Bharat Hotels Unlisted Shares Annual Reports

Bharat Hotels Unlisted Shares

The following is a comprehensive summary of the Bharat Hotels Limited Annual Report for 2023-2024. **Overview:** The report presents the 43rd Annual Report of Bharat Hotels Limited, detailing the business and operations of the Company alongside audited financial statements for the fiscal year ending March 31, 2024. It covers both standalone and consolidated financial performance, management analysis, corporate governance, and compliance information. **Financial Performance:** * **Revenue:** Standalone revenue increased to Rs. 767.41 Crores from Rs. 713.52 Crores. Consolidated revenue reached Rs. 870.72 Crores from Rs. 808.30 Crores. * **EBITDA:** Standalone EBITDA increased to Rs. 334.79 Crores from Rs. 328.59 Crores. Consolidated EBITDA increased to Rs. 371.75 Crores from Rs. 364.35 Crores. * **Net Profit:** Standalone profit after tax stood at Rs. 9,987.22 Lakhs, while the consolidated profit after tax was Rs. 8,480.20 Lakhs. * **Debt:** The company redeemed part of its debentures, leaving Rs. 882.58 Crores outstanding as of March 31, 2024. * **Dividend:** The Board of Directors did not recommend any dividend for the Financial Year 2023-24 to conserve cash. * **Reserves:** No amount was transferred to the General Reserve during the financial year. **Operational Performance & Management Analysis:** * **Growth:** Management anticipates continued growth in the hospitality sector due to infrastructure improvements and rising disposable incomes. * **Risk Assessment:** A risk assessment was conducted, and no significant disruptions in supplies or business activities are foreseen. * **Diversity and Inclusion (DEI):** Bharat Hotels emphasizes diversity and inclusion through initiatives like inclusive recruitment, accommodations, and sensitization training. The company has more than 200 employees from the LGBTQIA+ community. * **Skill Enhancement:** The Company focuses on empowering marginalized communities through training programs, including "Project Prahari" to employ acid and burn warriors. **Corporate Governance:** * **Board of Directors:** The Board comprises eight directors, including Dr. Jyotsna Suri (Chairperson and Managing Director), executive directors (Divya Suri Singh, Deeksha Suri, and Keshav Suri), and independent directors (Mr. Dhruv Prakash, Mr. Vivek Mehra, and Ms. Shovana Narayan). * **Board Meetings:** The Board met four times during the financial year. * **Committees:** The company has several key committees, including an Audit Committee, a Nomination and Remuneration Committee, a Stakeholders Relationship Committee, and a Corporate Social Responsibility (CSR) Committee. * **Directors' Responsibility Statement:** The Directors confirm compliance with accounting standards, proper accounting records, and effective internal financial controls. * **Board Evaluation:** Evaluation of directors, committees, and the board was conducted as per the Companies Act, 2013. * **Vigil Mechanism and Risk Management:** The company has a whistle blower policy and a risk management policy in place. **Corporate Social Responsibility (CSR):** * **CSR Policy:** The company focuses on involving the local population, giving them training & employment. * **CSR Spend:** A total of Rs. 19.44 Lakhs was spent on CSR projects during the year. **Awards and Recognitions:** The company's hotels and management have received several awards, including those for diversity & inclusion, best Indian restaurant, ayurvedic wellness spa, and art hotel. **Statutory Compliance:** * **Statutory Auditor:** Walker Chandiok & Co LLP was re-appointed as Statutory Auditors. * **Secretarial Auditor:** RSM & Co. was appointed as Secretarial Auditors. * **Compliance with Secretarial Standards:** The company has complied with applicable Secretarial Standards. * **Annual Return:** The Annual Return is available on the company's website (www.thelalit.com). * **Sexual Harassment Policy:** An anti-sexual harassment policy is in place, and no complaints were received during the year. * **Fixed Deposits:** The company has not accepted deposits from the public. * **Related Party Transactions:** All related party transactions were on arm's length basis. **Auditors' Report Highlights:** * The Auditors' Report doesn't contain any qualification, reservation, adverse remark or disclaimers. * Emphasis on ongoing disputes with NDMC regarding license fees and land license termination, as well as a demand order issued by the Chief Controlling Revenue Authority. **Key Personnel Changes:** Mr. Amit Gupta resigned as CFO effective November 8, 2023, and Mr. Rakesh Mitra was appointed as CFO effective March 7, 2024. **Financial Statement Details:** The report provides detailed standalone and consolidated financial statements, including the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement. Key elements include: * Assets, Equity and Liabilities * Revenue and Expenses * Cash Flow from Operating, Investing, and Financing Activities * Notes on Share Capital, Reserves, Borrowings, and Financial Instruments * Segment-wise Performance The document concludes with annexures, including details of board and committee meetings, CSR activities, the secretarial audit report, and various financial statements and related notes.

