employed for part of the year is Nil (previous year Rs. Nil.)

e. Previous year figures have been regrouped and/or reclassified wherever necessary, to conform to the requirement of revised Schedule VI of the Companies Act, 1956.

f. The figures have been rounded off to the nearest thousands, except otherwise stated.

g. Balances in Sundry Debtors, Creditors and Loans & Advances are subject to confirmation and reconciliation and are stated at the book balance thereof.

h. In the opinion of the Management, the Current Assets, Loans & Advances will fetch the amount as stated, if realized in the ordinary course of its business.

j. TERM LOANS :

1. Allahabad Bank and Andhra Bank :

Secured by way of Hypothecation of entire fixed assets of the Company - both existing and future, Equitable Mortgage of hotel properties at Tirupur and Coonoor and Hypothecation of entire current assets of the Company. The loans are also personally guaranteed by the Managing Director & Executive Director of the Company.

2. Sundaram Finance Limited

Secured by way hypothecation of Vehicle of the Company.

k. The Company has called for details of applicability from trade parties from the provisions of Micro, Small and Medium Enterprises Development Act, 2006. However, no reply has been received from any of the parties. In view of the above, no disclosure is made under Micro, Small and Medium Enterprises Development Act, 2006.

l. During the year, a sum of Rs. 31,30,000/- has been provided in the books of accounts towards income tax.

m. Earnings per share :

a. Basic earnings per share are calculated by dividing the net profit attributable to the share holders by the weighted average number of ordinary shares outstanding during the year.

n. The Company is exclusively engaged in the business of Hotelering. This, in context of Accounting Standard 17 on Segment Reporting issued by The Institute of Chartered Accountants of India (ICAI) is considered to constitute one single primary segment and accordingly no segment information as required under Accounting Standard 17 is furnished.

o. Notes 1 to 29 form an integral part of the annual accounts.

p. Payments to Auditors included under "Capital Work in Progress" on account of Certification work is Rs. 31545/-.


Mar 31, 2011

1. Estimated amount of the contracts remaining to be executed on capital account and not provided for: Not ascertainable.(Previous Year not ascertainable)

2. Contingent Liabilities not provided for in the books of accounts Rs.Nil. (Previous year Rs. Nil)

3.a). Depreciation is provided under straight line method on Fixed Assets on a pro-rata basis at the rates specified in Schedule XIV to the Companies Act, 1956.

b). Depreciation on assets revalued is calculated on its revalued figure on Straight Line Method at the rates specified in Schedule XIV to the Companies Act, 1956.

4. Expenditure on employees who are in receipt of remuneration of not less than Rs. 60,00,000/- per annum (previous year Rs. 24,00,000/- per annum) when employed through out the year or Rs. 5,00,000/- per month (previous year Rs. 2,00,000/- per month) when employed for part of the year is nil (previous year Rs. Nil.)

5. Previous year figures have been regrouped and/or reclassified wherever necessary.

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

7. Balances in Sundry Debtors, Creditors and Loans & Advances are subject to confirmation and reconciliation and are stated at the book balance thereof.

8. In the opinion of the Management, the Current Assets, Loans & Advances will fetch the amount as stated, if realized in the ordinary course of its business.

9. i. Quantitative details of turnover, opening and closing stock, purchase and consumption have not

been furnished, in view of general exemption u/s.211 vide Press Note No:2/2011 dated 08.02.2011 issued by Ministry of Corporate Affairs, Government of India.

10. TERM LOANS:

1. Allahabad Bank, Andra Bank, & Bank of Bahrain and Kuwait(upto the date of Closure) Secured by way of Hypothecation of entire fixed assets of the Company both existing and future, Equitable Mortgage of hotel properties at Tirupurand Coonoorand Hypothecation of entire current assets of the Company. The loan is also personally guaranteed by the Chairman, Managing Director & Executive Director of the Company.

2. Sundaram Finance Limited

Secured byway hypothecation of Vehicle of the Company.

11. The Company has called for details from trade parties regarding applicability of the provisions of Micro,Small and Medium Enterprises Development Act,2006. However no reply has been received from any of the parties. In view of the above, no disclosure is made regarding liability under Micro,Small and Medium Enterprises DevelopmentAct, 2006.

12. Asum of Rs.5,94,000/- has been paid to Sri E.V.Muthukumara Ramalingam,Managing Director of the Company as remuneration and a sum of Rs.2,79,000/- has been paid to Sri. M.R. Gautham, Executive Director of the Company as remuneration.

