2013 - apollo sindoori

Transcription

HOSPITALITY WITH A
DIFFERENCE
SH
Apollo Sindoori Hotels Limited
15th Annual Report 2013
SKETCH - CHENNAI
SKETCH AT NEURO SCIENCE
- KOLKATA-INAUGURATION
Apollo Sindoori
Hotels Limited
Contents
Page
Notice to the Members
1
Chairman’s Message
6
Director's Report
9
Compliance Certificate
13
Auditor's Report
17
Balance Sheet as at 31.03.2013
23
Profit & Loss Account for the
year ended 31.03.2013
24
Schedules forming part of the
Balance Sheet and Profit & Loss Account
28
Cash Flow Statement
42
Corporate Information
Chairman
P.Vijayakumar Reddy
Managing Director
Sucharitha Reddy
Directors
Dr.Prathap C.Reddy
Suneeta Reddy
Shobana Kamineni
Sindoori Reddy
V.J.Chacko
Suresh R.Madhok
G.Venkatraman
George Eapen
Chief Operating Officer
S.T.Nithyanandam
Vice President
Srilatha Reddy
Bankers
HDFC Bank Ltd., ITC Centre, Anna Salai
Indian Bank, Nungambakkam
Axis Bank Ltd. Dr.Radha Krishnan Salai
Auditors
R.Subramanian and Company,
Chartered Accountants,
New No.6, (36), Krishnaswamy Avenue,
Luz, Mylapore, Chennai – 600 004
Registrars & Share Transfer Agents
M/s.Cameo Corporate Services Limited
“Subramanian Building”, 5th Floor,
No.1, Club House Road,
Chennai – 600 002
Registered Office
Apollo Sindoori Hotels Ltd.
19-B, Anugraha Apartments
41, Uthamar Gandhi Salai
Nungambakkam, Chennai – 600 034
Corporate Office
150/62, Greams Road
Thousand Lights, Chennai – 600 006
SKETCH - The Cafe
SKETCH - The Cafe
19-B, Anugraha Apartments,
41, Uthamar Gandhi Salai,
NOTICE TO THE MEMBERS
Dear Shareholder(s),
Notice is hereby given that the Fifteenth Annual General Meeting of the Shareholders of
Apollo Sindoori Hotels Limited will be held on Monday the 12th August, 2013 at Narada
Gana Sabha – Mini Hall, 314, T.T.K. Road, Alwarpet, Chennai-600 018 at 3.30 P.M, to
transact the following business:
ORDINARY BUSINESS:
st
1) To receive, consider and adopt the Audited Balance Sheet as at 31 March 2013, Profit
st
and Loss Account for the year ended 31 March 2013 and the Report of the Board of
Directors and the Auditors thereon.
2) To declare dividend of 30% on equity shares.
3) To appoint a director in place of Mr. Suresh Raj Madhok, Director who retires by rotation
and being eligible offers himself for reappointment.
4) To appoint a director in place of Mr. Vachaparambil Job Chacko, Director who retires by
rotation and being eligible offers himself for reappointment.
5) To appoint a director in place of Mr. Ganesan Venkatraman Director who retires by
rotation and being eligible offers himself for reappointment.
6) To appoint auditors of the Company and to fix their remuneration.
RESOLVED THAT M/s. R. Subramanian & Co., Chartered Accountants, be and are hereby
re-appointed as auditors of the company from the conclusion of this Annual General Meeting
until the conclusion of next Annual General Meeting of the Company on such remuneration
as may be decided on mutual consent and advise of the Board.
By Order of the Board,
for Apollo Sindoori Hotels Limited
SUCHARITHA REDDY
Managing Director
Place: Chennai
Date: 21. 05. 2013
1
NOTES:
1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE ANNUAL
GENERAL MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND
AND VOTE INSTEAD OF HIMSELF AND THE PROXY NEED NOT BE A
MEMBER OF THE COMPANY. THE INSTRUMENT APPOINTING PROXY
SHOULD, HOWEVER, BE LODGED AT THE REGISTERED OFFICE OF THE
COMPANY NOT LESS THAN FORTY-EIGHT HOURS BEFORE
COMMENCEMENT OF THE MEETING.
2. Corporate Members intending to send their authorized representatives to attend the
Meeting are requested to send a certified copy of the Board Resolution authorizing
their representative to attend and vote on their behalf at the Meeting.
3. The Registrar of Members and Share Transfer Books of the Company will be closed
th
th
from Wednesday, 7 August 2013 to Monday, 12 August 2013 (both days inclusive)
4. Dividend on Equity Shares if declared at the Annual General Meeting will be paid on
th
or after 12 August 2013 to those persons or their mandates.
(a)
Whose names appear as Beneficial Owners at the end of the business
hours on 7th August 2013 in the list of Beneficial Owners to be furnished by
National Securities Depository Limited and Central Depository Services
(India) Limited in respect of the shares held on electronic form; and
(b)
Whose names appear as Registrar of members at the end of the business
th
hours on 7 August 2013.
5. Members are requested to bring their copy of the Annual Report to the Meeting.
6. Members are requested to bring the Attendance Slip and hand it over at the entrance
duly signed by them.
7. Members who hold Shares in dematerialized form are requested to write their client
ID and DP ID Numbers and those who hold shares in physical form are requested to
write their folio no. in the attendance slip for attending the Meeting.
8. In case of Joint holders attending the Meeting, only such joint holder who is higher
in the order of names will be entitled to vote.
2
9. Members holding shares in physical form are requested to advise any change of
address immediately to the Registrar and Transfer Agent, viz. M/s. Cameo
Corporate Services Limited, “Subramanian Building”, 5th Floor, No.1, Club House
Road, Chennai 600 002
10. Members holding shares under identical names (in the same order) in more than one
Folio are requested to write to the Compliance Officer at the Registered Office of the
Company, enclosing their share certificates, to enable consolidation of their
holdings into one Folio.
11. Securities and Exchange Board of India (SEBI), vide circular No. MRD/DOP/Cir05/2009 dated May 20, 2009, has informed that in respect of Securities Market
transactions and off-market/private transaction involving transfer of shares in
physical form of listed companies, it shall be mandatory for the transferees to
furnish copy of PAN card to the Company/Registrars and Transfer Agents for
registration of such transfer of shares. In view of the above circular dated 20-052009, all requests for transfer of shares received after 20.05.2009 will be processed
only if the requests are accompanied by a copy of the PAN card.
12. Pursuant to the provisions of Section 205C of the Companies Act, as amended, read
with Investor Education and Protection Fund (Awareness and Protection of
Investors) Rules 2001, dividend which remain unpaid or unclaimed for a period of
7years will be transferred to the Investor Education and Protection Fund of the
Central Government, shareholders/investors who have not encashed the dividend
warrant(s) so far are requested to make their claim to the Company's Registrar and
Transfer Agent, M/s. Cameo Corporate Services Limited, Subramanian Building,
5th Floor, No.1, Club House Road, Chennai-600 002. Shareholders are requested to
please note that once the unclaimed dividend is transferred to the investor education
and protection fund, no claim shall be in respect there of.
The particulars of due dates for transfer of such unclaimed dividend to Investor Education
and protection fund are furnished below:
Financial Year
2008-2009
2009-2010
2010-2011
2011-2012
Date of Declaration
of Dividend
26.08.2009
26.07.2010
22.07.2011
09.08.2012
Date of Transfer to Special
Account/Unclaimed Account
26.09.2009
26.08.2010
22.08.2011
09.09.2012
Date of
Transfer to IEPF
25.09.2016
26.08.2017
22.08.2018
09.09.2019
Shareholders who have not yet encashed their dividend warrant are requested to send the
warrants to the Company immediately for revalidation.
3
INFORMATION ABOUT DIRECTORS SEEKING APPOINTMENT/REAPPOINTMENT IN THIS ANNUAL GENERAL MEETING IN RESPECT OF
RESOLUTION NO.3, 4 AND 5 ABOVE
Item No.3
Mr.Suresh Raj Madhok is a Senior Hospitality Professional with over 35 years varied and
diverse experience in Managing hotel business at Senior Management Levels in leading
global hospitality brands. He is a Hotel Management Student from Oberoi Hotel Schools,
Swiss Hotel Schools and Cornell University, USA. He has worked in senior positions in
Oberoi Hotels and ITC Sheraton Hotel Groups including on tenures as Vice President-ITC
Sheraton Business Hotels, Managing Director of Five Star Deluxe Kakatia Sheraton,
Hyderabad and Regional Director for South India. Presently, he is Director of the Empee
Hilton, Chennai. He is also a Director of the South India Hotels & Restareant Association
and he is also on the Board of various other Hotel Companies and on the Board of Governors
of various Hotel Schools.
