Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 20th Annual Report of
the Company together with the audited statement of accounts for the
year ending 31st March 2014.
FINANCIAL HIGHLIGHTS:
31.03.2014 31.03.2013
(Rs. in lakhs)
Profit/Loss before Depreciation & Interest (3.18) (38.63)
Depreciation 4.34 6.91
Interest 6.70 63.93
Provision for Tax - -
DeferredTaxAsset/Liability 1.40 1.11
Profit / (Loss) afterTax - (15.62) (116.58)
Balance carried forward (407.59) (391.97)
OPERATIONS:
THE FERNS - The case filed by the Company against the Landlord for
cancelling the Power of Attorney is in an advanced stage. In the
meantime, Company is trying for an amicable out of court settlement
with the landlord. In the absence of Power of Attorney, Company could
not sell any villas and hence there is no revenue from the project.
DIVIDEND:
No provision has been made for dividend as the Company has incurred
losses for the year ended 31st March 2014.
FIXED DEPOSITS:
Liability on account of Fixed Deposit held by the Company as on 31st
March 2014 is Rs. 48,10,000/-. The Company has not accepted any fresh
Fixed Deposits during the year under review.
LISTING:
The Equity shares of your Company are listed on the Bombay Stock
Exchange Ltd., Mumbai. Listing fees for the year 2013-14 has been paid
to the stock exchange. The Board would like to inform the shareholders
that the shares of the Company are also available in form and
shareholders are requested to make use of this opportunity.
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors,
based on the representations received from the Operating Management,
confirm.
a. That in the preparation of the annual accounts, the applicable
accounting standards have been followed and that there are no material
departures.
b. That they have selected such accounting policies 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 the end of the financial year and of the profit of the
Company for that period.
c. That they have taken proper and sufficient care to the best of
their knowledge and ability for the maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting fraud and
other irregularities.
d. That they have prepared the annual accounts on a going concern
basis.
AUDITORS:
The Auditors M/s. B.B. Naidu & Co., Chartered Accountants retire at the
forthcoming Annual General Meeting and are eligible for reappointment.
Your Directors recommend the re-appointment of M/s. B.B. Naidu & Co.,
Chartered Accountants, as statutory Auditors to hold office until the
conclusion of the next Annual General Meeting of the Company. The
members are requested to authorize the Board to fix their remuneration.
ENERGY CONSERVATION, TECHNOLOGY TRANSFER AND FOREIGN EXCHANGE EARNINGS
AND OUTGO:
The information required under Section 217(l)(e) of the Companies Act,
1956 read with Rule 2 of the Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988 is furnished hereunder:
A. Details of Conservation of Energy: The Company tries to conserve
energy wherever possible. The activity of the Company is not covered
under the list of specified industries in the Schedule and rules as
stated above.
B. Research and Development: The Company has not undertaken any R&D
activity in any specific area during the year under review and hence no
cost has been incurred towards the same.
C. Technology Absorption: Nil
D. Foreign Exchange Earnings & Outgo:
SECRETARIAL COMPLIANCE CERTIFICATE:
The Company has obtained a Secretarial Compliance Certificate as
required under Section 383A of the Companies Act, 1956 from a
Practicing Company Secretary.
PARTICULARS OF EMPLOYEES:
The provisions under Section 217(2A) of the Companies Act, 1956 and the
rules framed there under are not applicable since none of the employees
were in receipt of remuneration in excess of the limits prescribed
therein.
CORPORATE GOVERNANCE:
As required by Clause 49 of the Listing Agreement with the Stock
Exchanges, the report on Management Discussion and Analysis, Corporate
Governance as well as the Auditor''s Certificate on the compliance of
Corporate Governance, form part of the Annual Report.
ACKNOWLEDGMENTS:
Your Directors thank the Company''s Customers, Vendors and Investors for
their continued support during the year. Your Directors place on record
their appreciation of the excellent contribution made by employees at
all levels.
For & on behalf of the Board of Directors
Place Chennai D.Sudhakara Reddy
Date 22-08-2014 Chairman & Managing Director
Mar 31, 2010
The Directors have pleasure in presenting the 16th Annual Report of
the Company together with the audited statement of accounts for the
year ending 31st March 2010.
FINANCIAL HIGHLIGHTS:
31.03.2010 31.03.2009
(Rs. in lakhs)
Profit / Loss before depreciation & Interest 213.27 (120.59)
Depreciation 8.63 9.18
Interest 6.49 8.42
Provision for Tax 35.00 1.24
Deferred Tax Asset / Liability (3.66) 42.70
Profit / (Loss) After Tax 159.49 (96.74)
Balance carried forward 28.83 (154.36)
OPERATIONS:
PROPERTY DEVELOPMENT DIVISION
THE FERNS - Villa Project in Thiruvidanthai - Off ECR, Phase - I
consists of 29 Villas out of which 9 were completed in all respects and
the revenue was accounted for during March 2010. The construction of
the remaining 19 Villas are in various stages of completion with one
Villa having already been completed and sold. The Company has obtained
approval for Phase II of THE FERNS from Director of Town & Country
Planning (DTCP), Chennai and is awaiting final stamping from their
concerned local Office - Mamallapuram Local Planning Authority (MLPA),
Chenglepet.
