A Detailed Project Report

On

“HOTEL STONE HEAVEN”

SUBMITTED BY:

Group No: 1

Abraham Mathewkutty 05002

Manish Changrani 05009
Digvirbhai Sodha 05013
Bharat Kewalramani 05018
Sandeep Patel 05032
Sheena Easow 05045
Urvi Sonetta 05047
Meera Thacker 05050
Kunal Vaswani 05053

SUBMITTED TO:
Prof. Nitin G. Hiranandani

TOLANI INSTITUTE OF MANAGEMENT STUDIES

ADIPUR (KACHCHH)

1
I. INTRODUCTION

About the Project

• Set-up 4 star category hotel with 45 rooms and 5 suits.

• Facility of Restaurant, Banquet Hall and Conference Room.
• Swimming Pool and Health Club.
• Recreation Facilities (Disco, Party Plot)

Why Such Project Selected:

Gandhidham and its surrounding areas have very little to offer from the tourist
attraction point of view, it is more of industrial sector than an attraction location.
However it is not that the hotels run by the holiday makers only, as is evident in
our survey here were there is requirement of hotel room all the year round. This is
mainly due to the continuous floating population of middle management
executives and at times top management executive of big companies, who
frequently visit this area mainly due to foreign exchange income being sourced
from here by the virtue of port activities and the large special economic zone.

On account of this type of gigantic activity it is surprising that none one of the
corporate have set-up their own Guest House and hence large dependence is on
Hotel Rooms and the facility offered by the hotel flourished in spite of being no
where near the first class of international level, hence international standard hotel
would do extremely well here. In addition, due to the local population being from
the upper middle class and business community, there is enormous scope for
banqueting and wedding parties here. The discretionary income of the people in
and around Gandhidham being very high, people here tend to spend a lot on
luxury.

2
 I. Personal Information Of Entrepreneurs

Name : - Abraham Mathewkutty

Address : - C-76, NU – 4, Sapnanagar, Gandhidham
Tel Nos. : - 9824827768
Date of Birth : - 11th October, 1984
Educational Qualification: -

PG DBM
Degree Tolani Institute of
Institute Marketing
Major Subject 2007
Year
Management Studies

Advance
Tolani Commerce
B Com Accountancy 2005
College
& Auditing

Name : - Manish Changaani

Address : - TRS-36, WARD 4A, ADIPUR-KUTCH
Tel Nos. : - 9825009707
Date of Birth : - 8th February, 1985
Educational Qualification: -

Degree Institute Major Subject Year

Tolani Institute of
PGDBM Finance 2007
Management Studies
Advance
Tolani Commerce
B Com Accountancy & 2005
College
Auditing

3
Name : - Digvirbhai Sodha
Address : - NTPC complex, Surat
Tel Nos. : - 9998420590
Date of Birth : - 14th August, 1984
Educational Qualification: -

PG DBM
Degree Tolani Institute of
Institute Marketing
Major Subject 2007
Year
Management Studies

Advance
B Com University of Madras Accountancy & 2005
Auditing

Name : - Bharat Kewalramani

Address : - Plot no.316, Lilashah Nagar, Gandhidham
Tel Nos. : - 9898425390
Date of Birth : - 10th April, 1985

Educational Qualification: -

PG DBM
Degree Tolani Institute of
Institute Marketing
Major Subject 2007
Year
Management Studies

Advance
Tolani Commerce
B Com Accountancy & 2005
College
Auditing

Name : - Sandeep Patel

Address : - Ward 2B, Plot no. 316, Adipur- Kutch
Tel Nos. : - 9898913418

4
Date of Birth : - 16th July, 1984
Educational Qualification: -

PG DBM
Degree Tolani Institute of
Institute Finance
Major Subject 2007
Year
Management Studies

Advance
Tolani Commerce
B Com Accountancy & 2005
College
Auditing

Name : - Sheena Easow

Address : - 216 – B, Apnanagar, Gandhidham
Tel Nos. : - 02836 - 229340
Date of Birth : - 29th January, 1985
Educational Qualification: -

PG DBM
Degree Tolani Institute of
Institute Finance
Major Subject 2007
Year
Management Studies

Advance
Tolani Commerce
B Com Accountancy & 2005
College
Auditing

Name : - Urvi Sonetta

Address : - Plot No:- 43, Mahadevnagar; Anjar
Tel Nos. : - 9824813347
Date of Birth : - 16th January,1984
Educational Qualification: -

