Mar 31, 2023
The Board of Directors takes great pleasure in presenting the Thirty Third (33rd) Annual Report of your Company''s business and operations along with the Audited Financial Statements for the Financial Year (''FY'') ended March 31, 2023.
FINANCIAL PERFORMANCE
The Company''s financial performance, for the Financial Year ended March 31, 2023 on standalone basis is summarized below:
(INR in Lakhs) |
||
For the Year ended |
||
Perticular |
March 31, 2023 |
March 31, 2022 |
income: |
||
Income from Operations |
11440.56 |
9,328.91 |
Other Income |
104.65 |
86.37 |
Total Income |
11545.21 |
9,415.28 |
expenditure: |
||
Less: Operating & Other Expenses |
7456.91 |
6999.19 |
Profit before Depreciation, Finance Costs and Tax |
4088.30 |
2416.09 |
Less: Depreciation |
2967.45 |
2,985.63 |
Less: Finance Costs |
1000.11 |
998.50 |
Profit before Tax |
120.74 |
(1,568.04) |
Less: Provision for Taxes |
(108.12) |
(285.78) |
Profit after Tax |
228.86 |
(1,282.27) |
Less: Other Comprehensive Income for the year (net of tax) |
4.57 |
7.05 |
Total Comprehensive Income for the year |
233.43 |
(1275.22) |
Add: Surplus brought forward from the previous year |
9522.49 |
10797.71 |
Less: Prior period item |
0 |
0 |
Amount available for appropriation |
9755.92 |
9522.49 |
Appropriations: |
||
Dividend |
0 |
0 |
Tax on Dividend |
0 |
0 |
Amount transferred to General Reserve |
0 |
0 |
Surplus carried forward |
9755.92 |
9522.49 |
OPERATIONS/ STATE OF COMPANY''S AFFAIRS
The Company achieved a total income of Rs. 11,545.21 lakhs as compared to Rs. 9415.28 lakhs in the previous year consequent to opening of the global economy, increased mobility and travel and higher demand for accommodation and food beverages from the domestic tourism.
Company reported a Profit before tax of Rs. 120.74 lakhs as compared to loss of Rs. (1568.05) lakhs in the prior year. This change in the profit/loss was on account of an increase in business volumes. The Company witnessed robust growth in volumes and rates
across many of its brands with increase in margins. DIVIDEND
Your Company is in regular expansion mode and also upgrading its existing properties. Therefore in order to fund new projects/up gradation and conserve the resource, the Board has not recommended dividend on equity shares of the Company for the FY 2022-2023.
The Board of Directors of your company has decided not to transfer any amount to the Reserves for the year under review.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the best of its knowledge and ability confirms that:
a) In the preparation of the Annual Accounts for the year ended March 31, 2023, the applicable accounting standards have been followed along with proper explanation relating to material departures if any;
b) Such accounting policies have been selected and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company at the end of the financial year on March 31, 2023.
c) Proper and sufficient care have been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of your Company and for preventing and detecting fraud and other irregularities;
d) The Annual Accounts have been prepared on a going concern basis;
e) Proper internal financial controls were in place and that such internal financial controls are adequate and were operating effectively; and
f) Proper systems to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively.
MANAGEMENT''S DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis as required in terms of the SEBI Listing Regulations is annexed to the report (Annexure I)
MATERIAL cHANGES AND cOMMITMENTS AFTER THE END OF FINANCIAL YEAR 2022 - 23
There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year and date of the report.
extract of annual return
As provided under section 92(3) and 134(3)(a) of the Act, read with Rule 12 of the Companies (Management and Administration) Rules, 2014, as amended from time to time, the Annual Return of your Company in Form MGT - 7 for the Financial Year 2022 - 2023, shall be hosted on the website of your Company at www.thebyke.com
As per the requirement of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has complied with the requirements of Corporate Governance in all material aspects.
A report on Corporate Governance (Annexure II) together with a certificate of its compliance from a Ms. Suman Sureka of M/s. Suman Sureka & Assocaites, Secretarial Auditor of the company forms part of this report.
INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
Pursuant to applicable provision of the Companies Act, 2013 read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rule, 2016 (''the Rules''), all unpaid or unclaimed dividend are required to be transferred by the company to the IEPF established by the Central Government, after the completion of seven years. Further, according to IEPF Rules, all the shares in respect of which dividend has remained unclaimed for seven consecutive years or more from the date of transfer to unpaid dividend account shall also be transferred to IEPF Authority.
The details of the unpaid / unclaimed dividends for the last seven financial years are available on the website of the Company www.thebyke.com
DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)
In terms of the provisions of the Act, Mr. Pramod Patodia (DIN: 03503728), Director of the Company, is liable to retire by rotation at the ensuing AGM and being eligible, has offered himself for re-appointment. In this regard, shareholders approved the appointment of Mr. Pramod Patodia (DIN: 03503728) in the 32nd AGM held on September 15, 2022.
At the meeting of the Board of Directors of the Company held on September 01, 2022 had, based on the recommendation of the Nomination & Remuneration Committee, appointed Mr. Jatin Navin Singhal (ACS- 68495) as a Company Secretary and Compliance officer of the Company with effect from September 01, 2022 on such terms and conditions and remuneration as may be determined and recommended by the Nomination and Remuneration Committee to perform the duties of a secretary as required under the Act and any other duties assigned by the members from time to time.
During the period under review, Mr. Jatin Navin Singhal (ACS-68495), Company Secretary resigned from the office with effect from February 15, 2023. The Board places on record their appreciation for the assistance and guidance provided by Mr. Jatin Navin Singhal during his tenure as a Company Secretary and Compliance officer of the Company.
At the Meeting of the Board of Directors of the Company held on May 30, 2022, Mr. Sumit Bajaj, Chief Financial Officer resigned from the office with effect from May 31, 2022. The Board places on record their appreciation for the assistance and guidance provided by Mr. Sumit Bajaj during his tenure as Chief Financial Officer of the Company.
At the Meeting of the Board of Directors of the Company held on May 30, 2022 had, based on the recommendation of the Nomination & Remuneration Committee appointed Mr. Girdhari Kyal (PAN: ANAPK3163F) as Chief Financial Officer of the company with effect from June 01, 2022 on such terms and conditions and remuneration as may be determined and recommended by the Nomination and Remuneration Committee to perform the duties as Chief Financial Officer of the company and any other duties assigned by the Board of Directors from time to time.
Mr. Ram Ratan Bajaj, Ms. Madhuri Dhanak and Mr. Ramesh Vohra who are independent directors have submitted declaration that each of them meets the criteria of independence as provided in Section 149(6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and there has been no change in the circumstances which may affect their status as independent directors during the year.
None of the directors of the Company are debarred from holding the office of Director by virtue of any SEBI order or order by any other competent authority.
In the opinion of the Board, the independent directors possess appropriate balance of skills, experience and knowledge, as required.
As on date under report, the following persons are the Key Managerial Personnel in terms of Section 203 of the Act:
1. Mr. Anil Patodia |
Managing Director |
2. Mr. Sumit Bajaj |
Chief Financial Officer (upto 30th May 2022) |
3. Mr. Girdhari Kyal |
Chief Financial Officer (w.e.f 01st June 2022) |
4. Mr. Jatin Singhal |
Company Secretary & Compliance Officer (upto 15th February, 2023) |
5. Ms. Puja Sharma |
Company Secretary & Compliance Officer (w.e.f 15th May, 2023) |
POLICY ON DIRECTORS''APPOINTMENT, REMUNERATION AND OTHER DETAILS
The Nomination and Remuneration Committee has laid down the criteria for Directors'' appointment and remuneration including criteria for determining qualifications, positive attributes and independence of a Director. The following attributes/criteria for selection have been laid by the Board on the recommendation of the Committee:
⢠The candidate should possess the positive attributes such as leadership, entrepreneurship, industrialist, business advisor or such other attributes which in the opinion of the Committee the candidate possess and are in the interest of the Company;
⢠The candidate should be free from any disqualifications as provided under Sections 164 and 167 of the Companies Act, 2013;
⢠The candidate should meet the conditions of being independent as stipulated under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015 in case of appointment as an Independent Director; and
⢠The candidate should possess appropriate educational qualification, skills, experience and knowledge in one or more fields of finance, law, management, sales, marketing, administration, research, corporate governance, technical operations, infrastructure, social service, professional teaching or such other areas or disciplines which are relevant for the Company''s business.
All the Independent Directors of the Company have registered their names in the database maintained by the Indian Institute of Corporate Affairs, Manesar. Those Independent Directors who are not otherwise exempted shall appear for the common proficiency test conducted by the said institute within the prescribed time.
MEETINGS OF BOARD AND COMMITTEES THEREOF
This information has been furnished under Report on Corporate Governance, which is annexed in Annexure II.
FAMILIARISATION PROGRAMME FOR DIRECTORS
Details of the familiarization programs for independent directors are disclosed on the website of the Company www.thebyke.com
The Nomination and Remuneration Committee lays down the criteria for performance evaluation of independent directors, Board of Directors and Committees of the Board. The criteria for performance evaluation is based on the various parameters like attendance and participation at meetings of the Board and Committees thereof, contribution to strategic decision making, review of risk assessment and
risk mitigation, review of financial statements, business performance and contribution to the enhancement of brand image of the Company.
The Board of Directors have carried out an annual evaluation of their own performance, board committees and individual directors pursuant to provision of the Act and the corporate governance requirement as prescribed by the Securities and Exchange Board of India (Listing Obligation & Disclosure Requirement) Regulation 2015.
In a separate meeting of Independent directors which was held on February 08, 2023, performance of non-independent directors and the board as whole was evaluated. Performance evaluation of Independent director was done by the entire board, excluding the independent director being evaluated.
The information required under section 197 of Companies act 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rule, 2014 forms part of this Annual Report. However this information is not sent along with this report pursuant to provision of section 136 of the Act. Any shareholder interested in obtaining a copy of the same may write to the Company Secretary / Compliance Officer at the registered office of the Company.
Details of the Audit Committee along with its constitution and other details are provided in the Report on Corporate Governance.
All Related Party Transactions that were entered into during the financial year were on arm''s length basis and were in the ordinary course of the Company''s Business.
The Company has not entered into any contract, arrangement or transaction with any related party which could be considered as material as defined under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Omnibus approval was also obtained from the Audit Committee on an annual basis for repetitive transactions.
Company has formulated policy on materiality of Related Party Transaction. The policy is available on the Company''s website http://thebyke.com/corporate-governance/
Since all related party transaction entered into by the company were on an arm''s length basis and in the ordinary course of business, Form AOC-2 is not applicable.
WHISTLE BLOWER POLICY/VIGIL MECHANISM
The Board of Directors of your Company has adopted the
Vigil Mechanism and Whistle Blower Policy in compliance with Section 177(9) and (10) of the Companies Act, 2013, and regulations specified under LODR.
The Company has adopted a channel for receiving and redressing of employees'' complaints and no personnel have been denied access to the Chairman of the Audit Committee. Under this policy, we encourage our employees to report any reporting of fraudulent financial or other information to the stakeholders, any conduct that results in violation of the Company''s Code of Business Conduct. Likewise, under this policy, we have prohibited discrimination, retaliation or harassment of any kind against any employees who, based on the employee''s reasonable belief that such conduct or practice have occurred or are occurring. The policy is posted on the company''s website at www.thebyke.com.
CORPORATE SOCIAL RESPONSIBILITY
The Company is committed to good corporate citizenship. As a part of its corporate social responsibility, the Company continues to undertake a range of activities including healthcare and education to improve living conditions of the needy people. The CSR policy of the Company is placed on the website of the Company https://thebyke.com/ corporategovernance.html. During the year under report, the Company has also supported healthcare and educational projects undertaken by charitable institutions and organizations. In accordance with the provisions of Section 135 of the Companies Act, 2013, an abstract on Company''s CSR activities is furnished as Annexure III to this report.
