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Directors Report of Ajwa Fun World & Resorts Ltd.

Mar 31, 2014

THE MEMBERS,

M/S AJWA FUN WORLD & RESORTS LIMITED

VADODARA

The Directors have pleasure in presenting their Twenty First Annual Report together with the Audited Accounts for the year ended 31st March, 2014.

FINANCIAL RESULTS (Rs. in lacs) Particulars 2013-14 2012-13

Income- Revenue 362.54 584.50

OTHER INCOME 8.61 28.09

Profit/(Loss) before depreciation &Tax 37.11 117.46

Less: Depreciation 71.55 46.85

Profit/(Loss) before Tax (34.44) 70.61

Provision for Income Tax - 12.00

Net Profit / (Loss) after Tax (34.44) 58.61

OPERATIONS & STRATEGIC PLANNING

During the year under review the Board of Directors of your Company have charted the plan and strategy to dynamically activate the operations in Entertainment and Tourism Sector on horizontal and vertical directions. During the year under review the operations of your company has posted the operational loss on standalone basis.

You will be happy to know that company has maintained steady growth in its operation and the scale of activities have increased since your company is in expansion mode.

Almost all other revenue generation areas i.e. Food and Beverages, Income from other recreational facilities, Branding and Sponsorships, Rental and Merchandising have shown consistent results.

With a view to effecting the expansion your company has successfully erected the RESORT Facilities with a capital expenditure of Rs. 204 lacs (Approx.) & the WATER PARK has been in full operation cropping the revenue generations. The Board of Directors are determined to put the company on the success and profitable tracks to reward the members for their investment and trust reposed in the management.

FUTURE BUSINESS PROSPECTS:

The amusement park projects for turnkey contracts are in the advance stage of implementation and barring unforeseen circumstances, prospect of project business is good in future of course full of challenges in competitive market.

With aggressive marketing scheme, good number of booking of events and with an emphasis on increasing Foods & Beverages sales, barring any unforeseen circumstances, your company looks to future with confidence.

The water park and amusement park footfall are showing increasing trend and with the addition of a new inflatable water slide, we expect to get better footfall in Water Park during the peak summer season.

Your company is above in advance stage of articulation of a Spa and Resort with ultra modern amenities and beatification engraved with banquet hall, Marriage Party Hall, Swimming Pool and SPA at Ajwa, Vadodara an Industrially developed city.

DIVIDEND

Your Board of Directors does not recommend any dividend in view that your company is in need of money for its future expansion and development. However, the Board of Directors of your company is determined to reward the members by increasing the worth of your company in future with value additions to the investment of shareholders of the company.

MANAGEMENT''S DISCUSSION AND ANALYSIS

The report on MANAGEMENT DISCUSSION AND ANALYSIS as required under the Listing Agreement is included in this Report. Certain statements in the said Report may be forward looking. Many factors may affect the actual results and performance which could be different from what the Directors envisage in terms of the future performance and outlook.

DIRECTORS

In terms of the provisions of SEC 152 of the Companies Act 2013 & Articles of Association of the company MR PRADYUMAN PANDYA Director of the Company retire by rotation at the ensuing Annual General Meeting and being eligible, offer theme selves for re-appointment.

In terms of the provisions of SEC 149 ,152 read with schedule IV and other applicable provisions if any of the COMPANIES ACT 2013 & The Companies (Appointment and Qualification of Directors) Rules 2014 Mr. Ashok Shelat and Mrs. Shanti Y Nandecha are appointed as INDEPENDENT DIRECTORS in the ensuing Annual General Meeting of members for five Years And for which they have submitted Declaration that he/she meets the criteria for independence as provided in sec 149(6) of the Act and who is eligible for appointment.

Mrs. Surabhi Kothari has ceased to be director of the company with effect from April 01, 2014.

AUDITORS

In compliance with the Sec 139,141,142 of the Companies Act 2013 read with Companies (Audit and Auditors) Rules 2014, M/S DSKHTP & ASSOCIATES Chartered Accountants, are appointed as statutory Auditors for a term of five consecutive years from conclusion of this Annual General Meeting till the conclusion of the sixth Annual General Meeting upto 2019 and authorize the board of Directors to fix their remuneration. The Auditors have submitted their eligibility as envisaged by SEC 141 of the Companies Act 2013. M/S Porwal & Porwal the existing Auditors retiring at the ensuing Annual General Meeting has expressed their unwillingness to be reappointed as statutory Auditors.

