1. The Company has initiated the process of obtaining details from
Sundry Creditors who are registered under the Micro, Small and Medium
Enterprises Development Act, 2006. To the extent that the Company has
received information, it has evaluated that there are no amounts due to
the Creditors who are registered under the said Act beyond the period
of 45 days.
2. Estimated amount of Contracts
remaining to be executed on capital 30,00,000 50,00,000
account (Net of Advances)
3. Contingent Liabilities not provided for in respect of:
a) Corporate Guarantee given to Bank of India on behalf of
M/s. Kesar Motels Pvt. Ltd. 9,55,00,000 9,55,00,000
4. There is no amount due and outstanding to Investors Education and
5. Income from operations represents invoiced value of goods sold and
services rendered exclusive of applicable taxes.
6. In the opinion of Board of Directors of the Company, all the
current assets, loans and advances have value on realisation of an
amount at least equal to the amount at which they are stated in the
7. As per Accounting Standard -15 -Accounting for Employees benefits
as defined in the accounting standard, the summarized components of net
benefit expense recognised in the Statement of profit and loss and the
funded status and the amount recognised in the balance sheet are given
VII. Actuarial Assumptions
Discount Rate Current 8% 8%
Salary Escalation 7% 7%
Note: i) Employer''s contribution, Benefits Paid and Past Service Cost
includes payments made by the Company directly to its past employees.
ii) The estimates of future salary increases, considered in actuarial
valuation, take account of inflation, seniority, promotion and other
relevant factors, such as supply and demand in the employment market.
iii) The Company''s Gratuity fund is managed by Life Insurance
Corporation of India. The plan assets under the fund are deposited
under approved securities.
8. Related Party Disclosure as required by Accounting Standard - 18
issued by the Institute of Chartered
Accountants of India: (A) Nature of Relationship
(I) Enterprises in which Key Management Personnel have significant
Kesar Motels Pvt. Ltd.
Lords Inn Hotels and Developers Ltd.
Sai Ram Krupa Hotels Pvt. Ltd.
Lords Oriental Resorts Developers (Silvassa) Pvt. Ltd.
Lords Sai Ma Hotels Pvt. Ltd.
Lords Ishwar Hotels Ltd.
(II) Key Management Personnel:
9. The Company''s only business being hoteliering and since all the
operations are undertaken in India only, segment- wise information is
not applicable under Accounting Standard 17 - ''Segmental Information''
(AS-17) notified by the Companies Accounting Standards Rules, 2006.
10. During the year ended 31st March, 2012 the Revised Schedule VI
notified under the Companies Act 1956, has become applicable for
preparation and presentation of financial statements. The preparation
of financial statements based on the Revised Schedule VI does not
impact the recognition and measurement principles followed for
preparation of the financial statements. However, it has significant
impact on the presentation and disclosure made in the financial
statements. The company has regrouped/reclassified the previous year
figures in accordance with the requirements applicable in the current