Mar 31, 2018
1. Corporate Information
Country Club Hospitality & Holidays Limited formerly known as Country Club (India) Limited (âthe Companyâ) is a public entity domiciled in India and is Indiaâs biggest chain of family clubs with over 70 destinations across India, Sri Lanka, Middle East, Malaysia, Singapore, Thailand and Philippines. It is dubbed as the Powerhouse of Entertainment. Its shares are listed on NSE & BSE
2. Basis of preparation
This note provides a list of the significant accounting policies adopted in the preparation of these financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated.
(i) Compliance with Ind AS
The financial statements comply in all material aspects with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (the Act) [Companies (Indian Accounting Standards) Rules, 2015] and other relevant provisions of the Act.
The financial statements up to year ended 31 March 2018 were prepared in accordance with the accounting standards notified under Companies (Accounting Standard) Rules, 2006 (as amended) and other relevant provisions of the Act.
(ii) Historical cost convention
The financial statements have been prepared on a historical cost basis, except for the following:
- Certain financial assets and liabilities (including derivative instruments) and contingent consideration that is measured at fair value;
- Assets held for sale - measured at fair value less cost to sell;
- Defined benefit plans - plan assets measured at fair value; and
- Share-based payments.
3. Detailed information regarding quantitative particulars under part II of Schedule III to the Companies Act, 2013.
i)As the turnover of the Company is in respect of supply of food and beverages, it is not possible to give quantity-wise details of turnover.
4. Earnings and Expenditure in Foreign Currency a.Foreign Currency expenditure/inflow as follows
5. There are no dues to SSI Units outstanding for more than 30 days.
6. In accordance with Accounting Standard issued by the ICAI, the Company has accounted for deferred tax and income tax as given below:
7. As per Accounting Standard issued by the Institute of Chartered Accountants of India, the disclosures of transactions with the related parties.
8. Contingent Liabilities:
The Company jointly with Mr.Y.Rajeev Reddy (Managing Director) and Country Vacations International LLC,Dubai has provided corporate guarantee of AED 90,000,000/- to National Bank of Fujairah, Dubai in respect of the facilities granted to M/s. Country Vacations International Ltd- Dubai.
According to the information and explanations given to us and based on the records of the company examined by us, the Company has disputed Income Tax & Service Tax dues amounting to Rs.23,40,65,627 which belongs to various AssessmentYears which has not been deposited on account of disputes.:
9. Secured Loans: From Banks
a) Term Loans from Oriental Bank of Commerce, Loans I & II of Rs.25 crores for expansion of existing Clubs and secured by The Country Club (EROS Regency) situated at land Bearing killa no. 2,9,10/1,10/2 & 11/4 at village lakarpur, EROS Regency Township, Surajkund, Faridabad, Harayana. The Outstanding Balance for the Current year is Rs.11,03,80,233/- (Previous Year Rs.11,50,96,926/-)
b) Term Loans from Union Bank of India, Vijaya Bank and Bank of India of Rs. 115 crores has been taken for repayment of FCCBâs and secured by way of properties located in Hyderabad, Bangolre, Chennai and Kodaikanal. Further, the charge has been created on Delhi & Karnataka cash flows for servicing of the above loan. Additionally, the personal guarantees has also been given by three Directors (i.e. Mr. Y Rajeev Reddy, Y. Siddharth Reddy & Y. Varun Reddy). The Outstanding Balance for the Current year is Rs.86,53,12,860/- (Previous Year Rs.85,62,27,443/-).
c) Term Loan from Central Bank of India of Rs.50 Crores to carry out interior, Gym/Fitness Centres and Civil works of the Companyâs property at multiple locations. Further charge has been created on Companyâs properties (movable/immovable) at Bangalore, Trivandrum and Bandipur. Additionally, the personal guarantees are also given by three Directors (i.e. Mr Y Rajeev Reddy, Y. Siddharth Reddy & Y. Varun Reddy). The Outstanding (Including Interest) Balance for the Current year is Rs.48,00,24,670/- (Previous Year Rs.48,29,86,600/-).
d) Term Loan from Canara Bank of Rs.50 Crores for the Companyâs expansion plan at Kolkatta, Cochin and Andheri, Mumbai and normal ongoing capex at various locations. Further charge has been created on Companyâs properties (movable/immovable) at Kolkatta, Cochin and Andheri, Mumbai. Additionally, the personal guarantees are also given by three Directors (i.e. Mr Y Rajeev Reddy, Y. Siddharth Reddy & Y. Varun Reddy). The Outstanding (Including Interest) Balance for the Current year is Rs.48,17,48,751/-(Previous Year Rs.46,73,70,458/-).
e) Term Loans from Saraswat Co Op Bank, Loan of Rs.25 crores for expansion of existing Clubs and secured by way of mortgage by deposit of title deed immovable property being land and building known as Hotel Amrutha Castle Constructed on plot of land bearing municipal nos.5-9-16, 5-9-17, snf 6-9-18 and adjoining plot and land bearing municipal nos. 5-9-19, and 5-9-18/3 situated at Saifabad, Secretarial Road Hyderabad solely belonging to the company. The Outstanding Balance for the Current year is Rs.7,43,75,000 /- (Previous Year Rs.8,25,29,860/-)
f ) Term Loan from Saraswat Co Op Bank of Rs.50 Crores secured by way of mortgage, by deposit of title deed of immovable property located at Country club Golden Star # 623,624 Next to Pramukh Swami Hospital Adajan, Surat - 395 009 owned by Club Arzee Ltd.,immovable property at Country Club Resort, Plot No. 496, Bhuvan Village, Kolad, Dist. Raigad. owned by Amruta Estates Pvt. Ltd., immovable property, Hotel Amruta Castle, opp Secretariate, Saifabad, Hyderabad and additional charge on immovable property at The Country Club, Balamatta Road, Mangalore 575 001. belonging to the Company. The Outstanding Balance for the Current Year is Rs.37,56,59,464/- (Previous Year Rs.40,14,86,594/-).
g) Term Loans from Cosmos Bank, Loan - I & II of Rs.35 crores for expansion of existing Clubs and secured by âThe Country Club De Goaâ no.836/1, Anjuna, Bardez, Goa and âthe Country Club Springâ situated at C.T.S no. 1104/03 of village Kandivali, parekh Nagar, Kandivali, Mumbai. The Outstanding Balance for the Current year is Rs.14,02,67,961/-(Previous Year Rs.16,40,73,863/-)
h) Term Loan from Cosmos Bank, Loan of Rs.25 Crores for refurbishment and modernization of its clubs located at Pune, Kolkatta, Goa and Indore, secured by way of additional charge on property located at
âThe Country Club De Goaâ No.836/1, Anjuna Bardez, Goa owned by Aquarian Realtors Pvt. Ltd. and âThe Country Club Springâ situated at C.T.S No. 1104/03 of village Kandivali, Parekh Nagar, Kandival owned by M/s Swami Vivekanand Training and Education Centre Pvt. Ltd and additional security by way of registered equitable mortgage on âCountry Club Fun & Foodâ, 7thKm, Khandwa Road, Kasturbaagram, Indore owned by the Company. The Outstanding Balance for the Current Year is Rs.17,96,83,409/-. (Previous Year Rs.21,45,62,567/-).I)
Other Loans
I) Lease Finance Loan from NOIDA Authority of Rs.2.37 Crores for Plot and the same is secured against the plot no. N-14, Sector - 18, Noida, Uttar Pradesh. The Outstanding Balance for the Current year is Rs.2,71,64,614/- (Previous Year Rs.2,71,64,614/-).
10. It is difficult to identify segment wise profitability and Capital Employed considering that infrastructure is common for all the revenue activities of the Company.