5
PG DBM
Degree Tolani Institute of
Institute Finance
Major Subject 2007
Year
Management Studies

Advance
Tolani Commerce
B Com Accountancy & 2005
College
Auditing

Name : - Meera Thacker

Address : - Plot No:-283, Sec. :- 1-A; Gandhidham
Tel Nos. : -9879700258
Date of Birth : - 18th August, 1985
Educational Qualification: -

PG DBM
Degree Tolani Institute of
Institute Finance
Major Subject 2007
Year
Management Studies

Advance
Tolani Commerce
B Com Accountancy & 2005
College
Auditing

Name : - Kunal Vaswani

Address : - S.E.X.-55, Behind Adiser Pond, Adipur-Kutch
Tel Nos. : - 9825235062
Date of Birth : - 8th Nov,1985
Educational Qualification: -

PG DBM
Degree Tolani Institute of
Institute Marketing
Major Subject 2007
Year
Management Studies

Advance 6
Tolani Commerce
B Com Accountancy & 2005
College
Auditing
 Name : Dinesh Ghakkar
Address : Plot No. 443, Lilashahnagar, Gandhidham
Tel Nos. : 9825361830
Date of Birth : 29th December, 1975

Mr. Ghakkar is a leading hotelier of Gandhidham with three hotels in town. He is

also involved in the business real estate in Gandhidham.

Moreover majority of the promoters are management graduates with a good

combination of marketing and finance.

III. Present Status and Market Potential

• Basic Market Information:

Gandhidham at present has only 5 hotels which could be categorized at the level
not exceeding 2 to 3 Stars, they are as follows:

Holiday Village Resort

This property is around 7 Kms. From Gandhidham near the Kandla airport and it
runs on the lines of a resort. It has a swimming pool, health club, indoor sports
complex and an amusement park with one garden as well as indoor restaurant. It
has one conference hall.

Hotel Chandan
This hotel is situated close to the railway station, but the area is more crowded with
trucks and tankers parked there as it is very near to the transport nagar. The hotel
has around 40 rooms with one restaurant, one banquet hall and a coffee shop. They
are providing Indian and Chinese food in the restaurant.

7
Hotel Shiv
The hotel has around 35 rooms with two restaurant and essential services required
by any normal hotel. After the earthquake it has been renovated again and has now
been made beautiful. In terms of property it has a good location in between the
Gandhidham main market, but does not have a good landscaping in terms of
garden. In the restaurant it is serving Indian and Chinese cuisine.

Hotel Madhuban
The hotel has also been newly reconstructed now after the earthquake. It has
around 35 rooms with direct dialing facilities, cable T.V, however, refrigerators are
restricted to suites and deluxe rooms only. The hotel is not centrally air
conditioned. It has one A.C. restaurant serving Indian and Chinese cuisine and one
banquet hall. In terms of operating standards we could say that it is a two star hotel
with good layout.

Sharma Resorts:
This property is around 6 Kms. from Gandhidham near to the Kandla airport and it
runs on the lines of a resort, where cluster units are housing around 45 operational
rooms with air conditioners. It has a swimming pool, health club, indoor sports
complex and an amusement park, an artificial waterfall and a lake with paddleboat
along with one garden restaurant and one indoor restaurant. It also has one
conference room.

The rack rates offered by the best hotels in town are as follows:
(fig in Rs.)
HOTEL VILLAGE RESORT SINGLE BED DOUBLE BED
A/C Deluxe 1800 2000
Executive 2500 2800
Suites 3500 3800
Royal Suites 5200

HOTEL CHANDAN SINGLE BED DOUBLE BED

Non A/C 350 450
With A/C 550 700

8
A/C Deluxe 650 800
Executive Room 900 1050

HOTEL MADHUBAN SINGLE BED DOUBLE BED

With A/C 1000 1200
A/C Deluxe 1500 2000
Executive Room 2500 3000
Suites 5000 5500

HOTEL SHIV SINGLE BED DOUBLE BED

With A/C 1200 1400

Executive Room 2000 2200
Suites 4500 5000
SHARMA RESORTS SINGLE BED DOUBLE BED
A/C Deluxe 1000 1200
Executive Room 1800 2000
Suites 3400
Royal Suites 4500

Rajvi Resorts SINGLE BED DOUBLE BED

A/C Deluxe 1200 1350
Executive Room 2000 2300
Non A/C Deluxe 750 900

In addition to the above, there are 10 small hotels having an

average 15 rooms each. The current demand for first class
accommodation is around 500 rooms per day giving approximate
1,82,500 room night as against this the current supply is around
only 185 rooms of this type, thereby there is gap of 1,15,000
room night per year.

