home | broking distribution |markets & news

company profile

Directors Report

Mansingh Hotels And Resorts Ltd.
NSE :
NA
BSE :
ISIN code :
INE30OC01012
Industry :
Hotel, Resort & Restaurants;
House :
Private
BSE
NSE  

Volume  

Days Low Days High
429 436
52 week Low 52 week High
387.6 610
BSE
BSE 0.00 0  0%

Volume   0

Days Low Days High
0 0
52 week Low 52 week High
0 0
March 2014

Disclosure in board of directors report explanatory

MANSINGH HOTELS AND RESORTS LTD.

(Formerly  “Indo Continental Hotels and  Resorts Ltd.”)

Registered Office : Sansar Chandra Road, Jaipur -302001 (Rajasthan)

E-mail: hhrupani.jpr@mansinghhotels.com; Tel no.: 0141-2378771

( CIN : L55101RJ1970PLC001294)

To All Shareholders

NOTICE      

Notice is hereby given that the 44th   (Forty Fourth ) Annual  General Meeting of the members of the Company will be held on Tuesday, the 30th  day of September,2014 at4.30 P.M at the Registered office of the Company at Hotel Mansingh, Sansar Chandra Road, Jaipur -302001 (Rajasthan) to transact the following business:

ORDINARY BUSINESS :

1.    To receive, consider & adopt the Financial Statement of the Company for the financial year ended 31st  March, 2014 including the audited Balance Sheet as at 31st March, 2014, Statement of Profit & Loss Account for the year ended on that date  and Reports of the Board of Directors and the Auditors thereon.

2.    To declare dividend for the Financial Year ended the 31st March, 2014.

3.    To appoint a director in place of Sh. Ashok Kumar (DIN: 00138677), who retires by rotation and being eligible offers himself for re-appointment.

4.    To appoint a director in place of Sh. Vijay Kumar Aggarwal (DIN: 01020844) , who retires by rotation and being eligible offers himself for re-appointment.

5.    To consider , and if thought fit , to pass with or without modification, the following as an Ordinary Resolution :

RESOLVED THAT pursuant to provisions of Section 139, 142 and other applicable provisions of the Companies Act, 2013 and Rules made there under, M/s  Virmani & Associates, Chartered Accountants, New Delhi,  be and are hereby appointed as Statutory Auditors of the Company, to hold the office from the conclusion of this meeting until the conclusion of the next Annual General Meeting and the Board of Directors be and are hereby authorised to fix their remuneration.”

6.    To consider , and if thought fit , to pass with or without modification, the following as an Ordinary Resolution :

 “RESOLVED THAT pursuantto provisions of Section 139, 142 and other applicable provisions of the Companies Act, 2013 and Rules made there under M/s  B. Khosla & Co., Chartered Accountants, Jaipur,  be and are hereby appointed as Branch Auditors of the Company to audit the accounts of Company’s branch at Jodhpur,  to hold the office from the conclusion of this meeting until the conclusion of the next Annual General Meeting and the Board of Directors be and are hereby authorised to fix their remuneration.”

SPECIAL BUSINESS :

7.    To consider , and if thought fit , to pass with or without modification, the following as a Special Resolution :

" RESOLVED that in accordance with the provisions of Sections 196, 197, 203 read with Schedule V and all other applicable provisions, if any, of the Companies Act, 2013 (including any statutory modification or re-enactment thereof )  consent of the Company be and is hereby accorded to the re-appointment of  Shri Ashok Kumar Aggarwal (DIN:00281322) as a Whole-time Director of the Company, liable to retire by rotation for a period of  three (3)  years with effect from 1-07-2014 on the terms & conditions including remuneration and perquisites as set out in the Explanatory Statement annexed to the Notice convening this meeting, with authority to the Board of Directors (which shall deem to include any Committee of the Board constituted to exercise its powers, including the powers conferred by this Resolution) to alter and vary the terms and conditions and / or remuneration, subject to the same not exceeding the limits specified under Schedule V to the Companies Act, 2013 or any statutory modification( s) or  re-enactment thereof.

"RESOLVED Further that in the event of inadequacy or absence of profit in any financial year, Sh. Ashok Kumar Aggarwal shall be paid the same remuneration but subject to  the limit, if any prescribed under the Companies Act, 2013  from time to time.”

“RESOLVED FURTHER that the Board of Directors be and is hereby authorised to take all such steps as may be necessary, proper or expedient to give effect to this Resolution."

8. To consider and, if thought fit, to pass with or without modification(s) the following as a Special Resolution:

RESOLVED THAT  pursuant to the provisions of Section 180(1)(c) and  all other applicable provisions, if any, of the Companies Act, 2013, and the Rules made there under,  (including any statutory modification or re-enactment thereof )  and the Articles of Association of the Company, consent of the Company be and is hereby accorded to the Board of Directors of the Company (hereinafter called “the Board” and which term shall deem to include any Committee of the Board constituted to exercise its powers , including the powers conferred by this Resolution) to borrow from time to time all such sums of money as they may deem requisite for  the purpose of the  business  of the Company notwithstanding that the moneys to be borrowed, together with money’s already borrowed by the Company (apart from temporary loans obtained from the Company’s bankers in the ordinary course of business) may exceed the aggregate of the paid-up share capital and free reserves of the Company, provided  that the total amount up to which moneys may be borrowed by the Board  shall not at any time exceed  Rs.  250 Crores (Rupees Two hundred fifty Crores only) and that the Board be and is hereby authorized to arrange or fix the terms and conditions of all such monies borrowed/ to be borrowed, from time to time, as to interest, repayment, security or otherwise howsoever as it may deem fit, as also to execute all such deeds, writings and documents as may be necessary or expedient for this purpose.

RESOLVED FURTHER THAT the Board be and is hereby  authorized to do all such other acts, deeds, matters and things as may be considered necessary or expedient in giving  effect to the above Resolution. 

9. To consider and, if thought fit, to pass with or without modification(s) the following resolution as a Special Resolution:

RESOLVED THAT  pursuant to the provisions of  Section 180(1)(a) and all other applicable provisions, if any, of the Companies Act, 2013 and the Rules made there under (including any statutory modification or re-enactment thereof)   consent of the Company be and is hereby accorded to the Board of Directors (hereinafter called “the Board” and which term shall deem to include any Committee of the Board constituted to exercise its powers , including the powers conferred by this Resolution)  to  mortgage, lease, hypothecate, charge and to create all other encumbrances, liens of whatsoever nature  on all or any of the Company’s assets and properties including immovable, movable, current assets or stock-in-trade and the whole or substantially the whole of all or any of the undertaking(s) of the Company,  both present and future, in such form and  manner and on such terms and conditions as the Board may think fit and proper, in favour of any Financial Institutions/Banks/Bodies Corporate/ other Agencies/Trustees for the holders of Debentures, Bonds or any other instruments / and any other person or persons on such terms and conditions as the Board may deem fit.

RESOLVED FURTHER THAT the Board of Directors be and is hereby authorised to finalize and execute all such deeds, writings,  documents and further to do all such other acts,  matters and things as  may be considered necessary or expedient in giving effect to the above Resolution.”  

10. To consider, and if thought fit , to pass with or without modification, the following as an Ordinary Resolution :

      "Resolved that pursuant to provisions of Section 149, 150, 152 read with Schedule IV and all other applicable provisions, if any of the Companies Act, 2013 and the Rules made there under (including any statutory modification or re-enactment thereof)  Sh.D. N. Davar  ( DIN:00002008)  Director of the Company be and is hereby appointed as an Independent Director of the Company, not liable to retire by rotation for a period of  five consecutive years from the date of this meeting.

“RESOLVED FURTHER that the Board of Directors be and is hereby authorised to take all such steps as may be necessary, proper or expedient to give effect to this Resolution."

11. To consider, and if thought fit , to pass with or without modification, the following as an Ordinary Resolution :

      "Resolved that pursuant to provisions of Section 149, 150, 152 read with Schedule IV and all other applicable provisions, if any of the Companies Act, 2013 and Rules made there under (including any statutory modification or re-enactment thereof) Col(Retd.) Satya Pal Wahi  (DIN 01025063)  Director of the Company be and is hereby appointed as an Independent Director of the Company, not liable to retire by rotation for a period of five consecutive years from the date of this meeting.

“RESOLVED FURTHER that the Board of Directors be and is hereby authorised to take all such steps as may be necessary, proper or expedient to give effect to this Resolution."

12. To consider, and if thought fit , to pass with or without modification, the following as an Ordinary Resolution :

      "Resolved that pursuant to provisions of Section 149, 150, 152 read with Schedule IV and all other applicable provisions, if any of the Companies Act, 2013 and Rules made there under (including any statutory modification or re-enactment thereof) Sh.Lalit Bhasin  ( DIN 00002114)  Director of the Company be and is hereby appointed as an Independent Director of the Company, not liable to retire by rotation for a period of five consecutive years from the date of this meeting.

“RESOLVED FURTHER that the Board of Directors be and is hereby authorised to take all such steps as may be necessary, proper or expedient to give effect to this Resolution."

13. To consider, and if thought fit , to pass with or without modification, the following as an Ordinary Resolution :

      "Resolved that pursuant to provisions of Section 149, 150, 152 read with Schedule IV and all other applicable provisions, if any of the Companies Act, 2013 and Rules made there under (including any statutory modification or re-enactment thereof ) Sh.Bharath B. Goyal  ( DIN 00059157  )  Director of the Company be and is hereby appointed as an Independent Director of the Company, not liable to retire by rotation for a period of five consecutive years from the date of this meeting.