AUDIT COMMITTEE

The Audit committee consists of MR. PRADYUMAN PANDYA, MRS. KALINDI PATEL & MRS. SURBHI KOTHARI Non Executive Directors. The Audit Committee meetings were held for the year ended 31st March 2014 in accordance with statutory requirements to review critically the financial statements and information to be transmitted to the stakeholders. All the Directors in the Audit committee are non executive independent Directors. The Audit committee interalia reviewed the internal control system and reports of the internal auditors and compliance of various regulations. The committee reviews at length the financial statements and approves the same before they are placed before the board of directors. For FY 31-03-2015 the company will be appointing the two independent Directors to deal with the proceedings of Audit committee.

SECRETARIAL AUDITORS

As obliged under Sec 204 of the Companies Act 2013 and the Companies (Appointment and remuneration of Managerial Personnel''s) Rules 2014 the company is required to appoint SECRETARIAL AUDITOR for auditing the secretarial and related records of the company and to provide a report in this regard.

Accordingly M/S ASHOK SHELAT & ASSOCIATES, COMPANY SECRETARIES, VADODARA have been appointed as Secretarial Auditors for carrying out the secretarial audit for the financial year 2014 -2015 for attaching their report with the Board''s report to the shareholders.

INDUSTRIAL RELATION

During the year under review the relationship between the employees and management were cordial. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUT GO

Your company is committed to continuously reducing energy consumption at its various units. Besides sustaining the previous year initiatives, new measures were implemented during the year under report. Your company has been striving for ensuring environment friendly initiatives of GREEN REVOLUTION by plantations in resorts campus through various projects on energy saving to its units. List of initiatives taken to ensure your company has energy efficient system to support the environment as under:

Purchase of new energy efficient machine and utility equipment. Double glass window panels to get natural light and save AC energy for mini products hall.

Transparent sheet provided on the roof to eliminate artificial lighting during the day time.

Opening made in ducting to take fresh air inside for cooling of room during winter season to avoid utility chiller running during winter.

Harmonic analysis of the machine done to check any noise in the system lines.

GREEN BELT PLANTATIONS to balance environmental stability.

Impact of the above measurement for reduction of energy consumption and consequent impact on the cost of production of the goods are Natural light used to save power during daylight, Natural air used for cooling during winter for air-conditioning, usage of energy efficient equipment to reduce power cost.

Your Company maintains an eco-friendly environment and continuously works hard towards conservation of energy by adhering to strict norms. Your Company is under-taking various projects towards conservation and recycling of water. Your Company''s triple bottom line approach on economic, environmental and social returns had made the Company more environment conscious and it is now committed towards minimizing its carbon foot-print and green house effects.

Further, as required by the provisions of Section 217 (1)(e) of the Companies (Disclosure of Particulars in the report of Board of Directors) Rules, 1988, the relevant data pertaining to Conservation of Energy, Technology Absorption and Foreign exchange earnings and Out-go are furnished in the annexure forming part of this report.

AUDITORS REPORT

Auditor''s observations are self explanatory and/or suitably explained in the notes on Accounts.

PARTICULARS OF EMPLOYEES

There was no employee during the year under review whose particulars are required to be given pursuant to Section 217 (2A) of the Companies Act, 1956.

CORPORATE GOVERNANCE

The company believes in adopting the best practice in the area of Corporate Governance and follows the principles of full transparency and accountability, thereby protecting the interest of all its stakeholders.

The Board considers itself a trustee of all the shareholders and acknowledges its responsibilities to the shareholders for creating and safeguarding their wealth. During the year under review, the Board continued its pursuit of achieving these objectives through the adaptation and monitoring of corporate strategies, prudent business plan, monitoring the major risk of the company''s business and ensuring that the company pursues policies and procedures to satisfy its legal and ethical responsibilities.

Your Company attaches considerable significance to good corporate governance as an important step towards building investor confidence, improve investor''s protection and maximize long term shareholder value.