Mr.Suresh Raj Madhok does not hold any share in the Company.
Item No.4
Mr. Vachaparambil Job Chacko Fellow Member of the Institute of Chartered Accountants of
India with over 57 years of Managerial experience as Chief Executive, Managing Director
and Chairman in a number of organizations including Spencer Group of Companies and
Apollo Hospitals Group Companies. He was inducted on the Board of the Apollo Sindoori
Hotels Limited, in December 2002.
Mr. Vachaparambil Job Chacko does not hold any share in the Company.
Item No.5
Mr Ganesan Venkatraman is an Economics Graduate and Post Graduate in law from
University of Bombay and a Certified Associate of the Indian Institute of Banker (CAIIB).
Mr Ganesan Venkatraman served with IDBI and retired as its Chief General Manager in
November 2004 after 39 years of varied experience in developmental banking.
He headed the Chandigarh Branch Office of IDBI and Zonal Office of IDBI for three years
each. He represented IDBI on the Boards of large Corporates during the tenure of his service.
4
Mr Ganesan Venkatraman is a Director on the Board of State Industries Corporation of
Maharashtra Limited and Apollo Hospital Enterprises Limited.
He is a member of Audit Committee of the Company and also of Apollo Hospitals
Enterprises Limited. He chairs the Audit Committee of State Industrial and Investment
Corporation of Maharashtra Limited
Mr Ganesan Venkatraman does not hold any share in the Company.
By Order of the Board,
for Apollo Sindoori Hotels Limited
SUCHARITHA REDDY
Managing Director
Place: Chennai
Date: 21st May 2013
5
CHAIRMAN’S MESSAGE
Dear Shareholders of the Apollo Sindoori Family
It gives me great pleasure to welcome you to the Fifteenth Annual General meeting of your
Company. Thank you for being part of the proceedings today and marking your presence on
this occasion.
Hospitality of a different kind is what your company has stood for all these years and it has
successfully become synonymous with outsourcing of world-class services. The roster of
clients who rely on your Company's offering is growing by the day and is testimony to your
quality and standards.
Your Company's intent is to grow business by increasing customer satisfaction and
enhancing value for clients, shareholders and employees. I am happy to share with you that it
is gainfully achieving its objectives.
It gives me pride to share with you that your Company's turnover has gone up from ` 59
crores to ` 68 crores, representing a healthy growth of 15%. As you know, during the last
financial year the country has been severely impacted by tight cash flow and overall
inflation. To achieve and sustain a healthy growth rate amidst a bleak economic scenario is
indeed remarkable.
You will be pleased to note that Profit before tax for 2012-13 is ` 280 lacs as compared to
` 231 lacs for the financial year 2011-12. The growth of 21% is impressive and augurs well
for the upcoming period. Profit after tax rose to ` 189 lacs as compared with `146 lacs for last
financial year, indicative of a PAT growth of 29%.
The impressive performance has urged the Board of Directors to recommend a dividend of
30% on the equity shares of the Company for the year 31st March 2013, aggregating to ` 39
lacs.
Your Company has always believed in doing its best and giving its all when it comes to goals.
This philosophy has held it in good stead through adverse times and has seen it meet with
success in the various segments that it operates in.
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Giving further impetus to your Company is its keenness to innovate and be resourceful.
These strengths have enabled it to accomplish beyond mandated objectives and have opened
up new vistas.
In line with this your Company has added a new brand to its stable with the launch of Sketch a chain of standalone cafeterias that will soon dot the country. Sketch is already operational
at Chennai and Kolkata and is fast gaining in popularity.
Driving your Company's growth at various levels are the employees who have upheld the
Company's philosophy at all times. Your Company has further bolstered their capabilities
and morale with regular training programmes that are designed to empower and enhance
skills.
As I conclude my address for and on behalf of the Board of Directors I wish to express deep
gratitude to all those who have been part of your Company's journey – our most valuable
customers, the efficient management team, the Government authorities and above all, our
Shareholders for your unstinted support.
With warm Regards,
Chairman
7
Comparison 2011-12-13
Revenue (` in lacs)
8
Increase-15%
Increase-22%
Profit Before Tax (` in lacs)
Profit After Tax (` in lacs)
9
8
DIRECTORS REPORT
REPORT OF THE DIRECTORS FOR THE FINANCIAL YEAR ENDED 31.03.2013
Your Directors have pleasure in presenting the Fifteenth Annual Report together with the
Audited Accounts of your Company for the year ended 31st March, 2013.
FINANCIAL RESULTS
(Rupees in lakhs)
PARTICULARS
Year ended
31.03.2013
6807.57
305.79
10.89
15.62
279.28
15.25
75.50
188.53
Sale and Other Income
Profit from Operations
Financial Charges
Depreciation and Amortization
Profit / (Loss) before Tax
Add/(less): Deferred Tax Asset
Less: Provision for Taxation
Profit / (Loss) after Tax
Year ended
31.03.2012
5900.37
254.13
8.90
13.86
231.37
8.48
94.18
145.67
Financial Review
Your Board is happy to inform you all that Sales and other income for the financial year
2012-13 stands at ` 6807.57 lakhs as compared to ` 5900.37 lakhs for the financial year
2011-12 registering a growth of 15% over last year. In spite of difficult year for the economy
in general, tight cash flow position, inflation, etc in particular, the profit from for the
financial year 2012-13 stands at ` 279.28 lakhs as compared to ` 231.37 lakhs for the
financial year 2011-12 registering a growth of 21% over last year. Your Company has
achieved Profit after Tax of ` 188.53 lakhs as compared to ` 145.67 lakhs for last year
registering a growth of 29%.
Appropriation towards Dividend
Looking at the financial performance for the year, your Board recommends a dividend of
` 3.00 (Rupees Three only) on each equity shares of the Company for the year ended 31st
March 2013.
Business Outlook
Your Company has entered into new business venture SKETCH -The Cafe during May
2013 in the place of existing Travel Business at the primary location of Chennai at
9
Nungambakkam High Road, Chennai -34. Your directors continue to explore opportunities
for augmenting business. The business continues to be encouraging and company expected
to earn much better in the coming years.
Directors
In terms of the provisions of Section 255 and 256 of the Companies Act, 1956 Mr. Suresh Raj
Madhok, Mr. Vachaparambil Job Chacko and Mr. Ganesan Venkatraman directors of the
Company retire by rotation at this Annual General Meeting as per the provisions of the
Articles of Association of Company and being eligible offer themselves for re-election.
Audit Committee
Your Company has constituted an Audit Committee of the Directors, though Company does
not have mandatory requirement either under the provisions of Section 292A of the
Companies Act 1956 or Clause 49 of the Listing Agreements. Audit Committee comprises of
three Directors.
Internal Control Systems & Their Adequacy
Internal Control systems and their adequacy are constantly reviewed by the Audit
Committee at regular meetings. After discussing the adequacy and effectiveness of the
existing systems and also after considering steps to be implemented to further improve the
systems, such steps are implemented and constantly monitored by Audit Committee. Such
continuing reviews make the system very effective.
Directors' Responsibility Statement
Pursuant to Section 217 (2AA) of the companies Act, 1956, The Board of Directors of the
company hereby state and confirm that:
a)
In the preparation of Annual Accounts, the applicable Accounting Standards have
been followed along with proper explanation relating to material departures, if any.
b)
The Directors have selected such Accounting policies and applied them
consistently and made judgments and estimates that are reasonable and prudent so
as to give true & fair view of the state of affairs of the company at the end of the
financial year 31st March 2013 and of the Profit of the Company for that period.
c)
The Directors have taken proper & sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of Companies Act, 1956 for
safeguarding the assets of the Company and for preventing & detecting frauds and
irregularities.
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d) The Directors have prepared the Annual Accounts on a going concern basis.
Auditors
M/s R. Subramanian and Company, Chartered Accountants, Auditors of the Company hold
office until the conclusion of this AGM. They are eligible for reappointment and have given
their consent for re-appointment. Company has received a certificate under Section 224(1B)
from the retiring auditors regarding their eligibility for re-appointment as the Company's
Auditors for the year 2013-14.
The Board of Directors recommend the re-appointment of M/s R. Subramanian and
Company as the Auditors of the Company for 2013-2014 to hold office till the conclusion of
the next AGM.
Fixed Deposits
Company has not accepted any Deposits from the Public during the year under review.
Insurance
All insurable interests of the Company including, buildings, furniture and fixtures and other
insurable interest are adequately insured.
Listing
The shares of the company are listed on Madras Stock Exchange. The Company has paid
annual Listing fees for the year 2013-14.