“RESOLVED FURTHER that the Board of Directors be and is hereby authorised to take all such steps as may be necessary, proper or expedient to give effect to this Resolution."

14. To consider, and if thought fit , to pass with or without modification, the following as an Ordinary Resolution :

      "Resolved that pursuant to provisions of Section 149, 150, 152 read with Schedule IV and all other applicable provisions, if any of the Companies Act, 2013 and Rules made there under (including any statutory modification or re-enactment thereof) Sh.S. C. Sekhar ( DIN 00024780   )  Director of the Company be and is hereby appointed as an Independent Director of the Company, not liable to retire by rotation for a period of five consecutive years from the date of this meeting.

“RESOLVED FURTHER that the Board of Directors be and is hereby authorised to take all such steps as may be necessary, proper or expedient to give effect to this Resolution."

15. To consider, and if thought fit , to pass with or without modification, the following as an Ordinary Resolution :

      "Resolved that pursuant to provisions of Section 149, 150, 152 read with Schedule IV and all other applicable provisions, if any of the Companies Act, 2013 and Rules made there under (including any statutory modification or re-enactment thereof ) Sh.Pradeep Kumar Jain  ( DIN 00333486  )  Director of the Company be and is hereby appointed as an Independent Director of the Company, not liable to retire by rotation for a period of  five consecutive years from the date of this meeting.

“RESOLVED FURTHER that the Board of Directors be and is hereby authorised to take all such steps as may be necessary, proper or expedient to give effect to this Resolution."

16. To consider, and if thought fit , to pass with or without modification, the following as an Ordinary Resolution :

      "Resolved that pursuant to provisions of Section 149, 150, 152 read with Schedule IV and all other applicable provisions, if any of the Companies Act, 2013 and Rules made there under (including any statutory modification or re-enactment thereof ) Sh.Pramod Kumar Aggarwal  ( DIN 01161937  )  Director of the Company be and is hereby appointed as an Independent Director of the Company, not liable to retire by rotation for a period of five consecutive years from the date of this meeting.

“RESOLVED FURTHER that the Board of Directors be and is hereby authorised to take all such steps as may be necessary, proper or expedient to give effect to this Resolution."

17. To consider, and if thought fit , to pass with or without modification, the following as an Ordinary Resolution :

      "Resolved that pursuant to provisions of Section 149, 150, 152 read with Schedule IV and all other applicable provisions, if any of the Companies Act, 2013 and Rules made there under (including any statutory modification or re-enactment thereof)  Sh.V B L Mathur ( DIN 00247388  )  Director of the Company be and is hereby appointed as an Independent Director of the Company, not liable to retire by rotation for a period of five consecutive years from the date of this meeting.

“RESOLVED FURTHER that the Board of Directors be and is hereby authorised to take all such steps as may be necessary, proper or expedient to give effect to this Resolution."

Notes:

1.    A MEMBER ENTITLED TO VOTE AT THE MEETING, IS ALSO ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF/HERSELF AND THE PROXY NEED NOT BE A MEMBER OF THE COMPANY.  A proxy in order to be effective,  must be received at the Registered Office of the Company  not less than forty-eight hours before the scheduled time of the Annual General Meeting of the Company.  A blank proxy form is enclosed.

2.    As per Section 105 of the Companies Act, 2013 and the  rules made there under, a person can act as Proxy on behalf of members not exceeding fifty (50) and holding in the aggregate not more than ten percent (10%) of the total share capital of the Company carrying voting rights. Further, a member holding more than ten percent (10%) of the total share capital of the Company carrying voting rights may appoint a single person as Proxy and such person shall not act as proxy for any other  shareholder.

3.    The Register of Members and Share Transfer Book of the Company will remain closed from  26th September, 2014 to 30th September,, 2014 (both days inclusive).

4.    The dividend as recommended by the Board , if declared at the Annual General Meeting , will be paid to the members whose name appear in the Register of Members as at the close of business hours on  30th September, 2014.

5.    In respect of dematerialized shares, the dividend will be payable to the beneficial owners of the shares whose names appear in the Statement of Beneficial Ownership, as at the close of the business hours on  25th September, 2014 furnished by NSDL & CDSL.

6.    Explanatory Statements as required under Section 102, Schedule-IV and other applicable provisions of the Companies Act, 2013 and is annexed hereto.   

7.    Additional information pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges are furnished in the  Explanatory statement as above.

8.    All documents referred to in the accompanying Notice and Explanatory Statement shall be open for inspection at the Registered Office of the Company during normal business hours (9.30 a.m. to 5.30 p.m.) on all working days except Saturdays, upto and including the date of the Annual General Meeting of the Company.

By the order of the Board of

Mansingh Hotels & Resorts Ltd.

(K. N. GUPTA)

 Company Secretary

Date  : 13.08.2014

Place : Jaipur

EXPLANATORY STATEMENT, PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013

ITEM NO. 3

Shri  Ashok Kumar aged about  77 years is a commerce graduate and having PG Diploma in Business Management.  He  is one of the promoters and is the Chairman of the Company for over 30 years.  He  has more than 50 years of experience in promoting and managing industrial and commercial enterprises.

He holds 1130 shares in the Company as on 31.03.2014.  Sh. Ashok Kumar is related to Sh. Vijay Kumar Aggarwal, Sh. Ashwini Kumar  and Sh. Bharat Kumar, Directors of the Company. The Directorship and the Committee’s membership of Sh. Ashok Kumar in other public limited companies as on 31.03.2014 are as under:

Name of Company

Directorship held

Membership of the Committee of the Board held

1.  Parsvnath Developers Ltd.

Yes

Yes

2.  Adayar Gate Hotel Ltd.

Yes

Yes

3.  Jamna Auto Industries Ltd.

Yes

---

ITEM NO: 4

Sh. Vijay Kumar Aggarwal aged about  73 years is a very reputed businessman having experience of more than 45 years in promotion and managing the diversified industrial and commercial enterprises. His vast knowledge and  experience  in Business management is of great advantage/benefit to the Company.

He does not hold any shares in the Company as on 31.03.2014. Sh. Vijay Kumar Aggarwal is related to Sh. Ashok Kumar, Director of the Company. The Directorship and the Committee’s membership of Sh. Vijay Kumar Aggarwal in other public limited companies  as on 31.03.2014 are as under:

Name of Company

Directorship held

Membership of the Committee of the Board held

1.  Ashari Agencies Ltd.

Yes

Yes

2.  Mukand Sons Alloys Ltd.

Yes

--


ITEM NO. :  6

The appointment of Sh. Ashok Kumar Aggarwal, the Whole-time Director (hereinafter referred to as ‘Whole-time Director’ ) of the Company which was approved by members at the Annual General Meeting held on 29.09.2011, would come to an end on 30-06-2014. The Board at its meeting held on 27-05-2014  resolved to re-appoint Shri Ashok Kumar Aggarwal as a Whole-time Director for a period of three (3) years with effect from 1-07-2014. The remuneration payable to the Whole-time Director for a period of Three (3) years with effect from 1-07-2014 has also been approved by the Remuneration Committee of the Board at its meeting held on 27-05-2014.

Sh. Ashok Kumar Aggarwal, 58  years of age is   Graduate in Economics and LL.B. and has been serving the Company for over  22 years. Sh. Ashok Kumar Aggarwal holds 500 shares in  the Company as on 31-03-2014. Apart from being on the Board of the Company, Sh. Ashok  Kumar Aggarwal does not hold directorship in any other Public Limited Company.

The main terms and conditions of appointment and remuneration payable to the Whole-time Director is as under:

1.Period of appointment  : Three years (3) with effect from 1-07-2014.

2. Remuneration

In terms of Section 196, 197 and 203 read with Schedule V of  the Companies Act, 2013, the Whole-time Director shall be paid the following remuneration  for a period of three years  w.e.f. 1-07-2014.

i)       Salary :

The Company shall pay to the  Whole-time Director salary as fixed by the Board of Directors, from time to time,  in the scale of  Rs. 1,50,000-12,500-1,75,000 per month. (subject to limit prescribed under schedule V of the Companies Act, 2013)

ii)  House Rent Allowance :  50% of Salary

Iii)     Perquisites :

In addition to the above, he shall be entitled to the following perquisites with an option  to receive the perquisites in any lawful combination as mutually agreed between him and the Board:

a)    Reimbursement of Medical Expenses incurred for self and his family subject to a ceiling of one month's salary in a year or three months' salary over a period of three years.

b)    Leave Travel Assistance for self and his family once in a year.

c)    Personal Accident Insurance, Group Health Insurance, Group Saving Linked Insurance and Life Insurance coverage for self / family as may be fixed by the Board from time to time.

d)    Contribution to Provident Fund and Superannuation Fund or Annuity Fund will not be included in the computation of the ceiling on perquisites, to the extent these either singly or put together are not taxable under the Income Tax Act, 1961.

e)    Earned Leave on full pay and allowance as per the Rules of the Company, but not exceeding one month's leave for every eleven months of service. Encashment of accumulated Earned leave at the end of the tenure as per the rules of the Company  will not be included in the computation of the ceiling on  perquisites.

f)     Statutory Bonus, as per the Company’s Policy.

g)    Provision of car for use for the Company’s business and mobile phone and/or  telephone inter alia at residence will not be considered as perquisites. Personal long distance calls on telephone and use of car for private purpose shall be billed by the Company to the Whole-time Director.