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, a compliance report on the Corporate Governance forms part of the Annual Report along with Auditor''s Certificate on its compliance.

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, 2014 the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii] That the Directors have selected appropriate accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss 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, 2014 on a '' going concern'' basis

DEPOSITS

During the year under review your company has neither invited nor accepted deposits and therefore there was no deposits which were unclaimed and due for repayment..

ACKNOWLEDGEMENT

Your Directors place on record their sincere appreciation of the co-operation and assistance extended by the bankers of the Company. They also place on record their appreciation of the devoted services rendered by the Executives, Staff Members and Workers of the Company.

The Director concludes this Report by placing on record their gratitude to all shareholders for their continued support.

By order of the Board of Directors, For Ajwa Fun World & Resort Ltd.

Place : Ajwa.Vadodara. Rajesh C. Jain Date : 31-08-2014 (Chairman & Managing Director)


Mar 31, 2013

TO THE MEMBERS OF M/S AJWA FUN WORLD & RESORTS LIMITED

VADODARA

The Directors have pleasure in presenting Iheir Twenty First Annual Report together with the Audited Accounts for the year ended 31st March, 2013.

FINANCIAL RESULTS (Rs in lacs)

Particulars 2012-13 2011-12

Income^ Revenue 564.50 376.26

OTHER INCOME 28.00 0.61

Profit/(Loss) before depreciation Tax 117.46 57.55

Less: Depreciation 46.85 50.69

Profit/ (Loss) before Tax 70.61 36.66

Provision for Income Tax 12.00 00.00

Net Profit / (Loss) after Tax 56.61 36.66



OPERATIONS

During the year under review the Board of Directors of your Company have charted the ptan and strategy to dynamically activate the operations in Entertainment and Tourism Sector on horizontal and vertical directions.

You will be happy to know that as your company has started growing in its operation in substantially and the scale of activities of your company increase drastically since your company is in expansion mode.

Almost all other revenue generation areas i.e. Food and Beverages. Income from "other recreational facilities. Branding and Sponsorships, Rental and Merchandising have shown good improvement compared to same period of that of last year.

As you have been apprised in previous annual reports, the visionary and ambitious board of directors under the leadership of MR RAJESH JAIN The Chairman & Managing Director has successfully commenced the operations in infrastructure and construction of the complexes in INDORE and it is pleasure to report that the company has earned the respectable sum amount of profitably from the part of the operations of Ihe project which has contributed respectfully in cutting the accumulated loss position. The board of directors are determined to put the company on the success and profitable tracks to reward the members for the investment and trust reposed in the management.

FUTURE PLANS AND PROSPECTS:

Many amusement park projects for turnkey contracts are in under discussion and negotiation and barring unforeseen circumstances, prospect of project business is good in the future.

With aggressive marketing schemes, good number of booking for events and with an emphasis on increasing Food & Beverage sales, barring any unforeseen circumstances, your company looks to

The future with confidence .

The water pari? and amusement park footfall are showing increase trend and with the addition of a new inflatable water slide, we expect to get better footfall in Water Park during the peak summer season.

Your company is above in advance stage of articulation of a Spa and Resort with ultra modern amenities and beatification engraved with Banquet Hall, Marriage Party Hall, Swimming Pool and SPAalAjwa.

KEY MANAGEMENT TEAM :

The company has the following members as part of their key Management Team. Mr. Rajesh Jain - Chairman and Managing Director & Mr. Rahil Jain - Director

DIVIDEND

Your Board of Directors do not recommend any dividend in view that your company is in need of money for its future expansion and development. However, the Boards Of Directors of your company are determined to reward the members by increasing the worth of your company in future with value additions to the investment of shareholders of the company.

DIRECTORS

Surbhi Kothari & Mr. Pradhyuman Pandya Dsrector of the Company retires by rotation at the ensuing Annual General Meeting and being eligible, offer him for reappointment.

AUDITORS

M/s. Porwal & Porwal. Chartered Accountants, Mumbai, retire as an Auditor of the Company at the ensuing Annual General Meeting and are eligible for re-appointment and they have furnished the certificate for their eligibility as per Section 224(1 B} of the Companies Act 1956.

