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Funworld And Tour Dev. Directors Report, Funworld Tour Reports by Directors
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Funworld And Tour Dev.
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Funworld And Tour Dev. is not traded in the last 30 days
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Download Annual Report PDF Format 2013
Directors Report Year End : Mar '13    « Mar 12
To The Members
 
 The Directors presents their Twenty-Fifth Annual Report together with
 the Audited Statement of Accounts of the Company for the year ended on
 31st March, 2013.
 
 FINANCIAL RESULTS
 
                                            [Rs. In lacs]
 
                                     2012-13      2011-12
 
 Gross income                         250.29       279.91
 
 Depreciation                          46.98        43.78
 
 Profit/Loss after Depreciation         4.66        10.93
 
 Tax-Current                            0.91         2.18
 
 Deferred                              (4.97)       (2.52)
 
 Profit / Loss After Tax                8.72        11.72
 
 OPERATIONS
 
 The Company has earned Rs 250.29 lacs as project income & Rs.0.33 lacs
 as other income. The profit of the Company is Rs. 8.72 lacs against
 profit of Rs. 11.72 lacs in the previous year.
 
 APPROPRIATIONS
 
 DIVIDEND
 
 The Board does not recommended any dividend for current year - TRANSFER
 TO RESERVES
 
 According to Companies (Transfer of Profits to Reserves) Rules, 1975,
 your Company is not mandatorily required to transfer certain minimum
 percentage of profits to general reserve and hence the Board has
 recommended a transfer of Rs. Nil to the general reserve and an amount
 of Rs. 8.72 lacs has retained in the profit and loss account.
 
 LISTING OF SHARES
 
 The Company''s share continues to remain listed with the Bombay Stock
 Exchange.
 
 CORPORATE GOVERNANCE
 
 Pursuant to clause 49 of the listing agreement, a report on corporate
 governance along with auditors'' certificate of its compliance is
 included as part of the annual report.
 
 DIRECTORS
 
 The clause 153 of Articles of Association of the Company provides that
 at least two-thirds of our Directors shall be subject to retirement by
 rotation. One third of these retiring Directors must retire from office
 at each Annual General Meeting of the shareholders. A retiring Director
 is eligible for re-election.
 
 Shri Arunkumar J. Muchhala and Shri Pravinsinh D Jhala, Directors will
 retire by rotation and being eligible, offer themselves for reappoint-
 ment. The details of their re-appointment together with nature of their
 expertise in specific functional areas and names of the Companies in
 which they hold office as Director and/or the Chairman/Membership of
 Committees of the Board, are provided in the notice of the 26th Annual
 General Meeting.
 
 STATUTORY DISCLOSURES
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 Particulars required to be furnished by the Companies (Disclosure of
 particulars in the Report on Board of Directors) Rules 1988:
 
 Part A and B pertaining to conservation of energy and technology
 absorption are not applicable to the Company. However the Company
 endeavored to conserve energy consumption wherever feasible.
 
 The Company has neither used nor earned any foreign exchange during the
 year under review
 
 PARTICULARS OF EMPLOYEES
 
 The information as required under Section 217(2A) of the Companies Act.
 1956 read with Companies (particulars of employees'' amend- ment) Rules,
 1988 as amended from time to time is nil.
 
 MANAGEMENT DISCUSSION AND ANALYSIS Industry structure and development
 
 INDIA TOURISM The Indian Travel tourism Amusement & Entertainment
 industry has emerged as one of the key sectors driving the country''s
 growth and is thriving to a huge surge in both business and leisure
 travel by foreign and domestic tourists.  According to the latest
 report by Deloitte Touche, the long term outlook for Indian tourism
 industry will remain positive. By taking into the consideration the
 observations of other noted agencies like the world travel and tourism
 council (WTTC), it states that Indian tourism Industry will generate $
 42.8 billion by 2017.
 
 Opportunities, Threat, Outlook, Risks and Concerns
 
 The Company sees positive impact in business because of rising income
 of people. But at the same time the industry also suffers shortage of
 skilled manpower. The shortage of blue collar employees poses various
 threats. Retention of the workforce through training and develop- ment
 is a problem. There is also need to improve roadways, transportation,
 ensure clean and hygienic environment and ensure safety and security
 conditions and give parks a modern look.  Internal Control Systems &
 their Adequacy
 
 The company has proper & adequate system of their internal controls
 proportionate to its size and business. The internal control systems of
 the company are designed to ensure that the financial and other records
 are reliable for preparing financial statements and other data.
 
 Cautionary Statement
 
 The Management Discussion & Analysis Report may contain certain
 statement that might be considered forward looking within the meaning
 of applicable securities, laws and regulations. These statements are
 subject to certain risks and uncertainties. Actual results may differ
 materially from those expressed in the statements as important factors
 could influence the Company''s operations such as Government policies,
 tax laws, political and economic development.  CODE OF CONDUCT
 
 The code of conduct for all Board members and senior management of the
 Company has been laid down and is being complied in words and spirit.
 The declaration on compliance of code of conduct signed by CEO of the
 Company is included as a part of this annual report.
 
 DIRECTOR''S RESPONSIBILITY STATEMENT
 
 Pursuant to sub-Section (2AA) of Section 217 of Companies Act'' 1956 the
 Board of Directors of the Company hereby State and confirm that:
 
 -  in preparation of Annual Accounts, the applicable accounting
 standards had been followed along with proper explanation relating to
 material departures;
 
 -  the Directors had selected such accounting policies and applied them
 consistently 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 end of the financial
 year and of the profit or loss of the company for that period;
 
 -  the Directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provi- sions 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;
 
 CASH FLOW
 
 A Cash Flow statement for the year ended March 31, 2013 is attached to
 the Balance Sheet.
 
 AUDITORS AND AUDITORS'' REPORT
 
 The retiring Auditor M/s Jeevan Jagetiya & Cc, Chartered Accountants,
 Ahmedabad, has indicated their willingness to continue as auditor of
 the Company. It is proposed to reappoint M/s Jeevan Jagetiya & Co.,
 Chartered Accountants, Ahmedabad, as auditors of the Company till the
 conclusion of Twenty Seventh Annual General Meeting. The Company has
 received certificate from auditor to the effect that the reappointment
 if made, would be within prescribed limit under Section 224 (1-B) of
 the Companies Act, 1956.
 
 FIXED DEPOSITS
 
 The Company has not accepted any deposits from the public.
 
 INSURANCE
 
 The Company''s assets are adequately insured against major risks.
 
 ACKNOWLEDGEMENTS
 
 The Board expresses their appreciation for continued co-operation and
 support extended to the Company by bankers, employees & share- holders.
 
 Date : 25/07/2013         FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
 
 Regd. Office :            FUNWORLD
 
 Opp. Bahumali Building,   Chairman
 
 Race Course ring road,    P. D. Jhala
 
 Rajkot, 360002.
Source : Dion Global Solutions Limited
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