Notes to Accounts of Ras Resorts & Apart Hotels Ltd.

Mar 31, 2025

(xiii) Provisions & Contingent Liabilities:

The Company recognizes a provision when there is a present obligation (legal or constructive)
as a result of a past event and it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation and a reliable estimate can be made of the amount
of the obligation.

Contingent liabilities are disclosed when there is a possible obligation arising from past events,
the existence of which will be confirmed only by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the Company or a present obligation that
arises from past events where it is either not probable that an outflow of resources will be required
to settle the obligation or a reliable estimate of the amount cannot be made.

(xiv) Earnings per share

Basic earnings per share is calculated by dividing the net profit / (loss) for the year attributable to
the equity shareholders by weighted average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit / (loss) for the period
attributable to equity shareholders and the weighted average number of shares outstanding during
the period are adjusted for the effects of all dilutive potential equity shares.

(xv) Dividend

Dividend to the equity shareholders is recognized as a liability in the Company’s financial
statements in the period in which the dividend is approved by the shareholders.

2. USE OF ESTIMATES AND JUDGEMENTS

The preparation of financial statements in conformity with Ind AS requires management to make
judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, income,
expenses and disclosures of contingent liabilities at the reporting date. However, uncertainty about
these assumptions and estimates could result in outcomes that require a material adjustment to the
carrying amount of the asset or liability affected in future periods.

Estimates and underlying assumptions are reviewed at each reporting date. Any revision to accounting
estimates and assumptions are recognised prospectively i.e. recognised in the period in which the
estimate is revised and future periods affected.

(i) Recognition and measurement of defined benefit obligations

The cost of defined benefit plans and the present value of the defined benefit obligation are based
on actuarial valuations using the projected unit credit method. An actuarial valuation involves
making various assumptions that may differ from actual developments in the future. These
include the determination of discount rate, future salary increase and mortality rates. Due to the
complexities involved in the valuation and its long-term nature, a defined benefit obligation is
highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting
date.

(ii) Fair value measurement of financial instruments

When the fair values of the financial assets and liabilities recorded in the balance sheet cannot
be measured based on the quoted market prices in active markets, their fair value is measured
using valuation techniques. The inputs to these models are taken from the observable market,
where possible, but where this is not feasible, a review of judgement is required in establishing
fair values. Changes in assumptions relating to these assumptions could affect the fair value of
financial instruments.

(iii) Deferred taxes

Deferred tax is recorded on temporary differences between tax bases of assets and liabilities
and their carrying amounts, at the rates that have been enacted or substantively enacted at the
reporting date. The ultimate realization of deferred tax assets is dependent upon the generation
of future taxable profit during the periods in which those temporary differences and the tax loss
carry forwards become deductible. The Company considers the expected reversal of deferred tax
liabilities and projected future taxable income in making this assessment. The amount of deferred
tax assets considered realizable, however, could be reduced in the near term if estimates of future
taxable income during the carry forward periods are reduced.

b) Fair value hierarchy and Method of valuation

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value
that are either observable or unobservable and consists of the following three levels:

A. Level 1:

Level 1 hierarchy includes financial instruments measured using quoted prices in an active market. This
included listed equity instruments, traded debentures and mutual funds that have quoted price. The fair
value of all equity instruments (including debentures) which are traded in the stock exchanges is valued
using the closing price as at the reporting period. The company do not have any investment in financial
instruments that are quoted on stock exchanges.

B. Level 2:

Level 2 hierarchy includes financial instruments that are not traded in an active market The fair value in
this hierarchy is determined using valuation techniques which maximize the use of observable market
data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair
value an instrument are observable, the instrument is included in level 2. The company have no such
financial instruments that are value usng Level 2 hierarchy.

