| Disclosure in board of directors report explanatory
BOARD’S REPORT
To,
The Shareholders,
Ladies and Gentlemen,
Your Directors have pleasure in presenting herewith the 6th Annual Report of the Company together with the audited accounts and report of the Auditors thereon and other enclosures for the year ended March 31,2022
As required under section 134 (3) of the Companies Act 2013 (Act) and Rules made under the Act, your Board provides following information to the extent applicable to your Company.
• Financial Results:
The Company’s financial performance for the year under review along with previous year figures are given hereunder Amount in Rs. In millions.
Sl. No. |
Particulars |
For the period ended 31st March, 2022 |
For the period ended 31st March, 2021 |
• |
Total Income |
82,634 |
66,138 |
• |
Total Expenditure |
127,535 |
128,014 |
• |
Profit / (Loss) before tax |
44,901 |
61,876 |
• |
Profit / (Loss) after tax |
45,910 |
64,816 |
• |
Earnings per share (Basic & Diluted) |
(2,284.04) |
(3,224.67) |
During the year under review, the Company incurred a net loss of Rs. 4,590,973,699 mainly on account of operations and other administrative expenses.
• Review of Business Operations and Future Prospects/ State of Company’s Affairs of the Company:
During the Year under Review, WeWork grew from strength to strength stabilising its portfolio and steadily increasing its revenue. From an occupancy of 52% and revenue of INR 53.63 Cr in April 2021, WeWork moved on to end the year with 74% occupancy and an INR 85.9 Cr in March 2022. The company added 3 locations - one each in Noida, Mumbai & Bangalore - totaling to a combined capacity of over 2,500 desks. Of this capacity addition, two locations were opened completely demand-backed (100% occupied by a single client from Day 1). This was also the year when the company moved to EBITDA profitability at a monthly level
• Change in the nature of business, if any
There was no change in the business carried out by the Company during the period under review.
• Share Capital
The Company during the period under review has converted its debentures into equity share and allotted shares to its debenture holders, current equity shareholding of the Company is as detailed below
Sl No |
Share Holders Name |
No of Shares @ Rs. 10/- |
Amount |
1 |
Embassy Buildcon LLP (1 share
jointly held with Karan Virwani) |
39,033,000 |
39,03,30,000 |
2 |
Wework International Ltd |
12,397,510 |
12,39,75,100 |
3 |
WeWork Companies (International)
B.V. |
3,375,000 |
3,37,50,000 |
|
Total |
5,48,05,510 |
54,80,55,100 |
Further Company does not have any class of debentures from February 10, 2022
• Subsidiaries/ Joint Ventures/ Associate Companies
Your Company does not have any Subsidiary, Joint Ventures or Associate Companies of its own as on March 31st, 2022 and hence the statement containing salient features of the financial statement of Subsidiaries/ Associate Companies/ Joint Ventures, as required to be provided in Form–AOC 1 is not applicable.
• Names of the Companies which have become or ceased to be its subsidiaries, joint ventures or associate companies during the year
Your Company does not have any Subsidiary, Joint Venture or Associate Company and hence this section is not applicable.
• Directors and key managerial personnel:
During the year under review, there is no changes Directors/ Key Managerial Personnel were appointed/ resigned.
However, Company have appointed Mr. Rithesh S as a Company Secretary of the Company from March 07, 2022.
• Deposits:
Since Company has not accepted any deposits covered under Chapter V (Acceptance of Deposits by the Companies) of the Companies Act, 2013; the details required under Rule 8(5)(v) & (vi) of Companies (Accounts) Rules, 2014 are not applicable.
• Dividend:
Your Directors do not recommend any dividend for the Financial Year 2021-22
• Material Changes and Commitment:
There is no material changes and commitments, affecting the financial position of the company which have occurred between the end of the financial year of the company to the date of this report, other than acquiring 100% shares of the Company WW Office solutions India Private Limited
• Transfer to Reserve:
During the year under review the Company has transferred the Current year loss of Rs. 4,618,158,568/- to General Reserves as on March 31, 2022.
• Details of Significant and Material Orders passed by the Regulators, Courts and Tribunals:
No orders have been passed against your Company by any regulator(s) or courts or tribunals which would impact the going concern status and / or the future operations of your Company.
