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Directors Report of U P Hotels Ltd.
Mar 31, 2025
Your Directors are pleased to present the 64th Annual Report of the Company for the financial year ended March 31,2025.
Financials
(Rs. in lakh)
|
Current Year |
Previous Year |
|
|
Revenue from Operations |
15290.87 |
14650.59 |
|
Other Income |
626.24 |
525.35 |
|
Expenditure |
11945.43 |
10945.99 |
|
Depreciation |
866.72 |
796.26 |
|
Profit before tax |
3971.68 |
4229.95 |
|
Tax expense |
998.37 |
1048 33 |
|
Profit after tax |
2973.31 |
3181.62 |
|
Other Comprehensive Income |
7.18 |
(3.12) |
|
Total Comprehensive Income |
2980.49 |
3178.50 |
|
Profits available for Appropriation |
14317.86 |
11344.55 |
|
Transfer to General Reserve |
- |
- |
|
Earning Per Equity Share (Basic) |
55.06 |
58.92 |
|
Earning Per Equity Share (Diluted) |
55.06 |
58.92 |
Operations & State of Companyâs Affairs
Revenue from operations (net) has increased by Rs.640.25 lakh (4.37%) from Rs.14650.59 lakh (previous year) to Rs.15290.87 lakh in
current year. The profit before tax was Rs.3971.68 lakh in the current year against profit before tax of Rs. 4229.95 lakh in previous year
The profit after tax for the year (before other comprehensive income) was Rs.2973 31 lakh in the current year against profit of Rs 3181.62
lakh in the previous year. The Total Comprehensive Income was Rs.2980.49 lakh in the current year against income of Rs 3178.50 lakh
in the previous year.
The details on operations & state of affairs of the Company have been given in the report under Management Discussion & Analysis''.
Dividend
No dividend has been recommended by the Board for the financial year ended 31st March, 2025.
Transfer to General Reserves
During the financial year, the Company has not transferred any amount out of the profits of the Company to the General Reserves.
Directors and Key Managerial Personnel
Mr. Apurv Kumar and Mr. Rupak Gupta are the Joint Managing Directors and Chief Financial Officers of the company during the year under
review. Mr. Prakash Chandra Prusty is Company Secretary of the Company Mr. Apurv Kumar, Mr Rupak Gupta and Mr. Prakash Chandra
Prusty are the Key Managerial Personnel of the Company,
The Company has appointed Mr Arjun Kumar a Non-Executive Non-Independent Director of the Company with effect from May 15, 2024,
Mr.Arjun Kumar will retire by rotation at the ensuing Annual General Meeting, being eligible, offers himself for re-appointment at the ensuing
Annual General Meeting. The Board has recommended for fixation of remuneration of Mr. Apurv Kumar and Mr. Rupak Gupta both Joint
Managing Directors and Chief Financial Officers of the company at the ensuing Annual General Meeting.
Mr. Bisheshwar Prasad Singh and Mr. Shankar Aggarwal were the Independent Directors of the Company during the financial year 2024¬
25. The company has received necessary declarations form the Independent Directors under section 149(7) of the Companies Act, 2013
that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(b) of Listing
Regulations, 2015 and compliance with the Code for Independent Directors prescribed in Schedule IV to the Act. In terms of Regulations
25(8) of the SEBI Listing Regulations, the Independent Directors have confirmed that they are not aware of any circumstance or situation,
which exists or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent
judgment and without any external influence. One separate meeting of the Independent Directors pursuant to Section 149(8) and Schedule
IV of the Companies Act, 2013 was held during the year.
The Company has put in place an induction and familiarization program for all its Directors including the Independent Directors. The
familiarization program for Independent Directors in terms of provisions of Regulation 46(2)(i) of Listing Regulations, is uploaded on the
website of the Company atwww.hotelclarks.com.
Directors Responsibility Statement
Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of their knowledge and ability, state that:
a in the preparation ofthe annual accounts for the financial year ended 31st March, 2025, the applicable accounting standards
have been followed and there were no material departures;
b they have 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 ofthe state of affairs ofthe company at the end ofthe financial year
and of the profit and loss of the company for that period;
c. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud
and other irregularities;
d they have prepared the annual accounts on a going concern basis; and
e they have laid down internal financial controls for the company, which are adequate and are operating effectively,
f. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are
adequate and operating effectively.
Voluntary Delisting of Equity Shares from BSE Limited
Due to non-compliance of Regulation 38 of listing Regulations, Securities & Exchange Board of India (SEBI) vide its order dated 04.06.2013
and 02.12.2014 inter alia directed freezing of voting rights and corporate benefits with respect to excess of proportionate promoter/promoter
group shareholding and other directions against the promoter shareholders and directors. The Company had filed an application with
Securities and Exchange Board of India for relaxation of its order to enable the promoters to consider voluntary delisting of shares as an
option for compliances. SEBI vide its letter dated 03.12.2024 granted the company, certain relaxations for the specific purpose of seeking
voluntary delisting of equity shares of the company. Further, certain directions are also issued for the specific purpose of seeking voluntary
delisting of equity shares of the Company. Additionally, the relaxations have been granted and directions are issued subject to certain
conditions namely that the Company is in compliance with provisions of all other applicable laws and that the Company shall complete the
process of voluntary delisting within a period of one year from the date of the said SEBI letter. The Acquirer has appointed the Merchant
Banker as Manager to manage the voluntary delisting process. The Acquirer filed Initial Public Announcement with BSE Limited on 15th July
2025. As on date of this report, the company is conducting Postal ballot process for receiving decision of shareholders on Voluntary Delisting
proposal of the acquirer.
Internal Financial Controls
As per Section 134(5)(e) of the Companies Act 2013, Internal Financial Control (IFC) means the policies and procedures adopted by the
company for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its
assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely reparation
of reliable financial information.
The Company has a systematic process and well-defined roles and responsibilities for people at different hierarchical levels. The Internal
Financial Control (IFC) system of company comprises due compliances of company''s policies and Standard Operating Procedures (SOPs)
and internal audit checks The Audit Committee discusses with the members of the management, considers the systems as laid down, meets
with internal auditors & statutory auditors to ascertain their views and also takes note of the Internal Audit Reports at appropriate intervals and
issue advises to the management auditors for better control, timely compliances, etc.
Statutory Audit
The shareholders of the company in their 61st Annual General Meeting held on 26th September 2022, re-appointed statutory auditors of the
Company, M/s Satinder Goyal & Co., Chartered Accountants, (Firm Registration NO.027334N) for a second term of five consecutive years,
from the conclusion of the 61st Annual General Meeting held in the year 2022 till the conclusion of the 66th Annual General Meeting to be
held in the year 2027. M/s Satinder Goyal & Co., Chartered Accountants, have confirmed that they are not disqualified from continuing as
the auditors of the Company.
The Auditors have submitted their Report on the financial statements of the Company for the year ended 31st March, 2025. The Auditorsâ
qualifications on non-compliances on various provisions of the Companies Act, 2013, Listing Regulations and other lav/s applicable to the
Company are given in Auditors'' Report. The clarifications of the Board on the said qualifications are in the Annexure 1 attached to this
Report.
Secretarial Audit
Pursuant to the provisions of Section 204 of the Act and The Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, the Board of Directors of the Company had appointed Mr. Deepak Bansal of Deepak Bansal & Associates, Practicing Company
Secretaries to undertake the Secretarial Audit of the Company for the year ended 31st March, 2025 The Secretarial Audit Report is annexed
as Annexure 2. The Secretarial Audit Report contains qualifications on non-compliances under the provisions of the Companies Act, 2013
and Listing Regulations. The Board has submitted its replies on the qualifications in the Annexure 1 attached to this Report.
Pursuant to Regulation 24A of the SEBI Listing Regulations and Section 204 of the Companies Act, 2013, based on recommendation of
the Audit Committee, the Board at its meeting held on August 13, 2025, has approved the appointment of Deepak Bansal & Associates,
Practising Company Secretaries, a peer reviewed firm (UIN: S2007UP759100, C.P. No. 7433) as Secretarial Auditors of the Company for
a term of five consecutive years commencing from FY 2025-26 till FY 2029- 30, subject to approval of the Members at the ensuing Annual
general Meeting.
Secretarial Standards
The Company complies with all applicable mandatory Secretarial Standards issued by the Institute of Company Secretaries of India
Particulars of Loans, Guarantees and Investments
During the financial year under review, the company has not granted any loans and advances to related parties. The investments made by
the company are given in the Note No. 8 to the Financial Statements.