11. Pertaining to unclaimed dividend, no amount is due and outstanding as unclaimed dividend for more than seven years to be transferred to Investor Education & Protection Fund.
12. Previous yearâs figures have been regrouped wherever necessary.
13. The figures have been rounded off to the nearest rupee.
Mar 31, 2016
1. Detailed information regarding quantitative particulars under part II of Schedule III to the Companies Act, 2013.
I) As the turnover of the Company is in respect of supply of food and beverages, it is not possible to give quantity wise details of turnover.
2. The company has not made any provision for Leave Encashment and Gratuity to its employees. Leave Encashment and Gratuity are accounted as and when payments are made and as such the Liability has not been ascertained.
3. There are no dues to SSI Units outstanding for more than 30 days.
4. Contingent Liabilities:
The Company jointly with Mr.Y.Rajeev Reddy (Managing Director) and Country Vacations International LLC, Dubai has provided corporate guarantee of AED 90,000,000/- to National Bank of Fujairah, Dubai in respect of the facilities granted to M/s. Country Vacations International Ltd- Dubai.
According to the information and explanations given to us and based on the records of the company examined by us, the Company has disputed Income Tax dues amounting to ''11,34,56,266 which belongs to various Assessment Years which has not been deposited on account of disputes:
5. Secured Loans: From Banks
a) Term Loans from Oriental Bank of Commerce, Loans I & II of Rs. 25 crores for expansion of existing Clubs and secured by The Country Club (EROS Regency) situated at land Bearing killa no. 2,9,10/1,10/2 & 11/4 at village lakarpur, EROS Regency Township, Surajkund, Faridabad, Harayana. The Outstanding Balance for the Current year is Rs.12,10,60,776/- (Previous Year Rs.12,21,23,953/-)
b) Term Loans from Union Bank of India, Vijaya Bank and Bank of India of Rs.115 crores has been taken for repayment of FCCB''s and secured by way of properties located in Hyderabad, Bangolre, Chennai and Kodaikanal. Further, the charge has been created on Delhi & Karnataka cash flows for servicing of the above loan. Additionally, the personal guarantees has also been given by three Directors (i.e. Mr. Y Rajeev Reddy, Y. Siddharth Reddy & Y. Varun Reddy). The Outstanding Balance for the Current year is Rs.84,47,19,610/- (Previous Year Rs. 97,24,31,380/-).
c) Term Loan from Central Bank of India of Rs.50 Crores to carry out interior, Gym/Fitness Centres and Civil works of the Company''s property at multiple locations. Further charge has been created on Company''s properties (movable/immovable) at Bangalore, Trivandrum and Bandipur. Additionally, the personal guarantees are also given by three Directors (i.e. Mr Y Rajeev Reddy, Y. Siddharth Reddy & Y. Varun Reddy). The Outstanding (Including Interest) Balance for the Current year is Rs.46,95,66,886/- (Previous Year Rs.50,14,81,665/-).
d) Term Loan from Canara Bank of Rs.50 Crores for the Company''s expansion plan at Kolkatta, Cochin and Andheri, Mumbai and normal ongoing capex at various locations. Further charge has been created on Company''s properties (movable/immovable) at Kolkatta, Cochin and Andheri, Mumbai. Additionally, the personal guarantees are also given by three Directors (i.e. Mr Y Rajeev Reddy, Y. Siddharth Reddy & Y. Varun Reddy). The Outstanding (Including Interest) Balance for the Current year is Rs.47,09,92,630/- (Previous Year Rs. 50,32,50,243/-).
e) Term Loans from Saraswat Co Op Bank, Loan of Rs.25 crores for expansion of existing Clubs and secured by way of mortgage by deposit of title deed immovable property being land and building known as Hotel Amrutha Castle Constructed on plot of land bearing municipal nos.5-9-16, 5-9-17, snf 6-9-18 and adjoining plot and land bearing municipal nos. 5-9-19, and 5-9-18/3 situated at Saifabad, Secretarial Road Hyderabad solely belonging to the company. The Outstanding Balance for the Current year is '' 8,85,22,513/- (Previous Year Rs. 8,85,26,808/-)
f) Term Loan from Saraswat Co Op Bank of Rs.50 Crores secured by way of mortgage, by deposit of title deed of immovable property located at Country club Golden Star # 623,624 Next to Pramukh Swami Hospital Adajan, Surat - 395 009 owned by Club Arzee Ltd. /immovable property at Country Club Resort, Plot No. 496, Bhuvan Village, Kolad, Dist. Raigad. owned by Amruta Estates Pvt. Ltd., immovable property, Hotel Amruta Castle, opp Secretariate, Saifabad, Hyderabad and additional charge on immovable property at The Country Club, Balamatta Road, Mangalore 575 001. belonging to the Company. The Outstanding Balance for the Current Year is Rs.43,67,34,869/- (Previous Year Rs.43,02,60,726/-).
g) Term Loans from Cosmos Bank, Loan - I & II of Rs. 35 crores for expansion of existing Clubs and secured by "The Country Club De Goa" no.836/1, Anjuna, Bardez, Goa and "the Country Club Spring" situated at C.T.S no. 1104/03 of village Kandivali, parekh Nagar, Kandivali, Mumbai. The Outstanding Balance for the Current year is Rs.15,04,18,738/-(Previous Year Rs. 15,77,63,040/-)
h) Term Loan from Cosmos Bank, Loan of Rs.25 Crores for refurbishment and modernization of its clubs located at Pune, Kolkatta, Goa and Indore, secured by way of additional charge on property located at "The Country Club De Goa" No.836/1, Anjuna Bardez, Goa owned by Aquarian Realtors Pvt. Ltd. and "The Country Club Spring" situated at C.T.S No. 1104/03 of village Kandivali, Parekh Nagar, Kandival owned by M/s Swami Vivekanand
Training and Education Centre Pvt. Ltd and additional security by way of registered equitable mortgage on "Country Club Fun & Food", 7thKm, Khandwa Road, Kasturbaagram, Indore owned by the Company. The Outstanding Balance for the Current Year is Rs. 23,24,77,316/-. (Previous Year Rs.24,28,01,610/-).
Equipment Finance and Other Loans
i) Equipment Finance & Other Loans from HDFC Bank Ltd of Rs.21,54,000 & Religare Finvest Ltd, Loan of Rs.4.25 Crores for Vehicles and for expansion of existing Clubs and the same were secured by way of hypothecation of the Vehicles & mortgage of Club Arzee Limited, Survey no.623 & 624/2 adajan, Surat, Gujarat respectively . The Outstanding Balance for the Current year is Rs.38,54,472/- (Previous Year Rs. 2,76,32,530/-).
j) Lease Finance Loan from NOIDA Authority of Rs.2.37 Crores for Plot and the same is secured against the plot no. N-14, Sector - 18, Noida, Uttar Pradesh. The Outstanding Balance for the Current year is Rs.2,91,64,614/- (Previous Year Rs.1,32,82,000/-).
6. As per AS 17 Segment report, it is difficult to identify segment wise profitability and Capital Employed considering that infrastructure is common for all the revenue activities of the Company.
7. Pertaining to unclaimed dividend, no amount is due and outstanding as unclaimed dividend for more than seven years to be transferred to Investor Education & Protection Fund.
8. Grater Hyderabad Municipal Corporation has acquired 1512.18 sq. yds of land from the Company for the purpose of Hyderabad Metro Rail Project for the benefit of the public and consideration has been paid by them to the company.
9. Previous year''s figures have been regrouped wherever necessary.
10. The figures have been rounded off to the nearest rupee.
Mar 31, 2015
1. Detailed information regarding quantitative particulars under part
II of Schedule III to the Companies Act, 2013.
i) As the turnover of the Company is in respect of supply of food and
beverages, it is not possible to give quantityÂwise details of
turnover.