• Loans, Investments and Guarantees:
The Company has made any Investment, given guarantee and securities, within the limits sanctioned under provisions of section 186 of Companies Act, 2013.
• Details of Holding, subsidiaries, joint ventures and associates companies:
The Company is a subsidiary of M/s. Embassy BuildCon LLP. The Company does not have any subsidiary, Joint Venture or Associate Company as on March 31, 2022.
• Particulars of Contracts or Arrangements with Related Parties:
All related party transactions that were entered into during the financial year ended 31st March, 2022 were on an arm’s length basis and were in the ordinary course of business. Therefore, the provisions of Section 188 of the Companies Act, 2013 were not attracted. Further, there are no materially significant related party transactions during the year under review made by the Company with Promoters, Directors, or other designated persons which may have a potential conflict with the interest of the Company at large. Thus, disclosure in Form AOC-2 is not required. However, as a good corporate governance the disclosure of transactions with related party for the year, as per Accounting Standard -18 Related Party Disclosures is given in Note no ….. to the Balance Sheet as on 31st March, 2022.
• Number of Board Meetings held:
Details of Board Meetings held during the financial year 2021-22 as required u/s 134(3) (b) of the Companies Act, 2013 are as under:
First Quarter
(April to June) |
Second Quarter
(July to Sept) |
Third Quarter
(Oct to Dec) |
Fourth Quarter
(Jan to March) |
Total Board Meetings |
(3)
|
(5)
|
(1)
|
(1)
|
10 |
The intervals between any two meetings were well within the maximum period mentioned under Section 173 of the Companies Act, 2013.
• Report on Conservation of energy, technology absorption and Foreign exchange etc. as required under Rule 8 of the Companies (Accounts) Rules, 2014:
The details of conservation of energy, technology absorption, foreign exchange earnings and outgo are as follows;
| A. CONSERVATION OF ENERGY | | |
SL.NO |
PARTICULARS |
REMARKS |
1 |
the steps taken or impact on conservation of energy |
The Company is conscious towards conservation of energy and adequate measures have been taken to conserve energy. |
2 |
the steps taken by the company for utilizing alternate sources of energy |
3 |
the capital investment on energy conservation equipments; |
Nil | | B. TECHNOLOGY ABSORPTION | | |
SL.NO |
PARTICULARS |
REMARKS |
1 |
The efforts made towards technology absorption |
The Company is conscious towards technology absorption and adequate measures have been taken for the same. |
2 |
The benefits derived like product improvement, cost reduction, product development or import substitution; |
Cost Reduction, Performance Improvement |
3 |
In case of imported technology (imported during the last three years reckoned from the beginning of the financial year
• (a) The details of technology imported;
• (b) The year of import;
• (c)Whether the technology been fully absorbed
• (d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof; and |
The Company has not imported any technology during the year |
4 |
The expenditure incurred on Research and Development |
Nil |
C. C. FOREIGN EXCHANGE EARNINGS AND OUTGO | | |
SL.NO |
PARTICULARS |
REMARKS |
1 |
The Foreign Exchange earned in terms of actual inflows during the year |
Nil |
2 |
The Foreign Exchange outgo during the year in terms of actual outflows |
Rs. 1,102,366,281 |
• Directors’ Responsibility Statement:
Pursuant to Section 134(5) of the Companies Act, 2013, with respect to Directors' Responsibility Statement, the Board states that:
• In the preparation of the annual accounts, the applicable accounting standards had been followed and there is no material departures.
• The directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at 31/03/2022 and of the profit and loss for the year ended on that date.
• The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
• The directors had prepared the annual accounts on a going concern basis; and
• The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
• Particulars of Employees
During the year under review, following are of the employees of the Company who will fall under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
| | | | | | | | | |
|
S.
No. |
Name of the Employee |
Designation of the Employee |
Remuneration received during the FY 2021-22
|
Nature of Employment
Permanent/ contractual |
Qualification |
Experience |
Date of Commencement of Employment |
Age |
Last Employment of the Employee |
|
|
1 |
Karan Virwani |
Executive Director |
Rs. 20,68,22,693 |
Permanent |
BBA, University of Kent |
8.5 |
01.01.2017 |
30 |
Embassy Group |
|
• Extract of Annual Return:
The extracts of the Annual Return pursuant to the provisions of Section 92(3) of the Companies Act 2013 read with Rule 12 of Companies (Management and Administration) Rules, 2014 is furnished as Annexure -III and forms an integral part of this report.
