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Funworld And Tour Dev. Directors Report, Funworld Tour Reports by Directors

Funworld And Tour Dev.

BSE: 531854|ISIN: INE288H01018|SECTOR: Miscellaneous
Funworld And Tour Dev. is not listed on BSE
Funworld And Tour Dev. is not listed on NSE
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Directors Report Year End : Mar '14    Mar 13
Dear Members,
 The Directors are pleased to present the Annual Report and the Audited
 Accounts for the financial year ended March 31, 2014.
                                                          [Rs. In lacs]
 Particulars                                       2013-14    2012-2013
 Gross income                                       255.08       250.29
 Depreciation                                        46.44        46.98
 Profit/Loss after Depreciation                       2.70         4.66
 Tax-Current                                          0.57         0.91
 Deferred                                           (5.56)       (4.97)
 Profit/Loss After Tax                                7.70         8.72
 Net Revenue from Operations for the year ended March 31, 2014 was at
 Rs. 255.08 Lacs representing a increase of 1.91% per cent over the
 previous year.
 Profit before tax for the year was at Rs. 2.70 Lacs representing a
 decline of 41.97% per cent over the previous year.
 The Board does not recommend any dividend for the financial year
 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. 85.44 Lacs has retained in the profit and loss account.
 The Company''s share continues to remain listed with the Bombay Stock
 The Company is committed to good corporate governance in line with the
 Listing Agreement. The Company is in compliance with the provisions on
 corporate governance specified in the Listing Agreement with the Bombay
 Stock Exchange Limited.
 A certificate of compliance from M/s Pinakin Shah & Co., Ahmedabad, a
 practicing Company Secretary and the report on Corporate Governance
 form part of this Directors'' Report.
 Shri H. S. Jadeja [DIN 00183473] retire at 27ththe Annual General
 Meeting and have offered themselves for re-appointment.
 It is also proposed to appoint Shri Pravinsinh Jhala (DIN 00183361),
 Shri Virendra Jaychand Turakhia (DIN 00183302), as Independent
 Directors of the Company for a term up to 5 years, at the forthcoming
 Annual General Meeting.
 Necessary Resolutions for the appointment of the aforesaid Directors
 have been included in the Notice convening the ensuing Annual General
 Meeting and details of the proposal for appointment are mentioned in
 the explanatory statement to the Notice.
 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.
 The Industrial Relations scenario continued to be cordial. The Company
 regards its employees as a great asset and accords high priority to
 training and development of employees.
 Information as required under Section 217(2A) of the Companies Act,
 1956, read with the Companies (Particulars of Employees) Amend- ment
 Rules, 2011 is nil.
 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.
 Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
 confirm that:
 (a) In the preparation of the annual accounts, the applicable
 accounting standards have been followed;
 (b) Appropriate accounting policies have been selected and applied
 consistently and have made judgements and estimates that are reason-
 able and prudent, so as to give a true and fair view of the state of
 affairs of the Company as at March 31, 2014 and of the profit of the
 Company for the year ended March 31, 2014;
 (c) Proper and sufficient care has been taken for the maintenance of
 adequate accounting records in accordance with the provisions of the
 Companies Act, 1956 for safeguarding the assets of the Company and for
 preventing and detecting fraud and other irregularities;
 (d) The annual accounts have been prepared on a going concern basis.
 A Cash Flow statement for the year ended 31st March, 2014 is attached
 to the Balance Sheet.
 M/s Jeevan Jagetiya & Co., Chartered Accountants, Ahmedabad,
 [Membership No: 046553] were appointed as the statutory auditors of the
 Company for financial year 2013-14 at the Annual General Meeting (AGM)
 of the Company held on 30/09/2014. M/s Jeevan Jagetiya & Co., Chartered
 Accountants, Ahmedabad [Membership No. 046553] have been the Auditors
 of the Company since 05/07/2010 and have completed a term of 3 years.
 As per the provisions of section 139 of the Act, no listed company can
 appoint or re-appoint an audit firm as auditor for more than two terms
 of five consecutive years and has also provided a period of three years
 from the date of commencement of the Act to comply with this
 In view of the above, M/s Jeevan Jagetiya & Co., Chartered Accountants,
 Ahmedabad[Membership No: 046553], being eligible for re-appointment,
 offer themselves for re-appointment and based on the recommendation of
 the Audit Committee, the Board of Directors proposes their
 reappointment as the statutory auditors of the Company. However they
 will eligible for reappointment for a maximum period of four years to
 hold office from the conclusion of this Annual General Meeting.