Bharat Hotels Unlisted Shares

The Bharat Hotels Limited Annual Report 2022-2023 provides a comprehensive overview of the company’s performance, governance, and financial standing for the fiscal year. **Financial Highlights:** Revenue from operations increased significantly from ₹31,951.34 lakhs in 2021-22 to ₹70,613.84 lakhs in 2022-23 on a standalone basis. Earnings before Interest, Tax, Depreciation, and Amortization (EBITDA) also saw a substantial rise, reaching ₹32,859.38 lakhs compared to ₹11,917.07 lakhs in the previous year. The company recorded a profit for the year of ₹3,944.59 lakhs, a considerable improvement from the loss of ₹13,711.63 lakhs in the preceding year. The report indicates that the company refinanced its debt through the issuance of Non-Convertible Debentures. **Operational Performance and Company Affairs:** The hospitality industry experienced a revival due to successful vaccination programs and the removal of travel restrictions. Bharat Hotels raised funds by issuing 1,10,000 Non-Convertible Debentures, which were used to repay existing debt, clearing all loans from financial institutions. The management anticipates continued growth in the Indian hospitality sector due to rising disposable incomes and government initiatives promoting tourism. **Board of Directors and Key Personnel:** The Board comprises eight directors, including Dr. Jyotsna Suri (Chairperson and Managing Director), executive directors, and independent directors. Key managerial personnel include executive directors Ms. Divya Suri Singh, Ms. Deeksha Suri, Mr. Keshav Suri, company secretary Mr. Himanshu Pandey, CEO Mr. Vivek Shukla, and CFO Mr. Amit Gupta. Several directors were re-appointed. **Board Committees:** The company has mandatory committees such as the Audit Committee (chaired by Dr. Mohammad Yousuf Khan), Nomination and Remuneration Committee (chaired by Mr. Dhruv Prakash), Stakeholders Relationship Committee (chaired by Mr. Dhruv Prakash) and Corporate Social Responsibility ("CSR") Committee (chaired by Dr. Jyotsna Suri). **Policies and Governance:** The report details various company policies, including the Vigil Mechanism Policy, Risk Management Policy, and Policy on Directors’ Appointment and Remuneration. The company states compliance with applicable Secretarial Standards and the Sexual Harassment of Women at Workplace Act, 2013 ("POSH Act"). **Awards and Recognitions:** The company's hotels and management received several awards, including recognition for LGBTQ+ friendliness, culinary heritage, and spa services. **Auditor's Report and Financial Statements:** The Independent Auditor's Report by Walker Chandiok & Co LLP provides an unqualified opinion on the standalone and consolidated financial statements. The report emphasizes an ongoing dispute with the New Delhi Municipal Corporation (NDMC) but notes the management's view that no adjustment is required. The report also notes effective internal financial controls. The report contains annexures including details of meetings, CSR activities, secretarial audits, employee remuneration, and energy conservation.

