| The Authorized Share Capital of the Company shall consist of
Rs.20,00,00,000/- divided in to 1,94,00,000/- Equity Shares of Rs.10/-
and 6,00,000 Cumulative Redeemable Preference Shares of Rs.10/- each
with rights privileges and conditions of the company at the time of the
issue, with power to increase and reduce the capital for the time being
into several classes and to attach thereto respectively such
preferential deferred, guaranteed, qualified or special rights,
privileges and conditions, as may be determined by the Board of
Directors of the Company and to vary modify, amalgamate or abrogate any
such rights, privileges or conditions in such manner as may for the
time being provided by the resolution the Board of Directors of the
Company.
The Company has one class of equity shares having 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
equity shares will be entitled to receive remaining assets to the
company, after distribution of all prefertial amounts. The distribution
will be proportion to the number of equity shares held by the
shareholders. Rs. 67750000 (March 31,2011 : Rs.67750000)
4,30,000 Redeemable Preference Share of Rs. 10/- Each, Redeemable
within 10 years or such earlier period as may be determined by the
Board. Rs.43,00,000/- (March 31,2011 : Rs.43,00,000)
As per records of the Company, including its register of shareholders /
members and other declarations received from shareholders regarding
beneficial interest, the above shareholding represents both legal and
beneficial ownership of shares.
Nature of security and terms of repayment for secured borrowings:
1.1 Rupees loan Rs.8,23,67,564( March 31,2011 : Rs.10,00,00,000) for
Renovation project & up gradation of Hotel.
Term loan from a State Bank of India are secured against Movable and
Immovable Properties at Plot No. 231 & 235 Repayable in 20 quarterly
installments from the date of loan (December 12, 2007)
1.2 Rupees loan Rs. 4,61,006( March 31,2011 : Rs.58,53,570) for
Renovation project & up gradation of Hotel. Term loan from a State Bank
of India are secured against Movable and Immovable Properties at Plot
No. 231 & 235 Repayable in 17 quarterly installments from the date of
loan(December 12, 2007)
1.3 Rupees loan of Rs.1,23,00,000( March 31,2011 : Rs.1,67,00,000) for
Renovation project & up gradation of Hotel.
Term loan from a State Bank of India are secured against Movable and
Immovable Properties at Plot No. 231 & 235 Repayable in 18 quarterly
installments from the date of loan(September 25, 2009)
1.4 Rupees cash credit of Rs.35,08,949( March 31,2011 : Rs.29,65,792)
Cash Credit Account Cash credit Account secured against hypothecation
of stock of stores, lion, cutlery and personal guarantee of Directors.
1.5 Rupees loan of Rs.16,38,564 - Fortune CAR Secured against
hypothecation of For tuner Car financed by HDFC Bank Limited.
Repayable in 60 equal monthly installments from the date of loan
(August 5, 2011)
1.6 Rupees loan of Rs. Nil( March 31,2011 : Rs. 2505159) - BMW CAR
Secured against hypothecation of BMW Car financed by HDFC Bank Limited.
Total loan amount fully paid in F.Y. 2010-2011 Repayable in 60
equal monthly installments from the date of loan(October 5, 2009)
1.7 Rupees loan of Rs.3,22,852( March 31,2011 : Rs. 4,19,059) - Tata
Manza Car Secured against hypothecation of Tata Manza Car financed by
HDFC Bank Limited Repayable in 60 equal monthly installments from the
date of loan(February 5, 2010)
1.8 Rupees loan of Rs. 11,70,024 - Toyota Innova Car Secured against hypothecation of Toyota Innova Car financed by HDFC Bank Limited.
Repayable in 60 equal monthly installments from the date of loan
(February 2, 2012)
Note No.-2
Fixed Assets are stated at cost and is inclusive of excise duty and
applicable taxes & duties less depreciation. Cost represents cost of
acquisition inclusive of inward freight and incidental expenses related
to acquisition are adjustments arising from foreign exchange rate
variations, if any. Cost also includes interest and related expenses
during construction period up to work in progress put to use. Intangible
assets are stated at cost of acquisition less accumulated amortization.
