Mar 31, 2015
1. Rights, Preference and Restrictions attached to Equity Shares:
The Company has oniy 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. The Company declares and pays dividends in Indian Rupees.
The dividend proposed by the Board of Directors is subject to approval
of the shareholders in the ensuing Annual General Meeting. In the event
of liquidation, the equity shareholders are eligible to receive the
remaining assets of the Company after distribution of all preferential
amounts, in proportion to their shareholding.
During the year ended 31st March 2015, the amount of dividend proposed
per share for distribution to equity shareholders was NIL (31st March
2014 NIL).
2. Other Payables includes * NIL (Previous Year: Rs. 2,48,40,000) being
premium payable on redemption of 4,60,000 8% Cumulative Redeemable
Preference Shares of Rs. 10 each at the expiry of one year from the date
of issue of shares by West life Development Ltd i.e. 16.10.2012 as the
same were redeemed at a premium of Rs. 54 per share during the reporting
year.
3. Segment Information
The Company has disclosed Business Segment as the primary segment.
Segments have been identified taking into account the nature of the
products, the differing risks and returns, the organisation structure
and internal reporting system.
4. Related Party Disclosures (AS-18)
A. Related parties and
nature of relationship: Names of Parties
1 Person having control
1 Holding Company West life Development Ltd (Under
Scheme of Arrangement, ceased to
be Holding Company w.e.f.
17.08.2013)
2 Others (w.e.f. 17,08.2013) Shri Banwarl Lai Jatia (Promoter)
2 Relative of person having control Smt Usha Devi Jatia
3 Key Management Personnel Shri Chandra Kant Khaitan (CFO)
Shri Peter Francisco Fernandes
(Secretary)
Enterprises & other parties over
which persons having control are Vishwas Investment & Trading Co
able to 4 exercise significant Pvt Ltd
influence with whom transactions
have taken place during the year :
Winmore Leasing & Holdings Limited
Concept Highland Business Pvt Ltd
Hard castle & Waud Mfg Co. Limited
Hardcastie Restaurants pvt Ltd
Anand Veena Twisters Pvt Ltd
5. Contingent Liabilities
Contingent. Liabilities as a t March 31. 2015 Rs. NIL (Previous Year
Rs. NIL)
6. Details of dues to Micro, Small & Medium Enterprises
The Company has not received any information from the concerned
entities regarding their status under the Micro,Small & Medium
Enterprises Development Act, 2006 and hence no disclosure required
under the said Act has been made.
7. In the opinion of the Board of Directors, the Current Assets and Non
Current Assets have a value on realization in the norma course of
business atleast equal to the values at which they are stated in the
Balance Sheet.
8. Debtors, Creditors, Advances and other debit balances are subject to
confirmation.
9. Previous year figures
a) Figures of the previous year have been re-grouped and re-classified
wherever necessary to correspond with the figures of the current
period.
B) Figures have been rounded off to nearest rupee.
Mar 31, 2014
1. Corporate Information
West Leisure Resorts Limited was originally incorporated as a Private
Limited Company in the name and style of "West Leisure Resorts Private
Limited" on 18th January 2008. Subsequently, the Company was converted
into a Public Limited Company with effect from 23rd July, 2013 pursuant
to a Scheme of Arrangement sanctioned by the Hon'ble Bombay High Court
under Sections 391-394 of the Companies Act, 1956 and a fresh
Certificate of Incorporation dated 08th August, 2013 issued by
Registrar of Companies, Mumbai, Maharashtra, and the name of the
Company was changed to "West Leisure Resorts Limited".
The Company was incorporated to carry on business in the leisure and
hospitality industry, mainly resorts, entertainment and recreational
arenas, restaurants, shopping malls and other related/ancillary
activities.
Having not found an appropriate opportunity yet to proactively venture
into the hospitality industry, one of the important objects for which
the company was formed, the Company is presently engaged In:
a) Trading activities of various goods;
b) Providing and supplying human resources;
c) Investing in shares, mutual funds and other securities for liquidity
management; and
d) Lending.
1.1 Basis of Preparation
The financial statements of the Company have been prepared and
presented in accordance with the generally accepted accounting
principles in India under the historical cost convention on an accrual
basis. The Company has prepared these financial statements to comply in
all material respects with the accounting standards notified under the
Companies (Accounting Standards) Rules, 2006, (as amended) and the
relevant provisions of the Companies Act, 1956. The accounting policies
have been consistently applied by the Company and are consistent with
those used In the previous year.
Under a composite Scheme of Arrangement between, inter alia, the
Company and West life Development Ltd (WDL) duly approved by the Bombay
High Court ("the Court") on 19.07.2013, a part of the undertaking of
WDL has been demerged into the Company w.e.f. 01.10.2012. All
transactions pertaining to the said demerged undertaking between
01.10.2012 and 22.07.2013 have under the Scheme to be treated on
account of the Company and accordingly all such transactions have been
considered to be on account of the Company.