Bharat Hotels Unlisted Shares

Bharat Hotels Limited Annual Report 2021-2022 Summary: **Corporate Overview:** Bharat Hotels Limited, a public company incorporated in India, is primarily engaged in the hospitality business under "The LaLiT Suri Hospitality Group" brand. The company owns and operates hotels and luxury resorts in India. **Financial Highlights (Year Ended March 31, 2022):** The company saw a revival of business, reflected in increased revenue and EBITDA numbers compared to the previous year, which was heavily impacted by the COVID-19 pandemic. However, the company still faced challenges due to recurring COVID surges and restrictions. Key financial figures (in Lacs) for the year 2021-22 include: * Revenue from Operations: 26,057.36 (Standalone), 30,962.25 (Consolidated) * Total Income: 26,364.99 (Standalone), 31,539.04 (Consolidated) * Loss before Tax & Exceptional Items: (6,836.59) (Standalone), (12,509.07) (Consolidated) * Loss for the Year: (13,711.63) (Standalone), (5,897.82) (Consolidated) * Retained Earnings: 20,295.61 (Standalone), 23,395.01 (Consolidated) **Operational Performance & Management Analysis:** Domestic travel, weddings, and the leisure sector picked up during the year. The company's business rebounded through increased occupancy rates and average realization rates per room. The hotel industry in the Asia Pacific region rebounded faster compared to other regions. Management implemented cost-saving initiatives. **Dividend:** Due to business losses and the need to conserve cash, the Board of Directors did not recommend any dividend to the shareholders for the financial year 2021-22. **Transfer of Unpaid/Unclaimed Amounts:** Unclaimed dividends up to the financial year ended on 31st March 2014 have been transferred to the Investor Education and Protection Fund Authority (IEPF). Unclaimed dividend of Rs. 283,577/- for financial year 2013-14 and 14,054 equity shares were transferred to IEPF in 2021-22. **Restructuring and Debt Management:** The Company restructured its loans under RBI guidelines and explored options to deleverage, including asset monetization and debt restructuring and discussions to infuse funds. **Board of Directors and Key Personnel:** * Chairperson and Managing Director: Dr. Jyotsna Suri * Executive Directors: Ms. Divya Suri Singh, Ms. Deeksha Suri, Mr. Keshav Suri * Chief Financial Officer: Mr. Amit Gupta * Company Secretary & Head Legal: Mr. Himanshu Pandey Mr. Ramesh Suri, Non-Executive Director, passed away during the year. Ms. Deeksha Suri was reappointed as a director. Dr. Mohammad Yousuf Khan was appointed as a Non-Executive Non-Independent Director. Dr. Jyotsna Suri's term as Managing Director was extended till October 15, 2023. **Board Meetings and Committees:** The Board met three times during the financial year. The report details the composition and meetings of the Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, and Corporate Social Responsibility Committee. Due to the end of Dr. Mohammad Yousuf Khan's term, the audit committee was re-constituted effective September 25, 2021. **Policies and Procedures:** The company has a Vigil Mechanism Policy (Whistle Blower Policy), Risk Management Policy, and a policy on Directors' Appointment and Remuneration. Internal Financial Controls are in place. **Statutory Matters:** Walker Chandiok & Co LLP were appointed as Statutory Auditors and are eligible for reappointment. The Auditors' Report does not contain any qualification. RSM & Co. were appointed as Secretarial Auditors. The Secretarial Audit Report is included as Annexure III. The CFO resigned in November 2021 and the vacancy was filled in September 2022. The Annual Return is available on the company website. **Other Disclosures:** No disclosure is required as there were no transactions on deposits, equity shares with differential rights, sweat equity shares, financial assistance for purchase of shares, remuneration to directors from subsidiaries, cost records, or orders impacting the going concern status. **CSR Activities:** The Company is committed to Corporate Social Responsibility and undertaking various initiatives. Details of CSR activities are given in Annexure II. The policy is on the company's website. The company has undertaken various CSR activities under its Corporate Social Responsibility policy. **Awards and Recognitions:** The Hotels and Management of the Company won the following awards and recognitions during the Financial Year 2021-22: * The Lalit Bekal * The Lalit Kolkata * The Lalit Suri Hospitality Group **Financial Statements Information:** The report includes Standalone and Consolidated Balance Sheets, Statements of Profit and Loss, Statements of Cash Flow, and Statements of Changes in Equity, along with detailed notes. The auditor's report expresses an unmodified opinion on the financial statements but draws attention to NDMC's termination letter and the COVID-19 pandemic. **Auditor's Report Annexure A:** includes information on Property, Plant and Equipment, Inventory, Loans, Guarantees, Non Compliance to Internal Financial Controls, Statutory Dues, and related matters. **Risk Factors and Outlook:** The report discusses the company's exposures to various risks, including financial, market, and operational risks. The business is expected to return to normal and reach pre-COVID revenue levels.