Financial Performance/Financial Position of Subsidiaries / Associate Companies / Joint Ventures
There is no Subsidiary Companies/Associate Compames/Joint venture assodated with the Company.
Change in the Nature of Business:
No changes occurred in the nature of business during the financial year under review.
Board Evaluation
The Board of Directors has carried out an annual evaluation of its own performance, board committees, and individual directors pursuant to
the provisions of the Companies Act and SEBI Listing Regulations The Board evaluated its own performance and that of its Committees and
individual directors based on assessment of a structured questionnaire (covering various aspects of the Board''s functioning, board culture,
effective participation, contribution to the Board proceedings, etc.) furnished by each director / member-director of various committees in
respect of their self-assessment as well as the assessment of the Board/Commrttees followed by the discussions with the directors/ members
of the Committees. The entire Board, excluding the Director being evaluated, evaluated the performance of each Independent Director. The
process of review of Non-Independent Directors, Chairman and the Board as a whole and also its Committees were undertaken in a separate
meeting of Independent Directors. The Independent Directors'' meeting also assessed the quality, quantity and timeliness of information
required for the Board to perform its duties properly.
Policy on Directors''Appointment and Policy on Remuneration
Pursuant to Section 134(3)(e) and Section 178(3) of the Companies Act, 2013, the Policy on appointment of Board members including criteria
for determining qualifications, positive attributes, independence of a Director and the policy on remuneration of Directors, Key Managerial
Personnel and other employees is given in Annexure 3 and also uploaded in the website of the Company atwww.hoteldarks.com and its
web-link is httos://www hotelclarks.com/code-of-conduct-oolicies/code-of-conduct-oolicies.html.
Material changes and Commitments affecting the financial position of the company
There were no material changes and commitments, if any. affecting the financial position of the company which have occurred between the
end of the financial year of the company to which the financial statements relate and the date of the report.
Conservation of Energy, Technology Absorption and Foreign Earnings and Outgo
Your company monitors the systems and methods devised in the context of energy conservation on an ongoing basis. The details, as per
section 134(3)(m) of the Companies Act, 2013 and Rule 8 of Companies (Accounts) Rules, 2014, have been specified in Annexure 4.
Whistle Blower Policy/Vigil Mechanism
In line with the provisions of Section 177(9) of the Act and Regulation 22 of the SEBI Listing Regulations, your company has adopted a
policy on Vigil Mechanism / Whistle Blower Policy which provides the Directors and employees of the company to report actual or suspected
fraud or violation of your Company''s Code of Conduct. The policy provides for adequate safeguards against victimization of directors and
employees availing this mechanism and also provides them access to the Chairman of Audit Committee of the Company. The Whistle Blower
Policy/Vigil Mechanism is available at companyâs website atwww.hotelclarks.com and its web-link is https://wwwhotelclarks.com/code-of-
conduct-policies/code-of-condu ct-policies.html.
Meetings of the Board
Five meetings of the Board were held during the year under review. For further details, please refer to Corporate Governance Report being
part of this report.
Audit Committee
The Audit Committee of the Company during the period under review comprised of Justice Mr. B. P. Singh (Retd ) - Chairman, Mr Arjun
Kumar and Mr Shankar Aggarwal as members. The details role & responsibilities, number of meeting, etc, of the Audit Committee are
provided in the Report on Corporate Governance being part of this report.
Nomination & Remuneration Committee, Stakeholdersâ Relationship Committee
The details on composition, meetings, etc. of Nomination & Remuneration Committee and Stakeholdersâ Relationship Committee have been
given in Corporate Governance Report, being part of this report.
Corporate Social Responsibility
The details on the composition, role & responsibilities of the Corporate Social Responsibility (CSR) Committee are provided in the Report
on Corporate Governance being part of this report The brief outline of the CSR Policy of your Company and the initiatives undertaken by
your Company on CSR activities during the year are set out in the Annual Report on CSR activities marked as Annexure 5 of this report
The details on CSR Funds, activities and expenditure are given in Annexure 5. The CSR policy is available on the website of the Company
www.hotelclarks.com.
Particulars of Employees and Related Disclosures
The table containing the names and other Particulars of employees of the Company in accordance with the provisions of Section 197(12) of
the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 is
appended as Annexure 6 of the Board''s report
The Company did not employ any such person whose particulars are required to be given under Rule 5(2) and (3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules 2014, as amended from time to time
Risk Management
Risk is an integral and unavoidable component of business and your company is committed to managing the risk in a proactive and effective
manner. In todayâs challenging and competitive environment, strategies for mitigating inherent risks in accomplishing the growth plans of the
Company are imperative. The common risks inter alia are: Regulations, competition, business risk, technology obsolescence, investments,
retention of talent and expansion of facilities. Business risk, inter-alia, further includes financial risk, political risk legal risk.
The company has formulated a Policy on Risk Management for identification, evaluation, monitoring and minimization of identifiable risks
and to ensure business growth with financial stability of the Company The Audit Committee discusses on these matters and issue necessary
guidance.
Contracts and Arrangements with Related Parties
The related party transactions have been mentioned at the Notes No 31 and 41(c) of the Notes on Financial Statements. Some of the
Related Party Transactions (âRPT") entered into by the company during the previous years and which are continuing in the current financial
year could not be approved by the Audit Committee and Board of Directors, being part of a legal matter pending before the Hon''ble National
Company Law Tribunal (NCLT) for adjudication. The Board of directors in its meeting on 20.08.2017 decided to defer the matter of RPTs
till the final decision of the NCLT. Hence, the disclosures of particulars of contracts/arrangements entered into by the company with related
parties & being part of the pending legal case have not been disclosed in the Form prescribed under the Act The particulars of related party
transaction approved by Audit Committee and Board of Directors during the year under review has been disclosed in the prescribed Form
attached herewith as Annexure 7.
Annual Return
The annual return in Form MGT-7 as per Sec-92(3) and Rule-11(1) of the Companies (Management and Administration) Rules, 2014 of the
Company is placed on the website of the company and is available at the web-link https://www.hotelclarks.com/annual-return/annual-return,
html.
Management Discussion & Analysis and Corporate Governance
The Reports on the Management Discussion & Analysis and Corporate Governance as required under Listing Regulations form an integral
part of this report and are set out in Annexure 8 and 9 respectively to this Annual Report
A certificate from the Company Secretary in Practice, certifying compliance of conditions of Corporate Governance as stipulated in the Listing
Regulations, is annexed with the report on Corporate Governance.
The Company has received a certificate from a Company Secretary in Practice certifying to the Board that none of the directors on the Board
of Directors of the Company have been debarred or disqualified from being appointed or continuing as directors of companies by SEBl/
Ministry of Corporate Affairs or any other statutory authority as required.
Prevention of Sexual Harassment
The Company has adopted a policy on prevention of sexual harassment under the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the rules framed thereunder Internal Committee have been constituted in accordance with the
provisions of the said Act to redress complaints During the year, no case of sexual harassment was reported by any female
Other Disclosures
i. There was no change in Authorised Share Capital of the company during the year under review.
ii. The Company has not accepted any deposits during the Financial Year under review
iii. The Company has not bought back any of its securities during the year under review.
iv. The Company has not issued any Sweat Equity Shares during the year under review.
v. No Bonus Shares were issued during the year under review.
vi. The Company has not provided any Stock Option Scheme to the employees during the year under review,
vii The company did not issue equity shares with differential rights as to dividend, voting or otherwise.
viii. The Auditors have not reported any fraud during the year under review;
ix. As the company has no holding or subsidiary company, the information relating to receiving remuneration or commission from
holding company or subsidiary company by the Jt. Managing Directors has not arisen.
x. No significant and material orders were passed by the regulators during the period under review.
xi. The Company has paid Annual Listing fee to BSE Limited for the Financial Year 2024-25.
xii. There are no unclaimed/unpaid dividends for transfer to IEPF.
Acknowledgement
The Board expresses its sincere appreciation to bankers, business associates, consultants, and various Government Authorities for their
continued support extended to your company during the year under review. Your Directors also acknowledge gratefully the shareholders for
their support and confidence reposed on your Company.
