Your Directors have pleasure in presenting their 23rd Annual Report on the business andoperations of the Company and the accounts for the Financial Year ended March 31 2016.
The Board's Report is prepared based on the standalone financial statements of theCompany. The Company's financial performance for the year under review alongwith previousyear's figures are given hereunder:
(Rs. in Lacs)
|PARTICULARS ||Consolidated ||Standalone |
| ||2015-16 ||2014-15 ||2015-16 ||2014-15 |
|Income from Operations ||11543.78 ||10665.99 ||11543.78 ||10665.99 |
|Expenses ||(8658.36) ||(8131.49) ||(8657.07) ||(8130.13) |
|Depreciation ||(605.18) ||(519.16) ||(605.18) ||(519.16) |
|Profit from Operations before Finance Cost & Tax ||2280.24 ||2015.34 ||2281.53 ||2016.69 |
|Other Income ||61.40 ||99.44 ||61.40 ||99.44 |
|Profit before Interest & Tax ||2341.64 ||2114.78 ||2342.93 ||2097.37 |
|Interest / Finance Charges - Operation ||(679.07) ||(758.67) ||(679.07) ||(758.67) |
|Operating Profit before Tax ||1662.57 ||1356.11 ||1663.86 ||1338.70 |
|Interest / Finance Charges - New Hotel Projects ||(1160.00) ||(3336.49) ||(1160.00) ||(3336.49) |
|Profit (Loss) before Tax ||502.57 ||(1980.38) ||503.86 ||(1997.79) |
|Deferred Tax Asset ( Liability) || || || || |
|Profit (Loss) after Tax ||502.57 ||(1980.38) ||503.87 ||(1979.03) |
|Share of Minority interest in Profit/Loss || || || || |
|Net Profit/(Loss) for the Year available for majority || || || || |
|shareholders ||502.57 ||(1980.38) ||503.87 ||(1979.03) |
The year under operation has been one of the most successful years since the opening ofthe Hotel the Company's has registered a growth of 8.22% in its income from operations ascompared to the previous year and its operating profit has grown by 11% as compared tothe previous year. The Company has been able to generate a net profit of Rs. 5.03 Crore inthe Financial Year 2015-2016. However the company continued to face the variouslitigations from its secured lenders and debenture holders and in view of the pendingadjudications and determination of liabilities by the Court the Company has provided foran interest at simple contracted rate on term loan from financial institution and did notprovided for an interest on debentures. Your directors are pleased to inform you that ParkHyatt Goa Resort & Spa continues to be the trophy property of Goa and was the winnerof "Runner Up award" under the category of "Favorite leisure hotel inIndia" and "Favorite destination spa in India" for its Sereno Spa by theConde Nast Traveller India Readers' Travel Awards 2015.
Your directors also inform that during the year the Honorable High Court of Bombaywas pleased to quash and set aside the alleged auction sale of the hotel property of theCompany and directed secured Lender "IFCI Limited" to refund the saleconsideration to auction purchaser "ITC Limited". The members may kindly notethat subsequently ITC Ltd and IFCI Ltd have filed a "Special Leave Petition"before the Honorable Supreme Court against the judgement of the Hon'ble Bombay High Court.The Hon'ble Supreme Court of India did not granted the stay against the order of theHon'ble Bombay High Court however it ordered that "Status Quo" in favour of theCompany as on 22.04.2016 be maintained and further ordered that the amounts paid by ITCLimited in the auction purchase shall remain with the IFCI Limited until further orders.
CHANGE IN THE NATURE OF BUSINESS IF ANY
There was no change in the nature of business of the Company during the financial yearended 31st March 2016.
During the year under review there was no change in the shareholding of either thePromoters or Public. The shares issued by Company continued to be listed at followingStock Exchanges as on 31st March 2016.
1. National Stock Exchange of India Limited. (NSE)
2. Bombay Stock Exchange Limited (BSE)
In view of inadequate profit made by the Company during the year it was not feasibleto the Board of Directors to recommend any dividend for the Financial Year 2015-16.