Depreciation is provided for as per the Written Down Method at the
rates prescribed under Schedule XIV of the Companies Act,1956.
Note No.:-3
Capital Assets under erection / installation are reflected are in the
Balance Sheet as " Capital work in progress. The propionate value of
cost of construction with reference to sale of property at commercial
building is reduced from capital work in progress.
4.1 Company has received interest free deposit from the promoters and
relatives
4.2 Company has received security deposit from various parties against
lease rent of shops at Plot No. 231
The Company estimates the deferred tax income using the applicable rate
of tax based on the impact of timing differences between depreciation
as per books and as per Income Tax. The same is calculated as under:
In compliance of Accounting Standard 22 issued by Institute of
Chartered Accountants of India, Deferred Tax liability mainly arising
on account of difference between book and income tax written down value
of fixed assets.
5.1 Various suppliers for purchase of material & services for hotel
business.
5.2 Various suppliers for purchase of material for hotel renovation
work.
5.3 Supplier for purchase of material for construction of commercial
building.
5.4 Under the Micro, Small, Medium Enterprises Develop. Act, 2006 (
MSMED Act ), certain disclosures are required to be made relating to
Micro, Small and Medium Enterprises. The Company is in the process of
compiling relevant information from its suppliers about their coverage
under the said Act. Since the relevant information is not readily
available, no disclosures have been made in accounts. However, in view
of the management, the impact of interest, if any, that may be payable
in accordance with the provision of this Act is not expected to be
material.
Above payable duties and taxes for TDS, ESI, PF, Luxury Tax, VAT of
F.Y. 2011-2012 are paid after Balance Sheet date.
Above provision amount already paid after Balance Sheet Date
6.1 Investment in Share in GNCB, CO.OP. BANK OF AHMEDABAD &
B.M.CO.OP.BANK
6.2 Share application money paid to Pragna Finance Pvt. Ltd.. The
company in which directors are interested as director of both the
company.
6.3 Company has given Rs.655850 as investment to Gandhinagar Hotels
USA Ltd. The company in which Directors are interested as Director of
Both Company.
Trade deposit paid to various parties for supplies of goods, materials
and services.
The provision of licensed capacity / Installed capacity etc. are not
applicable to the company.
7.1 Cash balance in hand for imp rest cash & main cash book
7.2 Balance With Banks in Current accounts, Escrow account & Co.Op.
Bank account
LOANS AND ADVANCES
8.1 Advance insurance paid for vehicles, property, staff insurance.
8.2 TDS amount deduction in Various debtors for bills
8.3 TCS receivable amount deduction in Liquor purchase
8.4 Advance paid to suppliers for purchase of material, & services.
8.5 Advance paid to suppliers for purchase of material for Hotel
renovation work
8.6 Advance paid to suppliers of materials for commercial building
work.
8.7 Advance paid for staff balance amount is nil
8.8 Service Tax credit shown as per last financial year return
RETIRMENT / POST RETIRMENT BENEFITS:
Contributions to defined contribution schemes such as Employees
Provident fund and Family pension fund are charged to the profit & loss
account as and when incurred. Provision for gratuity is determined and
accounted as and when paid.
No Provision for Retirement Gratuity has been made in the accounts and
the same shall be accounted for as and when it is paid.
NOTE No. : 9 SEGMENT INFORMATION
The Company is engaged mainly in Hotel Business. The Company is also
engaged in Trading viz. with Super Mall business. Company has
recognized construction of commercial property for sale as a new
business activity which is shown as separate reportable segment as per
Accounting Standard on Segment Reporting.