Bharat Hotels Unlisted Shares

The document is Bharat Hotels Limited's Annual Report for 2020-2021. It presents the Directors' report on the company's business, operations, and audited financial statements for the year ended March 31, 2021. **Financial Highlights:** The report provides a comparison of key financial figures on a standalone and consolidated basis, showing significant declines due to the COVID-19 pandemic. Key metrics include: * Revenue from Operations: Standalone revenue decreased from Rs. 46,847.22 Lacs in 2019-20 to Rs. 12,461.83 Lacs in 2020-21. Consolidated revenue decreased from Rs. 56,856.04 Lacs to Rs. 14,992.54 Lacs. * Total Income: Standalone income decreased from Rs. 47,532.14 Lacs to Rs. 14,410.23 Lacs. Consolidated income decreased from Rs. 57,926.15 Lacs to Rs. 17,190.72 Lacs. * Loss for the Year: Standalone loss increased from Rs. (6,635.99) Lacs to Rs. (10,551.47) Lacs. Consolidated loss increased from Rs. (7,379.87) Lacs to Rs. (9,053.25) Lacs. * The company generated a positive EBIDTA despite the substantial reduction in revenue through cost optimization. **Operational Performance & State of Company's Affairs:** The company experienced an unprecedented decline in revenue and losses due to the COVID-19 crisis, which severely disrupted business operations in the first half of the year. Hotels pan-India faced reduced operating cash flows, pressuring liquidity. Cost optimization efforts enabled positive EBITDA despite lower revenues. Strategic initiatives, including consolidation of units and discontinuation of unprofitable operations, were undertaken. The company restructured existing borrowings under RBI guidelines. **Management Analysis:** Domestic travel, weddings, social and leisure sectors are showing signs of recovery. However, the corporate segment's response is uncertain. The COVID-19 pandemic continues to impact business operations through lockdowns and travel bans. Management is focused on cost-saving initiatives. The hotel industry in the Asia Pacific region is expected to rebound faster than others. The company is closely monitoring developments and adapting its strategy. Risk assessment was carried out with no foreseeable disruption in raw material supplies or recoverability of assets. Internal audits provide positive assurance. **Dividend:** Due to business losses and the need to conserve cash, the Board of Directors did not recommend any dividend for the financial year 2020-21. **Reserves and Unclaimed Dividends:** No amount was transferred to the General Reserve during the year. Unclaimed dividends up to the financial year ended March 31, 2013, and related shares have been transferred to the Investor Education and Protection Fund Authority (IEPF). Reminders are sent to shareholders to claim their dividends. The unclaimed dividend of Rs. 280,001/- for the financial year 2012-13 and 24,032 equity shares were transferred to IEPF. **Events Subsequent to the Date of Financial Statements:** The second wave of COVID-19 in mid-April 2021 has significantly affected the company's profitability, fund flow, and liquidity. Hotels continued to be partially closed even after the financial year 2020-21. Measures are in progress to optimize costs and improve operational performance, although the pace of business revival is expected to be slow. **Board of Directors:** The Board comprises nine directors, including the Chairperson & Managing Director, three Executive Directors, one Non-Executive Director, and four Independent Directors. Changes in director positions, including resignations and re-appointments, are detailed. **Committees of the Board:** The report details the composition and meetings of the Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, and Corporate Social Responsibility (CSR) Committee. **Corporate Social Responsibility (CSR):** The Board approved the CSR Policy, with activities including food/ration distribution and preventive health care to needy communities during the COVID-19 pandemic. **Awards & Recognitions:** The company and its properties received awards and recognitions, including for LGBTQ-friendly hotels and overall service. **Policies & Compliance:** The report outlines various policies, including Vigil Mechanism Policy, Risk Management Policy, Policy on Directors' Appointment and Remuneration, and Internal Financial Controls. The company has complied with applicable Secretarial Standards issued by the Institute of Company Secretaries of India. **Financial Statements & Auditors' Report:** The report includes standalone and consolidated financial statements, along with the Independent Auditor's Report. The auditors have drawn attention to matters regarding the termination of the license deed of The Lalit New Delhi and the uncertainties relating to the COVID-19 pandemic. There are qualifications regarding compliance with tax regulations, and delayed payment of certain statutory dues. The auditor expresses an unmodified opinion on the internal financial controls. Annexures to the report contain additional details on meetings, CSR activities, and other required disclosures. Details of all borrowings as well as their repayment terms are mentioned and secured with company's asset's in various locations.