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Country Club Hospitality & Holidays

BSE: 526550|NSE: CCHHL|ISIN: INE652F01027|SECTOR: Hotels
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Notes to Accounts Year End : Mar '18

1. Corporate Information

Country Club Hospitality & Holidays Limited formerly known as Country Club (India) Limited (‘the Company’) is a public entity domiciled in India and is India’s biggest chain of family clubs with over 70 destinations across India, Sri Lanka, Middle East, Malaysia, Singapore, Thailand and Philippines. It is dubbed as the Powerhouse of Entertainment. Its shares are listed on NSE & BSE

2. Basis of preparation

This note provides a list of the significant accounting policies adopted in the preparation of these financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated.

(i) Compliance with Ind AS

The financial statements comply in all material aspects with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (the Act) [Companies (Indian Accounting Standards) Rules, 2015] and other relevant provisions of the Act.

The financial statements up to year ended 31 March 2018 were prepared in accordance with the accounting standards notified under Companies (Accounting Standard) Rules, 2006 (as amended) and other relevant provisions of the Act.

(ii) Historical cost convention

The financial statements have been prepared on a historical cost basis, except for the following:

- Certain financial assets and liabilities (including derivative instruments) and contingent consideration that is measured at fair value;

- Assets held for sale - measured at fair value less cost to sell;

- Defined benefit plans - plan assets measured at fair value; and

- Share-based payments.

3. Detailed information regarding quantitative particulars under part II of Schedule III to the Companies Act, 2013.

i)As the turnover of the Company is in respect of supply of food and beverages, it is not possible to give quantity-wise details of turnover.

4. Earnings and Expenditure in Foreign Currency a.Foreign Currency expenditure/inflow as follows

5. There are no dues to SSI Units outstanding for more than 30 days.

6. In accordance with Accounting Standard issued by the ICAI, the Company has accounted for deferred tax and income tax as given below:

7. As per Accounting Standard issued by the Institute of Chartered Accountants of India, the disclosures of transactions with the related parties.

8. Contingent Liabilities:

The Company jointly with Mr.Y.Rajeev Reddy (Managing Director) and Country Vacations International LLC,Dubai has provided corporate guarantee of AED 90,000,000/- to National Bank of Fujairah, Dubai in respect of the facilities granted to M/s. Country Vacations International Ltd- Dubai.

According to the information and explanations given to us and based on the records of the company examined by us, the Company has disputed Income Tax & Service Tax dues amounting to Rs.23,40,65,627 which belongs to various AssessmentYears which has not been deposited on account of disputes.:

9. Secured Loans: From Banks

a) Term Loans from Oriental Bank of Commerce, Loans I & II of Rs.25 crores for expansion of existing Clubs and secured by The Country Club (EROS Regency) situated at land Bearing killa no. 2,9,10/1,10/2 & 11/4 at village lakarpur, EROS Regency Township, Surajkund, Faridabad, Harayana. The Outstanding Balance for the Current year is Rs.11,03,80,233/- (Previous Year Rs.11,50,96,926/-)

b) Term Loans from Union Bank of India, Vijaya Bank and Bank of India of Rs. 115 crores has been taken for repayment of FCCB’s and secured by way of properties located in Hyderabad, Bangolre, Chennai and Kodaikanal. Further, the charge has been created on Delhi & Karnataka cash flows for servicing of the above loan. Additionally, the personal guarantees has also been given by three Directors (i.e. Mr. Y Rajeev Reddy, Y. Siddharth Reddy & Y. Varun Reddy). The Outstanding Balance for the Current year is Rs.86,53,12,860/- (Previous Year Rs.85,62,27,443/-).

c) Term Loan from Central Bank of India of Rs.50 Crores to carry out interior, Gym/Fitness Centres and Civil works of the Company’s property at multiple locations. Further charge has been created on Company’s properties (movable/immovable) at Bangalore, Trivandrum and Bandipur. Additionally, the personal guarantees are also given by three Directors (i.e. Mr Y Rajeev Reddy, Y. Siddharth Reddy & Y. Varun Reddy). The Outstanding (Including Interest) Balance for the Current year is Rs.48,00,24,670/- (Previous Year Rs.48,29,86,600/-).

