Mar 31, 2023
Note B: Terms / rights attached to Equity Shares:
The Company has equity shares having a nominal value of Rs.5 each. All equity shares rank equally with regard to dividend and share in the Companyâs residual assets. Each holder of equity shares is entitled to one vote per share. The equity shares are entitled to receive dividend as declared from time to time. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except interim dividend. 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 shares held by shareholders.
The Companyâs objective of capital management is to maximise the return to its shareholders through optimal mix of debt and equity. The Company determines the amount of capital required on the basis of annual and longterm operating plans. The funding requirements are met through equity and long term/short term borrowings. The Company monitors the capital structure on the basis of Net debt to equity ratio and maturity profile of the overall debt portfolio of the Company.
The Board of Directors at its meeting held on 19th May 2023 have recommended a payment of a dividend of 30% per equity share of face value of Rs. 5/- each for the financial year ended 31.03.2023. The same amounts to Rs. 39.01 Lakhs
Capital Reserve comprises profits of Capital nature and it is not considered a free reserve for the purpose of dividend distribution
General Reserve comprises profits of revenue nature set apart to meet any unforeseen contingencies and is considered as a free reserve for the purpose of dividend distribution
The vehicle loan from Bank carries interest at the rate of 8.40% p.a and is repayable in 84 equal installments from January 2020. Loan is secured against hypothecation of the vehicle.
The vehicle loan from Bank carries interest at the rate of 8.75% p.a and is repayable in 60 equal installments from April 2020. Loan is secured against hypothecation of the vehicle.
The vehicle loan from Bank carries interest at the rate of 7.80% p.a and is repayable in 84 equal installments from August 2022. Loan is secured against hypothecation of the vehicle.
The vehicle loan from Bank carries interest at the rate of 8.21% p.a and is repayable in 60 equal installments from December 2022. Loan is secured against hypothecation of the vehicle.
The Loan from Non Bank Financial Institution interest at the rate of 9.25% p.a and is repayable in 72 installments from December 2022. Loan is secured against Paripasu charge over present and future Current and movable fixed asset and pledge of equity shares of Faber Sindoori Management Services on a fully diluted basis
There has been no default in repayment of any borrowings as on the balance sheet date. The company has not been declared a willful default during the year.
Note 32: Financial instruments and Risk factors
Financial Risk factors
The Companyâs financial liabilities comprise of short term and long term borrowings, trade payables, employees dues, unpaid dividend and security deposit. The main purpose of financial liabilities is to support the companies financial operations. The Companyâs financial assets includes security deposit, investments, trade receivables, staff advance, cash and cash equivalents, Bank balances, etc that derive directly from the operations.
To ensure alignment of risk management system with the corporate and operational objective and to improve upon the existing procedure, the company oversees various risk factor for managng of these risks.
Interest rate risk
The Company is exposed to interest rate risk from the possibility that the inflow in the interest rate will affect future cash flows of a finacial instruments.
The Companyâs interest rate mix management includes to maintain a mix between fixed or floating rate based on liquidity.
Credit risk
Customer credit risk is managed according to the Companyâs policy, procedure and control relating to customersâ credit risk management. Outstanding receivables are monitored regularly. MIS prepared by the management time to time is according to varieties of customer and services. Sales to walk-in customers are made by way of Cash, PayTM and debit/credit payments. Food sold to industrial customers is on credit basis.
Liquidity risk
âThe Company monitors its risk of shortage of funds usuing detailed cash flow projections which is monitored closely on a daily basis.
The Company has been sanctioned cash credit limit of Rs.17 Crores by a scheduled bank for meeting working capital requiment of the Company. The cash credit facility is secured by exclusive charge over inventory, trade receivables and all the fixed assets of the Company. â
Figures for the previous year have been regrouped or rearranged wherever necessary. Figures have been rounded off to the nearest rupees in lakhs.
Mar 31, 2021
The Companyâs objective of capital management is to maximise the return to its shareholders through optimal mix of debt and equity.