The Board has laid down a code of conduct for board members and senior management personnel of the Company. The code incorporates the duties of independent directors as laid down in the Companies Act, 2013. The said code of conduct is posted on Company''s website www.thebyke.com. The Board members and senior management personnel have affirmed compliance with the said code of conduct. A declaration in this regard signed by the Chairman & Managing Director / CEO is given at the end of the Corporate Governance Report.
SUBSIDIARIES, ASSOCIATES And Joint Ventures
There is no subsidiary company, associate company or joint venture of your company within the meaning of section 2(87) & 2(6) of the Companies Act 2013 respectively.
STATUTORY AUDITOR AND STATUTORY AUDITOR''S REPORT
M/s. Bilimoria Mehta & Co., Chartered Accountant (Firm registration no: 101490W) were appointed as the Statutory Auditors from the conclusion of the Thirty Second Annual General Meeting held on September 15, 2022 till conclusion of the Thirty Seventh Annual General Meeting of the Company to be held in 2027-28.
The Auditors'' Report read with the notes to the accounts referred to therein are self-explanatory and therefore, do not call for any further comments. There are no qualifications, reservations or adverse remarks made by the Auditors.
SECRETARIAL AUDITOR AND SECRETARIAL AUDITOR''S REPORT
Pursuant to the provision of section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rule, 2014, M/s. Suman Sureka & Associates, Practicing Company Secretary FCS No.- 6842 CP No- 4892 were appointed as the Secretarial Auditor for auditing the secretarial records maintained by the Company for the financial year 2022-23.
The Secretarial Auditors'' Report is annexed as (Annexure IV) hereto.
The provisions of section 148 are not applicable to the Company and accordingly the maintenance of cost records as specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013, is not required.
The Company has established an effective Compliance Mechanism to mitigate the risk and will be reviewed by the Board periodically. The Company has adopted Risk Management Policy, pursuant to the provision of Section 134 of the Act, to identify and evaluate business risks and approach for mitigation of such risks.
particulars of loans, guarantee or investments
The Company has not given any loans or guarantees or made investments in contravention of the provisions of the Section 186 of the Companies Act, 2013. The details of the loans and guarantees given and investments made by the Company are provided in the notes to the financial statements.
The Company has not accepted any deposits from public during the year under the review and as such, no amount on account of principal or interest on deposit from public was outstanding as on the date of the balance sheet.
INTERNAL cONTROL SYSTEM AND cOMPLIANcE FRAMEWORK
The Company has adopted the policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the 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 preparation of reliable financial disclosures.
credit rating
CARE Ratings has assigned the following ratings to the Company''s long term bank facilities of Rs. Rs. 37.69crores -CARE BBB-; Stable (Triple B minus; Outlook: Stable). Revised from CARE BBB; (Triple B; Outlook: Stable)
The Board has adopted a Code of Prevention of Insider Trading based on the SEBI (Prohibition of Insider Trading) Regulations, 2015. The same has been placed on the website of the Company www.thebyke.com
All the Directors, senior management employees and other employees who have access to the unpublished price sensitive information of the Company are governed by this code. During the year under Report, there has been due compliance with the said code of conduct for prevention of insider trading.
ENERGY cONSERVATION, TEcHNOLOGY ABSORPTION AND FOREIGN EXcHANGE EARNINGS AND OUTGO
In accordance with the requirements of Section 134 of the Companies Act, 2013, statement showing particulars with respect to conservation of energy, technology absorption and foreign exchange earnings and outgo is furnished as Annexure V to this report.
PAYMENT OF LISTING FEE AND cUSTODIAL FEE
Your Company has paid the Annual Listing Fee and Annual Custodial Fee for the Financial Year 2022 - 2023, to the National Stock Exchange ("NSE"), Metropolitan Stock Exchange (MSEI) and the Bombay Stock Exchange ("BSE") and to National Securities and Depositories Limited (NSDL) and Central Depository Services (India) Limited (CDSL) respectively.
The Company''s shares are available for dematerialization with both the Depositories viz., NSDL and CDSL. About 98.32% of the paid-up equity share capital of the Company has been dematerialized as on March 31, 2023.
significant and material orders passed by the
There are no significant material order passed by the Regulators or court or tribunal that would impact the going
concern status of the Company and its operation in future. GREEN iNiTiATiVES
The Company, in order to promote green initiative, has sent electronic copies of the Annual Report for Financial Year 2022 - 2023, along with the Notice of the 33rd Annual General Meeting, are sent to all members whose email addresses are registered with the Company / Registrar and Share Transfer Agent ("RTA").
DiSCLOSURES AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
The Company has zero tolerance for sexual harassment at its workplace and in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules there under, your Board of Directors has approved and adopted a "Policy on Prevention of Sexual Harassment at Workplace" to provide equal employment opportunity and is committed to provide a work environment that ensures every woman employee is treated with dignity and respect and afforded equitable treatment.
During the year under review the Company has received no complaints. Following is the detailed presentation of the same:
a) Number of complaints filed during the financial Year : NIL
b) Number of complaints disposed of during the year: NIL
c) Number of complaints pending as on end of the financial year: NIL
Internal Complaints Committee
In compliance with Section 4 of The Sexual Harassment of Women at Workplace (Prevention, Prohibition And Redressal) Act, 2013 the Company has constituted an Internal Complaints Committee. Following are the details of the committee constituted w.e.f 01.08.2021:
SECRETARiAL STANDARDS
The Company has in place proper systems to ensure compliance with the provisions of the applicable secretarial standards issued by The Institute of Company Secretaries of India and such systems are adequate and operating effectively.
ACKNOWLEDGEMENTS
Your Directors take this opportunity to thank the customers, shareholders, suppliers, bankers, business partners/associates, financial institutions and Central and State Governments for their consistent support and encouragement to the Company. I am sure you will join our Directors in conveying our sincere appreciation to all employees of the Company for their hard work and commitment. Their dedication and competence has ensured that the Company continues to be a significant and leading player in the Hospitality Industry.
Name of Committee Members |
Designation |
1. Mrs. Archana Patodia - Presiding Officer |
Director |
2. Mrs. Shivali Sharma - Member |
Sales Manager - Goa |
3. Mrs. Lavina Lulhari - Member |
Sales Executive -Matheran |
4. Mrs. Vinita Kulhari - Member |
Director in Lions Club Heritage Galaxy |
5. Mr. Radheshyam Maharana |
Head - HR |
Mar 31, 2018
Dear Members,
The Board of Directors of your Company, with immense pleasure, present the Twenty Eight Annual Report of your Company along with the Audited Balance Sheet, Profit and Loss Account and Cash Flow Statement, Schedules and Notes to Accounts for the year ended March 31, 2018.
FINANCIAL PERFORMANCE
The Companyâs financial performance, for the financial year ended March 31, 2018 on standalone basis is summarized below:
(Rs. in Lakhs)
PARTICULARS |
Year Ended March 31, 2018 |
Year Ended March 31, 2017 |
Income: |
||
Income from Operations |
17,741.01 |
26,997.68 |
Other Income |
76.71 |
64.76 |
Total Income |
17,817.72 |
27,062.44 |
Expenditure: |
||
Less: Operating & Other Expenses |
10,870.54 |
20,779.96 |
Profit before Depreciation, Finance Costs and Tax |
6,947.18 |
6,282.48 |
Less: Depreciation |
1,364.73 |
1,277.01 |
Less: Finance Costs |
75.00 |
109.26 |
Profit before Tax |
5,507.45 |
4,896.21 |
Less: Provision for Taxes |
1,906.02 |
1,694.43 |
Profit after Tax |
3,601.43 |
3,201.78 |
Less: Other Comprehensive Income for the year (net of taxes) |
2.10 |
0.88 |
Total Comprehensive Income for the year |
3599.33 |
3200.91 |
Add: Surplus brought forward from the previous year |
9,082.20 |
6,363.90 |
Less: Prior period item |
19.51 |
- |
Amount available for appropriation |
12,662.02 |
9,564.81 |
Appropriations: |
||
Dividend |
||
A dividend of 10% i.e. Rs.1/- per Equity Share was recommended by the Board of Directors on May 28, 2018 |
||
(In respect of the previous year, a final dividend of 10% i.e. Rs.1/- per Equity Share was declared and paid to the Members) |
400.98 |
400.98 |
Tax on Dividend |
81.63 |
81.63 |
Amount transferred to General Reserve |
- |
- |
Surplus carried forward |
12,179.41 |
9,082.2 |
DIVIDEND
Based on the Companyâs performance, the directors are pleased to recommend for approval of members a final dividend of 10% i.e. H1.00 per share on equity share of H 10/- each, for the financial year ended March 31, 2018. The proposed final dividend is subject to the approval of shareholders at the ensuing Annual General Meeting to be held on September 27, 2018 for the financial year ended March 31, 2018. The dividend would involve a cash outgo of Rs.400.98 lakhs towards dividend and Rs.81.63 lakhs towards tax on dividend.
TRANSFER TO RESERVES:
The Company did not transfer any amounts to General Reserve during the year.
PARTICULARS OF LOANS, GUARANTEE OR INVESTMENTS
The particulars of loans, guarantee and investments has been disclosed in the Financial Statements.
DEPOSITS
The Company has not accepted any deposits from public and as such, no amount on account of principal or interest on deposit from public was outstanding as on the date of the balance sheet.
RELATED PARTY TRANSACTION
All Related Party Transactions entered during the financial year were on an armâs length basis and in the ordinary course of the Business.
Company has formulated policy on materiality of Related Party Transaction. The policy is available on the Companyâs website http:// thebyke.com/corporate-governance/
Since all related party transaction entered into by the company were on an armâs length basis and in the ordinary course of business, Form AOC-2 is not applicable.
EXTRACT OF ANNUAL RETURN
The extract of Annual Return in Form MGT â 9, as provided under Section 92 (3) of the Companies Act, 2013, read with Rule 12 of the Companies (Management and Administration) Rules, 2014 is annexed hereto as ANNEXURE - A to this Report.
DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)
Reappointment of Mr. Vikash Agarwal
In accordance with the provision of the Act, Mr. Vikash Agarwal retires by rotation in the forthcoming Annual General Meeting and being eligible for re-appointment. The Board of Directors recommends his re-appointment.
Resignation of Mr. Mihir Sarkar
During the year under review, Mr. Mihir Sarkar (DIN No. 02061972) Executive Director of the Company resigned from the Directorship of the Company with effect from October 06, 2017.
Resignation of Mrs. Sudha Gupta
During the year under review, Mrs. Sudha Gupta (DIN No. 01749008) Independent Director of the Company resigned from the Directorship of the Company with effect from October 06, 2017.
Appointment of Company Secretary
During the year under review Ms. Ankita Sharma was appointed as the Company Secretary & Compliance Officer with effect from February 12, 2018 in place of Ms. Neha Mankame who tendered her Resignation.
Mr. Anil Patodia Managing Director of the Company, Mr. Sumit Bajaj Chief Financial Officer of the Company, Ms. Ankita Sharma Company Secretary of the Company are the Key Managerial Personnel of the Company.
BOARD EVALUATION
The Board of Directors have carried out an annual evaluation of their own performance, board committees and individual directors pursuant to provisions of the Act and the corporate governance requirement as prescribed by the Securities and Exchange Board of India (Listing Obligation & Disclosure Requirement) Regulation 2015.
The performance of the board was evaluated by the board after taking inputs from all the directors on the basis of criteria such as the Board composition and structure, effectiveness of board process, information and functioning, etc. as provided through the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017.
