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Peerless Main 1-90.Pmd THE PEERLESS GENERAL FINANCE & INVESTMENT COMPANY LIMITED BOARD OF DIRECTORS CHAIRMAN AUDITORS Shri Susim Mukul Datta Messrs Mukund M Chitale & Co. Shri Susim Mukul Datta Chartered Accountants Shri Sunil Kanti Roy MANAGING DIRECTOR Shri Bhargab Lahiri Shri Sunil Kanti Roy ACTUARIAL CONSULTANT Shri Arpan N Thanawala Shri Deepak Mukerjee DEPUTY MANAGING DIRECTOR Shri Jayanta Roy Shri Bhargab Lahiri PRINCIPAL BANKERS Shri Pranab Kumar Choudhury United Bank of India CHIEF FINANCIAL OFFICER Shri Partho Sarothy Datta HDFC Bank Limited Shri Samar Bhattacharyya State Bank of India Axis Bank Limited COMPANY SECRETARY PRESIDENT (TREASURY) Shri K Balasubramanian Shri Asoke Kumar Mukhuty REGISTERED OFFICE “PEERLESS BHAVAN” VICE PRESIDENTS 3, Esplanade East, Shri Patit Paban Ray Kolkata - 700 069 Compliances & Legal Tel : 91 33 22483247, Fax : 91 33 22485197, Shri Anup Kumar Maiti E-mail : [email protected], IT & CS Website: www.peerless.co.in SENIOR GENERAL MANAGERS Corporate Identity No. : Shri Kalyan Kumar Mukherjee U66010WB1932PLC007490 Group Head – Secretarial Services Shri Animesh Purkayastha HRM – Peerless Group GENERAL MANAGERS Shri Kalyan Chakraborty Administration Shri Basudeb Chakraboty Systems 1 THE PEERLESS GENERAL FINANCE & INVESTMENT COMPANY LIMITED REGIONAL OFFICES Eastern Regional Office 13-A, Dacres Lane (1st Floor) Kolkata 700 069 West Bengal North Eastern Regional Office Dr. B Barooah Road, Ulubari Guwahati – 781 007, Kamrup, Assam Northern Regional Office B. K. Roy Court (2nd Floor) 6 & 7, Asaf Ali Road New Delhi – 110 002 Western Regional Office 11A, Mittal Tower (1st Floor) Nariman Point Mumbai 400 021, Maharashtra Southern Regional Office – I Raheja Complex, (2nd Floor) 834, Anna Salai Chennai – 600 002, Tamilnadu Southern Regional Office – II Ramanashree Arcade (3rd Floor) 18, M. G. Road, Bangaluru – 560 001 Karnataka South Central Regional Office Kancharla Tower (1st Floor) 1-7-143, 143/A, Golconda 'X' Road Musheerabad, Hyderabad – 500 020 Andhra Pradesh 2 THE PEERLESS GENERAL FINANCE & INVESTMENT COMPANY LIMITED CONTENTS Page Directors’ Report 4 Balance Sheet 38 Statement of Profit and Loss 39 Cash Flow Statement 40 Notes on Accounts 41 Independent Auditors’ Report 80 Subsidiaries and Joint Venture (AOC–1) 85 Schedule to Balance Sheet 87 Consolidated Financial Statements 91 Standalone Key Financials 143 – Eight Years at a Glance 3 THE PEERLESS GENERAL FINANCE & INVESTMENT COMPANY LIMITED DIRECTORS’ REPORT TO THE MEMBERS Your Directors have pleasure in presenting to you the Eighty Second Annual Report together with the audited accounts of the Company on standalone basis and in consolidated form for the year ended on 31st March, 2015. FINANCIAL HIGHLIGHTS A summary of the financial results for the year 2014-15 on Standalone basis along with the previous year’s figures and results consolidating subsidiary and joint venture companies for the year 2014-15 are given below :- (Rs. in million) Standalone Consolidated Previous Year Current Year Current Year ended on ended on ended on 31.03.2014 31.03.2015 31.03.2015 Total Revenue 2746.81 2678.09 5170.88 Profit before interest, depreciation and tax 1537.03 1526.24 1594.22 Less: Finance Cost 13.55 1.78 30.53 Less: Depreciation and amortisation 38.10 53.00 283.69 Profit before Tax 1485.38 1471.46 1280.00 Less: Tax expenses 441.78 364.83 426.06 Profit after tax but before minority interest 1043.60 1106.63 853.94 Add : Minority interest — — 0.39 Profit for the Year 1043.60 1106.63 854.33 Add: Balance as per the last financial statements 4638.60 4914.60 4130.14 Less : Adjustment of Depreciation on Fixed Asset — 55.20 61.31 (net of Deferred Tax) Profit available for appropriation 5682.20 5966.03 4923.16 Appropriations: Special Reserve 210.00 225.00 225.90 General Reserve 250.00 250.00 325.05 Dividend on Equity Shares (including interim) 265.25 298.40 298.40 Corporate Dividend Tax 42.35 56.60 63.92 Total Appropriation 767.60 830.00 913.27 Balance carried forward to Balance Sheet 4914.60 5136.03 4009.89 Note : In accordance with the Transitional Provisions of the Accounting Standard (AS) 21, comparative figures for consolidated results of the previous period have not been presented. 