Corporate Governance
The provisions of clause 49 of the listing agreement is not applicable as the paid up share
capital of Company is less than Rupees Three Crores as per circular of SEBI bearing number
SEBI/MRD/SE/31/2003/26/08 dated 26th August 2003.
Secretarial Compliance
The Secretarial Compliance Report as required under the provisions of Section 383A of the
Companies Act, 1956 is annexed.
Conservation Of Energy, Technology Absorption and Foreign Exchange Earnings and
Outgo
The Company has taken adequate measures to conserve energy and the Company believes
that productivity from all its workforce can be achieved with interface of latest technology.
Various steps have been taken to reduce consumption of electrical energy by improved
Catering services and monitoring the use of equipment’s etc.
11
The Company is not an industrial undertaking in terms of Section 217(1)(e) of the
Companies Act, 1956 read along with Companies (Disclosure of particulars in the report of
Board of Directors) 1988 and hence , particulars regarding conservation of energy,
technology absorption and adoption are not applicable and hence same has not been
provided.
There are no foreign exchange earnings or outgo during this period.
Particulars of Employees under Section 217(2A) of the Companies Act, 1956
None of the employees of the Company were in receipt of remuneration, which in aggregate
exceeded the limits fixed under sub-section (2A) of Section 217 of the Companies Act, 1956
and Rules made thereon under Companies (Particulars of Employees) Rules 1975 for the
year.
Industrial Relations and Human Resource
The Company has about 2800 employees in its roll. Since employees contribute in achieving
the goal of the Company, periodical training programs are carried out to meet the challenges
in providing services to the best of Customer Satisfaction.
Human Relations continued to remain Cordial throughout the year.
Acknowledgement
Your Company & Directors wish to extend their sincere thanks to the Investors, Bankers,
Customers, Business Associates, Suppliers and Government for their continuous cooperation and assistance. Directors would like to place on record their deep sense of
appreciation and thanks to all the Government Authorities, Shareholders for their
valuable assistance, support and co-operation, and look forward to the same in the years to
come.
The Directors also extend a special word of thanks to the inspired staff of the Company but
for whose unstinted efforts the Company could not have achieved results of such positive
growth.
for and on Behalf of Board of Directors
Sucharitha Reddy
Managing Director
Place: Chennai
12
G. Venkataraman
Director
13
14
15
INDEPENDENT AUDITOR'S REPORT
To the Members of
Report on the Financial Statements
We have audited the accompanying financial statements of Apollo Sindoori Hotels
Limited (“the Company”), which comprise the Balance Sheet as at March 31,2013, the
Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a
summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial statements that give a true
and fair view of the financial position, financial performance and cash flows of the Company
in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956 (“the Act”). This responsibility includes the design,
implementation and maintenance of internal control relevant to the preparation and
presentation of the financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with the Standards on Auditing issued by the Institute
of Chartered Accountants of India. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free from material misstatement. An audit involves performing
procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to
fraud or error. In making those risk assessments, the auditor considers internal control
relevant to the Company's preparation and fair presentation of the financial statements in
order to design audit procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our qualified audit opinion.
17
Basis for Qualified Opinion
Atttention is invited to Note No. 16 (3) regarding impairment of assets based on the
valuation adopted by the company pending outcome of arbitration which involves certain
claims towards the compensation loss / diminution in value of certain assets in respect of
erstwhile / leased premises. The additional provision if any required to be made on
account of impairment of assets consequent to the arbitrator award is not ascertainable at
this stage and not provided for and accordingly the impact if any is also not ascertainable.
Opinion
In our opinion and to the best of our information and according to the explanations given to
us, the financial statements give the information required by the Act except for the effects of
the matter described in the “Basis for Qualified Opinion” paragraph in the manner so
required and give a true and fair view in conformity with the accounting principles generally
accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March
31, 2013;
(b) In the case of the Statement of Profit and Loss, of the profit for the year ended on that
date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that
date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003 (“the Order”) issued by
the Central Government of India in terms of sub-section (4A) of section 227 of the Act,
we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the
Order.
2. As required by section 227(3) of the Act, we report that:
a.
We have obtained all the information and explanations which is to the best of our
knowledge and belief were necessary for the purpose of our audit;
b.
In our opinion proper books of account as required by law have been kept by the
Company so far as appears from our examination of those books;
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c.
The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt
with by this Report are in agreement with the books of account ;
d.
In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement comply with the Accounting Standards referred to in subsection (3C) of
section 211 of the Companies Act, 1956;
e.
On the basis of written representations received from the directors as on March 31,
2013, and taken on record by the Board of Directors, none of the directors is
disqualified as on March 31, 2013, from being appointed as a director in terms of
clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.
for R. SUBRAMANIAN AND COMPANY,
Chartered Accountants
Firm Regn. No.004137S
Place: Chennai
Date: 21.05.2013
R. RAJARAM
Partner
M.No.25210
19
Annexure referred to in paragraph 3 of our report of even date:
i. a.
The Company is maintaining records which are in the process of being
updated showing full particulars, including quantitative details and
situation of fixed assets
b.
Fixed Assets were physically verified during the year by the management,
in accordance with a programme of verification, which in our opinion
provides for physical verification of all the fixed assets at reasonable
intervals. As per the information made available to us no material
discrepancies have been noticed on such verification.
c.
Substantial part of the fixed assets has not been disposed off during the year affecting
going-concern.
ii. a.
Physical verification of Inventory has been conducted at reasonable intervals by the
management.
b.
The procedures of physical verification of inventory followed by the management
are reasonable and adequate in relation to the size of the company and the nature of
its business.
c.
Proper records of inventory have been maintained by the company and material
discrepancies noticed on physical verification have been properly dealt with in the
books of the company.
iii.
During the year, the company has not availed loan from company listed in the
Register maintained under section 301 of the Companies Act, 1956.
iv.
During the year, the company has not granted Loans to companies, Firms or other
parties listed in the Register maintained under section 301 of the Companies Act,
1956.
v.
In our opinion and according to the information and explanations given to us,
internal control procedures are adequate commensurate with the size of the company
and the nature of its business for the purchase of Fixed Assets and for the rendering of
services. During the course of audit, we have not observed any continuing failure to
correct major weakness in Internal Control.
20
vi. a.
b.
The particulars of contracts or arrangements referred to section 301 of the
Companies act have been entered in the register required to be maintained under that
section.
The transactions made in pursuance of such contracts or arrangements have been
made at prices which are reasonable having regard to the prevailing market price at
the relevant time.
vii.
The company has not accepted any fixed deposits from the public during the year
requiring compliance of provisions of Section 58 A and 58 AA or any other relevant
provisions of the Companies Act 1956.
viii.
The Company has an internal audit system commensurate with the size and the
nature of business.
ix.
According to the information and explanations given to us the Central Government
has not prescribed the Maintenance & cost records under section 209 (1) (d) and The
Companies Act, 1956 for the services rendered by the company.
x. a.
According to the information and explanations given to us, the company has been
depositing undisputed statutory dues including Employees Provident fund,
employees' State Insurance, Investor protection fund, Income tax, sales tax, wealth
tax, and any other statutory dues with the appropriate authorities during the year.
However delay has been observed in the payment of Employees Provident fund,
Employees state insurance, tax deducted at source, dividend distribution Tax and
Service Tax and Investor Protection Fund.
b.
According to the information and explanations given to us, no undisputed amounts
payable in respect of income tax, service tax were in arrears as at 31.03.2013 for a
period of more than six months from the date they became payable. Dividend
Distribution Tax of ` 5,27,312/- which was in arrears was paid on 30.04.2013
c.
According to the information and explanations given to us, the following are the
dues in respect of Income tax and Service Tax, which have not been deposited on
account of any dispute and there are no such dues in respect of Wealth Tax, Customs
Duty and Excise Duty .
Sl No
Nature of dues
1
Income Tax
Forum Where Disputed
Income Tax Appellate Tribunal
21
Amount Unpaid
(` in lakhs)
13.93
xi
The Company does not have accumulated losses and has not incurred Cash loss
during current year and in the immediately preceding financial year.
xii.
The Company has not defaulted in the repayment of dues to Debenture holders,
financial institution or bank.
xiii.
The Company has not granted any loan or advance on the basis of Security by way of
pledge of shares, Debentures and other securities.
xiv.
The provisions of Special Statute relating to Chit fund/Nidhi are not applicable to
this company.
xv.
The Company is not dealing in or trading in shares, securities, debentures and other
Investments.
xvi.
According to the information and explanations given to us, the Company has not
given any guarantee for loans taken by others from Bank or Financial Institutions
during the financial year. A Corporate Guarantee of ` 280 Lakhs was given in earlier
years and its terms are not prejudicial to the interest of the Company.
xvii.
