Notes to Accounts of Lords Ishwar Hotels Ltd.

Mar 31, 2024

(ii) Terms & Rights attached to Equity Shares:

The Company has only one class of Equity Shares having a par value of Rs. 10/- each. Each Equity shareholders is entitled to one vote per Shares held.

Fair Value hierarchy

This section explains the estimates and judgments made in determining the fair values of Financial Instruments that are measured at fair value and amortized cost and for which fair values are disclosed in financial statements. To provide an indication about reliability of the inputs used in determining the fair values, the company has classified its financial instruments into the three levels prescribed under accounting standards. An explanation of each level follows underneath the table:

Level 1: includes financial Instrument measured using quoted prices (unadjusted) in active markets for identical assets and liabilities that the entity can access at the measurement date.

Level 2: Includes financial Instruments which are not traded in active market but for which all significant inputs required to fair value the instrument are observable. The fair value is calculated using the valuation technique which maximizes the use of observable market data.

Level 3: Includes those instruments for which one or more significant input are not based on observable market data.

The following table presents fair value hierarchy of assets and liabilities measured at fair value as of 31^st March, 2024:

The carrying amount of cash and cash equivalents, trade receivables, loans, other financial assets, trade payables and other financial liabilities are considered to be the same as their fair value due to their short term nature and are in close approximation of fair value.

The Company''s investment in the equity shares of other Companies is recognized at cost.

28. Financial Risk Management Financial Risk factors

The Company''s activities expose it to a variety of financial risks: market risk, liquidity risk and credit risk.

Market risk

There is no market risk because Company has not any exposure in foreign currency and no such borrowing with any financial institution.

Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting its obligations associated with its financial liabilities.

The Company''s principle source of liquidity is cash and cash equivalent and cash flows from operation. The Company has no outstanding bank borrowings as on 31^st March 2024. The Company believes that working capital is sufficient to meet its current requirements. Accordingly, no liquidity risk is perceived.

Credit Risk

Credit risk is the risk that counter party will not meet its obligation under a financial instrument leading to a financial loss. The company is exposed to credit risk from investments, trade receivables, cash and cash equivalents, loans and other financial assets. The Company''s credit risk is minimized as the Company''s financial assets are carefully allocated to counter parties reflecting the credit worthiness.

29. CAPITAL RISK MANAGEMENT

For the purpose of managing Capital, Capital includes issued equity share capital and reserve attributable to the equity holders.

The objectives of the company''s capital management are to:

-Safeguard their ability to continue as going concern so that they can continue to provide benefits to their shareholders.

- Maximize the wealth of the shareholder.

- Maintain optimum capital structure to reduce the cost of the capital.

In order to achieve this overall objective, the Company''s capital management, amongst other things, aims to ensure that it meets financial covenants attached to the loans and borrowings that define capital structure requirements. There have been no breaches in the financial covenants of any loans and borrowing in the current period.

No changes were made in the objectives, policies or processes for managing capital during the years ended 31^st March, 2024 and 31^st March, 2023.

30. Micro, Small and Medium Enterprises:

The disclosures relating to Micro, Small and Medium Enterprises Development Act, 2006 are as under:

• The amount due to micro and small enterprises as defined in “The Micro, Small and Medium Enterprises Development Act, 2006” has been determined to the extent such parties have been identified on the basis of information collected by the management. This has been relied upon by the Auditors.

31. Contingent Liabilities: (To the extent not provided for)		(Rs. in Lacs)
Sr.	Particulars	As at
No		31.03.2024
(a)	Service Tax matter under appeal (FY 2004-05 & 2005-06) Service Tax demand under dispute: 4.08 Service Tax Penalty: 4.08 Amount Paid: 4.08 Balance amount under Dispute	4.08

32. As the Company is engaged in only one segment of Hotel Business, the disclosure requirement of Accounting Standard (Ind AS-108) on “Operating Segment” are not applicable. Further the Company operates only in India; hence additional information under geographical segment is also not applicable.

The Managing Director of the Company has been identified as The Chief Operating Decision Maker (CODM). The Chief Operating Decision Maker also monitors the operating results as one single segment for the purpose of making decisions about resource allocation and performance assessment and hence, there are no additional disclosures to be provided other than those already provided in the financial statements.