In a separate meeting of Independent directors which was held on February 12, 2018, performance of non-independent directors and the board as whole was evaluated. Performance evaluation of Independent Directors was done by the entire board, excluding the independent director being evaluated.
DECLARATION BY INDEPENDENT DIRECTORS
As on March 31st, 2018, your Company has following Independent Directors:
1. Mr. Ram Ratan Bajaj
2. Mr. Ramesh Vohra
3. Mr. Bharat Thakkar
4. Mr. Sandeep Singh
5. Mr. Dinesh Goyal
In pursuance of Section 149(7) of the Companies Act, 2013, all the Independent Directors of the Company have submitted, a declaration, under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the LODR, that they meet the criteria of independence.
COMMITTEES OF THE BOARD
As on March 31st 2018, your Board has following Statutory Committees:
a) Audit Committee
b) Nomination and Remuneration Committee
c) Stakeholders Relationship Committee
d) Corporate Social Responsibility Committee
e) Risk Management Committee
The details of the composition, meetings held during the year and attendance of the meetings and the terms of reference of the above Committees of the Board are provided in the Corporate Governance Report.
BOARD MEETINGS
During the year under review, Four Board Meetings were held and the intervening gap between the meetings did not exceed the period prescribed under the Act, the details of which are given in the Corporate Governance Report.
DIRECTORSâ RESPONSIBILITY STATEMENT
As required under Section 134 of the Companies Act, 2013, your Directors confirm having:
a) followed in the preparation of the Annual Accounts, the applicable accounting standards with proper explanation relating to material departures if any;
b) selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company at the end of the financial year and of the profit of your Company for that period;
c) 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 your Company and for preventing and detecting fraud and other irregularities;
d) prepared the Annual Accounts on a going concern basis;
e) laid down internal financial controls to be followed by your Company and that such internal financial controls were adequate and operating effectively; and
f) devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
STATUTORY AUDITOR
M/s Borkar & Mazumdar, Chartered Accountant were appointed as statutory auditor of your company at the Annual General Meeting held on September 20, 2016 for a term of five years. As per provision of Section 139 of the Companies Act, 2013, the appointment of statutory auditor is required to be ratified by Members at every Annual General Meeting.
The Auditorsâ Report to the Shareholders does not contain any qualifications hence does not require any comments on the same. The Auditorsâ Report is enclosed with the financial statements in this Annual Report.
INTERNAL AUDITOR
Pursuant to provision of Section 138 and other applicable provision of Companies Act, 2013, P.P. Kapoor & Co., Chartered Accountants (Firm Registration No. 104806W) has been appointed as internal auditor of the company for the financial year under review.
SECRETARIAL AUDITOR
Pursuant to the provision of section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rule, 2014, the Board of Directors of the company has appointed M/s Suman Sureka & Associates, Practicing Company Secretary as secretarial auditor of the company.
The Secretarial Auditor Report is self explanatory and the company would like to state that the company is in process of transferring the shares to IEPF Account for the year 2009-10.
The Secretarial Auditorsâ Report is enclosed as ANNEXURE B to the Boardâs report in this Annual Report.
CORPORATE SOCIAL RESPONSIBILITY
The brief outline of the initiatives undertaken by your Company on (Corporate Social responsibility) CSR activities during the year is set out in ANNEXURE C of this report. The CSR Committee decided to continue with existing programs and increase focus on health and education in the years ahead. The CSR policy is available on the website of your Company. Detailed Composition of the CSR Committee, number of meetings held during the year under the review and other related details are set out in the Corporate Governance report which forms a part of this report.
SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES
There is no subsidiary company, associate company or joint venture of your company within the meaning of section 2(87) & 2(6) of the Companies Act 2013 respectively.
DEVELOPMENT IN HUMAN RESOURCES
The Company continues to maintain a very cordial and healthy relationship with its workforce across all its units.
The Company is ensuring to maintain the best place to work that attracts and retains good employees in the Company. The Company continues to strive towards attracting, retaining, training, multiskilling employees. With the increase in workforce due to expansion in business, envisaging the requirement of adequate on the job training across the various levels of employees. The Human Resource Team carried out the following programs across the group during the year:
1. Hospitality Training Program.
2. Food Festivals to make staff experience cuisines of multiple types.
3. Plantation drives as an environmental awareness initiative.
4. Blood donation camp and staff health check-up camps.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURE
The information required under section 197 of Companies act 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rule, 2014 forms part of this Annual Report. However this information is not sent along with this report pursuant to provision of section 136 of the Act. Any shareholder interested in obtaining a copy of the same may write to the Company Secretary / Compliance Officer at the registered office of the Company.
CORPORATE GOVERNANCE
The report on Corporate Governance as stipulated under the SEBI (Listing Obligation & Disclosure Requirements) Regulation, 2015 forms an integral part of this report. A certificate from M/s Borkar & Mazumdar, Chartered Accountant, Statutory Auditor of the company regarding compliance on conditions of corporate governance as stipulated in the Listing Regulations is also appended to the report on Corporate Governance.
MANAGEMENTâS DISCUSSION AND ANALYSIS REPORT
The Managementâs Discussion and Analysis Report for the year under review, as stipulated under Regulation 34 of SEBI (Listing Obligation & Disclosure Requirement) Regulation, 2015 is presented in a separate section forming part of the Annual Report.
INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
Pursuant to applicable provision of the Companies Act, 2013 read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rule, 2016 (âthe Rulesâ), all unpaid or unclaimed dividend are required to be transferred by the company to the IEPF established by the Central Government, after the completion of seven years. In accordance with the Rules, the shares in respect of which dividend has not been paid or claimed by the shareholders for seven consecutive years or more shall be transferred to the demat account created by the IEPF Authority. Accordingly your company has transferred the unclaimed and unpaid dividend.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The information on conservation of energy, technology absorption and foreign exchange earnings and outgo as stipulated under section 134(3) (m) of the Companies Act, 2013 read with Companies (Accounts) Rule, 2014, as amended is annexed as ANNEXURE D to this report.
INTERNAL CONTROL SYSTEM AND COMPLIANCE FRAMEWORK
The Company has adopted the policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the companyâs policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records and timely preparation of reliable financial disclosures.
RISK MANAGEMENT
The Company has established an effective Compliance Mechanism to mitigate the risk and will be reviewed by the Board periodically. The Company has adopted Risk Management Policy, pursuant to the provision of Section 134 of the Act, to identify and evaluate business risks and approach for mitigation of such risks.
VIGIL MECHANISM AND WHISTLE BLOWER POLICY:
The Board of Directors of your Company has adopted the Vigil Mechanism and Whistle Blower Policy in compliance with Section 177(9) and (10) of the Companies Act, 2013, and regulations specified under LODR.
The Company has adopted a channel for receiving and redressing of employeesâ complaints. Under this policy, we encourage our employees to report any reporting of fraudulent financial or other information to the stakeholders, any conduct that results in violation of the Companyâs Code of Business Conduct. Likewise, under this policy, we have prohibited discrimination, retaliation or harassment of any kind against any employees. Details of the policy are available on the companyâs website at wwwthebyke.com
DISCLOSURES AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
The Company has zero tolerance for sexual harassment at its workplace and in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules there under, your Board of Directors have approved and adopted a âPolicy on Prevention of Sexual Harassment at Workplaceâ to provide equal employment opportunity and are committed to provide a work environment that ensures every woman employee is treated with dignity and respect and afforded equitable treatment.
During the year under review the Company has not received any complaints on sexual harassment.
DISCLOSURE OF FRAUDS IN THE BOARDSâ REPORT UNDER SECTION 143 OF THE COMPANIES ACT, 2013:
During the year under review, your Directors did not observe any contract, arrangement and transaction which could result in a fraud; your Directors hereby take responsibility to ensure you that the Company has not been encountered with any fraud or fraudulent activity during the Financial Year 2017 - 2018.
PAYMENT OF LISTING FEE AND CUSTODIAL FEE
Your Company has paid the Annual Listing Fee and Annual Custodial Fee for the Financial Year 2017 â 2018, to the National Stock Exchange (âNSEâ), Metropolitan Stock Exchange (MSEI) and the Bombay Stock Exchange (âBSEâ) and to National Securities and Depositories Limited (NSDL) and Central Depository Services (India) Limited (CDSL) respectively.
DEMATERIALISATION
The Companyâs shares are available for dematerialization with both the Depositories viz., NSDL and CDSL. About 98.26% of the paid-up equity share capital of the Company has been dematerialized as on March 31, 2018.
MATERIAL ORDER PASSED BY THE REGULATORS
There are no significant material order passed by the Regulators or court or tribunal impacting the going concern status of the Company and its operation in future.
GREEN INITIATIVES
The Company, in order to promote green initiative, has sent electronic copies of the Annual Report for Financial Year 2017â 2018, along with the Notice of the 28th Annual General Meeting, to all members whose email addresses are registered with the Company / Registrar and Share Transfer Agent (âRTAâ).
For members who have not registered their email addresses, physical copies of the Annual Report 2017-2018 under Section 101 of the Companies Act, 2013 are sent in the permitted mode. Members who have been sent Annual Report copies in electronic mode, desirous to have physical copies of the same can send a request, in writing, either to the Company or the RTA.
ACKNOWLEDGEMENTS AND APPRECIATION
Your Directors take this opportunity to thank the customers, shareholders, suppliers, bankers, business partners/associates, financial institutions and Central and State Governments for their consistent support and encouragement to the Company. We are sure you will join our Directors in conveying our sincere appreciation to all employees of the Company for their hard work and commitment. Their dedication and competence has ensured that the Company continues to be a significant and leading player in the Hospitality Industry.
For and on behalf of the Board of Directors
Anil Patodia
Place: Thane Managing Director
Date: August 13, 2018 DIN: 00073993
Mar 31, 2015
We are pleased to present the Twenty Fifth Annual Report on our
business and operations for the year ended 31st March 2015, of The Byke
Hospitality Limited ("Company").
Financial Highlights
(Rs,In Lakhs)
Year Ended Year Ended
Particulars March 31, 2015 March 31, 2014
Income:
Income from Operations 18141.87 1557140
Other Income 11.00 14.98
Total Income 18152.87 15586.38
Expenditure:
Less: Operating
& Other Expenses 14418.72 12714.96
Profit before Depreciation,
Finance Costs and Tax 3734.15 2871.42
Less: Depreciation 1017.41 538.34
Less: Finance Costs 179.97 207.87
Profit before Tax 2536.77 2125.20
Less Provision for Taxes 533.35 535.96
Profit after Tax 2003.42 1589.24
Add: Surplus brought forward
from the previous year 2288.17 1130.77
Amount available for appropriation 4291.59 2720.02
Appropriations:
Dividend 400.98 300.73
A dividend of 10% i.e. Rs. 1/- per
Equity Share was recommended by the
Board of Directors on May 27, 2015
on enhanced capital after Bonus
Issue
(In respect of the previous year,
a final dividend of 15% i.e. Rs.
1.50/- per Equity
Share was declared and paid to
the Members)
Tax on Dividend 80.17 51.10
Amount transferred to General
Reserve - 80.00
Surplus carried forward 3810.44 2288.17
Dividend
The Board of Directors has recommended a dividend of 10%, i.e. Rs. 1.00
per share on equity share of Rs. 10/- each, subject to the approval of
shareholders at the ensuing Annual General Meeting for the financial
year ended March 31, 2015. The dividend would involve a cash outgo of Rs.
400.98 lakhs towards dividend and Rs. 80.17 lakhs towards tax on
dividend.
The Register of Members and Share Transfer Books will remain closed
from 21st September 2015 to 26th September 2015 (both days inclusive),
for the purpose of payment of Dividend for the Financial Year ended
March 31, 2015 and the Annual General Meeting. The Annual General
Meeting is scheduled to be held on Saturday, 26th September 2015.