C : Level 3

If one or more of the significant Inputs is not based on observable market data, the instrument is
included in level 3. Fair values are determined in whole or in part using a valuation model based on
assumptions that are neither supported by prices from observable current market transactions in the
same instrument nor are they based on available market data. Financial instruments such as unlisted
equity shares, loans are included in this hierarchy.

c) Risk management framework

The Company’s principal financial liabilities include borrowing, trade and other payables. The
Company’s principal financial assets include loans, trade receivable, cash and cash equivalents and
others. The Company is exposed to credit risk, liquidity risk and market risk. The Company''s senior
managment oversees the management of these risks. The Company''s senior management provides
assurance that the Company’s financial risk activities are governed by appropriate policies and
procedures and that financial risks are identifed, measured and managed in accordance with the
Company''s policies and risk objectives.

d) Financial Risk Management

The Company has exposure to the following risks arising from financial instruments:

i) Credit Risk

ii) Liquidity Risk

iii) Market Risk

i) Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial
instrument fails to meet its contractual obligations, and arises principally from the Company''s
receivables from customers. To manage this, the Company periodically assesses the financial
reliability of customers, taking into account the financial condition, and ageing of accounts
receivable.

Credit risks arises from cash and cash equivalents, deposits with banks. The Company''s policy
is to place cash and cash equivalents and short term deposits with reputable banks and financial
institutions.

ii) Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations
associated with its financial liabilities that are settled by delivering cash or another financial
asset. The Company''s approach to managing liquidity is to ensure as far as possible that it will
have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed
condition, without incurring unacceptable losses or risking damage to the Company''s reputation.

The Management monitors rolling forecasts of the Company''s liquidity position on the basis of
expected cash flows.The Company’s objective is to maintain a balance between continuity of
funding and flexibility through the use of surplus funds, bank loans and inter-corporate loans.

iii) Market Risk

Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates
and commodity prices which will affect the Company’s income or the value of its holdings of financial
instruments. The objective of market risk management is to manage and control market exposures
within acceptable parameters, while optimising the return.

Currency risk

Currency risk is not material, as the Company''s primary business activities are within India and does
not have any exposure in foreign currency.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The company continously co-ordinates with its banker with
an indication of decline in market base rate of interest.

32. CAPITAL MANAGEMENT

The Company manages its capital to ensure that it will be able to continue as going conercn while
maximising the return to stakeholders through the optimisation of the debt and equity balance. The
capital structure of the Company consists of net debt and the total equity of the Company. For this
purpose, net debt is defined as total borrowings less cash and cash equivalents.

The Company manages its capital structure and makes adjustments in light of changes in economic
conditions and the requirements of the financial covenants. The funding requirments are met through
short-term/long-term borrowings. The Company monitors the capital structure on the basis of total debt
to equity ratio and maturity profile of the overall debt portfolio of the Company.

34. CONTINGENT LIABILITY

Nil

35. SEGMENT REPORTING

The segment reporting of the Company has been prepared in accordance with Indian Accounting
Standard (IND AS-108), "Operating Segments" .

Segment Reporting Policies

(a) Identification of Segments:

Primary - Business Segment

The Company has identified two reportable segments viz. Hoteliering & Real Estate on the basis
of the nature of services, the risk return profile of individual business and the internal business
reporting systems.

Secondary - Geographical Segment

The Company operates entirely in India and hence has no reportable geographical segment.

(b) Revenue and expenses have been identified to the segment on the basis of relationship to
operating activities of the segment. Revenue and expenses which relate to enterprise as a whole
and are not allocable to a segment on reasonable basis have been disclosed as "unallocable
expenses/Income". Since the Real Estate segment is still in ''preoperative stage'' all the other
unallocable expenses are allocated to Hoteliering segment.

(c) Segment assets and segment liabilities represent assets and liabilities in respective segments.
Investment and other assets and liabilities that cannot be allocated to a segment on reasonable
basis have been disclosed as "unallocated assets" and "unallocated liabilities".

---

Mar 31, 2024

c. Details of the rights, and restrictions attaching to each class of shares:

Equity Shares: The Company has one class of equity shares having a par value of '' 10/- per share. Each share holder is eligible for one vote per share held. In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the Company in proportion to share holding.

The tax rate used for the above reconciliations is the corporate tax rate of 25.168% for the year 2022-23 and for 2023-24 respectively payable by corporate entities in India on taxable profits under Indian Income Tax Laws as on financial statements signing date.

b) Fair value hierarchy and Method of valuation

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and consists of the following three levels:

A. Level 1 :

Level 1 hierarchy includes financial instruments measured using quoted prices in an active market. This included listed equity instruments, traded debentures and mutual funds that have quoted price. The fair value of all equity instruments (including debentures) which are traded in the stock exchanges is valued using the closing price as at the reporting period. The company do not have any investment in financial instruments that are quoted on stock exchanges.

