Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting the 26th Annual Report of
Crown Tours Limited along with Audited Financial Statements for the
year ended 31st March, 2015.
STANDALONE FINANCIAL PERFORMANCE
Particulars Amount (Rs.)
2014-15 2013-14
Total Revenue 57,259,317 81,082,058
Total Expenditure 53,199,701 76,551,988
Profit Before Interest,
Depreciation And Tax (PBIDT) 4,059,616 4,530,069
Less: Interest 101,597 299,084
Less: Depreciation 3,092,425 4,018,797
Profit Before Tax 865,594 212,188
Exceptional Items - -
Profit from ordinary
Activities before Tax - -
Prior Period Items - -
Less: Provisions for Taxation
Including Deferred Tax 6,41,138 (4,22,028)
Profit After Tax (PAT) 224,456 634,216
Share in Profit of Associates - -
Less: Minority Share in Profit & Loss - -
Profit Available for Appropriation 224,456 634,216
APPROPRIATION:
Depreciation on transition to
Schedule II of the Companies Act,
2013 on tangible fixed assets 92,788 -
Interim Dividend - -
Corporate Tax on Interim Dividend - -
Transfer to Capital Reserve - 89,917
Transfer to General Reserve - -
Proposed for Dividend - -
Corporate Tax on Dividend - -
BalanceCarriedtoBalanceSheet
(Reserve&Surplus) 1,31,668 544,299
Note:- No amount is proposed to be transfer to Capital Reserves as
there has been no such circumstances taken place which could generate
Capital Profit in financial year 2014-15. Further because of the
inadequacy of the profits of the Company for the Company it is not
maintainable for the Company to propose and declare any dividend to its
shareholders, hence no amount has been transferred to General Reserves
in the said financial year. Here it should be noted that there is no
requirement for mandatorily transfer funds to the Reserves.
FINANCIAL PERFORMANCE AND STATE OF COMPANY'S AFFAIRS
During the year under review, The Company has earned total revenue of
Rs. 572.59 lacs against Rs. 810.82 lacs in the previous year. The
Company earned net profit of Rs. 2.24 lacs as compared to Rs. 6.34 lacs
in previous year. There Profit after Tax (PAT) for the financial year
2014-15 decreased by 64.6 % as compared to the previous financial year,
consequently to the reduction in the operational turnover of the
Company. There has been downfall in the Inbound Tourism operations
ofthe Company and the Industry as well. While accepting the above facts
it can be easily seen that presently the industry is struggling not
only in India but almost everywhere because of decrease in Inbound
Tourism, It's also a global effect which is affecting this industry in
India, as the preferences are changed, people are not having surplus
funds and they are saving for future stepping into habits of Indian
Population. With this adverse syndrome the operational turnover of the
Company dropped down to 502.1 lacs from 718.57 Lacs of last year.
Inspite of all this the bottom line of company was not thrashed and the
company survived with surplus again, primarily because of a well
thought of Management mandate of resorting to cut corners so as to
achieve significant cost reduction with sustain with the marginal
profits in financial year 2014-15.
1. DIVIDEND
No Dividend was declared for the current financial year due to
conservation of Profits/due to loss incurred by the Company/due to
insufficient profit.
2. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND PROTECTION
FUND
No amount is required to be transferred under the provisions of Section
125(2) ofthe Companies Act, 2013 as there was no dividend declared and
paid in last years.
3. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL
POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR
TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
Disputed demand for Service Tax of Rs 22.63 lacs, for the period
Oct,2007 to March,2010, pending under appeal with CEC Jaipur has been
decided in favour of the company vide Order dated 27.05.2015, except
partial demand of Rs 0.86 lacs. Accordingly the said disputed demand
stands deleted to the extent of Rs 21.77 Lacs and balance Rs 0.86 Lacs
has been deposited.
4. PERFORMANCE OF SUBSIDIARIES/ASSOCIATE COMPANIES AND FIRMS There is
no Subsidiary and Associate Company and Firm ofthe Company.
5. DISCLOSURES UNDER THE COMPANIES ACT 2013
i. Extract of Annual Return: The details forming part of extract of
annual return is enclosed as Annexure-1
ii. Number of Board Meetings: During the year under review the Board
of Directors of the company met 11 (Eleven) times and a separate
meeting held of Independent Directors to review the performance of the
Board and the Management of the Company. The details of the board
meetings and the attendance of the directors are provided in Corporate
Governance Report under heading 'Board of Director and Board Meetings".
The intervening gap between the Meetings was within the period
prescribed under the Companies Act, 2013.
iii. Committees ofthe Board:
The details of Composition and Meetings held during the year ofthe
Committees ofthe Board is provided separately in Corporate Governance
Report.
iv. Audit Committee:
The Company has duly constituted an Audit Committee in terms Companies
Act, 2013 and
Listing Agreement with Stock Exchange, details of the same is attached
with Corporate Governance Report and forms part of the Boards Report.
The composition of Audit Committee is as follows:
S. No. Name of Members Status
1 Mr. G.C. Jain (Independent Director) Member
2 Mr. O.P. Agarwal (Independent Director) Chairman
3 Mr. Dinesh Kumar Golecha (Non Executive Director) Member
v. Directors' Responsibility Statement
Pursuant to Section 134 of the Companies Act, 2013, the Directors
hereby confirm that:
a) In the preparation of the Annual Accounts, the applicable Accounting
Standards have been followed along with proper explanations relating to
material departures, if any;
b) They have selected such Accounting Policies and applied them
consistently and made judgment and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the company as at March 31,2015 and of the profit and loss of the
company for that period;
c) To the best of their knowledge and information, they have taken
proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities;
d) They have prepared the Annual Accounts on a Going Concern basis;
e) They have laid down internal financial controls to be followed by
the Company and that such internal financial controls are adequate and
are operating effectively; and
f) There is a proper system to ensure compliance with the provisions of
all applicable laws and that such systems are adequate and operating
effectively.
vi. Appointment of Independent Directors: The Members of the Company
in the A.G.M. held on 25th August, 2014 has appointed to all the
existing Independent Directors viz. Mr. O P. Agarwal, Mr. G. C. Jain
and Mr. Amit Jain as Independent Directors in terms of Section 149 of
the Companies Act, 2013 for a period of 5 years. Further, Mr. Amit
Jain, Independent Director has resigned from directorship w.e.f.