EKANTHA - Apartment Project at Perungudi - The Company has sold all the
Apartments in the Project and construction is progressing well and the
Project is estimated to be completed by September/October 2010 and the
entire revenue will be accounted during the current financial year 2010
- 2011.
HOSPITALITY DIVISION
HOMCOURT - Nungambakkam High Road - Chennai is doing well and has
achieved an occupancy rate of 77% during the year 2009 -10. The product
& services offered have been received very well by the various
Corporates, FITs & individual travelers and some of the large
Corporates have been regularly using our facilities on long term basis.
HOMCOURT - Jubilee Hills Hyderabad - Entire works have been completed
and commenced its operation from May 2010 onwards with few apartments.
The Company is targeting to open the remaining Apartments alongwith a
Restaurant before September/October 2010. The product and services have
been received very well.
DIVIDEND:
To conserve resources of the Company, no provision has been made for
dividend for the year ended 31st March 2010.
FIXED DEPOSITS:
Liability on account of Fixed Deposit held by the Company as on 31st
March 2010 is Rs. 57,90,000/-. The Company has not accepted any Fixed
Deposits during the year under review.
LISTING:
The Equity shares of }rour Company are listed on the Bombay Stock
Exchange Ltd., Mumbai and Madras Stock Exchange Ltd. It may be noted
that there are no payments outstanding to the Stock Exchange by way of
listing fee, etc. The Board would like to inform the shareholders that
the shares of the company are also available in DEMAT form and
shareholders are requested to make use of this opportunity.
DIRECTORS :
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. Viji Joseph retires by
rotation and being eligible has offered himself for reappointment.
The Board of Directors at the meeting held on 25th January 2010, on the
recommendations of the Remuneration Committee, reappointed Mr. D.
Sudhakara Reddy as Managing Director of the Company for a further
period of five years with effect from 31st January 2010, subject to the
approval of the Members and such other approvals as may be necessary.
Members approval for his re-appointment as Managing Director has been
sought in the Notice convening the Annual General Meeting of the
Company.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors,
based on the representations received from the Operating Management,
confirm.
a. That in the preparation of the annual accounts, the applicable
accounting standards have been followed and that there are no material
departures.
b. That they have selected such accounting policies 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 the end of the financial year and of the profit of the
Company for that period.
c. That they have taken proper and sufficient care to the best of
their knowledge and ability for the maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting fraud and
other irregularities.
d. That they have prepared the annual accounts on a going concern
basis.
AUDITORS:
The Auditors M/s. B.B. Naldu & Co., Chartered Accountants retire at the
forthcoming Annual General Meeting and are eligible for reappointment.
Your Directors recommend the re-appointment of M/s. B.B. Naldu & Co.,
Chartered Accountants, as statutory Auditors to hold office until the
conclusion of the next Annual General Meeting of the Company.
ENERGY CONSERVATION. TECHNOLOGY TRANSFER AND FOREIGN EXCHANGE EARNINGS
AND OUTGO:
The information required under Section 217(l)(e) of the Companies Act,
1956 read with Rule 2 of the Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988 is furnished hereunder:
A. Details of Conservation of Energy: The Company tries to conserve
energy wherever possible.
B. Research and Development: The Company has not undertaken any R&D
activity in any specific area during the year under review and hence no
cost has been incurred towards the same.
C. Technology Absorption: Nil
D. Foreign Exchange Earnings and Outgo:
Foreign Exchange Earnings - Nil & Outgo - Rs.40,89,799/-
SECRETARIAL COMPLIANCE CERTIFICATE:
The Company has obtained a Secretarial Compliance Certificate as
required under Section 383A of the Companies Act, 1956 issued by a
Practicing Company Secretary. The same is annexed to this Report.
PARTICULARS OP EMPLOYEES:
The particulars required to be disclosed under the provisions of
Section 217 (2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975 is given below:
Name of the AGE Qualifications Date of
Employee (Yean) Designation & Experience Employment
Graduate in
Chief Hotel
Operating Management.
Anil Mohan 58 Officer 01/04/2009
35 Years
Name of the
Employee Total
Remuneration Previous Employment
Employer Designation
Anil Mohan The Indian
Hotels General
Rs-3490270/- Company Ltd. Manager
Note:
1. Mr. Anil Mohan is not related to any Directors of the Company.
2. Terms of employment are as per Contract / Letter of Appointment.
3. Remuneration includes Salary, HRA, Contribution to EPF /
Superannuation Fund, Reimbursement of Medical and other expenses and
LTA.
4. Mr. Anil Mohan does not hold any shares in the Company.
CORPORATE GOVERNANCE:
As required by Clause 49 of the Listing Agreement with the Stock
Exchanges, the report on Management Discussion and Analysis, Corporate
Governance as well as the Auditors certificate on the compliance of
Corporate Governance, form part of the Annual Report.
ACKNOWLEDGEMENTS:
Your Directors thank the Companys Customers, Vendors and Investors for
their continued support during the year. Your Directors place on record
their appreciation of the excellent contribution made by employees at
all levels.
For and on behalf of the Board of Directors
D. Sudhakara Reddy
Place: Chennai Chairman
Date: 29th July 2010.
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