No Customer individually accounted for more than 10% of the revenue in the year ended 31^st March, 2024 and 31^st March, 2023.

33. The total consumption of items of raw materials, stores and spares are indigenous only.

34. Gratuity - Disclosure pursuant to Ind AS-19:

In accordance with the applicable laws, the Company provides for gratuity, a defined benefit retirement plan (“The Gratuity Plan”) covering eligible employees. The Gratuity Plan provides for a lump sum payment to vested employees on retirement (subject to completion of five years of continuous employment), death, incapacitation or termination of employment that are based on last drawn salary and tenure of employment. Liabilities with regard to the Gratuity Plan are determined by actuarial valuation on the reporting date and the Company makes annual contribution to the gratuity fund administered by Life Insurance Companies under their respective Group Gratuity Schemes.

35. In the opinion of the Board, the Current Assets, Loan and Advances would if realized in the ordinary course of business, be of approximately the value at which they are stated in the Balance Sheet.

45. Other Statutory Disclosures

(a) The Company does not have Lease liability and hence no reporting related to the same has been made.

(b) There has been no revaluation to Property, Plant and Equipments.

(c) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

(d) The Company does not have capital work-in-progress or in-tangible asset under development.

(e) The Company holds all the title deeds of immovable property in its name.

(f) The Company has not granted any loans or advances to promoter, director, KMP in nature of loan.

(g) The Company does not hold any loans or borrowings secured against current asset.

(h) The Company is not declared willful defaulter by bank or financial institution or other lender.

(i) The Company has not applied for any scheme of arrangement under Sections 230 to 237 of Companies Act, 2013.

(j) The Company is not covered under Section 135 of Companies Act, 2013. Hence it is not required to make CSR expense.

(k) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

(l) The Company have not traded or invested in Crypto Currency or Virtual Currency during the period/year.

(m) The Company does not have any transaction not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessment under the Income Tax Act, 1961.

(n) The Company does not have number of layer of Companies as prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.

(o) Unutilized borrowed funds are kept with the bank for the interim until final utilization for the purpose borrowed for. The Company has created Securities Premium consequent to issue of shares at premium. These reserves can be utilized in accordance with Section 52 of the Companies Act, 2013.

(p) The Company has used accounting softwares for maintaining its books of account for the financial year ended March 31, 2024, which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the softwares.

46. Previous year figure(s) has/have been reclassified and or rearranged wherever necessary.

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Mar 31, 2015

1. Micro, Small and Medium Enterprises:

The information available with the company, there are no Micro, Small and Medium Enterprises in respect of whom the Company dues are outstanding for more than 45 days at the Balance Sheet.

2. Contingent Liabilities:

(to the extent not provided for) (Rs.) Sr. Particulars As at 31.03.2015 No Service Tax matter under appeal (FY 2004-05 & 2005-06)

(a) Service Tax demand under dispute: 408,000

Service Tax Penalty: 408,000

Amount Paid: 200,000

Balance amount under Dispute 616,000

Luxury Tax matter under dispute (FY : 1999-2000)

Luxury Tax demand under dispute: 243,000 662 000

(b) Luxury Tax Interest: 55,000

Luxury Tax Penalty: 364,000

Total Amount under Dispute

3. Gratuity:

As per Accounting Standard -15 - Accounting for Employees benefits as defined in the accounting standard, the summarized components of net benefit expense are recognized in Statement of Profit and Loss and the funded status and the amount are recognized in the balance sheet. The details of Group Gratuity Scheme as approved with LIC are as follows :

4. The Company operates one business namely "Hotelier" in India only; hence, business segment/ geographical segment reporting under Accounting Standard -17 issued by the Institute of Chartered Accountants of India are not applicable.

5. The total consumption of items of raw materials, stores and spares are indigenous only.

6. In the opinion of the Board, the Current Assets, Loan and Advances would if realized in the ordinary course of business, be of approximately the value at which they are stated in the Balance Sheet.

7. Related Party Disclosures:

As per Accounting Standard - 18 issued by Institute of Chartered Accountant of India, the bodies in which Directors and/or their relatives, promoters are interested & having transaction and / balances:

i. ANS Constructions Ltd.

ii. Lords Inn Hotels and Developers Ltd.

iii. Kesar Motels Pvt. Ltd.

iv. Sai Ram Krupa Hotels Pvt. Ltd.

v. Lords Oriental Resorts Developers (Silvassa) Pvt. Ltd.

vi. Srijan Holdings Ltd.