2. Earnings and Expenditure in Foreign Currency
28. The company has not made any provision for Leave Encashment and
Gratuity to its employees. Leave Encashment and Gratuity are accounted
as and when payments are made and as such the Liability has not been
ascertained.
3. There are no dues to SSI Units outstanding for more than 30 days.
4. The Closing balances shown under the heads debtors/creditors,
loans and advances are subject to confirmations as at year end.
5. In accordance with Accounting Standard 22 (AS - 22) issued by the
ICAI, the Company has accounted for deferred tax and income tax as
given below:
6. Contingent Liabilities:
The Company jointly with Mr. Y. Rajeev Reddy (Managing Director) and
Country Vacations International LLC, Dubai has provided corporate
guaranty of Rs.86,29,05,958/- to National Bank of Fujairah, Dubai in
respect of the facilities granted to M/s. Country Vacations
International Ltd- Dubai. The guarantee was provided during the
financial year 2013-14.
7. Secured Loans:
From Banks
a) Term Loans from Oriental Bank of Commerce, Loans I & II of Rs. 25
crores for expansion of existing Clubs and secured by The Country Club
(EROS Regency) situated at land Bearing killa no. 2,9,10/1,10/2 & 11/4
at village lakarpur, EROS Regency Township, Surajkund, Faridabad,
Harayana. The Outstanding Balance for the Current year is
Rs.12,21,23,953/- (Previous Year Rs.11,13,80,163/-)
b) Term Loans from Union Bank of India, Vijaya Bank and Bank of India
of Rs. 115 crores has been taken for repayment of FCCB's and secured by
way of properties located in Hyderabad, Bangolre, Chennai and
Kodaikanal. Further, the charge has been created on Delhi & Karnataka
cash flows for servicing of the above loan. Additionally, the personal
guarantees has also been given by three Directors (i.e. Mr Y Rajeev
Reddy, Y. Siddharth Reddy & Y. Varun Reddy). The Outstanding Balance
for the Current year is Rs.97,24,31,380/- (Previous Year Rs.
90,06,84,611/-).
c) Term Loan from Central Bank of India of Rs.50 Crores to carry out
interior, Gym/Fitness Centres and Civil works of the Company's property
at multiple locations. Further charge has been created on Company's
properties (movable / immovable) at Bangalore, Trivandrum and Bandipur.
Additionally, the personal guarantees are also given by three Directors
(i.e. Mr Y Rajeev Reddy, Y. Siddharth Reddy & Y. Varun Reddy). The
Outstanding (Including Interest) Balance for the Current year is Rs.
50,14,81,665/- (Previous Year Rs.49,42,92,919/-).
d) Term Loan from Canara Bank of Rs.50 Crores for the Company's expansion
plan at Kolkatta, Cochin and Andheri, Mumbai and normal ongoing capex
at various locations. Further charge has been created on Company's
properties (movable/immovable) at Kolkatta, Cochin and Andheri, Mumbai.
Additionally, the personal guarantees are also given by three Directors
(i.e. Mr Y Rajeev Reddy, Y. Siddharth Reddy & Y. Varun Reddy). The
Outstanding (Including Interest) Balance for the Current year is
Rs.50,32,50,243/- (Previous Year Rs. 50,45,16,418/-).
e) Term Loans from Saraswat Co Op Bank, Loan of Rs. 25 crores for
expansion of existing Clubs and secured by way of mortgage by deposit
of title deed immovable property being land and building known as Hotel
Amrutha Castle Constructed on plot of land bearing municipal nos.
5-9-16, 5-9-17, snf 6-9-18 and adjoining plot and land bearing
municipal nos. 5-9-19, and 5-9-18/3 situated at Saifabad, Secretarial
Road Hyderabad solely belonging to the company. The Outstanding Balance
for the Current year is Rs.8,85,26,808/- (Previous Year Rs.8,70,04,348/-)
f) Term Loan from Saraswat Co Op Bank of Rs.50 Crores secured by way of
mortgage, by deposit of title deed of immovable property located at
Country club Golden Star # 623,624 Next to Pramukh Swami Hospital
Adajan, Surat - 395 009 owned by Club Arzee Ltd. ,immovable property at
Country Club Resort, Plot No. 496, Bhuvan Village, Kolad, Dist. Raigad.
owned by Amruta Estates Pvt. Ltd., immovable property, Hotel Amruta
Castle, opp Secretariate, Saifabad, Hyderabad and additional charge on
immovable property at The Country Club, Balamatta Road, Mangalore 575
001. belonging to the Company. The Outstanding Balance for the Current
Year is Rs.43,02,60,726/- (Previous Year Rs.42,32,71,502/-).
g) Term Loans from Cosmos Bank, Loan  I & II of Rs.35 crores for
expansion of existing Clubs and secured by "The Country Club De Goa"
no.836/1, Anjuna, Bardez, Goa and "the Country Club Spring" situated at
C.T.S no. 1104/03 of village Kandivali, parekh Nagar, Kandivali,
Mumbai. The Outstanding Balance for the Current year is
Rs.15,77,63,040/-(Previous Year Rs.17,17,01,513/-)
h) Term Loan from Cosmos Bank, Loan of Rs.25 Crores for refurbishment and
modernization of its clubs located at Pune, Kolkatta, Goa and Indore,
secured by way of additional charge on property located at "The Country
Club De Goa" No.836/1, Anjuna Bardez, Goa owned by Aquarian Realtors
Pvt. Ltd. and "The Country Club Spring" situated at C.T.S No. 1104/03
of village Kandivali, Parekh Nagar, Kandival owned by M/s Swami
Vivekanand Training and Education Centre Pvt. Ltd and additional
security by way of registered equitable mortgage on "Country Club Fun &
Food", 7thKm, Khandwa Road, Kasturbaagram, Indore owned by the Company
The Outstanding Balance for the Current Year is Rs.24,28,01,610/-.
(Previous Year Rs.24,72,96,302/-).
Equipment Finance and Other Loans
i) Equipment Finance & Other Loans from
HDFC Bank Ltd., Saraswat Co-op Bank Ltd, Ratnakar Bank Ltd of
Rs.253,497,000/- & Religare Finvest Ltd. Loan of Rs.4.25 crores Crores for
Vehicles and for expansion of existing Clubs and the same were secured
by way of hypothecation of the Vehicles & mortgage of Club Arzee
Limited, Survey no.623 & 624/2 adajan, Surat, Gujarat respectively. The
Outstanding Balance for the Current year is Rs.27,632,530/- (Previous
Year Rs.74,286,573/-).
j) Lease Finance Loan from NOIDA
Authority of Rs. 2.37 Crores for Plot and the same is secured against the
plot no. N- 14, Sector  18, Noida, Uttar Pradesh. The Outstanding
Balance for the Current year is Rs.1,32,82,000/- (Previous Year
Rs.1,32,82,000/-).
8. As per AS 17 Segment report, it is difficult to
identify segment wise profitability and Capital Employed considering
that infrastructure is common for all the revenue activities of the
Company.
9. Pertaining to unclaimed dividend, no amount
is due and outstanding as unclaimed dividend for more than seven years
to be transferred to Investor Education & Protection Fund.
10. Previous year's figures have been regrouped wherever necessary.
11. The figures have been rounded off to the nearest rupee.
Mar 31, 2014
NOTE NO. 1
The company has not made any provision for Leave Encashment and
Gratuity to its employees. Leave Encashment and Gratuity are accounted
as and when payments are made and as such the Liability has not been
ascertained.
NOTE NO. 2
There are no dues to SSI Units outstanding for more than 30 days.