09.09.2014.
The Independent Directors have submitted the declaration of
Independence, as required pursuant to section 149 (7) of the Companies
Act, 2013, stating that they meet the criteria of independence as
provided in sub-section (6) of Section 149 ofthe Act.
vii. Board Evaluation: As per the provisions ofthe Companies Act, 2013
the Board has maintained an annual performance evaluation of its own
performance, the directors individually as well as the evaluation of
the working of its Audit, Nomination & Remuneration and Stakeholders
Relationship Committee. The Performance of the Board is evaluated by
each individual Director as well as collectively by the Board on the
Annual Basis towards the end of the Financial Year. The Board
performance is evaluated on the basis of number of Board and Committee
meetings attended by individual director, participation of director in
the affairs of the company, duties performed by each director, targets
achieved by company during the year. The Board further discuss the
areas where the performance is not up to the desired level.
viii. Related Party Transactions: All contracts / arrangements /
transactions entered by the Company during the financial year with
related parties were in the ordinary course of business and on an arm's
length basis. During the year, the Company had not entered into any
contract / arrangement / transaction with related parties which could
be considered material in accordance with the policy of the Company on
materiality of related party transactions. The Policy on materiality of
related party transactions and dealing with related party transactions
as approved by the Board may be accessed on the Company's website at
the link: http://crowniaipur.ora/Policv%20on%20Related%20Partv%
20Transactions.pdf. Your Directors draw attention of the members to
Note 23 to the financial statement which sets out related party
disclosures.
ix. Remuneration Policy: The Company follows a policy on remuneration
of Directors and Senior Management Employees. The policy is approved by
the Nomination & Remuneration Committee and the Board and the same
attached with this report as Annexure 2.
6. CORPORATE GOVERNANCE
The provision of clause 49 were applicable on the Company till 30th
September, 2014, further as per the Circular "CIR/CFD/POLICY
CELL/7/2014" dated 15 Sept, 2014 issued by SEBI Clause 49 of Listing
Agreement is not applicable on the Company w.e.f 01.10.2014, However
the Company has voluntarily adopted the Corporate Governance during
financial year 2014-15 and accordingly for good Corporate Governance
Practice a detailed Corporate Governance Report is attached and form
part of annual report. Certificate of the CEO/CFO, inter alia,
confirming the correctness of the Financial Statements, compliance with
Company's Code of Conduct, adequacy of the Internal Control measures
and reporting of matters to the Audit Committee in terms Companies Act,
2013 and Listing Agreement with Stock Exchange, is attached and forms
part of Annual report.
7. VIGIL MECHANISM
The Company has formulated and adopted a Vigil Mechanism / Whistle
Blower Policy, pursuant to the provisions of section 177(9) ofthe
Companies Act, 2013, Mr. O. P. Agarwal, Chairman of Audit Committee is
responsible to address all Protected Disclosures concerning
financial/accounting matters, Vigilance Officer and employees at the
levels of Administrators/Management and Mr. Abhinav Gautam, Company
Secretary and Vigilance Officer is to hear the grievances of the other
employees of the Company. The Vigil Mechanism / Whistle Blower Policy
has also been posted on the website and may be accessed at the link:
http://crowniaipur.org/whistle-blower-policy-and-viail- mechanism.pdf
8. RISK MANAGEMENT
The Board constituted a Risk Management Policy which is responsible
responsibility to assist the Board on have a check upon all the risk
factors that the organization faces such as strategic, financial,
credit, market, liquidity, security, property, IT, legal, regulatory,
reputational and other risks and assist the Board to overcome these
Risks. A Risk Management Policy was reviewed and approved by the Board
and Audit Committee and the same is available on the website and may be
accessed at the link: http://crowniaipur.org/RISK MANAGEMENT
POLICY.pdf.
9. INTERNAL FINANCIAL CONTROL
The Board adopted the policies and procedures for ensuring the orderly
and efficient conduct of its business, including adherence to the
Company's policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of
accounting records, and the timely preparation of reliable financial
disclosures.
10. STATUTORY AUDITOR
M/s Kalani & Company, Chartered Accountants, having Firm Registration
No. 000722C, the statutory auditors ofthe company who shall hold office
for a period of 3 years from the conclusion of this Annual General
Meeting until the conclusion ofthe 28th Annual General Meeting ofthe
Company.
M/s Kalani & Company, Chartered Accountants have expressed their
willingness to get re-appointed as the statutory Auditors of the
company and have furnished a certificate of their eligibility and
consent under Section 141 of the Companies Act, 2013, and the rules
framed thereunder. In terms of the Listing Agreement, the Auditors have
confirmed vide their letter dated 28.05.2014 that they hold a valid
certificate issued by Peer Review Board of ICAI.
The Board, based on the recommendation of the Audit Committee,
recommends the appointment of M/s Kalani & Company, as Statutory
Auditors of the company.
There are no qualifications or adverse remarks in the Auditor's Report
which require any clarification/explanation. The Notes on financial
statements are self-explanatory, and needs no further explanation.
11. COST AUDITOR
The Company is not under requirement to appoint a Cost Auditor as per
the Companies Act, 2013 and Rules made relating thereto..
12. DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS
CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
The Company has not developed and implemented any Corporate Social
Responsibility initiatives as the said provisions are not applicable.
13. PARTICULARS OF LOANS GIVEN. INVESTMENTS MADE. GUARANTEES GIVEN AND
SECURITIES PROVIDED
Particulars of loans given, investments made, guarantees given and
securities provided along with the purpose for which the loan or
guarantee or security is proposed to be utilized by the recipient are
provided herein below:
Nature of Date of making Name and address of the
transaction loan/acquisiti person or body corporate
(whether loan/ on /giving to whom it is made or
guarantee/ guarantee/ given or whose securities
security/acqu providing have been acquired
isition) security (Listed/Unlisted entities)
(1) (2) (3)
Bank Guarantee 23.08.2014 HRHGroupofHotels,Udaipur
Purpose of loan/ % of loan/ Date of passing Board
acquisition acquisition I resolution
/guarantee/ exposure on
security guarantee
security
provided to
the paid up
capital, free
reserves and
securities pre-
mium account
and % of free
reserves and
securities
premium
Amount of Time period
loan/security/ for which it
acquisition/ is made/
guarantee given
(4) (5)
Rs. 1 Lacs One Year
Date of For loans
passing
special Rate of Date of
resolution, interest maturity
if required
(6) (7) (8) (9)
For 0.15% of 11.08.02014 N.A.
providing Paid up
services to Capital, free
clients reserves and
of Crown 0.29% of
Tours Ltd. Free
on Credit Reserves
Basis. (No security
premium
account
maintained
by the
Company)
For acquisitions
Number Nominal Costofacquisition(incase Date of
and kind of value and of securities how the selling of
securities paid up purchased price was investment
value arrived at)
(10) (11)
N.A. N.A.
Signatures
and
Remarks
Selling -
price(how
the price
was arrived
at)
(12) (13) (14) (15) (16) (17)
N.A. N.A. N.A. N.A. N.A.
14. INSIDER TRADING PREVENTION CODE
Pursuant to the SEBI Insider Trading Code, the company has formulated a
comprehensive policy for prohibition of Insider Trading in Equity
Shares of Crown Tours Limited to preserve the confidentiality and to
prevent misuse of unpublished price sensitive information. The Company
Secretary has been designated as the Compliance Officer. It has also
been posted on the website and may be accessed at the link:
http://crowniaipur.org/CODE OF INSIDER TRADING CTL. pdf.
15. ENERGY CONSERVATION. TECHNOLOGY ABSORPTION:
Conservation of Energy
The Company's operations are not energy-intensive and as such involve
low energy consumption. However, adequate measures have been taken to
conserve the consumption of energy.
Technology Absorption
Operations of the company do not involve any kind of special technology
and there was no expenditure on research & development during this
financial year. However, your company continues to upgrade its
technology.
Foreign Exchanges Earnings & outgo
Particulars For the year ended For the year ended
March 31,2015 March31,2014
Expenditure in
Foreign Currency - 2,83,934
Earnings in
Foreign Currency 28,24,094 46,06,235
16. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE
REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS
AND COMPANY'S OPERATIONS IN FUTURE
Disputed demand for Service Tax of Rs 22.63 lacs, for the period
Oct,2007 to March,2010, pending under appeal with CEC Jaipur has been
decided in favour of the company vide Order dated 27.05.2015, except
partial demand of Rs 0.86 lacs. Accordingly the said disputed demand
stands deleted to the extent of Rs 21.77 Lacs and balance Rs 0.86 Lacs
has been deposited.
17. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:
No employee of the Company drawing remuneration in excess of the set
limits in terms of the provisions of Section 197(12) of the Act read
with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 and no commission is being drawing
by the Managing Director and Whole Time Director as well as the other
directors from the Company. Further, the disclosures pertaining to
remuneration and other details as required under Section 197(12) of the
Act read with Rule 5(1) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 is annexed herewith as Annexure 3.
18. APPOINTMENT OF DIRECTORS & KMP'S
* Mrs. Shaila Bhandari: During the year under review Mrs. Shaila
Bhandari has been appointed as an Additional Director (Non-Executive
woman Director) under Section 161 & 149 of the Companies Act, 2013
w.e.f. 03.09.2014.
Mrs. Bhandari is a Graduate in Commerce and having vast experience in
various managerial activities.
As an additional Director, Mrs. Bhandari shall hold office up to the
date of the ensuing Annual General Meeting. The company has already
received a notice as per the provisions of Section 160(1) the Companies
Act, 2013. The Board of Directors therefore recommends her appointment
subject to the approval of shareholders at ensuing Annual General
Meeting.
* Mr. Dinesh Kumar Golecha: During the year under review Mr. Dinesh
Kumar Golecha has been appointed as Additional Director (Non-Executive)
of the company w.e.f. 12.09.2014 pursuant to Section 161 of Companies
Act 2013.
The appointment of Mr. Dinesh Kumar Golecha has been made considering
the qualification and vast experience of 23 years in performing the
role in various managerial.
As an additional Director, Mr. Golecha shall hold office up to the date
of the ensuing Annual General Meeting. The company has already received
a notice as per the provisions of Section 160(1) the Companies Act,
2013. The Board of Directors therefore recommends her appointment
subject to the approval of shareholders at ensuing Annual General
Meeting.
* Mr. Abhay Kumar Jain: During the year under review Mr. Abhay Kumar
Jain has been appointed as Chief Financial Officer (CFO) of the company
w.e.f. 05.04.2014 pursuant to Section 203 of Companies Act 2013.
Mr. Abhay Kumar Jain is associated with the Company since 1995 with
present designation of Deputy General Manager (Finance & Accounts).