B. Level 2:

Level 2 hierarchy includes financial instruments that are not traded in an active market The fair value in this hierarchy is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. The company have no such financial instruments that are value usng Level 2 hierarchy.

C. Level 3

If one or more of the significant Inputs is not based on observable market data, the instrument is included in level 3. Fair values are determined in whole or in part using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data. Financial instruments such as unlisted equity shares, loans are included in this hierarchy.

c) Risk management framework

The Company''s principal financial liabilities include borrowing, trade and other payables. The Company''s principal financial assets include loans, trade receivable, cash and cash equivalents and others. The Company is exposed to credit risk, liquidity risk and market risk. The Company''s senior managment oversees the management of these risks. The Company''s senior management provides assurance that the Company''s financial risk activities are governed by appropriate policies and procedures and that financial risks are identifed, measured and managed in accordance with the Company''s policies and risk objectives.

d) Financial Risk Management

The Company has exposure to the following risks arising from financial instruments:

i) Credit Risk

ii) Liquidity Risk

iii) Market Risk

i) Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers. To manage this, the Company periodically assesses the financial reliability of customers, taking into account the financial condition, and ageing of accounts receivable.

Credit risks arises from cash and cash equivalents, deposits with banks. The Company''s policy is to place cash and cash equivalents and short term deposits with reputable banks and financial institutions.

ii) Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure as far as possible that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed condition, without incurring unacceptable losses or risking damage to the Company''s reputation.

The Management monitors rolling forecasts of the Company''s liquidity position on the basis of expected cash flows.The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of surplus funds, bank loans and inter-corporate loans.

iii) Market Risk

Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates and commodity prices which will affect the Company''s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market exposures within acceptable parameters, while optimising the return.

Currency risk

Currency risk is not material, as the Company''s primary business activities are within India and does not have any exposure in foreign currency.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The company continously co-ordinates with its banker with an indication of decline in market base rate of interest

33. CAPITAL MANAGEMENT

The Company manages its capital to ensure that it will be able to continue as going conercn while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Company consists of net debt and the total equity of the Company. For this purpose, net debt is defined as total borrowings less cash and cash equivalents.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. The funding requirments are met through short-term/long-term borrowings. The Company monitors the capital structure on the basis of total debt to equity ratio and maturity profile of the overall debt portfolio of the Company.

35. CONTINGENT LIABILITY

Bank Guarantee issued in favour of Electricity Dept., Silvassa of '' 685,000/-. (P.Y. '' 685,000/-)

36. SEGMENT REPORTING

The segment reporting of the Company has been prepared in accordance with Indian Accounting Standard (IND AS-108), “Operating Segments”.

Segment Reporting Policies

(a) Identification of Segments:

Primary - Business Segment

The Company has identified two reportable segments viz. Hoteliering & Real Estate on the basis of the nature of services, the risk return profile of individual business and the internal business reporting systems.

Secondary - Geographical Segment

The Company operates entirely in India and hence has no reportable geographical segment.

(b) Revenue and expenses have been identified to the segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as “unallocable expenses/Income”. Since the Real Estate segment is still in ‘preoperative stage'' all the other unallocable expenses are allocated to Hoteliering segment.

(c) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investment and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as “unallocated assets” and “unallocated liabilities”.

37. Consequent to the adoption of the Indian Accounting Standard 19 “Employees Benefits” following disclosures have been made as required by the standard:- (Refer Note No.19, and Note No25)

(a) Defined Contribution Plan

Employees Provident Fund

(b) Defined Contribution Plan :

Gratuity: Unfunded

Method: Project Unit Cost Method

(ii) Associates, Joint ventures of the reporting entity, investing party or venture in respect of which reporting enterprise is an associate or joint venture - NIL

(iii) Individuals owning, directly or indirectly, an interest in voting power of the reporting an enterprise that gives them control or significant influence over the enterprises & relatives of any such individual - NIL

The transactions with related parties are at arms length pricing

39. Trade payable & Trade receivable and advance balances are subject to confirmation and subsequent reconciliation, if any.

40. Current assets, loans and advances have a value on realization in the ordinary course of business atleast equal to the amount at which they are stated.