4 THE PEERLESS GENERAL FINANCE & INVESTMENT COMPANY LIMITED STATE OF COMPANY'S AFFAIRS Your Directors are pleased to report salient features of the Company’s performance during the year as under : a) Profit After Tax increased by Rs. 63.03 million from Rs. 1043.60 million in the previous year to Rs. 1106.63 million for the year under report. b) Transfer of Rs. 225 million during the year to Special Reserve as required under Section 45 IC of the RBI Act 1934. With this transfer, the accumulated balance in the said account as on March 31, 2015, would stand at Rs. 4783.34 million. c) Transfer of a sum of Rs. 250 million during the year to General Reserve. The accumulated balance in the said account as on March 31, 2015 would stand at Rs. 6150 million. d) The Company’s Capital Adequacy Ratio (CAR) was maintained well over the statutory minimum of 12% throughout the year. As at March 31, 2015, the ratio was 86.13% (80.07% last year). Further, Net Owned Funds of the Company as on March 31, 2015, subject to Shareholders approving the proposals for appropriation, would stand increased to Rs. 15095.70 million compared to Rs. 14706.30 million in the previous year. e) Average yield on investment was 7.95% in FY 2014-15 as against 7.88% in FY 2013-14 mainly due to investments in higher yield Tax Free Bonds. f) The Company’s Total Investments as on March 31, 2015 at Rs. 30760.28 million was lower than Rs. 30991.77 million as on March 31, 2014, due to discontinuation of collection of public deposits and continuing payments against unclaimed deposits as and when claims are made. Further, the Company’s aggregate deposit liability remained fully covered by investments in approved categories throughout the year, in terms of applicable RBI directions. COMPANY’S BUSINESS AND OUTLOOK As reported in earlier years, the company had discontinued acceptance of deposits from April 01, 2011 in conformity with the advice of Reserve Bank of India. As an RNBC, the Company is now involved in making repayment of matured deposits and, consequently, deposit liabilities came down at the year end to Rs.15703.61 million from Rs.16,609.43 million as at the end of the previous financial year. As a part of its resolve to meet its obligations to depositors who have not yet claimed back their deposits, the company had introduced Group Incentive Scheme (GIS) during the period 14th March 2014 to 28th November 2014 at all branches for tracking and payment of unclaimed deposits whose date of maturity was on or before 28th February, 2013. The efforts enabled the Company to make payment of Rs. 194.56 million to the depositors. The Company has also plans to issue reminders alongwith discharge forms once again to depositors who are yet to claim their dues. At present the company is mainly focused on managing its investments, a key element of which is promoting various businesses of subsidiaries and closely monitoring their performance, particularly in the hotel, hospital, and the financial services sector, including lending activities. This required new strategies, recruitment of personnel with requisite skills and experience, and building up of new capabilities to meet the challenges of a highly competitive environment. These efforts not only require investments but also take time to mature into viable businesses. The Company has also engaged in Real Estate Development business within the permissible regulatory limits. It intends to grow this business in a judicious manner in the future. Two important projects currently in progress are located in Konnagar and Jairambati in the state of West Bengal. The Company continued to provide ‘non-sales’ services, under separate arrangement with the principals, to Max Life Insurance Co. Ltd. and IFFCO Tokio General Insurance Co. Ltd., for life and general insurance business respectively. The surplus Net Owned Funds of your Company, after investment in subsidiaries and fixed assets, are deployed in good quality liquid investments. Income from investments of the Company’s Surplus Net Owned Funds continue to contribute significantly to its revenue. 5 THE PEERLESS GENERAL FINANCE & INVESTMENT COMPANY LIMITED VARIATION IN NET WORTH The net worth of the Company as at the close of current financial year ended 31st March 2015 was Rs. 16413.05 million, as compared to the net worth as at the close of previous financial year ended 31st March, 2014 of Rs. 15722.38 million. DIVIDEND An interim dividend of 35% (Rs. 35/- per equity share of Rs. 100/- each) was paid during the year ended March 31, 2015. Your Directors are pleased to recommend a final dividend of 55% (Rs. 55/- per equity share of Rs. 100/- each) which, together with the said interim dividend declared on February 13, 2015, would aggregate 90% (Rs. 90/- per equity share of Rs. 100/- each) as against aggregate 80% in the previous year. The total outgo on account of dividend payments including Tax on Dividend will be Rs. 355 million for FY 2014-15. GROUP ACTIVITIES Peerless Hotels Limited (PHL) Total Revenue for the year ended 31.3.2015 has increased by Rs. 5.13 million as compared to the previous year. Despite a sluggish market and pressure on Occupancy and Average Room Revenue, room revenue increased by 2.8% to Rs. 196.96 million. Food & Beverages Income grew by 5.6% to Rs. 103.04 million. Profit for the year has decreased by Rs. 22.50 million from Rs. 64.83 million in the previous year to Rs.
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