dolphin annual report-2011 - moneycontrol.com · september 30, 2011 at 12.00 noon at the registered...
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BOARD OF DIRECTORS
RAMOJI RAO CHAIRMAN
A. RAMAMOHANA RAO
CH. VIJAYESWARI MANAGING DIRECTOR
CH. KIRON
C. NAGENDRA PRASAD
P. SATYAPRAKASH REDDY
AUDITORS
M/s. BRAHMAYYA & Co.,
Hyderabad & Visakhapatnam
BANKERS
UNION BANK OF INDIA
REGISTERED OFFICE
“HOTEL SITARA”, RAMOJI FILM CITY,
RANGA REDDY DISTRICT - 501 512.
DOLPHINHOTELS LIMITED
.
DOLPHIN HOTELS LIMITED
NOTICE TO MEMBERS
Notice is hereby given that the 40th Annual General Meeting of the Company will be held on Friday,
September 30, 2011 at 12.00 Noon at the Registered Office of the Company, at Hotel "Sitara", Ramoji
Film City, Ranga Reddy District – 501 512, to transact the following business:
1. To receive, consider and adopt the audited Balance Sheet as at March 31, 2011 and the Profit and
Loss Account for the year ended on that date together with the Auditors’ Report and Directors’
Report thereon.
2. To appoint a Director in place of Sri Ch. Kiron, who retires by rotation, and being eligible, offers
himself for reappointment.
3. To appoint a Director in place of Sri Sri P. Satyaprakash Reddy, who retires by rotation, and being
eligible, offers himself for reappointment.
4. To appoint Statutory Auditors and fix their remuneration, and in this regard to consider and if
thought fit, to pass, with or without modification(s), the following resolution as an Ordinary
Resolution.
“Resolved that M/s. Brahmayya & Co., Chartered Accountants, (Registration No. 000513S), be
and are hereby appointed as Statutory Auditors of the Company, to hold office from the conclusion
of this annual general Meeting until the conclusion of the next annual general meeting of the
company on such remuneration as may be fixed by the Board of Directors”.
By Order of the Board
Place : Ramoji Film City, RAMOJI RAO
Date : 06.09.2011. Chairman
1
DOLPHIN HOTELS LIMITED
NOTES :
1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THIS MEETING IS ENTITLED TO APPOINT
A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF AND SUCH A PROXY NEED NOT BE
A MEMBER OF THE COMPANY.
2. Proxies must be lodged at the Registered Office not less than 48 hours before the commencement
of the Meeting.
3. The Register of Members and Share Transfer books of the Company will remain closed from
September 23rd to September 30th, 2011 (both dates inclusive).
4. Members are requested to promptly intimate the change in their address, if any.
5. Shareholders are eligible to file their nominations against share holdings to specify nominees, for
smooth transmission process. Nomination forms are available with the Company and those interested
in getting the facility of nomination may write to the Company for a copy of the prescribed form.
2
DOLPHIN HOTELS LIMITED
REPORT OF THE BOARD OF DIRECTORS
Your Directors have pleasure in presenting their 40th Annual Report along with the audited accounts for
the year ended March 31, 2011.
FINANCIAL RESULTS :
2010-2011 2009-2010
(` in lakhs)
Turnover 7930.21 6122.91
-------------- --------------
Operating Profit for the year 1207.87 440.01
Depreciation for the year 287.27 296.05
-------------- --------------
Net Profit for the year before tax 920.60 143.96
Less: Provision for taxation and Income tax of earlier years 170,20 25.99
Deferred tax liability 409.28 -
------------- ------------
Net Profit after Tax 341.12 117.97
Balance of Profit brought 2380.25 2262.28
forward from previous year
------------- ------------
Balance of Profit carried forward 2721.37 2380.25
------------- ------------
BUSINESS REVIEW :
During the year under review, the business turnover increased by about 30% compared to the previous
year. Margins have also improved over the previous year, though lower than potential.
Unstable political environment in Andhra Pradesh, frequent bandhs and strikes in the last one year have
affected hospitality and tourism industry adversely.
Margins are likely to be impacted by continuing inflation, oil price volatility and raising payroll costs.
The Indian economy though inherently stronger than most other countries, continues to face uncertainty
and volatility because of the adverse macro economic scenario in global markets.
However, the long term outlook for the industry appears to be bright despite short term concerns.
DIRECTORS' RESPONSIBILITY STATEMENT :
In accordance with Section 217(2AA) of the Companies Act, 1956, the Directors of the Company
hereby state that:
3
DOLPHIN HOTELS LIMITED
● In the preparation of the Annual Accounts, the applicable accounting standards have been followed
and that there are no material departures.
● The Directors had, in consultation with the Statutory Auditors, selected such accounting policies and
applied them consistently and made judgments and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the Company as at March 31, 2011 and of the
profit of the Company for that year.
● The Directors had taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities, to the best of knowledge
and ability of the Directors.
● The Directors had prepared the annual accounts on a going concern basis.
ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE EARNINGS AND OUTGO :
Constant efforts are being made to reduce energy consumption through energy saving devices, employee
awareness and effective monitoring.
Disclosure of particulars with respect to conservation of energy, technology absorption is not applicable to
the Company for the time being In compliance with Section 217 (1) (e) of the Companies Act, 1956, and
the Rules framed there under. Details of income and expenditure in foreign currency, during the year are
given in the Notes to Accounts.
DIRECTORS :
Pursuant to the provisions of the Articles of Association of the Company, Sri Ch. Kiron and Sri P. Satyaprakash
Reddy, retire by rotation and being eligible, offer themselves for reappointment.
AUDITORS :
M/s. Brahmayya & Co., Statutory Auditors of your Company, retire at this meeting and are eligible for
reappointment. Regarding the observation about the outstanding Sales Tax and property tax liability,
your Directors wish to state that steps are being taken to pay the amount, after obtaining relevant clarifications.
Regarding non provision of arrears of interest on promoters loans, the Directors wish to clarify that these
loans were brought in as their contribution for financing the Hotel Projects at Ramoji Film City during
1995 to 2001 and no interest was provided or paid to the promoters for the past period, as per the terms
of the loan agreements with the financial institutions and banks since the loans were treated as quasi
equity. However, interest for the current period is being paid to the promoters since FY 2006, after
obtaining relevant approvals.
SECRETARIAL COMPLIANCE CERTIFICATE :
Pursuant to the provisions of Section 383 A of the Companies Act, 1956, and the Rules framed thereunder,
a Compliance Certificate from a Company Secretary in wholetime practice is attached to this report.
4
DOLPHIN HOTELS LIMITED
For and on behalf of the
Board of Directors
Place : Ramoji Film City, RAMOJI RAO
Date : 06.09.2011. Chairman
PERSONNEL :
Your Directors wish to place on record their sincere appreciation to all the employees for their dedication,
teamwork and commitment, during the year under review. There are no employees who are covered by
Section 217(2A) of the Companies Act, 1956.
Your Directors also gratefully acknowledge the continued support and cooperation extended to the
Company by Union Bank of India.
5
DOLPHIN HOTELS LIMITED
SECRETARIAL COMPLIANCE CERTIFICATE
Registration No. of the Company : 01-1390
Authorised Capital : Rs. 8,00,00,000/-
Paid-up Capital : Rs. 69,92,000/-
To
The Members,
M/s. Dolphin Hotels Limited,
Hyderabad.
I have examined the registers, records, books and papers of M/s. Dolphin Hotels Limited, (The
company) as required to be maintained under the Companies Act, 1956, (the Act) and the rules made
there under and also the provisions contained in the Memorandum and Articles of Association of the
Company for the period ended on March 31, 2011 In my opinion and to the best of my information
and according to the examinations carried out by me and explanations furnished to me by the Company,
its officers and agents, I certify that in respect of the aforesaid financial year.
1. The Company has kept and maintained all registers as stated in Annexure 'A' to this certificate, as
per the provisions and the rules made there under and all entries therein have been duly recorded.
2. The Company has duly filed the forms and returns as stated in Annexure 'B' to this certificate, with
the Registrar of Companies, Regional Director, Central Government, Company Law board or
other authorities within the time prescribed under the Act and the rules made there under.
3. The Company being a public limited company, comments are not required.
4. The Board of Directors duly met 4 times on 28.06.2010, 02.09.2010, 22.12.2010 and 29.03.2011
in respect of which meetings proper notices were given and the proceedings were properly recorded
and signed including the circular resolutions passed in the Minutes Book maintained for the purpose.
5. The Company has closed its Register of Members from 23.09.2010 to 30.09.2010 and necessary
compliance of Section 154 of the Act has been made.
6. The 39th Annual General Meeting for the financial year ended on 31st March 2010 was held on
30th September, 2010 after giving due notice to the members of the company and the resolutions
passed there at were duly recorded in the Minutes Book maintained for the purpose.
7. No Extra-Ordinary general meeting was held during the financial year.
8. The Company has not advanced any loans or given any guarantees or provided any securities to
its directors or persons or firms or companies referred to under Section 295 of the Act.
9. The Company has duly complied with the provisions of Section 297 of the Act in respect of the
contracts specified in that section.
6
DOLPHIN HOTELS LIMITED
10. The Company has made necessary entries in the register maintained under section 301 of the Act.
11. As there were no instances falling within the purview of Section 314 of the Act, the Company has
not obtained any approvals from the Board of directors, members or Central Government.