Sh. Ashok Kumar Aggarwal being self is interested in the aforesaid Resolution. None of the other Directors, Key Managerial personnel of the Company and their relatives are in any way concerned or interested in the Resolution. This explanatory statement may also be regarded as a disclosure under Clause 49 of the Listing agreement with the Stock Exchange.

The information as required under  Schedule V to the Companies Act, 2013 is as under :-

I. GENERAL INFORMATION :

(1) Nature of Industry -  Hotel Industry

(2) Date of commencement of commercial operation - The Company started its Hotels operation   from 1978 onwards.

(3) In case of new companies, expected date of commencement of activities as per project approved by financial institutions appearing in the prospectus - N.A.

(4) Financial Performance for past 3 years :                                                                                                                  

                                                                                                                     Rs. in Lakh

Financial Parameters

2011-12

2012-13

2013-14

Sales and other Income

3919.78

4257.12

4832.05

Operating Profit before Interest, Depreciation, Taxes and extra ordinary item

669.02

669.05

515.20

Net Profit after Tax

156.72

179.32

57.90

Amount of Dividend Paid

45.00

45.00

45.00*

Rate of Dividend

30%

30%

30%*

         * Proposed dividend

 (5) Export performance  and Foreign exchange earned during the financial year 2013-14:  

        Rs.  1497.34  Lakh

(6) Foreign investments or collaborators, if any  – N. A.

                                                                                

II. INFORMATION ABOUT THE APPOINTEE :

(1) Background Details : Sh. Ashok Kumar Aggarwal, Indian National, aged 58 years, is a   Graduate in Economics. He also holds degree in Law (LL.B.) and Diploma in Personal Management and Industrial Relations. 

(2)  Remuneration paid to Sh. Ashok Kumar Aggarwal for past 3 years :

Year                                                                          Gross Remuneration

                                                                      (Rs. in Lakh)

2013-14                                                        26.29

2012-13                                                        23.78

2011-12                                                        20.77

                                                        

(3) Recognition or awards : Sh. Ashok  Kumar Aggarwal is having experience of more than 35 years in the field of finance, legal, personnel, administrative and corporate affairs.

(4) Job profile and his suitability : Subject to the superintendence, direction and control of the Board,  the whole-time Director is vested with responsibilities to oversee the finance, corporate affairs, legal and administrative matters.

(5) Remuneration proposed : The remuneration to Whole-time Director has the approval of the  Remuneration Committee of the Board.

(6) Comparative remuneration profile with respect to industry, size of the company, profile of the position and person (in case of expatriates the relevant details would be w.r.t. the country of his origin) : Taking into consideration the size of the Company, the profile of Sh. Ashok Kumar Aggarwal,  the responsibilities shouldered by him, the aforesaid remuneration package is commensurate with the remuneration package paid to managerial personnel in other companies.

(7) Pecuniary relationship directly or indirectly with the company, or relationship with managerial personnel, if any :  Sh. Ashok Kumar Aggarwal is not related to any Director or Key Managerial personnel of the Company.

III.  OTHER INFORMATION  : Not Applicable

ITEM NO. 8

With a view to meeting the capital expenditure and other funds requirements of the Company, the Members of the Company at the Annual General Meeting of the Company held on 29-09-2006, by an ordinary resolutions passed under Section 293(1)(d)  of the Companies Act, 1956,  authorized the Board of Directors of the Company  to borrow monies in excess of the Company’s  Paid up capital  and  free reserve subject to a ceiling of  Rs. 250 Crores (Rupees Two hundred fifty crores only).

Pursuant to Section 180(1)(c) of the Companies Act 2013, the Board of Directors shall exercise borrowing powers in excess of the Paid-up Capital and Free Reserves only with the consent of the Company by passing a Special Resolution at a Meeting of the Shareholders.

The Board commends the resolution set out in the Notice for your approval as a Special Resolution.

None of the Directors  and Key Managerial Personnel of the Company and their relatives is concerned or interested, financial or otherwise  in this Resolution.

ITEM NO. 9

The Members of the Company had passed Ordinary Resolution through Postal ballot on 21-09-2007 under Section 293(1)(a)  read with Section 192 (A) of the Companies Act, 1956 thereby authorized the Board of Directors of the Company  to create mortgage, hypothecate or charge on all or any of the Company’s assets whether movable or immovable.

Pursuant to Section 180(1)(a) of the Companies Act 2013, the Board of Directors shall exercise powers to create mortgage or charges  in respect of whole or substantially whole of all or any of the undertakings of the Company  only under a Special Resolution  of the Company’s Shareholders.

The Board commends the resolutions set out in the Notice for your approval as a Special Resolution.

None of the Directors  and Key Managerial Personnel of the Company and their relatives is concerned or interested, financial or otherwise  in this Resolution.

ITEM NO :  10 to 17

Sh. D. N. Davar, Col (Retd) S. P. Wahi, Sh. Bharath B. Goyal, Sh. Lalit Bhasin, Sh. S. C. Sekhar, Sh. P. K. Aggarwal, Sh. Pradeep Kumar Jain and Sh. VBL Mathur have been acting as Independent Directors on the Board of Directors of the Company. All the above Independent Directors appointed pursuant to Clause 49 of the Equity Listing Agreement  were liable to retire by rotation.

Section 149  of the Companies Act, 2013 requires appointment of Independent Directors, who can hold office for a term of upto 5 (five) consecutive years on the Board of a Company and shall be eligible for re-appointment for next five years on passing a Special Resolution by the Company.

In view of above, the aforesaid person need to be appointed as Independent Directors under the provisions of Section 149 of the Companies Act, 2013. The Nomination and Remuneration Committee of the Board at its meeting held on 13.08.2014 has after considering qualification, positive attributes and independence of Directors recommended to the Board for the appointment of the aforesaid Directors as the Independent Directors  of the Company. The Board of Directors at its meeting held on 13.08.2014 after obtaining declaration of independence from the aforesaid Directors and after satisfying itself about the independence of the aforesaid Directors in accordance with Section 149(6) of the Act and the Listing Agreement, commended the appointment of the aforesaid Directors as Independent Directors on the Board for  the term as specified in the respective Resolutions. 

A brief profile and nature of expertise of aforesaid  Independent Directors is given below:

None of the Directors of the Company, other than the aforesaid Independent Directors  are concerned or interested, financially or otherwise, in respect of their respective Resolutions for appointment as Independent Director.

10. Sh. D.N. Davar, the ex-Chairman of IFCI aged 80 years is highly experienced in the field of finance, management and corporate affairs. He holds 500 shares in the Company as on 31.03.2014.   His enormous experience in these areas   is a valuable asset to the Company.

The Directorships and the Committee’s memberships of Sh. D.N. Davar in other public limited companies  as on 31-03-2014 are as under:

Name of Company

Directorship held

Membership of the Committee of the Board held

Sandhar Technologies Ltd

Yes

---

Maral Overseas Ltd.

Yes

Yes

HEG Ltd

Yes

Yes

RSWM Ltd

Yes

Yes

OCL India Ltd.

Yes

Yes

Ansal Properties  & Infrastructure Ltd.

Yes

Yes

Hero Fincorp Ltd.

Yes

Yes

Adayar Gate Hotel Ltd.

Yes

---

Titagargh Wagons Ltd.

Yes

Yes

Titagarh Marine Ltd.

Yes

----

Landmark Property Development Co. Ltd.

Yes

---

Cimmco Ltd.

Yes

Yes


11. Col. (Retd) S.P. Wahi aged about 84 years is a science graduate and holds the Honorary Doctorate of Science & Engineering. He was awarded Padama Bhushan in the year 1988 in recognition of his contribution to the industrial development. He had previously been on the Board of Governors of IIT Delhi and IIM Calcutta. He is an Ex-Chairman of ONGC and Cement Corporation of India.  His enormous experience in the field of management and business leadership would be a valuable assets to the Company.

He does not holds any shares in the Company as on 31.03.2014. Col. (Retd) S.P. Wahi is not related to any Director of the Company. The Directorship and the Committee’s membership of Col.(Retd) S.P. Wahi in other public limited companies  as on 31.03.2014 are as under:

Name of Company

Directorship held

Membership of the Committee of the Board held

1.  Sandhar Technologies Ltd.

Yes

---

12.  Sh. Lalit Bhasin aged about 45 years is a leading stock broker and financial consultant. He is a Commerce graduate and has enormous experience in the field of financial management and business leadership.

He holds 500 shares in the Company as on 31.03.2014.  Sh. Lalit Bhasin is not related to any Director of the Company.  The Directorship and the Committee’s membership of Sh. Lalit Bhasin in other public limited Companies  as on 31.03.2014 are as under:

Name of Company

Directorship held

Membership of the Committee of the Board held

1. HB Leasing & Finance Co. Ltd.

Yes

Yes

2. HB Stockholdings Ltd.

Yes

----

3. HB Portfolio Ltd.

Yes

----

4. HB Estate Developers Ltd

Yes

----

5. RRB Securities Ltd.

Yes

Yes

6.Taurus Asset Management Co.  Ltd.

Yes

----

7.Har Sai Investments Ltd.

