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UG Hotels and Resorts
BSE: 526463|ISIN: INE692D01010|SECTOR: Hotels
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« Mar 11
Notes to Accounts Year End : Mar '13
1.  COMPANY OVERVIEW
 
 M/s U G HOTELS AND RESORTS LIMITED, a public limited company
 established in 1986 and has set up the first 5 Star Resort Project in
 Himachal Pradesh, India. It has emerged a tourist destination of
 reckoning and is named as Shilon Resort-Forty acres of Switzerland.
 The company is engaged in the business of running and maintaining
 Hotel Business and all other related and ancillary objects.
 
 2.  BASIS OF PREPARATION OF FINANCIAL STATEMENTS 
 
 Statement of compliance
 
 The financial statements are prepared under the historical cost
 convention on an accrual basis, in accordance with the generally
 accepted accounting principles in India and in compliance with the
 applicable accounting standards as notified under the Companies
 (Accounting Standards) Rules, 2006, as amended and as per Revised
 Schedule VI to the Companies Act, 1956. All assets and liabilities have
 been classified as current or non-current as per the Company''s normal
 operating cycle and other criteria set out in the Revised Schedule VI
 to the Companies Act, 1956.
 
 Use of estimates
 
 The presentation of financial statements in conformity with the
 generally accepted accounting principles requires estimates and
 assumptions to be made that affect the reported amount of assets and
 liabilities and disclosure of contingent liabilities as on date of the
 financial statements and the reported amount of revenues and expenses
 during the reporting year. Differences between the actual results and
 estimates are recognized in the year in which the results are known or
 materialized.
 
 3.  CONTINGENT LIABILITIES
 
 
 Particulars                                Current Year   Previous year
 
 i) Suit filed against the Company by 
    UMAK Investment Company                 Rs. 12.30
                                            Crore          Rs. 12.30 
                                                           Crore 
    Private Limited
 
 ii) Suit filed against the Promoter 
     Directors of the Company and others    Rs. 4.35
                                            Crore          Rs. 4.35 
                                                           Crore
     in their personal capacity by UMAK
     Investment Company Private Limited
 
 
 iii) Tax demand notice under the H.P. 
      Tax on Luxuries ( in Hotels and       Rs. 43.64 
                                            Lacs           Nil
      Lodging Houses) Act, 1979 dated
      29/03/2013''
 
 
 
 * The Company has filed appeal against this demand of Luxury tax
 liability at Honorable High Court of Shimla.
 
 4.  Demand Order under Section 7A of the Employees'' Provident Funds
 and Miscellaneous Provisions Act, 1952 has passed for the period of 08/
 07 to 04/2010 of Rs. 2,30,119/-, Company has paid it on vide challan
 No. 00718 dated 7lh May, 2013.
 
 5.  Provision for Income Tax has not been made, there being no Income
 tax liability as there was a loss during the year and also accumulated
 losses from previous year.
 
 6.  Balance standing to the debit and credit of parties are subject to
 confirmation from them.
 
 7.  In the opinion of the management, all current assets, loans and
 advances have a value of realization at least equal to the extent
 considered good and stated in the Balance Sheet.
 
 8.  Ministry of Company Affairs has vide its Notification No. S.O. 301
 (E) dated 08 February, 2011 has exempted the Company from the
 requirement of disclosure of quantitative details as per Part-ll of
 Schedule VI of the Companies Act 1956, in the financial statements
 subject to fulfillment of the conditions stipulated in paragraph 2 of
 this notification. Company has been complied all conditions as
 mentioned in Notification.
 
 9.  C.I.F. Value of Imports -NIL.
 
 10.  Value of consumption of raw material components and spare parts.
 
 11.  BASIC AND DILUTED EARNING PER SHARE
 
 Basic earnings per share are computed by dividing the net profit/
 (loss) attributable to equity shareholders for the year by the weighted
 average number of equity shares outstanding during the year. Diluted
 earnings per share are computed using the weighted average number of
 equity shares and also the weighted average number of equity shares
 that could have been issued on the conversion of all dilutive potential
 equity shares. The dilutive potential equity shares are adjusted for
 the proceeds receivable, had the shares been actually issued at fair
 value.  Dilutive potential equity shares are deemed converted as of the
 beginning of the year, unless they have been Issued at a later date.
 The number of equity shares and potential diluted equity shares are
 adjusted for stock split, bonus shares and the potential dilutive
 effect of employee stock option.plans as appropriate.  Basic and
 diluted earning per share for the year-ended 31.03.2013 is as under:
 
 12.  RELATED PARTY TRANSACTION
 
 Pursuant to Accounting Standard (AS-18) - Related Party Disclosure
 following parties are to be treated as Related Parties.  Relationship
 Name of the related parties
 
 i) Related parties where control exists
 
 Subsidiary Company U. G. Buildcon Pvt. Ltd
 
 ii) Other related parties
 
 Key management personnel Mr. Umesh Phalpher
 
 (Chairman & Managing Director) Mr. Harmit Ghai (Whole Time Director)
 
 13.  DEFERRED TAX
 
 In compliance with Accounting Standard 22 (AS 22) - ''Accounting for
 taxes on income'', as notified under the Companies (Accounting
 Standards) Rules, 2006, as amended, the Company in the absence of a
 virtual certainty of future profits, has not recognized any deferred
 tax assets during the current year.
 
 14.  EMPLOYEE BENEFITS
 
 As per Accounting Standard 15 Employee Benefits (Revised 2005), the
 disclosures of employee benefits as defined in Accounting Standard are
 given below:
 
 The Company has classified the various benefits provided to employees
 as under:
 
 I.  Defined Contribution Plans
 
 a.  Provident Fund
 
 b.  Employer''s Contribution to Employees'' Pension Scheme 1995
 
 During the year, the Company has recognized the following amounts in
 the Profit and Loss Account for the above Plans: Rs.0.57Lacs
 (P.Y.Rs.1.43 Lacs).
 
 II.  Defined Benefit Plans
 
 Contribution to Gratuity Fund (Non- Funded Scheme)
 
 In accordance with Accounting Standard 15 (Revised 2005), Actuarial
 Valuation was performed in respect of the aforesaid defined benefit
 plan based on the following assumptions:
 
 15.  The Company has a subsidiary company hence the requirements of
 Accounting Standard-21 relating to consolidate Financial Statements is
 applicable to the Company.
 
 16.  Previous year figures have been regrouped, rearranged &
 reclassified where ever considered necessary to confirm current year
 figures.
Source : Dion Global Solutions Limited
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