• Statutory Auditors:
M/s. S.R. Batliboi & Associates LLP, Chartered Accountants, were appointed as Statutory Auditors of the Company at the Extra Ordinary General Meeting, to hold such office till the conclusion of the 6th Annual General Meeting of the Company to be held for the financial year 2021-22. Further Company proposes to appoint M/s. S.R. Batliboi & Associates LLP, Chartered Accountants as Statutory Auditors of the Company from 6th Annual General Meeting to hold such office till the conclusion of the 10th Annual General Meeting of the Company to be held for the financial year 2025-26.
Your Board has recommended the appropriate resolution in respect of the aforesaid as appearing in the Notice convening the Annual General Meeting of the Company.
• Qualification/ Reservation/ Adverse Remark or Disclaimer in Auditors Report
The Notes to Accounts forming part of the financial statements are self-explanatory and are not required any further elaboration.
• Maintenance of Cost Records/Cost Audit as specified by the Central government under sub-section (1) of Section 148 of the Companies Act, 2013:
The Company is not required to maintain Cost Records/Cost Audit as specified by the Central Government under sub-section (1) of Section 148 of Companies Act, 2013.as the operation of your company does not fall under class of Company, which requires to comply with the abovesaid provision.
• Internal Auditor:
As per section 138 of the Companies Act 2013, your company has appointed M/S Deloitte Haskins & Sells LLP, as an Internal Auditors of the Company for the Year 2022-23.
• Secretarial Auditor
As per Section 204 of the Companies Act, 2013 and rule 9 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as amended on January 03, 2020 and effective from April 01, 2020, every company having outstanding loans or borrowings from banks or public financial institutions for an amount of Rupees one hundred crore or more is required to appoint Secretarial Auditor, accordingly your Company has appointed Mr. Umesh P Maskeri, Practicing Company Secretary (M. No. F4831 and C.P No.12704), as the Secretarial Auditor of the Company for the financial year 2022-23.
• Compliance with Secretarial Standards:
The company has complied with the Secretarial Standards as formulated by the Secretarial Standards Board (SSB) of the Institute of Company Secretaries of India (ICSI) and issued by the Council of the ICSI.
• Company’s Policy relating to Directors Appointment, Payment of Remuneration and Discharge of their duties:
The Company being a Private Limited Company under sub-section 68 of Section 2, the provisions of Section 178(1) relating to constitution of Nomination and Remuneration Committee are not applicable to the Company.
• Anti-Corruption Policy:
The Company has duly adopted an Anti-Corruption Policy to ensure that the business of the Company is conducted with the highest legal and ethical standards and that all employees and other persons acting on behalf of the Company uphold this commitment.
• Corporate Social Responsibility (CSR):
Information pursuant to section 134 (3) (o) of the Act and Rule 9 of the Companies (Corporate Social Responsibility) Rules, 2014 are as under:-
• CSR provision is not applicable to the company.
• CSR committee – N.A.
• Average net profit of the company for last three financial years is NIL
• 2% Prescribed CSR Expenditure (of item 3 above) is NIL
• Details of CSR spent during the financial year.
• Total amount to be spent for the financial year is NIL
• Amount unspent, if any – not applicable
• Sexual Harassment Policy:
The Company has adopted a policy on Sexual Harassment of Woman at Workplace pursuant to the requirements of the Sexual Harassment of Woman at Workplace (Prevention, Prohibition and Redressal) Act, 2013. 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 off during the financial year ending March 31, 2022:
• Number of complaints received:
• Number of complaints disposed off:
• Number of Complaint pending to the Committee: Nil
• Whistle Blower Policy/Vigil Mechanism Policy:
Your Company has been following the principles and practices of good Corporate Governance and has ensured, as far as possible, due compliance to various provisions of the applicable laws.
The Board of Directors of your Company place strong emphasis on transparency, accountability and integrity and have set for the Company broad objectives of continuously enhancing the customers satisfaction and shareholders’ value.