d) Term Loan from Canara Bank of Rs.50 Crores for the Company’s expansion plan at Kolkatta, Cochin and Andheri, Mumbai and normal ongoing capex at various locations. Further charge has been created on Company’s properties (movable/immovable) at Kolkatta, Cochin and Andheri, Mumbai. Additionally, the personal guarantees are also given by three Directors (i.e. Mr Y Rajeev Reddy, Y. Siddharth Reddy & Y. Varun Reddy). The Outstanding (Including Interest) Balance for the Current year is Rs.48,17,48,751/-(Previous Year Rs.46,73,70,458/-).

e) Term Loans from Saraswat Co Op Bank, Loan of Rs.25 crores for expansion of existing Clubs and secured by way of mortgage by deposit of title deed immovable property being land and building known as Hotel Amrutha Castle Constructed on plot of land bearing municipal nos.5-9-16, 5-9-17, snf 6-9-18 and adjoining plot and land bearing municipal nos. 5-9-19, and 5-9-18/3 situated at Saifabad, Secretarial Road Hyderabad solely belonging to the company. The Outstanding Balance for the Current year is Rs.7,43,75,000 /- (Previous Year Rs.8,25,29,860/-)

f ) Term Loan from Saraswat Co Op Bank of Rs.50 Crores secured by way of mortgage, by deposit of title deed of immovable property located at Country club Golden Star # 623,624 Next to Pramukh Swami Hospital Adajan, Surat - 395 009 owned by Club Arzee Ltd.,immovable property at Country Club Resort, Plot No. 496, Bhuvan Village, Kolad, Dist. Raigad. owned by Amruta Estates Pvt. Ltd., immovable property, Hotel Amruta Castle, opp Secretariate, Saifabad, Hyderabad and additional charge on immovable property at The Country Club, Balamatta Road, Mangalore 575 001. belonging to the Company. The Outstanding Balance for the Current Year is Rs.37,56,59,464/- (Previous Year Rs.40,14,86,594/-).

g) Term Loans from Cosmos Bank, Loan - I & II of Rs.35 crores for expansion of existing Clubs and secured by “The Country Club De Goa” no.836/1, Anjuna, Bardez, Goa and “the Country Club Spring” situated at C.T.S no. 1104/03 of village Kandivali, parekh Nagar, Kandivali, Mumbai. The Outstanding Balance for the Current year is Rs.14,02,67,961/-(Previous Year Rs.16,40,73,863/-)

h) Term Loan from Cosmos Bank, Loan of Rs.25 Crores for refurbishment and modernization of its clubs located at Pune, Kolkatta, Goa and Indore, secured by way of additional charge on property located at

“The Country Club De Goa” No.836/1, Anjuna Bardez, Goa owned by Aquarian Realtors Pvt. Ltd. and “The Country Club Spring” situated at C.T.S No. 1104/03 of village Kandivali, Parekh Nagar, Kandival owned by M/s Swami Vivekanand Training and Education Centre Pvt. Ltd and additional security by way of registered equitable mortgage on “Country Club Fun & Food”, 7thKm, Khandwa Road, Kasturbaagram, Indore owned by the Company. The Outstanding Balance for the Current Year is Rs.17,96,83,409/-. (Previous Year Rs.21,45,62,567/-).I)

Other Loans

I) Lease Finance Loan from NOIDA Authority of Rs.2.37 Crores for Plot and the same is secured against the plot no. N-14, Sector - 18, Noida, Uttar Pradesh. The Outstanding Balance for the Current year is Rs.2,71,64,614/- (Previous Year Rs.2,71,64,614/-).

10. It is difficult to identify segment wise profitability and Capital Employed considering that infrastructure is common for all the revenue activities of the Company.

11. Pertaining to unclaimed dividend, no amount is due and outstanding as unclaimed dividend for more than seven years to be transferred to Investor Education & Protection Fund.

12. Previous year’s figures have been regrouped wherever necessary.

13. The figures have been rounded off to the nearest rupee.

Source : Dion Global Solutions Limited
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