TRANSFER OF ACCOUNTS TO INVESTOR EDUCATION & PROTECTION FUND
Your company did not have any fund lying unpaid or unclaimed for a period of 7 years.Therefore there were no funds which were required to be transfer to IEPF.
During the period under review your Company has not accepted renewed or invited anypublic deposit and no amount of principal or interest was outstanding on the deposits ason the Balance Sheet Date.
During the year under review Mr. Madan Gopal Khanna was appointed as an AdditionalDirector under the Category of Independent Director and Ms. Seema Joshi was designated asan Independent Director on the Board of the Company on 5th August 2016. The aboveappointments/change in designation was made upon the recommendation of the Nomination andRemuneration Committee of the Company.
Due notice under section 160 of the Companies Act 2013 have been received from Membersof the Company proposing the appointment of Mr. Madan Gopal Khanna as Independent Directorof the Company at this Annual General Meeting.
Appropriate Resolution(s) seeking your approval to the appointment/ re-appointment ofDirectors are also included in the Notice. Pursuant to the provisions of Section 152 ofCompanies Act 2013 Mr. Kushal Suri the Non-Executive Director of the Company is liableto retire by rotation at the ensuing Annual General Meeting and being eligible offerhimself for reappointment.
In accordance with the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 and schedule IV of the Companies Act 2013 and the Board has constantlymonitored and reviewed the Board evaluation framework. As per the provisions the Boardhas made formal evaluation of its own performance and that of its committees andindividual directors and that the same was done excluding the Director being evaluated.
DECLARATION BY INDEPENDENT DIRECTOR (S) AND RE-APPOINTMENT IF ANY
All the Independent Directors have submitted their disclosures to the Board that theyfulfill all the requirements as stipulated in Section 149(6) of the Companies Act 2013 soas to qualify themselves to be appointed as Independent Directors under the provisions ofthe Companies Act 2013 and the relevant rules.
MEETINGS OF BOARD OF DIRECTORS
During the year under review the Board of Directors met 4 (Four) times to transact thebusiness of the Company the details of which are given in Corporate Governance Report.
Further a separate Meeting of the Independent Directors of the Company was also heldon 12th February 2016 whereat the prescribed items enumerated under Schedule IV to theCompanies Act 2013 and the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 were discussed.
POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION
The policy to have an appropriate mix of Executive and Independent Directors tomaintain the independence of the Board and separate its function of management andgovernance is followed this year as well. As on March 31 2016 the Board consists of 7Directors comprising a Chairman and Managing Director Two Non-executive Directors(including one-woman director) and four Independent Directors. The Board periodicallyevaluates the need for change in its composition and size.
The Policy on Directors appointment and remuneration including criterion determiningthe qualifications positive attributes independence of a Director and other mattersprovided under Sub Section (3) of Section 178 of the Companies Act 2013 adopted by theBoard is available on the website of the Company at www.bluecoast.in.
INDEPENDENT DIRECTORS TRAINING/ MEETING
During the year under review a separate meeting of the Independent Directors of theCompany was held on 12th February 2016 without the presence of other Directors andmembers of Management. The Independent Directors reviewed the performance ofNon-Independent Directors and the Board as a whole performance of Chairperson of theCompany and assessed the quality quantity and time lines of flow of information betweenthe Company management and the Board. The Company Secretary acted as a secretary to theMeeting.
To familiarize the new inductees with the strategy operations and functions of theCompany the Executive Directors/senior managerial personnel make presentations to theinductees about the Company's strategies operations. Further at the time of joining theIndependent Directors are issued a formal letter of appointment outlining his/her rolefunctions duties and responsibilities as a director. The format of Letter of appointmentis available on the website of the Company at www.bluecoast.in.
