Mar 31, 2015
1. Secured by way of pari passu mortgage & charge on all the
immovable properties both present and future of the company and charge
by way of hypothecation of all movable assets both present and future,
ranking pari passu, excluding block assets financed by Tata Capital
Financial Services Ltd. Repayable in 72 monthly installments from
October, 2012 to September, 2018 .
2. Secured by way of pledge of shares, personal guarantee of director
and corporate guarantee. Repayble in 36 monthly installments from July
2013 to June 2016.
3. Repayable in 72 monthly installments including 3 month moratorium
period, from April, 2013.
4. Repayable in 24 monthly installments from August, 2014.
5. corporate information
Royale Manor Hotels and Industries Limited is a listed public limited
company incorporated in 1991.
Its shares are listed on Bombay. Madras and Calcutta Stock Exchanges.
Company established first five star hotel of Ahmedabad and is primarily
engaged in the business of Hotel & Restaurant.
6. Some of the balances of sundry creditors, sundry debtors, loans &
advances and other liabilities are subject to confirmation and
reconciliation.
7. In the opinion of the Board of Directors, Current Assets, Loans &
Advances are approximately of the value at which they are stated in the
Balance Sheet, if realized in the ordinary course of business.
8. As the Company is engaged in only one segment of Hotel business,
there are no separate reportable segments as per Accounting Standard
(AS)-17 of Segment Reporting.
9. Contingent Liabilities :
In respect. of guarantee given to HUDCO on 37,980,402 55,406,784
behalf of National Hotels Ltd towards
security for term loan
10. The Company has pledged 3,850,000 Equity Shares of Rs. 10 each
aggregating to Rs.38,500,000/- with Housing & Urban Development
Corporation Ltd. (HUDCO) as a security against the term loans obtained
by the National Hotels Ltd.
11. The Company has entered into The Hotel Operating Agreement (HOA)
with Indian Hotel Company Limited (IHCL) on 18th April, 2000.
Subsequently, the terms of compensation under HOA dated 18th April,
2000 were modified w.e.f. 1st April, 2001, by supplemental agreement
dated 4th April, 2002. But, it is observed that compensation reimbursed
to IHCL is over and above to the compensation payable as per modified
terms and conditions under supplemental agreement. The Company has
taken up the matter with IHCL for refund of such excess reimbursement.
12. The Company has not received information from vendors regarding
their status under the Micro Small and Medium Enterprise Development
Act, 2006 and hence disclosure relating to amounts unpaid as at year
end together with interest paid/payable under this Act has not been
given.
13. The company has re grouped and re-classified the previous year's
figures in accordance with the requirements applicable in the current
year. In view of this, certain figures of the current years are not
strictly comparable with those of the previous year.
Mar 31, 2014
1.1 Some of the balances of sundry creditors, sundry debtors, loans &
advances and other liabilities are subject to confirmation and
reconciliation.
1.2 In the opinion of the Board of Directors, Current Assets, Loans &
Advances are approximately of the value at which they are stated in the
Balance Sheet, if realized in the ordinary course of business.
1.3 As the Company is engaged in only one segment of Hotel business,
there are no separate reportable segments as per Accounting Standard
(AS)-17 of Segment Reporting.
Particulars Current Year Previous Year
2013-14 2012-13
Amount in Rs. Amount in Rs.
1.4 Contingent Liabilities :
In respect. of guarantee given to 55,406,784 72,572,509
HUDCO on behalf of
National Hotels Ltd towards security for term loan
1.5 Capital Work- in- progress is Rs.NIL (P.Y. Rs.135,404/-) as at 31st
March 2014.
1.6 The Company has pledged 3,850,000 Equity Shares of Rs.10 each
aggregating to Rs.38,500,000/ - with Housing & Urban Development
Corporation Ltd. (HUDCO) as a security against the term loans obtained
by the National Hotels Ltd.
1.7 The Company has entered into The Hotel Operating Agreement (HOA)
with Indian Hotel Company Limited (IHCL) on 18th April, 2000.
Subsequently, the terms of compensation under HOA dated 18th April,
2000 were modified w.e.f. 1st April, 2001, by supplemental agreement
dated 4th April, 2002. But, it is observed that compensation reimbursed
to IHCL is over and above to the compensation payable as per modified
terms and conditions under supplemental agreement. The Company has
taken up the matter with IHCL for refund of such excess reimbursement.