41. Previous year''s figures have been regrouped & rearranged wherever necessary.

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Mar 31, 2015

1. Details of the rights, and restrictions attaching to each class of shares

Equity Shares: The Company has one class of equity shares having a par value of 10/- per share. Each share holder is eligible for one vote per share held. In the event of liquidation. The equity share holders are eligible to receive the remaining assets of the Company in proportion to share holding.

a) Time Share Refundable amount is Rs. 594,000/- (Previous Year: Rs. 594,000/-) which is refundable to the members at the end of thirty years from the date of subscription, and does not carry any interest.

b) Non-refundable deposit - Time Share dream vista is recognised as income equally over a period of 30 years from the date of sale of time share.

2. CONTINGENT LIABILITY

Bank Guarantee issued in favour of Electricity Dept. Silvassa of Rs. 750,000/-.

3. Capital Commitment(net of advances) Rs. 4,177,245/- (P.Y Rs. 2,211,720/-)

4. SEGMENT REPORTING

The segment reporting of the Company has been prepared in accordance with Accounting Standard (AS-17), "Accounting for Segment Reporting" issued by the institute of Chartered Accountants of India.

Segment Reporting Policies

(a) Identification of Segments:

Primary - Business Segment

The Company has identified two reportable segments viz. Hoteliering & Real Estate on the basis of the nature of services, the risk return profile of individual business and the internal business reporting systems.

Secondary - Geographical Segment

The Company operates entirely in India and hence has no reportable geographical segment.

(b) Revenue and expenses have been identified to the segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "allocable expenses". Since the Real Estate segment is still in 'preoperative stage' all the other unallocable expenses are allocated to Hoteliering segment.

(c) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investment, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "unallocated assets" and "unallocated liabilities".

5. Consequent to the adoption of the Revised Accounting Standard 15' Employees Benefits' (Revised) issued by the Institute of Chartered Accountants of India following disclosures have been made as required by the standard:- (Refer Note- 7)

(a) The Company operates post retirement defined benefit plans as follows :

Funded : Provided Fund

Unfunded : Post Retirement Gratuity

Method Used : Projected unit credit method

6. RELATED PARTY DISCLOSURE

The Names of related parties are as under:

(i) Enterprise that directly or indirectly control (through subsidiaries) or are controlled by or are under common control with the reporting enterprise. - NIL

(ii) Associates, Joint ventures of the reporting entity, investing party or venturer in respect of which reporting enterprise is an associate or joint venture. - NIL

(iii) Individuals owning, directly or indirectly, an interest in voting power of the reporting enterprises that gives them control or significant influence over the enterprises & relatives of any such individual. - NIL

(iv) Key Managerial Person (KMP) & their Relatives.

a) Key Management Personnel

Vishamber Shewakramani - Managing Director

Nalini Shewakramani - Executive Director

b) Relatives of Key management Personnel Tekchand Shewakramani

Kamla Shewakramani

Gautam Shewakramani

Rahul Shewakramani

(v) Enterprises over which any person described in (iii) & (iv) is able to exercise significant influence.

Associate Enterprises

Ras Stock & Financial Services Pvt. Ltd. Audio Compas (India) Pvt. Ltd.

Rahul Agrotech (I) Pvt. Ltd. Burger King Restaurant Pvt. Ltd.

Ras Erectors Pvt. Ltd. Gautam Enterprises

Hungry Jacks Fast Food Pvt. Ltd. Ras Business Premises Pvt.Ltd

Gautam Premises Pvt. Ltd. Ras Diu Hotels Pvt. Ltd.

The Details of the related party transactions entered into by the Company.

7. Trade payable & Trade receivable and advance balances are subject to confirmation and subsequent reconciliation, if any

8. Current assets, loans and advances have a value on realization in the ordinary course of business atleast equal to the amount at which they are stated.

9. Consequent to the enactment of the Companies Act, 2013 (the Act) and its applicability for accounting periods commencing after April 01, 2014, the Company has re-worked depreciation with reference to the estimated economic lives of Fixed Assets prescribed by Schedule II to the Act or actual useful life of assets, whichever is lower. In case of any asset, whose life has been completed as above, the carrying value, net residual value as at April 01, 2014 has been adjusted to the opening balance of retained earnings and in other cases, the carrying value has been depreciated over the remaining of revised life of the assets and recognized in the Profit and Loss. If these had been no change in the useful life of the assets, depreciation for the year would have been lower by Rs. 937,203/- consequently profit would have been higher by Rs. 937,203/-.