DIRECTORS' RESPONSIBILITY STATEMENT
To the best of our knowledge and belief and according to the information andexplanations obtained by us your Directors make the following statements in terms ofSection 134 (3) (c) of the Companies Act 2013 ("Act"): a) in the preparationof annual accounts the applicable accounting standards have been followed along withproper explanation relating to material departures wherever applicable; b) The Directorshave selected such accounting policies and applied them consistently and made judgmentsand estimates that are reasonable and prudent so as to give a true and fair view of thestate of affairs of the Company at the end of the financial year and of the profit or lossof the Company for that period; c) The Directors have taken proper and sufficient care forthe maintenance of adequate accounting records in accordance with the provisions of theCompanies Act 2013 for safeguarding the assets of the Company and for prevention anddetecting fraud and other irregularities; d) The annual accounts have been prepared on agoing concern basis; e) The Directors have laid down internal financial controls to befollowed by the Company and that such internal financial controls are adequate and wereoperating effectively; and f) The Directors have devised proper systems to ensurecompliance with the provisions of all applicable laws and that such systems were adequateand operating effectively.
MANAGERIAL REMUNERATION AND OTHER DISCLOSURES
The disclosures as required pursuant to Section 197 of the Companies Act 2013 readwith Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014
a) Ratio of the remuneration of each Director to the median employee's remuneration andother details pursuant to Section 197 (12) of the Companies Act 2013 read with Rule 5(1)of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014: Theaforesaid Disclosure is annexed and forms part of this report as ANNEXURE 'A'.
b) Detail of every employee of the Company as required pursuant to Rule 5(2) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014: Theaforesaid Disclosure is annexed and forms part of this report as ANNEXURE 'B'.
c) No Director of the Company including its Managing Director is in receipt of anycommission from the Company or its Subsidiary Companies.
i) STATUTORY AUDITORS
The Statutory Auditors M/s. M. Kamal Mahajan and Co. Chartered Accountants(Registration No. 006855N) were appointed by the shareholders in their 21st Annual GeneralMeeting to hold office till conclusion of 24th Annual General Meeting to be held in theyear 2017. In terms of the first proviso to Section 139 of the Companies Act 2013 theappointment of the auditors shall be placed for ratification at every subsequent AnnualGeneral
Meeting. Accordingly the appointment of M/s. M. Kamal Mahajan & Co. CharteredAccountants as the statutory auditors of the Company is placed for ratification by theshareholders. In this regard the Company has received a certificate from the auditors tothe effect that if their appointment were ratified it would be in accordance with Section141 of the Companies Act 2013.
ii) SECRETARIAL AUDIT
During the year under review the Company has appointed Mr. Prem Chand Goel PracticingCompany Secretary (C.P No 457) Ghaziabad to conduct the Secretarial Audit of the Companyas per the provisions under section 204(1) of the Companies Act 2013 and other laws asapplicable for the financial year 2015-16. The Report in Form MR-3 is enclosed as Annexure- 'C' to this Annual Report and there are no qualifications reservations and adverseremarks made by Secretarial Auditor in their Report if any are self explanatory.
EXPLANATION TO AUDITOR'S REPORT
Regarding Point 1 and 2 of the Secretarial Audit Report Reply as above in theExplanation to Auditors Report
Regarding Point interest free loan to subsidiaries The Company had incorporates twowholly owned subsidiaries as special purpose vehicles (SPV) in name of Blue CoastHospitality Limited and Golden Joy Hotel Private Limited and under the Section 372A(8) ofthe erstwhile Companies Act 1956 the interest free loans granted to the Wholly OwnedSubsidiaries were exempt. Hence your Directors in consultation with the Statutory Auditorsdeemed it fit that no interest be charged to the earlier transactions.
iii) INTERNAL AUDITOR
During the year under review pursuant to Section 138 and any other applicableprovisions of the Companies Act 2013 M/s. KSMN & Company has been re-appointed as theInternal Auditors for the Financial Year 2015-16.
COMMITTEES OF THE BOARD
Currently the Board has four Committees: the Audit Committee Nomination andRemuneration Committee Stakeholder Relationship Committee and Corporate SocialResponsibility Committee. The composition of the Committees as per the applicableprovisions of the Act and Rules thereof is as follows: -
|Name of the Committee ||Composition of the Committee ||Designation |
|AUDIT COMMITTEE ||Mr. Praveen Kumar Dutt ||Chairman |
| ||Mr. Ashok Kini ||Member |
| ||Dr. Vijay Mohan Kaul ||Member |
| ||Ms. Seema Joshi ||Member |
|NOMINATION AND REMUNERATION COMMITTEE ||Mr. Ashok Kini ||Chairman |
| ||Mr. Praveen Kumar Dutt ||Member |
| ||Dr. Vijay Mohan Kaul ||Member |
|STAKEHOLDER RELATIONSHIP COMMITTEE ||Ms. Seema Joshi ||Chairman |
| ||Dr. Vijay Mohan Kaul ||Member |
| ||Mr. Praveen Kumar Dutt ||Member |
| ||Mr. Ashok Kini ||Member |
|CORPORATE SOCIAL RESPONSIBILITY COMMITTEE* ||Mr. Sushil Suri ||Chairman |
| ||Ms. Seema Joshi ||Member |
| ||Mr. Madan Gopal Khanna ||Member |
*CSR committee constituted on 5th August 2016.