AUDIT COMMITTEE

As required under Section 292A of the Companies Act, 1956 Audit Committee comprising Mrs. Kalindi Patel, Mrs. Surbhi N. Kothari & Mr. Pradyuman Pandya has been formed. Audit Committee meetings were held in accordance with statutory requirements to review critically the financial statements and information to be transmitted to the stakeholders.

INDUSTRIAL RELATION

During the year under review the relation between employees and management were cordial.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUT GO

Your Company is committed to continuously reducing energy consumption at its various units. Besides sustaining the previous year initiatives, new measures were implemented dunng the year under report. Your company has been striving for ensunng environment friendly initiatives through vanous projects on energy saving to its units. List of initiatives taken to ensure your company has energy efficient system to support the environment as under:

- Purchase of new energy efficient machine and utility equipment.

- Double glass window panels to gel natural light and save AC energy for mini products hall.

- Transparent sheet provided on the roof to eliminate lighting during the day time.

- Opening made in ducting to take fresh air inside for cooling of room during winter season to avoid utility chiller dunng winter.

- Harmonic analysis of machine done to check any noise in the system lines.

Impact of the above measurement for reduction of energy consumption and consequent impact on the cost of production of the goods are Natural light used to save power during daylight Natural air used lor cooling during winler for air-conditioning, usage of energy efficient equipment to reduce power cost.

Your Company maintains an eco-friendly environment and continuously works hard towards conservation of energy by adhering to stnct norms. Your Company is under-laking vanous projects towards conservation and recycling of water. Your Company''s triple bottom line approach on economic. environmental and social returns had made (he Company more environment conscious and it is now committed towards minimizing its cartoon foot-pnnt and green house effects.

Further, as required by the provisions of Section 217 (1)(e) of me Companies (Disclosure of Particulars in the report of Board of Directors) Rules, 1968, the relevant data pertaining to Conservation of Energy, Technology Absorption and Foreign exchange earnings and Out-go are furnished in the annexure forming part of this report.

AUDITORS REPORT

Auditor''s observations are self explanatory and/or suitably explained in Ihe notes on Accounts.

PARTICULARS OF EMPLOYEES

There was no employee dunng the year under review whose particulars are required to be given pursuant to Section 217 {2A) of the Companies Act, 1956.

CORPORATE GOVERNANCE

The company believes in adopting the best practice in Ihe area of Corporate Governance and follows the principles of full transparency and accountability, thereby protecting Ihe interest of all its stakeholders.

The Board considers itself a organizer of all the shareholders and acknowledges its responsibilities to the shareholders for creating and safeguarding their wealth. Dunng the year under review, the Board continued its pursuit of achieving these objectives through the adaptation and monitoring of corporate strategies, prudent business plan, monitoring the major risk of Ihe company''s business and ensuring that the company pursues policies and procedures to satisfy its legal and ethical responsibilities.

Your Company attaches considerable significance to good corporate governance as an important step towards building investor confidence, improve investor''s protection and maximize long term shareholder value.

Pursuant to Clause 4Q of the Listing Agreement with the Stock Exchanges, a compliance report on the Corporate Governance forms part of the Annual Report along with Auditor''s Certificate on its compliance.

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!:

1. That in the preparation of the accounts for the financial year ended 31st March, 2013 the applicable accounting standards have been followed along with proper explanation relating to material departures;

2. That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give true and fair view of the slate of affairs of the Company at the end of the financial year and of the profit or loss of the Company for the year under review;

3. That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Compares Act, 1§56 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

4. That the Directors have prepared the accounts for the financial year ended 31st March, 2013 on a '' going concern'' basis.

ACKNOWLEDGMENT

Your Directors place on record their sincere appreciation of the co-operation and assistance extended by the bankers of the Company. They also place on record their appreciation of the devoted services rendered by the Executives, Staff Members and Workers of the Company.

The Director concludes this Report by placing on record their gratitude to all shareholders for their continued support. By order of the Board of Directors,

For Ajwa Fun Worid &. Resort Ltd.

