i. Related Party Disclosure under Accounting Standard 18 Parties where
control exists Associate companies: ITC Limited and Russell Credit
Limited.
Key Management Personnel:
Board of Directors
Mr Nakul Anand
Mr Jehangir J Ghadiali
Mr Anil Baijal
Mr Anil Rajput
Mr H P Ranina
Mr S C Sekhar
Mr K L Thapar
Mr O P Vaish
Corporate Management Committee Members
Mr Raghupati Wahi
Mr Ghanshyam Arora
Mr Sidhartha Roy
vi. Contingent liabilities not provided for:
a. Guarantee outstanding Rs.1,00,00,000/- (Previous Year
Rs.1,00,00,000/-).
b. Claim against the Company not acknowledged as debts Rs.9,93,406/-
(Previous Year Rs.9,93,406/-) for which Company has initiated a legal
suit in High Court of Delhi.
c. Income tax demand of Rs. Nil (Previous Year Rs.10,31,903/-) for
assessment year 2006-07 for which Company has filed an appeal with
Commissioner of Income Tax (Appeal).
d. Service tax demand of Rs.23,61,528/- (Previous Year Rs.23,61,528/-)
issued by Commissioner of Service Tax for the period from July, 2003 to
March, 2009 for which Company has filed an appeal with Tribunal
(Service Tax) and also deposited an amount of Rs.12,00,000/- (Previous
Year Rs. Nil) under protest.
vii. Sundry debtors include an amount of Rs.46,70,033/- (Previous Year
Rs.46,70,033/-) representing recoverable from certain customers on
account of value added tax. Management is confident that the same is
recoverable either through the process of law or from the said
customers.
viii. Capital commitments (net of capital advances) Rs.1,35,03,757/-
(Previous Year Rs.16,61,440/-).
ix. In terms of the requirements of the Micro, Small and Medium
Enterprises Development Act, 2006, the Company has continuously asked
for confirmations. Based on the information available with the Company
there are no principle/ interest amounts due to micro and small
enterprises.
x. The Company''s significant leasing arrangements are in respect of
operating leases for premises. These leasing arrangements which are
primarily cancellable range between 11 months and 9 years generally, or
longer, and are usually renewable by mutual consent on mutually
agreeable terms. The aggregate lease rentals payable are charged as
Rent under Schedule 15. The minimum lease payments in respects of the
non-cancellable leases are:
xi. Segmental Reporting
Business Segments
The primary reporting of the Company has been performed on the basis of
business segment. The Company has only one reportable business segment,
which is ''Travel Related Services'' that includes Air Ticketing, Car
Rentals, Inbound Tourism, Overseas and Domestic Holiday Packages,
Conferences, Events and Exhibition Management and operates in a single
business segment based on the nature of the products, the risks and
returns, the organisation structure and the internal financial
reporting systems. Accordingly, the figures appearing in these
financial statements relate to the Company''s single business segment.
Geographical Segments
Secondary Segmental reporting is performed on the basis of the
geographical location of customers. The operations of the Company are
confined to India. Accordingly, the figures appearing in these
financial statements relate to the Company''s single geographical
segment.
xii. Previous Year''s figures have been regrouped / re-arranged
wherever necessary.
|