 The Company does not have any unclaimed or overdue deposits as of date.
 The Company''s assets are adequately insured against major risks.
 Management Discussion and Analysis has been reviewed by the Audit
 Committee and the same forms a part of the Annual Report.
 The Board appreciates and places on record the contribution made by
 employees to the sustained satisfactory business performance during the
 period under review. The Board also places on record their appreciation
 of the support of all stakeholders particularly sharehold- ers,
 customers, suppliers, all of whom have contributed to the Company''s
 Industry structure and development
 Euromonitor estimates the annual revenue from India''s amusement park
 business currently at about Rs. 2,000 crore, and projects a com- pound
 annual growth rate (CAGR) of four per cent to touch Rs. 2,600 crore by
 2018. Volume growth, or the number of people visiting such parks,
 estimated by another global market research firm Mintel has been much
 higher. Mintel says the market grew 30.7 per cent by volume in 2012 and
 will keep expanding at a CAGR of 18.9 per cent till 2017 when there
 will be 129.1 million visitors.
 Being an integral part of the leisure industry, the amusement park
 industry contributes almost 40 per cent of the total turnover of the
 entire leisure industry.
 There is a huge untapped potential in this segment for Indian market.
 There are handfuls of amusements parks in the country and seeing the
 success of such properties, industry analysts have revealed that in the
 coming years there would be around 200 more amusement parks coming up.
 By 2020, the industry will grow by almost 100 per cent. The associated
 and participatory entertainment in the amusement industry is one of the
 major reasons behind the rapid growth of amusement parks. Hence, the
 industry has a bright future in the coming years.
 Opportunities, Outlook
 As the lifestyle and spending behaviour has changed with time
 drastically, today youngsters and families prefer to spend quality time
 where one can have fun, shop, eat and relax under one roof. On an
 average, a person visits five-six times in a month depending upon the
 facilities and entertainment options available in the park. The
 amusement industry has huge potential and we have seen only increase in
 the footfalls over last couple of years which indicates that more
 number of people are looking for wholesome family entertainment
 destinations and amusement parks provide that opportunity where a
 family can spend quality time together.
 Threat, Risks and Concerns
 Amusement parks seek uniform entertainment tax. The Indian Association
 of Amusement Parks and Industries, apex body of the amuse- ment parks,
 has sought uniformity in the entertainment tax being imposed by
 different states. The Association rues that the exorbitantly charged
 entertainment tax by some states is a major impediment in the growth of
 the industry in these regions. West Bengal, Punjab and Gujarat charge
 entertainment tax at 20%, 40% and 25% respectively, whereas the
 entertainment tax rate hovers around 5-15% in majority of the states.
 Financial Performance
 Net Revenue from Operations for the year ended March 31, 2014 was at
 Rs255.08 Lacs representing an increase of 1.91% per cent over the
 previous year.
 Profit before tax for the year was at Rs. 2.70 Lacs representing a
 decline of 41.97% per cent over the previous year.
 Internal Control Systems & their Adequacy
 The Company maintains appropriate systems of internal control,
 including monitoring procedures, to ensure that all assets are
 safeguarded against loss from unauthorized use or disposition. Company
 policies, guidelines and procedures provide for adequate checks and
 balances and are meant to ensure that all transactions are authorised,
 recorded and reported correctly.
 The internal audit department together with a firm of Chartered
 Accountants reviews the effectiveness and efficiency of these systems
 and procedures to ensure that all assets are protected against loss and
 that the financial and operational information is accurate and complete
 in all respects. The Audit Committee approves and reviews audit plans
 for the year based on internal risk assessment. Audits are conducted on
 an ongoing basis and significant deviations are brought to the notice
 of the Audit Committee of the Board following which corrective action
 is recommended for implementation. All these measures facilitate timely
 detection of any irregularities and early remedial steps with no
 monetary loss.
 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.
 Place: Ahmedabad                        For and on behalf of the Board
 Date: 31/07/2014                                           H.S. Jadeja
 Regd. Office:                                      Whole time Director
 Opp. Bahumali Building,
 Race Course ring road, Rajkot -  360002
Source : Dion Global Solutions Limited
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