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Mahasagar Travels Ltd.

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Jan 08, 16:00
3.00 -0.10 (-3.23%)
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Mahasagar Travels is not listed on NSE

Annual Report

For Year :
2014 2013 2012 2011 2008 2007 2006

Director’s Report

Dear Members, The Director have great pleasure in presenting the 21st Annual Report together with their Audited Statement of Accounts of the Company for the year ended 31st March, 2014. Financial Highlights: (Rs.) As at 31.03.2014 As at 31.03.13 Total income 435929743.97 401876476.42 Profit or (Loss) before tax 6707773.96 8640856.65 Profit/(Loss) after Tax 5207773.96 8640856.65 DIVIDEND: The Board of Directors of the Company has shown their inability to recommend payment of Dividend due to inadequate profits. BUSINESS PERFORMANCE AND OPERATION: Since the Company is engaged in providing service to the tourist of the state and thereby in the engagement of the service sector industry since the core business of the Company is to provide service, the quality, facilities and safety are the prime concern of the management. During the last financial year your Company has made sufficient effort to provide better quality services through increase in the fleet capacity of the luxurious class. Majority of the fleet have air conditioning facility apart from comfortable internal environment. Keeping in mind the Pollution Free Quality Concept, the Company has been gradually replacing in a phased manner the environment friendly Luxurious Buses in place of old buses, which would help in protecting the pollution free environment, thereby putting major stress by management on the concept of taking pollution free environmental steps as per the Pollution Free Environment Policy of the Government and the new fleets of buses will also increase the tourist business and further facilitate the tourist the latest available facilities which will increase the overall business and profitability of the Company in the coming years. However the management has taken care of the fluctuation in petroleum products by creating retail outlet. During the current year the company has earned revenue from Travels Division of Rs. 2391.06 lacs, last year it was Rs. 2365.49 lacs and Revenue earned during the current year from petroleum''s division is of Rs. 1965.40 lacs , last year it was Rs. 1637.39 lacs INSURANCE: All the assets of the Company have been adequately insured. FIXED DEPOSITS: The Company has not accepted/ renewed any fixed deposits during the year under review. DIRECTORS: Pursuant to Section 152 of the Companies Act, 2013 Shri Ravi S. Karia, Amit G.Pande Directors of the Company are due to retire at the ensuing Annual General Meeting of the Company and is eligible for re-appointment. Your directors recommend for their appointment. To comply with the requirement of independent directors as per the Companies Act, 2013 appointment of directors were made as independent directors for five years. Board recommend to approve and confirm the remuneration to Managing Director and Jt. Managing Director. LISTING At present your Company''s securities are listed on the Bombay Stock Exchange Limited., Company had passed necessary resolution for Voluntary Delisting of its Equity shares from Ahmedabad Stock Exchange Ltd., and Saurashtra Kutch Stock Exchange Limited (SKSE). STATUTORY AUDITORS: You are requested to appoint Auditors M/s. B. H. Advani & Associates for the current year (2014-15) to hold office from the conclusion of the Annual General Meeting until the conclusion of the next Annual General Meeting and to fix their Remuneration. The notes forming part of accounts referred to in Auditors'' Report are self explanatory and give complete information. DIRECTORS'' RESPONSIBILITY STATEMENT: Pursuant to the requirement of the section 217 (2AA) of the Companies Act 1956, with respect to the Directors'' responsibility statement it is hereby confirmed: 1. That in the preparation of the Annual accounts the applicable accounting standards had been followed along with proper explanation relating to the material departure. 2. That the Directors had selected such accounting policies and applied them consistently and made judgment and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2014 being the end of the financial year 2013-2014 and of the profit of the Company for the year. 3. That the Directors had taken proper and sufficient care for maintenance of adequate accounting records in accordance with the provision of Companies Act 1956, for safeguarding assets of the Company and for preventing and detecting frauds and other irregularities. 4. That the directors had prepared the Annual Accounts on a Going Concern Basis. PARTICULARS OF EMPLOYEES: There was no employee during the year drawing remuneration in excess of the ceiling prescribed under the provision of Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rule, 1975 as amended. CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNING AND OUT GO: As such the Company has not received any income and incurred any expenses in foreign currency , hence details in respect of foreign exchange earnings and outgo will be nil during the period under review. The Company has always laid the utmost emphasis on conservation of energy and strict monitoring and control of all energy consuming equipment are carried out continuously. In view of the nature of the operations, we have nothing to report on the other matters, under Section 217(1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the report of Board of Directors) Rules, 1988. TAXES: Company is regularly paying Income tax, Sales Tax, RTO Tax and other statutory dues like Provident Fund, ESIC, as applicable. As regard to Service Tax appropriate provision and treatments have been made as per law. DEMATIRIALIZATION AND TRANSFER OF THE SECURITIES: ISIN: INE 007G01014 As on date of this report company is having NSDL connectivity of dematerialization of shares and efforts are being made to have CDSL connectivity. REGISTRAR AND SHARE TRANSFER AGENT Link Intime (India) Pvt. Ltd. Unit No 303,3rd floor Shoppers Plaza V, Opp Municipal Market, Behind Shoppers Plaza II, Off C G Road, Ahmedabad 380009 REGULATORY STATEMENT: (1) The Equity shares of your Company are listed on Bombay Stock Exchange, and the listing fees for the financial year 2013-14 have been paid to the exchange, (2) In conformity with the provision of Clause 32 of the listing agreement, the cash flow statement for the year ended 31-3-2014 is annexed to the accounts. CORPORATE GOVERNANCE: The Company has complied with the requirement regarding corporate governance as required under Clause 49 of the Listing Agreement entered in to with the Stock Exchanges where the Company''s shares are listed. A report on the Corporate Governance in this regard is made a part of this Annual Report and a Certificate from the Auditor of the Company regarding Compliance of the Conditions of the Corporate Governance is attached to this report and forming part this report. ACKNOWLEDGMENT: The Directors sincerely express their appreciation to the employees at all levels, Bankers, customers, investors, Government of Gujarat and Ministry of Government for their sustained support and cooperation and hope that the same will continue in future. Date : 21-07-2014 For and On behalf of the Board Place : Junagadh Bhagchand Sukhwani / Prakash Kakkad Registered Offfce : Managing Director / Jt. Managing Director Mahasgar House. (DIN:00579112) / (DIN: 02355435) Kalwa Chowk, Junagadh .

Director’s Report