To the best of our knowledge and belief and according to the information and
explanation given to us, no term loan was availed by the company during the current
year.
xviii.
According to the Cash flow statement and other records examined by us and based
on the information and explanations given to us, on an overall basis, funds raised on
short term basis have not been used for Long term Investment.
xix.
During the year, Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section 301 of the
Companies Act 1956.
xx.
No debentures have been issued by the Company during the year.
xxi.
The Company has not raised any money by way of Public issue during the year.
xxii.
To the best of our knowledge and according to information and explanations given
to us, no fraud on or by the company was noticed or reported during the financial
year that causes the financial statements to be materially misstated.
for R. SUBRAMANIAN AND COMPANY,
Firm Regn. No.004137S
R. RAJARAM
Partner
M.No.25210
Place: Chennai
Date: 21.05.2013
22
Balance Sheet as at 31st March, 2013
PARTICULARS
Note
I. EQUITY AND LIABILITIES
(1) Shareholder's Funds
(a) Share Capital
(b) Reserves and Surplus
(2) Share application money pending allotment
(3) Non-Current Liabilities
(a) Long-term borrowings
(b) Other Long term Liability
(c) Long term provisions
(4) Current Liabilities
(a) Short-term borrowings
(b) Trade Payables
(c) Other current liabilities
(d) Short-term provisions
Total
II.ASSETS
(1) Non-current assets
(a) Fixed assets
(i) Tangible assets
(ii) Intangible assets
(iii) Capital Work in progress
(b) Non-current investments
(c) Deferred tax assets (net)
(d) Long term loans and advances
(e) Other Non-Current Asset
(2) Current assets
(a) Inventory
(b) Trade Receivables
(c) Cash and Bank Balances
(d) Short-term loans and advances
(e) Other current assets
Total
31-3-2013
`
31-3- 2012
`
3
4
1,30,02,000
10,92,59,341
1,30,02,000
9,49,39,648
5
6
7
41,19,150
1,85,08,541
3,00,876
40,13,755
2,28,99,625
8
9
10
11
89,47,395
1,88,89,392
5,51,47,822
1,22,83,375
24,01,57,016
2,25,67,252
1,20,16,211
4,97,42,993
1,49,58,907
23,44,41,267
1,02,93,282
32,83,290
3,71,160
66,14,410
1,07,70,947
3,17,54,176
74,32,705
3,71,160
81,39,467
82,78,757
3,22,50,684
28,91,766
14,67,72,295
64,79,900
1,45,75,790
63,50,000
24,01,57,016
18,41,803
14,29,09,371
1,02,46,282
1,54,79,710
74,91,328
23,44,41,267
12
13
14
15
16
17
18
19
20
21
Significant Accounting Policies and Notes on Accounts 1 to 37
The schedules referred to above and the notes thereon form an integral part of the Balance Sheet
This is the Balance Sheet referred to in our report of even date
For Apollo Sindoori Hotels Ltd.,
R. Subramanian and Company
R. Rajaram
Partner
Sucharitha Reddy
Managing Director
Place: Chennai
Date : 21.05.2013
Suresh R. Madhok
Director
G. Venkatraman
Director
23
Statement
of Profit and Loss for the year ended 31st March, 2013
PARTICULARS
III.
IV.
V.
VI.
VII.
VIII.
IX.
X.
XI.
XII.
XIII.
XIV.
XV.
XVI.
Note
INCOME
Revenue from operations
22
Other Income
23
Total Income
EXPENDITURE
Consumption of Provisions & Stores
24
Purchase of tickets
Employee benefit expense
25
Finance Cost
26
Depreciation and amortization expense
12
Other expenses
27
Total Expenses
Profit before exceptional and
(III - IV)
extraordinary items and tax
Exceptional Items
Profit before extraordinary items and tax
(V - VI)
Add: Extraordinary Items (net of tax)
(VII - VIII)
Profit before tax
Tax expense:
(1) Current tax
(2) Deferred tax
Net Profit(Loss) for the period from
continuing operations
(VII-VIII)
Profit/(Loss) from discontinuing operations
Tax expense of discounting operations
Net Profit/(Loss) from Discontinuing
operations
(XII - XIII)
(XI + XIV)
Net Profit/(Loss) for the period
Earning per equity share:
Weighted average no. of shares outstanding during
the period
Nominal Value per Equity Share
Earnings per share before extra-ordinary item
- Basic & Diluted EPS
Earnings per share after extra-ordinary item
- Basic & Diluted EPS
31-3-2013
31-3- 2012
`
`
67,75,38,305
32,19,233
68,07,57,538
58,88,56,524
11,81,471
59,00,37,995
12,40,92,369
11,22,54,759
34,39,88,174
10,89,487
15,62,341
6,98,42,283
65,28,29,413
8,67,51,645
13,65,59,771
28,92,15,660
8,90,864
13,85,723
5,20,97,334
56,69,00,997
2,79,28,125
2,79,28,125
2,79,28,125
2,31,36,998
2,31,36,998
2,31,36,998
75,50,000
15,25,057
94,18,540
(8,48,575)
1,88,53,068
-
1,45,67,033
-
1,88,53,068
1,45,67,033
13,00,200
10
13,00,200
10
14.50
11.20
14.50
11.20
Significant Accounting Policies and Notes on Accounts 1 to 37
The schedules referred to above and the notes thereon form an integral part of the Profit & Loss Account
This is the Profit & Loss Account referred to in our report of even date
R. Rajaram
Partner
Sucharitha Reddy
Managing Director
Place: Chennai
Date : 21.05.2013
Suresh R. Madhok
Director
G. Venkatraman
Director
24
SIGNIFICANT ACCOUNTING POLICIES
1.
BACKGROUND
Apollo Sindoori Hotels Limited. ( “The Company”), a company incorporated under
the Indian Companies Act at Chennai. The Company is in the business of managing
food outlets at hospitals and reputed organisations. The Company also undertakes
Outdoor Catering Services etc..
2.
SIGNIFICANT ACCOUNTING POLICIES
i)
BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements are prepared and presented under the historical cost
convention on the accrual basis of accounting in accordance with the generally
accepted accounting principles ('GAAP') in India and comply with the Accounting
Standards notified by the Central Government pursuant to Companies (Accounting
Standard) Rules, 2006 and the relevant provisions of the Companies Act, 1956.
ii)
USE OF ESTIMATES
The preparation of the financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
revenues and expenses during the reporting period, reported balances of assets and
liabilities, and disclosure of contingent assets and liabilities as at the date of the
financial statements. Actual results could differ from those estimates. Any revision
to accounting estimates is recognized prospectively in current and future periods.
iii)
FIXED ASSETS AND DEPRECIATION
Fixed assets are stated at the cost of acquisition less accumulated depreciation. Cost
is inclusive of freight, duties, taxes and other directly attributable costs incurred to
bring the assets to their working condition for intended use.
Depreciation is provided on all fixed assets on the straight-line method. The rates of
depreciation prescribed in Schedule XIV to the Companies Act, 1956 are considered
as the minimum rates. If the management's estimate of the useful life of a fixed asset
at the time of acquisition of the asset or of the remaining useful life on a subsequent
review is shorter than that envisaged in the aforesaid schedule, depreciation is
provided at a higher rate based on the management's estimate of the useful
life/remaining useful life.
Depreciation charged on a pro-rata basis for assets purchased during the year.
Individual assets Equivalent to INR 5,000 or less are depreciated at 100%. No
depreciation has been charged for assets which are disposed off during the year.
Intangible assets consist of application system software and are amortised over their
economic useful lives. Managements' estimate of useful life of such software is
three years.
25
iv)
INVENTORY
Stocks of provisions, stores and other consumables are valued at cost.
v)
INVESTMENTS
Investments are classified as Long Term Investments and Current Investments and
are valued in accordance with Accounting Standards on 'Accounting for
Investments' (AS-13), issued by The Institute of Chartered Accountants of India.
Current Investments are carried at lower of cost and market value/NAV, computed
individually. Long Term Investments are stated at cost. Provision for diminution in
the value of Long Term Investments is made only if such decline is other than
temporary in the opinion of the management.
vi)
LEASES
Finance leases, which effectively transfers substantially all the risks and benefits
incidental to ownership of the leased item, are capitalized at the lower of the fair
value and present value of the minimum lease payments at the inception of the lease
and disclosed as assets taken on lease. Lease payments are apportioned between the
finance charges and reduction of the lease liability based on the implicit interest rate
or incremental borrowing rate as applicable. Finance charges are charged directly
against income.