For and on behalf of Board
of U. P. Hotels Limited
Bisheshwar Prasad Singh Apurv Kumar Rupak Gupta
(Non-Executive Chairman- (Jt. Managing Director & (Jt. Managing Director &
Independent Director) CFO) CFO)
DIN: 06949954 DIN: 00043538 DIN: 00007310
ADD: A-7, ADD: 28 Shree Vihar ADD: 35-A, Friends
Neeti Bagh Colony, Near Hotel Colony, (East)
New Delhi-110049 Clarks Amer, J L Nehru New Delhi-110065
Marg, Jaipur- 302018
Date: 13.08.2025
Place: New Delhi
Mar 31, 2024
Your Directors are pleased to present the 63rd Annual Report of the Company for the financial year ended March 31,2024. Financials
|
(Rs. in lakh) |
||
|
Current Year 2023-24 |
Current Year 2022-23 |
|
|
Revenue from Operations |
14650.59 |
13082.02 |
|
Other Income |
525.35 |
367.85 |
|
Expenditure |
10945.99 |
10267.86 |
|
Depreciation |
796.26 |
743.00 |
|
Profit before tax |
4229.95 |
3182.01 |
|
Tax expense |
1048.33 |
845.56 |
|
Profit after tax |
3181.62 |
2336.45 |
|
Other Comprehensive Income |
(3.12) |
18.41 |
|
Total Comprehensive Income |
3178.50 |
2354.86 |
|
Profits available for Appropriation |
11344.55 |
8162.93 |
|
Transfer to General Reserve |
- |
- |
|
Earning Per Equity Share (Basic) |
58.92 |
43.27 |
|
Earning Per Equity Share (Diluted) |
58.92 |
43.27 |
Operations & State of Companyâs Affairs
Revenue from operations (net) has increased by Rs.1568.57 lakh (12%) from Rs.13082.02 lakh (previous year) to Rs.14650.59 lakh in current year. The profit before tax was Rs.4229.95 lakh in the current year against profit before tax of Rs.3182.01 lakh in previous year. The profit after tax for the year (before other comprehensive income) was Rs.3181.62 lakh in the current year against profit of Rs.2336.45 lakh in the previous year. The Total Comprehensive Income was Rs.3178.50 lakh in the current year against income of Rs.2354.86 lakh in the previous year.
The details on operations & state of affairs of the Company have been given in the report under âManagement Discussion & Analysis''. Dividend
No dividend has been recommended by the Board for the financial year ended 31st March, 2024.
During the financial year, the Company has not transferred any amount out of the profits of the Company to the General Reserves. Directors and Key Managerial Personnel
Mr. Apurv Kumar and Mr. Rupak Gupta are the Joint Managing Directors and Chief Financial Officers of the company during the year under review. Mr. Prakash Chandra Prusty is Company Secretary of the Company. Mr. Apurv Kumar, Mr. Rupak Gupta and Mr. Prakash Chandra Prusty are the Key Managerial Personnel of the Company.
The Company has appointed Mr. Arjun Kumar a Non-Executive Non-Independent Director of the Company with effect from May 15, 2024. Mrs. Supriya Gupta will retire by rotation at the ensuing Annual General Meeting, being eligible, offers herself for re-appointment at the ensuing Annual General Meeting. The Board has recommended for re-appointment & fixation of remuneration of Mr. Apurv Kumar and Mr. Rupak Gupta both Joint Managing Directors and Chief Financial Officers of the company at the ensuing Annual General Meeting. The Board has also recommended payment of remuneration by way of monthly payment to Non-Independent Non-Executive Directors of the Company commencing from financial year 2024-25.
Mr. Bisheshwar Prasad Singh and Mr. Shankar Aggarwal were the Independent Directors of the Company during the financial year 202324. The company has received necessary declarations form the Independent Directors under section 149(7) of the Companies Act, 2013 that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(b) of Listing Regulations, 2015 and compliance with the Code for Independent Directors prescribed in Schedule IV to the Act. In terms of Regulations 25(8) of the SEBI Listing Regulations, the Independent Directors have confirmed that they are not aware of any circumstance or situation, which exists or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgment and without any external influence. One separate meeting of the Independent Directors pursuant to Section 149(8) and Schedule IV of the Companies Act, 2013 was held during the year.
The Company has put in place an induction and familiarization program for all its Directors including the Independent Directors. The familiarization program for Independent Directors in terms of provisions of Regulation 46(2)(i) of Listing Regulations, is uploaded on the website of the Company at www.hotelclarks.com.
Directors Responsibility Statement
Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of their knowledge and ability, state that:
a. in the preparation of the annual accounts for the financial year ended 31st March, 2024, the applicable accounting standards have been followed and there were no material departures;
b. they have 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 at the end of the financial year and of the profit and loss of the company for that period;
c. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
d. they have prepared the annual accounts on a going concern basis; and
e. they have laid down internal financial controls for the company, which are adequate and are operating effectively.
f. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.
As per Section 134(5)(e) of the Companies Act, 2013, Internal Financial Control (IFC) means the policies and procedures adopted by the company for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely reparation of reliable financial information.
The Company has a systematic process and well-defined roles and responsibilities for people at different hierarchical levels. The Internal Financial Control (IFC) system of company comprises due compliances of company''s policies and Standard Operating Procedures (SOPs) and internal audit checks. The Audit Committee discusses with the members of the management, considers the systems as laid down, meets with internal auditors & statutory auditors to ascertain their views and also takes note of the Internal Audit Reports at appropriate intervals and issue advises to the management, auditors for better control, timely compliances, etc.
The shareholders of the company in their 61st Annual General Meeting held on 26th September 2022, re-appointed statutory auditors of the Company, M/s Satinder Goyal & Co., Chartered Accountants, (Firm Registration No.027334N) for a second term of five consecutive years, from the conclusion of the 61st Annual General Meeting held in the year 2022 till the conclusion of the 66th Annual General Meeting to be held in the year 2027. M/s Satinder Goyal & Co., Chartered Accountants, have confirmed that they are not disqualified from continuing as the auditors of the Company.
The Auditors have submitted their Report on the financial statements of the Company for the year ended 31st March, 2024. The Auditors'' qualifications on non-compliances on various provisions of the Companies Act, 2013, Listing Regulations and other laws applicable to the Company are given in Auditors'' Report. The clarifications of the Board on the said qualifications are in the Annexure 1 attached to this Report.
Pursuant to the provisions of Section 204 of the Act and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors of the Company had appointed Mr. Deepak Bansal of Deepak Bansal & Associates, Practicing Company Secretaries to undertake the Secretarial Audit of the Company for the year ended 31st March, 2024. The Secretarial Audit Report is annexed as Annexure 2. The Secretarial Audit Report contains observations/qualifications on non-compliances under the provisions of the Companies Act, 2013 and Listing Regulations. The Board has submitted its replies on the observations/qualifications in the Annexure-1 attached to this Report.
The Company complies with all applicable mandatory Secretarial Standards issued by the Institute of Company Secretaries of India. Particulars of Loans, Guarantees and Investments
During the financial year under review, the company has not granted any loans and advances to related parties. The investments made by the company are given in the Note No. 8 to the Financial Statements.
Financial Performance/Financial Position of Subsidiaries / Associate Companies / Joint Ventures
There is no Subsidiary Companies/Associate Companies/Joint venture associated with the Company.
Change in the Nature of Business:
No changes occurred in the nature of business during the financial year under review.
Board Evaluation
The Board of Directors has carried out an annual evaluation of its own performance, board committees, and individual directors pursuant to the provisions of the Companies Act and SEBI Listing Regulations. The Board evaluated its own performance and that of its Committees and individual directors based on assessment of a structured questionnaire (covering various aspects of the Board''s functioning, board culture, effective participation, contribution to the Board proceedings, etc.) furnished by each director / member-director of various committees in respect of their self assessment as well as the assessment of the Board/Committees followed by the discussions with the directors/ members of the Committees. The entire Board, excluding the Director being evaluated, evaluated the performance of each Independent Director. The process of review of Non-Independent Directors, Chairman and the Board as a whole and also its Committees were undertaken in a separate meeting of Independent Directors. The Independent Directors'' meeting also assessed the quality, quantity and timeliness of information required for the Board to perform its duties properly.
Policy on Directorsâ Appointment and Policy on Remuneration
Pursuant to Section 134(3)(e) and Section 178(3) of the Companies Act, 2013, the Policy on appointment of Board members including criteria for determining qualifications, positive attributes, independence of a Director and the policy on remuneration of Directors, Key Managerial Personnel and other employees is given in Annexure 3 and also uploaded in the website of the Company at www.hotelclarks.com and its web-link is https://www.hotelclarks.com/investor-relations/investor-relations.html
Material changes and Commitments affecting the financial position of the company
There were no material changes and commitments, if any, affecting the financial position of the company which have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report.