12. The Company has not issued any duplicate share certificates during the financial year.
13. (a) The Company had delivered all Share Certificates lodged for transfer or transmission within
the stipulated period.
(b) The Company has not deposited any amount in a separate Bank Account as no dividend
was declared during the financial year.
(c) The Company was not required to post warrants to any member of the Company as no
dividend was declared during the financial year.
(d) As the Company has not declared any dividend, issued any debentures and has not accepted
deposits, the question of transfer of dividend in the unpaid dividend account, application
money due for refund, matured deposits, matured debentures and the interest accrued
thereon which have remained unclaimed or unpaid for a period of seven years to Investor
Education and Protection Fund does not arise.
(e) The Company has Duly complied with the requirements of Section 217 of the Act.
14. The Board of Directors of the Company is duly constituted and the appointment of directors has
been duly made.
15. The company has not appointed any Managing Director/Whole Time Director during the financial
Year.
16. The Company has not appointed any sole selling agents during the financial year.
17. The Company was not required to obtain any approvals of the Company Law Board, Regional
Director, Registrar and / or such authorities prescribed under the various provisions of the Act
during the financial year. However, the Company has got the approval of exemption under Section
211(4) with regard to the requirements of Schedule VI vide order No. 46/3/2011-CL-111-dated
28.01.2011, valid up to the financial year ending 31st March, 2011, 31st March, 2012 and 31st
March, 2013.
18. The directors have disclosed their interest in other firms / companies to the Board of Directors
pursuant to the provisions of the Act and the rules made there under.
19. The Company has not issued any shares, debentures or other securities during the financial year.
20. The Company has not bought back any shares during the financial year.
21. The Company has not issued any preference shares / debentures and hence the question of
redemption of preference shares / debentures does not arise during the financial year under review.
22. There were no transactions necessitating the Company to keep in abeyance the rights to dividend,
rights shares and bonus shares pending registration of transfer of shares.
7
DOLPHIN HOTELS LIMITED
23. The Company has not invited / accepted any deposits including any unsecured loans falling within
the purview of Section 58A during the financial year.
24. The amount borrowed by the company from Directors / Members / Financial Institutions, Banks
during the financial year ending 31st March, 2011 is within the borrowing limits of the company.
25. The Company has not made any loans and investments or given guarantees or provided securities
to other bodies corporate and consequently no entries have been made in the register kept for
the purpose.
26. The Company has not altered the provisions of the Memorandum with respect to situation of the
Company's registered office from one State to another during the year under scrutiny.
27. The Company has not altered the provisions of the Memorandum with respect to the objects of
the Company during the year under scrutiny.
28. The Company has not altered the provisions of the Memorandum with respect to name of the
Company during the year under scrutiny.
29. The Company has not altered the provisions of the Memorandum with respect to share capital of
the Company during the year under scrutiny.
30. The Company has not altered its Articles of Association during the financial year.
31. There was no prosecution initiated against or show cause notices received by the Company and
no fines or penalties or any other punishment was imposed on the Company during the financial
year, for offences under the Act.
32. The Company has not received any money as security from its employees during the financial
year.
33. The Company has deposited both employee's and employer's contribution to Provident Fund
with prescribed authorities pursuant to Section 418 of the Act.
For G.P. ASSOCIATES
Company Secretaries
(G. MAHESH)
Place : Hyderabad, Partner
Date : 06-09-2011. C.P. No. 7160
8
DOLPHIN HOTELS LIMITED
Sl. Section Name of the Register
No. Number
01. 150 Register of Members
02. 151(1) Index of Members
03. 303 Register of Directors
04. 307(1) Register of Directors’ Shareholding
05. 108 Share Transfer and Transmission Register
06. 297, 301 Register of Contracts
07. 143(1) Register of Charges
08. 372A(5) Register of Investments
09. 193 Minutes Book in loose leaf binder for Board Meetings
10. 193 Minutes Book of AGM / EGM
11. 287 Attendance Register of Directors
12. 174 Shareholders Attendance Register
Annexure "A"
Name of the Company : DOLPHIN HOTELS LIMITED
Registration Number : 01-1390
Authorised Capital : ` 8,00,00,000
Registers as maintained by the Company :
9
For G.P. ASSOCIATES
Company Secretaries
(G. MAHESH)
Place : Hyderabad, Partner
Date : 06-09-2011. C.P. No. 7160
DOLPHIN HOTELS LIMITED
Annexure "B"
Name of the Company : DOLPHIN HOTELS LIMITED
Registration Number : 01-1390
Authorised Capital : ` 8,00,00,000
Returns / Documents / Forms filed with the Registrar of Companies, Regional Director, Central Government or otherauthorities during the financial year ended 31st March, 2011.
REGISTRAR OF COMPANIES :
Sl. Form Relevant Descritpion Date of
No. No. section Filing
1 Form No. 17 138 Satisfaction of Charge 22.04.2010 Yes NA
2 Form No. 211(4) Application made to Central 02.07.2010 Yes NA23AAA Government for seeking exemptions
from showing the quantitative detailsin Profit & Loss Account for theyears 2010-11, 2011-12, 2012-13
3 Form No. 23 269 Increase of terms of remuneration 28.09.2010 No Yes198, 309 payable to Smt. Ch. Vijayeswari,
& 310 Managing Director.
4 From No. 66 383A Compliance Certificate for the 25.10.2010 Yes NAYear 2010
5 Form 23AC 210 Annual Report for the year 2010 27.10.2010 Yes NA& ACA
6 Form No. 20B 159 Annual return for the year 2010 22.11.2010 Yes NA
Whether
filed within
prescribed
time
Yes/No
If delay in
filing whether
requisite
additional fee
paid
Yes / No
10
For G.P. ASSOCIATES
Company Secretaries
(G. MAHESH)
Place : Hyderabad, Partner
Date : 06-09-2011. C.P. No. 7160
DOLPHIN HOTELS LIMITED
AUDITORS’ REPORT
To the members of DOLPHIN HOTELS LIMITED, HYDERABAD.
1. We have audited the attached Balance Sheet of DOLPHIN HOTELS LIMITED, HYDERABAD
(A.P) as at 31st March, 2011 and also the Profit and Loss Account and the Cash Flow Statement
for the year ended on that date annexed thereto. These financial statements are the responsibility
of the Company's Management. Our responsibility is to express an opinion on these financial
statements based on our audit.
2. We conducted our audit in accordance with the auditing standards generally accepted in India.
Those Standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
3. As required by the Companies (Auditors' Report) Order, 2003 (as amended), issued by the
Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act,
1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
4. Further to our comments in the Annexure referred to above, we report that:
i) We have obtained all the information and explanations which to the best of our knowledge
and belief were necessary for the purposes of our audit.
ii) 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.
iii) The Balance Sheet, Profit and Loss Account and Cash Flow statement dealt with by this
report are in agreement with the books of account.
iv) In our opinion, the Balance Sheet, Profit and Loss account and Cash Flow Statement
dealt with by this report comply with the accounting standards referred to in sub-section
(3C) of Section 211 of the Companies Act, 1956.
v) On the basis of written representations received from the Directors, as on 31st March,
2011 and taken on record by the Board of Directors, we report that, none of the Directors
is disqualified as on 31st March, 2011 from being appointed as a Director in terms of
clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956;
vi) In our opinion and to the best of our information and according to the explanations given
to us, the said accounts read in conjunction with the Schedules annexed therewith and
subject to Note No. 1 and 3 of Schedule 19B give the information required by the
11
DOLPHIN HOTELS LIMITED
Companies Act, 1956, 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 31st
March, 2011;
b) in the case of the profit and loss account, of the Profit of the Company for the year
ended on that date; and
c) in the case of cash flow statement, of the cash flows for the year ended on that date.
for BRAHMAYYA & CO.,
Chartered Accountants
Firm’s Registration Number : 000513S
(P. CHANDRAMOULI)
Place : Hyderabad, Partner
Date : 06.09.2011. Membership No. 25211
12
DOLPHIN HOTELS LIMITED
Annexure to the Auditor’s Report Referred to in paragraph 3 of our report of even date.
1. a) The Company has maintained proper records showing full particulars, including quantitative
details and situation of fixed assets.
b) As explained to us, the management has physically verified most of the fixed assets during
the year and there is a regular programme of verification which, in our opinion, is reasonable
having regard to the size of the Company and the nature of the assets. No material
discrepancies were noticed on such verification.
c) During the year the Company has not disposed off any substantial part of fixed assets that
would affect the going concern status of the Company.
2. a) The inventory has been physically verified during the year by the management. In our
opinion, the frequency of verification is reasonable.
b) In our opinion, the procedures of physical verification of inventories followed by the
management are reasonable and adequate in relation to the size of the Company and the
nature of its business.
c) In our opinion and according to the information and explanations given to us, the Company
is maintaining proper records of inventory. The discrepancies noticed on physical verification
between the physical stocks and book records were not material.
3. a) During the year, the Company has neither granted nor taken any loans, secured or
unsecured to/from Companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956.
b) In view of our comment in paragraph 3(a) above, (III) (b), (c), (d), (e) and (f) of paragraph
4 of the aforesaid order are not applicable to the Company.
c) However, as the terms of repayment have not been stipulated in respect of loans taken in
earlier years, we are not in a position to make any specific comment regarding the
repayment of principal and also interest.