Yes

----

8. HB Securities Ltd.

Yes

----

9. RRB Master Securities Delhi Ltd.

Yes

----

10. CHL (South) Hotels Ltd.

Yes

----

11. Raja Ram Bhasin Share & Stock Brokers Ltd.

Yes

----

12. Bhasin Share & Stock Brokers Ltd.

Yes

----

13. AHL Hotels Ltd.

Yes

----

14. CHL Ltd.

Yes

Yes

     13. Sh.  Bharath B. Goyal aged about 66 years has  more than 35 years  experience in promotion and managing  hotels and other businesses. He is the Managing Director of Adayar Gate Hotel Ltd.    His vast knowledge and  experience  in Hotel Industry is of great advantage/benefit to the Company. He does not holds any shares in the Company as on 31.03.2014.

The Directorships and the Committee’s memberships of Sh. Bharath B. Goyal in other public limited Companies  as on 31-03-2014 are as under:

Name of Company

Directorship held

Membership of the Committee of the Board held

Adayar Gate Hotel Ltd.

Yes

--

Mumtaz Hotel Ltd

Yes

---

14.  Sh. S.C. Sekhar, aged about 61 years  has been  associated with the ITC Group  for a long period  and is presently working as the Senior Executive Vice President, Hotels Division of ITC Ltd.  Being a  Chartered Accountant by qualification,  he  handles a wide range of responsibilities and has vast experience in the field of accounts, finance, audit, legal and information technology. His continued association would be of immense benefit  to the Company.

He holds NIL shares in the Company as on 31.03.2014.  Sh. S.C. Sekhar is not related to any Director of the Company.  The Directorship and the Committee’s membership of Sh. S.C Sekhar in other public limited Companies are as under:

Name of Company

Directorship held

Membership of the Committee of the Board held

1.  International Travel House Ltd.

Yes

Yes

2.  Srinivasa Resorts Ltd.

Yes

Yes

3.  Fortune Park Hotels Ltd.

Yes

---

4.  Gujrat Hotels Ltd.

Yes

Yes

5.  Maharaja Heritage Resorts Ltd.

Yes

---

6.  Landbase India Ltd.

Yes

---

7.  Adayar Gate Hotels Ltd.

Yes

Yes

8.  Bay Islands Hotels Ltd.

Yes

---

      15. Sh. Pradeep Kumar Jain aged about 48 years,  Chairman of Parsvnath Developers Ltd. is a leading real estate Company in India. He has rich experience in the field of managing  real estate and infrastructure projects.  His continuous guidance on the administration and management  is of great advantage to the Company.

He holds 500 shares in the Company as on 31.03.2014.  Sh. Pradeep Kumar Jain is not related to any Director of the Company.  The Directorship and the Committee’s membership of Sh. Pradeep Kumar Jain in other public limited Companies  as on 31.03.2014 are as under:

Name of Company

Directorship held

Membership of the Committee of the Board held

Parsvnath Developers Ltd.

Yes

---

Parsvnath Film City Ltd.

Yes

---

PDL Assets Ltd.

Yes

---

      16. Sh. Pramod Kumar Aggarwal aged about 69 years is an Industrialist having experience of more than 40 Yrs in promoting and managing industrial enterprises. His continuous guidance to the Company’s management is of great advantage.

He holds 500 shares in the Company as on 31.03.2014.  Sh. P.K. Aggarwal is not related to any Director of the Company.  The Directorship and the Committee’s membership of Sh.  P.K. Aggarwal in other public limited Companies  as on 31.03.2014 are as under:

Name of Company

Directorship held

Membership of the Committee of the Board held

1. BDA  Coal & Coke Resources  Ltd

Yes

---

17. Sh. VBL Mathur aged 80 years was the Ex-Chief Secretary and Advisor to Govt. of Rajasthan. He has vast knowledge and experience in the field of administration, management and economic affairs. His continuous guidance in relation to the Company’s affairs is of great advantage.

He holds 500 shares in the Company as on 31.03.2014.  Sh. VBL Mathur is not related to any Director of the Company.  The Directorship and the Committee’s membership of Sh. VBL Mathur in other public limited Companies  as on 31.03.2014 are as under:

Name of Company

Directorship held

Membership of the Committee of the Board held

1. Reliance Chemotex Industries Ltd.

Yes

Yes

2. Anil Special Steel Industries Ltd.

Yes

Yes

             

BY ORDER OF THE BOARD

Place : Jaipur                                                                         ( K. N. GUPTA)

Date   :  13.08.2014                                                           Company Secretary

MANSINGH HOTELS & RESORTS LTD.DIRECTORS’ REPORT

To the Members,

Your Directors have pleasure to present their 44th  (Forty Fourth ) Report together with the Audited Statements of Accounts for the financial year ended  March 31, 2014.

FINANCIAL RESULTS

The financial results of the Company are as under :

                                                                                                                                            Rs. in Lacs

PARTICULARS

2013-14

2012-13

Sales and other Income

4832.05

4257.12

Operating Profit before Interest, Depreciation, Taxes and Extra-ordinary items

515.20

669.07

Less : Finance Cost

187.43

245.73

Less : Depreciation

275.65

260.88

Profit before Tax

52.12

162.46

Less : Provision for Current Tax

(10.05)

(36.70)

          Provision – Deferred Tax Assts/ (Liability)

16.15

53.56

          Prior Period  Tax Adjustments

(0.32)

0.01

Profit after Tax

57.90

179.33

Profit brought forward from previous year

1296.58

1187.48

Distributable Profit

1354.48

1366.81

Amount Transferred to General Reserve

6.00

17.93

Dividend

45.00

45.00

Corporate Dividend Tax

7.65

 7.30

Surplus carried to Balance Sheet

1295.83

1296.58

OPERATIONS:

The total sales and other income of the Company for  2013-14 stood at 4832.05 Lacs as compared to Rs.  4257.12 Lacs in 2012-13 and the operating profit before interest, depreciation and tax in 2013-14 was Rs. 515.20 Lacs as compared to Rs.  669.07 Lacs in 2012-13

Hotels :

The total revenue from the Hotel operations during 2013-14 was Rs. 2848.26 Lacs as compared to  Rs.  2849.94 Lacs in 2012-13 and  Operational Profit before Interest, Depreciation  and Tax  in 2013-14 was 585.38 Lacs as compared to  Rs. 626.72 Lacs in the previous year

During the year under review occupancy and ARR (Average Room Rent) did not witness any improvement  mainly due to  increase in supply  of  hotel rooms in select region,  comparative drop in foreign travelers per room etc. The operating margins were also hit on account of increase  in electricity, fuel, food prices and overall inflationary pressure.

MULTIPLEX CUM SHOPPING MALL (MMX)_ and BAKERY UNIT:

The total revenue of the Multiplex cum Shopping Mall (MMX)  for 2013-14 was Rs. 990.35 Lacs as compared to  Rs. 1076.78 Lacs  in previous year and the Profit /(Loss) before Interest, depreciation and tax for 2013-14 had been (53.61) Lacs as compared to Rs. 42.35 Lacs as compared  in 2012-13.

A bakery unit has become operational at MMX, Ghaziabad during 2012-13.  The product has been well accepted in the market, especially by institutional buyers and whole sellers. The total revenue of the Bakery which was Rs. 330.40 Lacs during 2012-13 increased to Rs. 993.44 Lacs in  2013-14. However, this business is yet to stabilize and it suffered a loss of Rs. 24.70 Lacs during the financial year under review primarily on account of business promotion expenses. Based on the cost-benefit analysis, it is observed that at present sales to institutional buyers and big retail chains would be more beneficial to the Company.  

DIVIDEND:

Your Directors recommend payment   of a Dividend of Rs. 3.00 per Equity Share of Rs. 10 each i.e. 30 % , exclusive of Corporate Dividend Tax. 

BUSINESS PROSPECTS FOR THE CURRENT YEAR

The hospitality sector continued to be adversely impacted by the globally weak economic conditions which affected the number of domestic and foreign  travellers. The hotel revenue could not improve, primarily on account of increase in rooms supply resulting in  increased competition and consequent lower room rates.  Factors like increase in employees’ cost, fuel and food prices are also major concerns for achieving the desired levels of  profit margins by this industry.

The outlook for the current year looks positive with signs of economic improvement and stable political conditions at home.

EXPANSION, MODERNISATION AND NEW PROJECTS 

The Hotel in Jodhpur (Rajasthan), being managed  by ITC Ltd  as Welcomhotel, had been completed in the FY 2013-14.  The trial operations were started during April 2014 and the Hotel will start commercial operations shortly. The hotel has been widely appreciated by all relevant segments including travel trade, corporates, institutions and especially by the event managers for banquets and other functions. Your Directors  are of  the view that Jodhpur Hotel will substantially contribute to the overall revenue and growth of the Company.

The  up-dation  /renovation work for the Company’s hotels at Jaipur, Agra and Ajmer has been a continuous process. The  Company has also been upgrading its software/ hardware  in line with the Industry standards  to facilitate smooth flow of operations.  

FINANCE :

The borrowings from Banks and Financial Institutions have been availed of by the Company on a need  basis and the overall position in this respect has been  satisfactory.

BOARD OF DIRECTORS :

Pursuant to the provisions of  Section 149 and other applicable provisions of the Companies Act, 2013 Sh. D.N. Davar, Col (Retd). S. P. Wahi, Sh. Lalit Bhasin, Sh. Bharat B. Goyal, Sh. S.C. Sekhar, Sh. V.B.L. Mathur, Sh. P.K. Aggarwal and Sh. Pradeep Kumar Jain  who are already on the Company’s Board of Directors as Independent Directors are proposed to be re-appointed in the same position at the forthcoming Annual General Meeting and shall not be liable to retire by rotation. The particulars of these Directors are given in the Annexure to the Notice convening the Annual General Meeting

Sh. Ashok Kumar and Sh. Vijay Kumar Aggarwal Directors of the Company, retires by rotation at the forthcoming Annual General Meeting and are eligible for re-appointment.