Conservation of Energy, Technology Absorption and Foreign Earnings and Outgo
Your company monitors the systems and methods devised in the context of energy conservation on an ongoing basis. The details, as per section 134(3)(m) of the Companies Act, 2013 and Rule 8 of Companies (Accounts) Rules, 2014, have been specified in Annexure 4.
Whistle Blower Policy/Vigil Mechanism
In line with the provisions of Section 177(9) of the Act and Regulation 22 of the SEBI Listing Regulations, your company has adopted a policy on Vigil Mechanism / Whistle Blower Policy which provides the Directors and employees of the company to report actual or suspected fraud or violation of your Company''s Code of Conduct. The policy provides for adequate safeguards against victimization of directors and employees availing this mechanism and also provides them access to the Chairman of Audit Committee of the Company. The Whistle Blower Policy/Vigil Mechanism is available at company''s website at www.hotelclarks.com and its web-link is https://www.hotelclarks.com/investor-relations/investor-relations.html
Meetings of the Board
Four meetings of the Board were held during the year under review. For further details, please refer to Corporate Governance Report being part of this report.
The Audit Committee of the Company during the period under review comprised of Justice Mr. B. P Singh (Retd.) - Chairman, Mr. Arvind Kumar and Mr. Shankar Aggarwal as members. The details role & responsibilities, number of meeting, etc. of the Audit Committee are provided in the Report on Corporate Governance being part of this report.
Nomination & Remuneration Committee, Stakeholdersâ Relationship Committee
The details on composition, meetings, etc. of Nomination & Remuneration Committee and Stakeholders'' Relationship Committee have been given in Corporate Governance Report, being part of this report.
Corporate Social Responsibility
The details on the composition, role & responsibilities of the Corporate Social Responsibility (CSR) Committee are provided in the Report on Corporate Governance being part of this report. The brief outline of the CSR Policy of your Company and the initiatives undertaken by your Company on CSR activities during the year are set out in the Annual Report on CSR activities marked as Annexure 5 of this report. The details on CSR Funds, activities and expenditure are given in Annexure 5. The CSR policy is available on the website of the Company www.hotelclarks.com.
Particulars of Employees and Related Disclosures
The table containing the names and other Particulars of employees of the Company in accordance with the provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 is appended as Annexure 6 of the Board''s report.
The Company did not employ any such person whose particulars are required to be given under Rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, as amended from time to time.
Risk Management
Risk is an integral and unavoidable component of business and your company is committed to managing the risk in a proactive and effective manner. In today''s challenging and competitive environment, strategies for mitigating inherent risks in accomplishing the growth plans of the Company are imperative. The common risks inter alia are: Regulations, competition, business risk, technology obsolescence, investments, retention of talent and expansion of facilities. Business risk, inter-alia, further includes financial risk, political risk, legal risk.
The company has formulated a Policy on Risk Management for identification, evaluation, monitoring and minimization of identifiable risks and to ensure business growth with financial stability of the Company. The Audit Committee discusses on these matters and issue necessary guidance.
Contracts and Arrangements with Related Parties
The related party transactions have been mentioned at the Notes No. 31 and 41(c) of the Notes on Financial Statements. Some of the Related Party Transactions (âRPTâ) entered into by the company during the previous years and which are continuing in the current financial year could not be approved by the Audit Committee and Board of Directors, being part of a legal matter pending before the Hon''ble National Company Law Tribunal (NCLT) for adjudication. The Board of directors in its meeting on 20.08.2017 decided to defer the matter of RPTs till the final decision of the NCLT. Hence, the disclosures of particulars of contracts/arrangements entered into by the company with related parties & being part of the pending legal case have not been disclosed in the Form prescribed under the Act. The particulars of related party transaction approved by Audit Committee and Board of Directors during the year under review has been disclosed in the prescribed Form attached herewith as Annexure 7.
The annual return in form MGT-7 as per Sec-92(3) and Rule-11(1) of the Companies (Management and Administration) Rules, 2014 of the Company is placed on the website of the company and is available at the web-link https://www.hotelclarks.com/investor-relations/investor-relations.html
Management Discussion & Analysis and Corporate Governance
The Reports on the Management Discussion & Analysis and Corporate Governance as required under Listing Regulations form an integral part of this report and are set out in Annexure 8 and 9 respectively to this Annual Report.
A certificate from the Company Secretary in Practice, certifying compliance of conditions of Corporate Governance as stipulated in the Listing Regulations, is annexed with the report on Corporate Governance.
The Company has received a certificate from a Company Secretary in Practice certifying to the Board that none of the directors on the Board of Directors of the Company have been debarred or disqualified from being appointed or continuing as directors of companies by SEBI/ Ministry of Corporate Affairs or any other statutory authority as required.
Prevention of Sexual Harassment
The Company has adopted a policy on prevention of sexual harassment under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed thereunder. Internal Committee have been constituted in accordance with the provisions of the said Act to redress complaints. During the year, no case of sexual harassment was reported by any female.
Other Disclosures
i. There was no change in Authorised Share Capital of the company during the year under review.
ii. The Company has not accepted any deposits during the Financial Year under review.
iii. The Company has not bought back any of its securities during the year under review.
iv. The Company has not issued any Sweat Equity Shares during the year under review.
v. No Bonus Shares were issued during the year under review.
vi. The Company has not provided any Stock Option Scheme to the employees during the year under review.
vii. The company did not issue equity shares with differential rights as to dividend, voting or otherwise.
viii. The Auditors have not reported any fraud during the year under review;
ix. As the company has no holding or subsidiary company, the information relating to receiving remuneration or commission from holding company or subsidiary company by the Jt. Managing Directors has not arisen.
x. No significant and material orders were passed by the regulators during the period under review.
xi. The Company has paid Annual Listing fee to BSE Limited for the Financial Year 2024-25.
xii. There are no unclaimed/unpaid dividends for transfer to IEPF.
Acknowledgement
The Board expresses its sincere appreciation to bankers, business associates, consultants, and various Government Authorities for their continued support extended to your company during the year under review. Your Directors also acknowledge gratefully the shareholders for their support and confidence reposed on your Company.
Mar 31, 2023
Your Directors are pleased to present the 62nd Annual Report of the Company for the financial year ended March 31, 2023.
Financials
(Rs. in lakh)
|
CurrentYear 2022-23 |
CurrentYear 2021-22 |
|
|
Revenue from Operations |
13082.02 |
7195.13 |
|
Other Income |
367.85 |
272.85 |
|
Expenditure |
10267.86 |
6578.68 |
|
Depreciation |
743.00 |
637.53 |
|
Profit before tax |
3182.01 |
889.30 |
|
Tax expense |
216.75 |
216.75 |
|
Profit after tax |
2336.45 |
672.55 |
|
Other Comprehensive Income |
18.41 |
(24.94) |
|
Total Comprehensive Income |
2354.86 |
647.61 |
|
Profits available for Appropriation |
8162.93 |
5826.48 |
|
Transfer to General Reserve |
- |
- |
|
Earning Per Equity Share (Basic) |
43.27 |
12.45 |
|
Earning Per Equity Share (Diluted) |
43.27 |
12.45 |
Operations & State of Companyâs Affairs
Revenue from operations (net) has increased by Rs.5886.89 lakh (81.82%) from Rs.7195.13 lakh (previous year) to Rs.13082.02 lakh in current year. The profit before tax was Rs.3182.01 lakh in the current year against profit before tax of Rs.889.30 lakh in previous year. The profit after tax for the year (before other comprehensive income) was Rs.2336.45 lakh in the current year against profit of Rs. 672.55 lakh in the previous year. The Total Comprehensive Income was Rs.2354.86 lakh in the current year against income of Rs.647.61 lakh in the previous year.
The details on operations & state of affairs of the Company have been given in the report under âManagement Discussion & Analysisâ. Dividend
No dividend has been recommended by the Board for the financial year ended 31st March, 2023.
Transfer to General Reserves
During the financial year, the Company has not transferred any amount out of the profits of the Company to the General Reserves. Directors and Key Managerial Personnel
Mr. Apurv Kumar and Mr. Rupak Gupta are the Joint Managing Directors and Chief Financial Officers of the company during the year under review. Mr. Prakash Chandra Prusty is Company Secretary of the Company. Mr. Apurv Kumar, Mr. Rupak Gupta and Mr. Prakash Chandra Prusty are the Key Managerial Personnel of the Company.