In keeping with this focus, your Company has duly adopted a Whistle Blower Policy/Vigil Mechanism Policy to report genuine concerns or grievances.
• Human Resources and Industrial Relations:
The Company takes pride in the commitment, competence and dedication of its employees in all areas of the business. The Company has a structured induction process at all locations and management development programs to upgrade skills of manager. Objective appraisal systems based on key result areas (KRAs) are in place for senior management staff. Wework India believes in the potential of people to go beyond and be the game-changing force for business transformation and success. This potential is harnessed by fostering an open and inclusive work culture that enables breakthrough performance and comprehensive development of employees through the three pillars of Leading Self, Leading Teams and Leading Business. With the overarching theme - Building an Exponential Organisation, Your Company has focused on building a future ready talent ecosystem through various initiatives.
• Declaration of Independent Directors:
The provisions of Section 149 pertaining to the appointment of Independent Directors do not apply to our Company.
• Shares:
• Buy Back of Securities
The Company has not bought back any of its securities during the year under review.
• Sweat Equity
The Company has not issued any Sweat Equity Shares during the year under review.
• Bonus Shares
No Bonus Shares were issued during the year under review.
• Employees Stock Option Plan
• Acknowledgements:
Your Directors would like to express their appreciation for the assistance and cooperation received from the Promoters, Bankers, customers, Government authorities, vendors during the year. Your Directors also wish to place on record their deep sense of appreciation for the committed services by the Company’s executives, employees etc.
For and on behalf of the Board of Directors
P.R. Ramakrishnan Karan Virwani
Date: 30/09/2022 Director Director
Place: Bangalore DIN: 00055416 DIN: 03071954
Annexure II to Boards’ Report
FORM MGT-9
EXTRACT OF ANNUAL RETURN
For the financial year ended on 31.03.2022
Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company (Management & Administration) Rules, 2014
• REGISTRATION & OTHER DETAILS
• |
CIN |
U74999KA2016PTC093227 |
• |
Registration Date |
13th May, 2016 |
• |
Name of the Company |
Wework India Management Private Limited |
• |
Category/Sub-category of the Company |
Private Company Limited by Shares |
• |
Address of the Registered office & contact details |
6th Floor, Prestige Central, 36, Infantry Road, Shivaji Nagar banaglore 560001
Ph: +91 80 4179 9999 |
• |
Whether listed Company |
No |
• |
Name, Address & contact details of the Registrar & Transfer Agent, if any. |
Link Intime India Private Limited
|
• PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
Sl. No. |
Name and Description of main products / services |
NIC Code of the Product/service
|
% to total turnover of the Company |
1. |
Co- Working Space |
L-68100 |
100% |
• PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES
Sl. No |
Name and Address of the Company |
CIN/GLN |
Holding/ Subsidiary/ Associate |
% of Shares Held by The Holding Company |
Applicable Section |
• |
Embassy Buildcon LLP
Ist Floor, Embassy Point, 150 Infantry Road, Bengaluru 560001
|
AAG-2031 |
Holding |
71.22% |
- |
• SHARE HOLDING PATTERN
(Equity Share Capital Breakup as percentage of Total Equity)
• Category-wise Share Holding:
Category of Share-holders |
No. of Shares held at the beginning of the year [As on 01-April-2021] | | | |
No. of Shares held at the end of the year [As on 31-March-2022] | | | |
% Change
during
the year |
|
Demat |
Physical |
Total |
% of Total Shares |
Demat |
Physical |
Total |
% of Total Shares |
A. Promoters |
|
|
|
|
|
|
|
|
|
(1) Indian |
|
|
|
|
|
|
|
|
|
a) Individual/ HUF |
- |
- |
- |
- |
- |
- |
- |
- |
- |
b) Central Govt. |
- |
- |
- |
- |
- |
- |
- |
- |
- |
c) State Govt. (s) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
d) Bodies Corp. |
20,01,000 |
9000 |
20,10,000 |
100 |
3,90, 24,000 |
9000 |
3,90,33,000 |
71.22 |