Transfer to Reserves
The company did not transfer any amounts to General Reserve during the
year.
Bonus Shares
The Company, in October 2014, had issued Bonus Shares to the
Shareholders of the Company in the proportion of 1:1 and consequently,
the paid up share capital of the Company increased from 2,00,48,900
shares to 4,00,97,800 shares.
Operations and Financial Overview
Last year has been a landmark year for the Indian economy. Economic
growth has started to move in upward trajectory. GDP grew by 7.3% in
2014- 15, with signs pointing to a manufacturing and investment
recovery. Infation has also tapered which has led to cut down in
interest rates. The new government's Budget 2015 showed government's
commitment towards the tourism industry.
Byke continues to follow an asset light model across its both business
segments. Byke has emerged as a well-known brand in the mid market
tourism segment with high levels to quality and service. For FY15
revenues touched Rs. 182 crore in FY15 against Rs. 156 crore in the
corresponding period of the previous year, registering a y-o-y growth
of 17%. EBITDA stood at Rs. 37 crore (y-o-y growth of 28%), with EBITDA
margin of 20%, up from 19% in FY14 and the Company reported PAT at Rs. 20
crore with PAT margin of 11%.
Expansion /Augmentation of Hotels
During the year, the Company acquired its first Hotel in the Business
capital of the Country, "The Byke- Suraj Plaza" under its asset light
business expansion plan. The Byke- Suraj Plaza offers the Highest Room
Inventory in Thane city with multiple Food & Beverage outlet, Indoor-
Outdoor Banqueting and modern Conferencing facilities. This Hotel
shall commence commercial operation during the financial year 2015-16.
With this presently your Company owns or operates eight hotels at the
locations viz.
Sl.
No
Name of The Hotel Location
1. The Byke  Heritage Matheran
(Maharashtra)
2. The Byke  Redwood Matheran
(Maharashtra)
3. The Byke  Old Anchor Goa
4. The Byke- Hidden
Paradise Goa
5. The Byke Sunfower Goa
6. The Byke  Neelkanth
Manali (Himachal Pradesh)
7. The Byke  Grassfeld Jaipur (Rajasthan)
8. The Byke- Suraj Plaza Thane (Maharashtra)
Change in Depreciation Policy
With effect from April 1, 2014, the Company has revised the estimated
useful lives of certain assets resulting in a write back of
depreciation of Rs. 65.57 Lacs during the year. (refer Note 1(1.6) of
Notes to Financial Statement).
Particulars of Loans, Guarantees or Investments
As on March 31, 2015, there were no outstanding loans or guarantees
covered under the provisions of Section 186 of the Act. (Annexure A)
The details of changes in the Loans, Guarantees and Investments covered
under the provisions of Section 186 of the Act are given in the notes
to the Financial Statements.
Fixed Deposits
Your Company has not accepted any deposits within the meaning of
Section 73 of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014.
Particulars of Contract or Arrangement with Related Party
All Related Party Transactions entered during the year were in Ordinary
Course of the Business and on Arm's Length basis. No Material Related
Party Transactions, i.e. transactions exceeding ten percent of the
annual consolidated turnover as per the last audited financial
statements, were entered during the year by your Company. Accordingly,
the disclosure of Related Party Transactions as required under Section
134(3) (h) of the Companies Act, 2013 in Form AOC 2 is not applicable.
The Company has formulated a policy on materiality of Related Party
Transactions and also on dealing with Related Party Transactions. The
policy is available on the Company's website www. thebyke.com.
Statutory Auditors
The Auditors M/s A.P. Sanzgiri & Co, Chartered Accountants, Mumbai,
retire at the conclusion of the ensuing Annual General Meeting and
being eligible offer themselves for re-appointment.
Internal Auditors
Pursuant to provisions of Section 138 and other applicable provisions
of Companies Act, 2013, M/s. Sajjan Kanodia & Co. Chartered
Accountants, Mumbai has been appointed as internal auditors for the
financial year 2014-15.
Secretarial Auditors
M/s Suman Sureka & Associates, Practicing Company Secretaries were
appointed to conduct the secretarial audit of the Company for the
financial year 2014-15, as required under Section 204 of the Companies
Act, 2013 and Rules there under. The secretarial audit report for FY
2014-15 forms part of the Annual Report as Annexure B to the Director's
Report.
Change in The Nature of Business
There is no change in the nature of Business of the Company.
Significant and Material Orders
There are no significant and material orders passed by the regulators or
courts or tribunals impacting the going concern status and Company's
operations in future.
Statement Under Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014
Pursuant to Rule 5 of the Companies (Appointment and Remuneration)
Rules, 2014 a disclosure on remuneration related information of
employees, Key Managerial Personnel and Directors is annexed herewith
and forming part of the report. (Annexure-C)
However, there are no employees drawing remuneration more than Rs. 60
Lacs p.a. or Rs.5 Lacs per month if employed for a part of year,
therefore no disclosures are required under Rule 5(2) and Rule 5(3) of
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014.
Extract of Annual Return
In accordance with Section 134(3)(a) of the Companies Act, 2013, an
extract of the annual return in the prescribed format is appended as
Annexure D to the Director's Report.
Internal Financial Control
The Board has adopted the policies and procedures for ensuring the
orderly and efficient conduct of its business, including adherence to
the 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 preparation of reliable financial
disclosures.
The Internal Audit Department monitors and evaluates the efficacy and
adequacy of internal control system in the Company, its compliance with
operating systems, accounting procedures and policies at all locations
of the Company. Based on the report of internal audit function,
process owners undertake corrective action in their respective areas
and thereby strengthen the controls. Significant audit observations and
recommendations along with corrective actions thereon are presented to
the Audit Committee of the Board.
Corporate Social Responsibility Initiatives
The Company has actively supported various initiatives in the areas of
health, education and environment over the years. With the introduction
of Section 135 of the Act, which came into effect during this financial
year, the Company has constituted a Corporate Social Responsibility
("CSR") Committee. The CSR Policy adopted by the Board of Directors is
available on the Company's website www.thebyke.com. The CSR Committee
decided to continue with the existing programs and increase focus on
health and education in the years ahead. The Annual Report on Corporate
Social Responsibility Activities is annexed herewith as Annexure E.
Corporate Governance Report
Your Company has been complying with the provisions of Corporate
Governance as stipulated in Clause 49 of the Listing Agreement. A
Report on Corporate Governance along with a Certificate from the
Statutory Auditors of the Company regarding the compliance of Corporate
Governance as stipulated under Clause 49 of the Listing Agreement forms
part of the Annual Report.
Transfer to Investor Education and Protection Fund
As required under the provisions of Section 205A and 205C and other
applicable provisions of Companies Act, 1956 (the corresponding
provisions in the Companies Act, 2013 have not been notified, and hence
the earlier law is still applicable in respect of these provisions),
dividends that remain unpaid/unclaimed for a period of seven years, are
to be transferred to the account administered by the Central Government
viz: Investor Education and Protection Fund ("IEPF"). Once the amounts
that are due for refund are transferred to the IEPF, no claim shall lie
in respect of those amounts against the Company. The Company had
transferred unpaid dividend amounts within the stipulated time to the
IEPF. During the financial year 2014-15, unpaid or unclaimed dividend
for the Final dividend declared as on 31st March 2007 amounting to
Rs.43,753/- was transferred to Investors Education and Protection Fund.
The Board draws your attention that the unclaimed/unpaid dividend for
the Final Dividend declared as on 31st March 2008 is due for transfer
to IEPF during the current year. Members, who have not yet encased
their dividend warrant(s) or those who are yet to claim their dividend
amount which was declared for the financial year ended 31st March 2008,
may write to the Company/ Company's Registrar and Share Transfer Agent,
Sharepro Services (India) Private Limited.
Number of Meetings of The Board.
The Board of Directors of the Company met five (5) times during the year
2014-15. The details of various Board Meetings are provided in the
Corporate Governance Report that forms part of this Annual Report. The
gap intervening between two meetings of the board is as prescribed in
the Companies Act, 2013 (hereinafter "the Act").
Statement on Declaration of Independence By The Independent Directors
The Company has received necessary declaration from each Independent
Director of the Company under Section 149(7) of the Act, that they meet
the criteria of independence as laid down in Section 149(6) of the Act.
Policy on Directors' Appointment and
Remuneration
Policy on Directors' Appointment
Policy on Directors' appointment is to follow the criteria as laid down
under the Companies Act, 2013
and the Listing Agreement with Stock Exchanges and good corporate
practices. Emphasis is given to persons from diverse felds or
professions.
Policy on Remuneration
The Board in consultation with the Nomination and Remuneration
Committee decides the remuneration policy for directors. The Company
has made adequate disclosures to the members on the remuneration paid
to Directors from time to time.
Board Committees
The Company has the following Committees of the Board:
1. Audit Committee
2. Nomination and Remuneration committee
3. Stakeholder's Relationship committee
4. Corporate Social Responsibility committee
5. Risk Management Committee
The composition of each of the above Committees, their respective role
and responsibility is as detailed in the Report of Corporate
Governance.
The recommendation by the Audit Committee as and when made to Board has
been accepted by it.
Board Evaluation
As required under the provisions of Section 134(3) (p) of the Companies
Act, 2013 and Clause 49 of the Listing Agreement, the Board has carried
out an annual performance evaluation of its own performance, and the
manner in which such performance evaluation was carried out is as
under: The performance evaluation framework is in place and has been
circulated to all the directors to seek their response on the
evaluation of the entire Board and independent directors. The
Nomination and Remuneration Committee shall carry out evaluation of
director's performance. The criteria of evaluation is exercise of
responsibilities in a bona fde manner in the interest of the Company,
striving to attend meetings of the Board of Directors / Committees of
which he is a member/ general meetings, participating constructively
and actively in the meetings of the Board / committees of the Board
etc.
Directors and Key Managerial Person
As per the provisions of the Companies Act 2013, Mr. Pramod Patodia
retires at the ensuing Annual General Meeting and being eligible, seeks
re-appointment. The Board recommends his re-appointment.
Mr. Vikash Kumar Agarwal has been appointed as an Additional Director
on 27th May 2015 and shall hold the office up to this Annual General
Meeting. Your Company is in receipt of notice under section 160,
161(1) of the Companies Act, 2013 for his appointment as a Director
liable to retire by rotation under the category of Non-Executive and
Non- Independent Director of the Company. The Board recommends his
appointment as Director liable to retire by rotation.
Mrs. Sudha Gupta has been appointed as an Additional Director on 27th
May 2015 and shall hold the office up to this Annual General Meeting.
Your Company is in receipt of notice under section 160, 161(1) of the
Companies Act, 2013 for her appointment as an Independent Director of
the Company. The Board recommends the appointment of Mrs. Sudha Gupta
as an Independent Director not liable to retire by rotation and to hold
office for a fixed term of 5 (fve) years from date of appointment.
Your Company has designated Mr. Manish Lahoti, who is heading the
Finance & Accounts Department of the Company as Chief Financial Officer
(CFO) during the year. Mrs. Swati Gupta, Company Secretary, Mr Anil
Patodia, Managing Director, who have been appointed before commencement
of the Companies Act, 2013 and Mr. Manish Lahoti, CFO are the Key
Managerial Personnel of the Company.
Vigil Mechanism
The Company has established a Vigil Mechanism that enables the
Directors and Employees to report genuine concerns. The Vigil Mechanism
provides for (a) adequate safeguards against victimization of persons
who use the Vigil Mechanism; and (b) direct access to the Chairperson
of the Audit Committee of the Board of Directors of the Company in
appropriate or exceptional cases. Details of the Vigil Mechanism policy
are made available on the Company's website www.thebyke.com.