DIRECTORS’ RESPONSIBILITY STATEMENT :

In terms of General Circular No. 08/2014, dated 4th April, 2014 of the Ministry of Corporate Affairs, Government of India, the Board Report has been prepared in accordance with Section 217 of the Companies Act, 1956 (“the Act”).

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 217 (2AA) of the Companies Act, 1956:

1.         That in the preparation of the annual accounts for the year ended March 31, 2014, the applicable accounting standards have been followed and there are no material departures;

2.         That the appropriate accounting policies have been selected and applied consistently and judgments and estimates that are reasonable and prudent have been made so as to give a true and fair view of the state of the affairs as at March 31, 2014 and of  Profit of the Company for the financial year ended March 31, 2014;

3.         That proper and sufficient care has been taken for the maintenance  of adequate accounting records in accordance with the provisions of  the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;  

4.         That the annual accounts of the Company have been prepared on a going concern basis.

LISTING :

The Equity Shares of your Company are listed on the Jaipur and Delhi Stock Exchanges and the annual listing fee upto FY 2014-15 had been paid to concerned Stock Exchanges.  The Company has also paid annual custodial fee  to both the depositories, viz. National Securities Depository Ltd. (NSDL) and Central Depository Services (India) Ltd. (CDSL) upto the Financial Year 2014-15.

CORPORATE GOVERNANCE :

As required by Clause 49 of the Listing Agreements, a Report on Corporate Governance together with the Certificate in respect of  the compliance with the conditions of Corporate Governance issued by a Practicing Company Secretary is appended and forms an integral part of this report.

MANAGEMENT DISCUSSION AND ANALYSIS :

As required by Clause 49 of the Listing Agreements with the Stock Exchanges, Management Discussion and Analysis Report is attached herewith and forms a part of this Report.

FIXED DEPOSIT :

During the year under review, the Company has not accepted any deposits from the public under Section 58 A of the Companies Act, 1956 read with Companies (Acceptance of Deposit) Rules, 1975.

PARTICULARS OF EMPLOYEES :

During the year under review, there was no employee drawing remuneration in excess of the limit prescribed under section 217 (2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION :

The required particulars in terms of Rule 2 of the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 are not applicable as the Company belongs to Service Industry, and no significant Research & Development activity has been carried out.

However, in order to conserve the environment and energy, your Company has, to the extent possible, replaced the conventional electric bulbs & tubes lights with the  CFL and LED lights.  In order to save electricity and  fuel,  the Solar Water Heaters for supply of hot water in the  rooms has been installed at Ajmer Hotel and it is proposed to install such system at Jaipur and Agra in the near future. The Company has installed sewage treatment plant at Ajmer. The Company has installed rain water harvesting system at all its units.   

FOREIGN EXCHANGE EARNINGS AND OUTGO :

The Foreign Exchange Earnings for the year were Rs.­­­­­­­­  1497.34 Lacs (Previous year1701.81 Lacs)  out of which outgo of foreign exchange on account of import of Capital goods and project travelling  had been  1439.79 Lacs (Previous year Rs.  30.87 Lacs ).

AUDITORS & ACCOUNTS:

The Auditors’ observations on the accounts for the year under review are self-explanatory and therefore do not call for any further comments.

M/s Virmani & Associates,  Chartered Accountants,  Statutory Auditors of the Company will retire at the ensuing Annual General Meeting.   The Company has received Certificate from  the Statutory Auditors  to the effect that their re-appointment, if made, would be within the limits prescribed under the Companies Act, 2013. The Board commends their re-appointment as Statutory Auditors.

M/s B. Khosla & Co., Chartered Accountants,  Branch Auditors  of the Company  will retire at the ensuing Annual General Meeting.  The Company has received Certificate from  the Branch Auditors  to the effect that their re-appointment, if made, would be within the limits prescribed under the Companies Act, 2013. The Board commends their re-appointment as Branch Auditors to audit the accounts of Company’s branch at Jodhpur.

EMPLOYEES  RELATIONS :

The employees’ relations at all levels continued to be cordial throughout the year. Your Directors wish to place on record their sincere appreciation of the excellent spirit with which the entire team of the Company worked at all sites and other offices and achieved commendable progress.

ACKNOWLEDGEMENTS

The Directors wish to convey their appreciation to all of the  employees of the Company for their collective contribution. The Directors also wish to thank various Government agencies, Bankers/ Financial Institutions namely State Bank of India, Tourism Finance Corporation of India Ltd.; Small Industrial Development Bank of India  and its consultants and all other business associates. 

 

FOR & ON BEHALF  OF THE BOARD OF

Mansingh Hotels & Resorts Ltd.

Dated : 27.05.2014                                                                                                    (ASHOK  KUMAR)

Place : New Delhi                                                                                                          Chairman

                                                                                            Director Identification no. (DIN) : 0138677


MANAGEMENT DISCUSSION & ANALYSIS

INDUSTRY STRUCTURE, DEVELOPMENT & OUTLOOK,

For the last few years the Indian tourism sector has been one of the largest service industry in the country in terms of its contribution to Gross Domestic Product (GDP) and Foreign Exchange earnings, as well as for providing employment. During the year under review, the overall performance of  hospitality industry in India  have been stagnant owing to the impact of increased supply in the market and the general recessionary environment.

The tourism sector in India faces several issues that needs to be addressed for the sector to realize its true potential. Government of India increased spend on advertising campaigns including for the campaigns 'Incredible India' and 'Athithi Devo Bhava' – (Visitors are like God) to reinforce the rich variety of tourism in India. Visa on arrival from key markets in Europe, America and other countries, safety and security of tourists specially women, infrastructure development and regulatory and policy changes need attention from all stakeholders.

Domestic demand for hotels in India has a significant role for the financial health of the Hospitality Industry. In the recent past, there has been a positive trend in the market share of domestic leisure travelers. Going forward, domestic tourism should grow and  become   real driving force for this Industry in future.

  

OPPORTUNITIES, THREATS,  RISKS & CONCERNS    

The hotel industry is  very sensitive and is open to threats and business risks.  Growth in hotel supply in recent times has outstripped demand in a number of  Indian cities. Escalating land prices, increasing energy costs and food prices,  depleting water levels,  a scarcity of trained manpower  and safety and security issue are challenges that will need to be addressed and overcome.

The long term outlook for the Indian hospitality industry continues to be buoyant with growth outperforming the general economy. Inbound tourism continues to have modest growth of International tourists arrival and International tourists receipts. The long term prospects of the Industry, however depend to a large extent, on the economic stability and growth of European & Asian countries, control of inflationary trend, infrastructure development and confidence in the political and security system of the country.

INTERNAL CONTROL SYSTEM

The Company maintains adequate internal control systems, which provide reasonable assurance of recording the transaction of its operations and protection against significant misuse or loss of Company’s assets. The Company has an effective independent internal audit pertaining to all operational areas and control mechanism. The Audit Committee of the Board reviews the findings of the Internal Auditors and monitors the  implementation of their recommendations, by reviewing the compliance reports.

HUMAN RESOURCES & INDUSTRIAL RELATIONS

Industrial relations remained stable throughout the year. The Company’s people management systems and process are designed to enhance employee engagement, organizational capability and superior guest services. The Company provides opportunities for continuous learning and development and abides by fair policies to ensure the well being of its employees, their families, the community and the environment.

PERFORMANCE ANALYSIS & OUTLOOK

With the measures taken by the Government to boost  economic growth,  tackle  security concerns, development of infrastructure projects, occupancies and revenues for the  hotel industry are expected to improve. However, much depends on the effectiveness of these measures.

Multiplex cum Shopping Mall operations are, as they stand, could also be expected to improve   during the current year.  The Company’s bakery operations, are growing at good pace and the business is likely to add substantial revenue and profits to the Company’s financials.


MANSINGH  HOTELS & RESORTS LTD.

REPORT ON CORPORATE GOVERNANCE

The detailed report on Corporate Governance for the financial year  April 1, 2013 to   March 31, 2014 as per the format prescribed by SEBI under clause 49 of the Listing Agreement is given below:

1.      COMPANY’S  PHILOSOPHY ON CODE OF CORPORATE GOVERNANCE :

The Company believes that transparency, empowerment, accountability and integrity are the fundamental principles of sound Corporate Governance.  The Company’s  Corporate Governance Policy stems from its belief that the business strategy and plans should be consistent with overall growth. The Company has financially literate, in fact expert, Independent Directors on its Board who are  involved in the deliberations of the Board on all important policy matters.

            Implementation Modules :

(i)           Code of Conduct for Board of Directors and Senior Management Personnel.

(ii)         Committees of Board viz.  Audit Committee, Remuneration Committee

 and Shareholders Grievance Committee.

(iii)       Compliance  of the Conditions of Corporate Governance & their full disclosure.

2.      BOARD OF DIRECTORS OF THE COMPANY :

The Company’s Policy is to maintain optimum combination of executive and non-executive Directors. The Board of  Directors comprise  13 Directors as on March 31st , 2014 out of which 8 are independent and non-executive Directors, portraying  full  compliant position with  Clause 49 of the Listing Agreement.   The Directors possess experience and specialization in diverse fields, such as hotel business, project management,  real estate, legal, banking, finance, administration, etc.

