Indian Corporate Adv Tax June 2011

The amount of Advance Tax payable and due dates for Corporate Tax Payers viz. Local Authorities, Cooperatives, Firms, Domestic Companies and Other than Domestic Companies as per Sec 211 of
Income Tax Act, 1961 on the Income calculated in the manner laid down in section 209 of ibid
shall be as follows.
    on or before the 15th June             Not less than fifteen per cent
    on or before the 15th September   Not less than forty-five per cent
    on or before the 15 th December   Not less than seventy per cent
    on or before the 15 th March         Not less than 100 per cent
Non payment of Advance Tax  instalments on 15th June, 15th September ,15th December  and 15 th March attracts interest as per 234C of the Act at the rate of 1% on the amount short paid for 3 months.

If Advance Tax falling due on 15th March is not paid in full , interest at the rate of 1% on the amount short remitted for 1 month is to be paid. even if the delayed is
by even a day, interest is to be paid on the entire instalment amount.

If advance tax paid by March 31 is less than 90 per cent of the total tax payable, an interest as per 234B of the Act  @ 1 per cent per month on the deficit amount from April 1st of the following year till the date  of filing of return is leviable .


So what is the Corporate Advance Tax paid by Indian corporates for 15 June 2011
Notwithstanding a massive fall in factory output in April 2011 and inflation crossing 9.5 percent for May 2011 , advance tax pay-up by India Inc for the first quarter  June 2011 has increased by 14 percent , easing concerns of economic slowdown.

State Bank of India  paid  Rs 1,100 crore against Rs 850 crore in the year-ago period
Reliance Industries paid Rs 900 crore against Rs 650 crore  last year
Citibank saw its advance tax outgo jumping 50% to Rs 150 crore from Rs 100 crore,
IDBI Bank paid advance tax soaring of Rs 180 crore as against Rs 81 crore
The second-largest foreign bank HSBC, paid Rs 250 crore against Rs 225 crore .
Bank of Baroda doled out Rs 250 crore as against Rs 225 crore,
Bank of India paid Rs 165 crore against Rs 158 crore,
Dena Bank around Rs 55 crore against Rs 45 crore,

So be invested in Banks especially my favourite IDBI Bank

LTP03 Asian Hotels West

NSE: AHLWEST

BSE: 533221

Asian Hotels West has come out with superb number for 2010-11

The net profit for the year was Rs 16.82 crore over a total income  Rs 137.19 crore
with an Operating profit of Rs 45.37 crore

On the paid up capital of 1.14 crore share of Rs 10 each ie., Rs 11.40crore
the EPS was Rs 14.60 and the book value of the share was Rs 262
The current market  price is Rs 192  the total market capitalisation is Rs. 227 crore and
the share is trading at a PE of 13.1 x and P/ BV of 0.73x
against the Industrial PE of 33x and P/BV of 1.15x

History of Asian Hotels West 
--------------------------------
The Company was originally incorporated as Chillwinds Hotels Private Limited on Jan8, 2007,
under the Companies Act, 1956, with the Registrar of Companies, NCT of Delhi and Haryana.
The Company was converted into a Public Limited Company and the subsequently the name was
changed to Chillwinds Hotels Limited w.e.f August 25, 2007. The Company entered into a Scheme
of Arrangement and Demerger with M/s Asian Hotels Limited (Transferor Company)  which is now
known as Asian Hotels (North) Limited) and its shareholders & creditors and M/s Vardhman
Hotels Limited (Transferee Company – II) now known as Asian Hotels (East) Limited and its share-
holders which became effective on February 11, 2010.
The three promoters- Sushil Gupta, Shiv Jatia and Umesh Saraf, who brought the Hyatt hospitality
brand in India under Asian Hotels,- are demerging the company. Under the split formula, Shiv Jatia
will operate the Delhi-based Hyatt Regency, Sushil Gupta will control Hyatt Regency in Mumbai
and Umesh Saraf, the Kolkata-based Hyatt Regency.

On the scheme becoming effective the Mumbai undertaking of the Transferor Company was
demerged and vested in the Company. The name of the Company was further changed to Asian
Hotels (West) Limited w.e.f February 12, 2010 pursuant to the scheme.

According to the scheme of demerger, the Mumbai undertakings had been compensated for its
smaller size in terms of cash and equivalents and development rights and Asian Hotels (West)
received non-convertible redeemable preference shares worth Rs 89 crore at 1%
and the right to develop a property each in Bangalore and Delhi's international airport,
besides the Mumbai property.

Mumbai property
---------------------
Asian Hotels (West) owns a 400 room property in Mumbai, Hyatt Regency a luxury 5 star hotel
http://mumbai.regency.hyatt.com/hyatt/hotels/index.jsp?null located on Sahar Airport Road in
Mumbai (Bombay), India.  Hyatt Regency Mumbai is the city's premier gateway hotel.
The hotel is adjacent to Mumbai's international airport and minutes from the domestic terminals.
The hotel is also close to Santacruz domestic airport. Hyatt Regency Mumbai is the preferred hotel
for business travellers visiting the city of Mumbai. The hotel is also host to Club Prana Spa.