8. There is no amount due and outstanding to "Investors Education and Protection Fund".

9. Previous year figure (s) have been re-classified and / or rearranged where ever necessary.

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Mar 31, 2014

1. Micro, Small and Medium Enterprises:

The information available with the company, there are no Micro, Small and Medium Enterprises in respect of whom the Company dues are outstanding for more than 45 days at the Balance Sheet.

2. Contingent Liabilities: (to the extent not provided for) (Rs. )

Sr. No Particulars As at 31.03.2014

Service Tax matter under appeal (FY 2004-05 & 2005-06) (a) Service Tax demand under dispute: 408,000

Service Tax Penalty: 408,000

Amount Paid: 200,000 616,000

Balance amount under Dispute

Luxury Tax matter under dispute (FY : 1999-2000)

Luxury Tax demand under dispute: 243,000

662,000

(b) Luxury Tax Interest: 55,000

Luxury Tax Penalty: 364,000 Total Amount under Dispute

3. Gratuity:

As per Accounting Standard -15 – Accounting for Employees benefits as defined in the accounting standard, the summarized components of net benefit expense are recognized in Statement of Profit and Loss and the funded status and the amount are recognized in the balance sheet. The details of Group Gratuity Scheme as approved with LIC are as follows:

4. The Company operates one business namely "Hotelier" in India only; hence, business segment/ geographical segment reporting under Accounting Standard -17 issued by the Institute of Chartered Accountants of India are not applicable.

5. The total consumption of items of raw materials, stores and spares are indigenous only.

6. In the opinion of the Board, the Current Assets, Loan and Advances would if realized in the ordinary course of business, be of approximately the value at which they are stated in the Balance Sheet.

7. Related Party Disclosures:

As per Accounting Standard - 18 issued by Institute of Chartered Accountant of India, the bodies in which Directors and/or their relatives, promoters are interested & having transaction and / balances:

i. ANS Constructions Ltd.

ii. Lords Inn Hotels and Developers Ltd.

iii. Kesar Motels Pvt. Ltd.

iv. Sai Ram Krupa Hotels Pvt. Ltd.

v. Lords Oriental Resorts Developers (Silvassa) Pvt. Ltd.

vi. Srijan Holdings Ltd.

8. As per Accounting Standard 28, the Company dose not has impaired assets as verified by the management during the year.

9. There is no amount due and outstanding to "Investors Education and Protection Fund".

10. Previous year figure(s) have been reclassified and or rearranged wherever necessary.

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Mar 31, 2013

1. Micro, Small and Medium Enterprises:

The information available with the company, there are no Micro, Small and Medium Enterprises in respect of whom the Company dues are outstanding for more than 45 days at the Balance Sheet.

2. Contingent Liabilities:

(to the extent not provided for) Rs.

Sr. No Particulars As at 31.03.2013

(a) Service Tax matter under appeal (FY 2004-05 & 2005-06) Service Tax demand under dispute: 408,000 Service Tax Penalty: 408,000 Amount Paid: 200,000 616,000 Balance amount under Dispute

Luxury Tax matter under dispute (FY : 1999-2000)

(b) Luxury Tax demand under dispute: 243,000 662 000 Luxury Tax Interest: 55,000 Luxury Tax Penalty: 364,000 Total Amount under Dispute

3. Gratuity:

As per Accounting Standard -15 - Accounting for Employees benefits as defined in the accounting standard, the summarized components of net benefit expense are recognized in the Statement of profit and loss and the funded status and the amount are recognized in the balance sheet. The details of Group Gratuity Scheme as approved with LIC are as follows:

4. The company operates one business namely "Hotelier" in India only; hence, business segment/ geographical segment reporting under Accounting standard-17 issued by the Institute of Chartered Accountants of India are not provided.

5. The total consumption of items of raw materials, stores and spares are indigenous only.

6. In the opinion of the Board, the Current Assets, Loan and Advances would if realized in the ordinary course of business, be of approximately the value at which they are stated in the Balance Sheet.