The attendance of Directors at Board Meetings and the Annual General Meeting of the Company held during financial year 2013-14 and details of the  Directorship of the Company’s Directors  in other companies, Committee position held by them and their categories as on March 31, 2014 are given below :

Name  of the Directors

Category/

Position

Last Annual General Meeting attended

Relationship among the directors

No. of Board Meeting attended out of 4 meetings held during the year.

No. of other Directorships(excluding foreign Companies & Pvt. Ltd. Companies)

Committee Positions (including  MHR Ltd.) held

Chairman

Member

Sh. Ashok Kumar

Non-Executive

/Promoter

Yes

Father of Sh. Ashwini Kumar & Sh. Bharat Kumar; Brother of Sh. V.K. Aggarwal

4

3

1

2

Sh. Vijay Kumar Aggarwal

Non-Executive/ Non-Independent

No

Brother of Sh. Ashok Kumar

1

2

-

1

Sh. D. N. Davar

Non-Executive/Independent

Yes

None

4

12

5

5

Col. (Retd.) S.P.Wahi

Non-Executive/Independent

No

None

4

1

1

0

Sh. V.B.L. Mathur

Non-Executive/Independent

No

None

1

2

2

1

Sh. Pradeep Kumar Jain    

Non-Executive/Independent

No

None

2

3

-

-

Sh.Bharath. B. Goyal

Non-Executive/Independent

No

None

4

2

-

1

Sh. Lalit

Bhasin

Non-Executive/Independent

No

None

4

14

1

5

Sh. Pramod Kumar Aggarwal

Non-Executive/ Independent

No

None

1

1

-

2

Sh.  S. C. Sekhar

Non-Executive/ Independent

Yes

None

2

8

2

5

Sh. Ashwini Kumar

Executive/Promoter

Yes

Son of Sh. Ashok Kumar & Brother of Sh. Bharat Kumar

3

 0

0

0

Sh. Bharat Kumar           

Executive/Promoter

Yes

Son of Sh. Ashok Kumar & Brother of Sh. Ashwini  Kumar

3

0

0

0

Sh. A.K. Aggarwal

Executive/ Non-Independent

Yes

None

4

0

0

2


Notes:

1.      Other Directorship of only Indian Public Limited Companies have been considered pursuant to Clause 49 of the Listing Agreement.

2.      Committee positions of only 2 committees namely Audit Committee and  Investors’/Shareholders Grievance Committee   have been considered pursuant to Clause 49 of the Listing Agreement.

3.      Number of shares held by non-executive Directors as on March 31, 2014  are tabulated below:

Sr. No.

Name of Non-Executive Directors

No. of Shares held

1

Sh. Ashok Kumar

1130

2

Sh. V.K. Aggarwal

-

3

Sh. D.N.Davar          

500

4

Col. (Retd.) S.P.Wahi

-

5

Sh. V.B.L. Mathur

500

6

Sh.Bharath.B. Goyal

-

7

Sh. Pradeep Kumar Jain     

500

8

Sh. Lalit Bhasin

500

9

Sh. Pramod Kumar Aggarwal

500

10

Sh. S C Sekhar

-

 Meetings of the  Board of Directors :

The Board of Directors had met four times during the financial year 2013-14 on the dates as follow:

(i) 30.05.2013  (ii) 12.08.2013  (iii) 11.11.2013  (iv) 14.02.2014 

The Agenda for the Board meetings containing relevant information/supporting data, as required, are distributed well in advance to all the Board members  to enable the Board to take informed decisions.

3. BOARD COMMITTEES

A:   Audit Committee:

The Audit Committee of the Board  is duly empowered to perform and review the functions as are detailed under Section 292A of the Companies Act, 1956 and also  Clause 49 of the Listing agreement.  As on 31st March, 2014, the Audit Committee comprises following Directors :  

S. No.

Name of the Director

Designation

Committee Meeting attended during the year (nos.) out of 4 meeting held during the financial year 2013-14.

1

Sh. Lalit Bhasin 

Chairman

4

2

Sh. Bharath B. Goyal

Member

4

3.

Sh. Pramod Kumar Aggarwal

Member

1

4.

Sh. A.K. Aggarwal

Member

4

5.

Sh.S.C. Sekhar

Member

2


Sh. D.N. Davar is a Permanent Special Invitee to the Audit Committee meetings.  All the members except Sh. A. K. Aggarwal are Non-Executive Independent Directors of the Company. All the members of the Audit Committee possess sound knowledge of accounts, audit, financial management etc.  During the financial year 2013-14, the Audit Committee met four times on the following dates:

(i) 30.05.2013  (ii) 12.08.2013  (iii) 11.11.2013  (iv) 14.02.2014 

The  Company has  appointed  firms of Chartered Accountants as its Internal Auditors to   carry out the  internal audits for each operating unit.  The Committee    has nominated   Sh. Prateek Somani, a Chartered Accountant and Assistant   Manager (Accounts)  of the Company as the  Internal Audit Co-ordinator (IAC).   The Company’s Auditors and the Chief Financial Officer  are invited to attend the meetings of the Committee. The  Company Secretary   acts  as Secretary of the Committee.  

B. Remuneration Committee:

Pursuant to provisions of Schedule XIII of the Companies Act, 1956 ,  a Remuneration Committee was constituted by the Company to perform the (non-mandatory) functions as prescribed under Clause 49 of the Listing agreement with the Stock Exchanges. All the members of the Remuneration Committee are Non Executive and Independent Directors.  As on 31st March, 2014, the Remuneration Committee comprises following Directors :  

S. No.

Name of the Director

Designation

1

Sh. D.N.Davar          

Chairman

2

Col. (Retd.) S.P.Wahi

Member

3

Sh. Bharath B. Goyal

Member

One meeting of the Remuneration Committee was held on 30.05.2013.  The  Company Secretary   acts  as Secretary of the Committee.

C.  Shareholders Grievances Committee:

The Shareholders’ Grievances Committee comprises  Col. (Retd.) S.P.Wahi as Chairman and Sh. Pramod Kumar Aggarwal and Sh. A. K. Aggarwal as members. The Committee has been constituted to perform the functions as specified under Clause 49 of the Listing agreement with the Stock Exchanges. During the financial year 2013-14, one meeting of the Shareholders Grievance Committee was held on 30-05-2013. The Company Secretary acts as a Secretary of the Committee.

No complaint was received from any member during the financial year.

Sh. K N Gupta, Company Secretary of the Company had been designated as the Compliance officer, pursuant to the provisions of the Clause 49 of the Listing agreement with the Stock Exchanges

4.    Details of remuneration paid to the Executive & Non-Executive Directors:

A:   Executive Directors (Managing / Whole –time Directors)

The remuneration of Managing Directors and Whole-Time Directors are decided on the recommendation of the Remuneration Committee and approved by the Board of Directors and shareholders and where required, statutory approvals are also obtained.

Details of remuneration paid/payable for the financial year ended the 31st March, 2014 to the  Managing / Whole–time Directors are as under:

     

                                                                                                                   (Figure in Rupee)

Name

Designation

Salary

Commission

Benefits

Gross Remuneration

Sh. Ashwini Kumar

Vice Chairman & Managing Director

3,608,400

---

577,456

4,185,856

Sh. Bharat Kumar

Managing Director & CEO

3,608,400

---

690,102

4,298,508

Sh.  Ashok Kumar Aggarwal

Whole-time Director

2,370,900

---

258,331

2,629,231

Notes :

1.      All appointments are contractual on the terms & conditions as per their respective Agreements/Board and Shareholders Resolutions/ Rules of the Company.

2.      Sh. Ashwini Kumar, Vice-Chairman & Managing Director holds office for a period of five years from the date of re-appointment i.e. w.e.f. 01.07.2012.

3.      Sh. Bharat Kumar, Managing Director & CEO holds  office for a period of three years from the date of re-appointment i.e. w.e.f . 01.10.2013.

4.      Sh. Ashok Kumar Aggarwal, Whole-time Director  holds office for a period of three years from the date of re-appointment i.e. 01.07.2011.

B:   Non- Executive Directors

During the FY 2013-14, the Company has not paid any remuneration to the Non-Executive Directors except the following sitting fees, for attending the meetings of Board of Directors and Committees thereof .

(Figures in Rupee)

Sr. No.

Name of the Directors

Designation

Total Sitting Fees paid

1

Sh. Ashok Kumar

Chairman (Non-Executive & non-Independent )

60,000

2

Sh. Vijay Kumar Aggarwal

Non-Executive & Non-  Independent Director

15,000

3

Sh. D.N. Davar         

Non-Executive &  Independent

 Director

195,000

4

Col. (Retd.) S.P.Wahi

Non-Executive &  Independent

 Director

60,000

5

Sh. V.B.L. Mathur

Non-Executive & Independent

 Director

15,000

6

Sh.Bharath.B. Goyal

Non-Executive & Independent

 Director

135,000

7

Sh. Pradeep Kumar Jain           

Non-Executive &  Independent

 Director

30,000

8

Sh. Lalit Bhasin

Non-Executive &  Independent

 Director

120,000

9

Sh. Pramod Kumar Aggarwal

Non-Executive &   Independent

 Director

30,000

10

Sh. S. C. Sekhar

Non-Executive &   Independent

 Director

Nil

5. GENERAL BODY MEETINGS

Location and time of  last three Annual General Meetings are as follows :

Year

Date

Time

2013

30/09/2013

4.30P.M.