• Expected Customers:
Our hotel would attract the top executives of the following
companies visiting this town.

• Indian Oil Corporation Ltd.

• Hindustan Lever Ltd.
• IFFCO

9
 • Welspun India Ltd.
• Man Industries Ltd.
• Hindustan Petroleum Corporation Ltd.
• EURO Ceramics Ltd.

We also expect an excellent response in banqueting from the

residents, as we have observed a tendency to have a large
banquet parties at a regular intervals.

• Scope for diversification:

We intend to work out franchisee cum management control
arrangement with Taj group of hotels nationwide.

IV. Type of Unit and site selection:

Name of Unit : HOTEL STONE HEAVEN

Address : Galpadar Road, Near BSF Camp;
Gandhidham
Type of Unit : Hospitality
Techno-Economic reasons for site selection

Requirement of Land & Building : Land size 2613.38 Sq.

Mtrs has already been acquired by the promoter.

V. Cost of Project

The cost of the project has been estimated as:

Sr. No Particulars Value Rs.

(In Lacs)

10
1 Land 10.00
2 Hotel Building 186.00
3 Machinery & Equipments 92.00
(Including installation, etc.)
4 Furniture and Fixture 140.00
5 Miscellaneous Fixed Assets 32.00
6 Preliminary & Preoperative Expenses 50.25
7 Working Capital Margin 10.00
Total 520.25

VI. Means of Finance

The cost of the project as stated above is suggested to be met through the
following sources:

Sr. Particulars Value Rs. Remarks

No (In Lacs)
1 Promoter’s 150.00 Rs. 100 Lac invested
Contribution by Mr.Ghakkar and
rest Rs.50 Lac
invested by remaining
promoters.
2 Unsecured Loan 110.25 Funded by friends &
relatives
3 Term Loan 260.00 @ 10.5% interest
Total 520.25

11
VII. Preliminary & Pre-operative Expenses

Sr. No Particulars Value Rs Remarks

(In Lac)
1 Legal Expenses 7.00 Registration, Legal
& other issues
2 Project Report Nil Prepared by
Preparation partners
3 Establishment Expenses 35.50 Architect fee,
Interior
Decoration fee.
4 Electrification & Water 3.00 Three Phase &
Deposits water deposits
5 Inauguration Expenses & 4.75 Advertising,
other expenses Promotion
Total 50.25

12
VIII. Annual Production Programme:

No. of Days : 270.00

No. of Rooms : 50.00

Room Occupancy(%) : 50.00

Room Night Sold : 6750.00

Average Room Rate : 3140.00

13
IX. Manpower Requirements

Total
Wages
No & Yearly
Sr.
Particulars s Salaries Rs.
No
. / (In Lac)
Month/p
erson
27
A Hotel Staff 21 64000
.12
1.Waiters128,00011.522.Chief Chef128,0003.363.Assistant
Chef315,0005.404.Assistant Cook48,0003.845.Security
Guard55,0003.00BOffice Staff411,5003.181.Computer
Operator –Cum-
Accountant37,5002.702Receptionist14,0000.48Total75,50030.30

X. Infrastructure Facilities:

14
 1. Electricity/ Year :- 1,80,000 K.V.
2. Fuel Requirement / Year :- Gas - 3420 KG.
(Oil & Gas) Diesel – 30,000 litres
Oil – 3780 litres
3. Water Requirement / Day :- 36,00,000 litres
4. Transportation etc. :- Car Hire Service
5. Availability & Possibilities of meeting these requirements: - All facilities
are easily available & can possibly be met.
XI. Utilities & Overhead Cost:

Sr.N Particulars Monthl Total Remarks

o y Ann
Rup ual
ees Expe
(In Lac) nses
(In Lac)
1 Electricity 1.125 13.50 1,80,000 K.V @
7.50 per unit
2 Water & Fuel 1.224 14.69 Water
consumption @
0.10/litre, diesel
@ 35/litre, gas @
1000 per 19 kg.
and Oil @ 100
per litre
Repair &
3 0.1875 2.25
Maintenance
Misc. ( Up
4 keeping 0.765 9.180
expenses)
7 Total (Rs.) 3.3015 39.62