4. In our opinion and according to the information and explanations given to us, there are adequate
internal control systems commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory and fixed assets and with regard to sale of goods
and services. During the course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal control system.
5. a) In our opinion and according to the information and explanations given to us, we are of
the opinion that the particulars of contracts or arrangements referred to in section 301 of
the Companies Act, 1956 have been entered in the register to be maintained under that
section
b) In respect of transactions made in pursuance of such contracts or arrangements exceeding
value of rupees five lakhs entered in to during the year ,in the absence of any comparable
quotes, we are unable to comment whether the transactions were made at prevailing
market prices at the relevant time.
13
DOLPHIN HOTELS LIMITED
6. The Company has not accepted any deposits from the public. Hence the provisions of Section
58A and 58AA or any other relevant provisions of the Companies Act, 1956, and the Companies
(Acceptance of Deposits) Rules, 1975, do not apply to this Company.
7. In our opinion, the Company has an internal audit system. However the scope in our opinion
needs to be enlarged so as to make it commensurate with the size and nature of the Company's
business.
8. The Central Government has not prescribed the maintenance of cost records under section 209(1)
(d) of the Companies Act, 1956 for the activities of the Company.
9. a) According to the records of the Company, apart from certain instances of delays, the Company
is regular in depositing with appropriate authorities undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-
tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material
statutory dues applicable to it.
b) According to the information and explanations given to us, no undisputed amounts payable
in respect of Income Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty and Cess were
in arrears as at March 31, 2011 for a period of more than six months from the date they
became payable except the following.
S.No. Nature of the dues Amount (`) Date of Payment
1. Sales Tax 6,56,015 Not yet paid
2. AP VAT 1,13,380 Not yet paid
3. Fringe Benefit Tax 42,857 Not yet paid
4. Property Tax 9,91,556 Not yet paid
c) According to the records of the Company and the information and explanations given to
us, the dues of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty
and Cess, which have not been deposited on account of dispute are as follows:
Sl. Nature of Amount Period to which Forum where dispute
No. the dues ` the amount relates is pending
01 Sales Tax 1,78,248 1990-91 AP STAT, Visakhapatnam
02 Sales Tax 1,44,816 1997-98 AP STAT, Visakhapatnam
03 Sales Tax 8,81,831 1998-99 AP STAT, Visakhapatnam
04 Sales Tax 91,204 1999-00 AP STAT, Visakhapatnam
05 Sales Tax 4,44,056 2001-02 AP STAT, Visakhapatnam
06 AP VAT 13,08,862 2009-10 Commissioner of
Commercial Taxes, A.P.
14
DOLPHIN HOTELS LIMITED
10. The accumulated losses of the Company as at the end of the financial year under reference are
more than fifty percent of net worth of the Company The Company has not incurred any cash
losses during the financial year covered by our audit and in the immediately preceding financial
year.
11. In our opinion and according to the information and explanations given to us, the Company has
not defaulted in repayment of dues to any financial institutions and banks.
12. The Company has not granted any loans and advances on the basis of security by way of pledge
of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions
of clause 4(xiii) of the Companies (Auditor’s Report) Order, 2003 are not applicable to the
Company.
14. The Company has maintained proper records for transactions and contracts relating to dealing or
trading in other investments. As explained to us timely entries have been made therein and the
other Investments have been held by the Company in its own name to the extent applicable.
15. 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.
16. According to the information and explanations given to us the Company has not obtained any
term loans during the year.
17. In our opinion and according to the information and explanations given to us, and on an overall
examination of the Balance Sheet of the Company, we report that no funds raised on short-term
basis have been used for long-term investment.
18. During the year, the 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.
19. During the year, the Company has not issued any debentures, therefore the question of creating
security or charge in respect thereof does not arise.
20. During the year, the Company has not made any public issue and therefore the question of
disclosing the end use of money raised by public issue does not arise.
21. Based upon the audit procedures performed and according to the information and explanations
given to us, we report that no fraud on or by the Company has been noticed or reported during
the year.
for BRAHMAYYA & CO.,
Chartered Accountants
Firm’s Registration Number : 000513S
(P. CHANDRAMOULI)
Place : Hyderabad, Partner
Date : 06.09.2011. Membership No. 25211
15
DOLPHIN HOTELS LIMITED
Per our report of even datefor BRAHMAYYA & CO.,Chartered AccountantsFirm’s Registration No. : 000513S
P. CHANDRAMOULI RAMOJI RAO CH. VIJAYESWARIPartner Chairman Managing DirectorMembership No. : 025211
Ramoji Film City,Date : 06.09.2011.
16
BALANCE SHEET AS AT 31st MARCH, 2011
Sl. Schedule As at As atNo. Particulars Reference 31.03.2011 31.03.2010
` `
I SOURCES OF FUNDS:1. Share Holders Funds
a) Share Capital 1 69,92,000 69,92,000b) Share Application Money 6,00,00,000 6,00,00,000c) Reserves and Surplus 2 27,41,39,944 24,00,27,596
--------------------- ---------------------34,11,31,944 30,70,19,596
--------------------- ---------------------2. Loan funds
a) Secured loans 3 5,94,33,737 8,21,64,109b) Unsecured loans 4 24,00,00,000 24,00,00,000
--------------------- ---------------------29,94,33,737 32,21,64,109
3. Deferred Tax Liability 5 4,09,28,554 ---------------------- ---------------------
TOTAL 68,14,94,235 62,91,83,705--------------------- ---------------------
II APPLICATION OF FUNDS:1) Fixed Assets 6
a) Gross Block 86,53,29,267 84,41,66,844b) Less: Depreciation 37,37,70,358 34,56,25,590
--------------------- ---------------------c) Net Block 49,15,58,909 49,85,41,254d) Capital Work-in-Progress - 1,44,992
--------------------- ---------------------49,15,58,909 49,86,86,246--------------------- ---------------------
2) Investments 7 17,27,16,577 12,08,58,106
3) Current Assets, Loans and Advancesa) Inventories 8 2,69,69,564 2,23,60,553b) Sundry Debtors 9 5,61,83,041 5,82,07,446c) Cash & Bank Balances 10 3,46,60,857 1,87,65,834d) Loans & Advances 11 2,61,86,958 3,17,10,173
--------------------- ---------------------14,40,00,420 13,10,44,006
--------------------- ---------------------Less: Current Liabilities and Provisions 12
a) Liabilities 12,49,28,766 11,05,54,313b) Provisions 18,52,905 1,08,50,340
--------------------- ---------------------12,67,81,671 12,14,04,653
--------------------- ---------------------Net Current Assets 1,72,18,749 96,39,353
--------------------- ---------------------TOTAL 68,14,94,235 62,91,83,705
--------------------- ---------------------Accounting Policies and Notes on Accounts 19
DOLPHIN HOTELS LIMITED
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2011
Sl. Particulars Schedule Current Year Previous Year
No. Reference ` `
I INCOME :
Guest Accommodation Food and Beverages
and Other Services 13 74,97,54,551 59,43,32,844
Others 14 2,63,32,243 1,79,58,572
Provision for doubtful debts written back 1,69,34,020 -
--------------------- ---------------------
TOTAL 79,30,20,814 61,22,91,416
--------------------- ---------------------
II EXPENDITURE :
Consumption of Provisions and Wines 15 13,69,19,799 11,25,04,379
Staff Cost 16 21,67,06,796 19,39,38,394
Other Operating Expenses 17 21,66,80,772 17,13,81,717
General Expenses 18 5,77,56,567 3,64,16,739
Interest on : Term Loans 4,01,43,813 5,18,35,503
: Others Loans 10,166 7,18,725
Provision for doubtful debts 40,15,867 14,94,548
Depreciation 6 2,87,26,586 2,96,05,169
--------------------- ---------------------
TOTAL 70,09,60,366 59,78,95,174
--------------------- ---------------------
III PROFIT FOR THE YEAR BEFORE TAXATION 9,20,60,448 1,43,96,242
Less : Provision for : Taxation 1,57,73,455 24,50,000
: Deferred Taxation 4,09,28,554 –
Less : Income Tax of earlier years 12 40,804 –
Fringe Benefit Tax of earlier years 5,287 1,49,457
--------------------- ---------------------
IV PROFIT FOR THE YEAR AFTER TAXATION 3,41,12,348 1,17,96,785
Add : Balance brought forward from last year 23,80,25,221 22,62,28,436
--------------------- ---------------------
V SURPLUS CARRIED TO BALANCE SHEET 27,21,37,569 23,80,25,221
--------------------- ---------------------
VI Basic and diluted Earnings per Equity Share of ` 10/- each 48.79 16.87
Accounting Policies and Notes on Accounts 19
Per our report of even datefor BRAHMAYYA & CO.,Chartered AccountantsFirm’s Registration No. : 000513S
P. CHANDRAMOULI RAMOJI RAO CH. VIJAYESWARIPartner Chairman Managing DirectorMembership No. : 025211
Ramoji Film City,Date : 06.09.2011.