The Company determines the amount of capital required on the basis of annual and long-term operating plans. The funding requirements are met through equity and long term/short term borrowings. The Company monitors the capital structure on the basis of Net debt to equity ratio and maturity profile of the overall debt portfolio of the Company.
1 Level 1 items fair value measurement hireachy are as follows:
a) Level 1 item of fair valuation based on market price quotation at each reporting date
b) Level 2 items of fair valuation is based on significant observable input like PV of future cash flows, MTM valuation, etc.
c) Level 3 item of fair valuation is based upon significant unobservable inputs where valuation is done by independent valuer.
2 The carrying amounts of trade receivables, trade payables, cash and cash equivalents and other current financial assets and are considered to be the same as their fair values, due to their short-term nature.
3 For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values. The fair value of the financial assets and financial liabilites is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
Method and assumption
The following methods and assumption were used to estimate the fair value at the reporting date:
Loans to employees, security deposit paid and security deposit received are valued using discounted cash flow using rates currently available for items on similar terms , credit risk and maturities.
Note 33: Financial instruments and Risk factorsFinancial Risk factors
The Companyâs financial liabilities comprise of short term and long term borrowings, trade payables, employees dues, unpaid dividend and security deposit. The main purpose of financial liabilities is to support the companies financial operations. The Companyâs financial assets includes security deposit, investments, trade receivables, staff advance, cash and cash equivalents, Bank balances, etc that derive directly from the operations.
To ensure alignment of risk management system with the corporate and operational objective and to improve upon the existing procedure, the company oversees various risk factor for managng of these risks.
The Company is exposed to interest rate risk from the possibility that the inflow in the interest rate will affect future cash flows of a finacial instruments.
The Companyâs interest rate mix management includes to maintain a mix between fixed or floating rate based on liquidity.
Credit risk
Customer credit risk is managed according to the Companyâs policy, procedure and control relating to customersâ credit risk management. Outstanding receivables are monitored regularly. MIS prepared by the management time to time is according to varieties of customer and services. Sales to walk-in customers are made by way of Cash, PayTM and debit/credit payments. Food sold to industrial customers is on credit basis.
The Company monitors its risk of shortage of funds usuing detailed cash flow projections which is monitored closely on a daily basis. The Company has been sanctioned cash credit limit of Rs.17 Crores by a scheduled bank for meeting working capital requiment of the Company. The cash credit facility is secured by exclusive charge over inventory, trade receivables and all the fixed assets of the Company.
LEASES:
OPERATING LEASE:
Company has recognised right of use of assets an amount equal to the lease liability of Rs.148.79 Lakhs (Current Year) and Rs.857.84 lakhs (Previous Year). Operating lease expenses has changed from rent (included in Other expenses) to depreciation cost of Rs.121.29 Lakhs (Current Year) and Rs. 101.67 lakhs (Previous Year). For the right of use of assets and finance cost of Rs.102.06 Lakhs (Current Year) and Rs.66.66 lakhs (Previous Year) for interest accrued on lease liability. Adjustment to the opening balance of retained earnings as on 1st April, 2019 of Rs.130.05 lakhs is considered as transitional impact.
Note 39: COVID - 19_
In Order to contain the COVID-19 pandemic, the central and state governments in India imposed restriction on eateries and visitor movements at hospitals affecting the counter-sales income of the company causing an adverse impact on the revenue and profit for the FY 2020-21. The Company has considered the possible effects that may result from the pandemic on the carrying amounts of property, plant and equipment, receivables, inventories and other assets.
The management expects the situation to improve with the easing of restrictions and containment of the pandemic.
Contingent Liability:
Claim against the Company/disputed liabilities not acknowledged as debts - Rs.570.07 Lakhs (Previous Year -Rs.570.07 Lakhs).
Figures for the previous year have been regrouped or rearranged wherever necessary. Figures have been rounded off to the nearest rupees.