2012

29/09/2012

4.30 P.M

2011

29/09/2011

4.30 P.M

A : Details of Special Resolution(s) passed  in last three Annual General Meetings :

Sr. No.

Year

Under Section

of Companies Act, 1956

Purpose

1

2013

198, 269 read with Schedule XIII

Re-appointment of Sh. Bharat Kumar as Managing Director of the Company for a period of 3(Three) years wef 01-10-2013.

2

2012

198, 269 read with Schedule XIII

Re-appointment of Sh. Ashwini Kumar the Managing Director of the Company for a period of 5(Five) years wef 01-07-2012.

3

2011

21

Approval for Change of Name of the Company from Indo Continental Hotels &  Resorts Ltd.  to “Mansingh Hotels & Resorts Ltd.”

4

2011

198, 269 read with Schedule XIII

Re-appointment of Sh. Ashok Kumar Aggarwal as the Whole-time Director of the Company for a period of 3(three) years wef 01-07-2011.

5

2011

198, 269 read with Schedule XIII

Fixation of Remuneration payable to Sh. Bharat Kumar, Managing Director of the Company for a period of 2(two) years wef 01.10.2011.

6

2011

314

Revision in Remuneration payable to Sh. Mudit Aggarwal, President –Business Development of the Company wef 01.06.2011.

7

2011

391, 394

 To confirm and ratify that the Scheme of Amalgamation between the Company and RM Resorts Pvt. Ltd be rescinded and withdrawn. 

B :  Details of Resolution(s)  passed through Postal Ballot in last three years :  NIL

6. DISCLOSURE :

            i.            Disclosure on materially significant related party transactions i.e. transactions of the Company of material nature, with its Promoters, Directors or the management, their subsidiaries or relatives etc. that may have the potential conflict with the interest of the Company at large : NIL

          ii.        Details of non-compliance by the Company, penalties, stricture imposed by the Stock Exchanges or SEBI or any statutory authority on any matter related to capital market during the last three years :  NIL

       iii.        Subsidiary Companies:

  The Company do not have any subsidiary Company as on 31.03.2014.

        iv.        CEO / CFO Certification

In terms of the requirement of Clause 49(V) of the Listing Agreement, Sh. Bharat Kumar, Managing Director  and Chief Executive Officer  and  Sh. H. H. Rupani, Chief Financial Officer of the Company have  submitted a certificate to the Board of Directors in the prescribed format for the year under review.

7.  RISK MANAGEMENT

Risk management is an integral part of the Company's business process. Risks are carefully identified/ classified  and a risk management framework  evolved accordingly.  Risk Management Policy and mitigation procedures  have been approved  by the Board of Directors  and  followed consistently. 

8.  CODE OF CONDUCT

The Company has adopted “Code of Conduct”  for the Directors and Senior Management of the Company. The  object of the Code is to conduct the Company’s business ethically and with responsibility, integrity, fairness, transparency and honesty. In compliance with Clause 49 of the Listing Agreement, annual affirmation of this Code of Conduct by all Board members and senior management personnel has been ensured and the certificate to this effect signed by the Managing Director & Chief Executive Officer (CEO)  is appended to this report.

A certificate from a practicing Company Secretary regarding compliance by the Company with the Corporate Governance is attached hereto as an annexure to the report.

9.  MEANS OF COMMUNICATION :

The quarterly and annual results were published in leading newspapers which included Financial Express, Jansatta  and Rashtradoot , Jaipur .

10 . GENERAL SHAREHOLDERS INFORMATION :

A.    44th    Annual General Meeting :  30th September 2014 at 4.30 P.M.  at Hotel Mansingh, Sansar Chandra Road, Jaipur-302001 (Rajasthan).

B.      Financial Year : 1st April to 31st March.

C.      Book Closure :    26.09.2014 to 30.09.2014  (Both days inclusive)

D.    Dividend Payment Date

The dividend for the year 2013-14, as recommended by the Board of Directors  and if declared at the forthcoming Annual General Meeting, will be paid on or before  29.10.2014.

E. Listing on Stock Exchange  and Stock Codes The Company’s equity shares are listed with Jaipur Stock Exchange Ltd and Delhi Stock Exchange Association Ltd. (Code 9052). The Company has paid annual listing fee due to the above Stock Exchanges upto the Financial Year  2014-15.  The Company has also paid annual custodial fee due to both the depositories, viz. National Securities Depository Ltd. (NSDL) and Central Depository Services (India) Ltd. (CDSL) upto the Financial Year 2014-15.

F. Market Price Data and Performance in Comparison to Index

The high & low of the share price of the Company during each month in the last financial year at Jaipur Stock Exchange and Delhi Stock Exchange is not available as the shares are not being traded on these Stock Exchanges.

G. Registrar and Transfer Agent :

M/s Beetal Financial & Computer Services (P)  Ltd.

Beetal House , 3rd floor, 99, Madangir

(Behind Local Shopping Centre)

New Delhi-110062

e-mail  : beetalrta@gmail.com

H. Share Transfer System

The Registrar and Transfer Agent (“the Registrar”) on receipt of transfer deed with respective share certificate(s) scrutinizes the same and verifies signature(s) of transferor(s) on the transfer deed with specimen signature(s) registered with the Company. A list of such transfers is prepared and checked thoroughly and a transfer register is prepared. The transfer register is placed before the Transfer Committee meeting for approval, which meets at regular intervals.

I. Distribution of Shareholding

      The Distribution of shareholding as on March 31, 2014, was as follows:


No. of Shares held

         Shareholders

           Shares

Number

% of Total

Number

% of Total

Upto 500

587

92.73

71,494

4.77

501-1000

12

1.90

9,300

0.62

1001-2000

9

1.42

13,400

0.89

2001-3000

5

0.79

12,750

0.85

3001-4000

3

0.47

12,000

0.80

4001-5000

1

0.16

4,250

0.28

5001-10000

7

1.11

52,884

3.53

10001 and above

9

1.42

13,23,922

88.26

Total

633

100

15,00,000

100

Held by

No. of shares

% holding

Promoters

-Individual

284514

18.97

-Private Corporate Bodies

714526

47.63

Indian Public

-Individual

170257

11.35

-Private Corporate Bodies

330703

22.05

Total

15,00,000

100.00

J. Dematerialization of Shares and Liquidity

The shares of the Company are available for trading in depository systems of both NSDL & CDSL. As on March 31, 2014, 7.40% of the share capital of the Company had been dematerialized.

ISN Code for the Company’s shares is :  INE 300C01012 (NSDL & CDSL)

K. Outstanding GDRs/ADRs/Warrants or any Convertible Instruments, Conversion Date and  likely impact on Equity :

The Company has not issued any GDRs/ADRs/Warrants or any Convertible Instruments on equity shares of the Company, during the  financial year ended  31st March, 2014.

L. Unclaimed Dividends 

Pursuant to Section 205C of the Companies Act, 1956, unclaimed/unpaid dividends relating to FY 2005-06 amounting to Rs. 73,821/  had been transferred to Investor Education and Protection Fund of the Central Government during the financial year i.e. 2013-14. 

M. Project Location

The Company has been engaged in the business of  hotels, multiplex cinema and shopping mall and  is operated from the following sites:

a)         Hotel Mansingh , Jaipur (Rajasthan)

b)        Mansingh Towers, Jaipur (Rajasthan)

c)         Mansingh Palace, Agra (Uttar Pradesh)

d)        Mansingh Palace, Ajmer (Rajasthan)

e)         Welcomhotel, Village Uchiyarda,  Jodhpur (Rajasthan)

f)          MMX (Multiplexes cum Mall), Ghaziabad (Uttar Pradesh)

N. Address for Correspondence :

Registered Office

        i.            Hotel Mansingh,

Sansar Chandra Road ,

Jaipur (Raj)  -302001

Tel : 0141-2378771

Email : hhrupani.jpr@mansinghhotels.com

           

            Corporate Office

     ii.            KCT Blocks, 2nd Floor, Rishyamook

85-A, Panchkuian Road,

New Delhi-110001

            Tel : 011-43450000, Fax : 011-43450055

            Email : accounts.delhi@mansinghhotels.com        

 iii        Exclusive e-mail Id for Investors grievances            :  

            investors@mansinghhotels.com                               

 


CORPORATE GOVERNANCE COMPLIANCE CERTIFICATE

To,

The Members of Mansingh Hotels & Resorts Limited

We have examined the compliance conditions of Corporate Governance by  Mansingh Hotels &  Resorts Ltd.  (Formerly Known as “Indo Continental Hotels & Resorts Limited”)  for the year ended on 31st March 2014, as stipulated in Clause 49 of the Listing Agreement of the said Company with the Stock Exchanges.

The compliance of conditions of Corporate Governance is the responsibility of the Management. Our examination was limited to the procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of Corporate Governance.  It is neither an audit nor an expression of opinion on the financial statements of the Company.

In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreement. 

We state that no investor grievance is pending for a period of exceeding one month with the Company.

We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the Management has conducted the affairs of the Company.

For Rajiv Khosla & Associates

Company Secretaries

Place: Sahibabad

Date : 27.05.2014

Rajiv Khosla

Proprietor

C.P. No. 3927


DECLARATION BY THE MANAGING DIRECTOR & CEO UNDER CLAUSE 49 (1D) OF THE LISTING AGREEMENT

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, I hereby declare that all Board Members and Senior Executives of the Company have affirmed their compliance with the Code of Conduct  for Directors and Senior Management during the year 2013-14.