28.88 |
e) Banks / FI |
- |
- |
- |
- |
- |
- |
- |
- |
- |
f) Any other |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Sub Total A-1 |
20,01,000 |
9000 |
20,10,000 |
100 |
3,90, 24,000 |
9000 |
3,90,33,000 |
71.22 |
28.88 |
- |
- |
- |
(2) Foreign |
|
|
|
|
|
|
|
|
|
a) NRI’s -Individual |
- |
- |
- |
- |
- |
- |
- |
- |
- |
b) Other-
Individuals |
- |
- |
- |
- |
- |
- |
- |
- |
- |
c) Bodies Corp. |
- |
- |
- |
|
|
1,57,72,510 |
1,57,72,510 |
|
100 |
d) Banks / FI |
- |
- |
- |
- |
- |
- |
- |
- |
- |
-e) Any other |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Sub Total A-2 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Total shareholding of Promoter (A)=(A)(1)+(A)(2) |
20,01,000 |
9000 |
20,10,000 |
100 |
3,90, 24,000 |
1,57,81,510
|
5,48,05,510 |
100 |
- |
|
|
|
|
|
|
|
|
|
|
B. Public Shareholding |
|
|
|
|
|
|
|
|
|
1. Institutions |
- |
- |
- |
- |
- |
- |
- |
- |
- |
a) Mutual Funds |
- |
- |
- |
- |
- |
- |
- |
- |
- |
b) Banks / FI |
- |
- |
- |
- |
- |
- |
- |
- |
- |
c) Central Govt |
- |
- |
- |
- |
- |
- |
- |
- |
- |
d) State Govt(s) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
e) Venture Capital Funds |
- |
- |
- |
- |
- |
- |
- |
- |
- |
f) Insurance Companies |
- |
- |
- |
- |
- |
- |
- |
- |
- |
g) FIIs |
- |
- |
- |
- |
- |
- |
- |
- |
- |
h) Foreign Venture Capital Funds |
- |
- |
- |
- |
- |
- |
- |
- |
- |
i) Others (specify) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
Sub-total (B)(1):- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
2. Non-Institutions
|
|
|
|
|
|
|
|
|
|
a) Bodies Corp. |
- |
- |
- |
- |
- |
- |
- |
- |
- |
i) Indian |
- |
- |
- |
- |
- |
- |
- |
- |
- |
ii) Overseas |
- |
- |
- |
- |
- |
- |
- |
- |
- |
b) Individuals |
- |
- |
- |
- |
- |
- |
- |
- |
- |
i) Individual shareholders holding nominal share capital upto Rs. 1 lakh |
- |
- |
- |
- |
- |
- |
- |
- |
- |
ii) Individual shareholders holding nominal share capital in excess of Rs 1 lakh |
- |
- |
- |
- |
- |
- |
- |
- |
- |
c) Others (specify) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Sub-total (B)(2):- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Total Public Shareholding (B)=(B)(1)+ (B)(2) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
C. Shares held by Custodian for GDRs & ADRs
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
Grand Total (A+B+C) |
20,01,000 |
9000 |
20,10,000 |
100 |
3,90, 24,000 |
1,57,81,510
|
5,48,05,510 |
100 |
- |
Shareholding of Promoters:
SN |
Shareholder’s Name |
Shareholding at the beginning of the year | | |
Shareholding at the end of the year | | |
% change in shareholding during the year |
|
|
No. of Shares |
% of total Shares of the Company |
%of Shares Pledged / encumbered to total shares |
No. of Shares |
% of total Shares of the Company |
% of Shares Pledged / encumbered to total shares |
1. |
Embassy Buildcon LLP |
20,09,999 |
100 |
- |
39,033,000 |
71.22 |
26 |
28.88 |
2. |
Karan Virwani |
01 |
0 |
- |
01 |
0 |
- |
- |
|
TOTAL |
20,10,000 |
100.00 |
- |
20,10,000 |
100.00 |
- |
|
• Change in Promoters’ Shareholding (please specify, if there is no change):
SN |
Particulars |
Shareholding at the beginning of the year | |
Cumulative Shareholding during the year | |
No. Of shares |
% of total
shares of the
Company |
No. Of shares |
% of total
shares of the
Company |
1 |
At the beginning of the year |
2010000 |
100% |
39,033,000 |
71.22 |
2 |
Changes during the year (date wise) |
- |
- |
- |
- |
3 |
At the end of the year |
2010000 |
100% |
39,033,000 |
71.22 |
• Shareholding Pattern of top ten Shareholders:
(Other than Directors, Promoters and Holders of GDRs and ADRs):
SN |
For Each of the Top 10
Shareholders
|
Shareholding at the beginning
of the year | |
Cumulative Shareholding at the
End of the Year | |
No. of shares |
% of total
shares of the
Company |
No. of shares |
% of total
shares of the
Company |
|
NIL |
- |
- |
- |
- |
• Shareholding of Directors and Key Managerial Personnel:
SN |
Shareholding of each Directors and each Key Managerial Personnel |
Shareholding at the beginning of the year | |
Cumulative Shareholding during the Year | |
No. of shares |
% of total
