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Pecos Hotels & Pubs Ltd.

BSE: 539273 Sector: Services
NSE: N.A. ISIN Code: INE484S01010
BSE 00:00 | 24 Jan 96.10 0
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NSE 05:30 | 01 Jan Pecos Hotels & Pubs Ltd
OPEN 96.15
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VOLUME 3000
52-Week high 138.65
52-Week low 23.05
P/E
Mkt Cap.(Rs cr) 13
Buy Price 0.00
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Sell Price 0.00
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OPEN 96.15
CLOSE 96.10
VOLUME 3000
52-Week high 138.65
52-Week low 23.05
P/E
Mkt Cap.(Rs cr) 13
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Pecos Hotels & Pubs Ltd. (PECOSHOTELS) - Director Report

Company director report

Dear Members

Your Directors are pleased to present the 17th Annual Report and theCompany’s Audited Accounts for the Financial Year ended March 31 2022.

1. FINANCIAL RESULTS:

Particulars 2021-2022 2020-2021
Revenue from Operations 315.93 273.66
Other Income 1..80 3.52
Total Revenue 317.73 277.17
Less: Total Expenses 330.87 344.09
Profit/(Loss) before tax (13.14) (66.92)
Tax Expenses 0.78 0.11
Profit after tax (13.92) (66.81)
Earning per equity share- Basic & Diluted (1.06) (5.10)

2. DIVIDEND:

In view of the prolonged lockdown and consequent travel restrictions to avoid spread ofCOVID-19 pandemic imposed by the Government of India as well other countries globally thefood & beverage industry were severely impacted. In these unforeseen and uncertaintimes it is difficult to predict when business conditions will normalize. Therefore inorder to conserve cash and ensure liquidity for the operations for the Financial Year2021-22 the Board of Directors decided not to recommend any dividend to the shareholdersfor the Financial Year 2021-22.

3. REVIEW OF OPERATIONS:

During the year under review Revenue from Operations of the Company was Rs. 315.93Lakhs as compared to Rs. 273.66 Lakhs in the corresponding previous year. The Companyincurred a loss of Rs. 13.92 lakhs as compared to loss of Rs. 66.81 lakhs in the previousyear. The Company’s reserve and surplus decreased from Rs. 244.32 Lakhs to Rs. 230.40Lakhs.

4. DEPOSITS:

Your Company has not accepted any deposits within the meaning of section 73 of theCompanies 2013 and the Companies (Acceptance of Deposits) Rules 2014.

5. SHARE CAPITAL:

At present the Company has only one class of shares - equity shares with face value ofRs. 10 each. The paid up share capital of the Company is Rs. 130.98 Lakhs. Divided into1309875 equity shares of Rs. 10/- each.

During the year under review the Company has not issued shares with differentialvoting rights nor granted stock options nor sweat equity.

6. SUBSIDIARIES/ JOINT VENTURES/ ASSOCIATES:

As on date the Company does not have any subsidiary joint venture or associatecompany.

7. CHANGES IN NATURE OF BUSINESS:

There is no significant change made in the nature of the company during the financialyear.

8. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THECOMPANIES ACT 2013:

Details of Loans guarantees or Investments if any covered under the provision ofSection 186 of the Companies Act 2013 are given in the notes to the Financial Statements.

9. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS:

No such orders have been passed by the Regulators/ Courts or Tribunals which can impactthe going concern status and company’s operation in future.

10. DETAILS OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO:

(a) Conservation of Energy:

The Company requires energy for the purpose of general lighting adequate measures forthe conservation of energy are being undertaken by the Company through the exercise ofgeneral checks and controls.

(b) Research and Development:

The company has made efforts to develop food preparation practices that minimize theuse of energy

(c) Technology Absorption Adaption and Innovation:

(i) Efforts made:

The company has implemented food preparation techniques of the highest standard andproper storage facility to control the wastage of raw materials and semi prepared food andalso efforts are made to develop the process that reduce energy consumptions.

(ii) Benefits derived as a result of above efforts:

The above efforts resulted in client enjoying a better quality product that isdelivered to them quicker and also resulted in reduction of cost of production andenhancing higher margin.