Risk Management
The Company has devised and implemented a mechanism for risk management
and has developed a Risk Management Policy. The Policy provides for
constitution of a Risk Committee, which will work towards creating a
Risk Register, identifying internal and external risks and implementing
risk mitigation steps. The Committee will, on a quarterly basis,
provide status updates to the Board of Directors of the Company.
Prevention of Sexual Harassment Policy
The Company has in place a Prevention of Sexual Harassment Policy in
line with the requirements of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013. The
Internal Complaints Committee ("ICC") has been set up to redress the
complaints received regarding sexual harassment. All employees are
covered under this policy.
The following is the summary of the complaints received and disposed
off during the financial year 2014-15:
a) No. of complaints received: NIL
b) No. of complaints disposed off: NIL
Listing Fees
The Company confirms that it has paid the annual listing fees for the
year 2015-16 to National Stock Exchange, Bombay Stock Exchange and
Metropolitan Stock Exchange(MCX-SX).
Directors' Responsibility Statement
Pursuant to Section 134 of the Companies Act, 2013, the Directors state
that:
i. In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures, if any;
ii. Appropriate accounting policies have been selected and applied
consistently and have 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 as at March 31, 2015 and of the profit and loss of the
Company for the year ended March 31, 2015;
iii. Proper and sufficient care has been taken 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;
iv The annual accounts have been prepared on a going concern basis;
v. Proper internal financial controls were followed by the Company and
such internal financial controls are adequate and were operating
effectively;
vi. Proper systems are devised to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively.
Statutory and Secretarial Auditors' Report
The Statutory Auditors Report to the Shareholders does not contain any
qualifications hence does not require any comments on the same. A
company, whose securities are listed on the Stock Exchanges, is
compulsorily required to follow the accounting standards prescribed by
the Institute of Chartered Accountants of India.
However with reference to the remarks made by Secretarial Auditors,
with reference to non registration of two out of eight hotels of the
company under specific laws applicable we wish to clarify that these two
hotels are not yet fully operative.
With reference to non publication of advertisement in newspaper for
having sent the notice of the meeting under section 108; Rule 20 of the
Companies (Management and Administration) Rules, 2014 by the Company we
wish to state that this occurred due to oversight and the company shall
comply the same for future AGMs.
Energy Conservation, Technology Absorption and Foreign Exchange
Earnings and Outgo
In view of the nature of activities which are being carried on by the
company, Rules 2A and 2B of the companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988 concerning conservation
of energy and technology absorption respectively are not applicable to
the company.
Further, there were no foreign exchange earnings or outgo during the
year under review.
Awards and Recognition
Your Directors are delighted to bring to your notice that your Company,
The Byke Hospitality Ltd has achieved the distinction of being among
the 11 companies from India that have made to the top 200 Asia Pacifc
corporations in Forbes Asia's Rs.Best under a Billion' list.
In the Hotel segment, it is one among the two companies that have made
to the list, the other being China's Gayety.
The unranked list comprises 200 of the best performing frms from the
Asia-Pacifc region selected from a pool of 17,000 publicly listed
entities with a sales turnover between $5 million and $1 billion of
which 810 companies roughly passed the required criteria, according to
Forbes.
Acknowledgement
Your Directors take this opportunity to express the gratitude to all
investors, clients, vendors, bankers, Regulatory and Government
authorities, Stock Exchanges and business associates for their
cooperation, encouragement and continued support extended to the
Company. Your Directors also wish to place on record their appreciation
to the Associates for their continuing support and unstinting efforts
in ensuring an excellent all round operational performance at all
levels.
For and on behalf of the Board of Directors
Sd/-
Anil Patodia
Matheran (Maharashtra) Managing Director
July 29, 2015 DIN: 00073993
Mar 31, 2014
TO THE MEMBERS
The Company''s Directors are pleased to present this 24th Annual Report
of the Company together with the Audited Balance Sheet, Profit & Loss
Account and Cash Flow Statement for the financial year ended March
31st, 2014.
FINANCIAL HIGHLIGHTS (RsRs.IN LAKHS)
Particulars Year Ended Year Ended
March 31 March 31
20014 2013
Income:
Income from Operations 15571.40 10092.53
Other Income 14.98 50.16
Total Income 15586.38 10142.69
Expenditure:
Less: Operating & Other Expenses 12714.96 8338.22
Profit before Depreciation, Finance Costs and Tax 2871.42 1804.47
Less: Depreciation 538.34 418.75
Less: Finance Costs 207.87 229.74
Profit before Tax 2125.20 1155.97
Less Provision For Taxes 535.96 380.31
Profit after Tax 1589.24 775.66
Add: Surplus brought forward from the 1130.77 589.67
previous year
Amount available for appropriation 2720.02 1365.33
Appropriations: -
Dividend
A dividend of 15% i.e. Rs.1.50/- per Equity Share 300.73 200.49
was recommended by the Board of Directors on
May 29, 2014
(In respect of the previous year, a final dividend
of 10% i.e. Rs.1/- per Equity Share was declared and
paid to the Members)
Tax on Dividend 51.10 34.07
Amount transferred to General Reserve 80.00 -
Surplus Carried Forward 2288.17 1130.77
OPERATIONS AND FINANCIAL OVERVIEW
DIVIDEND
Considering the Company''s financial performance, your Directors are
pleased to recommend a dividend of 15% i.e. Rs.1.50/- per Equity Share
of Rs.10 each subject to the approval of the Shareholders at the ensuing
Annual General Meeting for the financial year ended March 31, 2014. The
dividend would involve a cash outgo of Rs.300.73 lakhs towards dividend
and Rs.51.11 lakhs towards tax on dividend. The dividend, as sets
Deposit.
TRANSFER TO RESERVES
We propose to transfer Rs.80 Lacs to the General Reserve. An amount of
Rs.2288.17 Lacs is proposed to be retained in the Surplus.
ISSUE OF BONUS SHARES
EXPANSION /AUGMENTATION OF HOTELS
With this presently your Company operates its hotels on unique pure
vegetarian concept at eight locations
SNO NAME OF THE HOTEL LOCATION
1. The Byke - Heritage Matheran (Maharashtra)
2. The Byke - Redwood Matheran (Maharashtra)
3. The Byke - Old Anchor South Goa
4. The Byke- Hidden Paradise North Goa
5. The Byke- Sunflower North Goa
6. The Byke - Neelkanth Manali (Himachal Pradesh)
7. The Byke - Paawana Mandawa, (Rajasthan)
8. The Byke- Grassfield Jaipur (Rajasthan)
The Company has a plan to increase its presence
gradually to 17 locations over the next two years.
Accordingly, it has already acquired land at three locations:
= 3.75 acres land near proposed Navi Mumbai
airport for Business class Hotel. = 10 acres land at Aronda on the
banks of
Sindhudurg river in Maharashtra for a premium
spa rejuvenation center cum resort. = 2 acres land near Ashtamudi lake
at Kollam, Kerala for premium beach view resort.
CORPORATE SOCIAL RESPONSIBILITY
We dedicated ourselves to striking a balance between profitability and
social conscience. We continue to believe that the ultimate way to
scale the power of brand is to share the good we do so that The Byke
and everyone we touch  can endure and thrive.
Pursuant to Section 135 of the Companies Act, 2013 the Company has
constituted the Corporate Social Responsibility (CSR) Committee of the
Board of Directors. The terms of reference of the CSR Committee are as
per the provisions of the Companies Act, 2013.
Corporate Social Responsibility efforts of your Company are focused
around sustainable livelihood with key beneficiaries being the aged,
women and children. Your Company continued to carry out initiatives
aimed at contributing to the socio- economic well being and development
of the communities and the ecosystem that it interacts with. These are
discussed in detail in the Management Discussion and Analysis Report
forming part of this Annual Report.
CORPORATE GOVERNANCE REPORT
Your Company has always practiced sound corporate governance and takes
necessary actions at appropriate times for meeting stakeholders
expectations while continuing to comply with the mandatory provisions
of corporate governance. Report on Corporate Governance along with a
Certificate from the Statutory Auditors of the Company regarding the
compliance of Corporate Governance as stipulated under Clause 49 of the
Listing Agreement forms part of the Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS
A detailed analysis of the Company''s operational and financial
performance are separately discussed in the Management Discussion and
Analysis Report which is presented in a separate section forming part
of this Annual Report.
DIRECTORS: APPOINTMENT / RE- APPOINTMENT /CHANGE IN DESIGNATION.
Details regarding Directors proposed to be appointed and re-appointed
at the Annual General Meeting to be held on Saturday, September 27,
2014, due to changes arising from implementation of the Companies Act,
2013 are mentioned in the Notice convening the Annual General Meeting.
Pursuant to completion of his tenure as Whole Time Director w.e.f
August 1, 2014, Mr. Satyanarayan Sharma ceased to act as Whole Time
Director of the Company. However, he continues to act as Director of
the Company.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirements under Section 217 (2AA) of the Companies
Act, 1956, with respect to the Directors'' Responsibility Statement, it
is hereby confirmed that:
I. in the preparation of the annual accounts for the financial year
ended March 31, 2014, the applicable accounting standards have been
followed and that there are no material departures from the same;
ii. the Directors 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 as at March 31, 2014, and of profit of the Company for
the said period;
iii. the Directors have taken proper and sufficient care to the best of
their knowledge and ability 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 detecting fraud and
other irregularities; and
iv. the Directors have prepared the accounts for the financial year
ended March 31, 2014 on a ''goingconcern'' basis.
PUBLIC DEPOSITS
During the year 2013-14, your company has not accepted any deposits
from the public within the meaning of Section 58A of the Companies Act,
1956.
LISTING AND TRADING OF SHARES
The Equity Shares of your Company continue to remain listed and traded
on the Bombay Stock Exchange Limited and Madras Stock Exchange Limited.
With effect from December 30, 2011 the Equity Shares of your Company
are allowed to Trade on National Stock Exchange as well. The Listing
fee payable under the Listing Agreement for the financial year
2014-2015 has been duly paid to the Bombay Stock Exchange Limited and
Madras Stock Exchange Limited. There are no arrears on account of
payment of listing fees to the Stock Exchanges.
AUDITORS'' REPORT
The Auditors Report to the Shareholders does not contain any
qualifications hence does not require any comments on the same. A
company, whose securities are listed on the Stock Exchanges, is
compulsorily required to follow the accounting standards prescribed by
the Institute of Chartered Accountants of India.
APPOINTMENT OF AUDITORS
M/s A.P. Sanzgiri & Co, Chartered Accountants, the present auditors of
the Company, retires at the forthcoming Annual General Meeting and is
eligible for re-appointment as auditors and has confirmed their
eligibility and willingness to accept office, if re-appointed. Members
are requested to re-appoint them at the ensuing Annual General Meeting.
The Audit Committee of the Board has recommended their re-appointment.
The notes on accounts referred to in the Auditors'' Report are
self-explanatory and, therefore, do not call for any further comments.
PARTICULARS OF EMPLOYEES
During the year 2013-14, there were no employees drawing remuneration
more than prescribed limit under Section 217 (2A) of the Companies Act,
1956.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
In view of the nature of activities which are being carried on by the
company, Rules 2A and 2B of the companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988 concerning conservation
of energy and technology absorption respectively are not applicable to
the company.
Further there is no expenditure on R&D, Technology absorption, adoption
& innovation during the financial year under review. Also, there were
no foreign exchange earnings or outgo during the year under review.
AWARDS AND RECOGNITIONS
The Byke Hospitality Limited has continued its growth story during the
year under review. Our Hotel "THE BYKE OLD ANCHOR Â Goa" has received
an "AWARD FOR EXCELLENCE in the category of GOLD STANDARD HOTEL FOR
YOUTH HOLIDAY- 2013 " at Moscow - Russia.