Place : Ajwa,Vadodara. Rajesh C. Jain

Date : 30-0B-2Q13 (Chairman & Managing Director)


Mar 31, 2012

To THE MEMBERS of M/S AJWA FUN WORLD & RESORTS LIMITED VADODARA

The Directors have pleasure in presenting their Twentieth Annual Report together with the Audited Accounts for the year ended 31st March, 2012. FINANCIAL RESULTS (Rs. in lacs)

Particulars 2011-12 2010-11

Income- Revenue 376.23 364.28

OTHER INCOME 9.61 8.44

Profit/ (Loss) before depreciation & tax , 87.55 96.55

Less Depreciation 50.69 44.64

Profit'' (Loss) before tax 36.86 51.91

Net Profit / (Loss) after tax 36.86 51.91

OPERATIONS

During the year under review the Board of Directors of your Company have charted the plan and strategy to dynamically activate the operations in Entertainment and Tourism Sector on horizontal and vertical directions.

You will be happy to know thai as your company has started growing in its operation in substantially and the scale of activities of your company increase drastically since your company is in expansion mode.

Almost all other revenue generation areas i.e. Food and Beverages, Income from ''other recreational facilities, Branding and Sponsorships. Rental and Merchandising have shown good improvement compared to same penod of that of Iasi year.

As you have been apprised in previous annual reports, the visionary and ambitious board of directors under the leadership of MR RAJESH JAIN The Chairman & Managing Director has successfully commenced the operations in infrastructure and construction of the complexes in INDORE and it is pleasure to report that the company has earned the respectable sum amount of profitability from the. part of the operations of the project which has contributed respectfully in cutting the accumulated loss position. The board of directors are determined to put the company on the success and profitable tracks to reward the members for the investment and trust reposed in the management.

FUTURE PLANS AND PROSPECTS:

Many amusement park projects for turnkey contracts are in under discussion and negotiation and barring unforeseen circumstances, prospect of project business is good In the future. With aggressive marketing schemes, good number of booking for events and with an emphasis on increasing Food & Beverage sales, barring any unforeseen circumstances, your company looks to the future with confidence .

FUTURE BUSINESS PROSPECTS:

The process of restructuring with new clothes is in advance stage & the activities during the year will be stabilize profit earnings. The board of directors of your company has charted the plan to undertake the diversified projects of construction in VADODARA, an Industrially developed city, after completing the legal issues near the entertainment park & other pivotal area. As an inbuilt policy of the dynamism and pragmatism. Your Company has laid down the plan to explore the opportunity.

Your company is above in advance stage of articulation of a Spa and Resort with ultra modern amenities and beatification engraved with Banquet Hall, Marriage Party Hall, Swimming Pool and SPA at Ajwa.

DIVIDEND

Your Board of Directors do not recommend any dividend in view that your company is in need of money for its future expansion and development. However, the boards of directors of your company are determined to reward the members by increasing the worth of your company in future with value additions to the investment of shareholders of the company.

DIRECTORS

Mrs. Kaiindi Pate! & Mr. Pradhyuman Pandya Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible, offer him for re-appointment.

Mr. Babulal Makwana and Mr. Paresh Patel, Director of the Company are resining their Possession as Director with effect from 30th day of September 2012, and Company accepted their resignation.

AUDITORS

M/s. Porwal & Porwal, Chartered Accountants, Mumbai, retire as an Auditor of the Company at the ensuing Annual General Meeting and are eligible for re-appointment and they have furnished the certificate for their eligibility as per Section 224(1 B) of the Companies Act 1956.

AUDIT COMMITTEE

As required under Section 292A of the Companies Act, 1956 Audit Committee comprising MR. Rahil R. Jain, Mrs. Surbhi N. Kothari & Mr. Pradyuman Pandya has been formed. Audit Committee meetings were held in accordance with statutory requirements to review critically the financial statements and information to be transmitted to the stakeholders.

INDUSTRIAL RELATION

During the year under review the relation between employees and management were cordial.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS . AND OUT GO

Your Company maintains an eco-friendly environment and continuously works hard towards conservation of energy by adhering to strict norms. Your Company is under-taking various projects towards conservation and recycling of water. Your Company''s triple bottom line approach on economic, environmental and social returns had made the Company more environmental conscious and it is now committed towards minimizing its carbon foot-print and green house effects.

