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