Mrs. Supriya Gupta will retire by rotation at the ensuing Annual General Meeting, being eligible, offers herself for re-appointment at the ensuing Annual General Meeting. The Board has recommended for revision in remuneration of Mr. Apurv Kumar and Mr. Rupak Gupta both Joint Managing Directors and Chief Financial Officers of the company at the ensuing Annual General Meeting.
Mr. Bisheshwar Prasad Singh and Mr. Shankar Aggarwal were the Independent Directors of the Company during the financial year 202223. The Company has reappointed Mr. Shankar Aggarwal as an Independent Director for a period of five consecutive years with effect from October 1,2022. The company has received necessary declarations form the Independent Directors under section 149(7) of the Companies Act, 2013 that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(b) of Listing Regulations, 2015 and compliance with the Code for Independent Directors prescribed in Schedule IV to the Act. In terms of Regulations 25(8) of the SEBI Listing Regulations, the Independent Directors have confirmed that they are not aware of any circumstance or situation, which exists or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgment and without any external influence. One separate meeting of the Independent Directors pursuant to Section 149(8) and Schedule IV of the Companies Act, 2013 was held during the year.
The Company has put in place an induction and familiarization program for all its Directors including the Independent Directors. The familiarization program for Independent Directors in terms of provisions of Regulation 46(2)(i) of Listing Regulations, is uploaded on the website of the Company atwww.hotelclarks.com.
Directors Responsibility Statement
Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of their knowledge and ability, state that:
a. in the preparation of the annual accounts for the financial year ended 31st March, 2023, the applicable accounting standards have been followed and there were no material departures;
b. they have 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 at the end of the financial year and of the profit and loss of the company for that period;
c. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
d. they have prepared the annual accounts on a going concern basis; and
e. they have laid down internal financial controls for the company, which are adequate and are operating effectively.
f. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.
Internal Financial Controls
As per Section 134(5)(e) of the Companies Act, 2013, Internal Financial Control (IFC) means the policies and procedures adopted by the company for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely reparation of reliable financial information.
The Company has a systematic process and well-defined roles and responsibilities for people at different hierarchical levels. The Internal Financial Control (IFC) system of company comprises due compliances of companyâs policies and Standard Operating Procedures (SOPs) and internal audit checks. The Audit Committee discusses with the members of the management, considers the systems as laid down, meets with internal auditors & statutory auditors to ascertain their views and also takes note of the Internal Audit Reports at appropriate intervals and issue advises to the management, auditors for better control, timely compliances, etc.
Statutory Audit
The shareholders of the company in their 61st Annual General Meeting held on 26th September 2022, re-appointed statutory auditors of the Company, M/s Satinder Goyal & Co., Chartered Accountants, (Firm Registration No.027334N) for a second term of five consecutive years, from the conclusion of the 61st Annual General Meeting held in the year 2022 till the conclusion of the 66th Annual General Meeting to be held in the year 2027. M/s Satinder Goyal & Co., Chartered Accountants, have confirmed that they are not disqualified from continuing as the auditors of the Company.
The Auditors have submitted their Report on the financial statements of the Company for the year ended 31st March, 2023. The Auditorsâ qualifications on non-compliances on various provisions of the Companies Act, 2013, Listing Regulations and other laws applicable to the Company are given in Auditorsâ Report. The clarifications of the Board on the said qualifications are in the Annexure 1 attached to this Report.
Secretarial Audit
Pursuant to the provisions of Section 204 of the Act and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors of the Company had appointed Mr. Deepak Bansal of Deepak Bansal & Associates, Practicing Company Secretaries to undertake the Secretarial Audit of the Company for the year ended 31st March, 2023. The Secretarial Audit Report is annexed asAnnexure 2. The Secretarial Audit Report contains observations/qualifications on non-compliances underthe provisions of the Companies Act, 2013 and Listing Regulations. The Board has submitted its replies on the observations/qualifications in the Annexure-1 attached to this Report.
Secretarial Standards
The Company complies with all applicable mandatory Secretarial Standards issued by the Institute of Company Secretaries of India. Particulars of Loans, Guarantees and Investments
During the financial year under review, the company has not granted any loans and advances to related parties. The investments made by the company are given in the Note No. 8 to the Financial Statements.
Financial Performance/Financial Position of Subsidiaries /Associate Companies/ Joint Ventures
There is no Subsidiary Companies/Associate Companies/Joint venture associated with the Company.
Change in the Nature of Business:
No changes occurred in the nature of business during the financial year under review.
Board Evaluation
The Board of Directors has carried out an annual evaluation of its own performance, board committees, and individual directors pursuant to the provisions of the Companies Act and SEBI Listing Regulations. The Board evaluated its own performance and that of its Committees and individual directors based on assessment of a structured questionnaire (covering various aspects of the Boardâs functioning, board culture, effective participation, contribution to the Board proceedings, etc.) furnished by each director / member-director of various committees in respect of their self assessment as well as the assessment of the Board/Committees followed by the discussions with the directors/ members of the Committees. The entire Board, excluding the Director being evaluated, evaluated the performance of each Independent Director. The process of review of Non-Independent Directors, Chairman and the Board as a whole and also its Committees were undertaken in a separate meeting of Independent Directors. The Independent Directorsâ meeting also assessed the quality, quantity and timeliness of information required for the Board to perform its duties properly.
Policy on DirectorsâAppointment and Policyon Remuneration
Pursuant to Section 134(3)(e) and Section 178(3) of the Companies Act, 2013, the Policyon appointment of Board members including criteria for determining qualifications, positive attributes, independence of a Director and the policy on remuneration of Directors, Key Managerial Personnel and other employees is given in Annexure 3 and also uploaded in the website of the Company at www.hotelclarks.com and its web-link is https://www.hotelclarks.com/investor-relations/investor-relations.html
Material changes and Commitments affecting the financial position of the company
There were no material changes and commitments, if any, affecting the financial position of the company which have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report.
Conservation of Energy, Technology Absorption and Foreign Earnings and Outgo
Your company monitors the systems and methods devised in the context of energy conservation on an ongoing basis. The details, as per section 134(3)(m) of the Companies Act, 2013 and Rule 8 of Companies (Accounts) Rules, 2014,have been specified in Annexure 4.
Whistle Blower Policy/Vigil Mechanism
In line with the provisions of Section 177(9) of the Act and Regulation 22 of the SEBI Listing Regulations, your company has adopted a policy on Vigil Mechanism / Whistle Blower Policy which provides the Directors and employees of the company to report actual or suspected fraud or violation of your Companyâs Code of Conduct. The policy provides for adequate safeguards against victimization of directors and employees availing this mechanism and also provides them access to the Chairman of Audit Committee of the Company. The Whistle Blower Policy/Vigil Mechanism is available at companyâs website at www.hotelclarks.com and its web-link is https://www.hotelclarks.com/investor-relations/i nvestor-relations.html
Meetings of the Board
Four meetings of the Board were held during the year under review. For further details, please refer to Corporate Governance Report being part of this report.
Audit Committee
The Audit Committee of the Company during the period under review comprised of Justice Mr. B. P. Singh (Retd.) - Chairman, Mr. Arvind Kumar and Mr. Shankar AggarwaI as members. The details role & responsibilities, number of meeting, etc. of the Audit Committee are provided in the Report on Corporate Governance being part of this report.
Nomination & Remuneration Committee, Stakeholdersâ Relationship Committee
The details on composition, meetings, etc. of Nomination & Remuneration Committee and Stakeholdersâ Relationship Committee have been given in Corporate Governance Report, being part of this report.
Corporate Social Responsibility
The details on the composition, role & responsibilities of the Corporate Social Responsibility (CSR) Committee are provided in the Report on Corporate Governance being part of this report. The brief outline of the CSR Policy of your Company and the initiatives undertaken by your Company on CSR activities during the year are set out in the Annual Report on CSR activities marked as Annexure 5 of this report. The details on CSR Funds, activities and expenditure are given in Annexure 5. The CSR policy is available on the website of the Company www.hoteldarks.com.
Particulars of Employees and Related Disclosures
The table containing the names and other Particulars of employees of the Company in accordance with the provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 is appended asAnnexure 6 of the Boardâs report.
The Company did not employ any such person whose particulars are required to be given under Rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, as amended from time to time.