Mar 31, 2018
Note 1
The vehicle loan from Bank carries interest at the rate of 9.5% p.a and is repayable in 36 equal installments from December 2016. Loan is secured against hypothecation of the vehicle.
Note 2
Term loan is repayable in 12 equal quarterly instalments of Rs 8.33 Lakh each. Interest is payable @ 11.85% p.a. The loan is secured by
(i) Exclusive charge on current & fixed assets of the Company.
(ii) Exclusive charge on the fixed assets (of Centralised kitchen unit) funded from the loan.
(iii) Letter of Comfort from Apollo Hospitals Enterprises Ltd.
Note 3
The Vehicle loan from Financial Institution carries interest at the rate of 9.50% p.a and is repayable in 60 equal instalments from May 2017. Loan is secured against hypothecation of the vehicle.
Note 4: Exceptional items
Exceptional item represents income by way of amount received from the erstwhile landlord of the premises against claims which were written off.
Note 5: Capital management
The Companyâs objective of capital management is to maximise the return to its shareholders through optimal mix of debt and equity.
The Company determines the amount of capital required on the basis of annual and long-term operating plans. The funding requirements are met through equity and long term/short term borrowings. The Company monitors the capital structure on the basis of Net debt to equity ratio and maturity profile of the overall debt portfolio of the Company.
Note 6: Fair values
1. Level 1 items fair value measurement hireachy are as follows:
a) Level 1 item of fair valuation based on market price quotation at each reporting date
b) Level 2 items of fair valuation is based on significant observable input like PV of future cash flows, MTM valuation, etc.
c) Level 3 item of fair valuation is based upon significant unobservable inputs where valuation is done by independent valuer.
2. The carrying amounts of trade receivables, trade payables, cash and cash equivalents and other current financial assets and are consid ered to be the same as their fair values, due to their short-term nature.
3. For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values. The fair value of the financial assets and financial liabilites is the amount at which the instrument could be exchanged in a current transaction between willing parties , other than in a forced or liquidation sale.
Method and assumption
The following methods and assumption were used to estimate the fair value at the reporting date:
Loans to employees, security deposit paid and security deposit received are valued using discounted cash flow using rates currently avail able for items on similar terms , credit risk and maturities.
Note 7: Financial instruments and Risk factors Financial Risk factors
The Groupâs financial liabilities comprise of short term and long term borrowings, trade payables, employees dues, unpaid dividend and security deposit, the main purpose of financial liabilities to support the companies financial operations. The companyâs financial assets includes security deposit, investments, trade receivable, staff advance, cash and cash equivalent, Bank balance etc that derive directly from the operations. To ensure alignment of risk management system with the corporate and operational objective and to improve upon the existing procedure, the company oversees various risk factor for managng of these risks.
Interest rate risk
The Company is exposed to interest rate risk from the possibility that the inflow in the interest rate will affect future cash flows of a finacial instruments. The Companyâs interest rate mix management includes to maintain a mix between fixed or floatig rate based on liquidity.
Credit risk
Customer credit risk is managed according to the Companyâs policy, procedure and control relating to customersâ credit risk management. Outstanding receivables are monitored regularly. MIS prepared by the management time to time is according to varieties of customer and services. Sales to walk-in customers are made by way of Cash, PayTM and debit/credit payments. Food sold to others is on credit basis.
Liquidity risk
The Company monitors its risk of shortage of funds usuing detailed cash flow projections which is monitored closely on a daily basis. The Company has been sanctioned cash credit limit of Rs.10 Crores by a scheduled bank for meeting working capital requiment of the Company. The cash credit facility is secured by exclusive charge over inventory, trade receivables and all the fixed assets of the Company.
Note 8: Transition to Ind AS
These are the Companyâs first financial statements prepared in accordance with Ind AS, notified under Section 133 of the Companies Act, 2013 read with the Rules made thereunder.