Deferred Tax on amount of Depreciation debited and retained earnings is also credited to retained earnings.

10. Previous year's figures have been regrouped & rearranged wherever necessary.

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Mar 31, 2014

1. CONTINGENT LIABILITY

Bank Guarantee issued in favour of Electricity Dept. Silvassa of Rs. 7,50,000/-.

2. Capital Commitment (net of advances) Rs. 22,11,720/- (PY Rs. 22,11,720/-)

3. SEGMENT REPORTING

The segment reporting of the Company has been prepared in accordance with Accounting Standard (AS-17), ''Accounting for Segment Reporting" issued by the institute of Chartered Accountants of India.

Segment Reporting Policies

(a) Indentification of Segments:

Primary - Business Segment

The Company has identified two reportable segments viz. Hoteliering & Real Estate on the basis of the nature of services, the risk return profile of individual business and the internal business reporting systems.

Secondary - Geographical Segment

The Company operates entirely in India and hence has no reportable geographical segment.

(b) Revenue and expenses have been identified to the segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "allocable expenses". Since the Real Estate segment is still in ''preoperative stage'' all the other unallocable expenses are allocated to Hoteliering segment.

(c) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investment, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "unallocated assets" and "unallocated liabilities".

4. Consequent to the adoption of the Revised Accounting Standard 15''Employees Benefits'' (Revised) issued by the Institute of Chartered Accountants of India following disclosures have been made as required by the standard:- (Refer Note-7)

(a) The Company operates post retirement defined benefit plans as follows : Funded : Provided Fund

Unfunded : Post Retirement Gratuity

Method Used : Projected unit credit method

5. RELATED PARTY DISCLOSURE

The Names of related parties are as under:

(i) Enterprise that directly or indirectly control (through subsidiaries) or are controlled by or are under common control with the reporting enterprise. - NIL

(ii) Associates, Joint ventures of the reporting entity, investing party or venturer in respect of which reporting enterprise is an associate or joint venture. - NIL

(iii) Individuals owning, directly or indirectly, an interest in voting power of the reporting enterprises that gives them control or significant influence over the enterprises & relatives of any such individual. - NIL

(iv) Key Managerial Person (KMP) & their Relatives.

a) Key Management Personnel

Vishamber Shewakramani - Managing Director Nalini Shewakramani - Executive Director

b) Relatives of Key management Personnel

Tekchand Shewakramani Kamla Shewakramani Gautam Shewakramani Rahul Shewakramani (v) Enterprises over which any person described in (iii) & (iv) is able to exercise significant influence. Associate Enterprises Ras Stock & Financial Services Pvt. Ltd. Audio Compas (India) Pvt. Ltd.

Rahul Agrotech (I) Pvt. Ltd. Burger King Restaurant Pvt. Ltd.

Ras Erectors Pvt. Ltd. Gautam Enterprises

Hungry Jacks Fast Food Pvt. Ltd. Ras Business Premises Pvt. Ltd

Gautam Premises Pvt. Ltd. Ras Diu Hotels Pvt. Ltd.

6. Trade payable, Trade receivable and advance balances are subject to confirmation and subsequent reconciliation, if any.

7. Current assets, loans and advances have a value on realization in the ordinary course of business atleast equal to the amount at which they are stated.

8. Previous year''s figures have been regrouped & rearranged wherever necessary.

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Mar 31, 2013

1. CONTINGENT LIABILITY

Liability in respect of VAT on sale of food and beverages at Silvassa is presently unascertainable pending completion of assessment by the authorities.

Bank Guarantee issued in favour of Electricity Dept. Silvassa of Rs. 750,000/-.

2. Capital Commitment (net of advances) Rs.2,211,720/- (P.Y Rs.2,211,720/-)

3. SEGMENT REPORTING

The segment reporting of the Company has been prepared in accordance with Accounting Standard (AS-17), "Accounting for Segment Reporting" issued by the institute of Chartered Accountants of India. Segment Reporting Policies

(a) Indentification of Segments:

Primary - Business Segment

The Company has identified two reportable segments viz. Hoteliering & Real Estate on the basis of the nature of services, the risk return profile of individual business and the internal business reporting systems.