ACKNOWLEDGMENT AND APPRECIATION
Your Directors place on record their deep appreciation and sincere
thanks to shareholders, bankers, various regulatory authorities and
central and state government officials for the continued support and
confidence in the management of the Company. Your Directors are pleased
to place on record their appreciation of the consistent contribution
made by employees at all levels through their hard work, dedication,
solidarity and cooperation and acknowledge that their efforts have
enabled the Company to achieve new heights of success.
For and on behalf of the Board
Sd/-
Anil Patodia
Managing Director
(DIN: 00073993)
Mumbai
August 13, 2014
Mar 31, 2013
TO THE MEMBERS
The Directors are pleased to present their Twenty Third Annual Report
together with its Audited Accounts of your company for the year ended
31st March, 2013.
FINANCIAL HIGHLIGHTS
(Amount in lacs)
Partculars Year Ended Year Ended
March 31, 2013 March 31, 2012
Income:
Income from Sales & Operaton 10092.53 4905.97
Other Income 50.16 4.74
Total Income 10,142.69 4910.71
Expenditure:
Less: Operatng & Other Expenses 8338.22 4392.10
Proft before Depreciaton,
Finance Costs and Tax 1,804.47 518.61
Less: Depreciaton 418.75 111.92
Less: Finance Costs 229.74 51.84
Proft before Tax 1155.97 354.85
Less: Provision for Tax 380.31 145.45
Add: MAT Credit 30.28
Proft afer Tax 775.66 239.69
Add: Balance brought forward
from the previ ous year 589.67 582.61
Amount available for Appropriaton 1365.33 822.30
Appropriatons:
Short /Excess provision of
taxes of earlier years ( Net) 0.38
-Dividend 200.49 200.49
A dividend of 10% i.e. Rs.1/- per
Equity Share was recommended by the
Board of Directors on May 29, 2013
(In respect of the previous year, a
final dividend of 10% i.e. Rs. 1/-
per
Equity Share was declared and
paid to the Members)
Tax on Dividend 34.07 32.52
- Balance carried to Balance Sheet 130.77 589.67
DIVIDEND
Your Directors are pleased to recommend a dividend of 10% i.e. Rs.1/-
per Equity Share of Rs.10 each subject to the approval of the
shareholders at the ensuing Annual General Meeting for the financial
year ended March 31st, 2013. Dividend would involve a cash outgo of Rs.
200.49 lakhs towards dividend and Rs. 34.07 lakhs towards tax on
dividend. Dividend, as recommended by the Board, if approved at the
Annual General Meeting, will be paid on or after September 21, 2013 to
those members or their mandates whose names appear in the register of
members as on September 13, 2013. In respect of shares held in
dematerialised form, it will be paid to members whose names are
furnished by National Securities Depository Limited (NSDL) and Central
Depository Services (India) Limited (CDSL), as beneficial owners as on
September 13, 2013.
OPERATIONS AND FINANCIAL OVERVIEW
Your company has recorded significant performance growth during the
financial year under review. With your company''s aggressive expansion
plan and asset light business model, the total income of the company
for the financial year ended March 31,2013 has increased from Rs.
4910.71 lac to Rs. 10,142.69 lac. Profit after tax of your company has
increased by 224% as compared to previous financial year. The company
has registered profit after tax of Rs. 775.66 lakhs as compared to
profit of Rs. 239.69 lakhs in the previous year. The total turnover of
the company for the year was recorded at Rs. 10092.54 lakhs as compared
to Rs. 4905.97 lakhs in the previous year, an increase of around 105 %
over last year.
EXPANSION /AUGMENTATION OF HOTELS
During the year, company continued to move ahead with its strategy to
achieve its growth objectives. Accordingly, under its expansion your
company has entered into a Lease contract to operate two new hotels
i.e, The BykeÂNeelkanth in Manali and The Byke  Hidden Paradise in
Goa, under ''The Byke'' brand. The company''s steps to start its new
operations with "The Byke - Neelkanth, Manali" with 40 guest rooms and
"The Byke  Hidden Paradise Goa ",with 40 guest rooms in first year of
operation, have been very successful and achieved high occupancy ratio.
The above mentioned these two new hotels have received excellent
feedback and accolades from both trade analysts and discerning
international travelers; eventually the company has reached new
heights. With this presently your company owns or operates seven hotels
at the locations viz.
S. NO. NAME OF THE HOTEL LOCATION
1. The Byke  Heritage Matheran (Maharashtra)
2. The Byke  Redwood Matheran (Maharashtra)
3. The Byke  Old Anchor Goa
4. The Byke- Hidden Paradise Goa
5. The Byke- Sunflower Goa
6. The Byke  Neelkanth Manali (Himachal Pradesh)
7. The Byke  Paawana Shekhawat (Rajasthan)
Company under its expansion plan is also in negotiations with various
state tourist departments to manage & operate their state owned hotels
under the joint brand name. The company expects to start its operations
of the Hotels under the brand "The Byke" at Shimla (Himachal Pradesh),
Navi Mumbai & Mahablashewar (Maharashtra), Aronda (Goa), Kollam
(Kerala), Hampi (Karnataka) and Jodhpur (Rajasthan) in coming years.
CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
Your company continued to carry out initiatives aimed at contributing
to the socio-economic well being and development of the communities and
the ecosystem that it interacts with. These are discussed in detail in
the Management Discussion and Analysis Report forming part of this
Annual Report.
CORPORATE GOVERNANCE REPORT
A Report on Corporate Governance along with a certificate from the
statutory auditors of the company regarding the compliance of Corporate
Governance as stipulated under Clause 49 of the Listing Agreement forms
part of the Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS
A detailed analysis of the company''s operational and financial
performance as well as the initiative taken by the company for its
expansion, the existing hotel properties and the proposed business
ventures & upcoming hotels of Byke are separately discussed in the
Management Discussion and Analysis Report which forms part of this
Annual Report.
DIRECTORS
Mr. Bharat Thakkar has been appointed as Additional Directors on
February 14, 2013.Mr. Bharat Thakkar is an Independent Director and
holds office up to the date of ensuing Annual General Meeting (AGM) of
the company and is eligible for appointment as director. The company
has received notice under Section 257 of the Act, in respect of him,
proposing his appointment as a director of the company. Resolution
seeking approval of the members for the appointment of Mr. Bharat
Thakkar as director of the company has been incorporated in the notice
of the forthcoming AGM along with brief details about him.
Mr. Pramod Kumar Patodia and Mr. Ramesh Vohra, Directors retire by
rotation at the ensuing Annual General Meeting and being eligible,
offer themselves for reappointment. As stipulated in terms of Clause 49
of the Listing Agreement with the Stock Exchanges, brief resume of Mr.
Bharat Thakkar, Mr. Pramod Kumar Patodia and Mr. Ramesh Vohra have
already been provided in the Notice.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirements under Section 217 (2AA) of the Companies
Act, 1956, with respect to the Directors''
Responsibility Statement, it is hereby confirmed that:
i. in the preparation of the annual accounts for the financial year
ended March 31st,2013,the applicable accounting standards have been
followed and that there are no material departures from the same; ii.
the directors 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 as at March 31st , 2013 and of profit of the company for
the said period;
iii. the directors have taken proper and sufficient care to the best of
their knowledge and ability 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 detecting fraud and
other irregularities; and
iv. the directors have prepared the accounts for the financial year
ended March 31, 2013 on a ''going concern''
basis.
PUBLIC DEPOSITS
During the year 2012-13, your company has not accepted any deposits
from the public within the meaning of Section 58A of the Companies Act,
1956.
LISTING AND TRADING OF SHARES
The Equity Shares of your company continue to remain listed and traded
on the Bombay Stock Exchange Limited and Madras Stock Exchange Limited.
With effect from December 30, 2011 the Equity Shares of your company
are allowed to Trade on National Stock Exchange as well.
The Listing fee payable under the Listing Agreement for the financial
year 2013-2014 has been duly paid to the Bombay Stock Exchange Limited
and Madras Stock Exchange Limited.
AUDITORS'' REPORT
The Auditors Report to the shareholders does not contain any
qualifications hence does not require any comments on the same. A
company, whose securities are listed on the Stock Exchanges, is
compulsorily required to follow the accounting standards prescribed by
the Institute of Chartered Accountants of India.
AUDITORS
M/s A.P.Sanzgiri & Co, Chartered Accountants, statutory auditors of the
company holds office until the conclusion of the ensuing Annual General
Meeting and are eligible for re-appointment. The company has received a
letter from them to the effect that their appointment, if made, would
be within the prescribed limits under section 224(IB) of the Companies
Act, 1956.
PARTICULARS OF EMPLOYEES
There were no employees drawing remuneration more than prescribed limit
under Section 217 (2A) of the Companies Act, 1956.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
In view of the nature of activities which are being carried on by the
company, Rules 2A and 2B of the companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988 concerning conservation
of energy and technology absorption respectively are not applicable to
the company.
Further, there were no foreign exchange earnings or outgo during the
year under review.
ACKNOWLEDGEMENT AND APPRECIATION
Your Directors wish to take this opportunity to place on record their
appreciation for the unstinted support and co-operation of the
company''s Customers, shareholders, bankers, various regulatory
authorities and the central and state government officials. The
Directors would also like to appreciate the employees of the company at
all levels for their hard work, dedication and commitment for making
the company to reach at new heights. The valuable contributions made by
the employees have enabled the company to achieve remarkable growth.
For and On behalf of the Board of Directors
Sd/-
Anil Patodia
Managing Director
Mumbai August 5, 2013
Mar 31, 2012
The Directors have pleasure in presenting the 22nd Annual Report of the
Company together with its Audited Profit & Loss Account for the
financial year ended March 31, 2012 and the Balance Sheet as on that
date:
PERFORMANCE OF THE COMPANY Rs. IN LAKH
YEARENDED YEARENDED
PARTICULARS MARCH 31,2012 MARCH 31,2011
Total Income 4910.71 3345.33
Profit before Depreciation,
Finance Costs and Tax 518.61 409.43
Less: Depreciation 111.92 86.42
Less: Finance Costs 51.84 0.44
Profit before Tax 354.85 322.57
Less: Provision for Tax 145.45 96.02
Add: MAT Credit 30.28
Profit after Tax 239.69 226.55
Add: Balance brought forward
from the previous year 582.61 582.45
Amount available for Appropriation 822.30 809.00
Appropriations:
Short/Excess provision of taxes
of earlier years (Net) 0.38 5.00
- Dividend 200.49 190.49
A dividend of 10% i.e. Rs. 1 /-
per Equity Share was recommended
by the Board of Directors on
August 13, 2012
(In respect of the previous year,
a final dividend of 10% i.e. Rs. 1 /-
per Equity Share was declared
and paid to the Members)
Tax on Dividend 32.52 30.90
Balance carried to Balance Sheet 589.67 582.61
YEAR IN RETROSPECT
The first year of operations after the change in Management of the
Company, has recorded significant performance growth during the
financial year under review The total income of the Company has
increased as compared to previous financial year. The total turnover of
the Company for the year was recorded at Rs.4905.97 lakhs as compared to
Rs.3324.06 lakhs in the previous year an increase of around 48 % over
last year. The Company has registered profit after tax of Rs.239.69 lakhs
as compared to profit of Rs.226.55 lakhs in the previous year.