Considering the qualification and nature of duties being carried out by
Mr. Abhay Kumar Jain, the Audit Committee and Nomination & Remuneration
Committee of the Board proposed the appointment of Mr. Abhay Kumar Jain
as CFO of the Company which was subsequently ratified by Board of
Directors in their meeting held on 05.04.2014
Further, Mr. Kamlesh Bhandari, Whole time director shall be retiring by
rotation at the ensuing Annual General Meeting and being eligible,
offer himself for re-appointment.
Cessation of Directors:
Mr. Vipul bhandari, Non-Executive Director and Mr. Amit Jain,
Independent Director of the Company has resigned from Directorship on
3rd September, 2014 and 09th September, 2014 respectively.
19. DISCLOSURES REGARDING ESOPs
The Company has not provided any Stock Option Scheme to the employees.
20. LISTING OF EQUITY SHARES
The equity shares ofthe Company got listed on the Bombay Stock Exchange
Ltd (BSE Ltd.) on 04.07.2014 under the Direct Listing Norms of BSE Ltd.
The Equity shares ofthe Company were previously listed on Jaipur Stock
Exchange Ltd. and Delhi Stock Exchange Ltd., during the year both the
stock exchanges have been derecognized by the SEBI.
21. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review is
presented in a separate section forming part of this Annual Report.
22. FIXED DEPOSIT
The Company has not accepted any deposits cover under Chapter V of the
Companies Act, 2013.
23. SHARE CAPITAL
The Company has not allotted any type/class of security to public,
shareholders or employees during the year under report.
24. SECRETARIAL AUDITOR
The Board has appointed M/s P Pincha & Associates, Company Secretaries
in Whole-time Practice, to carry out Secretarial Audit of the Company
under the provisions of Section 204 of the Companies Act 2013. The
Report of Secretarial Auditor is annexed with this report as Annexure
4. The Report does not contain any qualification.
25. ACKNOWLEDGMENT
The results of an organization are great reflective of the efforts put
in by the people who work for/ with the company. The Directors fully
recognize the contribution made by the employees of the company and all
stakeholders for successful operations ofthe company. The Directors
also place on record their appreciation for the sincere cooperation and
assistance of Government Authorities, Customers, Suppliers, BSE, CDSL,
NSDL, Bankers, Business Associates, Shareholders, Auditors, Financial
Institutions and other individuals / bodies.
For and on behalf of the Board
Sd/- Sd/-
Dated: 22.07.2015 Bharat Raj Bhandari Kamelsh Bhandari
Managing Director Whole Time Director
DIN : 00131015 DIN : 00131113
Mar 31, 2014
Dear members,
The Directors have pleasure in presenting the Twenty Fifth Annual
Report together with the Audited Statement of Accounts of your company
for the year ended on 31 st March 2014.
FINANCIAL HIGHLIGHTS
The performance of the Company for the financial year ended 31st March
2014 is summarized below:
(Rs. in Lacs)
2013-14 2012-13
Revenue From Operations 718.57 829.47
Total Income 810.95 874.24
Earnings Before Depreciation,
Finance Cost, Tax Expenses
and Prior period adjustments 45.30 50.37
Depreciation and Amortization 40.18 41.54
Finance Cost 2.99 3.79
Prior period adjustments - -
Earnings Before Tax 2.12 5.04
Tax Expenses 4.22 0.58
Profit For the Year 6.34 4.46
Equity Share Capital 310.00 310.00
Reserve & Surplus 342.98 336.65
Net Worth 652.98 646.65
FINANCIAL PERFORMANCE
During the year under review, your Company has earned total revenue of
Rs.810.95 lacs against Rs. 874.24 lacs in the previous year. The
Company earned net profit of Rs.6.34 lacs as compared to Rs. 4.46 lacs
in previous year.
INDUSTRY STRUCTURE & DEVELOPMENTS
By its intrinsic charm tourism is the one economic sector in India that
has the potential to always grow and to ensure consequential
development of the infrastructure at the destinations. It has the
capacity to capitalize on the country''s success in the services sector
and to provide sustainable model of growth. Tourism is not only an
economic growth engine but also an employment generator.
While accepting the above facts it can be easily seen that presently
the industry is struggling not only in India but almost everywhere
because of decrease in Inbound Tourism, It''s also a global effect which
is affecting this industry in India, as the preferences are changed,
people are not having surplus funds and they are saving for future
stepping into habits of Indian Population. With this adverse syndrome
the turnover of the Company dropped down to 718.57 lakh from 829.47 of
last year. Inspite of all this the bottom line of company was not
thrashed and the company survived with surplus again, primarily because
of a well thought of Management mandate of resorting to cut corners so
as to achieve significant cost reduction with increase in profits in
comparison of previous year.
DIVIDEND
Yet waiting for the complete normalcy to be resumed, your Directors
have not recommended any Dividend for the current financial year.
MANAGEMENT DISCUSSION & ANALYSIS
Management Discussion & Analysis Report for the year under review as
stipulated under Clause 49 of the Listing Agreement with Stock
Exchanges in India is presented in a separate section forming part of
the Annual report.
DIRECTORS
In accordance with the provisions Companies Act, 2013 read with
Articles of the Company Mr. Kamlesh Bhandari, Director of the Company
who retiring by rotation at the ensuing Annual General Meeting being
eligible offers themselves for re-appointment.
As per the clause 49 of Listing Agreement and provisions of the
Companies Act, 2013, Mr. O.P. Agarwal, Mr. Amit Jain and Mr. G.C Jain
are being appointed Independent Directors of the Company for the tenure
of 5 years as mentioned in the notice of the meeting..
DIRECTOR''S 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. In the preparation of the annual accounts for the financial year
ended on 31st March, 2014, 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 a 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;
3. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act 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, 2014 on a ''going concern'' basis.