Secondary - Geographical Segment

The Company operates entirely in India and hence has no reportable geographical segment.

(b) Revenue and expenses have been identified to the segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "allocable expenses". Since the Real Estate segment is still in ''preoperative stage'' all the other unallocable expenses are allocated to Hoteliering segment.

(c) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investment, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "unallocated assets" and "unallocated liabilities".

4. Consequent to the adoption of the Revised Accounting Standard 15''Employees Benefits'' (Revised) issued by the Institute of Chartered Accountants of India following disclosures have been made as required by the standard:- (Refer Note - 7)

(a) The Company operates post retirement defined benefit plans as follows :

Funded : Provident Fund

Unfunded : Post Retirement Gratuity

Method Used : Projected unit credit method

5. RELATED PARTY DISCLOSURE

The Names of related parties are as under:

(i) Enterprise that directly or indirectly control (through subsidiaries) or are controlled by or are under common control with the reporting enterprise. - NIL

(ii) Associates, Joint ventures of the reporting entity, investing party or venturer in respect of which reporting enterprise is an associate or joint venture. - NIL

(iii) Individuals owning, directly or indirectly, an interest in voting power of the reporting enterprises that gives them control or significant influence over the enterprises & relatives of any such individual. - NIL

(iv) Key Managerial Person (KMP) & their Relatives.

a) Key Management Personnel

Vishamber Shewakramani - Managing Director Nalini Shewakramani - Executive Director

b) Relatives of Key management Personnel

Tekchand Shewakramani Kamla Shewakramani Gautam Shewakramani Rahul Shewakramani

(v) Enterprises over which any person described in (iii) & (iv) is able to exercise significant influence.

Associate Enterprises

Ras Stock & Financial Services Pvt. Ltd. Rahul Agrotech (I) Pvt. Ltd.

Ras Erectors Pvt. Ltd.

Gras Health Resorts Pvt. Ltd.

Gautam Premises Pvt. Ltd.

Ras Dui Hotels Pvt. Ltd.

Audio Compas (India) Pvt. Ltd. Primary Cuisine Pvt. Ltd.

Burger King Restaurant Pvt. Ltd. Hungry Jacks Fast Food Pvt. Ltd. Ras Business Premises Pvt. Ltd.

6. Trade payable & Trade receivable and advance balances are subject to confirmation and subsequent reconciliation, if any.

7. The company does not have the data about status of its vendor as macro small and medium enterprises. Hence amount due to macro small and medium enterprises as on 31st March 2013 cannot be ascertained.

8. Current assets, loans and advances have a value on realization in the ordinary course of business atleast equal to the amount at which they are stated.

9. Previous year''s figures have been regrouped & rearranged wherever necessary.

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Mar 31, 2012

A. CONTINGENT LIABILITY

Liability in respect of VAT on sale of food and beverages at Silvassa is presently unascertainable pending completion of assessment by the authorities. And Bank Guarantee issued in favour of Electricity Dept. Silvassa of Rs. 750,000/-.

B. Unexpired Capital Commitment (net of advances) - Rs. 2,211,720 (Previous year:Rs.72,528,720/-)

C. TIME SHARE

a) Time Share Refundable amount Rs.594,000/- (Previous Year: Rs.594,000/-)

The amount is refundable to the members at the end of thirty years from the date of subscription, and does not carry any interest.

b) Non-refundable deposit - Time Share dream vista is recognised as income equally over a period of 30 years from the date sale of time share.

(Refer Note - 5)

D. SEGMENT REPORTING

The segment reporting of the Company has been prepared in accordance with Accounting Standard (AS-17), "Accounting for Segment Reporting" issued by the institute of Chartered Accountants of India.

Segment Reporting Policies

(a) Identification of Segments:

Primary - Business Segment

The Company has identified two reportable segments viz. Hoteliering & Real Estate on the basis of the nature of services, the risk return profile of individual business and the internal business reporting systems.

Secondary - Geographical Segment

The Company operates entirely in India and hence has no geographical segment.

(b) Revenue and expenses have been identified to the segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "allocable expenses". Since the Real Estate segment is still in 'preoperative stage' all the other unallocable expenses are allocated to Hoteliering segment.