A detailed note on the Board and its Committees is provided under the CorporateGovernance Report Section in this Annual Report.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
As per provisions of section 135 of the Companies Act 2013 a CSR committee has beenformed for carrying out CSR activities as per the Schedule VII of the Companies Act 2013.However since there have been continuous losses for last two financial years hence noamount shall required to be spent on CSR for FY 2016-17.
WHISTLE BLOWER /VIGIL MECHANISM
The Company has established a Whistle Blower Policy/Vigil Mechanism through which itsDirectors Employees and Stakeholders can report their genuine concern about unethicalbehavior actual or suspected fraud or violation of the Company's Code of Conduct orEthics Policy. The said policy provides for adequate safeguard against victimization andalso direct access to the higher level of superiors including Chairman of the AuditCommittee in exceptional cases. The Audit Committee reviews the same from time to time. Incompliance with Section 177 of the Act and the Listing Agreement the same is available onthe website of the Company at www.bluecoast.in.
The Company has in place a mechanism to inform the Board about the risk assessment andminimisation procedures and periodical review to ensure that management controls riskthrough means of a properly defined framework.
The Company has formulated and adopted Risk Management Policy to prescribe riskassessment management reporting and disclosure requirements of the Company; the same isavailable on our website www.bluecoast.in.
In terms of the provisions contained in Section 47(2) of the Companies Act 2013 thePreference Shareholders of the Company with respect to the 4150000 10% CumulativeRedeemable Preference shares of Rs. 100/- each are entitled to vote on every resolutionplaced before the Company at the General Meeting. The existing Promoters/Promoters Groupholds the said preference shares and there is no change in the management/ control of theCompany.
EXPLANATION TO AUDITOR'S REPORT
On Matters of Emphasis on Statutory Auditor's Report
1. Regarding allegedly auction of the hotel property under the provisions of theSARFAESI Act 2002.
The said comment is self explanatory and does not require any explanation from themanagement except that the matter is listed before Supreme Court on 10th August 2016.
2. Regarding the alleged termination notice for termination the Development Agreement& Service Agreement by DIAL in the matter of subsidiary company Silver Resort HotelsIndia Pvt. Ltd. (SRHIPL).
The Hon'ble Artbrition Tribunal vide order dated July 24 2016 has dismissed theapplication for interim order to continue as filled by SRHIPL.
Further in the matter of winding up petition filled by DIAL the company has filledappropriate reply before the Hon'ble Bombay High Court.
3. Regarding the show couse notice received from the service tax department as againstsubsidiary company Silver Resort Hotels India Pvt. Ltd. (SRHIPL).
The Company has filled appropriate reply before the department and the matter issub-judice.
4. Regarding the dispute claim for non performance of obligation to Punjan UrbanDevelopment Authority (PUDA) pertaining to wholly owned subsidiary company Golden JoyHotel Pvt. Ltd.
The Company has filled appropriate reply before the authority and the matter issub-judice.
5. Regarding debenture pending litigation against the Company and recovery proceedingsthereto.
The said comment is self explanatory and does not require any explanation from themanagement.
6. Regarding appropriateness of assumption of going concern:
The management is striving hard to generate requisite funds to enable the Company tomeet its obligations.