Further as required by the provisions of Section 217 (1)(e) of the Companies (Disclosure of Particulars in the report of Board of Directors) Rules, 1988, the relevant data pertaining to Conservation of Energy, Technology absorption & Foreign exchange earnings and outgo are furnished in the Annexure forming part of this report.

AUDITORS REPORT

Auditor''s observations are self explanatory and/or suitably explained in the notes on Accounts. .

PARTICULARS OF EMPLOYEES

There was no employee during the year under review whose particulars are required to be given pursuant to Section 217 (2A) of the Companies Act, 1956,

CORPORATE GOVERNANCE

Your Company attaches considerable significance to good corporate governance as an important step towards building investor confidence, improve investor''s protection and maximize long term shareholder value. Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, a compliance report on the Corporate Governance forms part of the Annual Report along with Auditor''s Certificate on its compliance.

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, 2012 the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii] That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to giVe true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss 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, 2012 on a going concern'' basis.

ACKNOWLEDGEMENT

Your Directors place on record their sincere appreciation of the co-operation and assistance extended by the bankers of the Company. They also place on record their appreciation of the devoted services rendered by the Executives, Staff Members and Workers of the Company.

By order of the Board of Directors,

For Ajwa Fun World & Resort Ltd.

Place ; Ajwa Rajesh C. Jain Date : 29th August 2012 (Chairman & Managing Director)


Mar 31, 2011

TO THE MEMBERS of M/S AJWA FUN WORLD & RESORT LTD. VADODARA.

The Directors have pleasure in presenting their Eighteen Annual Report together with the Audited Accounts for 1he year ended 31 st March ,2011.

FINANCIAL RESULTS (Rs in lacs)

Particulars 2010-2011 2009-2010

Income Revenue 364.28 369.05

Other Income 8.44 09.51

Profit/(Loss) before depreciation & tax 96.55 136.18

Less ;Depreciation 44.64 35.22

Profit/ (Loss) before tax 51.91 100.96

Net Profit / (Loss) after tax 51,91 100.89

OPERATIONS

During the year under review the Board of Director of your Company has charted the plan and strategy to dynamically activate the operations in Entertainment and Tourism Sector on horizontal and Vertical directions.

Your Company has started sustained operations in performance by achieving the operational target of Rs. 364 lacs as compared to 369 lacs in the last year.

As you have been apprised in previous annual reports, the visionary and ambitious board of directors under the leadership of MR. RAJESH JAIN, The chairman and Managing Director has successfully commenced the operations in infrastructure and construction of the complexes in INDORE and it is pleasure to report that the company has earned respectable amount of profitability from the part of the operations of the project and has contributed respectfully in cutting the accumulated loss of the company. The board of directors is determined to put the company on the success and profitable tracks to reward the members for the investment and trust reposed in the management.

FUTURE BUSINESS PROSPECTS:

As reported herein above the Company has been walking on the path of progress by reviving the dismal performance in the past years As integral part of the Tourism and Entertainment Sector the company has strategically planned out to meet with the ends of Vibrant Gujarat pioneered by Government of Gujarat in Tourism Sector. The year 2007 has been declared to be celebrated as Tourism Year and in celebration thereof your company has branded the operational strategy for future cost of action, the process of restructuring with new clothes is in an advanced stage and the activities during the year will be stabilized profit earnings The Board of Directors of your company has charted the visionary plan to undertake the diversified projects of construction in Vadodara A industrial developed city. After completing the legs! issue near ENTERTAINMENT PARK & OTHERS PIVOTAL 3F03.

As a collateral development attributed to the declared site of Champagnes Near the World renowned religious place of Pawagadh at a distance of just 10 kms. from Fun World site as" World Heritage Spot" with historical treasures and the flow of tourists has increased manifold to encourage the entertainment sector, the result of which will bf* tested in the years to come.

As a inbuilt policy of the dynamism and pragmatism your company has laid down the plan to explore the opportunity

Your Company is in advance triage of articulation of the RESORT with ultra modern amenities and beautification engraved with Banquet Hall, Marriage Party Hail, Swimming Pool, SPA at Ajwa,

DIVIDEND

Your Board of Directors do not recommend any dividend In view of the carried over losses. However, the boards of directors of your company determined to reward the member in the current year or year there after.