Lease payments under an operating lease, are recognized as an expense in the
statement of profit and loss on a straight line basis over the lease term.
vii)
IMPAIRMENT OF ASSETS
An asset is treated as impaired when the carrying cost of such assets exceeds its
recoverable value. An impairment loss is charged to the Profit & Loss Account in the
year in which an asset is identified as impaired, after considering adjustment if any
already carried out.
viii)
REVENUE RECOGNITION
Income from various services rendered is recognised on the basis of contract
between the parties.
Room revenue is recognised on time proportion basis.
ix)
FOREIGN EXCHANGE TRANSACTIONS
Transactions in foreign currencies are recorded at the exchange rates prevailing on
the date of the transaction. Monetary assets and liabilities denominated in foreign
currency are translated at rates of exchange on the balance sheet date. Exchange
differences arising on foreign currency transactions are recognised in the profit and
loss account.
26
x)
TAXATION
Income-tax expense comprise current tax (i.e. amount of tax for the year determined
in accordance with the income-tax law) and deferred tax charge or credit (reflecting
that tax effects of timing differences between accounting income and taxable
income for the year). The deferred tax charge or credit and the corresponding
deferred tax liabilities or assets are recognized using the tax rates and tax laws that
have been enacted or substantively enacted by the balance sheet date. Deferred tax
assets are recognized only to the extent there is a reasonable certainty that the assets
can be realized in future; however, where there is unabsorbed depreciation or carried
forward loss under taxation laws, deferred tax assets are recognized only if there is a
virtual certainty of realization of such assets. Deferred tax assets are reviewed as at
the balance sheet date and written down or written up to reflect the amount that is
reasonably/virtually certain (as the case may be) to be realized.
Current tax and deferred tax assets and liabilities are offset to the extent to which the
Company has a legally enforceable right to set off and they relate to taxes on income
levied by the same governing taxation laws.
xi)
EARNINGS PER SHARE
Basic earnings per share amounts are computed by dividing net profit or loss for the
year attributable to equity shareholders by the weighted average number of shares
outstanding during the year. Diluted earnings per share is computed and disclosed
using the weighted average number of equity and dilutive equity equivalent shares
outstanding during the year.
xii)
PROVISIONS AND CONTINGENT LIABILITIES
The Company creates a provision when there is present obligation as a result of past
event that probably requires an outflow of resources and a reliable estimate can be
made of the amount of the obligation. A disclosure for a contingent liability is made
when there is a possible obligation or a present obligation that may, but probably will
not, require an outflow of resources. Where there is a possible obligation or a present
obligation in respect of which the likelihood of outflow of resources is remote, no
provision or disclosure is made. Contingent assets are neither recognised nor
disclosed in the financial statements.
xiii)
CASH FLOW STATEMENT
Cash flows are reported using the indirect method, whereby profit before tax is
adjusted for the effects of transactions of a non–cash nature and any deferrals or
accruals of past or future cash receipts or payments. The cash flows from regular
revenue generating, financing and investing activities of the Company are
segregated
27
Notes to financial statements for the Year ended 31st March 13
31-3-2013
31-3-2012
`
`
Note 3:
SHARE CAPITAL
Authorised Capital
50,00,000 Equity shares of Rs.10/- each
5,00,00,000
5,00,00,000
Issued, Subscribed & Paid up Capital
13,00,200 Equity shares of Rs.10/- each
Total
1,30,02,000
1,30,02,000
1,30,02,000
1,30,02,000
Shareholder's fund
,
Reconciliation of share outstanding at the
beginning and at the end of the year.
Equity Shares
Nos
Shares outstanding at the beginning of the year
13,00,200
Shares issued during the year at face value Rs.10/Shares bought back during the year.
Shares outstanding at the end of the year
13,00,200
Shareholders holding more than 5% shares
Name of Equity Shareholder
(Equity Shareholder holding more than
5 % of Equity share)
Mr. Prathap C Reddy
Mrs. Sucharitha P Reddy
Mrs. Sangita Reddy
M/s PCR Investments Limited
Mrs. Vijayalakshmi S
Mrs. Shobana Kamineni
Total
Note 4:
RESERVES AND SURPLUS
a. Capital Reserve
Opening Balance
Closing Balance
b. General Reserve
Opening Balance
(+) Current Year Transfer
Closing Balance
c. Surplus
P&L - Opening balance
(+) Net Profit / (Loss) for the year
(-) Transfer to General Reserve
(-) Proposed Dividend - Equity 30% / (25%)
(-) Tax on Proposed Dividend
Closing balance
Total
`
1,30,02,000
1,30,02,000
Nos
13,00,200
13,00,200
`
1,30,02,000
1,30,02,000
No's
% of holding
No's
% of holding
1,83,630
1,72,130
1,51,848
1,42,000
1,22,309
79,086
851,003
14.12%
13.24%
11.68%
10.92%
9.41%
6.08%
65.45%
1,83,630
1,72,130
1,51,848
1,42,000
1,22,309
79,086
851,003
14.12%
13.24%
11.68%
10.92%
9.41%
6.08%
65.45%
73,52,676
73,52,676
73,52,676
67,42,000
19,00,000
73,52,676
57,42,000
10,00,000
86,42,000
8,08,44,972
1,88,53,068
19,00,000
39,00,600
6,32,775
7,10,55,751
1,45,67,033
10,00,000
32,50,500
5,27,312
9,32,64,665
10,92,59,341
28
67,42,000
,
80,844,972
9,49,39,648
Note 5:
LONG TERM BORROWINGS
Secured:
Long term Maturities of finance lease obligation (1)
(Secured by Hypothecation of vehicle)
Total
(1)The Vehicle loan carries interest at the rate of 14% P.a
31-3-2013
31-3-2012
`
`
-
3,00,876
-
3,00,876
and has to be repaid in 36 equal Installments from the
date of the loan viz, 05-October-2010.
Note 6:
OTHER LONG TERM LIABILITIES:
Security Deposit Collected
4,32,565
3,27,170
Electricity Charges Payable
36,86,585
36,86,585
Total
41,19,150
40,13,755
Note 7:
LONG TERM PROVISIONS:
Provision for Employee Benefits:
Provision for Leave Encashment
72,04,110
81,70,142
1,13,04,431
1,47,29,483
1,85,08,541
2,28,99,625
89,47,395
89,47,395
2,25,67,253
2,25,67,253
Note 9:
TRADE PAYABLES:
Creditors for Operations
1,88,89,392
1,20,16,211
Total
1,88,89,392
1,20,16,211
Provision for Gratuity
Note 8:
SHORT TERM BORROWINGS:
Loan Repayable on Demand: (Secured)
Cash Credit with Bank (2)
Total
(2) The Cash credit facility is secured by exclusive
charge over Inventory, Trade Receivables and all the
fixed assets of the company.