DIVIDEND
Your Directors are pleased to recommend a dividend of 10% i.e. Rs.1 /-
per Equity Share of Rs.10 each subject to the approval of the
Shareholders at the ensuing Annual General Meeting for the financial
year ended March 31,2012. The dividend would involve a cash outgo of
Rs.200.49 lakhs towards dividend and Rs.32.52 lakhs towards tax on
dividend. The dividend, as recommended by the Board, if approved at the
Annual General Meeting, will be paid on or after September 27, 2012 to
those members or their mandates whose names appear in the register of
Members as on September 24, 2012. In respect of shares held in
dematerialised form, it will be paid to members whose names are
furnished by National Securities Depository Limited (NSDL) and Central
Depository Services (India) Limited (CDSL), as beneficial owners as on
September 24, 2012.
SHIFTING OF REGISTERED OFFICE
The Company has shifted its registered office from "F/72, Solaris,
Opp. L&T Gate No. 6, Off Saki Vihar Road, Andheri (East), Mumbai - 400
072" to "Shree Shakambhari Corporate Park, Plot No.156 - 158,
Chakravarti Ashok Complex, J. B. Nagar, Andheri (East) Mumbai - 400
099" w.e.f. October 6, 2011.
AUGMENTATION OF YOUR HOTELS
During the year your Company has entered into a Lease contract to
manage hotels i.e, The Byke - Old Anchor, Goa and The Byke - Redwood,
Matheran, under "The Byke" brand. The business at "The Byke - Old
Anchor, Goa with 240 guest rooms and The Byke - Redwood, Matheran" with
25 guest Rooms in first year of its operation, has been very successful
and has secured the brand presence "The Byke" in South Goa and Matheran
with the new units.
Although business has taken time to pick up in the first year of
operation after change in management of the Company, the hotel has
received excellent feedback and accolades from both trade analysts and
discerning international travelers, eventually it has reached new
heights. With this presently your Company owns and operates seven
hotels at the locations viz. The Byke-Heritage and The Byke- Redwood,
Matheran, The Byke- Old Anchor, Hotel Sunflower, Hotel Sunshine, Hotel
Goan, Goa and The Byke- Paawana, Shekhawati.
CHANGE IN EQUITY SHARE CAPITAL DUE TO CONVERSION OF WARRANTS
During the year under review, the Board of Directors of your Company,
at its Board Committee meeting held on January 16, 2012, issued and
allotted 10,00,000 Equity Shares pursuant to conversion of Warrant at a
price of Rs.44/- per share as approved by the shareholders and in
accordance with the SEBI (ICDR) Regulations, 2009 on preferential
basis. Due to this, the outstanding issued, subscribed and paid up
Equity Share capital increased from Rs. 19,04,89,000 to Rs.20,04,89,000 as
at March 31, 2012.
EXPANSION / UP-GRADATION PLANS
Tourism industry is growing and bound to grow stronger in India owing
to its splendid historical architecture, rich heritage and ancient
culture along with beautiful beaches, rural tourism and the inherently
rooted concept of hospitality in form of "Atithi Devo Bhava".
Your Company's upcoming ventures, The Byke - Neelkanth, Manali and
The Byke - Shimla will soon commence its operation in the financial
year 2012 - 13.
The Company is also in negotiations for management and franchise
contracts in various other parts of the country. The Company expects to
start its operations of the hotels under the brand "The Byke" at Aronda
- Goa, Khopoli - Maharashtra, Kudal - Maharashtra, Jodhpur - Rajasthan
and Lavasa - Maharashtra in coming years.
DIRECTORS
Mr. Ramratan Bajaj, Director retire by rotation and being eligible,
offers himself for reappointment at the ensuing Annual General Meeting.
Mr. Manoj Bhadupota, a Director liable to retire by rotation, does not
offer himself for re-appointment at the ensuing Annual General Meeting.
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis Report for the year under review, as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchange in India, is presented in a separate section forming part of
the Annual Report.
PUBLIC DEPOSITS
During the year 2011-12, your company has not accepted any deposits
from the public within the meaning of Section 58A of the Companies Act,
1956.
LISTING AND TRADING OF SHARES
The Equity Shares of your Company are listed and traded on the Bombay
Stock Exchange Limited and Madras Stock Exchange Limited, with effect
from December 30, 2011 the Equity Shares of your Company are allowed to
Trade on National Stock Exchange.
AUDITORS REPORT
The Auditors Report to the Shareholders does not contain any
qualifications hence does not require any comments on the same. A
company, whose securities are listed on the Stock Exchanges, is
compulsorily required to follow the accounting standards prescribed by
the Institute of Chartered Accountants of India.
AUDITORS
At the Annual General Meeting, the Members will be requested to
re-appoint M/s A.R Sanzgiri & Co, Chartered Accountants as Statutory
Auditors of the Company for the current year and authorize the Board of
Directors to fix their remuneration.
CORPORATE GOVERNANCE REPORT
Your Company has complied with the requirements of Clause 49 of the
Listing Agreement regarding Corporate Governance. A report on the
corporate governance practices, the Auditors Certificate on compliance
of mandatory requirements thereof are given as an annexure to this
report.
PARTICULARS OF EMPLOYEES
There were no employees drawing remuneration more than prescribed limit
under Section 217 (2A) of the Companies Act, 1956.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS
AND OUTGO
In view of the nature of activities which are being carried on by the
company, Rules 2A and 2B of the companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988 concerning conservation
of energy and technology absorption respectively are not applicable to
the company.
Further, there were no foreign exchange earnings or outgo during the
year under review.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirements under Section 217 (2AA) of the Companies
Act, 1956, with respect to the Directors' Responsibility Statement,
it is hereby confirmed that:
i. in preparation of the annual accounts for the financial year ended
March 31, 2012, the applicable accounting standards have been followed
and that there are no material departures from the same;
ii. the Directors have selected such accounting policies and applied
them consistendy 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 as at March 31,2012, and of profit of the Company for
the said period;
iii. the Directors have taken proper and sufficient care to the best of
their knowledge and ability 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 detecting fraud and
other irregularities; and
iv. the Directors have prepared the accounts for the financial year
ended March 31, 2012 on a 'going concern' basis.
ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation to the
employees at all levels for their hard work, dedication and commitment.
The enthusiasm and unstinting efforts of the employees have enabled the
Company to achieve remarkable growth. The Board also acknowledges the
unstinted support of the customers, suppliers, investors, bankers,
Central Government and State Governments and other statutory
authorities and others associated with the Company.
For and On behalf of the Board of Directors
Sd/-
Anil Patodia
Managing Director
Mumbai
August 13, 2012
Mar 31, 2011
The Board of Directors presents the 21st Annual Report of the Company
together with the Audited Statements of Accounts for the financial year
ended March 31, 2011
Performance of the Company
Your Companys performance for the year 2010-11 is as summarized below:
( Rs. In lacs)
Particulars Year Ended Year Ended
31-03-2011 31-03-2010
Total Income 3324.06 1504.03
Total Expenditure 3022.76 1362.48
Profit Before Tax 322.57 141.54
Provision for Tax 96.02 46.57
Profit/Loss After Tax 226.55 94.97
Add: Surplus brought forward during the year 582.44 560.63
Profit available for Appropriations 808.99 655.61
Appropriations:
-Short provision of taxes in earlier years 5.00 0.00
-Proposed Dividend 190.49 62.74
-Dividend Distribution Tax on
Proposed Dividend 30.90 10.42
Surplus carried forward 582.61 582.44
Results of Operations
The first full year of operations after the entering into the contract
for management of The Byke- a Hotel Retreat, Matheran, resulted into a
record performance during the financial year under review. The company
has achieved turnover at a record high growth rate of 121% as compared
to previous year and the Profit before tax increased by 128% to Rs
322.57 Lakhs.Due to operational effciency at every stage, sharp focus
on marketing strategy and stringent internal cost control systems, the
Company has earned net Profit of Rs 226.55 lakhs higher by 139 % as
compared to the previous year.
Dividend
Your Directors are pleased to recommend a dividend of 10% i.e. Rs.
1/-per Equity Share for the financial year ended March 31, 2011,
amounting to Rs. 221.39 lakhs (inclusive of tax of Rs 30.90 lakhs) .
The dividend, as recommended by the Board, if sanctioned at the
meeting, will be paid on or after July 21, 2011 to those members or
their mandates whose names are registered on the Companys Register of
Members:
a. As beneficial owner as the end of business on July 18, 2011 as per
the lists to be furnished by National Securities Depository Limited
(NSDL) and Central Depository Services Limited (CDSL) in respect of the
shares held in electronic form and
b. As members in the Register of Members of the Company after giving
effect to valid share transfers in physical form lodged with the
Company on or before July 18, 2011.
The dividend payout for the year under review has been formulated in
accordance with the Companys policy to pay sustainable dividend linked
to long term growth objectives of the Company to be met by internal
cash accruals and the shareholders aspirations.
Change in Promoters and Management of the Company
M/s. Hotel Relax Private Limited in concert with Mr. Anil Patodia, Mr.
Kamal Poddar and Mrs. Vinita Patodia made an public announcement on
September 8, 2010 (pursuant to and in compliance with regulations 10
and 12 of SEBI (Substantial Acquisition of Shares and Takeovers)
Regulations, 1997 and subsequent amendments thereof ),followed by the
open offer made to the Shareholders of Suave Hotels Limited on January
6, 2011.
Subsequently as a result of the above, there was a change in the
promoters and the promoter group of the company which has been taken on
record at the Board of Directors meeting held on March 30, 2011.
Further with the new promoters coming in the company, the management of
the company has been changed and the Board of Directors has been
reconstituted on March 30, 2011. The composition and names of the Board
of Directors have been provided in the report on corporate governance.
Contracts
The company has entered into contracts for the hotel properties at
Matheran and Mandawa, Rajasthan. Currently the company is having under
its ambit both the properties in addition to the existing hotels. The
Company is also in negotiations with the owners for management and
franchise contracts in various other parts of the country.
Increase in Share Capital
During the year under review, we have allotted 65,00,000 equity shares
on conversion of warrants to promoters and others under the SEBI (ICDR)
Regulations, 2009 on preferential basis. Due to this, the outstanding
issued, subscribed and paid up equity share capital increased from Rs
12548900 to Rs 19048900 as at March 31, 2011.
Awards:
We are pleased to inform that your company has been ranked as "The
Indias Top 400 Small Cap Companies in 2010 by Dalal Street."
Directors:
Following are the changes in the Directorate of the company:
- Mr. Anwar Beg Mirza had resigned from the Board with effect from May
15, 2010. The Board places on record their appreciation for the
valuable contributions made by him during his tenure as the Director of
the Company
- Mr. Mohan Arvandekar was appointed as an Independent Director at the
Annual General Meeting held on September 30, 2010.
- Mr. Manoj Kumar Bhadupota, Mr. Ramratan Ratan Bajaj, Mr. Ramesh
Vohra, Mr. Anil Patodia and Mr. Pramod Patodia, was appointed as
Additional Director of the Company at the Board meeting held on March
30, 2011 and holds offce till ensuing Annual General Meeting and being
eligible, offers himself for reappointment at the ensuing Annual
General Meeting. The profle of the Directors to be appointed is annexed
as a separate section and the notice of the meeting has an abriged
profle of the same.
- Mr. Vinod Kumar Gupta, Mr. Surendra Kumar Kulhari, Mr. Sandeep
Sharma, Mr. Mohan Vithal Aravandekar and Mr. Samir Satyanarayan Sharma
have resigned from the Board of Directors with effect from March 30,
2011. The Board places on record their appreciation for the valuable
contributions made by them during their tenure as the Director of the
Company
Appointment of Company Secretary and Compliance Offcer
Mrs. Naina Hemant Kurane, possessing the required qualifcation, was
appointed as the Company Secretary and Compliance Offcer of the Company
with effect from May 30, 2011.
Management Discussion and Analysis:
Management Discussion and Analysis Report for the year under review, as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchange in India, is presented in a separate section forming part of
the Annual Report.