The accounting policies set out in Note 1 have been applied in preparing the financial statements for the year ended 31st March 2018, the-comparative information presented in these financial statements for the year ended 31st March 2017 and in the preparation of opening Ind AS balance sheet as at 1st April 2016 (the Companyâs date of transition). In preparing its opening Ind AS balance sheet, the Company has adjusted the amounts reported previously in financial statements prepared in accordance with the Accounting Standards notified under Companies (Accounting Standards) Rules, 2006 (as amended) and other relevant provisions of the Act (previous GAAP or Indian GAAP).
An explanation of how the transition from previous GAAP to Ind AS has affected the Companyâs financial position and financial performance is set out below:
Exemptions and exceptions availed
Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS.
Ind AS optional exemptions:
1. Deemed cost - Property, Plant and Equipment and Intangible assets
Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-commissioning liabilities. This exemption can also be used for intangible assets covered by Ind AS 38. Accordingly, the Company has elected to measure all of its property, plant and equipment and intangible assets at previous GAAP carrying value.
2. Deemed cost - Investment in Joint venture and associates
Ind AS 101 permits a first-time adopter to elect to measure the investment in subsidiaries, associates and joint ventures at cost determined in accordance with Ind AS 27 or deemed cost. Deemed cost for the purpose transition shall mean fair value of the investment at the entityâs date of transition to Ind AS or previous GAAP carrying amount at that date. Accordingly, the Company has elected to measure the investment in joint venture and associates previous GAAP amount as at the transition date.
3. Designation of previously recognised financial instruments
Ind AS 101 allows an entity to designate investment in equity instruments at FVOCI on the basis of the facts and circumstances at the date of transition to Ind AS.
The Company has elected to apply this exemption and accordingly, opted to:
a. Designate financial assets at FVTPL as per Ind as 109 based on fact and circumstances at the transition date.
b. Designate investment in equity shares at FVOCI as per Ind AS 109 based on facts and circumstances at the transition date.
Ind AS mandatory exceptions:
1. Estimates
An entityâs estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error. Ind AS estimates as at 1st April 2016 are consistent with estimates as at the same date made in confirmity with previous GAAP.
2. Classification and measurement of financial assets
Ind AS 101 requires an entity to assess classification and measurement of financial assets (investment in debt instruments) on the basis of facts and circumstances that exist at the date of transition to Ind AS.
Financial assets such as loans to employees, security deposit paid or received have been classified and measured at amortized cost on the basis of facts and circumstances at the date of transition to Ind AS.
Note a - Others
Others includes fair valuation of ceratin financial instruments carrying nil rate of interest.
Note b - Remeasurement of post employment defined benefit plan
Under previous GAAP the Company recognised cost related to post employment defined benefit plan (gratuity) to profit and loss immediately on occurrence. Under Ind AS, acturial gain and losses are considered as part of Other Comprehensive Income.
Note c - Deferred taxes
The various transitional adjustments led to temporary differences. Under Ind AS, such transitional differences have to be adjusted under retained earnings or separate componet of equity based on the original transactions are recorded. The deferred tax has been recognized for all temporary differences on substantially enacted rate.
Note 9 : LEASES OPERATING LEASE:
The Company has taken various premises on lease for its operations under operating lease or under leave and licence agreements. These lease are generally not non-cancellable and have an average life of 12 months to three years and are renewable by mutual consent.
Lease payments are recognized in profit and loss account under the head âRentâ.
Note 10 :
Figures for the previous year have been regrouped or rearranged wherever necessary. Figures have been rounded off to the nearest rupees, except otherwise indicated.
Mar 31, 2015
1. Background
Apollo Sindoori Hotels Limited. ("the Company"), a company incorporated
under the Indian Companies Act at Chennai. The Company is in the
business of managing food outlets at hospitals and reputed
organisations. The Company also undertakes Outdoor Catering Services
etc.