29
Note 10:
OTHER CURRENT LIABILITIES
Creditors for Expenses
Current maturities of finance lease obligation
Balance with bank (Credit)
Statutory Dues
Employee Dues
Uncaimed Employee Dues
Unpaid Dividend
Unpaid Dividend Tax
Advance Receipts
Other liabilities
Total
Note 11:
SHORT TERM PROVISIONS:
Provision for Employee Benefits:
Provision for Bonus
Other Provisions
Provision for Income Tax
Provision for Fringe Benefit Tax
Proposed Dividend
Dividend Tax Payable
Total
31-3-2013
31-3-2012
`
`
39,59,028
3,00,876
38,55,911
2,27,08,240
2,17,94,302
2,28,288
6,99,468
5,27,312
24,000
10,50,397
5,51,47,822
31,49,959
5,55,533
55,49,698
1,61,70,279
1,71,78,750
1,92,125
6,99,468
1,35,091
61,12,090
4,97,42,993
77,50,000
87,00,000
39,00,600
6,32,775
1,22,83,375
19,74,562
5,06,532
32,50,500
5,27,312
1,49,58,907
3,71,160
3,71,160
3,71,160
3,71,160
Note 13:
NON-CURRENT INVESTMENTS:
Investment in Equity Instruments:
Investment in Joint Venture:
At Cost, Unquoted, Trade
37,116/(37116) equity shares of Rs.10/each
fully paid up in Faber Sindoori Management
Services (P) Ltd
Total
30
31
45,29,435
8,27,997
Plant & Machinery
Temporary Constructions
2,57,40,395
2,22,12,651
PREVIOUS YEAR
(as on 31.03.12)
-
TOTAL
Capital work in progress
2,57,40,395
20,96,353
Office Equipments
Sub-Total
27,97,128
Vehicles
28,31,385
Furniture & Fittings
53,49,086
19,73,639
Electrical Installations
Kitchen Equipments
53,35,372
35,27,744
85,58,675
32,83,290
52,75,385
-
-
5,32,893
31,715
35,19,755
4,03,559
2,13,913
5,73,550
-
10,59,625
-
10,59,625
-
-
-
10,59,625
-
-
-
-
Deletions
during the
year
ORIGINAL COST
Cost as at Additions
01.04.2012 during the
year
TANGIBLE ASSETS:
Computers
PARTICULARS
NOTE:12
FIXED ASSETS
2,57,40,395
3,32,39,445
32,83,290
2,99,56,155
8,27,997
45,29,435
26,29,246
17,69,218
88,68,841
32,34,944
21,87,552
59,08,922
Cost as at
31.03.2013
1,69,21,967
1,83,07,690
-
1,83,07,690
8,27,997
45,29,435
12,50,471
5,27,448
22,67,950
21,47,476
17,93,381
49,63,532
As at
01.04.2012
13,85,723
15,62,341
-
15,62,341
-
-
1,22,510
2,14,001
7,57,927
2,93,479
46,242
1,28,182
For the
year
8,27,997
45,29,435
13,72,981
5,34,291
30,25,877
24,40,955
18,39,623
50,91,714
As at
31.03.2013
-
-
12,56,265
12,34,927
58,42,964
7,93,989
3,47,929
8,17,208
-
32,83,290
- 1,83,07,690
74,32,705
2,07,158 1,96,62,873 1,35,76,572
-
52,90,685
74,32,705
-
74,32,705
-
-
8,45,882
22,69,680
30,81,136
6,83,909
1,80,258
3,71,840
As at
As at
31.03.2013 31.03.2012
NET BOOK VALUE
2,07,158 1,96,62,873 1,02,93,282
-
-
-
2,07,158
-
-
-
-
Deletions
DEPRECIATION
(Amount in Rupees)
31-3-2013
31-3-2012
`
`
Note 14:
DEFERRED TAX
Deferred Tax Assets:
Timing difference on depreciation of assets
Expenses allowable for tax purposes when paid
Gross Deferred tax asset
(A)
1,55,114
64,59,296
66,14,410
2,55,453
78,84,014
81,39,467
Deferred tax liabilities
(B)
Net Deferred tax asset/(liability)
66,14,410
81,39,467
1,07,70,947
82,78,757
1,07,70,947
82,78,757
Note 15:
LONG TERM LOANS & ADVANCES
Security Deposits
(unsecured, considered good)
Total
Note 16:
OTHER NON-CURRENT ASSET
(Unsecured but considered good)
Assets Handed Over to Lessor (3)
51,50,684
51,50,684
Receivable on Sale of House-Keeping Business (4) 1,73,00,000
2,71,00,000
TDS receivable
93,03,492
Total
3,17,54,176
3,22,50,684
(3) On 31.03.2005 the Board of Directors decided to discontinue the operations of the company's hotel business.
The compny's hotel business was carried out at the leased premises situated at 26/27 Poonamallee High Road
owned by Central Hotels (P) Ltd (Lessor). As per the decision of the Board of Directors the leased premises
wherein the hotel business was carried out was vacated and the building including amenities created by the
company have been handed over to the lessor pending final settlement of dues. As per the mutual agreement
reached with the lessor an inventory of assets handed over to the lessor have been taken and the valuation of assets
was carried out by the valuers appointed by the company as well as the lessor. There has been considerable
difference in the valuation by both the parties which could not be bridged even after a review, the amount is
included as part of the total claim placed before the arbitrator as per the lease agreement. Pending finalization of
the value of assets being taken over by the lessor and the ultimate settlement thereof through arbitration as per the
lease agreeement, the company has provided an impariment loss of ` 30,58,874/- in respect of the above said
assets, the WDV of the assets being ` 82,09,558 as on 31st March 2005. The net value of assets of ` 51,50,684/after impairment is reflected under loans and advances pending arbitration proceedings in accordance with the
lease agreements. No additional provision for impariment is considered necessary at this stage as management is
hopeful of recovering the entire amount from the landlord of erstwhile hotel premises through arbitration.
(4) Represents amount receiveable on sale of House keeping business to Joint Venture Company Faber Sindoori
Management Service Private Limited.
32
Note 17:
INVENTORY
(Valued at Cost)
Stock of Provision & Stores
Total
31-3-2013
`
31-3-2012
`
28,91,766
28,91,766
18,41,803
18,41,803
Note 18:
TRADE RECEIVABLES
(Unsecured Considered good)
From Related Parties (5)
- Outstanding for More than Six Months
- Others
From Others
- Outstanding for More than Six Months
- Others
Total
43,629
11,89,68,109
88,993
11,09,36,331
4,36,861
2,73,23,696
14,67,72,295
10,75,907
3,08,08,140
14,29,09,371
(5) Trade Receivables from Related
Parties Include Debts Due from:
Director
Officers of the Company
Company in which Director is a Director
Company in which Director is a Member
Firm in which Director is a partner
11,84,97,766
5,13,972
-
10,82,86,607
27,38,717
-
12,12,730
37,81,971
11,97,638
61,84,900
7,23,718
7,61,481
7,23,718
20,40,026
-
1,00,000
64,79,900
1,02,46,282
Note 19:
CASH AND BANK BALANCES:
Cash and Cash Equivalents
Cash on hand
Balance with Bank in Current a/c
Other Bank Balance
Balnce with Bank in Dividend a/c
Balance with Bank in Deposit a/c*
,(Including interest accrued)
Balance with Bank in Deposit a/c with more than
12 months maturity
* Under Lien to Bank towards Bank Guarantees
Total
33
31-3-2013
`
Note 20:
SHORT TERM LOANS & ADVANCES
Other loans & advances
(Unsecured, considered good unless otherwise stated)
Advances recoverable in Cash or in kind
Staff Advance
Prepaid Expenses
Total
Note 21:
OTHER CURRENT ASSETS
Unbilled Revenue
Claims Receivable
Total
Note 22:
REVENUE FROM OPERATIONS
Catering & Management Service:
Sale of Food & Beverage
Management Service Charges
Total(A)
Travel Services:
Sale of Tickets
Service Charges on Sale of Tickets
Car Rental Service
Total(B)
Other Operating Revenue:
Room Revenue
Total (C)
Grand Total D=(A+B+C)
Note 23:
OTHER INCOME
Interest on Deposits with Bank
Dividend received
Miscellaneous Income *
Total
*
Gross Income
Less: Expenses
Net Income
,
Note 24:
CONSUMPTION OF PROVISIONS & STORES
Opening Stock
(+) Purchases
(-) Closing Stock
Total
31-3-2012
`
1,15,55,074
18,45,513
11,75,203
1,45,75,790
1,18,00,755
24,39,491
12,39,464
1,54,79,710
63,50,000
63,50,000
1,91,328
73,00,000
74,91,328
23,40,93,914
31,26,99,125
54,67,93,039
16,07,41,835
27,01,62,768
43,09,04,603
11,31,08,680
24,02,439
39,64,217
11,94,75,336
14,04,90,039
26,76,123
32,05,926
14,63,72,088
1,12,69,929
1,12,69,929
67,75,38,305
1,15,79,833
1,15,79,833
58,88,56,524
2,96,558
1,85,580
27,37,095
32,19,233
1,75,087
10,06,384
11,81,471
31,83,679
4,46,584
27,37,095
17,94,144
7,87,760
10,06,384
18,41,803
12,51,42,332
28,91,766
12,40,92,369
19,26,579
8,66,66,869
18,41,803
8,67,51,645
34
31-3-2013
`
Note 25:
EMPLOYEE BENEFIT EXPENSES
Salaries & Wages
Director's Remuneration
Bonus
Contribution to PF and other funds
Leave Encashment
Gratuity
Other Allowances
Staff Welfare
Total
Note 26:
FINANCE COST
Interest on Cash Credit with Bank
Interest on Car Loan
Total
Note 27:
OTHER EXPENSES
Advertisement & Business Promotion
Bank Charges
Bad Debts W/off
Communication Expense
Car Rental Expense
Professional & Consultancy fee
Power & Fuel
Guest House Expense
House keeping Expenses
Interest on Delayed Remittance
Kitchen Vessels
Miscellaneous Expenditure
Loss on sale of asset
Office Expenses
Printing and Stationary
Rates & Taxes
Rent
Remuneration to auditors
-Statutory Audit
-For Tax audit/tax assessment
Repairs & Maintenance - Others
Sitting Fee
Sitting Fee - Service Tax
Travelling & Conveyance
Transport Charges
Training Expenses
Total
31-3-2012
`
28,26,54,986
12,00,000
1,17,11,240
3,48,17,565
3,01,059
26,75,364
30,69,476
75,58,484
34,39,88,174
23,75,53,785
12,00,000
1,09,57,074
2,85,82,328
9,06,218
25,44,884
23,27,181
51,44,190
28,92,15,660
10,24,260
65,227
10,89,487
7,69,249
1,21,615
8,90,864
11,13,470
2,70,349
1,48,656
17,26,085
36,53,013
73,92,952
1,69,05,420
9,82,372
50,88,244
15,54,541
6,04,522
26,81,292
3,48,466
4,403
17,72,108
9,09,369
55,99,664
8,67,610
4,43,234
13,76,363
33,64,021
42,97,008
1,05,64,510
17,74,802
46,38,120
11,53,663
6,78,514
12,94,552
1,46,964
12,80,016
5,80,608
68,31,420
6,11,275
88,725
17,77,286
3,00,000
44,016
1,44,11,168
15,18,482
3,36,405
6,98,42,283
5,73,075
88,725
14,20,289
4,40,000
91,60,155
8,03,041
3,20,644
5,20,97,334
35
Note 28:
RELATED PARTY DISCLOSURE:
List of Related Parties
Nature of Relation
Promoter
Name of Related Party
Dr. Pratap.C.Reddy
Mr. P.Vijayakumar Reddy
Mrs. Suneeta Reddy
Mrs. Shobana Kamineni
Mrs. Sucharitha Reddy
Mrs. Sindoori Reddy
Key Management Personnel
Mrs. Sucharitha Reddy
Mrs. Sindoori Reddy
Joint Venture
M/s Faber Sindoori Management Services (P) Ltd
Enterprise over which promoter or
Key Management Personnel exercise
significant influence
M/s Apollo Hospitals Enterprises Ltd.