Risk Management
Risk is an integral and unavoidable component of business and your company is committed to managing the risk in a proactive and effective manner. In todayâs challenging and competitive environment, strategies for mitigating inherent risks in accomplishing the growth plans of the Company are imperative. The common risks inter alia are: Regulations, competition, business risk, technology obsolescence, investments, retention of talent and expansion of facilities. Business risk, inter-alia, further includes financial risk, political risk, legal risk.
The company has formulated a Policy on Risk Management for identification, evaluation, monitoring and minimization of identifiable risks and to ensure business growth with financial stability of the Company. The Audit Committee discusses on these matters and issue necessary guidance.
Contracts and Arrangements with Related Parties
The related party transactions have been mentioned at the Notes No. 31 and 41(c) of the Notes on Financial Statements. Some of the Related Party Transactions (âRPTâ) entered into by the company during the previous years and which are continuing in the current financial year could not be approved by the Audit Committee and Board of Directors, being part of a legal matter pending before the Hon''ble National Company Law Tribunal (NCLT) for adjudication. The Board of directors in its meeting on 20.08.2017 decided to defer the matter of RPTs till the final decision of the NCLT. Hence, the disclosures of particulars of contracts/arrangements entered into by the company with related parties & being part of the pending legal case have not been disclosed in the Form prescribed under the Act. No new related party transaction has been entered into by the company during the period under review.
Annual Return
The annual return in form MGT-7 as per Sec-92(3) and Rule-11(1) of the Companies (Management and Administration) Rules, 2014 of the Company is placed on the website of the company and is available at the web-link https://www.hotelclarks.com/investor-relations/investor-relations.html
Management Discussion & Analysis and Corporate Governance
The Reports on the Management Discussion & Analysis and Corporate Governance as required under Listing Regulations form an integral part of this report and are set out in Annexure 7 and 8 respectively to thisAnnual Report.
A certificate from the Company Secretary in Practice, certifying compliance of conditions of Corporate Governance as stipulated inthe Listing Regulations, is annexed with the report on Corporate Governance.
The Company has received a certificate from a Company Secretary in Practice certifying to the Board that none of the directors on the Board of Directors of the Company have been debarred or disqualified from being appointed or continuing as directors of companies by SEBI/ Ministry of Corporate Affairs or any other statutory authority as required.
Prevention of Sexual Harassment
The Company has adopted a policy on prevention of sexual harassment under the Sexual Harassment of V\fomen at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed thereunder. Internal Committee have been constituted in accordance with the provisions of the said Act to redress complaints. During the year, no case of sexual harassment was reported by any female.
Other Disclosures
i. There was no change in Authorised Share Capital of the company during the year under review.
ii. The Company has not accepted any deposits during the Financial Year under review.
iii. The Company has not bought back any of its securities during the year under review.
iv. The Company has not issued any Sweat Equity Shares during the year under review.
v. No Bonus Shares were issued during the year under review.
vi. The Company has not provided any Stock Option Scheme to the employees during the year under review.
vii. The company did not issue equity shares with differential rights as to dividend, voting or otherwise.
viii. The Auditors have not reported any fraud during the year under review;
ix. As the company has no holding or subsidiary company, the information relating to receiving remuneration or commission from holding company or subsidiary company by the Jt. Managing Directors has not arisen.
x. No significant and material orders were passed by the regulators during the period under review.
xi. The Company has paid Annual Listing fee to BSE Limited for the Financial Year 2023-24.
xii. The due date for transfer of unclaimed/unpaid dividends for the financial year 2013-14, 2014-15 and 2015-16 to IEPF is 4th November, 2023, 22nd May 2024 and 5th June 2024 respectively. Members are requested to claim their Dividends, which remain unclaimed before the due dates.
Acknowledgement
The Board expresses its sincere appreciation to bankers, business associates, consultants, and various Government Authorities for their continued support extended to your company during the year under review. Your Directors also acknowledge gratefully the shareholders for their support and confidence reposed on your Company.
For and on behalf of Board of U. P. Hotels Limited
Bisheshwar Prasad Singh Apurv Kumar Rupak Gupta
(Non-Executive Chairman- (Jt. Managing Director & (Jt. Managing Director &
Independent Director) CFO) CFO)
DIN: 06949954 DIN: 00043538 DIN: 00007310
ADD: ADD: A-7, ADD: 28 Shree Vihar ADD: 35-A. Friends
Neeti Bagh Colony, Near Hotel Colony, (East)
New Delhi-110049 Clarks Amer, J L Nehru New Delhi-110065
Marg, Jaipur- 302018
Date: 11.08.2023 Place: New Delhi
Mar 31, 2013
To The Members
The Directors have pleasure in presenting the Fifty Second Annual
Report with the Audited Accounts and Auditors'' Report for the year
ended 31st March, 2013.
FINANCIAL PERFORMANCE
Year ended 31st March 2012
2013 2012
Rs. Rs.
Profit before tax 97,278,278 154,139,690
Current tax -
Income tax 32,719,875 48,559,795
Deferred tax 1,614,195 (792,539)
Profit after tax 62,944,208 106,372,434
Balance profit / (loss) brought
forward from previous year 343,973,640 279,618,525
Available for appropriation 406,917,848 385,990,959
Appropriation
Transfer to general reserve 6,294,421 10,637,244
Proposed dividend 27,000,000 27,000,000
Tax on dividend 4,588,650 4,380,075
Balance profit carried
to Balance Sheet 369,034,777 343,973,640
406,917,848 385,990,959
Your Company recorded a turnover of Rs.757,482,285 as compared to
Rs.747,195,429 in the previous year, an increase of 1.38% over the
previous year. The profit for the year after tax amounted to
Rs.62,944,208 as against Rs.106,372,434 recorded in the previous year.
DIVIDEND
Your Directors are pleased to recommend a dividend of Rs.5/- per equity
share i.e. 50 % for the financial year ended 31st March, 2013. This
dividend is subject to the approval of the members at the forthcoming
Annual General Meeting.
RESERVES
Your Directors have transferred a sum of Rs.6,294,421 to General Reserve,
pursuant to the Provisions of the Companies (Transfer of Profits to
Reserves) Rules, 1975.
COMPLIANCE OF CLAUSE 40A
The Board of Directors has, subject to the approval of the shareholders
and the Orders in the ongoing proceedings in the Hon''ble Civil Court,
Lucknow (Sr. Division) decided to issue Bonus Shares only to the public
shareholders for complying with Clause 40A of the Listing Agreement. As
such, the delisting proposal approved by the Board of Directors on 13th
February, 2013 stands withdrawn.
DIRECTORS
In accordance with the Companies Act, 1956 and the Company''s Articles
of Association, S/Shri Rajendra Suraiya, Mohinder Kapur & Arvind Kumar
retire by rotation and being eligible offer themselves for
reappointment.
The profile of the directors seeking reappointment at this Annual
General Meeting is given in the Report on Corporate Governance.
S/Shri Pramod B Agarwala & Sanjiv Swarup have resigned from the
directorship of the company. Your Directors wish to place on record
their appreciation of the contribution made by them during their tenure
on the Board of your Company.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, it is
hereby confirmed:
i) That in the preparation of the accounts for the financial year ended
31st March, 2013, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
ii) That the Directors have selected sound accounting policies and
applied them consistently and made adjustments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit of the company for the year under review;
iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
iv) That the Directors have prepared the accounts for the financial
year ended 31st March, 2013 on a ''going concern'' basis.
ENERGY CONSERVATION
Your Company monitors the systems and methods devised in the context of
energy conservation on an ongoing basis and has implemented the energy
conservation programme which includes use of energy efficient lighting
(LED), variable frequency drive for motors (VFD), heat exchanger
system, solar system for generating hot water, sewerage treatment
plants for re-use of water for gardening, cooling tower, plumbing,
cleaning purpose and latest energy conservation gadgets.
TECHNOLOGY ABSORPTION
The Company has evolved systems and methods for hotel services which
are reviewed to meet emerging needs on an ongoing basis for cost
effectiveness.
FOREIGN EXCHANGE EARNINGS AND OUTGO
During the year, your Company''s Foreign Exchange Earnings were
Rs.292,992,725 and the outgo was Rs.11,564,113.
PARTICULARS OF EMPLOYEES AND DISCLOSURE OF INFORMATION
Information as required under Section 217(2A) of the Act, read with the
Companies (Particulars of Employees) Rules, 1975, as amended, is given
in an Annexure forming part of this report.