1.8 The Company has not received information from vendors regarding
their status under the Micro, Small and Medium Enterprise Development
Act, 2006 and hence disclosure relating to amounts unpaid as at year
end together with interest paid/payable under this Act has not been
given.
1.9 The company has re-grouped and re-classified the previous year''s
figures in accordance with the requirements applicable in the current
year. In view of this, certain figures of the current years are not
strictly comparable with those of the previous year.
1.10 Notes 1 to 27 form integral part of accounts.
Mar 31, 2013
1.1 Some of the balances of sundry creditors, sundry debtors,
loans & advances and other liabilities are subject to
confirmations and reconciliation.
1.2 In the opinion of the Board of Directors, Current Assets, Loans &
Advances are approximately of the value at which they are stated in the
Balance Sheet, if realized in the ordinary course of business.
1.3 As the Company is engaged in only one segment of Hotel business,
there are no separate reportable segments as per Accounting Standard
(AS)-17 of Segment Reporting.
1.4 As per Accounting Standard (AS)-18 issued by the Institute of
Chartered Accountants of India the disclosure of transactions with the
related parties as defined in the Accounting Standard are given below:-
1.5 Capital Work- in- progress is Rs. 135,404/- (P.Y. NIL) as at 31st
March 2013.
1.6 The Company has pledged 3,850,000 Equity Shares of Rs. 10 each
aggregating to Rs. 38,500,000/ - with Housing & Urban Development
Corporation Ltd. (HUDCO) as a security against the term loans obtained
by the National Hotels Ltd.
1.7 The Company has entered into The Hotel Operating Agreement (HOA)
with Indian Hotel Company Limited (IHCL) on 18th April, 2000.
Subsequently, the terms of compensation under HOA dated 18th April,
2000 were modified w.e.f. 1st April, 2001, by supplemental agreement
dated 4th April, 2002. But, it is observed that compensation reimbursed
to IHCL is over and above to the compensation payable as per modified
terms and conditions under supplemental agreement. The Company has
taken up the matter with IHCL for refund of such excess reimbursement.
1.8 The Company has not received information from vendors regarding
their status under the Micro, Small and Medium Enterprise Development
Act, 2006and hence disclosure relating to amounts unpaid as at year end
together with interest paid/payable under this Act has not been given.
1.9 The company has re grouped and re-classified the previous year''s
figures in accordance with the requirements applicable in the current
year. In view of this, certain figures of the current years are not
strictly comparable with those of the previous year.
1.10 Notes 1 to 27 form integral part of accounts.
Mar 31, 2012
Footnote The Company has only one class of equity shares having a par
value of Rs. 10/- per share. Each holder of Equity Shares is entitled to
one vote per share. In the event of liquidation of the company, the
holders of the equity shares will be entitled to receive remaining
assets of the company after distribution/repayment of all creditors and
Preference share holders. The distribution will be in proportion to the
number of equity shares held by the share holders. The company has
also one class of Optionally Convertible Preference Share (OCPS) of Rs.
100,000/- each. In the event of Liquidation of the Company, the holders
of the OCPS will have preference over equity share holders. For the
year ended on 31st March, 2012 @ 6% (PY. 6 %) dividend on Optionally
Convertible Preference Share (OCPS) was recommended.
Footnote 1 : Secured by way of pari passu mortgage & charge on all the
immovable properties, both present and future of the company and charge
by way of hypothecation of all movable assets (save & except book
debts) both present and future, ranking pari-passu, subject to prior
charges created in favour of the Punjab National Bank on the Stock of
Raw Materials, Consumable Stocks and such other movables for securing
the borrowing for working capital requirement. Repayable in 28
quarterly installments from October, 2005 to July, 2012
Footnote 2 : Secured by way of pari passu mortgage & charge on all the
immovable properties both present and future of the company and charge
by way of hypothecation of all movable assets both present and future,
ranking pari passu, excluding block assets financed by Tata Capital
Financial Services Ltd. Repayable in 72 monthly installments from
October, 2012 to September, 2018 Footnote 3 : Secured by way of
Hypothecation of Equipment and further secured by corporate guarantee
and personal guarantee of the director. Repayable in 21 monthly
installments from August, 2011 to April, 2013.