M/s Apollo Gleneagles Hospitals Ltd.
M/s Apollo Health & Lifestyle Ltd.
M/s Apollo Hospital International Limited
M/s Imperial Cancer Hospital & Research Center Ltd.
M/s Lifetime Wellness Rx International Ltd.
The Company's related party transaction are summarized as follows:
(Amount in Rupees)
Key Management Personnel
Enterprise over which
promoter or Key
Management Personnel
exercise significant influence
Joint Venture
Name of the Related Party
Salary
2012-2013
2011-2012
2012-2013
2011-2012
2012-2013
2011-2012
12,00,000
12,00,000
-
-
-
-
Sale of goods & services
-
-
-
-
51,15,39,824
39,76,98,978
Sale of tickets
-
-
8,57,886
11,77,177
13,37,55,290
15,55,91,987
Balance Outstanding
-
-
1,73,00,000
2,71,00,000
11,90,11,738
11,10,25,324
36
Note 29:
LEASES:
OPERATING LEASE:
The Company has taken various premises on lease for its operations under operating lease or under leave and
licence agreements. These lease are generally not non-cancellable and have an average life of 12 months to three
years and are renewable by mutual consent.
Lease payments are recognized in profit and loss account under rent in Note 27:Other Expenses Lease payments
under non-cancellable lease agreements.
Future lease payments
Amount
`
32,78,445
4,18,000
36,96,445
Not Later than 1 Year
Later than 1 Year but before 5 Years
Total
Note 30:
FOREIGN CURRENCY EARNINGS/EXPENDITURE:
31-Mar-13
`
8,54,108
Nil
Expenditure in Foreign currency
Earnings in Foreign currency
31-Mar-12
`
6,04,328
Nil
Note 31:
EMPLOYEE BENEFITS
i. Defined Benefit Plan:
a) Gratuity
A. Reconciliation of opening and closing balance of present value of the defined benefit obligation
Period Covered
Assumptions
Discount Rate
Expected Return On Plan Assets
31-Mar-13
31-Mar-12
8% p.a.
8% p.a.
8% p.a.
8% p.a.
Indian Assured Lives Mortality
Mortality
Future Salary Increases
Disability
Attrition
Retirement
Method
(1994 -96) (modified)
Ultimate Table
5 %p.a.
5 %p.a.
Nil
Nil
2% p.a.
5% p.a.
58yrs
58yrs
Projected Unit Credit
37
Changes in the Present Value of the Obligation and in the Fair Value of the Assets
31/Mar/13
`
31/Mar/12
`
Present Value Of obligation at the beginning of the period
Interest Cost
Current Service Cost
Past Service Cost
Benefits Paid
Actuarial (gain)/loss on Obligation
Present Value of obligation at the end of the period
2,08,23,248
16,21,843
24,18,642
(11,00,416)
(8,14,217)
2,29,49,100
1,81,30,658
14,36,697
33,89,819
(3,43,894)
(17,90,032)
2,08,23,248
Fair value of plan assets at the beginning of the period
Expected Return On plan assets
Contributions
Benefits Paid
Actuarial gain (Loss) Plan assets
Fair value of plan assets at the end of the period
60,93,765
7,09,537
50,00,000
(1,58,633)
1,16,44,669
55,85,486
4,67,170
41,109
60,93,765
6,55,584
18,31,141
2,29,49,100
2,08,23,248
(1,16,44,669)
1,13,04,431
1,13,04,431
(60,93,765)
1,47,29,483
1,47,29,483
Total actuarial gain (loss) to be recognized
Balance Sheet Recognition
Present Value Of Obligation
Fair Value Of Plan Assets
Liability (assets)
Unrecognised Past Service Cost
Liability (asset) recognised in the Balance Sheet
38
Profit & Loss – Expenses
2012-13
`
Current Service Cost
Interest Cost
Expected Return On plan assets
Net Actuarial (gain)/loss recognised in the year
Past Service Cost
Expenses Recognised in the statement of Profit & Loss
2011-12
`
24,18,642
16,21,843
(7,09,537)
(6,55,584)
26,75,364
33,89,819
14,36,697
(4,67,170)
(18,31,141)
25,28,205
7,09,537
(1,58,633)
5,50,904
4,67,170
41,109
5,08,279
1,47,29,483
26,75,364
(61,00,416)
1,13,04,431
1,25,45,172
25,28,205
(3,43,894)
1,47,29,483
2012-13
`
1,88,53,068
13,00,200
10
2011-12
`
1,45,67,033
13,00,200
10
14.50
14.50
11.20
11.20
Actual Return On Plan Assets
Expected Return on plan assets
Actuarial gain/(Loss) on plan assets
Actual Return On Plan Assets
Movement in the net Liability recognised in the Balance Sheet
Opening net Liability
Expenses
Contribution
Closing Net Liability
Note 32:
EARNINGS PER SHARE
Net Profit as P&L
Weighted average no. of shares o/s
Nominal Value Per Share
Earnings Per Share
- Basic
- Diluted
39
Note 33:
Segment Reporting:
Statement Showing Segment results for the financial year 2012-2013
Particulars
Year
Outsourced
Services
(Amount in Rupees)
Other
Total
Operations
Travels
Segment Revenues
2012-2013
2011-2012
55,00,06,719
43,18,75,605
11,94,75,336
14,64,12,215
1,12,75,482
1,49,56,101
68,07,57,538
59,00,37,995
Segment Results
2012-2013
2011-2012
2,26,38,723
1,62,52,329
5,11,045
18,11,190
47,78,357
50,73,479
2,79,28,125
2,31,36,998
Income before depreciation
interest taxes and
exceptional items
2012-2013
2011-2012
2,52,76,352
1,85,20,207
5,25,245
18,19,898
47,78,357
50,73,479
3,05,79,953
2,54,13,585
Interest
2012-2013
2011-2012
10,89,487
8,90,864
-
-
10,89,487
8,90,864
Depreciation
2012-2013
2011-2012
15,48,141
13,77,015
14,200
8,709
-
15,62,341
13,85,723
Tax Expenses
2012-2013
2011-2012
89,01,996
78,72,099
1,73,061
6,97,866
-
90,75,057
85,69,965
Profit/(Loss) after Taxation
2012-2013
2011-2012
1,37,36,727
83,80,230
3,37,984
11,13,324
47,78,357
50,73,479
1,88,53,068
1,45,67,033
Segment Assets
2012-2013
2011-2012
19,14,86,098
17,26,85,365
3,19,70,763
5,18,20,070
7,82,253
17,96,365
22,42,39,114
22,63,01,800
Segment Assets
(Unallocated)
2012-2013
2011-2012
-
-
-
1,59,17,901
81,39,467
Total Assets
2012-2013
2011-2012
19,14,86,098
17,26,85,365
3,19,70,763
5,18,20,070
7,82,253
17,96,365
24,01,57,016
23,44,41,267
Segment Liabilities
2012-2013
2011-2012
10,30,76,106
11,31,04,628
1,16,198
95,64,524
24,210
13,49,373
10,32,16,514
12,40,18,524
Unallocated Liabilities
2012-2013
2011-2012
-
-
-
1,46,79,161
24,81,094
Total Liabilities
2012-2013
2011-2012
10,30,76,106
11,31,04,628
1,16,198
95,64,524
2,4,210
13,49,373
24,01,57,016
23,44,41,267
Capital Expenditure Incurred
2012-2013
2011-2012
85,58,675
35,00,744
27,000
-
85,58,675
35,27,744
Segment Depreciation
2012-2013
2011-2012
2012-2013
2011-2012
15,48,141
13,77,015
52,47,30,368
41,33,55,398
14,200
8,709
11,89,50,092
14,45,92,317
64,97,125
66,76,695
15,62,341
13,85,723
65,01,77,584
56,46,24,410
Non Cash Expenses
other than depreciation
There are no reportable geographical segments as the companies operation are confined to only one geographical
location.