17
DOLPHIN HOTELS LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2011
Year ended 31.03.2011 Year ended 31.03.2010
` `
------------------------ ------------------------A. CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before tax 9,20,60,448 1,43,96,242Adjustments for :
Depreciation 2,87,26,586 2,96,05,169Loss on sale of Assets 17,828 2,25,132Profit on sale of Assets (62,141) (6,04,869)Interest (Net) 3,96,41,090 5,03,37,541Profit on Sale of Non Trade Investments (62,20,999) (38,12,713)Income from Non Trade Investments - (6,25,485)Excess provisions written back (2,25,78,665) (17,23,359)Bad Debts and advances written off 1,70,05,433 14,78,893Provision for doubtful debts 40,15,867 14,94,548
--------------------- -----------------------Operating Profit before working capital changes 15,26,05,451 9,07,71,099Adjustments for :
Trade and other receivables (17,13,712) 2,43,59,705Inventories (46,09,011) 8,82,362Trade and Other payables 1,86,01,945 2,606,787
--------------------- -----------------------Cash generated from operations 16,48,84,673 11,86,19,953Direct Taxes Paid (1,15,64,088) 46,49,416
--------------------- -----------------------NET CASH FROM OPERATING ACTIVITIES (A) 15,33,20,985 12,32,69,369
--------------------- -----------------------B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Fixed Assets (21,751,336) (8,31,37,114)Sale of Fixed Assets 1,96,400 10,27,273Purchase of Investments (27,30,43,032) (20,07,86,731)Sale of Investments 22,74,05,560 20,67,51,058Income from Non Trade Investments - 6,25,485Interest received 2,21,316 23,74,037
--------------------- -----------------------NET CASH USED IN INVESTING ACTIVITIES (B) (6,69,71,092 (7,31,45,992)
--------------------- -----------------------C. CASH FLOW FROM FINANCING ACTIVITIES
Proceedings from Borrowings – –Repayment of Borrowings (2,27,30,371) (4,41,79,050)Interest paid (4,77,24,099) (1,69,14,228)
--------------------- -----------------------NET CASH GENERATED IN FINANCING ACTIVITIES (C) (7,04,54,470) (6,10,93,278)
--------------------- -----------------------Net increase in cash and cash equivalents (A+B+C) 1,58,95,023 (1,09,69,901)
Cash and Cash equivalents as at beginning of the year 1,87,65,834 2,97,35,735--------------------- -----------------------
Cash and Cash equivalents as at the end of the year** 3,46,60,857 1,87,65,834--------------------- -----------------------
**Includes restricted balance of 36,14,830 36,14,830--------------------- -----------------------
Per our report of even datefor BRAHMAYYA & CO.,Chartered AccountantsFirm’s Registration No. : 000513S
P. CHANDRAMOULI RAMOJI RAO CH. VIJAYESWARIPartner Chairman Managing DirectorMembership No. : 025211
Ramoji Film City,Date : 06.09.2011.
18
DOLPHIN HOTELS LIMITED
SCHEDULES ANNEXED TO AND FORMING PART OF THE ACCOUNTS
FOR THE YEAR ENDED 31ST MARCH, 2011
As at As at
31.3.2011 31.3.2010
` `
I. SHARE CAPITALAuthorised78,00,000 Equity Shares of Rs.10/- each 7,80,00,000 7,80,00,00020,000 - 11% Cumulative Redeemable Preference shares of Rs. 100/- each 20,00,000 20,00,000
---------------------- ----------------------8,00,00,000 8,00,00,000
---------------------- ----------------------Issued and Subscribed7,00,000 Equity shares of Rs.10/- each 70,00,000 70,00,000
---------------------- ----------------------TOTAL 70,00,000 70,00,000
---------------------- ----------------------Paid-up6,99,200 Equity Shares of Rs.10/- eachfully paid-up 69,92,000 69,92,000
---------------------- ----------------------TOTAL 69,92,000 69,92,000
---------------------- ----------------------2. RESERVES AND SURPLUS
as per last balance sheetCapital Reserve : Amount originally paid on
forfeited shares 3,375 3,375Investment Subsidy 15,00,000 15,00,000
Capital Redemption Reserve 4,99,000 4,99,000Surplus of Profit and Loss Account 27,21,37,569 23,80,25,221
---------------------- ----------------------TOTAL 27,41,39,944 24,00,27,596
---------------------- ----------------------3. SECURED LOANS
Term Loans fromUnion Bank of India 5,69,06,893 8,20,78,094
Vehicle Finance fromKotak Mahindra Bank Limited 25,26,844 86,015
---------------------- ----------------------TOTAL 5,94,33,737 8,21,64,109
---------------------- ----------------------4. UNSECURED LOANS
Term loan from a Promoter 24,00,00,000 24,00,00,000---------------------- ----------------------
TOTAL 24,00,00,000 24,00,00,000---------------------- ----------------------
5. DEFERRED TAX LIABILITYDeferred Tax Liability
Difference in depreciation as per books and taxation 52,398,120 -Deffered tax Assets
Provision for doubtful debts (2,918,714) -Others (8,550,852) -
---------------------- ----------------------TOTAL 4,09,28,554 -
---------------------- ----------------------
PARTICULARS
19
DOLPHIN HOTELS LIMITED
20
SC
HE
DU
LE
- 6
FIX
ED
AS
SE
TS
(Am
ount
in `
)
GR
OS
S B
LO
CK
DE
PR
EC
IATIO
N B
LO
CK
NE
T
BLO
CK
Sl.
No.
I.Ta
ngi
ble
Ass
ets
AS
AT
AD
DIT
ION
SD
ELE
TIO
NS
TO
TA
L A
S A
TU
PTO
FO
R TH
ED
ED
UC
TIO
NS
TO
TA
L U
P T
OA
S
AT
AS
A
T
31
.3.2
01
03
1.3
.20
11
3
1.3
.20
10
YE
AR
3
1.0
3.2
01
13
1-0
3-2
01
13
1-0
3-2
01
0
1Fr
eeho
ld L
and
8,08
,86,
967
48,9
5,53
0–
85,7
82,4
97–
––
–8,
57,8
2,49
78,
08,8
6,96
7
2Bu
ildin
g37
,34,
44,3
4810
,52,
880
–37
,44,
97,2
2813
,78,
89,2
131,
24,4
6,06
5–
15,0
3,35
,278
22,4
1,61
,950
23,5
5,55
,135
3Sa
nita
ry I
nsta
llatio
ns3,
50,6
5,63
1–
–3,
50,6
5,63
11,
40,6
9,70
111
,46,
730
–1,
52,1
6,43
11,
98,4
9,20
02,
09,9
5,93
0
4El
ectri
cal I
nsta
llatio
ns3,
58,7
9,99
01,
32,5
90–
3,60
,12,
580
1,70
,15,
074
16,3
3,72
5_
1,86
,48,
799
1,73
,63,
781
1,88
,64,
916
5Pl
ant a
nd M
achi
nery
3,38
,14,
331
26,3
8,95
8–
3,64
,53,
289
1,37
,46,
414
15,0
0,45
8_
1,52
,46,
872
2,12
,06,
417
2,00
,67,
917
6El
evat
ors
1,68
,35,
893
––
1,68
,35,
893
75,9
9,69
28,
31,6
56–
84,3
1,34
884
,04,
545
92,3
6,20
1
7M
iscel
lane
ous M
achi
nery
8,46
,58,
169
63,6
9,03
46,
63,0
009,
03,6
4,20
33,
15,2
7,61
043
,17,
449
510,
913
3,53
,34,
146
5,50
,30,
057
5,31
,30,
559
8Ai
r Con
ditio
ning
and
Col
d St
orag
e7,
74,5
0,52
417
,49,
848
–7,
92,0
0,37
22,
86,7
7,42
136
,46,
139
_3,
23,2
3,56
04,
68,7
6,81
24,
87,7
3,10
3
9C
onstr
uctio
n M
achi
nery
58,1
06–
–58
,106
56,5
12–
–56
,512
1,59
41,
594
10Ro
oms a
ndRe
staur
ant F
urni
ture
6,34
,41,
632
3,36
,729
40,0
006,
37,3
8,36
15,
96,4
2,84
65,
44,5
2940
,000
6,01
,47,
375
35,9
0,98
637
,98,
786
11Ve
hicle
s1,
70,9
0,60
840
,31,
660
30,9
052,
10,9
1,36
31,
24,7
4,10
318
,32,
293
30,9
051,
42,7
5,49
168
,15,
872
46,1
6,50
5
12O
ffice
Fur
nitu
re a
ndEq
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ent
1,18
,19,
329
4,72
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–1,
22,9
1,36
596
,00,
155
6,79
,172
–1,
02,7
9,32
720
,12,
038
22,1
9,17
4
13Cr
ocke
ry, C
utle
ry, L
inen
1,32
,56,
436
1,96
,263
–1,
34,5
2,69
91,
31,7
4,79
554
,140
–1,
32,2
8,93
52,
23,7
6481
,641
and
Car
pets
II.