SUBSIDIARIES / JOINT VENTURES / ASSOCIATES
The Company has following Subsidiaries/Associates as on March 31 2016 namely:
1. Silver Resorts Hotels India Private Limited (Subsidiary Company)
2. Golden Joy Hotels Private Limited (Wholly Owned Subsidiary Company)
3. Blue Coast Hospitality Limited (Wholly Owned Subsidiary Company)&
4. Joy Hotel & Resort Private Limited (Associate Company).
The Company has entered into a Joint Ventures for the development of the high-endresidential villa and undertaking the renovation & refurbishment of the hotel with oneof the companies in the group which has an expertise and a requisite experience toundertake such activities on the terms and conditions which are not prejudicial to theinterest of the members of the company .
During the year under review the Board reviewed the affairs of the Subsidiaries. Inaccordance with Section 129(3) of the Companies Act 2013 we have prepared consolidatedfinancial statements of the Company and all its Subsidiaries which form part of theAnnual Report. Further a Statement containing the salient features of the financialstatements of our Subsidiaries and Associate in the prescribed form AOC -1 pursuant toSection 129 of the Companies Act 2013 read with the Rule 5 of the Companies (Accounts)Rules 2014 is annexed to this report as ANNEXURE 'D'.
In accordance with Section 136 of the Companies Act 2013 the Audited FinancialStatements including the consolidated Financial Statements and related information of theCompany and audited accounts of each of our Subsidiary are available on the website of theCompany at www.bluecoast.in. These documents are also available for inspection during thebusiness hours at the Corporate Office of the Company situated at 415-417 AntrikshBhawan 22 K G Marg New Delhi 110001.
Your Company's operations comprise of only one segment Hotel Operations andaccordingly there are no separate reportable segments as envisaged by Accounting Standard17
The shares of your Company are listed at Bombay Stock Exchange Limited Mumbai andNational Stock Exchange of India Limited Mumbai. The listing fees up to date have beenpaid to both the Stock Exchanges.
EXTRACT OF ANNUAL RETURN
The detailed extract of Annual Return in Form MGT-9 as required under Section 134(3)(a) of the Companies Act 2013 is annexed and forms part of this report as ANNEXURE 'E'.
INTERNAL FINANCIAL CONTROLS
The Company has an Internal Control System commensurate with size scale andcomplexity of its operations. The internal financial controls are adequate and areoperating effectively so as to ensure orderly and efficient conduct of businessoperations. The Company's internal financial control procedures ensure that reliability ofthe financial statements of the Company and prepared in accordance with the applicablelaws.
To maintain its objectivity and independence. The Internal Audit Team reports to theChairman of the Audit Committee of the Board. Based on the internal audit report processcorrective action in their respective areas is taking to strengthening the controls.Significant audit observations and corrective actions thereon are presented to the AuditCommittee of the Board. Team engaged in internal audit carries out extensive auditthroughout the year across all functional areas and submits its reports from time to timeto the Audit Committee of the Board.
MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY BETWEEN THE END OF THE FINANCIAL YEAR AND DATE OF REPORT
During the period between the end of the Financial Year and date of report auctionpurchaser ITC Limited and secured lender IFCI Limited have filed a Special Leave Petition(SLP) in the Supreme Court of India which the Hon'ble Supreme Court has directed tomaintain the Status Quo in favour of the Company in respect of Hotel Property with theCompany and has further directed Secured Lender to retain the amounts paid by the AuctionPurchaser to Secured Lender till the disposal of the SLP.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS / COURTS / TRIBUNALS
In the matter of alleged sale of "Park Hyatt Goa Resorts and SPA" by theSecured Lender IFCI Limited to the auction purchaser ITC Limited the Hon'ble High Courtof Bombay has quash & set-aside the Order of Debt Recovery Appellate Tribunal (DRAT)Order of District Magistrate (DM) South Goa and has also cancelled the sale certificateissued to the auction purchaser by the secured lender in respect of the Hotel propertyunder SARFAESI Act 2002. The Secured Lender & Auction Purchaser has filed a SpecialLeave Petition (SLP) before Hon'ble Supreme Court of India which has directed to maintainthe Status Quo in respect of the Hotel Property.