40
Note 34:
Contingent Liability:
1. Corporate Guarantee to bank on behalf of Joint Venture enterprise for loan obtained by it. - ` 2,80,00,000
(Previous Year - ` 2,80,00,000)
2. Claim against the company/disputed liabilities not acknowledged as debts - ` 13,92,680 (Previous Year ` 13,92,680)
Note 35:
The company has not received any declaration from its vendors under Micro, Small and Medium Enterprises Act 2006
Note 36:
The Board of Directors had decided to discontinue the operations of Travels Division from 31.03.2013 is also a separate
segment as per Acounting Standard -17. This closure is consistent with the Long Term Strategy of the Company to focus
its activities in the areas of "Food and Beverage"
The following statement shows the revenue and expenses of continuing and discontinuing operations
(Rupees in Lakhs)
Continuing operations Discontinuing operations
Total
Particulars
Turnover
Operating Expenses
Consumption of Provision
& Stores
Purchase of tickets
Employee Benefit expenses
Depreciation and amortization
expenses
Other expenses
Total
Pre-Tax profit from
operating activities
Interest expenses
Profit/(Loss) before Tax
Income Tax expenses
Profit/(Loss) from
operating activities after Tax
2013
2012
2013
2012
2013
2012
5,612.83
4,436.26
1,194.75
1,464.12
6,807.58
5,900.38
1,240.92
3,421.09
867.52
2,870.26
1,122.55
18.80
1,365.60
21.89
1,240.92
1,122.55
3,439.89
867.52
1,365.60
2,892.15
15.48
650.27
5,327.76
13.77
462.54
4,214.09
0.14
48.15
1,189.64
0.09
58.43
1,446.01
15.62
698.42
6,517.40
13.86
520.97
5,660.10
285.07
10.89
274.18
89.02
222.17
8.91
213.26
78.72
5.11
5.11
1.73
18.11
18.11
6.98
290.18
10.89
279.29
90.75
240.28
8.91
231.37
85.70
185.15
134.54
3.38
11.13
188.53
145.67
The closure of travel division is owing to the current scenario where tickets are booked online and the IATA recognised
agents role is very limited. The profitability of this segment has been very low and the Board of the Company ware of
the opinion that resources, fund which are spent on that activity could be more profitability deployed in "Food and
Beverages"
The Company will be redeploy its manpower and assets in other activities. No provision for impairment of assets is
considered essential and the management is to be full of realizing all its receivable in the next three months
Note 37:
Figures for the previous year have been regrouped or rearranged wherever necessary
As per Our report of Even Date
Sucharitha Reddy
Managing Director
R. Rajaram
Partner
Place: Chennai
Date : 21.05.2013
Suresh R. Madhok
Director
G. Venkatraman
Director
41
CASH FLOW STATEMENT FOR THE YEAR ENDED 31st MARCH 2013
A
CASH FLOW FROM OPERATING ACTIVITIES
Profit/(Loss) before tax
Depreciation
Interest Expenditure
(Profit)/loss on sale of assets
Interest Income
Operating Profit before working capital changes
Adjustments for
(Increase)/Decrease in Trade Receivables
(Increase)/Decrease in Inventory
Increase/(Decrease) in Trade Payables
Increase/(Decrease) in Other current liabilities
(Increase)/Decrease in Long term Loans & advances
(Increase)/Decrease in Other Non-current asset
(Increase)/Decrease in Short Term Loans & advances
(Increase)/Decrease in Other Current asset
Increase/(Decrease) in Gratuity Liability
Increase/(Decrease) in Bonus Liability
Increase/(Decrease) in Leave Encashment Liability
Cash generated from operations after working capital changes
Direct taxes paid
Cash generated from operations before Extra-ordinary items
Extra-ordinary Item
Net Cash Flow from Operating activities
(A)
B
C
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Fixed Assets
Sale of Fixed Assets
Fixed Deposits with Bank
Increase in Investment
Interest received
Net Cash flow from Investing activites
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Cash Credit with Bank
Repayment of car loan
Interest Paid
Dividend Paid
Tax on Dividend paid
Net Cash flow from Financing activites
Net Increase / Decrease in cash and cash equivalents
Cash and cash Equivalent at the beginning
Cash and cash Equivalent at the close
(B)
(C)
31-Mar-13
`
2,79,28,125
15,62,341
10,89,487
3,48,466
(2,96,558)
3,06,31,861
31-Mar-12
`
2,31,36,998
13,85,723
8,90,864
(1,75,087)
2,52,38,498
(48,40,465)
(10,49,963)
68,73,182
56,59,486
(24,92,190)
4,96,509
9,03,919
11,41,328
(34,25,052)
(9,50,000)
(9,66,032)
3,19,82,583
(1,00,31,095)
2,19,51,488
2,19,51,488
(5,17,41,730)
84,776
33,64,440
16,23,689
(16,00,490)
1,70,34,764
(16,22,990)
(11,91,328)
21,84,311
16,50,000
5,38,355
(44,37,705)
(1,13,07,677)
(1,57,45,382)
(1,57,45,382)
(85,58,675)
10,59,625
13,78,545
2,96,558
(58,23,947)
(35,27,744)
(3,05,856)
(80,860)
1,75,087
(37,39,373)
(1,36,19,858)
(5,55,533)
(10,89,487)
(32,50,500)
(1,85,15,378)
(23,87,837)
73,82,538
49,94,701
2,25,67,253
(4,99,145)
(8,90,864)
(32,50,500)
(5,39,876)
1,73,86,868
(20,97,887)
94,80,425
73,82,538
The schedules referred to above and the notes thereon form an integral part of the Profit & Loss Account
This is the Cash flow statement referred to in our report of even date
R. Rajaram
Partner
Sucharitha Reddy
Managing Director
Place: Chennai
Date : 21.05.2013
Suresh R. Madhok
Director
G. Venkatraman
Director
42
Apollo Sindoori Hotels Ltd
Registered & Corporate Office : 19-B, Anugraha Apartments,
41, Uthamar Gandhi Salai, Nungambakkam, Chennai - 600 034.
PROXY FORM
Dp Id...............................
Client ID........................
(For Share held in Demat Form)
Folio No.............................
(For Share held in Physical Form)
I/We................................................. being a Member/Members of Apollo Sindoori
Hotels Limited hereby appoint ................................... of.................................................. in
the district of ................................................................ as my/our Proxy vote for me/us on
my/our behalf at the Annual General Meeting of the Company to be held on 12th Aug. 2013
at 3.30 p.m. at Narada Gana Sabha, Mini Hall, T.T.K. Road, Chennai - 600 018. and at any
adjournment thereof.
Affix
Signature
Revenue
Stamp
N.B. : The instrument appointing proxy should be deposited at the Registered / Corporate office
of the Company not later than 48 hours before the commencement of the meeting.
Apollo Sindoori Hotels Ltd
Registered & Corporate Office : 19-B, Anugraha Apartments,
41, Uthamar Gandhi Salai, Nungambakkam, Chennai - 600 034.
ATTENDANCE SLIP
Name of the Member.............................................................................................................
No. of Shares Held..................................................................................................................
Name of the Proxy..................................................................................................................
(to be filled up only when a Proxy attends the meeting)
I hereby register my presence at the Annual General Meeting held on 12th Aug. 2013 at
3.30 p.m.at Narada Gana Sabha, Mini Hall, T.T.K. Road, Chennai - 600 018. and at any
adjournment thereof.
Signature of the Member / Proxy
Place :
Date :
The slip may please be handed over at the entrance of the meeting hall.
43
Sketch the Café is now open in Chennai to
open up taste buds. Indulge in a delectable
spread of pizzas, sandwiches, pasta, burgers,
cakes, pastries, beverages and health drinks, in
a lively ambience. Step in to Sketch the Café
and step in to the good side of life.
Open from 10.00am - 10.00pm.
41, anugraha, Next to Taj Coromandel.
Tel: 044 4206 4306
the cafe
19-B, Anugraha Apartments, 41, Uthamar Gandhi Salai
Phone: 044 - 4206 4306

2013 - apollo sindoori

Transcription

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