STATUTORY AUDITORS
The statutory Auditors of the company, M/s Kalani & Company, Chartered
Accountants, as Statutory Auditors of the Company holds office until
the conclusion of the ensuing Annual general Meeting and eligible for
re-appointment. Their re-appointment, if made, would be within the
prescribed limits under Section 141 (3)(g) of the Companies Act, 2013
and that they are not disqualified for re-appointment.
Auditor''s observations are self explanatory read with notes on accounts
and need no further explanation.
STATUTORY INFORMATION A. PARTICULARS OF EMPLOYEES
As none of the employees of the Company was in receipt of remuneration
in excess of the limits prescribed, information as per Section 217(2A)
of the Companies Act.1956 read with Company (Particulars of Employees)
Rules, 1975 as amended is not required to be given.
B. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUT GO
Particulars required to be furnished under the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 are as
under:
1. Part A and B pertaining to conservation of energy and technology
absorption are not applicable to the Company being the company in
service trade.
2. Total Foreign exchange receipt out of the tickets sold and
transport services to foreigners to the tune of Rs.40,81,375/- And
expenses in foreign currency amounting to Rs.2,83,934/-.
CORPORATE GOVERNANCE
The report on Corporate Governance as stipulated under Clause 49 of the
Listing Agreement with the Stock Exchanges forms part of the Annual
Report. The Directors affirm their commitment to the policies as
prescribed which set out the systems, process and policies confirming
to the Corporate Governance Standards.
A certificate from the Auditors of the Company M/s Kalani & Company,
Chartered Accountant, confirming compliance with conditions of
corporate governance as stipulated under the aforesaid Clause 49, is
annexed to this report.
LISTING OF EQUITY SHARES
The equity shares of the Company are listed on the Delhi Stock Exchange
Ltd. and Jaipur Stock Exchange Ltd. and the Listing fees for the
Financial Year 2014-15 has been duly paid.
Note : The Company has also filed Information Memorandum to BSE Ltd. in
Jan 2014 for seeking Direct Listing Approval.
INDUSTRIAL RELATIONS
Industrial Relations are cordial. Your Directors wish to express their
appreciation for the dedicated services rendered by the workmen, staff
and officers of the company.
DEPOSITS
The company has not accepted any fixed deposit during the year under
review.
ACKNOWLEDGEMENTS
The Board expresses and places on record its sincere gratitude for
co-operation, guidance and advice received from the Andhra Bank, ICICI
Bank, The Bank of Rajasthan, Central & State Tourism Departments, and
Central & State Government Depts. for their valued patronage. The
Directors thank the company''s valued and esteemed customers for their
continued patronage. They would also like to acknowledge the continued
support of the company''s shareholders in its entire endeavor. Your
Directors also thank the employees of the Company at all levels for
their active participation and contribution in operations of the
company, who through their competence, hard work, co-operation and
support, have enabled the company to confront the ongoing challenges in
the tourism sector.
REGISTERED OFFICE By order of the Board
Opp. Rajputana Palace Sheraton Hotel, For CROWN TOURS LIMITED
Palace Road, Jaipur 302006
Sd/- Sd/-
Bharat Raj Bhandari Kamlesh Bhandari
Dated: 28.05.2014 Managing Director Whole Time Director
Mar 31, 2013
THE MEMBERS
The Directors have pleasure in presenting the Twenty Fourth Annual
Report together with the Audited Statement of Accounts of your company
for the year ended on 31st March 2013.
FINANCIAL HIGHLIGHTS
The performance of the Company for the financial year ended 31st March
2013 is summarized below:
(Rs. in Lacs)
2012-13 2011-12
Revenue From Operations 829.47 1027.96
Total Income 874.24 1064.03
Earnings Before Depreciation,
Finance Cost, Tax Expenses
and Prior period adjustments 50.37 84.46
Depreciation and Amortization 41.54 55.97
Finance Cost 3.79 2.69
Prior period adjustments - 2.65
Earnings Before Tax 5.04 23.15
Tax Expenses 0.58 5.97
Profit For the Year 4.46 17.18
Equity Share Capital 310.00 310.00
Reserve & Surplus 336.65 332.18
Net Worth 646.65 642.18
FINANCIAL PERFORMANCE
During the year under review, your Company has earned total revenue of
Rs.874.24 lacs against Rs. 1064.03 lacs in the previous year. The
Company earned net profit of Rs.4.46 lacs as compared to Rs. 17.18 lacs
in previous year.
INDUSTRY STRUCTURE & DEVELOPMENTS
By its intrinsic charm tourism is the one economic sector in India that
has the potential to always grow and to ensure consequential
development of the infrastructure at the destinations. It has the
capacity to capitalize on the country''s success in the services sector
and to provide sustainable model of growth. Tourism is not only an
economic growth engine but also an employment generator.
While accepting the above facts it can be easily seen that presently
the industry is struggling not only in India but almost everywhere
because of decrease in Inbound Tourism, It''s also a global effect which
is affecting this industry in India, as the preferences are changed,
people are not having surplus funds and they are saving for future
stepping into habits of Indian Population. With this adverse syndrome
the turnover of the Company dropped down to 829.47 lakh from 1027.95 of
last year. Inspite of all this the bottom line of company was not
thrashed and the company survived with surplus again, primarily because
of a well thought of Management mandate of resorting to cut corners so
as to achieve significant cost reduction.
DIVIDEND
Yet waiting for the complete normalcy to be resumed, your Directors
have not recommended any Dividend for the current financial year.
MANAGEMENT DISCUSSION & ANALYSIS
Management Discussion & Analysis Report for the year under review as
stipulated under Clause 49 of the Listing Agreement with Stock
Exchanges in India is presented in a separate section forming part of
the Annual report.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 read with
Article 89 of the Articles of Association of the Company, Mr. Vipul
Bhandari and Mr. Amit Lodha, Directors of the Company who retiring by
rotation at the ensuing Annual General Meeting being eligible offers
themselves for re-appointment.
