(a) Term Loan from Banks is secured by way of first charge on all fixed assets of the Company and assignments of rights under lease agreements for hotels taken on lease basis, personal guarantee of promoters and corporate guarantee of Hotel Relax Pvt. Ltd. Rate of Interest is 12.45% p. a. (Previous year 13.20% p. a.)
(b) Vehicle Loan from Bank is secured by hypothecation of Motor Vehicle Purchased there against. Rate of Interest on Car Loan is 9.41% p.a.
Notes: (a) Overdraft facility is secured against fixed deposit receipt of Rs,20,00,000 (P.Y.Rs,20,00,000). Cash Credit facility is secured by way of first charge on all
current assets of the Company including hypothecation of inventory/book debts/consumable stores & spares and extension of assignments of rights under lease agreements for hotels taken on lease basis, personal guarantee of promoters & corporate guarantee of Hotel Relax Pvt. Ltd. Rate of interest is 12.20% p.a. (Previous year 12.95% p.a.)
Note: Based on the information available with the Company, there are no parties who have been identified as micro, small and medium enterprises based on the confirmations circulated and responses received by the management.
Note: There ar e no amounts due as at March 31, 2016, which needs to be credited into the Investor Education and Protection Fund under Section 124 of the Companies Act, 2013.
1: Other Notes
1. | Corporate Information
The Byke Hospitality Limited “TBHL” or the “Company”, is a listed public limited company incorporated in 1990. It is promoted by Hotel Relax Pvt. Ltd., which holds a significant stake in the Company. The Company is primarily engaged in the business of owning, operating & managing hotels & resorts.
2. Balances of the debtors, creditors, advances and deposits are subject to confirmation, reconciliation and adjustments, if any. The management does not expect any material difference affecting the current year’s financial statements.
3. In the opinion of the management, all the assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.
4. | Disclosure pursuant to Accounting Standard - 15 ‘Employee Benefits’
Employee benefit plans
The Company makes Provident Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized Rs,9,65,454 (Year ended 31 March, 2015 Rs,2,30,014) for Provident Fund contributions in the Statement of Profit and Loss.
The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.
Defined benefit plans
The following tables set out the disclosure prescribed by AS-15 in respect of company’s unfunded status of the defined benefit schemes and the amount recognized in the financial statements:
* The discount rate is based on the prevailing market yields of Government of India securities as at the Balance Sheet date for the estimated term of the obligations. Estimates of future salary increases, considered in a actuarial valuation, takes account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.
Since the Company was not obliged to fund for its gratuity liability, there is no returns on the planned assets and hence the details related to changes in fair value of assets have not been given.
5. | Related Party Disclosure
a. Details of Related Parties
Description of Relationship Names of Related Parties
(a) Key Management Personnel (KMP) and their relatives Anil Patodia (Managing Director)
Satyanarayan Sharma (Director)
(b) Individuals owning directly or indirectly interest in voting power Archana Patodia that gives them control and their relatives
Vinita Patodia Kamal Poddar Arun Poddar Hemlata Poddar
(c) Enterprises over which (a) & (b) are able to Hotel Relax Pvt. Ltd. exercise significant influence Manbhari Biofuels Pvt. Ltd.
Aqua Pumps Pvt. Ltd.
Anil Patodia HUF Sunil Patodia HUF Choice International Ltd.
Ms. Shree Shakambhari Exims
Note: Related parties have been identified by the management
6. | Expenditure on Corporate Social Responsibility
(a) Gross amount required to be spent by the Company during the year Rs,40,78,626/-
7. | Previous Year''''s Figures
Previous year’s figures have been regrouped / reclassified wherever necessary to correspond with the current year’s classification / disclosure.