shares of the
Company |
No. of shares |
% of total
shares of the
Company |
|
At the beginning of the year |
|
|
|
|
|
Date wise Increase / Decrease in Shareholding during the year specifying the reasons for increase /decrease (e.g. allotment / transfer / bonus/ sweat equity etc.): |
|
|
|
|
|
At the end of the year |
|
|
|
|
• REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:
• Remuneration to Managing Director, Whole-time Directors and/or Manager:
Sl. No. |
Particulars of Remuneration |
Name of MD/WTD/ Manager
Karan Virwani- Executive Director |
Total
Amount |
1 |
Gross salary |
|
|
|
(a) Salary as per provisions contained in section 17(1) of the Income-tax Act,
1961 |
- |
- |
|
(b) Value of perquisites u/s
17(2) Income-tax Act,1961 |
- |
- |
|
(c) Profits in lieu of salary under section 17(3) Income- tax Act, 1961 |
- |
- |
2 |
Stock Option |
- |
- |
3 |
Sweat Equity |
- |
- |
4 |
Commission
- as % of profit
- others, specify… |
- |
- |
5 |
Others, please specify |
|
|
6 |
Total (A) |
|
|
7 |
Ceiling as per the Act |
Being a private company Ceiling as per the Act is not applicable | |
• PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:
Type |
Section of the Companies Act |
Brief
Description |
Details of Penalty / Punishment/ Compounding fees imposed |
Authority
[RD / NCLT/ COURT] |
Appeal made,
if any (give Details) |
A. COMPANY | | | | | |
Penalty |
NIL | | | | |
Punishment |
Compounding |
B. DIRECTORS | | | | | |
Penalty |
NIL | | | | |
Punishment |
Compounding |
C. OTHER OFFICERS IN DEFAULT | | | | | |
Penalty |
NIL | | | | |
Punishment |
Compounding |
for and on behalf of the Board of Directors of | |
Wework India Management Private Limited | |
|
|
|
|
P.R. Ramakrishnan |
Karan Virwani |
Director |
Director |
DIN: 00055416 |
DIN: 03071954 |
Place: Bangalore |
Place: Bangalore |
Date: 30/09/2022 |
Date: 30/09/2022 |
Description of state of companies affairReview of Business Operations and Future Prospects/ State of Company’s Affairs of the Company: During the Year under Review, WeWork grew from strength to strength stabilising its portfolio and steadily increasing its revenue. From an occupancy of 52% and revenue of INR 53.63 Cr in April 2021, WeWork moved on to end the year with 74% occupancy and an INR 85.9 Cr in March 2022. The company added 3 locations - one each in Noida, Mumbai & Bangalore - totaling to a combined capacity of over 2,500 desks. Of this capacity addition, two locations were opened completely demand-backed (100% occupied by a single client from Day 1). This was also the year when the company moved to EBITDA profitability at a monthly level Details regarding energy conservationReport on Conservation of energy, technology absorption and Foreign exchange etc. as required under Rule 8 of the Companies (Accounts) Rules, 2014: The details of conservation of energy, technology absorption, foreign exchange earnings and outgo are as follows; A. CONSERVATION OF ENERGY SL.NO PARTICULARS REMARKS 1 the steps taken or impact on conservation of energy The Company is conscious towards conservation of energy and adequate measures have been taken to conserve energy. 2 the steps taken by the company for utilizing alternate sources of energy 3 the capital investment on energy conservation equipments; Nil B. TECHNOLOGY ABSORPTION SL.NO PARTICULARS REMARKS 1 The efforts made towards technology absorption The Company is conscious towards technology absorption and adequate measures have been taken for the same. 2 The benefits derived like product improvement, cost reduction, product development or import substitution; Cost Reduction, Performance Improvement 3 In case of imported technology (imported during the last three years reckoned from the beginning of the financial year (a) The details of technology imported; (b) The year of import; (c)Whether the technology been fully absorbed (d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof; and The Company has not imported any technology during the year 4 The expenditure incurred on Research and Development Nil C. C. FOREIGN EXCHANGE EARNINGS AND OUTGO SL.NO PARTICULARS REMARKS 1 The Foreign Exchange earned in terms of