A brief resume of the directors retiring by rotation at the ensuing
Annual General Meeting together with the nature of their expertise in
specific functional areas as stipulated under Clause 49 of the Listing
Agreement with the Stock Exchange are given in the section on Corporate
Governance forming part of the Annual report.
The Board of Directors recommended reappointing Shri Bharat Raj
Bhandari as Managing Director of the Company for the further period of
three years w.e.f. 01.04.2013 As, Mr. Bharat Raj Bhandari is the key
person to the company. The re-appointment of Shri Bharat Raj Bhandari
as Managing Director for further Three years will be suitable and
beneficial for all round growth and development of the company.
DIRECTOR''S 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. In the preparation of the annual accounts for the financial year
ended on 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 a 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;
3. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act 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.
AUDITORS
M/s Kalani & Company, Chartered Accountants, as Statutory Auditors of
the Company holds office until the conclusion of the ensuing Annual
general Meeting and eligible for re-appointment.
The Company has received letter from M/s Kalani & Company, Chartered
Accountant, to the effect that their appointment, if made would be
within the prescribed limits under Section 224 (1B) of the Companies
Act, 1956. Members are requested to consider their re-appointment for
financial year ending 31st March 2014 on remuneration to be decided by
the Board of directors of your company.
Auditor''s observations are self explanatory read with notes on accounts
and need no further explanation.
STATUTORY INFORMATION
A. PARTICULARS OF EMPLOYEES
As none of the employees of the Company was in receipt of remuneration
in excess of the limits prescribed, information as per Section 217(2A)
of the Companies Act.1956 read with Company (Particulars of Employees)
Rules, 1975 as amended is not required to be given.
B. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Particulars required to be furnished under the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 are as
under:
1. Part A and B pertaining to conservation of energy and technology
absorption are not applicable to the Company being the company in
service trade.
2. Total Foreign exchange receipt out of the tickets sold and
transport services to foreigners to the tune of Rs.43,87,495/- And
expenses in foreign currency amounting to Rs.NIL.
CORPORATE GOVERNANCE
The report on Corporate Governance as stipulated under Clause 49 of the
Listing Agreement with the Stock Exchanges forms part of the Annual
Report. The Directors affirm their commitment to the policies as
prescribed which set out the systems, process and policies confirming
to the Corporate Governance Standards.
A certificate from the Auditors of the Company M/s Kalani & Company,
Chartered Accountant, confirming compliance with conditions of
corporate governance as stipulated under the aforesaid Clause 49, is
annexed to this report.
SECRETARIAL COMPLIANCE CERTIFICATE
In accordance with the provision of section 383A of companies Act 1956
and Companies (Compliance Certificate) Rule 2001 the company has
obtained a certificate from Practicing Company Secretary, certifying
that the company has complied with the Provision of the Companies Act
1956 during the Financial Year under review and a copy of such
certificate is annexed to the report.
INDUSTRIAL RELATIONS
Industrial Relations are cordial. Your Directors wish to express their
appreciation for the dedicated services rendered by the workmen, staff
and officers of the company.
DEPOSITS
The company has not accepted any fixed deposit during the year under
review.
ACKNOWLEDGEMENTS
The Board expresses and places on record its sincere gratitude for
co-operation, guidance and advice received from the Andhra Bank, ICICI
Bank, Central & State Tourism Departments, and Central & State
Government Depts. for their valued patronage. The Directors thank the
company''s valued and esteemed customers for their continued patronage.
They would also like to acknowledge the continued support of the
company''s shareholders in its entire endeavor. Your Directors also
thank the employees of the Company at all levels for their active
participation and contribution in operations of the company, who
through their competence, hard work, co-operation and support, have
enabled the company to confront the ongoing challenges in the tourism
sector.
REGISTERED OFFICE By order of the Board
Opp. Hotel Rajputana Palace For CROWN TOURS LIMITED Sheraton,
Palace Road Jaipur 302006
Bharat Raj Bhandari Kamlesh Bhandari
Dated : 18.05.2013 Managing Director Whole Time Director
Mar 31, 2012
THE MEMBERS
The Directors have pleasure in presenting the Twenty Third Annual
Report together with the Audited Statement of Accounts of your company
for the year ended on 31st March 2012.
FINANCIAL HIGHLIGHTS
The performance of the Company for the financial year ended 31st March
2012 is summarized below:
(Rs. in Lacs)
2011-12 2010-11
Revenue From Operations 1027.96 1104.11
Total Income 1064.03 1116.99
Earnings Before Depreciation,
Finance Cost, Tax Expenses
and Prior period adjustments 84.46 88.02
Depreciation and Amortization 55.97 63.75
Finance Cost 2.69 3.34
Prior period adjustments 2.65 0.76
Earnings Before Tax 23.15 20.17
Tax Expenses 5.97 3.69
Profit For the Year 17.18 16.48
Paid up Share Capital 310.00 309.90
Reserve & Surplus 332.18 315.00
Net Worth 642.18 624.90
FINANCIAL PERFORMANCE
During the year under review, your Company has earned total revenue of
Rs.1064.03 lacs against Rs. 1116.99 lacs in the previous year. The
Company earned net profit of Rs.17.18 lacs as compared to Rs. 16.48
lacs in previous year.
INDUSTRY STRUCTURE & DEVELOPMENTS
The inborn human instinct leading to charm of visiting significant
destinations, be it for pilgrimage, historic/heritage , leisure or even
adventures will perhaps never recede in the mankind. Tourism is an
important industry in an Indian economy also providing employment to
millions of persons. Ranked among the fastest growing sectors, it is
also a leading sector for foreign exchange generation. Even when
affordable funds were not at hand for the tourists because of stringent
conditions, yet the first liking for parting money for Corporate &
pleasure tours, still remains on high priorities, worldwide. Not as a
sudden surprise, the domestic tourism has jumped ahead the
international tourism in many sectors, particularly Kerla, Rajasthan &
Madhya Pradesh.
