- Term Loan from Union Bank of India(Andhra Bank) (INR 1500 lacs) was repayable in equal installment within 7 years period from 17-08-2014 and carried interest of EBLR plus 4.50% pa. Term Loan from Union Bank of India is secured by paripassu charge over entire fixed assets and charge on current assets. However, after restructuring of the limit availed by the company, repayment of the term loan shall be made in 36 equal monthly installments after the morotorium period of 12 months from cut off date i.e. 14-05-2021.
- Vehicle loans are secured by hypothecation of the respective vehicles. The loan is payable in equated monthly installments within 5 years period from the date of disbursement of the loan.
Term Loan from Union Bank of India(Andhra Bank) (INR 1500 lacs) is repayable in equal installment within 7 years period from 17-08-2014 and carried interest of 11.30% pa. Term Loan from Union Bank of India is secured by paripassu charge over entire fixed assets and charge on current assets. However, after restructuring of the limit availed by the company, repayment of the term loan shall be made in 36 equal monthly installments after the moratorium period of 12 months from cut off date i.e. 14-05-2021.
*Vehicle loans are secured by hypothecation of the respective vehicles. The loan is payable in equated monthly installments within 5 years period from the date of disbursement of the loan.
Note:- "The Company on the basis of legal opinion is of the firm belief that the above demands are not tenable and highly unlikely to be retained by higher authorities and is accordingly not carrying any provision in its books in respect of such demands. The amounts disclosed are based on the notices/ orders received from the authorities."
* As per the letter No. D/Tax/HQ/Cir.CNZ/SDMC/2021-22/5833 dated 30th March,2022 an amount of Rs. 516.32 lacs/- is demanded by the Municipal Authorities towards arrears of Property Tax (principal and interest) as on 31st March, 2022 and it is pending adjudications before the Hon'ble Delhi High Court.
**“ CJSC CHL International, our subsidiary Company has taken a term loan of USD 32.50 mn from the Export Import Bank of India (EXIM Bank) for the construction of a five star hotel in Dushanbe, Tajikistan, for which the Corporate and Personal Guarantee were executed.
Pursuant to the filing of Case No. 52/2023, by the CJSC CHL International, our subsidiary Company, against the Export Import Bank of India (EXIM Bank) before the Economic Court of Tajikistan at Dushanbe in respect of above loan , the Economic Court of Tajikistan vide judgement dated 12.12.2023 has held the liability of USD 34 Million.
During the pendency above case, EXIM Bank, the Principle Borrower and Guarantors have entered into a One Time Settlement (OTS) on 23.11.2023, modified on 08.12.2023.
Pursuant to above OTS, the EXIM Bank filed applications in the Pending Original Applications being Transfer Application No. 221 of 2022 titled EXIM Bank vs Dr. Lalit Kumar Malhotra and Transfer Application No. 224 of 2022 titled EXIM Bank vs CHL Limited before Debt Recovery Tribunal-III, Delhi filed against the Personal and Corporate Guarantors and respectively, thereby bringing on record that settlement is under implementation.
Beside above, EXIM Bank‘s Civil Appeal bearing No. 1671 of 2019 pending before Hon'ble Supreme Court of India , challenging the judgement dated 16.01.2019 passed by National Company Law Appellate Tribunal (NCLAT), New Delhi upholding the decision of Hon'ble NCLT, Delhi of dismissing the petition under Section 7 of IBC, 2016, of the EXIM Bank.
27. i) Other advances are for business purposes and do-not carry interest. ii) Legal & Professional charges include payment of auditors.
28. The Fixed Deposits are pledged with:
i) Statutory Authorities - Rs. 1.57 lacs (Rs.1.57 lacs),
ii) BSES - Rs. 33.93 lacs (Rs.32.17 lacs).
29. Estimated amount of contracts remaining to be executed on capital account, net of advances:
This year is Rs.141.51 lacs (previous year Rs.114.60 lacs).
30. Debts due to or by the company, are generally confirmed in most of the cases by the parties.
31. During the year the company has paid an interest free Security Deposit aggregating to Rs 244 lac for availing the Wet Lease of Helicopter for ferrying guests to and from Dushanbe where the hotel of our subsidiary company is operating. The terms and conditions are being discussed and a formal agreement will be signed shortly.
32. In the opinion of the management, the assets of the company have a value on realization, in the normal course of business, at least equal to the amounts stated in the balance sheet.
33. MICRO AND SMALL ENTERPRISES
The company has received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence disclosure relating to the amounts unpaid at the year end under this Act is Nil. There is no overdue payment and hence no interest has been provided.
34. EMPLOYEES BENEFITS Defined Contribution Plans
Retirement benefit in the form of provident fund, family pension fund and ESI is a defined contribution scheme.
Defined Benefit Plans
In accordance with Ind AS 19, actuarial valuation was done in respect of Gratuity and Compensated absence-Earned Leave. The gratuity liability amount contributed to an approved gratuity fund. The Compensated absence - Earned leave is calculated based on the following assumptions:-
38. 38. The company, in respect of financial year commencing on 01.04.2023, has used accounting software for maintaining its books of accounts which have a feature of recording audit trail (edit log) facility and the same has been operated throughout the year for all relevant transactions recorded in the software except in respect of maintenance of property, plant and equipment records wherein the accounting software did not have the audit trail feature enabled throughout the year, as this job was outsourced. Further, there is no instance of audit trail feature being tampered with.
39. Amount transferred to Investor Education and Protection Fund as required under section 124 and 125 of the Companies Act 2013 - Rs. Nil (Previous Year Rs. Nil lacs)
40. FINANCIAL RISK MANAGEMENT
The Company's financial risk management is an integral part of how to plan and execute the business strategies. The Company's financial risk management policy is set by the Managing Board.
i. Credit Risk
a) Credit risk on trade receivables is managed by ensuring that credit is extended to customers with an established credit history. To manage this, the Company periodically assess the financial reliability of customer taking into account the credit history, past experience and other relevant factors. Individual risk limits are set accordingly. In respect of walk-in customers, the Company does not allow any credit period and therefore is not exposed to any credit risk.
b) Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company and the debt is outstanding for a sufficient period and depending upon case to case basis. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable dues. When recoveries are made, these are recognized in profit or loss.
The Company believes that no impairment allowance is necessary in respect of abovementioned financial assets, considering the marketable value of debtors. Balance with banks are subject to very low credit risk due to good credit rating assigned to these banks.
ii. Liquidity risk
Liquidity risk is the risk that the company will encounter difficulty in meeting obligations associated with financial liabilities. The board has developed a risk management framework for the management of the company's short, medium and long-term liquidity requirements thereby ensuring that all financial liabilities are settled as they fall due. The company manages liquidity risk by continuously reviewing forecasts and actual cash flows, and maintaining banking facilities to cover any shortfalls.
iii. Capital Management
For the purpose of the Company's capital management, capital includes issued capital and all other equity reserves. The primary objective of the Company's Capital Management is to maximize shareholder value. The Company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirement of the financial covenants.
The company monitors capital using gearing ratio, which is total debt divided by total capital plus debt.
41. Segment Reporting:
The Company operates only in one reportable segment, i.e. Hospitality/Hotel Business.
42. Previous year's figures have been regrouped and rearranged wherever necessary to make it comparable with the Current Years figures. All figures have been rounded off to nearest lac rupee.
|