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Download Annual Report PDF Format 2013 | 2011 | 2010
Directors Report Year End : Mar '13    Mar 12
The Board presents the Sixty-third Annual Report together with the
 Audited Statement of Accounts and the Auditor''s Report in respect of
 the year ended 31st March, 2013.
 
 The financial highlights are given below:
  
                                                Rupees in million
 
                                           2012-2013      2011-2012
 
 Total Revenue                             11,770.07      11,622.11 
 
 Earnings before Interest,
 Depreciation, taxes, Amortisations
 and exceptional Items (EBIDTA)             2,443.53       2,913.70
 
 Interest and Finance Charges                 450.13         544.11
 
 Depreciation                               1,007.48         931.07
 
 Exceptional Income/Expenditure)             (150.66)        111.46
 
 Extra-ordinary Loss                          116.96              -
 
 Profit before tax                            718.30       1,549.98
 
 Current tax                                  101.49         193.13
 
 Deferred tax                                 107.17         132.66
 
 Profit after tax                             509.64       1,224.19
 
 Balance brought forward                    3,368.23       3,014.72
 
 Accumulated balance                        3,877.87       4,238.91
 
 Dividend                                     514.41         628.73
 
 Dividend tax                                  67.50          91.95
 
 Transfer to General Reserve                  150.00         150.00
 
 Balance carried over                       3,145.96       3,368.23
 
 In accordance with the provisions of Section 217(2AA) of the Companies
 Act, 1956 (the Act) and, based upon representations from the
 Management, the Board states that:
 
 a) in preparing the annual accounts, applicable accounting standards
 have been followed and there are no material departures;
 
 b) the Directors have selected accounting policies, applied them
 consistently and made judgments and estimates that are reasonable and
 prudent to give a true and fair view of the state of affairs of the
 Company at the end of the financial year and of the profit of the
 Company for the year;
 
 c) the Directors have taken proper and sufficient care in maintaining
 adequate accounting records in accordance with provisions of the Act
 for safeguarding the assets of the Company and for preventing and
 detecting fraud and other irregularities;
 
 d) the Directors have prepared the annual accounts of the Company on a
 going concern basis.
 
 the annexed Management Discussion and Analysis forms a part of this
 report and covers, amongst other matters, the performance of the
 Company during the financial year 2012-2013 as well as the future
 outlook.
 
 In accordance with the listing agreement with the stock exchanges, the
 following are attached:
 
 1.  Consolidated financial statements prepared in accordance with the
 Companies (Accounting standards) Rules, 2006 along with the auditor''s
 report.
 
 2.  the report on Corporate Governance in accordance with clause 49 of
 the listing agreement along with the auditor''s certificate.
 
 the Board recommends a dividend of Rs. 0.90 per equity share of Rs. 2
 in respect of the financial year 2012-2013.
 
 the dividend, if approved at the forthcoming Annual General Meeting,
 will be paid on 7th August, 2013 to shareholders whose names appear on
 the register of shareholders at the close of business on 24th July,
 2013. As per the Income tax Act, 1961, the tax on the dividend will be
 borne by the Company.
 
 During the year, energy conservation measures were mainly directed
 towards sourcing environment friendly alternative energy. A solar
 energy system was commissioned in the new flight kitchen at Delhi
 Airport. this has substantially reduced the consumption of grid power.
 As a pilot project, the Company has started using wind power at its
 flight kitchen in Chennai. the energy conservation measures taken
 during the year also include installation of more efficient chillers,
 upgrading of elevators, replacement of incandescent lights with LEDs
 and compact fluorescent lights.
 
 Measures planned next year include further use of wind energy in hotels
 in Bangalore and North Mumbai. opportunities for installing solar power
 are also being actively pursued. Phased replacement of incandescent
 lights with LEDs and compact fluorescent lights will continue.
 Conversion of conventional chilled water systems to primary and
 secondary systems and installation of energy efficient blowers have
 been planned.
 
 energy conservation continues to be an area of focus for the Company.
 energy conservation committees have been active at all hotels with the
 sole responsibility to ensure energy efficient usage. the Company also
 conducts periodic energy audits.
 