The Company hence is quite hopeful to reap good quantum of fruits of
this nerve of general public who have affordable surpluses for
utilization for their leisure. Of course, the Company Management is
well aware that such hopes would not be sole strategy to achieve
desired and targeted results in Company''s health. Diversions into other
segments of Tourism like catering to Meetings, Conferences and other
lucrative events is perhaps the most preferred alternative. Any
diversions would require certain modifications and additions in the
necessary infrastructure required and also certain extra attractions
for the Organizers and so also participants. The Company has to spelt
out providing several VALUE ADDED offerings and expects an appreciable
outcome with such plans. A big leap has already been taken by
successfully arranging the Conference of all India Parliament Speakers
Conference in September, 2011, which was quite viable.
DIVIDEND
Yet waiting for the complete normalcy to be resumed, your Directors
have not recommended any Dividend for the current financial year.
MANAGEMENT DISCUSSION & ANALYSIS
Management Discussion & Analysis Report for the year under review as
stipulated under Clause 49 of the Listing Agreement with Stock
Exchanges in India is presented in a separate section forming part of
the Annual report.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 read with
Article 89 of the Articles of Association of the Company, Mr. Dinesh
Golecha and Mr. O.P. Agarwal, Directors of the Company who retire by
rotation at the ensuing Annual General Meeting and being eligible,
offer themselves for re-appointment.
A brief resume of the directors retiring by rotation at the ensuing
Annual General Meeting together with the nature of their expertise in
specific functional areas as stipulated under Clause 49 of the Listing
Agreement with the Stock Exchange are given in the section on Corporate
Governance forming part of the Annual report.
The Board of Directors recommended reappointing Shri Kamlesh Bhandari
as Whole Time Director of the Company for the further period of three
years w.e.f. 01.10.2011. Mr. Kamlesh Bhandari is the key person to the
company and possesses vast experience of General Management. The re-
appointment of Mr. Kamlesh Bhandari as Whole Time director for further
Three years will be suitable and beneficial for all round growth and
development of the company.
DIRECTOR''S 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 annual accounts for the financial
year ended on 31st March, 2012, the applicable accounting standards
have been followed along with proper explanations 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 a 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;
3. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act 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, 2012 on a ''going concern'' basis.
AUDITORS
M/s Kalani & Company, Chartered Accountants, as Statutory Auditors of
the Company hold office until the conclusion of the ensuing Annual
general Meeting and are eligible for re-appointment.
The Company has received letter from M/s Kalani & Company, Chartered
Accountants, to the effect that their appointment, if made would be
within the prescribed limits under Section 224 (1B) of the Companies
Act, 1956. Members are requested to consider their re-appointment for
financial year ending 31st March 2013 on remuneration to be decided by
the Board of directors of your company.
Auditor''s observations are self explanatory read with notes on accounts
and need no further explanation.
STATUTORY INFORMATION
A. PARTICULARS OF EMPLOYEES
As none of the employees of the Company was in receipt of remuneration
in excess of the limits prescribed, information as per Section 217(2A)
of the Companies Act.1956 read with Company (Particulars of Employees)
Rules, 1975 as amended is not required to be given.
B. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Particulars required to be furnished under the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 are as
under:
1. Part A and B pertaining to conservation of energy and technology
absorption are not applicable to the Company being the company in
service trade.
2. Total Foreign exchange receipt out of the tickets sold and
transport services to foreigners to the tune of Rs.31,92,852/- and
expenses in foreign currency amounting to Rs.NIL.
CORPORATE GOVERNANCE
The report on Corporate Governance as stipulated under Clause 49 of the
Listing Agreement with the Stock Exchanges forms part of the Annual
Report. The Directors affirm their commitment to the policies as
prescribed which set out the systems, process and policies confirming
to the Corporate Governance Standards.
A certificate from the Auditors of the Company M/s Kalani & Company,
Chartered Accountant, confirming compliance with conditions of
corporate governance as stipulated under the aforesaid Clause 49, is
annexed to this report.
INDUSTRIAL RELATIONS
Industrial Relations are cordial. Your Directors wish to express their
appreciation for the dedicated services rendered by the workmen, staff
and officers of the company.
DEPOSITS
The company has not accepted any fixed deposit during the year under
review.
ACKNOWLEDGEMENTS
The Board expresses and places on record its sincere gratitude for
co-operation, guidance and advice received from the Andhra Bank, ICICI
Bank, Central & State Tourism Departments, and Central & State
Government Depts. for their valued patronage. The Directors thank the
company''s valued and esteemed customers for their continued patronage.
They would also like to acknowledge the continued support of the
company''s shareholders in its entire endeavor. Your Directors also
thank the employees of the Company at all levels for their active
participation and contribution in growth of the company, who through
their competence, hard work, co-operation and support, have enabled the
company to achieve new heights.
REGISTERED OFFICE By order of the Board
Opp. Hotel Rajputana Palace For CROWN TOURS LIMITED Sheraton
Palace Road Jaipur 302006
Bharat Raj Bhandari Kamlesh Bhandari
Dated: 29.05.2012 Managing Director Whole Time Director
Mar 31, 2011
THE MEMBERS
The Directors have pleasure in presenting the Twenty Second Annual
Report together with the Audited Statement of Accounts of your company
for the year ended on 31st March, 2011.