Inta
ngi
ble
Ass
ets
14So
ftwar
e C
ost
4,64
,880
20,8
00–
4,85
,680
1,52
,054
94,2
30–
2,46
,284
2,39
,396
3,12
,826
Tota
l84
,41,
66,8
442,
18,9
6,32
87,
33,9
0586
,53,
29,2
6734
,56,
25,5
902,
87,2
6,58
65,
81,8
1837
,37,
70,3
5849
,15,
58,9
0949
,85,
41,2
54
Add
: Cap
ital W
ork
in P
rogr
ess
1,44
,992
–1,
44,9
92_
––
––
_1,
44,9
92
Tota
l84
,43,
11,8
362,
18,9
6,32
88,
78,8
9786
,53,
29,2
6734
,56,
25,5
902,
87,2
6,58
65,
81,8
1837
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70,3
5849
,15,
58,9
0949
,86,
86,2
46
Less
: In
tern
al tr
ansfe
rs–
1,44
,992
1,44
,992
––
––
––
–
Tota
l84
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11,8
362,
17,5
1,33
67,
33,9
0586
,53,
29,2
6734
,56,
25,5
902,
87,2
6,58
65,
81,8
1837
,37,
70,3
5849
,15,
58,9
0949
,86,
86,2
46
Prev
ious
Year
76,4
1,90
,699
8,31
,37,
114
30,1
5,97
784
,43,
11,8
363,
18,3
8,88
622,
96,0
5,16
923
,68,
441
34,5
6,25
,590
49,8
6,86
,246
44,5
8,01
,837
Descri
pti
on
DOLPHIN HOTELS LIMITED
21
Sum
mary
of th
e I
nvestm
ents
bought
and s
old
duri
ng t
he y
ear
NA
ME O
F T
HE F
UN
D
BO
UG
HT
SO
LD
No. of U
nits
Am
ount `
No. of U
nits
Am
ount `
Bir
la S
un
Life C
ash
Man
ager
- I
P -
Gro
wth
6,2
1,9
87
99
,66
,70
36
,21
,98
71
,00
,00
,00
0
L &
T F
MP
- I
(A
ugu
st 1
25A
D A
) -
Gro
wth
20
,00
,00
02
,00
,00
,00
02
,00
0,0
00
2,0
4,8
9,6
00
Can
ara
Ro
beco
Tre
asu
ry A
dvan
tage F
un
d -
IP
- G
row
th6
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29
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0,6
51
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4,9
72
1,0
0,0
0,0
00
LIC
MF
Liq
uid
Fu
nd
- G
row
th1
1,5
9,5
52
2,0
3,8
9,1
01
11
,59
,55
22
,06
,47
,10
1
LIC
MF
In
terv
al Fu
nd
- M
on
thly
Pla
n S
eri
es
1 -
Gro
wth
16
,90
,27
42
,00
,00
,00
01
6,9
0,2
74
2,0
3,8
9,1
01
ICIC
I P
rud
en
tial F
lexib
le I
nco
me P
lan
- P
rem
ium
- G
row
th1
,11
,45
22
,00
,00
,00
01
,11
,45
22
,00
,08
,83
8
TO
TA
L6
2,1
8,2
37
10
,03
,26
,45
56
2,1
8,2
37
10
,15
,34
,64
0
SC
HE
DU
LE
- 7
IN
VE
STM
EN
TS
(C
UR
RE
NT)
(AT C
OS
T)
(NO
N-T
RA
DE
) (U
N-Q
UO
TE
D)
(Am
ount
in `
)
Investm
ents
in M
utu
al Funds
Tem
ple
ptio
n I
nd
ia S
ho
rt T
erm
In
com
e R
eta
il
Pla
n -
Gro
wth
27
,95
0(2
7,9
50
)-
-5
0,0
00
,00
0
Tem
ple
pti
on
In
dia
Sh
ort
Ultra
Sh
ort
Bo
nd
Fu
nd
In
vest
men
t P
lan
-Gro
wth
73
,22
9(7
3,2
29
)-
-8
20
,51
0
Tem
ple
ptio
n I
nd
ia U
ltra
Sh
ort
Term
In
com
e R
eta
il
Pla
n -
Gro
wth
21
,92
7(2
1,9
27
)-
-4
0,0
37
,59
6
LIC
MF
Flo
atin
g R
ate
Fu
nd
- G
row
th P
lan
2,0
02
,48
3(2
,00
2,4
83
)-
-3
0,0
00
,00
0
Bir
la S
un
Life M
on
thly
In
com
e -
Gro
wth
-
27
5,9
15
27
5,9
15
10
,00
0,0
00
-
Bir
la S
un
Life C
ash
Man
ager
- IP
- G
row
th -
1,9
53
1,9
53
31
,29
7-
IDF
C F
MP
- Y
S 3
5 -
Gro
wth
-
1,0
00
,00
01
,00
0,0
00
10
,00
0,0
00
-
L&
T F
MP
- I
I (J
AN
90
D A
) -
Gro
wth
-
1,0
00
,00
01
,00
0,0
00
10
,00
0,0
00
-
Can
ra R
obeco
Mo
nth
ly I
nco
me P
lan
- G
row
th -
34
3,0
97
34
3,0
97
10
,00
0,0
00
-
Can
ara
Ro
beco
Tre
asu
ry A
dvan
tage F
un
d -
IP
- G
row
th -
1,8
69
1,8
69
29
,34
9-
HD
FC
MIP
- L
TP
- G
row
th -
1,3
96
,19
11
,39
6,1
91
30
,00
0,0
00
-
ICIC
I P
rud
en
tial F
MP
- S
53
- 1
Year
Pla
n E
- G
row
th -
2
,00
0,8
83
2,0
00
,88
32
0,0
08
,83
0-
Tem
ple
ton
In
dia
ST
IP -
Gro
wth
-
10
,51
31
0,5
13
20
,00
0,0
00
-
LIC
MF
In
terv
al Fu
nd
- M
on
thly
Pla
n -
Seri
es
1 -
Gro
wth
-
1,6
87
,69
61
,68
7,6
96
20
,64
7,1
01
-
Pra
meri
ca U
ltra
Sh
ort
Term
Bo
nd
Fu
nd
- G
row
th -
19
,70
21
9,7
02
20
,00
0,0
00
-
Relian
ce M
LIP
-
Gro
wth
-
97
6,7
49
97
6,7
49
20
,00
0,0
00
-
Ad
itya B
irla
Real E
state
Fund
-
--
2,0
00
,00
0-
TO
TA
L 2
,12
5,5
89
6,5
88,9
79
8,7
14,5
68
172,7
16,5
77
120,8
58,1
06
NA
ME O
F T
HE F
UN
D
No. o
f
Unit
s a
s a
t
31.0
3.2
010
Addito
ns/
(Del
etio
ns)
of U
nits
No. o
f
Unit
s a
s a
t
31.0
3.2
011
As a
t
31.0
3.2
011
`
As a
t
31.0
3.2
010
`
DOLPHIN HOTELS LIMITED
PARTICULARSAs at As at
31.3.2011 31.3.2010
` `
8. INVENTORIES (at cost)
(As valued and certified by the Managing Director)
Stock of Provisions 52,46,268 63,44,667
Stock of Wines and Liquor 36,70,734 35,33,266
Crockery, Cutlery, Carpets and Linen 15,85,738 9,97,732
Stock of Capital items 77,881 –
Stock of Maintenance Materials 1,63,88,943 1,14,84,888
------------------- -------------------
TOTAL 2,69,69,564 2,23,60,553
------------------- -------------------
9. SUNDRY DEBTORS (Unsecured)
Debts due over six months:
Considered good 2,26,67,955 1,95,00,493
Considered doubtful 87,86,678 2,17,04,832
Less: Provision for doubtful debts (87,86,678) (2,17,04,832)
Other Debts considered good 3,35,15,086 3,87,06,953
------------------- -------------------
TOTAL 5,61,83,041 5,82,07,446
------------------- -------------------
10. CASH AND BANK BALANCES
Cash in hand including cheques 8,47,966 18,08,265
Cash with Scheduled Banks
: in Current Accounts 75,57,666 64,88,800
: In Cash Credit Account 1,22,25,166 68,53,939
: in Fixed Deposits 1,36,14,830 36,14,830
Cheques and Drafts on hand 415,229 _
-------------------- --------------------
TOTAL 3,46,60,857 1,87,65,834
-------------------- --------------------
11. LOANS AND ADVANCES
(Unsecured, Considered good recoverable in cash or inkind or for value to be received)Advances for : Capital works 12,12,922 20,89,329 : Expenses 23,38,566 21,92,188Other Advances 46,70,769 42,36,705Deposits Recoverable 47,08,640 46,83,878Interest Accrued 4,54,748 1,73,341Prepaid Expenses 49,86,630 50,64,590Income Tax Refund Receivable 6,16,827 6,16,827Advance for Income Tax (Net of Provision) 71,97,856 1,26,48,027Advance for Fringe Benefit Tax (Net of Provision) – 5,287
--------------------- --------------------TOTAL 2,61,86,958 3,17,10,173
--------------------- --------------------
22
DOLPHIN HOTELS LIMITED
As at As at
31.3.2011 31.3.2010
` `
12. CURRENT LIABILITIES AND PROVISIONSa) Current Liabilities
Sundry CreditorsDues to Micro and Small Enterprises – –Dues to other than Micro and Small Enterprises 7,86,48,362 5,53,91,648
Other Liabilities 1,15,74,949 1,14,05,833Advances against Sales and Services 54,00,008 64,72,349Interest accrued but not due 2,80,80,000 3,56,60,286Deposits repayable 12,25,447 16,24,197
--------------------- --------------------TOTAL (a) 12,49,28,766 11,05,54,313
--------------------- --------------------b) Provisions
Provision for : Leave Encashment 18,52,905 25,09,108Gratuity – 83,41,232
--------------------- --------------------TOTAL (b) 18,52,905 1,08,50,340
--------------------- --------------------TOTAL (a+b) 12,67,81,671 12,14,04,653
--------------------- --------------------
13. INCOME FROM GUEST ACCOMMODATION,FOOD AND BEVERAGES AND OTHER SERVICES
Room Earnings 32,31,55,578 26,12,20,296
Food and Beverages 32,20,03,707 25,55,43,244
Wine and Liquor 2,30,19,439 1,94,91,456
Telex and Telephone 5,17,209 7,46,235
Banquets 46,04,667 45,76,082
Other Services 3,35,68,708 2,99,82,112
Special Events 1,34,98,616 66,30,451
Conference Supporting Services 2,93,86,627 1,61,42,968--------------------- ---------------------
TOTAL 74,97,54,551 59,43,32,844
--------------------- ---------------------
PARTICULARS
23
Current Year Previous Year
` `PARTICULARS
DOLPHIN HOTELS LIMITED
14. OTHER INCOME
Interest earned (Gross, Others) 5,02,723 22,16,687
(TDS: Current Year Rs. 45,783/-
Previous year Rs. 1,72,716/-)
Profit on sale of non trade Investments 62,20,999 38,12,713
Income from Non Trade Investments (gross) (TDS Nil) – 6,25,485
Miscellaneous Receipts 1,05,63,698 62,14,389
Rent Receipts 32,54,257 26,94,658
Excess provisions/Credit balances written back 3,76,117 17,23,359
Bad debts written off recovered 65 –
Profit on sale of Fixed Assets 62,141 6,04,869
Foreign exchange fluctuations 83,719 66,412
Excess provision for Gratuity written back 5,268,524 _
--------------------- ---------------------
TOTAL 2,63,32,243 1,79,58,572
--------------------- ---------------------
15. CONSUMPTION OF PROVISIONS AND WINES
Opening Stock of : Provisions, Beverages and Smokes 63,44,667 54,68,632
: Wine and Liquor 35,55,266 26,12,067
