Annual Report: 2022
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:
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:
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:
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.
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