1. Secured by hypothecation of book debts and stock, etc. and further
on fixed and current assets of the Company's Hotel at Mumbai. (Limit Rs.
2. Cash Credit Facility availed from State Bank of India, Goa is
secured by hypothecation of book debtors and stocks, etc. in respect of
Company's Hotel at Goa (Limit Rs. 30.00 lacs)
3. After writing back depreciation of Rs. 93,40,531/- in respect of
fixed assets sold/disposed off during the year.
4. Buildings include :
(a) Cost of shares of Co-operative Societies Rs. 772/-.
(b) Cost of office premises of Rs. 31,78,180/- pending documentation
5. Includes Capital Advances of Rs. 3,27,57,223/- and Rs. 10,82,152/-
expenses during construction, pending allocation.
6. Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. 2,34,09,035/- (Previous year Rs.
6,21,02,144/-) (Net of advances).
7. Contingent liabilities in respect of :
a) Guarantees given by the Company's bankers which are counter
guaranteed by the Company Rs. 99,71,161/- (Previous year Rs.
b) Letters of Credit opened by the Company's bankers NIL (Previous year
c) Other disputed matters Rs. 57,03,332/- not provided for in the
accounts (Previous year Rs. 56,23,332/-)
8. a) Expenditure on Power & Fuel of Rs. 3,71,44,456/- is after
adjusting Rs. 1,75,018/- for recoveries.
b) Traveling and Conveyance of Rs. 1,40,10,027/- include Rs.60,48,172/-
incurred by Directors and Rs. 19,887/- by Auditors.
c) Miscellaneous Expenses of Rs. 42,99,389/- include claims part of Rs.
d) Interest on Fixed Loans of Rs.22,64,535/- include Rs. 5,56,288/-
paid to the Directors of the Company.
e) Miscellaneous Income of Rs. 55,50,217/- includes Rs. 5,59,742/-
Foreign Exchange difference (net).
9. The Company has been sanctioned certain non-funding limits
including limits for imports by a bank for an aggregate limits upto Rs.
220,00 Lacs. The said limits are secured by way of further charge on
Current and Fixed Assets of the Company's Hotel at Mumbai.
10. As the turnover of the Company is in respect of Food & Beverages,
it is not possible to give quantity wise details of the turnover of
food & beverages consumed. etc. The Government of India, Ministry of
Finance, Department of Company Affairs vide its Order No.
46/50/2000/CL-III dated 22nd May, 2000 has exempted the Company from
giving such particulars for the year 1999-2000, subject to certain
disclosures, which have been made in the accounts at the appropriate
11. (a). In the accounts for the years ended 31st March, 1998, and
31st March, 1999, an excess provision of Rs.74,41,716/- for royalty and
other fees was made, which has since been written back in the accounts
for the year ended 31st March, 2000. The Company was advised that
consequently it was entitled to a further deduction of Rs. 21.14 lacs.
and Rs. 15.80 lacs for the year ended 31st March, 1998 and 31st March,
1999, respectively under Section 80-HHD of the Income Tax Act, 1961.
The Directors have accordingly created further Tourism Development
Reserve of Rs. 7,80,000/- and Rs. 6,00,000/- by re-opening and revising
the aforesaid accounts on 24th March, 2000, which is permissible by the
Notification dated 19.8.1987 issued by the Government of India,
Department of Company Affairs, subject to the approval of the
shareholders of the Company in the ensuing Annual General Meeting.
Statement of Amendments to the audited accounts for 1997-98 and 1998-99
along with the Auditors report thereon to the members and necessary
resolutions are annexed to the accompanying notice calling the 30th
Annual General Meeting.
(b) Payments of remuneration to Mr. Manish Khanna, Executive Assistant
Manager, a relative of director of Rs. 2139/- included in Payments &
Provision for employees is subject to approval of the Shareholders and
12. The Company has no information as to whether any of its suppliers
constitute Small scale industrial undertakings and therefore, the
amount due to such Suppliers has not been identified.
13. Figures of previous years have been regrouped wherever necessary.