7. Earnings per Share:

Earnings per share are calculated in accordance with Accounting Standard-20, notified by the Company''s (Accounting Standards) Rules, 2006.

8. Related Party Disclosures:

As per Accounting Standard - 18 issued by Institute of Chartered Accountant of India, the bodies in which Directors and/or their relatives, promoters are interested & having transaction and / balances:

i. ANS Constructions Ltd.

ii. Lords Inn Hotels and Developers Ltd.

iii. Kesar Motels Pvt. Ltd.

iv. Sai Ram Krupa Hotels Pvt. Ltd.

v. Lords Oriental Resorts Developers (Silvassa) Pvt. Ltd.

vi. Srijan Holdings Ltd.

9. As per Accounting Standard 28, the Company dose not has impaired assets as verified by the management during the year.

10. There is no amount due and outstanding to "Investors Education and Protection Fund".

11. Previous year figure(s) have been reclassified and or rearranged wherever necessary.

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Mar 31, 2012

* 732,300 equity shares of Rs. 10/- partly paid up @ Rs. 5/- each amounting Rs. 3,661,500/-.

The Company has re-issued & allotted 732,300 Forfeited Equity shares of face value of Rs. 10/- each at par for an amount aggregating Rs. 7,323,000 on Preferential basis to Promoters and Non- promoters of the Company. Allotment was made in pursuant to approval received by Bombay Stock Exchange Ltd.

1. Micro, Small and Medium Enterprises:

There are no Micro, Small and Medium Enterprises in respect of whom the Company dues are outstanding for more than 45 days at the Balance Sheet. These are on the information available with t he Company.

2. Contingent Liabilities:

(to the extent not provided for)

Sr.No Particulars As at 31.03. 2012

Service Tax matter under appeal(FY 2004-05 & 2005-06)

(a) Service Tax demand under dispute: Rs. 408,000

Service Tax Penalty: Rs. 408,000 Rs. 616,000

Amount Paid: Rs. 200,000

Balance amount under Dispute

(b) Luxury Tax matter under dispute (FY : 1999-00)

Luxury Tax demand under dispute: Rs. 243,000

Luxury Tax Interest: Rs. 55,000 Rs. 662,000

Luxury Tax Penalty: Rs. 364,000

Total Amount under Dispute

3. Gratuity:

As per Accounting Standard -15 - Accounting for Employees benefits as defined in the accounting standard, the summarized components of net benefit expense are recognized in the profit and loss Statement and the funded status and the amount are recognized in the balance sheet. The details of Group Gratuity Scheme as approved with LIC are as follows:

4. The Company has only one segment namely “Hotelier” so as per Accounting Standard 17 on segment reporting issued by the Institute of Chartered Accountants of India is not provided.

5. The total consumption of items of raw materials, stores and spares are indigenous only.

6. In the opinion of the Board, the Current Assets, Loan and Advances would if realized in the ordinary course of business, be of approximately the value at which they are stated in the Balance Sheet.

7. Earning per Share:

Earning per share is calculated in accordance with Accounting Standard-20, notified by the Company’s (Accounting Standards) Rules, 2006.

8. Related Party Disclosures: As per Accounting Standard 18 issue by Institute of Chartered Accountant of India, the related party disclosures are as followed:

Followings are the bodies in which Directors and/or their relatives, promoters are interested:

i. ANS Constructions Ltd.

ii. Lords Inn Hotels and Developers Ltd.

iii. Kesar Motels Pvt. Ltd.

iv. Sai Ram Krupa Hotels Pvt. Ltd.

v. Lords Oriental Resorts Developers (Silvassa) Pvt. Ltd.

vi. Srijan Holdings Ltd.

9. As per Accounting Standard 28, the Company dose not has impaired assets as verified by the management during the year.

10. The amount and disclosures included in the previous year have been reclassified or rearranged to conform to the compliances of the revised Schedule VI of the Companies Act, 1956.