(c) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investment, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "unallocated assets" and "unallocated liabilities".

E. Food & Beverages consumption is inclusive of cost of complimentary meals provided to houseguests and staff.

F. Creditors, debtors and advance balances are subject to confirmation and subsequent reconciliation, if any.

G. Pursuant to the Company's application, the Government of India has vide its order no.46/7/2010-CL-lll dtd 20th January 2010, exempted the Company from giving particulars in respect of quantity-wise details of the turnover consumption and stock for the year ended 31st March, 2012.

H. The company does not have the data about status of its vendor as macro small and medium enterprises. Hence amount due to macro small and medium enterprises as on 31st March 2012 cannot be ascertained.

I. Current assets, loans and advances have a value on realization in the ordinary course of business atleast equal to the amount at which they are stated.

J. Previous year's figures disclosed have been recast, to comply with revised Schedule VI wherever necessary, to make them comparable with those for the current year.

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Mar 31, 2010

1. CONTINGENT LIABILITY

Liability in respect of Sales Tax on sale of food and beverages at Silvassa is presently unascertainable pending completion of assessment by the authorities.

2. Unexpired Capital Commitment (net of advances) - Rs.72,836,220/- (Previous year:Rs. 75,240,720/-)

3. TIME SHARE

Time Share Refundable Rs.594,0007- (Previous Year: Rs.594,000/-)

The amount is refundable to the members at the end of thirty years from the date of subscription, and does not carry any interest.

4. SEGMENT REPORTING

The segment reporting of the Company has been prepared in accordance with Accounting Standard (AS-17), "Accounting for Segment Reporting" issued by the institute of Chartered Accountants of India.

Segment Reporting Policies

(a) Identification of Segments:

Primary - Business Segment

The Company has identified two reportable segments viz. Hoteliering & Real Estate on the basis of the nature of services, the risk return profile of individual business and the internal business reporting systems.

Secondary - Geographical Segment

The Company operates entirely in India and hence has no geographical segment.

(b) Revenue and expenses have been identified to the segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "allocable expenses". Since the Real Estate segment is still in preoperative stage all the other unallocable expenses are allocated to Hoteliering segment.

(c) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investment, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "unallocated assets" and "unallocated liabilities".

5. Consequent to the adoption of the Revised Accounting Standard 15 Employees Benefits (Revised) issued by the ICAI following disclosures have been made as required by the standard :-

(a) The Company operates post retirement defined benefit plans as follows :

Funded : Provident Fund

Unfunded : Post Retirement Gratuity

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion, and other relevant factors. The above information is certified by the actuary and relied upon by the Auditors.

6. RELATED PARTY DISCLOSURE

The names of related parties are as under:

A. Key Management Personnel

Vishamber Shewakramani

B. Relatives of Key management Personnel

Nalini Shewakramani Tekchand Shewakramani Kamla Shewakramani

C. Associate Enterprises

Ras Stock & Financial Services Pvt. Ltd.

Rahul Agrotech (I) Pvt. Ltd.

Ras Erectors Pvt. Ltd.

Gras Health Resorts Pvt. Ltd.

Gautam Premises Pvt. Ltd.

Ras Maestros Technology Pvt. Ltd.

Primary Cuisine Pvt. Ltd.

Burger King Restaurant Pvt. Ltd.

Hungry Jacks Fast Food Pvt. Ltd.

Gautam Enterprises

7. Food & Beverages consumption is inclusive of cost of complimentary meals provided to houseguests and staff.

8. Creditors, debtors and advance balances are subject to confirmation and subsequent reconciliation, if any.

9. Pursuant to the Companys application, the Government of India has vide its order no. 46/7/2010-CL-lll dtd 20th January, 2010, exempted the Company from giving particulars in respect of quantity-wise details of the turnover, consumption and stock for the year ended 31st March, 2010.

10. According to the information available with the Company, there are no amounts as at March 31, 2010 due to suppliers who constitute a "small scale industrial undertaking".

11. Current assets, loans and advances have a value on realization in the ordinary course of business atleast equal to the amount at which they are stated.

12. Previous years figures disclosed have been recast, wherever necessary, to make them comparable with those for the current year.