1.1 Some of the balances of sundry creditors, sundry debtors, loans &
advances and other liabilities are subject to confirmations and
reconciliation.
1.2 In the opinion of the Board of Directors, Current Assets, Loans &
Advances are approximately of the value at which they are stated in the
Balance Sheet, if realized in the ordinary course of business.
1.3 As the Company is engaged in only one segment of Hotel business,
there are no separate reportable segments as per Accounting Standard
(AS)-17 of Segment Reporting.
1.4 The Company has provided for Deferred Tax pursuant to Accounting
Standard-22 being "Accounting for taxes on Income" issued by the
ICAI. According to the said Standard the Deferred Tax for current year
is debited to Statement of Profit & Loss.
Current Year Previous Year
2011-12 2010-11
Amount in Rs. Amount in Rs.
1.5 Contingent Liability :
1) In respect of guarantees given
by Scheduled Bank NIL NIL
on behalf of the Company.
2) In respect of guarantee given
to HUDCO on behalf of 89,093,728 104,717,691
National Hotels Ltd towards security
for term loan
3) In respect of disputed sales
tax liability 126,385 126,385
1.6 Capital Work-in- progress is of Rs. NIL (PY. Rs. 3,735,200/-) as at
31st March 2012.
1.7 The Company has pledged 3,850,000 Equity Shares of Rs. 10 each
aggregating to Rs. 38,500,000/- with Housing & Urban Development
Corporation Ltd. (HUDCO) as a security against the term loans obtained
by the National Hotels Ltd.
1.8 Government of India, Ministry of Corporate Affairs vide its
notification dated 08/02/2011 has exempted hotel companies from
disclosing in their Statementof Profit & Loss, the information under
paragraph 3(i) (a) and 3 (ii) (d) of Part-II of Schedule VI to the
Companies Act, 1956, in respect of purchase, consumption, turnover,
stock etc.
1.9 The Company has entered into Hotel Operating Agreement (HOA) with
The Indian Hotel Company Limited (IHCL) on 18th April, 2000.
Subsequently, the terms of compensation under HOA dated 18th April,
2000 were modified w.e.f. 1st April, 2001, by supplemental agreement
dated 4th April, 2002. But, it is observed that compensation reimbursed
to IHCL is over and above to the compensation payable as per modified
terms and conditions under supplemental agreement. The Company has
taken up the matter with IHCL for refund of such excess reimbursement.
1.10 The Company has made total payment of Rs. 16,211,202/- as and by way
of compensation to EIH Limited (formerly known as East India Hotels
Ltd.) and Oberoi Hotels Pvt. Ltd. towards the full and final settlement
of their claims without any interest thereon. The said expenses are
shown as Exceptional Items in Statement of Profit & Loss.
1.11 The Company has not received information from vendors regarding
their status under the Micro, Small and Medium Enterprise Development
Act, 2006 and hence disclosure relating to amounts unpaid as at year
end together with interest paid/payable under this Act has not been
given.
1.12 During the year ended 31st March, 2012, the Revised Schedule VI
notified under the Companies Act, 1956 has become applicable to the
Company for preparation and presentation of its financial statements.
The adoption of revised schedule VI does not impact recombination and
measurement principles followed for preparation of financial
statements. However, it has significant impact on presentation and
disclosures made in the financial statements. The company has re
grouped and re-classified the previousyear's figures in accordance
with the requirements applicable in the current year. In view of this,
certain figures of the current years are not strictly comparable with
those of the previous year.
1.13 Notes 1 to 27 form integral part of accounts.
Mar 31, 2011
1. Balances of a few sundry creditors, sundry debtors, loans &
advances and other liabilities are subject to confirmations and
reconciliation.
2. In the opinion of the Board of Directors, Current Assets, Loans &
Advances are approximately of the value at which they are stated in the
Balance Sheet, if realized in the ordinary course of business.
3. The Company operates in a single segment i.e. running of hotels.
Therefore, the disclosure requirements as per "Accounting Standard
(AS)-17 Segment Reporting" are not applicable.
4. The Company has provided for Deferred Tax pursuant to Accounting
Standard-22 being "Accounting for taxes on Income" issued by the ICAI.