Additionally during the year under review the subsidiary of your Company SilverResort Hotel India Private Limited (SRHIPL) invoked the arbitration under Section 9 of TheArbitration and Conciliation Act 1996 against Delhi International Airport Private Limited(DIAL) and filed a petition requesting for the interim stay on the termination issued byDIAL terminating the Development Agreement granting rights to develop the hotel on AssetArea 3 Aerocity New Delhi. The Honorable High Court of Delhi was pleased to dispose offthe Section 9 petition with a direction that the letter of termination issued by DIAL tothe SRHIPL terminating the Development Agreement through the licence for the hotel plotwas granted by DIAL to SRHIPL will remain undisturbed the DIAL shall refrain from takingany further action. The Hon'ble High Court of Delhi further referred the matter of theHon'ble Arbitral Tribunal with a further direction that "Interim Orders shallcontinue till otherwise varied by the learned Arbitral Tribunal and now the matter ispending adjudication before Hon'ble Arbitral Tribunal
PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS
Details of Loans Guarantees and Investments covered under the provisions of Section186 of the Companies Act 2013 form part of the notes to the Financial Statements providedin this Annual Report.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
The information relating to contracts or arrangements with related parties includingcertain arm's length transactions under third proviso of Section 188 of the Companies Act2013 read with the Companies (Meeting of Board and its Powers) Rules 2014 is annexed inForm AOC - 2 and forms part of this report as ANNEXURE 'F'. In accordance with therequirements of the Listing Agreement the Company has formulated policy on the relatedParty transactions and material subsidiaries. The said Policies is available on thewebsite of the Company at www.bluecoast.in.
A Report on Corporate Governance along with a certificate from the Statutory Auditorsof the Company regarding compliance with conditions of Corporate Governance as stipulatedin Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 forms part of this report and is annexed in the Corporate GovernanceReport.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A detailed review of the operations performance and other matters of the Company isset out in the Management Discussion and Analysis Report pursuant to Regulation 34 of theSEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 which forms partof this Annual Report as ANNEXURE 'G'.
DISCLOSURES UNDER THE SEXUAL HARASSMENT OF WOMEN AT THE WORK PLACE (PREVENTIONPROHIBITION & REDERESSAL) ACT 2013
The Company has in place a policy on prevention of sexual harassment at workplace onthe line of the requirement of the Sexual Harassment of Women at The Work Place(Prevention Prohibition & Redressed) Act 2013. Internal Complaint Committee (ICC)has been set up to redress complaints received regarding sexual harassment. All employees(permanent contractual temporary trainees) are covered under this policy.
The following is a summary of sexual harassment complaints received and disposed offduring the year 2015-16 No. of Complaints received: 0 No. of Complaints disposed off: 0
Your Company had been able to retain good and talented people. Significant number ofemployees have chosen to stay back with Company and have contributed a lot in smoothrunning of the Company.
Fair practices and equal opportunity has been afforded to employees at all levels. TheCompany is keeping these traditions alive and is making conscious effort to grow yearafter year. The Company understands that importance of Human capital and acts judiciouslyin rewarding its workforce. It has strong belief in collective efforts of all the teammembers. The inter-personal relationship amongst workers staff and officers have alwaysbeen cordial and healthy.
As on March 31 2016 there were 496 employees working for the Company across alllevels at various locations.
AWARDS AND RECOGNITION
Park Hyatt Goa Resort and Spa received the following Awards & Accolades:
2015 First runner up Conde Nast Readers Choice Awards 2015
2015 First runner up as favorite destination SPA in India at Sereno SPA
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS & OUTGO
Information pursuant to of the Companies Act 2013 read with Rule 8 (3) of TheCompanies (Accounts) Rules 2014 pertaining to the conservation of energy technologyabsorption foreign exchange earnings & outgo are set out as 'Annexure H ' tothis report.
The Directors express their sincere appreciation of the co-operation and assistancereceived from the members Bankers eminent Lawyers Hyatt International and otherBusiness Associates. The Directors also wish to place on record their deep sense ofappreciation for the commitment displayed by the Employees at all levels.
| ||By Order of the Board |
| ||For Blue Coast Hotels Limited |
| ||(Sushil Suri) |
|Place: New Delhi ||Chairman and Managing Director |
|Date: 05.08.2016 ||DIN: 00012028 |