13. During the year a sum of Rs.37,00,000/- has been provided in the books of accounts towards income tax.

14. Earning per share:

a. Basic earnings per share are calculated by dividing the net profit attributable to the share holders by the weighted average number of ordinary shares outstanding during the year.

15. The Company is exclusively engaged in the business of Hotelering. This, in the context of Accounting Standard 17 on Segment Reporting issued by The Institute of Chartered Accountants of India (ICAI) is considered to constitute one single primary segment and accordingly no segment information as required under Accounting Standard 17 is furnished.

16. Schedules 1 to 24 form an integral part of annual accounts.


Mar 31, 2010

1. Estimated amount of the contracts remaining to be executed on capital account and not provided for : Not ascertainable.(Previous Year not ascertainable)

2. Contingent Liabilities not provided for in the books of accounts Rs.Nil. (Previous year Rs. 150000)

3. a) Depreciation is provided under straight line method on Fixed Assets on a pro-rata basis at the rates specified in Schedule XIV to the Companies Act, 1956.

b) Depreciation on assets revalued is calculated on its revalued figure on Straight Line Method at the rates specified in Schedule XIV to the Companies Act, 1956.

4. Expenditure on employees who are in receipt of remuneration of not less than Rs. 24,00,000/- per annum (previous year Rs. 24,00,000/- per annum) when employed through out the year or Rs. 2,00,000/- per month (previous year Rs. 2,00,000/- per month) when employed for part of the year is nil (previous year Rs. Nil.)

5. Previous year figures have been regrouped and/or reclassified wherever necessary.

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

7. Balances in Sundry Debtors, Creditors and Loans & Advances are subject to confirmation and reconciliation and are stated at the book balance thereof.

8. In the opinion of the Management, the Current Assets, Loans & Advances will fetch the amount as stated, if realized in the ordinary course of its business.

9. Additional information pursuant to the paragraphs 3 & 4 of the Part II of Schedule VI of the Companies, Act, 1956

i) In line with the order of Department of Company Affairs order (No. 46/165/2008-CL-III date 31.03.2009) under section 211 (4) of the Companies Act, 1956, quantitative details of turnover, opening and closing stock, purchase and consumption have not been furnished.

10.TERM LOANS :

1. State Bank of India & Bank of Bahrain and Kuwait, BSC.

Secured by way of Hypothecation of entire fixed assets of the Company both existing and future, Equitable Mortgage of hotel properties at Tirupur and Coonoor and Hypothecation of entire current assets of the Company. The loan is also personally guaranteed by the Chairman, Managing Director & Executive Director of the company.

2. Sundaram Finance Limited

Secured by way hypothecation of Vehicle of the Company.

11. WORKING CAPITAL LOANS

State Bank of India (Upto the date of Settlement)

Secured by way of Hypothecation of entire fixed assets of the Company both existing and future, Equitable Mortgage of hotel properties at Tirupur and Coonoor and Hypothecation of entire current assets of the Company. The loan was also personally guaranteed by the Chairman, Managing Director & Executive Director of the Company.

12. The Company is in the process of compiling relevant information from its suppliers about their coverage under the Micro, Small and Medium Enterprises Development Act,2006. Since the relevant information is not readily available, no disclosures have been made in these Financial Statements. However, in the considered view of the management and as relied upon by the auditors, impact of interest, if any that may be payable in accordance with the provisions of this Act is not material.

13. A sum of Rs.5,70,000/- has been paid to Sri E.V.Muthukumara Ramlingam, Managing Director of the company as remuneration and a sum of Rs.2,67,000/- has been paid to Sri. M.R. Gautham, Executive Director of the company as remuneration.

14. During the year a sum of Rs.29,80,000/- has been provided in the books of accounts towards income tax after taking into consideration the provisions of Section 115JB of the Income Tax Act.

15. Earning per share :

a. Basic earnings per share are calculated by dividing the net profit attributable to the share holders by the weighted average number of ordinary shares outstanding during the year.

16. The Company is exclusively engaged in the business of Hotelering. This, in context of Accounting Standard 17 on Segment Reporting issued by The Institute of Chartered Accountants of India (ICAI) is considered to constitute one single primary segment and accordingly no segment information as required under Accounting Standard 17 is furnished.

17. Payment of preclosure, processing and documentation charges incurred for availing foreign currency term from M/s.Bank of Bahrain and Kuwait, BSC and settling rupee term loan from M/s.State bank of India is shown as exceptional item of Expenditure.

18. Schedules 1 to 24 form an integral part of annual accounts.

 
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