According to the said Standard the Deferred Tax for current year is
debited to Profit & Loss Account.
Current Year Previous Year
2010-11 2009-10
Amount in Amount in
Rs. Rs.
5. Contingent Liability not
provided for :
1) In respect of guarantees given NIL NIL
by Scheduled Bank on behalf of
the Company.
2) In respect of guarantee given
to HUDCO on behalf of National
Hotels Ltd towards security for
term loan 104,717,691 117,755,842
3) In respect of disputed sales
tax liability 126,385 126,385
6. Capital Work- in- progress of Rs. 61,677,826/- as at 31st March
2011 represents the advances given.
7. The Company has entered into Hotel Operating Agreement (HOA) with
Indian Hotels Company Limited (IHCL) on 18th April, 2000. Subsequently,
the terms of compensation under HOA dated 18th April, 2000 were
modified w.e.f. 1st April, 2001, by supplemental agreement dated 4th
April, 2002. But, it is observed that compensation reimbursed to IHCL
is over and above to the compensation payable as per modified terms and
conditions under supplemental agreement. The Company has taken up the
matter with IHCL for refund of such excess reimbursement.
8. The Company has no information as to whether any of its suppliers
constitutes Small Scale Undertakings and therefore the amount due to
such suppliers has not been identified.
9. The Previous year's figures have been regrouped and rearranged
wherever necessary.
10. Schedules 1 to 20 form integral part of accounts.
Mar 31, 2010
1. Balances of a few sundry creditors, sundry debtors, loans &
advances and other liabilities are subject to confirmations and
reconciliation.
2. In the opinion of the Board of Directors, Current Assets, Loans &
Advances are approximately of the value at which they are stated in the
Balance Sheet, if realized in the ordinary course of business.
3. The Company operates in a single segment i.e. running of hotels.
Therefore, the disclosure requirements as per "Accounting Standard
(AS)-17 Segment Reporting" are not applicable.
Current Year Previous Year
2009-10 2008-09
Amount in Rs. Amount in Rs.
4. Contingent Liability not provided
for:
1) In respect of guarantees given
by Scheduled Bank
on behalf of the Company. NIL NIL
2) In respect of guarantee given to
HUDCO on behalf of National Hotels
Ltd towards security for term loan 117,755,842 188,000,000
3) In respect of disputed sales tax
liability 126,385 126,385
5. Capital Work- in- progress of Rs. 44,255,880/- as at 31st March
2010 represents the advances given to suppliers.
6. The Company has obtained exemption from the Central Government,
vide its letter No. 46/125/2009-CL-llI dated 22/05/ 2009 issued under
section 211 (4) of the Companies Act, 1956 from exhibiting the
quantitative details in compliance of para 3(i) (a) and 3(ii)(d) of
part II of Schedule VI to the Companies Act, 1956, in respect of
purchase, consumption, turnover, stock etc. However, the information
other than above, pursuant to Paragraph 3,4C and 4D of the Part 11 of
the Schedule VI to the Companies Act, 1956, are as under:
7. The Company has entered into Hotel Operating Agreement (HOA) with
Indian Hotels Company Limited (IHCL) on 18th April, 2000. Subsequently,
the terms of compensation under HOA dated 18,h April, 2000 were
modified w.e.f. 1sl April, 2001, by supplemental agreement dated 4,h
April, 2002. But, it is observed that compensation reimbursed to IHCL
is over and above to the compensation payable as per modified terms and
conditions under supplemental agreement. The Company has taken up the
matter with IHCL for refund of such excess reimbursement.
8. IDBI and TFCI had on 20!h March, 2004 and 2nd August, 2004
respectively sanctioned the restructuring of debt in respect of
outstanding interest on the Term Loan availed by the company. The
amount of Rs. 5,42,00,000 being interest outstanding was treated as
OCPS by the said financial institutions.
The company has during the year repaid by way of redemption of OCPS an
amount of RS. 81,30,000 to IDBI and TFCI as per the terms of
restructuring of debts.
9. The Company has no information as to whether any of its suppliers
constitutes Small Scale Undertakings and therefore the amount due to
such suppliers has not been identified.
10. The Previous years figures have been regrouped and rearranged
wherever necessary.
11. Schedules 1 to 21 form integral part of accounts.