XII. Administrative Expenses

15
 Yearly
Sr.No
Description Monthly Rs. Rs. (In
.
Lac)
Stationery &
1. 2,083 0.25
Printing
Telephone/ Fax/
2. 7,500 0.90
Telegrams
Rent, Taxes &
3. 35,833 4.30
Insurance
4. Misc. expenses 1,000 0.12

Total 46,416 5.57

XIII. Break Even Calculations

Amo
Particulars un
t
(In Lac)
Total Service Cost: - 250.28
Fixed Cost: - 61.99 16
Variable Costs :- 188.29
* Contribution = Sales Income – Variable cost

= 274.35 – 188.29

=86.06

* B.E.P (%) = {Fixed Cost / Contribution} * sales

= {61.99/ 86.06} * 100

= 72.03%

XIV. Analysis of Break Even Point (BEP)

17
 Particulars Amount
Variable Costs
Food & Beverages 27.55
Electricity Exp. 13.50
Selling & Distribution 6.89
Preliminary Exp. 50.25
Interest 16.51
Depreciation 58.9
Total Variable Cost 188.29
Fixed Costs
Repairs & Maintenance 2.25
Water & Fuel 14.69
Administrative Expenditure 5.57
Salary 30.30
Up-keeping 9.18
Total Fixed 61.99
Costs
Surplus 86.06
Income from sales p.a 274.35
Total Variable cost 188.29

XV. Project Implementation Schedule

Particulars Weeks/Days

i. Market Survey 20-25 days

ii. Acquisition of License / Permissions 40-60 days

iii. Project report 10-15 days

iv. Loan application for fixed assets & W. Cap 60-90 days

18
v. Machinery Orders 60-90 days

vi. Power Connection 90 days

vii. Employment of People 40-60 days

viii. Electrification 25-30 days

Annexure
Annexure : 1 Machinery/Equipment Requirements

.S.No Description Total Value Name and Address of

(Rs. in Suppliers
(lakhs

19
 .1 Kitchen Equipments 12.00 Apex Home
.Appliances, Mumbai
.2 Refrigeration (deep freezers, water 5.00 Jalaram electronics,
(.coolers, water treatment plant, etc .Gandhidham
.3 Centralized Air conditioner & Lifts 20.00 Flex Company,
.Mumbai
.4 Others (computer system, electrical 55.00 ,Pars Enterprise
connection, D.G. set, Vimal Sports and
telecommunication system, health .Stationery
(.club equipments etc
Total 92.00 -

Annexure 2: - Other Fixed Assets

20
 SR ITEM (.VALUE (RS
.NO (In Lac)

.1 Land / Building 196.00

.2 Furniture & Fixtures 140.00

TOTAL 336.00

Annexure: 3 Expected Service Cost

.Sr. No Particulars Stocking Period .Yearly Rs

(In Lac )
.1 Food and Beverages Days 7 27.55
.2 Utilities Days 30 39.62
.3 Development Expenses --- 50.25
.4 Salaries days 30 30.30
.5 Admn. Expenses days 30 5.57
.6 Selling Expenses 6.89
.7 Other Misc. Expenses 14.69

Total Expenses 174.87

11 Interest --- 16.51
12 Depreciation --- 58.90
Total Service Cost 250.28

21
 Annexure :- 4 Sales Revenue

Sr Type of Room No. of Charges per

.No Rooms Room
.1 Single A/C 10 1,500
.2 Double A/C 15 2,200
.3 Special Deluxe 10 3,000
.4 Executive Room 10 4,000
.5 Suits 5 5,000

Annual Production Programme:

No. of Days : 270.00

No. of Rooms : 50.00

Room Occupancy(%) : 50.00

Room Night Sold : 6750.00

Average Room Rate : 3140.00

Room Annual
Sr. Room Night
Particulars NightSold Value Rs.
.No Sold Yearly
Monthly ((In Lac

.1 Room Sales 562.5 6750 211.95

.2 Food and Beverages Sale -- -- 55.10

Misc. Sales [Membership Fee,

.3 -- -- 7.30
[.Rent of Party Plot, etc

22
 Total 274.35

***********
Annexure :-6 Working Capital

6.00 Rs. Utilities for 2 months i)

Rs. 1.08 Receivables for 3 months ii)

Rs. 2.00 Salary for one month iii)

Rs. 0.92 iv) Admn. Expenses for 2 months

----------------------
Rs. 10.00 Total
=============

23
Interest Annexure:- 7

Statement of Interest on Term Loan and Repayment

Amount Lac-/260
Interest 10.50%
Repayment Monthly Installment of Rs.4.65/-Lac each starting from September 2007 84