NOTE NO. 3
The Closing balances shown under the heads debtors/creditors, loans and
advances are subject to confirmations as at year end.
NOTE NO. 4
In accordance with Accounting Standard 22 (AS - 22) issued by the ICAI,
the Company has accounted for deferred tax and income tax as given
below:
NOTE NO. 5
As per Accounting Standard 18, issued by the Institute of Chartered
Accountants of India, the disclosures of transactions with the related
parties.
A.
Sl. No Name of the Related Party Relationship
1. Amrutha Estates Pvt Ltd Associate Company
2. Zen Garden Hotel Pvt Ltd Associate Company
3. Country Condos Limited Associate Company
4. Aquarian Realtors Pvt Ltd Subsidiary Company
5. International Country Holidays Private Limited (formerly known as
Aakruti Engineers Private Limited) Subsidiary Company
6. Bush Betta Holiday Ownership Wildlife Adventure Resort Pvt Ltd
Subsidiary Company
7. Country Club Babylon Resorts Pvt Ltd Subsidiary Company
8. J.J. Arts & Entertainments Pvt Ltd Subsidiary Company
9. Kolet Resort Club Pvt Ltd Subsidiary Company
10. Bright Resorts Pvt Ltd Subsidiary Company
11. Chanakyapuri Resorts Pvt Ltd Subsidiary Company
12. Jade Resorts Pvt Ltd StepÂDown Subsidiary Company
13. Maruti Waterpark & Entertainments Pvt Ltd Subsidiary Company
14. Country Vacations International Ltd  India Subsidiary Company
15. Swimwel Investment & Trading Pvt Ltd Subsidiary Company
16. Swami Vivekanand Training & Education Centre Pvt Ltd Subsidiary
Company
17. Country Vacations International LLC Â Dubai StepÂDown Subsidiary
Company
18. Country Vacations International Ltd  Dubai Subsidiary Company
19. Country Vacations International LLC Â Oman StepÂDown Subsidiary
Company
20. Y. Rajeev Reddy CMD
21. Country Club & Vacations W.L.L Â Qatar StepÂDown Subsidiary
Company
22. Y. Manjula Reddy Director
23. Y. Varun Reddy Vice-Chairman, JMD & COO
24. Club Arzee Ltd Subsidiary Company
25. Country Vacations International LLCÂAbu Dhabi StepÂDown Subsidiary
Company
26. Country Vacations International W.L.L Â Bahrain StepÂDown
Subsidiary Company
27. Country Vacations International  Dubai Associate Company
28. Country Vacations International SDN BHD, Malaysia StepÂDown
Subsidiary Company
29. Country Club International Limited  London StepÂDown Subsidiary
Company
NOTE NO. 5 Contingent Liabilities
The Company has outstanding corporate guarantee of Rs.86,29,05,958/- as
on 31.03.2014 to National Bank of Fujairah, Dubai in respect of the
Corporate guarantee given by the Company in favour of National Bank of
Fujairah, in respect of loan taken by M/s. Country Vacations
International Ltd - Dubai. The details of corporate guarantee are as
i) Personal guarantees of Mr. Y. Rajeev Reddy, Managing Director of M/s
Country Club (India) Limited for Rs.86,29,05,958/- ii) Corporate
Guarantees of M/s Country Club (India) Limited and Country Vacations
International LLC, Dubai for Rs.86,29,05,958/-each.
NOTE NO. 6 Secured Loans
a) Term Loans from Oriental Bank of Commerce Loans I & II of Rs.25 crores
for expansion of existing Clubs and secured by The Country Club (EROS
Regency) situated at land Bearing killa no. 2,9,10/1,10/2 & 11/4 at
village lakarpur, EROS Regency Township, Surajkund, Faridabad, Haryana.
The Outstanding Balance for the Current year is Rs.11,13,80,163/-
(Previous Year Rs.16,20,21,957/-)
b) Term Loans from Vijaya Bank, Bank of India & Union Bank of India
Loan of Rs.115 crores for repayment towards FCCBÂs. and secured by way of
properties located in Hyderabad, Bangalore, Chennai and Kodaikanal.
Further the charge has been created on Delhi & Karnataka cash flows for
servicing of the above loan. Additionally the personal guarantees are
also given by three Directors (i.e. Mr Y Rajeev Reddy, Y. Siddharth
Reddy & Y. Varun Reddy). The Outstanding Balance for the Current year
is Rs.90,06,84,611/- (Previous Year Rs.96,16,16,565/-).
c) During the year the company has obtained Term Loan from Central Bank
of India of Rs.50 Crores to carry out Interior, Gym/Fitness Centres and
Civil work of the Company property at multiple locations. Further
charge has been created on CompanyÂs properties (movable/immovable) at
Banglore, Trivendrum and Bandipur. Additionally the personal
guarantees are also given by three Directors (i.e. Mr Y Rajeev Reddy,
Y. Siddharth Reddy & Y. Varun Reddy). The Outstanding (Including
Interest) Balance for the Current year is Rs.49,42,92,919/- (Previous
Year Nil).
d) During the year the company has obtained Term Loan from Canara Bank,
loan of Rs.75 Crores for the CompanyÂs expansion plan at Kolkatta, Cochin
and Andheri, Mumbai and normal ongoing capex at various locations.
However during the year disbursement from the Bank is only Rs.50 Crores.
Further charge has been created on CompanyÂs properties
(movable/immovable) at Kolkatta, Cochin and Andheri,Mumbai.
Additionally the personal guarantees are also given by three Directors
(i.e. Mr Y Rajeev Reddy, Y. Siddharth Reddy & Y. Varun Reddy). The
Outstanding (Including Interest) Balance for the Current year is
Rs.50,45,16,418/- (Previous Year Nil).
e) Term Loans from Saraswat Co Op Bank, Loan of Rs.25 crores for
expansion of existing Clubs and secured by way of mortgage by deposit
of title deed immovable property being land and building known as Hotel
Amrutha Castle Constructed on plot of land bearing municipal nos.
5-9-16, 5-9-17, snf 6-9-18 and adjoining plot and land bearing
municipal nos. 5-9-19 and 5-9-18/3 situated at Saifabad, Secretariat
Road Hyderabad solely belonging to the company. The Outstanding Balance
for the Current year is Rs.8,70,04,348/- (Previous Year Rs.13,74,99,999/-)
f) Term Loan from Saraswat Co Op Bank, Loan of Rs.50 Crores secured by
way of mortgage by deposit of title deed of immovable property located
at Country club Golden Star # 623,624 Next to Pramukh Swami Hospital
Adajan, Surat 395 009 owned By Club Arzee Ltd. ,immovable property at
Country Club Resort, Plot No. 496, Bhuvan Village, Kolad, Dist. Raigad
owned by Amruta Estates Pvt. Ltd., immovable property Hotel Amruta
Castle, opp Secretariat, Saifabad, Hyderabad and additional charge on
immovable property at The Country Club, Balamatta Road, Mangalore 575
001 belonging to the Company. The Outstanding Balance for the Current
Year is Rs.42,32,71,502/- (Previous Year Rs.50,00,00,000/-).
g) Term Loans from Cosmos Bank, Loan  I & II of Rs.35 crores for
expansion of existing Clubs and secured by ÂThe Country Club De GoaÂ
no.836/1, Anjuna, Bardez, Goa and Âthe Country Club Spring situated at
C.T.S no. 1104/03 of village Kandivali, parekh Nagar, Kandivali,
Mumbai. The Outstanding Balance for the Current year is
Rs.17,17,01,513/-(Previous Year Rs.22,69,93,363/-)
h) Term Loan from Cosmos Bank, Loan of Rs.25 Crores for refurbishment and
modernization of its clubs located at Pune, Kolkatta, Goa and Indore,
secured by way of additional charge on property located at ÂThe Country
Club De Goa No.836/1, Anjuna Bardez, Goa owned by Aquarian Realtors
Pvt. Ltd. and ÂThe Country Club Spring situated at C.T.S No. 1104/03
of village Kandivali, Parekh Nagar, Kandival, owned by M/s Swami
Vivekanand Training and Education Centre Pvt. Ltd and additional
security by way of registered equitable mortgage on ÂCountry Club Fun &
FoodÂ, 7thKm, Khandwa Road, Kasturbaagram, Indore owned by the Company.