Add : Purchases of : Provisions, Beverages and Smokes 13,08,74,661 12,00,06,660
: Wine and Liquor 1,94,27,584 82,07,694
--------------------- ---------------------
16,01,80,178 13,62,95,053
Less: Closing Stock of : Provisions, Beverages and Smokes 52,46,268 63,44,667
: Wine and Liquor 36,70,735 35,33,266
--------------------- --------------------
15,12,63,175 12,64,17,120
Less : Internal Consumption 1,43,43,376 1,39,12,741
--------------------- ---------------------
TOTAL 13,69,19,799 11,25,04,379
--------------------- ---------------------
16. STAFF COST
Salaries, Wages and Bonus 17,03,28,787 14,73,30,064
Staff support by Associates 39,50,290 31,41,777
Welfare Expenses 1,65,30,513 1,56,68,089
Staff Conveyance 54,72,966 45,41,972
Contribution to provident and other funds 2,01,90,552 1,72,27,510
Gratuity 1,85,064 44,63,631
Staff Recruitment and Training 48,624 75,743
---------------------- ---------------------
TOTAL 21,67,06,796 19,24,48,786
---------------------- ---------------------
Current Year Previous Year
` `PARTICULARS
24
DOLPHIN HOTELS LIMITED
Current Year Previous Year
` `
17. OTHER OPERATING EXPENSES
Power, Fuel and Water 6,42,25,509 5,40,81,085
Rent 1,31,97,928 1,32,78,503
Linen, Room supplies and House Keeping 2,02,03,722 1,29,40,250
Crockery, Cutlery and other catering utilities 54,00,744 31,96,991
Repairs and Maintenance :
Buildings 1,26,12,700 1,33,06,678
Machinery 77,60,780 61,19,463
Other Assets 1,55,52,654 1,79,42,974
Payment to Artists and Other Event Expenses 5,69,32,470 3,11,41,565
Guest Transportation 85,99,445 69,24,048
Travel Agents’ Commission 9,82,110 18,35,736
Taxes and Licenses 60,86,864 58,00,027
Professional Charges 19,16,111 0,80,693
Miscellaneous Expenses 42,09,735 38,16,015
--------------------- ---------------------
TOTAL 21,66,80,772 17,14,64,028
--------------------- ---------------------
18. GENERAL EXPENSES
Rent 6,00,000 6,00,000
Rates and Taxes 36,70,413 20,93,800
Insurance 20,67,097 17,62,046
Printing and Stationery 38,04,900 36,38,842
Communications 16,99,428 17,21,602
Vehicle Maintenance 9,59,746 10,59,267
Travelling, Conveyance and Vehicle hire charges 41,27,068 24,25,850
Directors Sitting Fees 17,000 12,000
Auditors Remuneration :
as Auditors 3,03,325 2,75,750
for Tax audits 78,240 11,030
for Tax Matters – 25,000
for Management Services 16,545 16,545
for Certification 2,206 17,773
Advertisement, Publicity and other selling expenditure 1 01 42,821 93,81,079
Professional charges 24,98,925 21,33,620
Infrastructure Maintenance 59,77,108 57,54,670
General Charges 47,20,558 41,18,699
Bad Debts/Advances Written off 1,70,05,433 14,78,893
Loss on Sale of Assets 17,828 2,25,132
Expenses relating to earlier years 32,926 52,438
Donations 15,000 10,20,000
------------------- -------------------
TOTAL 5,77,56,567 3,78,24,036
-------------------- --------------------
PARTICULARS
25
DOLPHIN HOTELS LIMITED
19. ACCOUNTING POLICIES AND NOTES ON ACCOUNTS
A. Significant Accounting Policies :
a. The financial statements have been prepared to comply in all material respects with the
Notified accounting standards by Companies (Accounting Standards) Rules, 2006 (as
amended) and the relevant provisions of the Companies Act, 1956. The financial statements
have been prepared in accordance with the generally accepted Accounting Principles in
India under the historical cost convention on accrual basis, except in case of assets for which
provision for impairment is made and revaluation is carried out. The accounting policies are
consistent with those used in the previous year.
b. The preparation of financial statements requires the management of the company to make
certain estimates and assumptions that effect the reported balances of assets and liabilities
and disclosures relating to the contingent liabilities as at the date of the financial statements
and the reported amounts of income and expenditure during the year. Any revision to such
estimates is recognised prospectively in the year in which it is revised.
c. Fixed Assets are stated at cost net of accumulated depreciation and impairment losses if any.
Cost comprises the purchase price and all attributable costs to bring the asset to its working
condition for its intended use.
d. Depreciation on the assets is provided on straight line method on all assets, except construction
machinery, vehicles, office furniture and office equipment for which written down value
method is followed in accordance with Schedule XIV to the Companies Act, 1956.
Fixed Assets costing rupees Five thousand or less are fully depreciated in the year of acquisition.
Buildings constructed on lease hold land are depreciated over the Primary lease period.
Intangible assets are written off over their estimated useful life.
e. Current Investments are carried at lower of cost and market value.
f. Stock of Provisions, Stores, Wines, Crockery, Cutlery, Carpets and Linen are valued at direct
cost based on Weighted Average Method.
g. Crockery, Cutlery, Carpets and Linen issued to user departments is taken as consumption.
However, the base stock is capitalised.
h. Sales made in foreign currency are recognised at the prevailing applicable exchange rate.
Gain/Loss arising out of fluctuation in the exchange rate is accounted for on realisation.
i. Borrowing costs that are directly attributable to the acquisition, construction or production of
fixed assets are capitalised as part of the cost of that assets.
j. All contingent liabilities are indicated by way of a note and will be provided/paid on
crystalisation.
k. Employee Benefits are accounted for as follows as per the Accounting Standard 15.
i) Short term employee benefits such as wages, salaries, incentives, bonus and short
term earned leaves are fully provided.
ii) All other long term employee benefits such as earned leave are provided as per actuarial
valuation.
iii) Contributions to provident fund are remitted to Provident Fund Commissioner.
iv) Post employees benefits such as Gratuity is treated as defined benefit plan and accounted
as per actuarial valuation.
26
DOLPHIN HOTELS LIMITED
l. All capital grants / investment subsidies received from Governments are directly credited to
Capital Reserve.
m. All items of income/expenditure pertaining to prior period, which are material, are accounted
through “prior period adjustments” and the others are shown under respective heads of
account in the Profit and Loss Account.
n. Deferred tax asset and liability is calculated by applying the tax rate and tax laws that have
been enacted or substantially enacted by the balance sheet date. Deferred tax assets are
recognised and carried forward only to the extent that there is a reasonable certainty that
sufficient future taxable income will be available against which such deferred tax asset can
be realised.
o. Impairment loss is recognised whenever the carrying amount of an asset is in excess of its recoverableamount and the same is recognised as an expense in the statement of Profit and Loss and thecarrying amount of the asset is reduced to its recoverable amount.
Reversal of impairment losses recognised in prior years is recorded when there is an indication
that the impairment losses recognised for the asset are no longer exist or have decreased.
p. All the lease agreements entered into by the company both as lessee and lessor are only
operating leases. The payments made or the amounts received under such operating leases
are debited or credited as the case may be to profit and loss account on straight-line basis
over the lease period.
q. A provision is recognised when there is a present obligation as a result of past event and it
is probable that an outflow of resources will be required to settle the obligation, in respect
of which a reliable estimate can be made. Provisions are not discounted to its present value
and are determined based on best estimate required to settle the obligation at the balance
sheet date. These are reviewed at each balance sheet date and adjusted to reflect the
current best estimates.