Repayment
Installment Opening Installment Closing Total Total
.No Year Month Balance Interest Interest Balance Interest Repayment

2006-07 Dec-06 52.00 0.46 52.46

Jan-07 104.46 0.91 0.00 0.00 105.37
Feb-07 157.37 1.38 0.00 0.00 158.75
Mar-07 210.75 1.84 0.00 0.00 212.59
2007-08 Apr-07 264.59 2.32 0.00 0.00 266.91
May-07 266.91 2.34 0.00 0.00 269.25
Jun-07 269.25 2.36 0.00 0.00 271.60
Jul-07 271.60 2.38 0.00 0.00 273.98
Aug-07 273.98 2.40 0.00 0.00 276.38
1 Sep-07 276.38 2.42 0.00 0.00 274.15
2 Oct-07 274.15 2.40 2.23 2.42 271.90
3 Nov-07 271.90 2.38 2.25 2.40 269.62
4 Dec-07 269.62 2.36 2.27 2.38 267.33
5 Jan-08 267.33 2.34 2.29 2.36 265.02
6 Feb-08 265.02 2.32 2.31 2.34 262.69
7 Mar-08 262.69 2.30 2.33 2.32 260.34 16.51 32.55
8 2008-09 Apr-08 260.34 2.28 2.35 2.30 257.97
9 May-08 257.97 2.26 2.37 2.28 255.58
10 Jun-08 255.58 2.24 2.39 2.26 253.16
11 Jul-08 253.16 2.22 2.41 2.24 250.73

24
12 Aug-08 250.73 2.19 2.43 2.22 248.27
13 Sep-08 248.27 2.17 2.46 2.19 245.79
14 Oct-08 245.79 2.15 2.48 2.17 243.29
15 Nov-08 243.29 2.13 2.50 2.15 240.77
16 Dec-08 240.77 2.11 2.52 2.13 238.23
17 Jan-09 238.23 2.08 2.54 2.11 235.66
18 Feb-09 235.66 2.06 2.57 2.08 233.08
19 Mar-09 233.08 2.04 2.59 2.06 230.47 25.93 55.80
20 2009-10 Apr-09 230.47 2.02 2.61 2.04 227.83
21 May-09 227.83 1.99 2.63 2.02 225.18
22 Jun-09 225.18 1.97 2.66 1.99 222.50
23 Jul-09 222.50 1.95 2.68 1.97 219.79
24 Aug-09 219.79 1.92 2.70 1.95 217.07
25 Sep-09 217.07 1.90 2.73 1.92 214.31
26 Oct-09 214.31 1.88 2.75 1.90 211.54
27 Nov-09 211.54 1.85 2.77 1.88 208.74
28 Dec-09 208.74 1.83 2.80 1.85 205.92
29 Jan-10 205.92 1.80 2.82 1.83 203.07
30 Feb-10 203.07 1.78 2.85 1.80 200.20
31 Mar-10 200.20 1.75 2.87 1.78 197.30 22.63 55.80
32 2010-11 Apr-10 197.30 1.73 2.90 1.75 194.37
33 May-10 194.37 1.70 2.92 1.73 191.43
34 Jun-10 191.43 1.67 2.95 1.70 188.45
35 Jul-10 188.45 1.65 2.98 1.67 185.45
36 Aug-10 185.45 1.62 3.00 1.65 182.42
37 Sep-10 182.42 1.60 3.03 1.62 179.37
38 Oct-10 179.37 1.57 3.05 1.60 176.29
39 Nov-10 176.29 1.54 3.08 1.57 173.18
40 Dec-10 173.18 1.52 3.11 1.54 170.05
41 Jan-11 170.05 1.49 3.13 1.52 166.88
42 Feb-11 166.88 1.46 3.16 1.49 163.69
43 Mar-11 163.69 1.43 3.19 1.46 160.48 18.98 55.80
44 2011-12 Apr-11 160.48 1.40 3.22 1.43 157.23
45 May-11 157.23 1.38 3.25 1.40 153.96
46 Jun-11 153.96 1.35 3.27 1.38 150.65
47 Jul-11 150.65 1.32 3.30 1.35 147.32
48 Aug-11 147.32 1.29 3.33 1.32 143.96
49 Sep-11 143.96 1.26 3.36 1.29 140.57
50 Oct-11 140.57 1.23 3.39 1.26 137.15
51 Nov-11 137.15 1.20 3.42 1.23 133.70
52 Dec-11 133.70 1.17 3.45 1.20 130.22
53 Jan-12 130.22 1.14 3.48 1.17 126.71
54 Feb-12 126.71 1.11 3.51 1.14 123.17
55 Mar-12 123.17 1.08 3.54 1.11 119.60 14.92 55.80
56 2012-13 Apr-12 119.60 1.05 3.57 1.08 115.99
57 May-12 115.99 1.01 3.60 1.05 112.36
58 Jun-12 112.36 0.98 3.64 1.01 108.69
59 Jul-12 108.69 0.95 3.67 0.98 104.99
60 Aug-12 104.99 0.92 3.70 0.95 101.26
61 Sep-12 101.26 0.89 3.73 0.92 97.50