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Mar 31, 2010

(2009-10) (Rs. in Lacs

Contingent Liabilities not provided for in respect of:

(a) Service Tax matter under appeal (FY : 2004-05 & 2005-06)

Service Tax demand under dispute Rs.4.08

Service Tax Penalty Rs.4.08

Amount Paid Rs.2.00

Balance Amount under Dispute 6.16

(b) Luxury Tax matter under

dispute (FY : 1999-00)

Luxury Tax demand under dispute Rs.2.43

Luxury Tax Interest Rs.0.55

Luxury Tax Penalty Rs.3.64 6.62

(c) Income - Tax matter under appeal

( A Y : 2004-05)

Penalty u/s 271 ( 1 ) ( c ) 0.40

Note: Future cash outflows in respect of (a) (b) & (c) above are Determinable on receipt of the judgments/decisions pending with various forums/ statutory authorities

(i) Contributions to Provident Fund and Gratuity Fund are charged to Profit and Loss Account.

(ii) Provision for Gratuity is being made. The arrangement with Life Insurance Corporation for creation of trust is properly done. (iii) Provision for Leave Encashment is made on the basis of actual leave outstanding at the end of the year based on the present pay structure.

- Foreign Exchange Transactions :

Transactions denominated in foreign currency settled / negotiated during a month are recorded at exchange rate on the date of settlement/ negotiation. Foreign currency transactions remaining not settled / negotiated at the end of each month are converted into rupees at the month end rates. All gains or losses on foreign exchange transaction other than those related to Fixed Assets are recognised in the Profit and Loss Account.

Taxation :

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of Income Tax Act, 1961.

Deferred Tax is recognised on timing differences being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

2. DEFERRED TAXES:

The Company, as on March 31, 2010, has deferred tax assets (primarily representing carry forward of losses and unabsorbed depreciation under tax laws) in excess of the deferred tax liabilities. In the absence of virtual certainty that sufficient future taxable income would be available against which deferred tax assets can be realised, the Company has not recognized the net deferred tax assets as on March 31, 2010.

3. As the turnover of the Company includes sales of food & beverages, it is not possible to give quantitative details of the turnover and food and beverages consumption. The Company has been exempted from disclosure of quantitative details in compliance of Para 3(i) (a) of Part II of Schedule VI of the Companies Act, 1956 vide Order No.46/4/2010-CL-III dated 20/01/2010 issued by Ministry of Corporate Affairs, Government of India.

4. The Company has initiated the process of obtaining details from Sundry Creditors who are registered under the Micro, Small and Medium Enterprises Development Act, 2006. To the extent that the Company has received information, it has evaluated that there are no amounts due to the Creditors who are registered under the said Act beyond the period of 45 days.

5. As per Accounting Standard -15 – Accounting for Employees benefits as defined in the accounting standard the summarised components of net benefit expense recognised in the profit and loss account and the funded status and the amount recognised in the balance sheet. The details of Group Gratuity Scheme as approved with LIC are as follows:

6. Capital expenditure commitments of Rs. NIL (Pre. Year Rs. NIL)

7. Directors Remuneration Previous Year

Rs. NIL/- Rs. NIL/-

8. C.I.F. Value of Imports: NIL (Pre. Year Rs. 4,77,940/- )

9. The total consumption of items of raw materials, stores and spares are indigenous only.

10. Earning in foreign currency: Rs10,96,953/- (Pre. Year Rs. 27,05,187 /-)

11. Expenditure in Foreign Currency: Rs. NIL (Pre. Year Rs. NIL)

12. In the opinion of the Board, the Current Assets, Loans and Advances would if realised in the ordinary course of business, be of approximately the value at which they are stated in the Balance Sheet.

13. As required by Accounting Standard – AS 18 "Related Parties Disclosures" issued by the Institute of Chartered Accountants of India are given below:

- Followings are the bodies in which Directors and/or theirs relatives, promoters are interested:

A. ANS Constructions Ltd.

B. Radheshyam Bansal Engineers India Ltd.

C. Lords Inn Hotels and Developers Ltd.

D. Kesar Motels Pvt. Ltd.

14. Segment Reporting:

Accounting Standard 17 issued by The ICAI regarding Segment Reporting has been considered by us taking in to account the organisation structure etc. of the company. As the company has no operations any where else than the head office, hence, Geographical Segment is not applicable. Similarly, company is not operating any other business operations thus, disclosure requirements of AS-17 is not applicable to the company.

15. As per Accounting Standard 28, the Company does not have impaired assets as verified by the management during the year under review.

16. Previous year figures have been regrouped and/or rearranged wherever found necessary.