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.
[Rs. In lacs]
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
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.
The Board does not recommended any dividend for current year - TRANSFER
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
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.
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
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 &
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.
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
- 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
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.
The Company has not accepted any deposits from the public.
The Company''s assets are adequately insured against major risks.
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