DIRECTORS

Mrs. Stirbhi Kothari and Mr,predyuman pandya Director of the Company retires by rotation at the Annual General Meeting i33i,I9 eligible, offer himself for re-appointment. MR RAHIL R. JAiN has been appointed as executives Director w.e.f. 01-04-2001 and MR RAJESH JAIN has been reappointed as a Managing w.e f. 01-04-2011 with revised terms and conditions

AUDITORS

M/s, Porwal & Porwal Chortowd Accountants. Mumbai, retire as. an Auditors of the Company at the ensuing Annual General add are eligible for appointment and they have furnished the certificate for their eligibilities Section 224(13 of the Companies Act 1956.

AUDIT COMMITTEE

As required unbars Section profit and loss Act, Iosco Audit Committee comprising Mr. Rahil R. Jain, Mrs, Surbhl N. Kotba-; & ''Miri Radioman Panda and has been formed. Audit Committee meetings were held m accordance with statutory requirements to review critically the financial statements and information to-be transmitted to the stakeholders.

INDUSTRIAL RELATION

During the year under review the relation between employees ana management were cordial.

CONSERVATION OF ENERGY TECHNOLOGY ADSORPTION, FOREIGN EXCHANGE EARNINGS AND OUT GO

As retired by the provisions of Section 217 (1 he) suffice Companies (Disclosure of Particulars in the report of Board of Directors) Rues. ¦ 988 the relevant data pertaining to Conservation of Energy part furnished in the Annexure forming

AUDITORS REPORT

Auditors observations are self explanatory and/or suitably explained in the notes on Accounts.

PARTICULARS OF EMPLOYEES

There was no employee during the year under review whose particulars are required to be given pursuant to Section 217 (2A) of the Companies Act, 1956.

CORPORATE GOVERNANCE

Your Company attaches considerable significance to good corporate governance as an important step towards building investor confidence, improve investor''s protection and maximize long term shareholder value. Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, a compliance report on the Corporate Governance forms part of the Annual Report along with Auditor''s Certificate on its compliance.

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 such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss 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, ¦

ACKNOWLEDGMENT

Your Directors place on record their sincere appreciation of the co-operation and assistance extended by the bankers of the Company. They also place on record their appreciation of the devoted services rendered by the Whole Time Director, Executives, Staff Members and Workers of the Company.

By order of the Board of Directors,

Rajesh C. Jain

Place : Ajwa (Chairman & Managing Director)

Date : 31st August, 2011


Mar 31, 2010

The Directors have pleasure in presenting their Eighteen Annual Report together with the Audited Accounts for the year ended 31st March, 2010.

FINANCIAL RESULTS (Rs. in lacs)

Particulars 2009-2010 2008-2009

Income Revenue 369.05 164.60

Other Income 09.51 117.35

Profit/(Loss) before depreciation & tax 136.18 128.79

Less :Depreciation 35.22 30.52

Profit/(Loss) before tax 100.96 98.27

Net Profit/(Loss) after tax 100.89 142.88

OPERATIONS

During the year under review the Board of Director of your Company has charted the plan and stratergy to dynamically activate the operations in Entertainment and Tourism Sector on horizontal and Vertical directions.

Your Company has started taking of in performance by achieving the operational target of Rs. 369 lacs as compared to 164 lacs in the last year. As you have been apprised in previous annual reports, the visionary and ambitious board of directors under the leadership of MR. RAJESH JAIN, The chairman and Managing Director has sucessfully commenced the operations in infrastructure and construction of the complexes in INDORE and it is pleasure to report that the company has earned the respectable amount of profitability from the part of the operations of the project and has contributed respectfully in cutting the accumulated loss position. The board of directors is determined to put the company on the success and profitable tracks to reward +h2 members for the investment and trust resposed in the management.