The Outstanding Balance for the Current Year is Rs.24,72,96,302/-.
(Previous Year Rs.25,00,00,000/-).
i) Term Loans from Ratnakar Bank, Loan  I & II of Rs.45 crores for
expansion of existing Clubs are secured by way of mortgage of plot
lying and hereon constructed thereon forming part of land bearing
Survey no.47 & 87 and bearing new city survey no. 723/A, Veera Desai
Extension Road, Oshiwara, Andheri (West) Mumbai and freehold lands and
premises situated at that plot of land forming part of land bearing
survey No.55/1, Khata No.144/131 (K) KIADB, Deevarabeesanhalli, Varthur
Hobli, off Sarjapur Road, Bangalore South. The Outstanding Balance for
the Current year is Rs.4,93,27,689/- (Previous Year Rs.21,29,42,316/-).
j) Equipment Finance loans from Olympus Motors Pvt Ltd (Vehicle Loan of
Rs.21,54,000/- taken in current year) Magma Fincorp & Saraswath Co-Op
Bank Ltd of Rs.63.72 Crores for Vehicles and the same were secured by way
of hypothecation of the Vehicles. The Outstanding Balance for the
Current year is Rs.27,22,469/- (Previous Year Rs.15,63,025/-).
k) Lease Finance Loan from NOIDA Authority of Rs.2.37 Crores for Plot and
the same is secured against the plot no. N-14, Sector  18, Noida,
Uttar Pradesh. The Outstanding Balance for the Current year is
Rs.1,32,82,000/- (Previous Year Rs.1,52,82,000/-).
l) Term Loan from Religare Finvest Ltd, Loan of Rs.4.25 Crores for
expansion of existing Clubs and secured by way of mortgage of Club
Arzee Limited, Survey no.623 & 624/2 adajan, Surat, Gujarat. The
Outstanding Balance for the Current year is Rs.2,22,36,415/- (Previous
Year Rs.3,02,51,839/-)
m) Term Loan from Karvy Financial services ltd amounting to Rs.22 Crores
for the corporate purpose and secured by way of mortgage of properties
belonging to M/S Bush Betta Holiday Ownership Wildlife Adventure Resort
Pvt Ltd, Bright Resorts Pvt Ltd and CK 27 Koramangala (Bangalore) and
properties at Mysore Road and Shamshabad (Hyderabad). The Outstanding
Balance for the current year is Rs.9,84,35,766/-(Previous Year
Rs.14,00,00,000/-)
NOTE NO. 7
M/s Amrutha Estates & Hospitality Private Limited was amalgamated with
M/s. Country Club (India) Limited as per court order dated 18-04-2013.
The country club (India) Ltd has been taken over all assets and
liabilities at their book values by allotting 7,40,00,000 equity shares
of Rs.2/- each fully paid up. Thereby the paid up capital of the company
has increased to Rs.32,69,29,470/-. Further, the financials of Country
Club (India) Limited, considering the M/s Amrutha Estates & Hospitality
Pvt Ltd amalgamation in the annual results of 2013-14.
NOTE NO. 8
As per AS 17 Segment report, it is difficult to identify segment wise
profitability and Capital Employed considering that infrastructure is
common for all the revenue activities of the Company.
NOTE NO. 9
During the Current year the company has declared a dividend on Public
Shareholding @ 5% on the Equity Shares of Rs.2/- Face Value. Pertaining
to unclaimed dividend, no amount is due and outstanding as unclaimed
dividend for more than seven years to be transferred to Investor
Education & Protection Fund.
NOTE NO. 10
Previous yearÂs figures have been regrouped wherever necessary.
NOTE NO. 11
The figures have been rounded off to the nearest rupee.
Mar 31, 2013
NOTE NO. 1
During the financial year 2012-13 the Company redeemed FCCBs amounting
to $ 5 million at face value and the Outstanding FCCBs as on 31-03-2013
stands Nil.
NOTE NO. 2
Detailed information regarding quantitative particulars under part II
of Schedule VI to the Companies Act, 1956.
i) As the turnover of the Company is in respect of supply of food and
beverages, it is not possible to give quantityÂwise details of
turnover.
NOTE NO. 3
The Company has not made any provision for Leave Encashment and
Gratuity to its employees, Leave Encashment and Gratuity are accounted
as and when payments are made and as such the Liability has not been
ascertained.
NOTE NO. 4
There are no dues to SSI Units outstanding for more than 30 days.
NOTE NO. 5
The Closing balances shown under the heads debtors/creditors, loans and
advances are subject to confirmations as at year end.
NOTE NO. 6 Contingent Liabilities
The Company has outstanding Corporate guaranty of Rs.27,01,83,550/- as on
31.03.2013 to bank, in respect of the Corporate guarantee given by the
Company in favour of Bank of Baroda, Dubai in respect of loan taken by
M/s. Country Vacations International Limited - Dubai.
NOTE NO. 7 Secured Loans
a) Term Loans from Oriental Bank of Commerce, Loan I & II of Rs.25 crores
for expansion of existing Clubs and secured by The Country Club (EROS
Regency) situated at land Bearing Villa Nos. 2,9,10/1,10/2 & 11/4 at
village lakarpur, EROS Regency Township, Surajkund, Faridabad, Haryana.
The Outstanding Balance for the Current year is Rs.16,20,21,957.50
(Previous Year Rs.21,25,09,876/-)
b) Term Loans from consortium of three banks i.e. Union Bank of India,
Vijaya Bank and Bank of India, loan of Rs.115 Crore towards repayment of
FCCBs and secured by way of properties located in Hyderabad, Bangalore,
Chennai and Kodaikanal. Further a charge has been created on Delhi &
Karnataka cash flows for servicing of the above loan. Additionally, the
personal guarantees are also given by three directors (i.e. Mr. Y.
Rajeev Reddy, Y. Siddharth Reddy & Y. Varun Reddy). The Outstanding
Balance for the Current year is Rs.96,16,16,565/- (Previous Year
Rs.114,68,33,014/-)
c) Term Loans from Saraswat Co Op Bank, Loan of Rs.25 crores for
expansion of existing Clubs and secured by way of mortgage by deposit
of title deed immovable property being land and building known as Hotel
Amrutha Castle Constructed on plot of land bearing municipal nos.
5-9-16, 5-9-17, snf 6-9-18 and adjoining plot and land bearing
municipal nos. 5-9-19, and 5-9-18/3 situated at Saifabad, Secretariat
Road Hyderabad solely belonging to the company. The Outstanding Balance
for the Current year is Rs.13,74,99,999 (Previous Year Rs.18,96,89,696)
d) During the year the Company has obtained Term Loan from Saraswat Co
Op Bank, Loan of Rs.50 Crores secured by way of mortgage by deposit of
title deed of immovable property located at Country club Golden Star #
623,624 Next to Pramukh Swami Hospital Adajan, Surat 395 009. Owned By
Club Arzee Ltd., immovable property at Country Club Resort, Plot No.
496, Bhuvan Village, Kolad, Dist. Raigad. Owned by Amrutha Estates Pvt.