(d) Foreign Exchange Earnings and outgo:

Your company does not have any foreign exchange earnings and outgo during the yearunder review.

11. EXTRACTS OF ANNUAL RETURN:

The extracts of Annual Return to the provisions of Section 92 read with Rule 12 of theCompanies (Management and Administration) Rules 2014 in MGT-9 is attached herewith asAnnexure I.

12. RISK MANAGEMENT:

The Company has established a well-defined process of risk management wherein theidentification analysis and assessment of the various risks measuring of the probableimpact of such risks formulation of risk mitigation strategy and implementation of thesame takes place in a structured manner. Though the various risks associated with thebusiness cannot be eliminated completely all efforts are made to minimize the impact ofsuch risks on the operations of the Company. In the opinion of the Board there are norisks which would threaten the existence of the Company.

13. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

The Board of Directors of your Company has varied executive and non-executive directorsincluding Independent Directors who have wide and varied experience in differentdisciplines of corporate functioning.

In accordance with the provisions of Section 152 of the Companies Act 2013 andArticles of Association of the Company Mr. Liam Norman Timms (DIN: 06453032) retires byrotation at the ensuing Annual General Meeting and being eligible in terms of Section 164of the Act offers himself for re-appointment.

As required under Section 203 of the Companies Act 2013 the Company has Mr. LiamNorman Timms- Whole-Time Director Mr. Pradosh Dhanraj- Executive Director

Mr. Shailesh B. M. Chief Financial Officer and Mr. Rajiv Kumar Sharma as CompanySecretary under Key Managerial Personnel of the Company.

14. DECLARATION BY INDEPENDENT DIRECTORS:

Pursuant to provisions of Section 149 of the Companies Act 2013 Ms. Nina Nayar Mr.Koilpillai Joseph Davaraj and Mr. Lloyd John Pereira were re-appointed as an IndependentDirectors at the Annual General Meeting of the Company held on September 03 2020. Theterms and condition of appointment of Independent Directors are as per Schedule IV of theCompanies Act 2013. They have submitted a declaration that each of them meets thecriteria of Independence as provided in Section 149(6) of the Companies Act 2013 andthere has been no change in the circumstances which may affect their status as IndependentDirector during the year.

15. MEETING OF BOARD OF DIRECTORS:

During the year under review 6 Board Meetings were held. The intervening gap betweenthe meetings was within the period prescribed under the Companies Act 2013

SR.NO Date on which board Meetings were held
1 22-April -2021
2 10-June-2021
3 06-August-2021
4 12-October-2021
5 10-November-2021
6 04-March-2022

iii. The directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of this Act for safeguardingthe assets of the Company and for preventing and detecting fraud and other irregularities;

iv. The directors had prepared the annual accounts on a going concern basis;

v. The directors in the case of a listed company had laid down internal financialcontrols to be followed by the company and that such internal financial controls areadequate and were operating effectively.

vi. The directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.

17. CORPORATE SOCIAL RESPONSIBILITY:

Since the Company’s Net worth does not exceed Rs. 500 crores or the Company’sturnover does not exceed Rs. 1000 crores or the Company’s Net Profit does not exceedRs. 5 Crores for any Financial Year the provisions of section 135 of the Companies Act2013 are not applicable.

18. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES:

The particulars of Contracts or Arrangements made with related parties made pursuant toSection 188 of the Companies Act 2013 is furnished in form AOC-2 is attached herewith asAnnexure II.

19. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTIONPROHIBITION AND REDRESSAL) ACT 2013

The Company has a policy for prevention of sexual harassment at the workplace. Inaccordance with the Sexual Harassment of Women at the Workplace (Prevention Prohibitionand Redressal) Act 2013 ("POSH Act") and rules made there under the Companyhas constituted an Internal Compliant Committee (ICC) in Corporate Office. During theyear the ICC received no complaints from the Company. Details of this policy is availableon the company’s website at www.pecospub.com.

