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Howard Hotels

BSE: 526761|ISIN: INE931B01016|SECTOR: Hotels
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Mar 14
Notes to Accounts Year End : Mar '15
 1. Terms/Right attached to Equity Shares
 
 The company has only 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.  The company declares and pays dividends only in Indian
 rupees. The dividend proposed by the Board of Directors is subject to
 the approval of the shareholders in the ensuing Annual General Meeting.
 
 In the event of liquidation of the company, the holders of equity
 shares will be entitled to receive remaining assets of the company,
 after distribution of all preferential amounts. The distribution will
 be in proportion to the number of equity shares held by the
 shareholders.
 
 2. Contingent Liabilities not provided for:
 
 a) In respect of bank guarantees issued, net of margin: Rs. Nil (P.Y.
 Rs. Nil).
 
 b) In respect of Sales Tax Rs. 1.57 Lacs (P.Y. Rs.0.83 Lacs).
 
 c) In respect of Provident Fund of Rs. 9.19 Lacs (P.Y. Rs. 9.19 Lacs)
 
 3. Capital Commitment
 
 Estimated amount of contracts remaining to be executed on Capital
 Account (Net of Advances) Rs. Nil (Previous year- Rs. Nil )
 
 4. Segmental Reporting
 
 The company is operating mainly in one segment i.e. Running of Hotel
 Business. Hence, Segment Reporting as defined in accordance with
 Accounting Standard 17 issued by the Institute of Chartered Accountants
 of India is not applicable.
 
 5. In the opinion of Board of Directors, all the Current Assets, Loans
 and Advances have a value on realization in the ordinary course of
 business at least equal to the amount at which they are stated and that
 all the known liabilities have been provided for.
 
 6. The company has not given any loans or advances in the nature of
 loans which are required to be disclosed pursuant to clause 32 of the
 Listing Agreement.
 
 7. In the opinion of Board of Directors, none of the assets / cash
 generating units of the Company is impaired.
 
 8. The company is in the process of compiling the requisite list of
 micro, small and medium enterprises under the MSMED Act which has come
 into force recently and in the absence of information in this regard,
 the particulars required by the aforesaid Act have not been given.
 
 9. The estimated useful lives of fixed assets other than intangible
 assets have been revised in accordance with Schedule II to the
 Companies Act 2013, with effect from 1 st April 2014. Pursuant to the
 above mentioned changes in useful life of assets, the depreciation
 expense for the year ended 31 March 2015 is lower by Rs.20.43 lacs.
 Further the Company has charged Rs.7.91 lacs (net of tax) from reserves
 in respect of assets whose estimated life had already expired.
 
 10. Previous Year figures have been regrouped and rearranged, wherever
 applicable.
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