TGB Banquets And Hotels Ltd - Stock Valuation and Financial Performance

The Company Bhagwati Banquets and Hotels Ltd was initially incorporated as Pvt Ltd Company on 1st November, 1999 and its name was Bhagwati Banquets Pvt Ltd. The Company was subsequently converted into public Limited Company and its name was changed to Bhagwati Banquets And Hotels Ltd (BBHL) on 13th April 2000. BBHL has been incorporated with the main object to carry on the business of banquet halls, marriage halls, party halls and plots, hotels, restaurants, catering and cafe, taveran, refreshment room, entertainments, amusements, club, bath, grounds and places of recreation, sports, picnic places and hotel related services. W.e.f 17th October 2005 its registered office was shifted from “73, white House, Panchvati, Ellisbridge, C.G Road, Ahmedabad-380006” to “Plot No 380, S.G. Highway, Bodakdev, Ahmedabad-380054”.

The Grand Bhagwati was created to provide convenient, smart & value for money services, when it was felt there is a need for hassle free one-stop shop for all banqueting needs. There was a dearth of a well-equipped hotel, so 'The Grand Bhagwati' took shape and all the dining areas are column-less making it more spacious, practical & convenient for large gatherings.

At present it operates and manages one Hotel under the name “The Grand Bhagwati” and a chain of Restaurants at various locations in Ahmedabad.

It has one 100% subsidiary named Lov Kush Properties Pvt Ltd, four group Companies namely TGB Foods Pvt Ltd, Bhagwati Caterers Pvt Ltd, Bhagwati Eateries Pvt Ltd and Rising Hotel Ltd (Formerly known as Akash Hotel Ltd)

Having garnered a vast experience in catering to the food & beverage needs of local clients over a period of 10 years 'The Grand Bhagwati' has become a name to reckon, in providing valuable services without compromising on set standards.

The group’s first venture was a genuine “Delhi chat” outlet at Ahmedabad in 1990. The TGB Group diversified into outdoor catering in the mid nineties and met with instant success on account of their mouth watering preparations in Punjabi and Chinese cuisine which became popular with the non-Gujarati clientele of Surat and Ahmedabad. With a view to cope up with the increased business which involved organizing catering at 5 to 6 locations simultaneously both at Ahmedabad and other towns like Baroda, Surat, Bhavnagar, Rajkot etc. and streamlining the operations, Bhagwati established a centralized kitchen (food factory) in 1998 at Changodar, about 15 kms from Ahmedabad city. This revolutionary concept was brought under the banner of Bhagwati Caterers Pvt Ltd which was incorporated on 03/10/1997.

The outdoor catering success led to a pioneering venture in indoor catering. The TGB group opened a hotel at Ahmedabad namely “The Grand Bhagwati”, a three star deluxe hotel located at the Sarkhej Gandhinagar Highway which started its operations from June 2002. While there are 37 rooms, a restaurant and a coffee shop, its core competency and facility is banqueting. It possesses three banquet halls which can hold 5400 persons on two shift basis, all in air-conditioned comfort. It has a large lounge and a captive, easy parking facility to match the size of its banquet facility.                                          

Milestone

• 1999 - The company was incorporated under the name “Bhagwati Banquets (P) Ltd”
• 2000 - Company was converted from private to public limited company and name of the company was changed to “Bhagwati Banquets And Hotels Limited”.
• 2002 - The operations at unit “The Grand Bhagwati” commenced
• 2003 - ISO Certification from KPMG
• 2005 - i) Company took over the business M/s Bhagwati International, a partnership firm. Bhagwati International was engaged in the business of running restaurants and food court.
• ii) Company took over the entire business of M/s TGB Resorts Karnavati, a partnership firm. M/s. TGB Resorts Karnavati was engaged in the business of maintaining rooms & restaurants at Karnavati Club Ltd
• iii) Company has also took over the Assets and entire business of outdoor catering of Bhagwati Caterers Private Limited.
• 2005 - “The Grand Bhagwati’ was accredited with three star certification by HRACC Govt of India
• 2006 - Company purchased the 100% Equity Shares of M/s Lov Kush Properties Pvt. Ltd making it wholly owned subsidiary of the company
• 2007- Bhagwati Banquets and Hotels has decided to launch its catering services in Mumbai. Until now, the food and catering services was provided by the Ahmedabad and Surat offices. Because of the recent surge in business opportunities and inquiries for such exclusive and professional catering services, the company has taken such a step. The company has already started looking for premises to kickstart the operations

Achievements and Awards

• Emerging India Award-2006 as “THE MOST PROMISING SMALL ENTERPRISE OF THE YEAR” given by CNBC TV-18, ICICI Bank- powered by Crisil.
• National Award for Excellence in Hotel Management to its promoter Mr. Narendra G Somani on 24th April 2005 by UNO 2005.
• Certificate of honour by appreciating efforts towards excellence in building the future Ahmedabad and dedication in teaming up for THE GIHED MOTTO to the Hotel “The Grand Bhagwati” by Gujarat Institute of Housing and estate developers in 2005.
• Certificate of honour to Mr. Narendra Somani as “Young Entrepreneur” for his exemplary Services, Achievements and Contributions in the fields of Hospitality/ Catering.
• AMA-Zydus Cadila “The marketing man of the year award – 2006” to Mr. Narendra Somani – by Ahmedabad Management Association.
• 2003 - ISO Certification from KPMG2005 - 'The Grand Bhagwati' was accredited with three star certification by HRACC Govt of India