Ltd., immovable property Hotel Amrutha Castle, opp Secretariat,
Saifabad, Hyderabad and additional charge on immovable property at The
Country Club, Balamatta Road, Mangalore 575 001 belonging to the
Company. The Outstanding Balance for the Current Year is Rs.50 Crores
(Previous Year Nil)
e) Term Loans from Cosmos Bank, Loan  I & II of Rs.35 crores for
expansion of existing Clubs and secured by "The Country Club De Goa"
no. 836/1, Anjuna, Bardez, Goa and "the Country Club Spring" situated
at C.T.S no. 1104/03 of village Kandivali, parekh Nagar, Kandivali,
Mumbai. The Outstanding Balance for the Current year is
Rs.22,69,93,363/-(Previous Year Rs.28,87,14,171/-)
f) During the year the Company has obtained Term Loan from Cosmos Bank,
Loan of Rs.25 Crores for refurbishment and modernization of its clubs
located at Pune, Kolkatta, Goa and Indore, secured by way of additional
charge on property located at "The Country Club De Goa" No.836/1,
Anjuna Bardez, Goa owned by Aquarian Realtors Pvt. Ltd. and "The
Country Club Spring" situated at C.T.S No. 1104/03 of village
Kandivali, Parekh Nagar, Kandival owned by M/s Swami Vivekanand
Training and Education Centre Pvt. Ltd and additional security by way
of registered equitable mortgage on "Country Club Fun & Food", 7thKm,
Khandwa Road, Kasturbaagram, Indore owned by the Company. The
Outstanding Balance for the Current Year is Rs.25 Crores (Previous Year
Nil)
g) Term Loans from Ratnakar Bank, Loan  I & II of Rs.45 crores for
expansion of existing Clubs are secured by way of mortgage of plot
lying and hereon constructed thereon forming part of land bearing
Survey no.47 & 87 and bearing new city survey no. 723/A, Veera Desai
Extension Road, Oshiwara, Andheri (West) Mumbai and freehold lands and
premises situated at that plot of land forming part of land bearing
survey No.55/1, Khata No.144/131 (K) KIADB,Deevarabeesanhalli, Varthur
Hubli, off Sarjapur Road, Bangalore South. The Outstanding Balance for
the Current Year is Rs.21,29,42,316.40 (Previous Year Rs.29,77,19,884/-)
h) Equipment Finance loans from Saraswath Co-Op Bank Ltd & Magma
Fincorp Ltd of Rs.63.72 Lakhs for Vehicles and the same were secured by
way of hypothecation of the Vehicles. The Outstanding Balance for the
Current year is Rs.15,63,025/- (Previous Year Rs.20,19,424/-).
i) Lease Finance Loan from NOIDA Authority of Rs.2.37 Crores for Plot and
the same is secured against the plot no. N-14, Sector  18, Noida,
Uttar Pradesh. The Outstanding Balance for the Current year is
Rs.1,52,82,000/- (Previous Year Rs.2,37,43,180/-).
j) Term Loan from Religare Finvest Ltd, Loan of Rs.4.25 Crores for
expansion of existing Clubs and secured by way of mortgage of property
at Kolet, Ahmedabad. The Outstanding Balance for the Current year is
Rs.3,02,51,839/- (Previous Year Rs.3,66,77,087/-)
k) Term Loan from Karvy Financial services ltd amounting to Rs.22 Crores
for the corporate purpose and secured by way of mortgage of properties
belonging to M/S Bushbetta Holiday Ownership Wildlife Adventure Resorts
Pvt Ltd, Bright Resorts Pvt Ltd and CK27 Koramangala (Bangalore) and
properties at Kovalam, Mysore Road and Shamsabad (Hyderabad). The
Outstanding Balance for the current year is Rs.14 Crores. (Previous Year
Rs.22 Crores.)
NOTE NO. 8
M/s Amrutha Estates and Hospitality Private Limited was in process of
Amalgamation with M/s.Country Club (India) Limited. In this said
process, Hon''ble High Court of Andhra Pradesh has passed the Order and
the Company has received the said copy of Order on 18th April,2013.
Further the copy of the Order has been filed with Registrar of
Companies, Hyderabad, Andhra Pradesh.
Further, the financials of Country Club (India) Limited, considering
the M/s Amrutha Estates and Hospitality Private Limited amalgamation
would be restated effective the annual results of 2013-14 onwards.
NOTE NO. 9
As per AS 17 Segment report, it is difficult to identify segment wise
profitability and Capital Employed considering that infrastructure is
common for all the revenue activities of the Company.
NOTE NO. 10
During the Current Year the Company has declared a dividend @ 5% on the
Equity Shares of Rs.2/- Face Value. Pertaining to unclaimed dividend, no
amount is due and outstanding as unclaimed dividend for more than seven
years to be transferred to Investor Education & Protection Fund.
NOTE NO. 11
Previous year''s figures have been regrouped wherever necessary.
NOTE NO. 12
The figures have been rounded off to the nearest rupee.
Mar 31, 2012
1 a. Terms /rights attached to equity shares
i. The Company has only one class of shares referred to as equity
shares having a par value of Rs2/-. Each Equity shareholder is entitled
to one vote per share
ii. The Dividend proposed by the Board of Directors is subject to
approval of the Shareholders in the Annual General Meeting
iii. For the year ended March 31, 2012 the amount of per share dividend
proposed for equity shareholders is Rs0.1 0. The total dividend
appropriation for the year ended March 31, 201 2 amounted to Rs8,946,474
and tax on proposed dividend of Rs1,451,342
NOTE NO. 2
The Company had raised FCCBs of $25 million in the year 2006, out of
which $5 million has already been converted into Equity Shares in
October 2007. Further during the Financial Year 201 1-12 the Company
redeemed FCCBs amounting to $15 million and has subsequently
extinguished/redeemed entire FCCBs liability as on date of this report.
NOTE NO. 3
During the financial year 2011 -12 the Company has forfeited 30,000,000
partly paid Share Warrants of X25I- each to be converted into Equity
Shares of Rs2/- each at a premium of Rs23/- pursuant to the circular
resolution dated 1 2th January 201 2, which is passed by the Board of
Directors of the Company.
NOTE NO. 5
Detailed information regarding quantitative particulars under part II
of Schedule VI to the Companies Act, 1956.
i) As the turnover of the Company is in respect of supply of food and
beverages, it is not possible to give quantity-wise details of
turnover.
NOTE NO. 6
The Company has not made any provision for Leave Encashment and
Gratuity to its employees. Leave Encashment and Gratuity are accounted
as and when payments are made and as such the Liability has not been
ascertained.
NOTE NO. 7
There are no dues to SSI Units outstanding for more than 30 days.
NOTE NO. 8
The Closing balances shown under the heads debtors/creditors, loans and
advances are subject to confirmations as at year end.
NOTE NO. 9
Secured Loans
a) Term Loans from Oriental Bank of Commerce, Loan of Rs25 Crores for
expansion of existing Clubs and secured by The Country Club (EROS
Regency) situated at land Bearing Killa Nos. 2,9,1 0/1,1 0/2 & 11/4 at
village Lakarpur, EROS Regency Township, Surajkund, Faridabad, Haryana.
The Outstanding Balance for the Current Year is Rs21 2,509,876/-
(Previous Year Rs252,839,034/-)
b) During the year the Company has obtained Rs1 1 5 Crore loan from
consortium of three banks i.e. Union Bank of India, Vijaya Bank and
Bank of India towards repayment of FCCBs. The above mentioned loan
amount has been secured by way of properties located in Hyderabad,
Bangalore, Chennai and Kodaikanal. Further a charge has been created
on Delhi & Karnataka cash flows for servicing of the above loan.