AUDITORS
The Auditors of the Company, Messrs. Ray & Ray, Chartered Accountants
(Firm Registration No. 301072E), retire at the ensuing Annual General
Meeting of the Company and have given their consent for reappointment.
The Company has also received a certificate from them under Section
224(1-B) of the Companies Act, 1956.
AUDITORS'' OBSERVATION
The comments made in the audit report are self explanatory. The company
has already initiated corrective action and the physical verification
of fixed assets at remaining units would be carried out in ensuing
year.
The remuneration to whole-time directors was paid in terms of
shareholders'' approval dated 28th August, 2010. Due to decline in
profitability, the remuneration approved exceeded the limit specified
under Section 309 (3) read with Section 198 by Rs.4,787,223. The company
is seeking approval of Central Government for waiver of recovery of
excess remuneration paid.
The company is applying to the Civil Court, Lucknow, (Sr. Division) to
give permission to enable the company to comply with Clause 40A of the
Listing Agreement.
OTHER INFORMATION
The Audit Committee of the Company reviewed the financial statements
for the year under review at its meeting held on 27th May, 2013 and
recommended the same for the approval of the Board of Directors.
As per the Listing Agreement with the Stock Exchange, the Management
Discussion & Analysis Report, Report on Corporate Governance and
Auditors'' certificate regarding compliance of all conditions of
Corporate Governance form a part of this report.
ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation of the
contribution made by the entire team of officers and staff to the
growth and prosperity of the Company and to the shareholders for their
valuable co-operation, suggestions and guidance. Your Directors also
wish to place on record their appreciation for the continuous support
from the banks, Department of Tourism and other Government Agencies.
For and On Behalf of the Board
Sd/-
New Delhi Birendra Kumar
27th May, 2013 Chairman & Managing Director
Mar 31, 2012
The Directors have pleasure in presenting the Fifty first Annual
Report with the Audited Accounts and Auditors' Report for the year
ended 31st March, 2012.
FINANCIAL PERFORMANCE Year ended 31st March
2012 2011
(Rs.in lacs)
Profit before tax 15,41,39,690 18,88,87,394
Current tax - - Income tax 4,85,59,795 6,22,53,042
Deferred tax (7,92,539) (24,02,087)
Profit after tax 10,63,72,434 12,90,36,439
Balance profit / (loss) brought
forward from previous year 27,96,18,525 22,62,45,880
Available for appropriation 38,59,90,959 35,52,82,319
Appropriation
Transfer to general reserve 1,06,37,244 1,29,03,644
Proposed dividend 2,70,00,000 5,40,00,000
Tax on dividend 43,80,075 87,60,150
Balance profit carried 34,39,73,640 27,96,18,525
to Balance Sheet
38,59,90,959 35,52,82,319
Your Company recorded a turnover of Rs. 74,71,95,429 as compared to Rs.
72,25,15,581 in the previous year, an increase of 3.42 % over the
previous year. The profit for the year after tax amounted to Rs.
10,63,72,434 as against Rs. 12,90,36,439 recorded in the previous year.
DIVIDEND
Your Directors are pleased to recommend a dividend of Rs. 5/-per equity
share i.e. 50 % for the financial year ended 31st March, 2012. This
dividend is subject to the approval of the members at the forthcoming
Annual General Meeting.
RESERVES
Your Directors have transferred a sum of Rs. 1,06,37,244_ to General
Reserve, pursuant to the Provisions of the Companies (Transfer of
Profits to Reserves) Rules, 1975.
DIRECTORS
In accordance with the Companies Act, 1956 and the Company's Articles
of Association, S/Shri Rakesh Mahendra Gupta, Girish Narain Mehra,
Ravinder Kumar Chadha & Jag Mohan Lal retire by rotation and being
eligible offer themselves for reappointment.
The profile of the directors seeking reappointment at this Annual
General Meeting is given in the Report on Corporate Governance.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility Statement, it is
hereby confirmed:
i) That in the preparation of the accounts for the financial year ended
31st March, 2012, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
ii) That the Directors have selected sound accounting policies and
applied them consistently and made adjustments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit of the company for the year under review;
iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
iv) That the Directors have prepared the accounts for the financial
year ended 31st March, 2012 on a 'going concern' basis.
ENERGY CONSERVATION
Your Company monitors the systems and methods devised in the context of
energy conservation on an ongoing basis and has implemented the energy
conservation programme which includes use of energy efficient lighting
(LED), variable frequency drive for motors (VFD), heat exchanger
system, solar system for generating hot water, sewerage treatment
plants for re-use of water for gardening, cooling tower, plumbing,
cleaning purpose and latest energy conservation gadgets.
TECHNOLOGY ABSORPTION
The Company has evolved systems and methods for hotel services which
are reviewed to meet emerging needs on an ongoing basis for cost
effectiveness.
FOREIGN EXCHANGE EARNINGS AND OUTGO
During the year, your Company's Foreign Exchange Earnings were Rs.
27,83,02,473 and the outgo was Rs. 2,30,28,875.
PARTICULARS OF EMPLOYEES AND DISCLOSURE OF INFORMATION
Information as required under Section 217(2A) of the Act, read with the
Companies (Particulars of Employees) Rules, 1975, as amended, is given
in an Annexure forming part of this report.
AUDITORS
The Auditors of the Company, Messrs. Ray & Ray, Chartered Accountants
(Firm Registration No. 301072E), retire at the ensuing Annual General
Meeting of the Company and have given their consent for reappointment.
The Company has also received a certificate from them under Section
224(1-B) of the Companies Act, 1956.
AUDITORS' OBSERVATION
The comments made in the audit report are self explanatory. The company
has already taken corrective action, the physical verification of fixed
assets would be carried out in a phased manner.
OTHER INFORMATION
The Audit Committee of the Company reviewed the financial statements
for the year under review at its meeting held on 29t May, 2012 and
recommended the same for the approval of the Board of Directors.
As per the Listing Agreement with the Stock Exchange, the Management
Discussion & Analysis Report, Report on Corporate Governance and
Auditors' certificate regarding compliance of all conditions of
Corporate Governance form a part of this report.
ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation of the
contribution made by the entire team of officers and staff to the
growth and prosperity of the Company and to the shareholders for their
valuable co-operation, suggestions and guidance. Your Directors also
wish to place on record their appreciation for the continuous support
from the banks, Department of Tourism and other Government Agencies.
For and On Behalf of the Board
Sd/-
New Delhi Birendra Kumar
29th May, 2012 Chairman & Managing Director
Mar 31, 2011
The Members
The Directors have pleasure in presenting the Fiftieth Annual Report
with the Audited Accounts and Auditors' Report for the year ended 31st
March, 2011.
FINANCIAL PERFORMANCE
Year ended 31st March
2011 2010
(Rs. in lacs)
Profit before tax 1896.65 1656.39
Current tax à - Income tax (640.00) (560.00)
- Wealth tax (2.40) (2.00)
Tax adjustments for earlier years 12.09 6.74
Deferred tax 24.02 (26.78)
Profit after tax 1290.36 1074.35
Balance profit / (loss) brought
forward from previous year 2262.46 1547.42
Available for appropriation 3552.82 2621.77
Appropriation
Transfer to general reserve 129.03 107.44
Proposed dividend 540.00 216.00
Tax on dividend 87.60 35.87
Balance profit carried
to balance sheet 2796.19 2262.46
3552.82 2621.77
Your Company recorded a turnover of Rs. 7,235.05 lacs as compared to
Rs. 6,174.09 lacs in the previous year, an increase of 17.18 % over the
previous year. The profit for the year after tax amounted to Rs.
1,290.36 lacs as against Rs. 1,074.35 lacs recorded in the previous
year.
EXPANSION INITIATIVES
The construction of a modern convention centre at Jaipur i.e. Clarks
Brij Convention Centre is expected to be completed by October, 2011.
DIVIDEND
As part of the Golden Jubilee Celebrations of the company, your
Directors are pleased to recommend a dividend of Rs. 10/- per equity
share i.e. 100 % for the financial year ended 31st March, 2011. This
dividend is subject to the approval of the members at the forthcoming
Annual General Meeting.
RESERVES
Your Directors have transferred a sum of Rs. 129.03 lacs to General
Reserve, pursuant to the Provisions of the Companies (Transfer of
Profits to Reserves) Rules, 1975.