In lieu of the demerger, the Company has issued
i) Equity Shares to the Shareholders of WDL and resultantly 26,66,669
equity share held by WDL in the Company have been treated to be
annulled ; and
ii) Preference Shares to the Preference Shareholders of WDL.
Consequently, the Company has ceased to be a subsidiary of WDL w.e.f.
17.08.2013.
The Authorized Capital of the Company was increased by Rs 46,00,000 to
facilitate issue of the aforesaid Preference Shares under the Scheme.
As the Scheme was approved by the Court on 19.07.2013, effect of the
Scheme couldn't be given in the financial statements for the financial
year 2012-13. The effect of the said scheme on the financial statements
has been given during the current financial year.
In accordance with the Scheme, the Company has acquired assets and
liabilities as on the appointed date of the demerged undertaking at the
book values and the consequential difference amounting to Rs.
15,75,87,319 has been transferred to Capital Reserve Account in the
books of the Company.
2. Other Payables includes r 2.48,40,000 (Previous Year: NIL) being
premium payable on redemption of Preference Shares at the expiry of one
year from the date of issue of shares by Westlake Development Ltd i.e.
16.10.2012 as the same are Intended to be redeemed within 12 months.
3. Segment Information
The Company has disclosed Business Segment as the primary segment.
Segments have been identified taking into account the nature of the
products, the differing risks and returns, the organisation structure
and Internal reporting system.
Management has identified four reportable segments namely Financial.
Trading and Services.
Secondary Segment Information - Geographical Segments
Entire Business Activities being in India, hence there are no
reportable Geographical Segments.
4. Related Parties Disclosures
Category of Related Parties Names of Parties
A Where control exists-
1 Holding Company
West life Development Ltd (Under Scheme of Arrangement, ceased to he
Molding Company w.e.f. 17.08.2013) (Refer Note 1.1)
2 Others (w.e.f 17 08 2013)
Shrt. Banwan Lal Jatia (Promoter)
2 Others (w.e.f. 17.08.2013)
Horizon impex Pvt. Ltd (Substantial Interest)
Subh Ashish Exim Pvt. Ltd (Substantial Interest)
B Others with whom transactions have taken place during the year
1 Entities where the Promoter has significant influence
Vishwas Investment & Trading Co Pvt Ltd
Hard castle Petrofer Private Limited
Concept Highland Business Pvt Ltd
Hard castle & Waud Mfg Co. Limited
Hard castle Restaurants Pvt Ltd
2 Relative of Promoter Mrs Usha Devi Jatia
5. Contingent Liabilities
Contingent Liabilities as at March 31. 2014 Rs. NIL (Previous Year Rs
NIL)
6. Details of dues to Micro, Small ft Medium Enterprises
The Company has not received any information from the concerned
entities regarding their status under the Micro Small ft Medium
Enterprises Development Act, 2006 and hence no disclosure required
under the said Act has been made.
7. In the opinion of the Board of Directors, the Current Assets and Non
Current Assets have a value on realization in the normal course of
business atleast equal to the values at which they are stated In the
Balance Sheet.
8. Promoter Group:
Mr. Banwan Lal Jatia is the promoter of the Company. The persons
constituting the promoter group include following entities:
Achal Exim Private Limited, Akshay Anush Impex Private Limited. Acacia
Impex Private Limited, Anand Veena Twisters Private Limited. Concept
Highland Business Private Limited, Hard castle ft Waud Mfg Co. Limited.
Hard castle Petrofer Private Limited. Hawcoplast Investments ft Trading
Limited, Horizon Impex Private Limited, Houghton Hard castle (India)
Limited. Hawco Lubricants Private Limited. Saubhagya Impex Private
Limited. Shri Ambika Trading Co. Private Limited, Subh Ashish Exim
Private Limited. Vandeep Trade links Private Limited, Vishwas
Investment ft Trading Co. Private Limited. Win more Leasing ft Holdings
Limited. West Pioneer Properties (India) Private Ltd, Amit BL
Properties Private Ltd, Ridhika Properties Private Ltd. West life
Development Ltd, Had castle Restaurants Pvt. Ltd. Holdings Ltd. J ft
K Speciality Chemicals LLP. Hawco Petrofer LLP. Smt Lalita Devi Jatia.
Smt Usha Devi Jatla. Shri Amit Jatia. Smt Smita Jatia. Shri Akshay
Jatia, Shri Anush Jatia, Shri Anurag Jatia, Smt Shallini Jatia. Miss
Ridhika Banwahlal Jatia - HUE, Amit Jatia - HUE and Anurag Jatia HUE
9. Debtors, Creditors, Advances and other debit balances are subject to
confirmation.
10. Previous year figures
a) Figures of the previous year have been re-grouped and re-classified
wherever necessary to correspond with the figures of the current
period.
b) Figures have been rounded off to nearest rupee.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article