Additionally, the personal guarantees are also given by three directors
(i.e. Mr. Y. Rajeev Reddy, Mr. Y. Siddharth Reddy & Mr. Y. Varun
Reddy).
c) Term Loans from Ratnakar Bank, Loan - I & II of Rs45 Crores for
expansion of existing Clubs are secured by way of mortgage of plot
lying and hereon constructed
thereon forming part of land bearing Survey No.47 & 87 and bearing new
city Survey No. 723/A, Veera Desai Extension Road, Oshiwara, Andheri
(West) Mumbai and freehold lands and premises situated at that plot of
land forming part of land bearing Survey No.55/1, Khata No. 144/1 31
(K) KIADB, Deevarabeesanhalli, Varthur Hobli, off Sarjapur Road,
Bangalore South. The Outstanding Balance for the Current Year is
Rs297,71 9,884/- (Previous Year Rs379,781,527/-)
d) Term Loans from Saraswat Co. Op Bank, Loan of X25 Crores for
expansion of existing Clubs and secured by way of mortgage by deposit
of title deed immovable property being land and building known as Hotel
Amrutha Castle Constructed on plot of land bearing Municipal Nos. 5-9-1
6, 5-9-1 7, snf 6-9-1 8 and adjoining plot and land bearing Municipal
Nos. 5-9-19, and 5-9-18/3 situated at Saifabad, Secretariat Road,
Hyderabad solely belonging to the Company. The Outstanding Balance for
the Current Year is Rs1 89,689,696.1 0 (Previous Year Rs240,050,684/-)
e) Term Loans from Cosmos Bank, Loan - I & II of X35 Crores for
expansion of existing Clubs and secured by "The Country Club De Goa"
No. 836/1, Anjuna Bardez, Goa and "The Country Club Spring" situated at
C.T.S No. 11 04/03 of village Kandivali, Parekh Nagar, Kandivali,
Mumbai. The Outstanding Balance for the Current Year is Rs288,71 4,1 71
/-(Previous Year Rs342,863,422/-)
f) Term Loan from Karvy Financial Services Ltd. amounting to X22 Crores
for the corporate purpose and secured by way of mortgage of properties
belonging to M/S Bushbetta Holiday Ownership Wildlife Adventure Resorts
Pvt Ltd, Bright Resorts Pvt Ltd and CK27 Koramangala (Bangalore). The
Outstanding Balance for the Current Year is X22 Crores (Previous Year -
Nil).
g) Term Loan from Religare Finvest Ltd, Loan of X4.25 Crores for
expansion of existing Clubs and secured by way of mortgage of Club
Arzee Limited, Survey No.623
& 624/2, Adujan, Surat, Gujarat. The Outstanding Balance for the
Current Year is Rs36,677,087/- (Previous Year Rs42,490,208/-)
h) Equipment Finance loans from Citibank & Saraswath Co-Op Bank Ltd of
Rs1.42 Crores for Vehicles and the same were secured by way of
hypothecation of the Vehicles. The Outstanding Balance for the Current
Year is Rs2,01 9,424/- (Previous Year Rs4,41 4,592/-).
i) Lease Finance Loan from NOIDA Authority of Rs2.37 Crores for Plot and
the same is secured against the Plot No. N-l 4, Sector - 1 8, Noida,
Uttar Pradesh. The Outstanding Balance for the Current Year is
Rs23,743,1 80/- (Previous Year Rs23,743,1 80/-).
NOTE NO. 10
In terms of the Scheme of Amalgamation submitted before the Hon'ble
High Court at Andhra Pradesh, the Development of Land and Building
services of the Company (Amrutha Estates and Hospitality Private
Limited) comprising of the Development and allotment of Lands and
certain investments, loans and advances etc. were proposed to be
transferred to and vested in Country Club (India) Limited on a going
concern basis with effect from 1st April 201 1. The Scheme was approved
by the Board of Directors of the Company (Amrutha Estates and
Hospitality Private Limited) in the Board Meeting held on 1st
September, 201 1.
The Company based on the above had filed the Application for convening
the meeting of Shareholders, Secured Creditors and Sundry Creditors
vide Company Application Nos. 516, 517 and 51 8 of 201 2. In this
regard, Hon'ble Court has passed the common order dated 20-06-2012
stating "Pursuant to the meeting of the Shareholders, Secured Creditors
and Sundry Creditors being convened and held on 11.06.2012, respective
chairman have filed their respective reports and as such no further
orders need to be passed in these applications. All the three
applications are, accordingly, closed."
Further Petitions on the above is pending for approval before the
Hon'ble High Court. Further, pending approval of the Hon'ble High Court
of Andhra Pradesh, the effect of transfer of certain investments,
loans, advances and assets has not been given effect in the books of
accounts of the Company, which will be done, on receipt of final order
by the Hon'ble High Court.
NOTE NO. 11
As per AS 1 7 Segment report, it is difficult to identify segment wise
profitability and Capital Employed considering that infrastructure is
common for all the revenue activities of the Company.
NOTE NO. 12
Previous year's figures have been regrouped wherever necessary.
NOTE NO. 13
The figures have been rounded off to the nearest rupee.
Mar 31, 2011
1. In the financial year 2008-09 the Company had restated the Foreign
Currency Convertible Bonds at the exchange rates prevailing at the year
end and the difference out of such restatement is transferred to
"Foreign Currency Monetary Item Transaction Difference Account, to be
written off over a period of three years." Accordingly Previous year
1/3 of the difference amount was transferred to P & L account.
Similarly during the year also the same 1/3 of the difference amount
was transferred to P & L account.
As per the terms of the Offer Circular, Unless the bonds have been
previously redeemed, repurchased or converted, the company will redeem
the bonds on December 22, 2011 at their redemption amount calculated
from the Issue Date giving a yield to maturity of 8.25% p.a. compounded
semi annually. Out of $25 million, $5 million has already been
converted into Equity Shares in October, 2009.
2. During the financial year 2010-11 the Company has converted
31,04,285 Share Warrants into 43,45,999 equity shares of Rs2 at a
premium of Rs14.26 per share. Subsequently the number of shares
increased from Rs8,51,18,736 to Rs8,94,64,735 pursuant to the circular
resolution dated 7th January 2011 which is passed by the Board of
Directors of the Company.
During the financial year 2010-11 the company has also forfeited
7,00,000 partly paid Share Warrants of Rs770 to be converted into Equity
Shares of Rs10 each at a premium of Rs760. Subsequently the Capital
Reserve has increased from Rs6,36,88,694 to Rs11,75,88,694 pursuant to a
resolution of the Board of Directors of the company at the Board
Meeting held on 1st April 2010.
During the financial year 2010-11 the company has also issued
3,00,00,000 partly paid Share Warrants of Rs25 each to be converted into
Equity Shares of Rs2 each at a premium of Rs23 pursuant to the circular
resolution dated 13th July 2010 which is passed by the Board of
Directors of the Company.
3. Detailed information regarding quantitative particulars under part
II of Schedule VI to the Companies Act, 1956
i) As the turnover of the Company is in respect of supply of food and
beverages, it is not possible to give quantityÃwise details of
turnover.
4. The company has not made any provision for Leave Encashment and
Gratuity to its employees. Leave Encashment and Gratuity are accounted
as and when payments are made and as such the Liability has not been
ascertained.
5. There are no dues to SSI Units outstanding for more than 30 days.
6. The Closing balances shown under the heads debtors/creditors,
loans and advances are subject to confirmations as at year end.
