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Golden Tourist Resorts and developers

BSE: 531992|SECTOR: Hotels
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Golden Tourist Resorts and developers is not traded in the last 30 days
Golden Tourist Resorts and developers is not listed on NSE
Notes to Accounts Year End : Mar '00
 
 1) The Company is a subsidiary of Golden Forests (India) Limited.
 
 2) Capital Work in progress includes Rs. 461.18 lacs as advance for
 Plant & Equipments. (Previous Year Rs. 511.85 lacs)
 
 3) Calls in Arrears outstanding as on 31.3.2000 amounts to Rs.2.07 lacs
 (Previous year Rs.2.07 lacs).
 
 4) CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :
 
                                         Current Year    Previous Year
                                         (Rs. in Lacs)   (Rs. in Lacs)
 
 a) Claims against the                      NIL               NIL
 Company not acknowledged as debts.
 
 b) Estimated amount of                           Not Ascertainable
 contracts remaining to be executed
 on Capital accounts.
 
 c) In respect of sale tax                 7.55                2.80
 
 Guarantees by Bank to Sale Tax
 Authorities
 
 5) Forest value Rs. 7.83 lacs (previous year Rs.7.83 lacs) included in
 Inventories is on estimated basis as valued by management at the time
 of purchase of Land and Forest.
 
 6) In the opinion of Board of Directors, the net realisable value of
 Current Assets, Loan and Advances shall be at least equal to the values
 stated in accounts.
 
 7) No employee of the Company is getting remuneration exceeding
 prescribed limits.
 
 8) During the year the Company has a running account with holding
 company i.e. Golden Forests (India) Limited.  Maximum balance
 outstanding at any time during the year was Rs. 2121.09 lacs (Previous
 year Rs.2392.54 lacs).  Balance outstanding as on 31.3.2000 is Rs.
 1768.95 lacs (Previous year Rs. 1994.31 lacs).
 
 9) The Company has obtained Unsecured Loan from Golden Lease Finance
 Limited, a Company in which Directors are interested.  Maximum Balance
 at any time during the year was Rs. 34.61 lacs (Previous year Rs.202.15
 lacs).  Balance outstanding as on 31.3.2000 is Rs. 34.61 lacs (Previous
 year Rs.29.96 lacs).
 
 10) The Company has not made any provisions for Gratuity, privileged
 leave and other benefits and the same shall be provided at the time of
 payment thereof.
 
 11) Purchase includes excise duty amounting to Rs. 96508/- paid on
 purchase of beer for restaurant Drive-in-22.
 
 12) Cheque/DD in hand shown under the head Cash & Bank Balance
 represents amount retained by the Bank (U.K. Pond 3500 converted into
 Indian Rupees amounting to Rs. 244300/- at the end of the year) on
 account of Foreign currency expenses.  The resultant gain of Rs. 1365/-
 as per foreign exchange conversion has been shown under the head other
 income.
 
 13) Sales Tax Recoverable amounting to Rs. 2,96,858/- shown under the
 head Loans & Advances represent amount paid under protest to Sales Tax
 Authorities.  The matter is under appeal.
 
 14) Rent, Electricity, Telephone, Printing & stationery and other misc.
 expenses @ Rs. 25000/- per month, Total amounting to Rs.300000/-
 (Previous year Rs.12,00,000/-) has been shared with holding Company
 i.e.  Golden Forests (India) Limited during the year in view of the
 agreement entered in to between the two Companies.  Similarly the
 company has claimed reimbursement of expenses amounting to Rs.
 36,71,835/- (previous year NIL) and Rs. 4,96,494/- on account of Salary
 and Consultancy respectively from Holding Company M/s Golden Forests
 (India) Ltd.
 
 15) During the year, the Company has capitalised the following expenses
 in respect of its ongoing projects.
 
 Head of the Account                    Current Year    Previous Year
                                       (Rs. in Lacs)    (Rs. in Lacs)
 
 a) Advertisement                          NIL              37.25
 
 b) Consultancy                            NIL              40.97
 
 c) Repair & Maintenance                   19.34            NIL
 
 d) Interest on ECB borrowings             43.28           139.81
 
 e) Exchange fluctuation                   71.88           192.53
 
 16) Some balances under the Head Current Assets, Current Liabilities,
 Loan and Advances, Bank Balances, Sundry Debtors and Sundry Creditors
 are subject to their respective confirmation & reconciliation.
 
 17) Balance with scheduled banks in current accounts includes Rs. 3.95
 lacs which pertains to cheque deposited but not credited (Previous year
 Rs. 1.57 lacs).
 
 18) In the absence of requisite information relating with the
 supplier/vendor, the necessary information with regard to payment
 outstanding to Small Scale Industrial Undertaking cannot be given.
 
 19) Other liabilities include Rs. 1.48 lacs which pertains to cheque
 issued but not presented (Previous year Rs. 2.64 lacs).
 
 20) Auditors Remuneration
 
                                       Current Year     Previous Year
                                          (Rs.)             (Rs.)
 
 Audit Fee                              135000/-          135000/-
 
 Tax Audit                               15000/-           15000/-
 
 Service Tax                              7500/-            7500/-
 
 21) Sundry debtors includes Rs.2632112.40/- due from holding company
 M/S Golden Forest (India) Ltd.
 
 22) Due to suspension of work of various projects of M/s Golden Forest
 (India) Limited, the company has claimed compensation amounting to Rs.
 137.95 (net) lacs (previous year NIL) from them and have shown as
 income.
 
 23) Previous year figures have been regrouped/rearranged wherever
 necessary to make them comparable with current year's figures
 
 24) Quantitative Details :
 
 As the turnover of the Company is in respect of the Co-ordination
 income and Food & Beverage, hence it is not practical to give
 quantitative details.
 
 25) Other information pursuant to para 3 & 4 part II of the Schedule VI
 of Companies Act, 1956.
 
 (i) Value of imports calculated on CIF basis in respect of
 
 a) Provisions, Stores & Beverage                        NIL
 
 b) Component & Spares                                   NIL
 
 c) Capital goods                                        NIL
 
 (ii) Expenditure in Foreign Currencies on account of
 
 a) Royality                                             NIL
 
 b) Know-how, professional & consultation fees           U.K. PONDS 600
 
 c) Repayment of loan and interest                       US $ 3165694
 
 d) Other matters - Rent                                 U.K. PONDS 2550
Source : Dion Global Solutions Limited
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