FINANCIAL RESULTS
The performance of the Company for the financial year ended 31st March
2011 is summarized below : -
(Rs. in Lacs)
2010-11 2009-10
Operating Receipts 1169.99 1062.33
Profit before Depreciation & Interest 86.88 92.78
Less: Depreciation & Interest 65.96 65.70
Net profit for the year before Tax 20.93 27.08
Less: Provision for Taxation/Deferred 3.69 6.51
Tax / Fringe Benefit Tax
Net Profit after Tax 16.48 20.57
Add: Balance brought forward 295.50 274.93
Balance Carried to Balance Sheet 311.98 295.50
FINANCIAL PERFORMANCE
During the year under review, your Company has earned total revenue of
Rs. 1169.99 lacs against Rs. 1062.33 lacs in the previous year. The
Company earned net profit of Rs. 20.93 lacs as compared to Rs. 27.08
lacs in previous year.
INDUSTRY STRUCTURE & DVELOPMENTS
In previous year''s Directors report, the Company Management expected
that the painful pangs of all round severe plunge in the world economic
environment would be arrested and start stabilizing by January, 2011,
Fortunately, the total industrial sector, much so the tourism sector,
did have a sign of some relief in 2010-11, when the down trend
onslaught in inbound tourist traffic was abated consequent to the
improved world economic scenario. As a natural consequence, it was
necessary for every one, to confront the ''survival of the fittest''
syndrome by attractive offers at rock bottom rates best suited to their
clients and drastically reduce the expenditure outflow by cutting
corners at all stages.
Your management with a critical and discreet foresight, effectively
combated this requirement which not only improved the turnover quantum
but also maintained Net Profit for 2010-11 at a conmfortable level.
The effective tourist inflow ill commence around mid September, 2011
and with all the untiring efforts to capture new market vistas, your
Directors are quite hopeful to achieve substantial improvement both in
total Sales and the bottom line figures.
DIVIDEND
Yet waiting for the complete normalcy to be resumed, Your Directors
have not recommended any Dividend for the current financial year.
MANAGEMENT DISCUSSION & ANALYSIS
Management Discussion & Analysis Report for the year under review as
stipulated under Clause 49 of the Listing Agreement with Stock
Exchanges in India is presented in a separate section forming part of
the Annual report.
DIRECTORS
In terms of Article 89 of the Articles of Association of the Company,
Mr. Vipul Bhandari and Mr. Amit Lodha, Directors of the company retires
by rotation and being eligible offers himself for re-appointment at the
ensuing Annual General Meeting.
A brief resume of the directors retiring by rotation at the ensuing
Annual General Meeting together with the nature of their expertise in
specific functional areas as stipulated under Clause 49 of the Listing
Agreement with the Stock Exchange are given in the section on Corporate
Governance forming part of the Annual report.
DIRECTORS'' RESPONSIBILITY STATEMENT IN TERMS OF SECTION 217(2AA) OF THE
COMPANIES, 1956
Your directors confirm that:
(a) In the preparation of Annual Accounts, the applicable Accounting
Standards have been followed. Further, there have been no material
departures.
(b) The Directors had selected such accounting policies and applied
them consistently and made judgements 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 financial year and of the profit of the
company for that period.
(c) The Directors have taken proper and sufficient care 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) The Directors had prepared the Annual Accounts on a going concern
basis.
AUDITORS
M/s Kalani & Company, Chartered Accountants, as Statutory Audditors of
the Company holds office until the conclusion of the ensuing Annual
general Meeting and eligible for re-appointment.
The Company has received letter from M/s Kalani & Company, Chartered
Accountant, to the effect that their appointment, if made would be
within the prescribed limits under Section 224 (1B) of the Companies
Act, 1956. Member are requested to consider their re-appointment for
financial year edning 31st March 2012 on remuneration to be decided by
the Board of directors of your company.
Auditor''s observations are self explanatory read with notes on accounts
and need no further explanation.
CORPORATE GOVERNANCE
The report on Corporate Governance as stipulated under Clause 49 of the
Listing Agreement with the Stock Exchanges forms part of the Annual
Report. The Directors affirm their commitment to the policies as
prescribed which set out the systems, Process and policies confirming
to the Corporate Governance Standards.
A certificate from the Auditors of the Company M/s Kalani & Company,
Chartered Accountant, confirming complaince with conditions of
corporate governance as stipulated under the aforesaid Clause 49, is
annexed to this report.
PARTICULARS OF EMPLOYEES
In terms of the provisions of Section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975, as
amended, the names and other particulars of the employees are NIL
INDUSTRIAL RELATIONS
Industrial Relations are cordiac. Your Directors wish to express their
appreciation for the dedicated services rendered by the workmen, staff
and officers of the Company.
DEPOSIT
The company has not accepted any fixed deposit during the year under
review.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
Particulars required to be furnished under the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 are as
under:
1. Part A and B pertaining to conservation of energy and technology
absorption are not applicable to the Company being the company in
service trade.
2. Total Foreign exchange receipt out of the tickets sold and
transport services to foreigners to the tune of Rs. 29,37,554/- and
expenses in foreign currency amounting to Rs. Nil.
ACKNOWLEDGEMENT
The Board expresses and places on record its sincere gratitude for
co-operation, guidance and advice received from the Andhra Bank, ICICI
Bank, The Bank of Rajasthan, Central & State Tourism Departments, and
Central & State Government Depts. for their valued patronage. The
Directors thank the company''s valued and esteemed customers for their
continued patronage. They would also like to acknowledge the continued
support of the company''s shareholders in its entire endeavor. Your
Directors also thank the employees of the Company at all levels for
their active participation and contribution in growth of the company,
who through their competence, hard work, co-operation and support, have
enabled the company to achieve new heights.
REGISTERED OFFICE By order of the Board
Opp. Hotel Rajputana Palace FOR CROWN TOURS LIMITED
Sheraton,
Palace Road Jaipur  302006
Sd/- Sd/-
Bharat Raj Bhandari Kamlesh Bhandari
Dated : 30-05-2011 Managing Director Director
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