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Annual Report 2018-19

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Annual Report 2018-19 Notice 3 Directors’ Report 4 - 25 Auditors’ Report 26 -30 Balance Sheet 31 Statement of Profit and Loss 32 Cash Flow Statement 33-34 Notes to the Financial Statements 35-53 Annual Report & Accounts 2018-19 1 PEERLESS HOTELS LIMITED 29th ANNUAL REPORT 2018-2019 BOARD OF DIRECTORS AUDITORS Mr. Sunil Kanti Roy M/s. Lodha & Co. Mr. Sundaram Balasubramanian (Independent Director) Chartered Accountants Mr. Bhargab Lahiri Mr. Rajiv Gujral BANKERS Mr. Jayanta Roy Standard Chartered Bank Mr. Niranjan Saha (Independent Director) Union Bank of India Mr. Patit Paban Ray HDFC Bank Mr. Samar Bhattacharyya State Bank of India Mr. Kunal Sen Allahabad Bank Syndicate Bank CHAIRMAN Axis Bank Mr. Sunil Kanti Roy CORPORATE & EXECUTIVE DIRECTOR REGISTERED OFFICE Mr. Kunal Sen 12, J. L. Nehru Road Kolkata 700 013 COMPANY SECRETARY Tel : +91-33-44003900 Fax : +91-33-22288853 Mr. Surajit Sen E-mail : [email protected] Website : www.peerlesshotels.co.in Corporate Identity No. : U55101WB1990PLC049988 REGISTRAR & SHARE TRANSFER AGENT CB Management Services (P) Ltd. P-22, Bondel Road Kolkata-700 019 Tel: 033-22806692 Email : [email protected] Annual Report & Accounts 2018-19 2 NOTICE OF THE 29TH ANNUAL GENERAL MEETING NOTICE is hereby given that the 29th Annual General Meeting of Peerless Hotels Limited will be held at its Registered Office, at the Peerless Inn, Kolkata, 12, J.L. Nehru Road, Kolkata – 700013 on Wednesday, 31st July 2019 at 2.00 P.M. to transact the following business: ORDINARY BUSINESS 1. To consider and adopt the Audited Financial Statements of the Company for the year ended 31st March 2019 and the Report of the Board of Directors and Auditors thereon. 2. To consider Dividend for the Financial Year ended 31st March 2019, if any. 3. To appoint a Director in place of Mr. Rajiv Gujral (DIN:00409916), who retires by rotation and being eligible, offers himself for re-appointment. 4. To appoint a Director in place of Mr. Jayanta Roy (DIN: 00022191), who retires by rotation and being eligible, offers himself for re-appointment. 5. To re-appoint M/s. Lodha & Co., Chartered Accountants, Kolkata (Firm Registration No. 301051E) as Statutory Auditors of the Company and to fix their remuneration. To consider and, if thought fit, to pass the following resolution as an Ordinary Resolution: - “RESOLVED THAT pursuant to the provisions of Sections 139 and 142 of the Companies Act, 2013 (“the Act”) read with the Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof, for the time being in force) Messrs. Lodha & Co., Chartered Accountants, Kolkata (Firm Registration No. 301051E) be and are hereby re-appointed as the Auditors of the Company to hold such office from the conclusion of this Annual General Meeting till the conclusion of the next Annual General Meeting, on such remuneration as may be determined by the Board of Directors of the Company and agreed to by Messrs Lodha & Co., Chartered Accountants. Registered Office : By Order of the Board 12, J. L. Nehru Road Kolkata 700 013 Surajit Sen Dated : May 21, 2019 Company Secretary NOTES: a) A Member entitled to attend and vote at the Meeting is entitled to appoint a proxy to attend and vote instead of himself and a proxy need not be a Member of the Company. Proxies, to be effective must be received by the Company not less than 48 hours before the Meeting. b) The Register of Members and Share Transfer Books of the Company will remain closed from 24th July 2019 to 31st July 2019 (both days inclusive). Registered Office : By Order of the Board 12, J. L. Nehru Road Kolkata 700 013 Surajit Sen Dated : May 21, 2019 Company Secretary Annual Report & Accounts 2018-19 3 DIRECTORS’ REPORT TO THE MEMBERS Your Directors have pleasure in presenting the 29th Annual Report together with the Audited Accounts of the Company for the year ended 31st March 2019. FINANCIAL RESULTS A summary of the financial results for the year 2018-19 and the comparative figures of the previous year, are given below: Particulars 31.03.2019 31.03.2018 (Rs. in crores) (Rs. in crores) Sales & Other Income 53.46 48.44 Profit before Depreciation and Tax 11.58 11.04 Less: Depreciation for the year 3.81 4.13 Profit before Tax 7.77 6.91 Current Tax 1.60 1.49 Deferred Tax 0.72 0.28 Income Tax for earlier years — — Profit for the year 5.46 5.14 Other Comprehensive Income (0.22) (0.00) Total Comprehensive Income for the year 5.24 5.14 Statement of Retained Earnings a) At the beginning of the year 46.35 43.33 b) Profit for the year 5.46 5.14 c) Other Comprehensive Income for the year (0.26) (0.03) d) Dividend on Equity Shares inclusive of Dividend Distribution Tax 1.65 1.09 e) Transfer to General Reserve 1.00 1.00 Balance