Place   : New Delhi                                                                            BHARAT KUMAR

Date    : 27.05.2014                                                                      Managing Director & CEO

                                                                                              Mansingh Hotels & Resorts Ltd.


Description of state of companies affair

FINANCIAL RESULTS The financial results of the Company are as under : Rs. in Lacs PARTICULARS2013-142012-13 Sales and other Income 4832.054257.12 Operating Profit before Interest, Depreciation, Taxes and Extra-ordinary items515.20669.07 Less : Finance Cost187.43245.73 Less : Depreciation275.65260.88 Profit before Tax52.12162.46 Less : Provision for Current Tax(10.05)(36.70) Provision – Deferred Tax Assts/ (Liability)16.1553.56 Prior Period Tax Adjustments(0.32)0.01 Profit after Tax57.90179.33 Profit brought forward from previous year1296.581187.48 Distributable Profit1354.481366.81 Amount Transferred to General Reserve6.0017.93 Dividend45.0045.00 Corporate Dividend Tax7.65 7.30 Surplus carried to Balance Sheet1295.831296.58 OPERATIONS: The total sales and other income of the Company for 2013-14 stood at 4832.05 Lacs as compared to Rs. 4257.12 Lacs in 2012-13 and the operating profit before interest, depreciation and tax in 2013-14 was Rs. 515.20 Lacs as compared to Rs. 669.07 Lacs in 2012-13 Hotels : The total revenue from the Hotel operations during 2013-14 was Rs. 2848.26 Lacs as compared to Rs. 2849.94 Lacs in 2012-13 and Operational Profit before Interest, Depreciation and Tax in 2013-14 was 585.38 Lacs as compared to Rs. 626.72 Lacs in the previous year During the year under review occupancy and ARR (Average Room Rent) did not witness any improvement mainly due to increase in supply of hotel rooms in select region, comparative drop in foreign travelers per room etc. The operating margins were also hit on account of increase in electricity, fuel, food prices and overall inflationary pressure. MULTIPLEX CUM SHOPPING MALL (MMX)_ and BAKERY UNIT: The total revenue of the Multiplex cum Shopping Mall (MMX) for 2013-14 was Rs. 990.35 Lacs as compared to Rs. 1076.78 Lacs in previous year and the Profit /(Loss) before Interest, depreciation and tax for 2013-14 had been (53.61) Lacs as compared to Rs. 42.35 Lacs as compared in 2012-13. A bakery unit has become operational at MMX, Ghaziabad during 2012-13. The product has been well accepted in the market, especially by institutional buyers and whole sellers. The total revenue of the Bakery which was Rs. 330.40 Lacs during 2012-13 increased to Rs. 993.44 Lacs in 2013-14. However, this business is yet to stabilize and it suffered a loss of Rs. 24.70 Lacs during the financial year under review primarily on account of business promotion expenses. Based on the cost-benefit analysis, it is observed that at present sales to institutional buyers and big retail chains would be more beneficial to the Company.

Disclosure relating to amounts transferred to reserves

PARTICULARS2013-142012-13 Sales and other Income 4832.054257.12 Operating Profit before Interest, Depreciation, Taxes and Extra-ordinary items515.20669.07 Less : Finance Cost187.43245.73 Less : Depreciation275.65260.88 Profit before Tax52.12162.46 Less : Provision for Current Tax(10.05)(36.70) Provision – Deferred Tax Assts/ (Liability)16.1553.56 Prior Period Tax Adjustments(0.32)0.01 Profit after Tax57.90179.33 Profit brought forward from previous year1296.581187.48 Distributable Profit1354.481366.81 Amount Transferred to General Reserve6.0017.93 Dividend45.0045.00 Corporate Dividend Tax7.65 7.30 Surplus carried to Balance Sheet1295.831296.58

Disclosures relating to dividends

DIVIDEND: Your Directors recommend payment of a Dividend of Rs. 3.00 per Equity Share of Rs. 10 each i.e. 30 % , exclusive of Corporate Dividend Tax.

Details regarding energy conservation

The required particulars in terms of Rule 2 of the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 are not applicable as the Company belongs to Service Industry, and no significant Research & Development activity has been carried out. However, in order to conserve the environment and energy, your Company has, to the extent possible, replaced the conventional electric bulbs & tubes lights with the CFL and LED lights. In order to save electricity and fuel, the Solar Water Heaters for supply of hot water in the rooms has been installed at Ajmer Hotel and it is proposed to install such system at Jaipur and Agra in the near future. The Company has installed sewage treatment plant at Ajmer. The Company has installed rain water harvesting system at all its units.

Details regarding technology absorption

The required particulars in terms of Rule 2 of the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 are not applicable as the Company belongs to Service Industry, and no significant Research & Development activity has been carried out. However, in order to conserve the environment and energy, your Company has, to the extent possible, replaced the conventional electric bulbs & tubes lights with the CFL and LED lights. In order to save electricity and fuel, the Solar Water Heaters for supply of hot water in the rooms has been installed at Ajmer Hotel and it is proposed to install such system at Jaipur and Agra in the near future. The Company has installed sewage treatment plant at Ajmer. The Company has installed rain water harvesting system at all its units.

Details regarding foreign exchange earnings and outgo

FOREIGN EXCHANGE EARNINGS AND OUTGO : The Foreign Exchange Earnings for the year were Rs.­­­­­­­­ 1497.34 Lacs (Previous year1701.81 Lacs) out of which outgo of foreign exchange on account of import of Capital goods and project travelling had been 1439.79 Lacs (Previous year Rs. 30.87 Lacs ).

Particulars of employees as per provisions of section 217

PARTICULARS OF EMPLOYEES : During the year under review, there was no employee drawing remuneration in excess of the limit prescribed under section 217 (2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975.

Disclosures in director’s responsibility statement

DIRECTORS’ RESPONSIBILITY STATEMENT : In terms of General Circular No. 08/2014, dated 4th April, 2014 of the Ministry of Corporate Affairs, Government of India, the Board Report has been prepared in accordance with Section 217 of the Companies Act, 1956 (“the Act”). To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 217 (2AA) of the Companies Act, 1956: 1. That in the preparation of the annual accounts for the year ended March 31, 2014, the applicable accounting standards have been followed and there are no material departures; 2. That the appropriate accounting policies have been selected and applied consistently and judgments and estimates that are reasonable and prudent have been made so as to give a true and fair view of the state of the affairs as at March 31, 2014 and of Profit of the Company for the financial year ended March 31, 2014; 3. That proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; 4. That the annual accounts of the Company have been prepared on a going concern basis.

Director's comments on qualification(s), reservation(s) or adverse remark(s) of auditors as per board's report

AUDITORS & ACCOUNTS: The Auditors’ observations on the accounts for the year under review are self-explanatory and therefore do not call for any further comments. M/s Virmani & Associates, Chartered Accountants, Statutory Auditors of the Company will retire at the ensuing Annual General Meeting. The Company has received Certificate from the Statutory Auditors to the effect that their re-appointment, if made, would be within the limits prescribed under the Companies Act, 2013. The Board commends their re-appointment as Statutory Auditors. M/s B. Khosla & Co., Chartered Accountants, Branch Auditors of the Company will retire at the ensuing Annual General Meeting. The Company has received Certificate from the Branch Auditors to the effect that their re-appointment, if made, would be within the limits prescribed under the Companies Act, 2013. The Board commends their re-appointment as Branch Auditors to audit the accounts of Company’s branch at Jodhpur.

Other details mentioned board report

BUSINESS PROSPECTS FOR THE CURRENT YEAR The hospitality sector continued to be adversely impacted by the globally weak economic conditions which affected the number of domestic and foreign travellers. The hotel revenue could not improve, primarily on account of increase in rooms supply resulting in increased competition and consequent lower room rates. Factors like increase in employees’ cost, fuel and food prices are also major concerns for achieving the desired levels of profit margins by this industry. The outlook for the current year looks positive with signs of economic improvement and stable political conditions at home. EXPANSION, MODERNISATION AND NEW PROJECTS The Hotel in Jodhpur (Rajasthan), being managed by ITC Ltd as Welcomhotel, had been completed in the FY 2013-14. The trial operations were started during April 2014 and the Hotel will start commercial operations shortly. The hotel has been widely appreciated by all relevant segments including travel trade, corporates, institutions and especially by the event managers for banquets and other functions. Your Directors are of the view that Jodhpur Hotel will substantially contribute to the overall revenue and growth of the Company. The up-dation /renovation work for the Company’s hotels at Jaipur, Agra and Ajmer has been a continuous process. The Company has also been upgrading its software/ hardware in line with the Industry standards to facilitate smooth flow of operations.

Registered Office: 203,Embassy Centre,Nariman Point,Mumbai - 400021.
Tel: +91 22 4002 4785/4002 4786 Fax: +91 22 2287 4787
SEBI REG NO: NSE: INB/INF 230720030 BSE: INE010675433 MCX-SX INE260720030 NSE INE230720030
BSE SEBI Registration : INB/F010675433
In case of grievances for Securities Broking /DP write to us on grievances@lkpsec.com
For linking your Demat/trading account with Aadhaar, submit the self-attested copy
of your Aadhaar Card along with a written request signed by all the holders.

For Call & Trade / Support Desk Call: 1-800-3070-3399 Copyright © 2010 LKP Group Ltd.
Disclaimer | Sitemap | Arbitration Mechanism on the Stock Exchange
Designed , Developed & Content Powered by Accord Fintech Pvt. Ltd.