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Annual Report 2014-15

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Annual Report 2014-15 [email protected] Annual Report 2014-2015 CONTENTS Company Information 2 Financial Highlights 3 Notice 4 - 11 Directors’ Report 12 - 42 Management Discussion and Analysis 43 - 61 Report on Corporate Governance 62 - 77 Standalone Financials Break-up of Total Expenses 78 Auditors’ Report 79 - 83 Balance Sheet 84 Statement of Profit and Loss 85 Cash Flow Statement 86 - 87 Notes to Financial Statements 88 - 131 Financial Statistics 132 - 133 Consolidated Financials Auditors’ Report 134 - 141 Financial Statements 142 - 195 Statement under Section 129(3) of the Companies Act, 2013 in Form AOC-1 relating to subsidiaries, associates and joint ventures 196-197 Consolidated Financial Statistics 198 1 01 Notice.indd 1 03/07/15 6:40 PM The Indian Hotels Company Limited COMPANY INFORMATION Board of Directors Management Cyrus P. Mistry Chairman Rakesh Sarna Managing Director & CEO K. B. Dadiseth Anil P. Goel Executive Director & CFO Deepak Parekh Mehernosh S. Kapadia Executive Director – Corporate Affairs Shapoor Mistry Chinmai Sharma Chief Revenue Officer Nadir Godrej Dr. P. V. Ramana Murthy Senior Vice President – Human Resources Ireena Vittal Rohit Khosla Senior Vice President – Operations (Delhi) Jagdish Capoor (retired w.e.f. July 1, 2014) Farhat Jamal Senior Vice President – Operations (Mumbai) Guy Crawford Prabhat Verma Senior Vice President – Operations (Bangalore) (resigned w.e.f. September 8, 2014) Suma Venkatesh Vice President – Development Gautam Banerjee Beejal Desai Vice President – Legal & Company Secretary (appointed w.e.f. September 10, 2014) Vibha Paul Rishi (appointed w.e.f. September 10, 2014) Raymond N. Bickson Managing Director (resigned w.e.f. August 31, 2014) Abhijit Mukerji Executive Director – Hotel Operations (resigned w.e.f. April 13, 2015) Rakesh Sarna Managing Director & CEO (appointed w.e.f. September 1, 2014) Anil P. Goel Executive Director & CFO Mehernosh S. Kapadia Executive Director – Corporate Affairs Registered Office & Share Department Solicitors Mandlik House, Mandlik Road, Mumbai 400 001 Mulla & Mulla & Craigie Blunt & Caroe Tel: 6639 5515 Fax: 2202 7442 Auditors CIN: L74999MH1902PLC000183 Deloitte Haskins & Sells LLP Email: [email protected] PKF Sridhar & Santhanam LLP Website: www.tajhotels.com Bankers The Hongkong & Shanghai Banking Corporation Ltd. Standard Chartered Bank HDFC Bank Ltd. ICICI Bank Ltd. State Bank of India 2 01 Notice.indd 2 03/07/15 6:40 PM Annual Report 2014-2015 FINANCIAL HIGHLIGHTS 2014-15 2013-14 ` crores ` crores Gross Revenue 2,103.60 1,977.33 Profit Before Tax and Exceptional Items 230.58 216.20 Profit /(Loss) Before Tax 1.88 (520.90) Profit/(Loss) After Tax (82.02) (590.49) Retained Earnings* 249.32 218.77 Total Assets 7,198.38 6,766.37 Net Worth^ 3,615.06 2,693.84 Borrowings 2,209.08 2,690.60 Debt : Equity Ratio^ 0.61:1 1:1 Net Worth Per Equity Share of ` 1/- each - In ` ^ 44.77 33.36 Earnings Per Equity Share (Basic & Diluted) - In ` ** (1.02) (7.31) * Excludes ` 213.49 crores (previous year ` 687 crores) being provision for diminution in value of long term investments. ^ Compulsorily Convertible Debentures (CCDs), convertible into Equity shares on March 1, 2016 have been considered as part of Equity for computation of Net Worth and Debt Equity Ratio. ** As the impact of the CCDs is anti-dilutive as on March 31, 2015, resulting in a decrease in loss per share from continuing ordinary activities, the effect thereof has been ignored whilst calculating diluted earnings per share. 3 01 Notice.indd 3 03/07/15 6:40 PM The Indian Hotels Company Limited NOTICE NOTICE is hereby given that the HUNDRED AND FOURTEENTH (114th) ANNUAL GENERAL MEETING of THE INDIAN HOTELS COMPANY LIMITED will be held on Monday, August 10, 2015, at 3.00 p.m. at the Birla Matushri Sabhagar, 19, Sir Vithaldas Thackersey Marg, Mumbai 400 020, to transact the following business: 1. To receive, consider and adopt: a. the Audited Financial Statements of the Company for the financial year ended March 31, 2015, together with the Reports of the Board of Directors and the Auditors thereon; and b. the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2015 together with the Report of the Auditors thereon. 2. To appoint a Director in place of Mr. Shapoor Mistry (DIN: 00010114) who retires by rotation and is eligible for re-appointment. 