7. Secured Loans:
a) Term Loans from Ratnakar Bank, Loan à I & II of Rs45 crores for
expansion of existing Clubs and secured by way of mortgage of plot
lying and hereon constructed thereon forming part of land bearing
Survey No. 47 & 87 and bearing new city survey No. 723/A, Veera Desai
Extension Road, Oshiwara, Andheri (West) Mumbai and freehold lands and
premises situated at the plot of land farming part of land bearing
survey No. 55/1, Khata No. 144/131(K) KIADB, Deevarabeesanhalli,
Varthur Hobli, off Sarjapur Road, Bangalore South. The Outstanding
Balance for the Current year is Rs37,97,81,527 (Previous Year
Rs42,11,97,021).
b) Term Loans from Saraswat Co Op Bank, Loan of Rs25 crores for
expansion of existing Clubs and secured by way of mortgage by deposit
of title deed immovable property being land and building known as Hotel
Amrutha Castle Constructed on plot of land bearing municipal Nos.
5-9-16, 5-9-17, SNF 6-9-18 and adjoining plot and land bearing
municipal Nos. 5-9-19 and 5-9-18/3 situated at Saifabad, Secretarial
Road Hyderabad solely belonging to the company. The Outstanding Balance
for the Current year is Rs24,00,50,684 (Previous Year Rs25,29,73,633).
c) Term Loans from Cosmos Bank, Loan à I & II of Rs35 crores for
expansion of existing Clubs and secured by "The Country Club De Goa"
No. 836/1, Anjuna, Bardez, Goa and "The Country Club Spring" situated
at C.T.S No. 1104/03 of village Kandivali, Parekh Nagar, Kandivali,
Mumbai. The Outstanding Balance for the Current year is Rs34,28,63,422
(Previous Year Rs20,14,35,540).
d) Term Loans from Oriental Bank of Commerce, Loan of Rs25 crores for
expansion of existing Clubs and secured by The Country Club (EROS
Regency) situated at land Bearing Killa No. 2,9,10/1,10/2 & 11/4 at
Village Lakarpur, EROS Regency Township, Surajkund, Faridabad,
Harayana. The Outstanding Balance for the Current year is Rs25,28,39,034
(Previous Year Rs NIL).
e) Term Loan from Religare Finvest Ltd, Loan of Rs4.25 Crores for
expansion of existing Clubs and secured by way of mortgage of Club
Arzee Limited, Survey No. 623 & 624/2 adujan, Surat, Gujarat. The
Outstanding Balance for the Current year is Rs4,24,90,208 (Previous Year
Rs NIL).
f) Equipment Finance loans from Citibank & Saraswat Co-Op Bank Ltd of
Rs1.42 Crores for Vehicles and the same were secured by way of
hypothecation of the vehicles. The Outstanding Balance for the Current
year is Rs44,14,592 (Previous Year Rs55,70,934).
g) Lease Finance Loan from NOIDA Authority of Rs2.37 Crores for Plot and
the same is secured against the plot No. N-14, Sector à 18, Noida,
Uttar Pradesh. The Outstanding Balance for the Current year is
Rs2,37,43,180 (Previous Year Rs2,37,43,180).
8. During the year the company has reclassified Membership Refun
dable A/c from Unsecured Loans to Current Liabilities since these are
payable within 12 months.
9. As per AS 17 Segment report, it is difficult to identify segment
wise profitability and Capital Employed considering that infrastructure
is common for all the revenue activities of the Company.
10. During the Current year the company has declared a dividend @ 5%
on the Equity Shares of Rs2 Face Value. Pertaining to unclaimed
dividend, no amount is due and outstanding as unclaimed dividend for
more than seven years to be transferred to Investor Education &
Protection Fund.
11. Previous year's figures have been regrouped wherever necessary.
12. The figures have been rounded off to the nearest rupee.
Mar 31, 2010
1. In the previous year the Company had restated the Foreign Currency
Convertible Bonds at the exchange rates prevailing at the year end and
the difference out of such restatement is transferred to "Foreign
Currency Monetary Item Transaction Difference Account, to be written
off over a period of three years." Accordingly Previous year 1/3 of the
difference amount was transferred to P & L account. Similarly during
the year also the same 1/3 of the difference amount was transferred to
P&L Account.
2. During the financial year 2009-10 the Company has converted
54,95,715 Share Warrants into 76,94,001 equity shares of Rs. 2/- at a
premium of Rs. 14.26 per share. Subsequently the No. of shares
increased from 7,74,24,735 to 8,51,18,736 pursuant to a resolution of
the Board of Directors of the Company at the Board Meeting held on 30th
March 2010.
3. The Company has not made any provision for Leave Encashment to its
employees. Leave Encashment payable will be accounted as and when
payments are made and as such the Liability has not been ascertained.
4. Provident Fund is administered through the Regional Provident Fund
Commissioner and Companys contribution is remitted accordingly.
5. There are no dues to SSI Units outstanding for more than 30 days.
6. Subject to Confirmations from debtors/creditors as to the balances
receivable from/payable to them as at year end.
7. In accordance with Accounting Standard 22 (AS 22) issued by the
ICAI, the Company has accounted for deferred income tax during the
year. The deferred income tax provision for the current year amounts to
Rs.6,29,41,659/- towards deferred income tax liability. (Previous Year
Rs. 4,80,64,389/- towards deferred income tax liability).
8. As per Accounting Standard 18, issued by the Institute of
Chartered Accountants of India, the disclosures of transactions with
the related parties. A.
Sl. No. Name of the Related Party Relationship
1 Amrutha Estates Private Limited Associate Company
2 Amrutha Estates & Hospitality
Private Limited Associate Company
3 Zen Garden Hotel Private Limited Associate Company
4 Country Club Bangalore Limited Associate Company
5 Aquarian Realtors Private Limited Subsidiary Company
6 International Country Holidays
Private Limited Subsidiary Company
(formerly known as Aakruti
Engineers Private Limited
7 Bush Betta Holiday Ownership
Wildlife Adventure Resort Private
Limited Subsidiary Company
8 Country Club Babylon Resorts
Private Limited Subsidiary Company
9 J. J. Arts and Entertainments
Private Limited Subsidiary Company
10 Kolet Resort Club Private Limited Subsidiary Company
11 Bright Resorts Private Limited Subsidiary Company
12 Chanakyapuri Resorts Private Limited Subsidiary Company
13 Jade Resorts Private Limited Step-Down Subsidiary Company
14 Maruti Waterpark & Entertainments
Private Limited Subsidiary Company
15 Country Vacations International Limited -
India Subsidiary Company
16 Swimwel Investment & Trading Private Limited Subsidiary Company
17 Swami Vivekanand Training & Education
Centre Private Limited Subsidiary Company
18 Country Vacations International LLC
- Dubai Step-Down Subsidiary Company
19 Country Vacations International Limited
- Dubai Subsidiary Company
20 Country Vacations International LLC
- Oman Step-Down Subsidiary Company
21 Y. Rajeev Reddy CMD
22 Y. Manjula Reddy Director
23 Y. Varun Reddy Vice-Chairman,
JMD & COO
9. Term Loans from Ratnakar Bank Limited, Saraswat Co-operative Bank
Limited & Cosmos Bank Limited are secured by: Hypothecation of various
Land & Buildings
10. Vehicle loans are availed by the Company from Citibank, HDFC Bank
Limited, Saraswat Co-operative Bank Limited and are secured against
specific vehicles.
11. As per AS 17 Segment report, it is difficult to identify
segmentwise profitability and Capital Employed considering that
infrastructure is common for all the revenue activities of the Company
12. Pertaining to unclaimed dividend, no amount is due and outstanding
as unclaimed dividend for more than seven years to be transferred to
Investor Education & Protection Fund.
13. Previous years figures have been regrouped wherever necessary.
14. The figures have been rounded off to the nearest rupee.
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