 During the financial year 2012-13, the foreign exchange earnings of the
 Company amounted to Rs. 4,824.73 million as against Rs. 4,629.69
 million in the previous year. the expenditure in foreign exchange
 during the financial year was Rs. 780.81 million as compared to Rs.
 1,042.55 million in the previous year.
 
 the Board of Directors of the Company (the Board) at its Board
 Meeting held on 30th January, 2013 had approved variation in the terms
 of appointment of Mr. P.R.S. Oberoi and Mr. S.S. Mukherji, subject to
 shareholders approval by postal ballot and e-voting.  Pursuant to the
 Companies (Passing of the resolution by Postal Ballot) Rules, 2011 and
 Circular No. CIR/CFD/DIL/6/2012 dated 13th July,2012 of the Securities
 and Exchange Board of India, the shareholders have approved variation
 in the terms of appointment of Mr. P.R.S. Oberoi and Mr. S.S. Mukherji
 by requisite majority by way of postal ballot and e-voting.
 
 Mr. Rajeev Gupta was appointed as a Director on the Board on 1st
 November, 2012 in the casual vacancy caused due to the resignation of
 Mr. Robert Henry Burns. Pursuant to Section 262 of the Act read with
 Article 110 of the Articles of Association of the Company, Mr. Rajeev
 Gupta will hold office of the Director till Mr. Robert Henry Burns
 normally would have held it.
 
 Mr. Arjun Oberoi, Mr. S.K.Dasgupta and Mr. L. Ganesh retire by rotation
 at the forthcoming Annual General Meeting and are eligible for
 re-appointment. The Directors recommend reappointment of Mr. Arjun
 oberoi, Mr. S.K. Dasgupta and Mr. L. Ganesh as Directors on the Board.
 
 The Central Government has granted general exemption to companies
 publishing audited consolidated financial statements from attaching
 copies of the report and accounts of their subsidiary companies subject
 to the Board''s consent. The Board, having given its consent, the report
 and accounts of the subsidiary companies have not been attached to this
 report.  The Board has, however, prescribed specified information on
 the subsidiary companies to be disclosed as part of its consolidated
 financial statements. This information has been incorporated on page 80
 of this annual report.
 
 Subject to prior arrangement, the audited annual accounts of the
 subsidiary companies will be available for inspection by any
 shareholder at the Company''s registered office.  Shareholders
 interested in obtaining a copy of the audited annual accounts of the
 subsidiary companies may write to the Company Secretary at the
 registered office of the Company.
 
 The auditors of the Company, Messrs. Ray and Ray, Chartered
 Accountants, retire and are eligible for re-appointment. They have
 confirmed that, if reappointed, their appointment will be within the
 limits prescribed under Section 224(1B) of the Act. The Directors
 recommend their re-appointment as auditors of the Company for the
 financial year 2013-14.
 
 The information required under Section 217(2A) of the Act together with
 the Companies (Particulars of Employees) Rules, 1975 forms a part of
 this Report.
 
 Risks, uncertainties or future actions could differ materially from
 those expressed in the Directors'' Report and the Management Discussion
 and Analysis. These forward looking statements are relevant on the date
 of this report. We have no obligation to update or revise any forward
 looking statements, whether as a result of new information, future
 developments or otherwise, and therefore undue reliance should not be
 placed on these statements.
 
 The Board takes this opportunity to thank all employees for their
 commitment, dedication and co-operation.
 
                           For and on behalf of the Board
 
 Kolkata               S.K. DASGUPTA           S.S. MUKHERJI
 
 30th May, 2013          Director      Vice Chairman & Chief Executive
                                       Officer
Source : Dion Global Solutions Limited
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