2. RELATED PARTY DISCLOSURE:
List of Related Parties as declared by the Management:
Nature of Relation Name of Related Party
Promoter Dr. Prathap.C.Reddy
Mr. P.Vijayakumar Reddy
Mrs. Suneeta Reddy
Mrs. Shobana Kamineni
Mrs. Sucharitha Reddy
Mrs. Sindoori Reddy
Key Management Personnel Mrs. Sucharitha Reddy
Joint Venture M/s Faber Sindoori Management Services
(P) Ltd
Enterprise over which
promoter or Key Management
Personnel exercise
Significant influence M/s Apollo Hospitals Enterprises Ltd
M/s Apollo Gleneagles Hospitals Ltd
M/s.Apollo Health & Lifestyle Ltd
M/s.Apollo Hospital International
Limited
M/s Imperial Cancer Hospital & Research
Center Ltd
M/s Lifetime Wellness Rx International
Ltd
M/s PPN Power Generating Company Private
Ltd.
3. OPERATING LEASE:
The Company has taken various premises on lease for its operations
under operating lease or under lease and licence agreements. These
lease are generally not non-cancellable and have an average life of 12
months to three years and are renewable by mutual consent.
Lease payments are recognized in profit and loss account under rent in
Note 27:Other Expenses Lease payments under non-cancellable lease
agreements.
4. EMPLOYEE BENEFITS
i. Defined Benefit Plan: a) Gratuity
5. Contingent Liability:
1. Corporate Guarantee to bank on behalf of Joint Venture enterprise
for loan obtained by it. - Rs. Nil (Previous Year - Rs. 2,80,00,000)
2. Claim against the company/disputed liabilities not acknowledged as
debts - Rs.13,92,680 (Previous Year - Rs.13,92,680)
5. The company has not received any declaration from its vendors under
Micro, Small and Medium Enterprises Act 2006 and hence no disclosure as
provided in the Act is feasible.
6. Figures for the previous year have been regrouped or rearranged
wherever necessary.
Mar 31, 2013
BACKGROUND
Apollo Sindoori Hotels Limited. ("The Company"), a company incorporated
under the Indian Companies Act at Chennai. The Company is in the
business of managing food outlets at hospitals and reputed
organisations. The Company also undertakes Outdoor Catering Services
etc..
Note 1:
RELATED PARTY DISCLOSURE:
List of Related Parties
Nature of Relation Name of Related Party
Promoter Dr.Pratap.C.Reddy
Mr.P.Vijayakumar Reddy
Mrs.Suneeta Reddy
Mrs.Shobana Kamineni
Mrs.Sucharitha Reddy
Mrs.Sindoori Reddy
Key Management Personnel Mrs.Sucharitha Reddy
Mrs.Sindoori Reddy
Joint Venture M/s Faber Sindoori Management
Services (P) Ltd
Enterprise over which promoter
or Key Management Personnel
exercise
significant influence M/s Apollo Hospitals Enterprises Ltd
M/s Apollo Gleneagles Hospitals Ltd.
M/s Apollo Health & Lifestyle Ltd.
M/s Apollo Hospital International
Limited
M/s Imperial Cancer Hospital &
Research Center Ltd.
M/s Lifetime Wellness Rx
International Ltd.
Note 2:
LEASES:
OPERATING LEASE:
The Company has taken various premises on lease for its operations
under operating lease or under leave and licence agreements. These
lease are generally not non-cancellable and have an average life of 12
months to three years and are renewable by mutual consent.
Note 3:
Contingent Liability:
1. Corporate Guarantee to bank on behalf of Joint Venture enterprise
for loan obtained by it. - Rs. 2,80,00,000 (Previous Year -
Rs. 2,80,00,000)
2. Claim against the company/disputed liabilities not acknowledged as
debts - Rs. 13,92,680 (Previous Year Rs. 13,92,680)
Note 4: The company has not received any declaration from its vendors
under Micro, Small and Medium Enterprises Act 2006
Note 5: The Board of Directors had decided to discontinue the
operations of Travels Division from 31.03.2013 is also a separate
segment as per Acounting Standard -17. This closure is consistent
with the Long Term Strategy of the Company to focus its activities
in the areas of "Food and Beverage"
Note 6:
Figures for the previous year have been regrouped or rearranged
wherever necessary