The Members
 
 The Directors have pleasure in presenting the Fiftieth Annual Report
 with the Audited Accounts and Auditors'' Report for the year ended 31st
 March, 2011.
 
 FINANCIAL PERFORMANCE
 
                                              Year ended 31st March
 
                                              2011             2010 
                                                   (Rs. in lacs)
 
 Profit before tax                         1896.65          1656.39
 
 Current tax – - Income tax               (640.00)         (560.00)
 
               - Wealth tax                 (2.40)           (2.00)
 
 Tax adjustments for earlier years           12.09             6.74
 
 Deferred tax                                24.02          (26.78)
 
 Profit after tax                          1290.36          1074.35
 
 Balance profit / (loss) brought
 forward from previous year                2262.46          1547.42
 
 Available for appropriation               3552.82          2621.77
 
 Appropriation
 
 Transfer to general reserve                129.03           107.44
 
 Proposed dividend                          540.00           216.00
 
 Tax on dividend                             87.60            35.87
 
 Balance profit carried
 to balance sheet                          2796.19          2262.46
 
                                           3552.82          2621.77
 
 Your Company recorded a turnover of Rs. 7,235.05 lacs as compared to
 Rs. 6,174.09 lacs in the previous year, an increase of 17.18 % over the
 previous year. The profit for the year after tax amounted to Rs.
 1,290.36 lacs as against Rs. 1,074.35 lacs recorded in the previous
 year.
 
 EXPANSION INITIATIVES
 
 The construction of a modern convention centre at Jaipur i.e. Clarks
 Brij Convention Centre is expected to be completed by October, 2011.
 
 DIVIDEND
 
 As part of the Golden Jubilee Celebrations of the company, your
 Directors are pleased to recommend a dividend of Rs. 10/- per equity
 share i.e. 100 % for the financial year ended 31st March, 2011. This
 dividend is subject to the approval of the members at the forthcoming
 Annual General Meeting.
 
 RESERVES
 
 Your Directors have transferred a sum of Rs. 129.03 lacs to General
 Reserve, pursuant to the Provisions of the Companies (Transfer of
 Profits to Reserves) Rules, 1975.
 
 DIRECTORS
 
 In accordance with the Companies Act, 1956 and the Company''s Articles
 of Association, S/Shri Sanjiv Swarup, Pramod B Agarwala, Arvind Kumar &
 Sushil Kumar retire by rotation and being eligible offer themselves for
 reappointment.
 
 The profile of the directors seeking reappointment at this Annual
 General Meeting is given in the Report on Corporate Governance.
 
 AWARDS
 
 “Rajasthan Energy Conservation Award (RECA 2010)” was awarded to Hotel
 Clarks Amer, Jaipur by the Department of Energy, Government of
 Rajasthan.
 
 PATWA International Award for “Best Hotelier” was presented during the
 year to Shri Apurv Kumar, Joint Managing Director.
 
 Hotel Clarks Amer was recognized with “Privilege Card” by Department of
 Commercial Taxes, Government of Rajasthan for 100% compliance with all
 statutory requirements and for being the best tax payer in the state
 for the second consecutive year.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under Section 217(2AA) of the Companies
 Act, 1956, with respect to Directors'' Responsibility Statement, it is
 hereby confirmed:
 
 i) That in the preparation of the accounts for the financial year ended
 31st March, 2011, the applicable accounting standards have been
 followed along with proper explanation relating to material departures;
 
 ii) That the Directors have selected sound accounting policies and
 applied them consistently and made adjustments and estimates that were
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the Company at the end of the financial year and of the
 profit of the company for the year under review;
 
 iii) That the Directors have taken proper and sufficient care 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.
 
 iv) That the Directors have prepared the accounts for the financial
 year ended 31st March, 2011 on a ‘going concern'' basis.
 
 ENERGY CONSERVATION
 
 Your Company monitors the systems and methods devised in the context of
 energy conservation on an ongoing basis.
 
 TECHNOLOGY ABSORPTION
 
 The Company has evolved systems and methods for hotel services which
 are reviewed to meet emerging needs on an ongoing basis for cost
 effectiveness.
 
 FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 During the year, your Company''s Foreign Exchange Earnings were Rs.
 2,924.35 lacs and the outgo was Rs. 178.42 lacs.
 
 PARTICULARS OF EMPLOYEES AND DISCLOSURE OF INFORMATION
 
 Information as required under Section 217(2A) of the Act, read with the
 Companies (Particulars of Employees) Rules, 1975, as amended, is given
 in an Annexure forming part of this report.
 
 AUDITORS
 
 The Auditors of the Company, Messrs. Ray & Ray, Chartered Accountants
 (Firm Registration No. 301072E), retire at the ensuing Annual General
 Meeting of the Company and have given their consent for reappointment.
 The Company has also received a certificate from them under Section
 224(1-B) of the Companies Act, 1956.
 
 OTHER INFORMATION
 
 The Audit Committee of the Company reviewed the financial statements
 for the year under review at its meeting held on 30th May, 2011 and
 recommended the same for the approval of the Board of Directors.
 
 As per the Listing Agreement with the Stock Exchange, the Management
 Discussion & Analysis Report, Report on Corporate Governance and
 Auditors'' certificate regarding compliance of all conditions of
 Corporate Governance form a part of this report.
 
 ACKNOWLEDGEMENT
 
 Your Directors wish to place on record their appreciation of the
 contribution made by the entire team of officers and staff to the
 growth and prosperity of the Company and to the shareholders for their
 valuable co-operation, suggestions and guidance. Your Directors also
 wish to place on record their appreciation for the continuous support
 from the banks, Department of Tourism and other Government Agencies.
 
                                               On Behalf of the Board
 
                                                        Sd/- 
 
                                                 Birendra Kumar 
                                           Chairman & Managing Director
 
 New Delhi 
 30th May, 2011