Public Deposits
During 2010-11, your company has not accepted any deposits from the
public within the meaning of Section 58A of the Companies Act, 1956.
Listing of Shares
The Equity Shares of your Company are listed on the Bombay Stock
Exchange Limited and Madras Stock Exchange Limited.
Auditors Report
The Auditors Report to the Shareholders does not contain any
qualifcations hence does not require any comments on the same. A
company, whose securities are listed on the Stock Exchanges, is
compulsorily required to follow the accounting standards prescribed by
the Institute of Chartered Accountants of India.
Auditors
The auditors, M/s A. P. Sanzgiri & Co, Chartered Accountants, retire at
the ensuing Annual General Meeting and have confrmed their eligibility
and to accept offce, if re-appointed.
Corporate Governance Report
Your Company has complied with the requirements of Clause 49 of the
Listing Agreement regarding Corporate Governance. A report on the
corporate governance practices, the Auditors Certificate on compliance
of mandatory requirements thereof are given as an annexure to this
report.
Particulars of Employees
There were no employees drawing remuneration more than prescribed under
Section 217 (2A) of the Companies Act, 1956.
Energy Conservation, Technology Absorption and Foreign Exchange
Earnings and Outgo In view of the nature of activities which are being
carried on by the company, Rules 2A and 2B of the companies (Disclosure
of Particulars in the Report of Board of Directors) Rules, 1988
concerning conservation of energy and technology absorption
respectively are not applicable to the company.
Further, there were no foreign exchange earnings or outgo during the
year under review
Directors Responsibility Statement
Pursuant to the requirements under Section 217 (2AA) of the Companies
Act, 1956, with respect to the Directors Responsibility Statement, it
is hereby confrmed that:
i. in the preparation of the annual accounts for the financial year
ended March 31, 2011, the applicable accounting standards have been
followed and that there are no material departures from the same;
ii. the Directors 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 as at March 31, 2011, and of Profit of the Company for
the said period;
iii. the Directors have taken proper and sufficient care to the best of
their knowledge and ability 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 detecting fraud and
other irregularities; and
iv. the Directors have prepared the accounts for the financial year
ended March 31, 2011 on a going concern basis.
Acknowledgement
Your Directors wish to place on record their appreciation to the
employees at all levels for their hard work, dedication and commitment.
The enthusiasm and unstinting efforts of the employees have enabled the
Company to achieve remarkable growth. The Board also acknowledges the
unstinted support of the customers, suppliers, investors, bankers,
Central and State Governments and other statutory authorities and
others associated with the Company.
On behalf of the Board of Directors
Sd/-
Satyanarayan Sharma
Managing Director
Mumbai, May 30, 2011
Mar 31, 2010
The Directors have the pleasure in presenting the Twentieth Annual
Report on the business and operations of the company together with the
audited statement of accounts for the year ended March 31, 2010.
Performance of the Company
Your Companys performance for the year 2009-10 is as summarized below:
(Rs. In lacs)
Particulars Year Ended 31-03-2010 Year Ended 31-03-2009
Total Income 1504.03 1368.07
Total Expenditure 1362.48 1230.48
Profit Before Tax 141.54 137.59
Provision for Tax 46.57 46.96
Profit/Loss After Tax 94.97 90.63
Add: Surplus brought forward
during the year 560.63 521.43
Profit available for
Appropriations 655.61 612.07
Appropriations:
-Transfer to General Reserve 0.00 25.00
-Proposed Dividend 62.74 22.59
-Dividend Distribution Tax on
Proposed Dividend 10.42 3.84
Surplus carried forward 582.44 560.63
Results of Operations
During the year under review, your company has done reasonably well, in
spite of depressive market condition ob- served globally throughout the
year. The turnover has registered growth at 10% higher as compared to
previous year. Due to operational efficiency at every stage, sharp
focus on marketing strategy and stringent internal cost control
systems, the Company had 5% higher net profit as compared to the
previous year.
Dividend
Your Directors recommend dividend of 5% i.e. Rs 0.50 on equity share of
Rs.10/- each for the year under review. The dividend distribution would
result in a cash outflow of Rs.73,16,559/-, including tax on dividend
distribution of Rs.10,42,109/-.
Issue of Warrants convertible into Equity Shares on Preferential Basis
The company has issued 7,500,000 share warrants convertible into
7,500,000 equity shares of Rs.10/- each at a pre- mium of Rs.34/- to
its promoters and others on preferential basis, convertible within 18
months, vide special resolu- tion passed at extra ordinary general
meeting held on July 2, 2010.
Acquisition of Land
In September 2009, the company had booked a land admeasuring 38,700 sq.
meters at Survey No. 42 (2.93) Hissa No.l, Vill. Aronda, Chamybar
Galwi, Tal. Sawantwadi, Dist. Sindhudurga, Maharashtra for the purpose
of develop- ment of Medical Tourism at the site.
Management Discussion and Analysis
The Indian economy, which was under severe slowdown during 2008-09
following the global financial crisis, turned around sharply from
second quarter of 2009-10 registering GDP growth of around 7% during
the year 2009-10. The broad base growth was recorded in the industrial
as well as service sector. It is expected that the economy will go back
to the robust growth path of around 9% that it was on before the global
crisis slowed it down in 2008.
However the current year under review has been challenging for the
Indian hotel industry. This is due to a multiplic- ity of factors i.e.
US & Greece financial crisis, inflationary trend, swine flu pandemic,
slow rate of GDP and fears of erratic and insufficient monsoons. India
has emerged as one of the worlds leading as well as most robust and
resilient economies. The country has coped successfully with the
challenge of the recent economic and financial crisis as well as
recession worldwide. The last two quarters of the year has witnessed a
gradual recovery in the hospitality sector.
Both FTA and FEE picked up in last quarter of 2009-10 as compared to
corresponding period of the previous year. The market size of medical
tourism in India is worth US$ 2.4 billion and is growing at 27 per cent
annually. The coun- try received 1.1 million medical tourists in 2009,
registering a growth of 17 per cent. The travel and tourism industry
accounted for 6.4% of total employment in India and it is estimated to
grow to 10% by the year 2014, making it the second largest employer in
the country.
Outlook
Combining unparallel growth prospects and unlimited business potential,
the industry is certainly on foyer towards being a key player in the
nations changing face. Furthermore, banking on the governments
initiative of upgrading and expanding the countrys infrastructure like
airports, national highways etc. the tourism and hospitality industry
is bound to get a bounce in its growth.
The Indian hospitality industry is projected to grow at a rate of 8.8
per cent during 2007-16, placing India as the second-fastest growing
Promotional efforts by the Government have succeeded in communicating
the Brand India message worldwide tourism market in the world. Your
company is capitalizing on the opportunities available in the industry
and thus for its expansion plan 75,00,000 warrants convertible into
equity shares have been issued. Your company is conducting initial
feasibility study for acquiring / developing new properties in the
Maharashtra-Goa region
Key Risks and its Management
The goal of Risk management is to improve the quality and consistency
of the Companys earning from the financing business and to minimize
losses. This is achieved by identifying risk and controlling it at the
earliest.
Internal Controls and their Adequacy
The Company has a proper and adequate system of internal controls to
ensure that all assets are safeguarded and protected against loss from
unauthorized use or disposition, and that the transactions are
authorized, recorded and reported correcdy.
Corporate Social Responsibility
An Internal Environment Policy was finalized by Suave with a view to
monitoring and minimizing its carbon footprint through resource
efficiency and conservation.
Cautionary Statement
Statements made in this Management Discussion and Analysis contain
certain forward looking statements based on various assumptions on the
Companys present and future business strategies and the environment in
which it oper- ates. Actual results may vary significantly from the
forward looking statements contained in this document due to various
risks and uncertainties. These risks and uncertainties include the
effect of economic and political conditions in India, new government
regulations and policies that may impact the Companys business as well
as its ability to implement the strategy. The information contained
herein is as of the date referred and the Company does not un- dertake
any obligation to update these statements.
Listing of Shares
The Equity Shares of your Company are listed on the Bombay Stock
Exchange Limited.
Public Deposits
During 2009-10, your company has not accepted any deposits from the
public within the meaning of Section 58A of the Companies Act,1956.
Directors
Mr. Sameer Sharma and Mr. Vinod Gupta retire by rotation and being
eligible, offers for re-appointment. Pursuant to clause 49(g) (1) of
the Listing Agreement with the Stock Exchanges, brief resume of the
Directors being reappointed has been provided in the Notice convening
the Annual General Meeting.
Mr. Mohan Arvandekar was appointed as Additional Director of the
Company at the Board meeting held on May 15, 2010 and holds office till
ensuing Annual General Meeting and being eligible, offers himself for
reappointment at the ensuing Annual General Meeting.
Mr. Anwar Beg Mirza has resigned from the Board of Directors with
effect from May 15, 2010. The Board places on record their appreciation
for the valuable contributions made by Mr. Anwar Beg Mirza during his
tenure as the Direc- tor of the Company.
Auditors Report
The Auditors Report to the Shareholders does not contain any
qualifications hence does not require any comments on the same. A
company, whose securities are listed on the Stock Exchanges, is
compulsorily required to follow the accounting standards prescribed by
the Institute of Chartered Accountants of India.
Auditors
M/s. S. K. Patodia & Associates, Chartered Accountants, the Statutory
Auditor of the company will cease to be the auditor at the conclusion
of the ensuing Annual General Meeting and they have not offered
themselves to be reap- pointed as an auditor. In this regard the
company has received a notice from a shareholder proposing the name of
M/s. A. P. San2giri & Co. Chartered Accountants, as auditor in place of
M/s. S.K. Patodia & Associates, Chartered Accountants. Members may
consider the appointment of M/s. A. P. Sanzgiri & Co., Chartered
Accountants as Statutory Auditors of the Company from the conclusion of
ensuing Annual General Meeting to the nest Annual General Meeting.
Particulars of Employees
There were no employees drawing remuneration more than prescribed under
Section 217 (2A) of the Companies Act, 1956.
Energy Conservation, Technology Absorption and Foreign Exchange
Earnings and Outgo
In view of the nature of activities which are being carried on by the
company, Rules 2A and 2B of the companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988 concerning conservation
of energy and technology absorption respectively are not applicable to
the company. Further, there were no foreign exchange earn- ings or
outgo during the year under review.
Corporate Governance Report
Your Company has complied with the requirements of Clause 49 of the
Listing Agreement regarding Corporate Governance. A report on the
corporate governance practices, the Auditors Certificate on compliance
of mandatory requirements thereof are given as an annexure to this
report.
Directors Responsibility Statement
Pursuant to the requirements under Section 217 (2AA) of the Companies
Act, 1956, with respect to the Directors Responsibility Statement, it
is hereby confirmed that:
i. in the preparation of the annual accounts for the financial year
ended March 31, 2010, the applicable accounting standards have been
followed and that there are no material departures from the same;
ii. the Directors 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 as at March 31, 2010, and of profit of the Company for
the said period;
iii. the Directors have taken proper and sufficient care to the best
of their knowledge and ability 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 detecting
fraud and other irregularities; and
iv. the Directors have prepared the accounts for the financial year
ended March 31, 2010 on a going concern basis.
Acknowledgement
Your Directors wish to place on record their appreciation to the
employees at all levels for their hard work, dedication and commitment.
The enthusiasm and unstinting efforts of the employees have enabled the
Company to achieve re- markable growth. The Board also acknowledges the
unstinted support of the customers, suppliers, investors, bankers,
Central and State Governments and other statutory authorities and
others associated with the Company.
On behalf of the Board of Directors
Sd/-
Satyanarayan Sharma
Managing Director
Mumbai
August 14, 2010