DIRECTORS
In accordance with the Companies Act, 1956 and the Company's Articles
of Association, S/Shri Sanjiv Swarup, Pramod B Agarwala, Arvind Kumar &
Sushil Kumar retire by rotation and being eligible offer themselves for
reappointment.
The profile of the directors seeking reappointment at this Annual
General Meeting is given in the Report on Corporate Governance.
AWARDS
ÃRajasthan Energy Conservation Award (RECA 2010)Ã was awarded to Hotel
Clarks Amer, Jaipur by the Department of Energy, Government of
Rajasthan.
PATWA International Award for ÃBest Hotelierà was presented during the
year to Shri Apurv Kumar, Joint Managing Director.
Hotel Clarks Amer was recognized with ÃPrivilege Cardà by Department of
Commercial Taxes, Government of Rajasthan for 100% compliance with all
statutory requirements and for being the best tax payer in the state
for the second consecutive year.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility Statement, it is
hereby confirmed:
i) That in the preparation of the accounts for the financial year ended
31st March, 2011, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
ii) That the Directors have selected sound accounting policies and
applied them consistently and made adjustments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit of the company for the year under review;
iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
iv) That the Directors have prepared the accounts for the financial
year ended 31st March, 2011 on a Ãgoing concern' basis.
ENERGY CONSERVATION
Your Company monitors the systems and methods devised in the context of
energy conservation on an ongoing basis.
TECHNOLOGY ABSORPTION
The Company has evolved systems and methods for hotel services which
are reviewed to meet emerging needs on an ongoing basis for cost
effectiveness.
FOREIGN EXCHANGE EARNINGS AND OUTGO
During the year, your Company's Foreign Exchange Earnings were Rs.
2,924.35 lacs and the outgo was Rs. 178.42 lacs.
PARTICULARS OF EMPLOYEES AND DISCLOSURE OF INFORMATION
Information as required under Section 217(2A) of the Act, read with the
Companies (Particulars of Employees) Rules, 1975, as amended, is given
in an Annexure forming part of this report.
AUDITORS
The Auditors of the Company, Messrs. Ray & Ray, Chartered Accountants
(Firm Registration No. 301072E), retire at the ensuing Annual General
Meeting of the Company and have given their consent for reappointment.
The Company has also received a certificate from them under Section
224(1-B) of the Companies Act, 1956.
OTHER INFORMATION
The Audit Committee of the Company reviewed the financial statements
for the year under review at its meeting held on 30th May, 2011 and
recommended the same for the approval of the Board of Directors.
As per the Listing Agreement with the Stock Exchange, the Management
Discussion & Analysis Report, Report on Corporate Governance and
Auditors' certificate regarding compliance of all conditions of
Corporate Governance form a part of this report.
ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation of the
contribution made by the entire team of officers and staff to the
growth and prosperity of the Company and to the shareholders for their
valuable co-operation, suggestions and guidance. Your Directors also
wish to place on record their appreciation for the continuous support
from the banks, Department of Tourism and other Government Agencies.
On Behalf of the Board
Sd/-
Birendra Kumar
Chairman & Managing Director
New Delhi
30th May, 2011
Mar 31, 2010
The Directors have pleasure in presenting the Forty Ninth Annual
Report with the Audited Accounts and Auditors Report for the year
ended 31st March, 2010.
FINANCIAL PERFORMANCE
Year ended 31- March
2010 2009
(Rupees in lacs)
Prof it before tax 1656.39 1374.41
Current taxÃIncome tax (560.00) (490.00)
ÃWealth tax (2.00) (1.50)
Tax adjustments for
earlier years 6.74 14.73
Fringe benefit tax - (22.42)
Deferred tax (26.78) 14.93
Profit after tax 1074.35 890.15
Balance profit / (loss) brought
forward from previous year 1547.42 904.23
Available for appropriation 2621.77 1794.38
Appropriation
Transfer to general reserve 107.43 89.02
Proposed dividend 216.00 135.00
Tax on dividend 35.87 22.94
Balance profit carried
to balance sheet 2262.46 1547.42
2621.77 1794.38
Your Company recorded a turnover of Rs. 6174.09 lacs as compared to Rs.
5902.35 lacs in the previous year, an increase of 4.60 % over the
previous year. The profit for the year after tax amounted to Rs.
1074.35 lacs as against Rs. 890.15 lacs recorded in the previous year.
DIVIDEND
Your Directors are pleased to recommend a dividend of Rs. 4/- per
equity share i ?. 40% for the financial year ended 31- March, 2010.
This dividend is subject to the appro al of the members at the
forthcoming Annual General Meeting.
RESERVES
Your Directors have transferred a sum of Rs. 107.43 lacs to General
Reserve, pursuant to the Provisions of the Companies (Transfer of
Profits to Reserves) Rules, 1975.
DIRECTORS
During the year, the erstwhile Chairman & Managing Director of the
company, Shrl L P Gupta passed away. The Board wishes to express its
deep sense of loss on the sad demise of Shri L P Gupta and conveys Its
heartfelt condolences to the bereaved family.
Smt. Suprlya Gupta was appointed as Additional Director of the Company
w.e.f. 4th March, 2010 to hold office up to the date of this Annual
General Meeting. It is proposed to appoint her as whole- time director
for a period of 5 years w.e.f. 15th May, 2010.
In accordance with the Companies Act, 1956 and the Companys Articles
of Association, S/Shrl Jag Mohan Lai, Ravlnder Kumar Chadha, Rajendra
Suraiya & Mohinder Kapur retire by rotation and being eligible offer
themselves for reappointment.
If Is proposed to re-appoint Shri Birendra Kumar as Chairman & Managing
Director for a further period of 5 years w.e.f. 15th May, 2010.
S/Shri Apurv Kumar & Rupak Gupta have been Executive Directors of the
Company since lst September, 1998. It is proposed to appoint them as
Joint Managing Directors w.e.f. 15th May, 2010.
- The profile of the directors seeking appointment/
- reappointment at this Anriual General Meeting Is
given in the Report on Corporate Governance.
AWARDS
Shri Apurv Kumar was awarded "THE LIFE TIME CONTRIBUTION IN HOSPITALITY
INDUSTRY" by Pacific Area Travel Writers Association (PATWA) in ITB,
Berlin in March, 2010.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors Responsibility Statement, it is
hereby confirmed:
i) That in the preparation of the accounts for the financial year ended
31st March, 2010, the applicable accounting standards have
been followed along with proper explanation relating to material
departures;
li) That the Directors nave selected sound accounting policies and
applied them consistently and made adjustments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit of the company for the year under review;
lii) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
iv) That the Directors have prepared the accounts for the financial
year ended 31* March, 2010 on a going concern basis.
ENERGY CONSERVATION
Your Company monitors the systems and methods devised In the context of
energy conservation on an ongoing basis.
TECHNOLOGY ABSORPTION
The Company has evolved systems and methods for hotel services which
are reviewed to meet emerging needs on an ongoing basis for cost
effectiveness.
FOREIGN EXCHANGE EARNINGS AND OUTGO
During the year, your Companys Foreign Exchange Earnings were Rs.
2532.05 lacs and the outgo was Rs.73.45 lacs.
PARTICULARS OF EMPLOYEES AND DISCLOSURE OF INFORMATION
Information as required under Section 217(2A) of the Act, read with the
Companies (Particulars of Employees) Rules, 1975, as amended. Is given
in an Annexure forming port of this report.
AUDITORS
The Audriore of the Company Mesas. Ray & Ray, Chartered Accountants
(Firm Registration no. 301072 E). retire at the ensuing Annual General
Meeting of the Company and have given their consent for reappointment.
The Company has also received a certificate from them under Section
224( 1 -B) of the Companies Act, 1956.
OTHER INFORMATION
The Audit Committee of the Company reviewed the financial statements
for the year under review at its meeting held on 14th May, 2010 and
recommended the same for the approval of the Board of Directors.
As per the Listing Agreement with the Stock Exchange, the Management
Discussion & Analysis Report. Report on Corporate Governance and
Auditors certificate regarding compliance of all conditions of
Corporate Governance form a part of this report.
ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation of the
contribution made by the entire team of officers and staff to the
growth and prosperity of the Company and to the shareholders for their
valuable co-operation, suggestions and guidance. Your Directors also
wish to place on record their appreciation for the continuous support
from the banks. Department of Tourism and other Government Agencies.
On Behalf of the Board
Sd-
Birendrai Kumar
Chalrmar & Managing Director
New Delhi 15th May. 2010
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