Carried Forward to Balance Sheet 48.89 46.35 FINANCIAL PERFORMANCE During FY 2018-19, Your Company witnessed a growth of more than 10% in Revenue (Rs 5346 lakhs) and more than 12% (Rs 777 lakhs) in PBT over the figures of the previous year. The Peerless Inn Kolkata recorded a growth of 9% in Room Revenue and 16% in F&B Revenue out of which the newly launched AAHELI Xpress contributed 7% in F& B Revenue. The Peerless Inn Hyderabad also improved their Revenue by more than 16.5% over the previous year. In Peerless Resort, Port Blair however the Total Revenue mobilized dropped by more than 7.7 % as compared to the previous year. PERFORMANCE OF FOOD OUTLETS Our food outlet AAHELI, the Authentic Signature Bengali Restaurant over the years has won innumerable awards nationally as well as internationally. This year AAHELI has won Times Food Award & Award for Excellence 2019. AAHELI has seen a growth of 22% against last year (FY 2018-19 – Rs. 3.06 Cr, FY 2017-18 – 2.50 Cr.). AAHELI has been continuously invited by the Leela Kempenski, Mumbai to showcase Bengali Food & Culture & its authenticity. The response has been overwhelming & with excellent reviews. AAHELI Xpress - our Quick Service Restaurant (QSR) launched its third outlet at Girish Park in the month of March 2019. That brings our tally to four outlets in Kolkata & Durgapur. Other outlets at Dacres Lane & Axis Mall were doing exceptionally well. Total revenue earned from all three outlets in FY 2018-19 was Rs. 97.61 lacs over last year of Rs.46.44 Lacs, a growth of 110%. We have finalized locations of our upcoming Xpress outlets at Sarat Bose Road, EZCC, Hindustan More & Prince Anwar Shah Road. Works are going on in full swing and they would be operational at the earliest. Overall F&B, has seen a revenue growth of 9% over last year (FY 2018-19–Rs.19.98 Cr, FY 2017-18 – Rs.18.35 Cr). FUTURE OUTLOOK & INDUSTRY DEVELOPMENTS The average annual growth in hotel rate in 2018 has been 3.7% which was the highest over the previous years. Tourism has become a significant industry in India as an employment generator and a significant source for foreign exchange in the country. The said industry has helped to increase the Occupancy Ratios and Average Rates. Secondly, new digital Annual Report & Accounts 2018-19 4 platforms became popular and allowed easy price discovery which drove down the average ARR for larger chains as even smaller hotels started attracting wider audience. Furthermore, in order to grow business many of these digital platforms started offering big discounts to travelers, which impacted pricing power of larger hotel chains. Commodity and infrastructure linked sectors are expected to support revenues this year and Steel, Cement, Natural Gas & Petrochemicals are expected to be driven by volume and / or realization growth while sectors such as Construction and Capital Goods are expected to grow on a pickup in execution of key infrastructure led government schemes. In sectors such as Airline services & Retail revenues will be supported by positive demand sentiment while in export-oriented segment such as IT Services & Pharma the boost would come from a weak rupee on a YoY basis. We in Peerless Group of Hotels have moved from Asset Owner to Asset Operator and have been operating all our Units on our own since April 2018. Our Vision is to move towards Asset Light Operators so that we can bring maximum yield while we operate the properties of other Owners under the Peerless Inn Brand. This year we have crossed Rs.50 Crore boundary on Total Revenue and achieved a double-digit growth over previous year. Our emphasis would remain on customer satisfaction, F&B innovations, cost controls, product upgradation & technological improvements besides employee focus. Revenue Management is being emphasized to formulate dynamic strategies to maximize revenue. Realtime Guests Feedbacks are being taken and recorded on Mobile. Feedbacks through software tools at the time of check out are delivered to the dedicated email for improvement and creating guest history and guest database for better services next time. Dedicated reservation team send hourly updates on the rates through App facilitating the Sales Team with real time occupancy and rates to maximize revenue. Your Company is actively engaged in identifying & grooming prospective leaders who can run from the forefront assets of other Owners. Managing other assets will bring forth incremental brand value and greater return to the stakeholders. In the area of food, we always aim at providing best of quality and bring innovations from time to time because good food is foundation of genuine happiness. We explore global cuisine, heritage recipes and replace processed food with fresh ingredients as far as practicable.
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