FUTURE BUSINESS PROSPECTS:

As reported herein above the Company has been walking on the part of progress by reviving the dismal performance in the past years. As integral part of the Tourism and Entertainment Sector the company has strategically planned out to meet with the ends of Vibrant Gujarat pioneered by Government of Gujarat in Tourism Sector. The year 2007 has been declared to be celebrated as Tourism Year and in celebration thereof it is hoped to increase the flow of tourists in and around Vadodara in specific and Gujarat in general. The process of restructuring with new clothes is in advance stage & the activities during the year will be stabilized profit earnigs. The Board of Directors of your company has charted the visinoary plan to undertake the diversified projects of construction in Vadodara. A industrial developed city. After completing the legal issue near ENTERTAINMENT PARK & OTHERS PIVOTAL AREA.

As a boost to the heritage treasure of Gujarat, the Honorable President of India has declared with notification the site of Champaner Nr. World renowned religious place of Pawagadh at a distance of just 10 kms. from Fun World site as " World heritage spot" with historical treasures and the flow of tourists have increased manifold to encourage the entertainment sector, the result of which will be tested in the years to come.

In line with the encouraging policies of GOVERNMENT OF GUJARAT & TOURISM SECTOR of central Govt., your company will be equipped with the more facilitated RIDES & Other ENTERTAINMENT Facilities in the present amusement and fun world enriched with the RAJWADI THE VILLAGE. You have been apprised above about the flying colour success of the WATER PARK.

As a inbuilt policy of the dynamism and pragmatism, your company has laid down the plan to explore the opportunity to erect and build the housing complexes affordable to a common residents nearAJWA and also have been conducting the micro study to embark upon the infrastructure activities in VADODARA- A INDUSTRIAL DEVELOPMENT HUB. Your company will be under taking other infrastructure projects in INDORE which will definetly turned the corners of your company.

DIVIDEND

Your Board of Directors do not recommend any dividend in view of the carried over losses.

DIRECTORS

Mrs. Surbhi Kothari and Mr. Gopal Pandya, Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible, offer himself for re-appointment.

AUDITORS

M/s. Porwal & Porwal, Chartered Accountants, Mumbai, retire as an Auditors of the Company at the ensuing Annual General Meeting and are eligible for re-appointment and they have furnished the certificate for their eligibility as per Section 224(1 B) of the Companies Act 1956.

AUDIT COMMITTEE

As required under Section 292Aof the Companies Act, 1956 Audit Committee comprising Mr. Rahil R. Jain, Mrs. Surbhi N. Kothari & Shri Pradyuman Pandya and has been formed. Audit Committee meetings were held in accordance with statutory requirements.

INDUSTRIAL RELATION

During the year under review the relation between employees and management were cordial.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

As required by the provisions of Section 217(1 )(e) of the Companies (Disclosure of Particulars in the report of Board of Directors) Rules, 1988, the relevant data pertaining to Conservation of Energy, Technology absorption & Foreign exchange earnings and out go are furnished in the Annexure forming part of this report.

AUDITORS REPORT

Auditors observations are self explanatory and/or suitably explained in the notes on Accounts.

PARTICULARS OF EMPLOYEES

There was no employee during the year under review whose particulars are required to be given pursuant to Section 217 (2A) of the Companies Act, 1956. CORPORATE GOVERNANCE

Your Company attaches considerable significance to good corporate governance as an important step towards building investor confidence, improve investors protection and maximise long term shareholder value. Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, a compliance report on the Corporate Governance forms part of the Annual Report along with Auditors Certificate on its compliance.

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, 2010 the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii) That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for the yearunder 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 31 st March, 2010 on a going concernbasis.

VOLUNTARY DELISTING OF THE COMPANYS EQUITY SHARES FROM CERTAIN STOCK EXCHANGES

In pursuance to the resolution passed at the last General Meeting of members of the Company held on 30th September* 2004 the necessary submissions have been made to de-list the Equity Shares of your Company from the Stock Exchanges at Ahmedabad, Vadodara & Indore. The Shares of your Company are compulsorily traded in dematerialized form. The Equity Shares continue to be traded on The Bombay Stock Exchange Limited, Mumbai.

ACKNOWLEDGMENT

Your Directors place on record their sincere appreciation of the co-operation and assistance extended by the bankers of the Company. They also place on record their appreciation of the devoted services rendered by the Whole Time Director, Executives, Staff Members and Workers of the Company.

By order of the Board of Directors,

Rajesh C. Jain Place :Ajwa (Chairman & Managing Director)

Date :31st August, 2010

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