3. Ratification of appointment of Statutory Auditors of the Company and to fix their remuneration. To consider and, if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to the provisions of Section 139 and all other applicable provisions, if any, of the Companies Act, 2013 and the Rules framed thereunder, as amended from time to time, the Company hereby ratifies the appointment of Deloitte Haskins & Sells LLP, Chartered Accountants (Firm Registration No.117366W/W-100018) and PKF Sridhar and Santhanam LLP, Chartered Accountants (Firm Registration No. 003990S/S200018), as the Joint Statutory Auditors of the Company to hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting of the Company to be held in the year 2016 to examine and audit the accounts of the Company for the financial year 2015-16, at such remuneration plus service tax, out-of-pocket, travelling and living expenses, etc., as may be mutually agreed between the Board of Directors of the Company and the Joint Statutory Auditors.” 4. Appointment of Ms. Vibha Paul Rishi as an Independent Director of the Company. To consider and, if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution:- “RESOLVED THAT Ms. Vibha Paul Rishi (DIN: 05180796), who was appointed as an Additional Director of the Company by the Board of Directors with effect from September 10, 2014, and who holds office upto the date of this Annual General Meeting of the Company under Section 161(1) of the Companies Act, 2013 (Act) but who is eligible for appointment and in respect of whom the Company has received a notice in writing under Section 160(1) of the Act from a Member proposing her candidature for the office of Director, be and is hereby appointed as a Director of the Company; RESOLVED FURTHER THAT pursuant to the provisions of Sections 149, 152 and all other applicable provisions, if any, of the Act, read with Schedule IV of the Act and the Companies (Appointment and Qualification of Directors) Rules, 2014, as amended from time to time and Clause 49 of the Listing Agreement, Ms. Vibha Paul Rishi who has submitted a declaration that she meets the criteria for independence as provided in Section 149(6) of the Act and who is eligible for appointment, be and is hereby appointed as an Independent Director of the Company, not liable to retire by rotation, to hold office for a term of five consecutive years with effect from September 10, 2014 up to September 9, 2019.” 5. Appointment of Mr. Gautam Banerjee as an Independent Director of the Company. To consider and if thought fit, to pass with or without modification(s), the following resolution as an Ordinary Resolution: “RESOLVED THAT Mr. Gautam Banerjee (DIN: 03031655), who was appointed as an Additional Director of the Company by the Board of Directors with effect from September 10, 2014, and who holds office upto the date of this Annual General Meeting of the Company under Section 161(1) of the Companies Act, 2013 (Act) but who is eligible for appointment and in respect of whom the Company has received a notice in writing under Section 160(1) of the Act from a Member proposing his candidature for the office of Director, be and is hereby appointed as a Director of the Company; RESOLVED FURTHER THAT pursuant to the provisions of Sections 149, 152 and all other applicable provisions, if any, of the Act, read with Schedule IV of the Act and the Companies (Appointment and Qualification of Directors) Rules, 2014, as amended from time to time and Clause 49 of the Listing Agreement, Mr. Gautam Banerjee who has submitted a declaration that he meets the criteria for independence as provided in Section 149(6) of the Act and who is eligible for appointment, be and is hereby appointed as an Independent Director of the Company, not liable to retire by rotation, to hold office for a term of five consecutive years with effect from September 10, 2014 up to September 9, 2019.” 4 01 Notice.indd 4 03/07/15 6:40 PM Annual Report 2014-2015 6. Creation of charge. To consider and, if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution: “RESOLVED THAT in supersession of the Resolution No. 2 passed vide Postal Ballot on June 18, 2010 and pursuant to the provisions of Section 180 (1) (a) and other applicable provisions, if any, of the Companies Act, 2013, and the Rules framed thereunder, as amended from time to time, the consent of the Company be and is hereby accorded, to the creation by the Board of Directors of the Company (hereinafter referred to as the “Board” which term shall be deemed to include any Committee of the Board constituted to exercise its powers, including the powers conferred by this Resolution) of such charges, mortgages and hypothecations, in addition to the existing charges, mortgages and hypothecations created by the Company, as the Board may direct, on such of the assets of the Company, both present and future, in such manner as the Board may direct, together with power to take over the management/ undertaking
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