25
62 Oct-12 97.50 0.85 3.76 0.89 93.70
63 Nov-12 93.70 0.82 3.80 0.85 89.87
64 Dec-12 89.87 0.79 3.83 0.82 86.00
65 Jan-13 86.00 0.75 3.86 0.79 82.11
66 Feb-13 82.11 0.72 3.90 0.75 78.18
67 Mar-13 78.18 0.68 3.93 0.72 74.21 10.41 55.80
68 2013-14 Apr-13 74.21 0.65 3.97 0.68 70.21
69 May-13 70.21 0.61 4.00 0.65 66.17
70 Jun-13 66.17 0.58 4.04 0.61 62.10
71 Jul-13 62.10 0.54 4.07 0.58 58.00
72 Aug-13 58.00 0.51 4.11 0.54 53.85
73 Sep-13 53.85 0.47 4.14 0.51 49.67
74 Oct-13 49.67 0.43 4.18 0.47 45.46
75 Nov-13 45.46 0.40 4.22 0.43 41.21
76 Dec-13 41.21 0.36 4.25 0.40 36.92
77 Jan-14 36.92 0.32 4.29 0.36 32.59
78 Feb-14 32.59 0.29 4.33 0.32 28.23
79 Mar-14 28.23 0.25 4.36 0.29 23.82 5.41 55.80
80 2014-15 Apr-14 23.82 0.21 4.40 0.25 19.38
81 May-14 19.38 0.17 4.44 0.21 14.90
82 Jun-14 14.90 0.13 4.48 0.17 10.38
83 Jul-14 10.38 0.09 4.52 0.13 5.82
84 Aug-14 5.82 0.05 4.56 0.09 0.00 0.65 24.47
5.82 0.05

Annexure:- 8 Depreciation

Particulars Percentage .Yearly Amount Rs

(In Lac )
Furniture & Fixtures 10% 14

Machinery / 15% 13.8

Equipments
Building 15% 27.9

Other Misc. Fixed 3.2

Assets

Total Amount 58.9

26
 Annexure:- 9 Cash Flow Statement
(Amount in Lacs )

Projected Cash Flow Statement

Inflow 2006-07 2007-08 2008-09 2009-10

Promoter's Contribution 150.00 0.00 0.00 0.00
Term Loan 212.59 47.75 0.00 0.00
Unsecured Loan 110.25 0.00 0.00 0.00
.Profit before Dep 0.00 84.97 146.38 162.82

Total Inflow 472.84 132.72 146.38 162.82

Outflow
Capital expenditure on project 462.84 47.40 0.00 0.00
Investment 0.00 40.80 55.03 60.72
Repayment of loan 0.00 16.04 29.87 29.87
Increase in Curremt asset 0.00 5.00 5.00 0.00
Tax 0.00 7.41 32.47 40.69

Total Outflow 462.84 116.65 122.37 131.28

27
 Opening balance 0.00 10.00 26.07 50.08
Surplus/Deficiet 10.00 16.07 24.01 31.54
Closing Balance 10.00 26.07 50.08 81.62

Annexure 10: Declaration of Promoters

We as promoters of “HOTEL STONE HEAVEN”, hereby

declare that the information given in the report is true to the
.best of our knowledge and belief

Mr. Dinesh Ghakhar

Mr. Abraham Mathewkutty
Mr. Manish Changrani

28
Mr. Digvirbhai Sodha
Mr. Bharat Kewalramani
Mr. Sandeep Patel
Ms. Sheena Easow
Ms. Urvi Sonetta
Ms. Meera Thacker
Ms. Kunal Vaswani

29