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
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
All the assets of the Company have been adequately insured.
The Company has not accepted/ renewed any fixed deposits during the
year under review.
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.
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).
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
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
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.
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
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
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
(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.
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.
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 .