B. Notes on Accounts
1. The Company has not complied with the guidelines those are made applicable to the listed
Companies by Securities and Exchange Board of India, as the Company has opted for
delisting from Stock exchanges and also not paid the Listing Fees.
2. a) Term Loans from Union Bank of India are secured by equitable mortgage of the
Land and Buildings of the Company and further secured by hypothecation of all the
fixed assets of the Company both existing and future on pari-passu basis and also
guaranteed by two of the Directors of the Company.
b) Working Capital Loan from Union Bank of India is secured by hypothecation of
Stock of Provisions, Wines, Consumable Stores and Book Debts of Dolphin Hotel at
Visakhapatnam and guaranteed by three of the Directors of the Company in their
personal capacity to the extent of ` 25.00 Lakhs.
3. Interest on Unsecured Term Loan from a Director amounting to ` 36,35,47,043 upto 31st
March, 2006 is not provided in the books of accounts. Consequent to that unsecured
loans are under stated and Reserves and Surplus are over stated by that amount.
4. Donations shown under the head “General expenses” include the amounts given to the
following political parties.
i) Communist Party of India Marxist Leninist ` 15,000 (Previous year ` 10,000)
ii) Communist Party of India (Marxist) ` Nil (Previous Year ` 10,000)
27
DOLPHIN HOTELS LIMITED
5. a) Depreciation on the assets of the company is provided on Straight line basis/written
down value method as per Schedule XIV to the Companies Act 1956. However
fixed Assets costing rupees Five thousand or less are fully depreciated in the year of
acquisition.
b) Buildings constructed on lease hold land are depreciated over the Primary Lease
period which is 15 years.
c) Costs incurred towards purchase of Computer Software being in the nature of
intangible assets are amortised over its estimated life of five years.
6. Buildings costing ` 1,76,39,622 (previous year ` 1,76,39,622) are on leasehold land.
7. Fixed Deposits shown under the head Cash and Bank balances include deposits of
` 36,14,830/- (previous year ` 36,14,830/-) the receipts in respect of which are in lien with
bankers towards margin for guarantees issued by them.
8. Deposits recoverable include ` 15,79,886/- (previous ` 15,79,886/-) paid to Ushakiron
Movies Limited, a Company which is under the same management towards Security Deposits.
Maximum amount due at any time during the year is ` 15,79,886 /- (previous year
` 15,79,886/-).
9. The Company is in the process of obtaining confirmations from the debtors.
10. Disclosure of Sundry Creditors under current liabilities is based on the information available
with the Company regarding the status of the suppliers as defined under the “Micro, Small
and Medium Enterprises Development Act, 2006” and relied upon by the Auditors.
11. Details of total outstanding dues to Micro and Small Enterprises as per Micro, Small and
Medium Enterprises Act, 2006.
28
The principal amount and the interest due thereon (to be shownseparately) remaining unpaid to any supplier as at the end of eachaccounting year.
The amount of interest paid by the buyer in terms of Section 16,of the Micro, Small and Medium Enterprise Development Act, 2006along with the amounts of the payment made to the supplierbeyond the appointed day each accounting year.
The amount of interest due and payable for the period of delay inmaking payment (which have been paid but beyond the appointedday during the year) but without adding the interest specified underMicro, Small and Medium Enterprise Development Act, 2006.
The Amount of interest accrued and remaining unpaid at the endof each accounting year, and
The amount of further interest remaining due and payable evenin the succeeding years, until such date when the interest dues asabove are actually paid to the small enterprise for the purpose ofdisallowance as a deductible expenditure under Section 23 of theMicro, Small and Medium Enterprise Development Act, 2006.
Particulars Current Year Previous Year
` `
Nil Nil
Nil Nil
Nil Nil
Nil Nil
Nil Nil
DOLPHIN HOTELS LIMITED
12. In the opinion of the management, the current assets, loans and advances are expected to
realise at least the amount at which they are stated, if realised in the ordinary course of
business and provision for all known liabilities have been adequately made in the accounts.
13. Sundry debtors include dues from the following Companies which are under the same
management :
(`)
Company Due as on Due as on Maximum amount due
31-03-2011 31-03-2010 Current Year Previous Year
Ushakiron Movies
Limited - 11,37,343 - 78,31,802
Margadarsi MarketingPrivate Limited 13,918 7,475 13,918 7,475
Ushodaya ShippingPrivate Limited - 1,778 - 1,778
Margadarsi Chit Fund
Private Limited 10,642 - 10,642 -
Suman Advertising
Private Limited 2,798 1,576 2,798 1,576
Ramadevi Trust 12,56,677 10,44,835 12,72,993 10,44,835
14. Estimated amount of contracts remaining to be executed on Capital Account and not provided for
` 2,15,012 (Net of advances) (Previous year ` Nil)
15. Remuneration paid to Managing Director included in other heads of account (Minimum remuneration
as per Schedule XIII of the Companies Act, 1956)Current year Previous year
-------------------- --------------------` `
a) Remuneration 26,40,000 22,80,000b) Cost of perquisites and contributions 3,32,748 4,29,297
---------------- ----------------Total 29,72,748 27,09,297
---------------- ----------------
16. Contingent Liabilities not provided for on account of
Current year Previous year-------------------- --------------------
` `
a) Claims against the company not
acknowledged as debts : 5,09,16,395 3,73,75,332out of which the company hascounter claim to the extent of (3,89,09,346) (3,47,70,371)
b) Guarantees given by the bankers 3,27,64,830 3,28,64,830
c) Guarantees given by the company 38,82,216 38,82,216
29
DOLPHIN HOTELS LIMITED
17. The Company has imported certain goods under the Export Promotion Capital Goods scheme of the
Government of India at concessional rates of duty on an undertaking to fulfill ̀ 1,41,16,680 (Previous
Year ̀ 3,83,87,858) which is to be fulfilled within next 5 years. Non fulfillment of the balance obligation
within the said period render the company liable to pay the balance duty of ̀ 17,64,585 (Previous Year
` 48,54,438) and other penalties under the above referred scheme.
18. Calculation of Earning per share Current Year Previous Year
a) Net Profit available to Equity Shareholders (`) 3,41,12,348 117,96,785
b) Weighted average Number of Equity Shares (Nos.) 6,99,200 6,99,200
c) Face value as per share (`) 10 10
d) Earning per share (Basic and diluted) (`) 48.79 16.87
30
19. Disclosure relating to the Gratuity (funded) liability as per Accounting Standard 15 “Employee Benefits”
(Amount in `)
Particulars 2010-11 2009-10
a) The amounts recognised in the Balance Sheet
Present Value of obligation 76,29,034 1,44,42,092
Fair value of plan assets 84,17,858 61,00,860
Net liability recognised in the Balance Sheet** (7,88,824) 83,41,232
**Excess fair value of plan assets not considered in the books
b) Changes in the present value of the defined obligation
Opening defined benefit obligation 1,44,42,092 1,13,55,408
Current service cost 19,78,116 10,50,573
Interest Cost 11,55,367 9,08,432
Benefits Paid (13,48,381) (18,52,968)
Actuarial (gain)/loss on obligation (85,98,160) 29,80,647
Closing defined benefit obligation 76,29,034 1,44,42,092
c) The amounts recognised in the Profit and Loss account
Current Service Cost 19,78,116 10,50,573
Interest Cost 11,55,367 9,08,432
Actuarial (gain)/loss on obligation (85,98,160) 29,80,647
Actual return on plan assets (5,92,671) (5,31,190)
Net benefit Expenditure Income (60,57,348) 44,08,462
d) Change in the Fair value of the plan assets
Plan assets at the beginning of the year 61,00,860 55,11,338
Actual return on plan assets 5,92,671 5,31,190
Benefits Paid (3,22,194) (3,86,499)
Contributions made 20,46,521 4,44,831
Plan assets at the end of the year 84,17,858 61,00,860
e) Principal Actuarial Assumptions
Rate of escalation in Compensation 4% 4%
Discount Rate 8% 8%
Attrition Rate 20% 7%
Retirement Age in years 58 58
DOLPHIN HOTELS LIMITED
31
20. As the Company’s main business is limited to only Hospitality services, there is no separate reportable
segment as per the Accounting Standard (AS-17) on “Segment Reporting” .
21. The details of the transactions with related parties to be disclosed as required by Accounting Standard-
18 are as follows:
a) Names of Related parties and description of relationship
1. Key Management Personnel : 1. Sri Ramoji Rao, Chairman
2. Smt. Ch. Vijayeswari, Managing Director
2. Relatives of Key Management Personnel : 1. Smt. Ch. Rama Devi (Wife of Chairman)
2. Sri Ch. Kiron (Son of Chairman)
3. Sri Ch. Suman (Husband of M D)
4. Smt.Ch. Sailaja (Wife of Ch. Kiron)
3. Associates : 1. Margadarsi Chit Fund Pvt. Ltd.
2. Ushodaya Enterprises Pvt. Ltd.
3. Ushakiron Movies Ltd.
4. Colorama Printers Pvt. Ltd.
5. Margadarsi Marketing Pvt. Ltd.
6. Margadarsi Housing Pvt. Ltd.
7. Margadarsi Financial Services Pvt. Ltd.
8. Various business concerns of Ramoji Rao (HUF)
9. Ushodaya Shipping Pvt. Ltd.
10. Variety Entertainment Pvt. Ltd.
11. Suman Advertising Pvt. Ltd.
12. Eenadu Relief Fund
13. M S M S Pvt. Ltd.
14. Ramadevi Trust
(Amount in `)
b) Transactions with related parties during the year
2010-11 2009-10
i) Key Management Personnel
Sri Ramoji Rao - Chairman
Interest Paid 3,21,00,000 3,96,00,000
Director sitting fee 4,000 4,000
Smt. Ch. Vijayeswari - Managing Director
Remuneration 29,72,748 27,09,297
ii) Relatives of Key Management Personnel
Sri Ch. Kiron
Director Sitting Fee 1,000 2,000
The rate of escalation in compensation considered in the above valuation is estimated takinginto account inflation, seniority, promotion and other relevant factors and the above informationis certified by an actuary.