Delhi property to be unveiled in 2012
-----------------------------------------
It owns 66 % in subsidiary Aria which  is developing a 525 room JW Marriott at Delhi Airport
near the terminal T3 that is the new development which is coming. The new hotel will open in
2012 .The entire financial tie up for the new property is already there and ILFS Investment
Managers http://www.ilfsinvestmentmanagers.com/News/9235224007.pdf invested Rs 80 crore
 to acquire a 33% stake in Aria Hotels and Consultancy Services, a subsidiary of Asian Hotels the investment vehicle for Asian Hotels for the Delhi project.

Asian Hotels (West) have entered into a 30-year management contract with Marriott International to
develop the first JW Marriott hotel in Delhi with over 500 rooms at a project cost of Rs 700 crore.
Will also develop a multi-level commercial and retail complex adjoining the hotel property.

Pune Clarion in development
--------------------------------
In the mid-market segment, it has plans to develop a Clarion Hotel in Pune with 100 rooms and will
continue to expand its portfolio of Clarion-branded hotels through its association with a group company
‘Inovoa Hotels  Resorts Ltd.’ (IHPL), which has an exclusive Franchise Agreement for the Clarion brand.
IHPL has recently opened its first 130 room hotel property under its upscale “Clarion Century” Brand
at Whitefield, Bengaluru. http://www.clarionhotel.com/hotel-bangalore-india-II098 Hillwood Corporation USA, a Ross Perot Jr. company, is an investor in
Inovoa Hotels  Resorts.
So by year ending 2013, the revenue will grow almost three-fold.

LTP02 Asian Hotels North

NSE: ASIANHOTNR
BSE: 500023

Asian Hotels North has come out with excellant number for 2010-11

The net profit for the year was Rs 34.50 crore over a total income  Rs 305.44 crore
with an Operating profit of Rs 107.71 crore

On the paid up capital of 1.945 crore share of Rs 10 each ie., Rs 19.45 crore
the EPS was Rs 22.98 and the book value of the share was Rs 397
The current market  price is Rs 202 and the share is trading at a
PE of 8.74 x and P/ BV of 0.51x against the Industrial PE of 33x and P/BV of 1.15x

Delhi-based Asian Hotels (North) owns a premier five-star hotel in the Capital. The company plans to expand in the apartment space after it got split into three different entities earlier this year.
Asian Hotels (North) is the parent entity of the erstwhile Asian Hotels, which was demerged into three independent companies,
Asian Hotels (North),
Asian Hotels (East) and
Asian Hotels (West) earlier this year.
Jatia family-owned Asian Hotels (North) controls the flagship property Hyatt Regency, New Delhi one of the largest five-star properties in the country with nearly 517 rooms and suites. http://delhi.regency.hyatt.com/hyatt/hotels/index.jsp?  It is located within 20-25 kms of city centre and airport . The location of the hotels command the most lucrative operating margins in the industry and is part of Hyatt group which owns operates a portfolio consisted of 451 properties all around the world. Moreover, being present in the NCR region, it provides an edge to the company over its immediate peers. Delhi has a strategic advantage of being a hub of diplomatic, cultural and business activities. This ensures consistent buoyancy in business and leisure travel to the city.

Delhi Expansion
----------------
The company has received allotment order for development of FSI from Delhi Development Authority for their Delhi Property. The company is expanding its existing Delhi property of 517 rooms by adding 35 rooms. Besides, the company is also erecting a new tower with a total built in area of around 1.66 lakh square feet. With this new tower, the company shall foray into the service apartment segment. These service apartments would be up for business by the middle of 2011-12. With these apartments, Asian Hotels (North)'s capacity would increase by 60%. The company has struck a joint venture in an overseas company, which is into hospitality consulting services. The overseas company has subscribed to equity and preference shares of Rs. 53 crore ( at Rs420 a share) and Rs 347 crore. These funds would be used for capacity expansion.

Kolkotta Project
-------------------
The company has paid EMD for allotment of free hold land of six acres  by West Bengal Housing Infrastruture Development Corporation for the its Kolkota five star hotel project.

The foreign connection
-----------------------
The company after obtaining approval of FEMA had made an investment of Rs 391 crore in Fine Hospitaltity and Consultancy Pte Ltd Maurities  for acquiring 53% stake. FHCPL is in the business of providing project development and project management primarily in hospitality sector.


Magus estates and Hotels Limited owns and operates "Four Seasons" an 202 foreign branded hotel in Mumbai. http://www.fourseasons.com/mumbai/ The hotel is in receipt of allotment order for develpment of additonal FAR and has started expansion there at. Magus is the subsidiary of FHCPL thus the connection intact....
Mumbai connection
--------------------


During the year company had raised  converted outstanding Fully Convertible Preference share worth Rs 263 crore into equity shares at rate of Rs 419.80 per share

During the year company had deferred the redemption by two year of Non Convertible Preference share worth Rs 49 lakh with the consent of Magus a subsidiary company