20. VIGIL MECHANISM POLICY

Your Company has established a reputation for conducting business with integrity andhas zero tolerance for any act /form of unethical behavior. In view of this the AuditCommittee of the Board oversees the functioning of this policy. Details of this policy isavailable on the company’s website at www.pecospub.com

21. AUDITORS:

Pursuant to provisions of section 139 of the Companies Act 2013 and the rules framedthere under M/s Phillipos & Co. Chartered Accountants were appointed as StatutoryAuditors of the company at the Extraordinary General Meeting of the company held on 5thJune 2020 subject to approval by the shareholders at the Annual General Meeting held on 3rdSeptember 2020 of the Company for a term of five consecutive years. Pursuant to theamendments made to Section 139 of the Companies Act 2013 by the Companies (Amendment)Act 2017 effective from May 7 2018 the requirement of seeking ratification of theMembers for the appointment of the Statutory Auditors has been withdrawn from the Statute.

22. AUDITORS' REPORT AND SECRETARIAL AUDITORS' REPORT

The auditors’ report and secretarial auditors’ report does not contain anyqualifications reservations or adverse remarks. Report of the secretarial auditor isgiven as an Annexure III which forms part of this report.

23. CORPORATE GOVERNANCE

The Company has taken adequate steps to adhere to all the stipulations laid down underSecurities and Exchange Board of India (Listing Obligations and Disclosure Requirements)Regulations 2015. A report on Corporate Governance included as a part of this AnnualReport is given in Annexure-IV.

24. MANAGEMENT DISCUSSSION AND ANALYSIS REPORT:

The Management Discussion and Analysis Report is given as an Annexure V which formspart of this report.

25. INTERNAL FINANCIAL CONTROLS:

The Company has in place adequate internal financial controls with reference tofinancial statements. During the year such controls were tested and no reportablematerial weakness in operation was observed.

26. BOARD EVALUATION:

The Board has carried out an evaluation of its own performance the directorsindividually as well as the working of its Committees.

27. USE OF PROCEEDS:

The proceeds from the Issue of the Company stated in the Prospectus/ Offer Document hasbeen fully utilized for the purpose for which they were raised and there is no deviationin the utilization of proceeds.

28. DISCLOSURES PURSUANT TO SECTION 197 (12) OF THE COMPANIES ACT 2013 AND THE RULESMADE THEREUNDER / PARTICULAR OF EMPLOYEES:

The information required under section 197 of the Companies Act 2013 read with Rule5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014are given below:

a. The ratio of remuneration of each director to the median remuneration of theemployees of the company for the financial year:

Name of the Directors Ratio to median remuneration
Executive Directors
Mr. Liam Norman Timms 6.02:1
Mr. Pradosh Dhanaraj 3.25:1

For this purpose sitting fees paid to the directors has not been considered asRemuneration.

b. The percentage increase in remuneration of each Director Chief Financial OfficerChief Executive Officer Company Secretary or Manager if any in the Financial Year:

Name Designation % Increase/( Decrease)
Mr. Liam Norman Timms Whole-time Director (23.75%)
Mr. Pradosh Dhanraj Executive Director 17.91%
Mr. Shailesh BM Chief Financial Officer 1.50%
Mr. Rajiv Kumar Sharma Company Secretary 3.38%

c. The percentage increase in the median remuneration of employees in the financialyear: 2.20%

d. The number of permanent employees on the rolls of company: 21

e. Average percentile increase already made in the salaries of employees other than themanagerial personnel in the last financial year and its comparison with the percentileincrease in the managerial remuneration and justification thereof and point out if thereare any exceptional circumstances for increase in the managerial remuneration: NIL

f. The key parameters for any variable component of remuneration availed by thedirectors: Not Applicable

g. Affirmation that the remuneration is as per the remuneration policy of the company:

The Company affirms remuneration is as per the remuneration policy of the Company.

29. ACKNOWLEDGEMENT:

The Board of Directors gratefully acknowledges the assistance and co-operation receivedfrom the Banks and all statutory and non statutory agencies for their cooperation. TheBoard of Directors also wish to place on record their gratitude and appreciation to themembers for their trust and confidence shown in the Company.

The Board of Directors would like to especially thank all the employees of the Companyfor their dedication and loyalty.

For and on behalf of the Board
Date: 30.08.2022
Place: Bengaluru
SD/-
Liam Norman Timms
Whole Time Director
(DIN:06453032)

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