DOLPHIN HOTELS LIMITED
iii) Associated Enterprises
Colorama Printers Pvt. Ltd.
Purchase of Goods 6,51,282 5,25,365Services Rendered - 2,517
M S M S Pvt. Ltd.
Services availed 6,84,724 6,24,000
Suman Advertising Pvt. Ltd.
Services Rendered 2,798 1,576
Margadarsi Marketing Pvt. Ltd.
Services Rendered 8,83,009 17,452Royalty Paid 20,549 34,468
Margadarsi Chit Fund Pvt. Ltd.
Purchase of Goods 5,290 5,40,677Services Rendered 33,85,220 11,55,192Sale of Goods 46 1,459Services Availed 19,84,253 7,27,242
Margadarsi Housing Pvt. Ltd.
Rent Paid 3,00,000 3,00,000Services Rendered 1,243 -
Ushakiron Movies Limited
Sale of Goods 94,450 1,75,302Purchase of Goods 1,21,31,185 1,01,00,582Purchase of Fixed Assets 8,931 -Rent Received 22,72,899 24,56,935Rent Paid 70,62,834 69,96,486Services Rendered 1,48,34,396 2,28,36,572Services Availed 10,94,79,107 7,74,04,372Reimbursements received - 2,741
Ushodaya Enterprises Pvt. Ltd.
Purchase of Goods 1,02,85,140 1,54,97,019Rent Received 1,81,995 1,81,995Rent Paid 61,15,038 62,54,013Services Rendered 1,29,81,616 1,61,40,084Services Availed 89,59,221 32,68,387Reimbursements received - 50,504Sale of Goods 2,07,256 2,52,649
Business of Concerns of Ramoji Rao (HUF)
Sale of Goods 9,11,740 5,15,800Purchase of Goods 31,05,594 17,53,028Rent Received - 1,66,829Services Rendered 4,25,405 1,81,527Services Availed 3,81,637 3,93,653
Eenadu Relief Fund
Donation - 10,00,000
Ramadevi Trust
Services availed 2,28,158 -Sale of Goods 29,999 -
32
DOLPHIN HOTELS LIMITED
33
c) Year end Balances {due from / (due to)}
S.No. Particulars 2010-11 2009-10
` `
1. Margadarsi Chit Fund Pvt. Ltd. 10,642 (11,18,221)
2. Margadarsi Housing Private Ltd. (45,000) (2,58,606)
3. Usha Kiron Movies Ltd. (2,36,26,900) 27,17,229
4. Colorama Printers Pvt. Ltd. (3,20,995) (1,87,631)
5. Ushodaya Enterprises Pvt. Ltd. (25,59,451) (1,10,25,628)
6. Margadarsi Marketing Pvt. Ltd. 13,918 7,474
7. Ushodaya Shipping Private Ltd. - 1,778
8. Various Business Concerns of Ramoji Rao (HUF) (1,62,88,747) (1,71,62,241)
9. Suman Advertising Pvt. Ltd. 2,798 1,576
10. Sri Ramoji Rao (26,80,80,000) (27,56,60,286)
11. Ramadevi Trust 12,56,677 10,44,835
22. Details of Operating leases
Current Year Previous Year
` In lakhs ` in Lakhs
------------------ -------------------
a) Lease Payments debited to in the Accounts
i. Residential flats/quarters foraccommodation of employees 3.00 3.00
ii. Building for running a hotel 131.98 132.51
iii. Equipment for running a hotel - 3.00
iv. Office accommodation 6.00 6.00
b) Future minimum lease payments under noncancelable operating leases
i. Due not later than one year 135.90 123.99
ii. Due later than one year and not later than five years 128.11 135.90
iii. Due later than five years 3.64 -
23. As required by Accounting Standards (AS 28) on “Impairment of Assets” as notified by Companies (Accounting
Standards) Rules 2006, (as amended), the management has carried out the assessment of Impairment of
assets and no impairment loss has been recognized during the year.
24. In the absence of convincing evidence that the Company will pay normal Income Tax within the specified
period, the Minimum Alternative Tax (MAT) credit is not recognized during the year as an asset and the
situation shall be reviewed at each Balance Sheet date.
25. Additional information as required to be given pursuant to the provisions of Part II of Schedule VI to the
Companies Act, 1956 :
DOLPHIN HOTELS LIMITED
34
a) Since it is not practicable to give quantity wise details in respect of purchase, consumption, turnover,
stock, etc, the Department of Corporate Affairs in exercise of its power conferred by sub-section (4)
of section 211 of the Companies Act, 1956 by its order No. 46/3/2011-CL-III, dated 28th January,
2011 has exempted the company from giving such details for the year. However, the said order
requires the company to disclose certain additional particulars, which are duly disclosed in financial
statements.
Current year Previous year
b) Value of Materials Consumed Percentage Value Percentage Value
% ` % `
Imported 1.60 34,52,902 0.49 7,86,303
Indigenous 98.40 21,25,00,840 99.51 15,99,03,434
TOTAL 100.00 21,59,53,742 100.00 16,06,89,737
Current Year Previous Year
` `
------------------ --------------------
c) Value of imports calculated on C.I.F. basis by
the company during the financial year in respect of:i) Capital goods 48,45,185 21,71,887ii) Components and spare parts 35,21,376 -
d) Expenditure in Foreign Currency 2,42,047 48,528on account of travelling other matters
e) Earnings in Foreign Exchange :
Hospitality Services 1,42,72,243 1,34,51,509
26. The other particulars required under part II of Schedule VI to the Companies Act, 1956 are not applicable
to the company.
27. Previous year’s figures have been regrouped and reclassified wherever necessary to make them comparable
with those of current year.
Per our report of even datefor BRAHMAYYA & CO.
Chartered AccountantsFirm’s Registration Number : 000513S
P. CHANDRAMOULI RAMOJI RAO CH. VIJAYESWARI
Partner Chairman Managing DirectorMembership No. 025211
Ramoji Film City,Date : 06.09.2011.
DOLPHIN HOTELS LIMITED
BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESSPROFILE AS PER PART IV TO SCHEDULE VI TO THE COMPANIES ACT, 1956.
I. REGISTRATION DETAILS :Registration No. 1390State Code 01Balance Sheet Date 31-03-2011
II. CAPITAL RAISED DURING THE YEAR : (Amount ` in Thousands)Public Issue NilRights Issue NilBonus Issue NilPrivate Placement Nil
III. POSITION OF MOBILISATION ANDDEPLOYMENT OF FUNDS (Amount ` in Thousands)Total Liabilities 681494Total Assets 681494Sources of Funds :Share Capital (including Application Money) 66992Reserves & Surplus 274140Secured Loans 59434Unsecured Loans 240000Deferred Tax Liability 40928Application of Funds :Net Fixed Assets 491559Net Current Assets 17219Investments 172716Miscellaneous Expenditure –Accumulated Losses –
IV. PERFORMANCE OF COMPANY (Amount ` In Thousands)Turnover 749754Other Income 43267Total Expenditure 700960Profit before Tax 92060Profit after Tax 34112Dividend Rate % –Earning per share Rs. 49.79
V. GENERIC NAMES OF THREE PRINCIPALPRODUCTS/SERVICES OF THE COMPANY(AS PER MONETARY TERMS)Item Code No.
Not ApplicableITC CodeProduct Description Hotels and Restaurants
Place : Ramoji Film City, RAMOJI RAO CH. VIJAYESWARI
Date : 06.09.2011. Chairman Managing Director
}
35
DOLPHIN HOTELS LIMITED
NOTES
DOLPHIN HOTELS LIMITED
DOLPHIN HOTELS LIMITED“HOTEL SITARA”, RAMOJI FILM CITY, RANGA REDDY DISTRICT - 501 512.
PROXY
I / We ...............................................................................................................................................
of .....................................................................................................................................................
being a Member / Members of Dolphin Hotels Limited appoint ............................................................
(or failing him ....................................................................................................................................
of .....................................................................................................................................................
or failing him ....................................................................................................................................
of ...................................................................................................................................................
as my / our proxy in my / our obsence to attend and vote for me / us and on my / our behalf
at the 40th Annual General Meeting of the Company to be held on Friday, the 30th
September, 2011 or at any adjournment thereof.
AS WITNESS my hand / our hands this the .........................................................................................
day ............................................................ of 2011.
Signed by the said ........................................ ........................................................
Note : The Proxy must be deposited at the Registered Office of the Company at HOTEL SITARA,
Ramoji Film City, Ranga Reddy District - 501 512, not less than 48 hours before the
commencement of meeting.
PLEASE
AFFIX
REVENUE
STAMP✃
✃
.