NOTE : 10
Considering the nature of operations of the Company, it is not
practicable to give quantitative details of turnover and consumption in
terms of the requirement under Part II of Schedule VI to the Companies
Act, 1956, in view of the large number of items which differ in size
and nature, each being less than ten percent in value of the total
value.
NOTE : 11
The Company does not have any contingent liabilities.
NOTE : 12
In the opinion of the Directors, the Current Assets, Loans & Advances
are realized at the values stated, if realized in the ordinary course
of the business . As account of Sundry Creditors, Current Liabilities,
Unsecured Loans, Sundry Debtors and Loan & Advances and other current
assets are subject to confirmation / reconciliation and accordingly the
same are subject to necessary adjustments or regrouping
/classification, if necessary.
NOTE : 13
In the opinion of the Board of Director, the provision for depreciation
and all known liabilities are adequate and are not in excess of the
amount considered reasonably necessary.
NOTE : 14
The Vat Tax Assessment of the Company has been completed up to
Assessment Year 2009-10. The Income Tax Assessment of the Company has
been completed up to Assessment Year 2009-10. The Luxury Tax Assessment
of the Company has been completed up to 31-03-2011.
NOTE : 15
Related party (As identified by the Company) disclosures under
Accounting Standard 18 :
(1) Associates :
Gandhinagar Leasing and Finance Limited
Pragna Finance Private Limited
Pragna Auto Service and
Haveli INN
(2) Key Management Personnel : (Other than Independent Director)
Smt. Pragnaben V. Joshi
Mr. Pritesh V. Joshi
Mr. Dilipkumar K. Trivedi
(3) Chief Accountant/Managers
Mr. Pankaj D Parekh and Mr. Jitendra M. Darji
(4) Transactions with related parties :
1 The Company has given Rs.35, 00,000/- as Share Application Money
(Previous Year Rs. 35, 00,000/-) to the Company in which directors are
interested, as director of both the Company.
2 Traveling Expenses of Managing Directors & Other Directors : Rs.
33,480/- (Previous Year Rs. 1,32,258/-
3 Managerial remuneration paid to Managing Director & Other Directors :
Rs. 23,80,000/-(Previous Year: Rs. 31,85,000/-)
4. The company has received Unsecured Interest Free Deposit of Rs.
51,07,195/- (Previous Year Rs. 1,76,87,146/ - Lacs ) from relatives of
Directors of the Company.
5 The Company has received Rs. nil/-(Previous Year Rs. Rs.
1,99,20,886/-) as Advance for Booking of Premises from a Company in
which Directors are interested, as director of both the Company.
6 The company has given Rs.655850/- (Previous Year Rs. 655850/- ) as
Investment to Gandhinagar Hotels USA Ltd. - the company in which
Directors are interested as Director of both the company.
7. The company has received Rent of Rs. 72,000/- ( Previous Year Rs.
72,000/- ) from the company in which Directors are interested, as
director of the Companies.
8. The company has paid Lease Rent of Rs. 2085/- ( Previous Year Rs.
2585/-) to the company in which Directors are interested , as director
of both the Company.
9. The Company has received Rs. 43 Lacs (Previous Year Rs. 43,00,000)
for issue of Redeemable Preference Shares of Gandhinagar Hotels Limited
from Gandhinagar Leasing and Finance Ltd. - a company in which
Directors are interested as Director of both the company.
10. The company has paid Rs. 90000/- ( Previous Year Rs. 90000/-) as
Lease Rental Deposit to Gandhinagar Leasing and Finance Ltd. - a
company in which Directors are interested as Directors of both the
company.
11 Earnings per share as per Accounting Standard (AS 20) - "Earning
per Share":
The basic Earnings per share is calculated by dividing the profit
attributable to the existing Equity Share outstanding and the diluted
Earnings per Share has been calculated after considering the equity
Share consequent after exercising of Convertible Warrants issued on
preferential basis and conversion of said convertible warrants.
12 Previous year's figures have been regrouped / rearranged wherever
necessary to make them comparable with those of the current year.
| 