actual inflows during the year Nil 2 The Foreign Exchange outgo during the year in terms of actual outflows Rs. 1,102,366,281 Details regarding technology absorptionReport on Conservation of energy, technology absorption and Foreign exchange etc. as required under Rule 8 of the Companies (Accounts) Rules, 2014: The details of conservation of energy, technology absorption, foreign exchange earnings and outgo are as follows; A. CONSERVATION OF ENERGY SL.NO PARTICULARS REMARKS 1 the steps taken or impact on conservation of energy The Company is conscious towards conservation of energy and adequate measures have been taken to conserve energy. 2 the steps taken by the company for utilizing alternate sources of energy 3 the capital investment on energy conservation equipments; Nil B. TECHNOLOGY ABSORPTION SL.NO PARTICULARS REMARKS 1 The efforts made towards technology absorption The Company is conscious towards technology absorption and adequate measures have been taken for the same. 2 The benefits derived like product improvement, cost reduction, product development or import substitution; Cost Reduction, Performance Improvement 3 In case of imported technology (imported during the last three years reckoned from the beginning of the financial year (a) The details of technology imported; (b) The year of import; (c)Whether the technology been fully absorbed (d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof; and The Company has not imported any technology during the year 4 The expenditure incurred on Research and Development Nil C. C. FOREIGN EXCHANGE EARNINGS AND OUTGO SL.NO PARTICULARS REMARKS 1 The Foreign Exchange earned in terms of actual inflows during the year Nil 2 The Foreign Exchange outgo during the year in terms of actual outflows Rs. 1,102,366,281 Details regarding foreign exchange earnings and outgoReport on Conservation of energy, technology absorption and Foreign exchange etc. as required under Rule 8 of the Companies (Accounts) Rules, 2014: The details of conservation of energy, technology absorption, foreign exchange earnings and outgo are as follows; A. CONSERVATION OF ENERGY SL.NO PARTICULARS REMARKS 1 the steps taken or impact on conservation of energy The Company is conscious towards conservation of energy and adequate measures have been taken to conserve energy. 2 the steps taken by the company for utilizing alternate sources of energy 3 the capital investment on energy conservation equipments; Nil B. TECHNOLOGY ABSORPTION SL.NO PARTICULARS REMARKS 1 The efforts made towards technology absorption The Company is conscious towards technology absorption and adequate measures have been taken for the same. 2 The benefits derived like product improvement, cost reduction, product development or import substitution; Cost Reduction, Performance Improvement 3 In case of imported technology (imported during the last three years reckoned from the beginning of the financial year (a) The details of technology imported; (b) The year of import; (c)Whether the technology been fully absorbed (d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof; and The Company has not imported any technology during the year 4 The expenditure incurred on Research and Development Nil C. C. FOREIGN EXCHANGE EARNINGS AND OUTGO SL.NO PARTICULARS REMARKS 1 The Foreign Exchange earned in terms of actual inflows during the year Nil 2 The Foreign Exchange outgo during the year in terms of actual outflows Rs. 1,102,366,281 Disclosures in director’s responsibility statementDirectors’ Responsibility Statement: Pursuant to Section 134(5) of the Companies Act, 2013, with respect to Directors' Responsibility Statement, the Board states that: In the preparation of the annual accounts, the applicable accounting standards had been followed and there is no material departures. The directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at 31/03/2022 and of the profit and loss for the year ended on that date. The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; The directors had prepared the annual accounts on a going concern basis; and The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively. |