Mar 31, 2016
1.1 Terms/ rights attached to equity shares
The Company has only one class of equity shares having a par value of Rs.
10/- per share. Each holder of equity share is entitled to one vote per
share. The Company declares and pays dividend in Indian rupees.
In the event of liquidation of the Company, the holders of equity
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 equity share held by the
Shareholders.
2. Related Party Disclosures :
Related Parties:
(a) Holding Company :
- Vits Hotels Worldwide Private Limited (cease to be holding company
w.e.f 11th February 2016)
(b) Fellow Subsidiary Company :
- Conwy Finance and Leasing Private Limited (cease to be fellow
subsidiary w.e.f 11th February 2016)
- Kamats Amusements Private Limited (cease to be fellow subsidiary
w.e.f 11th February 2016)
(c) Associate Company where control exits and Transaction have taken
place during the year:
- Idlinow Eventures (India) Limited
- Kamat Holiday Resorts (Silvassa) Limited
(d) Key Management Personnel :
Mr. Babu Devadiga (Resigned w.e.f 20th November 2015)
Mr. G N Shenoy (Resigned w.e.f 25th December 2015)
Mrs. Vidhi V. Kamat
(e) Other related parties with whom transactions have taken place
during the year:
Dr. Vithal V. Kamat - Relative
Mr. Vikram V. Kamat - Relative
(f) Summary of transactions during the year with Related Parties
entered into on commercial basis in the interest of the Company and
approved by the Board and status of outstanding balances as on 31st
March, 2016:
3. Segment Reporting:
The Company''s activities involve predominantly providing hospitality
related services, which is considered to be a single business segment
since these are subject to similar risks and returns. Further, services
are not provided out of India and hence there are no reportable
geographical segments. Accordingly, the financial statements are
reflective of the information required by Accounting Standard 17 -
Segment Reporting (AS-17).
4. Leases:
The Company''s significant leasing arrangements are in respect of
operating leases for premises. These leasing arrangements, which are
not non-cancelable, range between eleven months and nine years
generally or longer and are usually renewable by mutual consent on
mutually agreeable terms.
The aggregate lease rentals payable are charged as rent and aggregate
license fees income from shops and other spaces on leave and license
basis are shown as License Fees.
Future commitments in respect of minimum lease payments payable for
non-cancelable operating leases (other than land) entered into by the
Company:
5. Pursuant to notification of Schedule II to the Companies Act, 2013
with effect from 1st April, 2014, depreciation for the year ended 31st
March, 2015 has been provided on the basis of useful lives as
prescribed therein. Accordingly, depreciation for the year ended 31st
March, 2015 is higher by Rs. 40,905/- due to change in the estimate of
useful life of certain assets.
6. Figures of the previous year have been regrouped / reclassified
wherever necessary to confirm to the Current year''s presentation.