Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 30th Annual Report of the
Company together with its Audited Statement of Profit and Loss for the
year ended March 31, 2014 and the Balance Sheet as on that date:
FINANCIAL RESULTS
PARTICULARS Financial Year Financial Year
Ending on 31.03.2014 Ending on 31.03.2013
Financial Year Financial Year
(Rs. In Lacs) (Rs. In Lacs)
Total Income 82.76 82.71
Profit before Interest,
Dep. & Tax 76.05 76.06
Less:- Interest 27.77 36.58
Profit/ (Loss) before
Depreciation & Tax 48.28 39.48
Less:- Depreciation
for the year 19.17 19.13
Net Profit/ (Loss)
for the year 29.11 20.35
Less:- Provision for Tax 5.55 3.89
Net Profit/ (Loss) for
the year 23.56 16.47
Loss brought forward 73.49 89.96
Total Loss carried to
Balance Sheet 49.93 73.49
INCOME
The Total Income for the year ended March 31, 2014 at 82.76 Lakh was
higher than that of the previous year.
The Hotel North Park owned by the Company has been leased out from 26th
September, 2001 to M/s Hot Millions Food (P) Ltd., Chandigarh a well
known chain of fast food and restaurant in the region and the company
is receiving a regular rental income from same.
DEPRECIATION AND FINANCE COSTS
Depreciation for the year was lower at 19.17 Lakh as compared to 19.13
Lakh for the previous year.
PROFIT BEFORE TAX & EXCEPTIONAL ITEM
Profit before Tax for the year was at 29.11 Lakh, as compared to the
previous year''s figure of 20.35 Lakh. Whereas due to loss brought
forward, Loss carried to Balancesheet for the year was at (49.93) Lakh,
as compared to the previous year''s figure of (73.49)Lakh.
BUSINESS OVERVIEW
The GDP growth in India during the year is estimated to have been
around 4.7%. Inflation was at very high levels during the first half of
the year, but has gradually come down to 6% by the end of the year. The
Indian Rupee''s recent depreciation against the US$ has not been helpful
in so far as it unexpectedly enhanced the effective cost of borrowings
in $ for Indian corporates. In the Indian market, the impact of the
economic slowdown, coupled with the very substantial increase in new
hotel capacity across all the key markets, combined to put
unprecedented pressure on revenue per available room for the sector.
However, the new supply is an investment for the future and a
facilitator for the much needed improvement in tourism-related
infrastructure across the country. Thus, with the anticipated
improvement in the domestic economic environment, the fortunes of the
hospitality sector are expected to now improve.
The International tourists arrival, worldwide, have grown to 1.1
billion in 2013, 5% above 2012 and are forecast to grow at 4% to 4.5%
in 2014.
The Foreign Tourist Arrival, in India, during 2013 was 6.85 million,
which translates to a 4.1% growth over the previous year. Your Company
is carrying out continues efforts to achieve sustainable and profitable
growth.
LISTING
The shares of your company are listed at the Stock Exchange of Mumbai,
Delhi and Ludhiana.
DIRECTORS
In accordance with the Companies Act, 2013, and the Articles of
Association of the Company, your Director, viz. Mr. Abhey Ram Dahiya
retires by rotation, and is eligible for re-appointment.
The Board recommends the re-appointment of Mr. Abhey Ram Dahiya.
In accordance with the Companies Act, 2013, and the Articles of
Association of the Company, your Director, viz. Mr. Vikas Tibrewal
retires by rotation, and is eligible for re-appointment.
The Board recommends the re-appointment of Mr. Vikas Tibrewal.
In accordance with the Companies Act, 2013, and the Articles of
Association of the Company, your Director, viz. Mr. Pankaj Dahiya
retires by rotation, but he has not offered himself to be appointed as
Director, Hence He is Not eligible for re-appointment.
The Board Does not recommends the re-appointment of Mr. Pankaj Dahiya.
Mr. Kaushik Namji Maru was Appointed as Additional Director of the
company in accordance with the provisions of the section 161 of the
Companies Act, 2013 and he would hold office upto the date of this
Annual General Meeting of the company. The Board recommends to appoint
him as ordinary director of the Company.
Mr. Prem Dahiya was Appointed as Additional Director of the company in
accordance with the provisions of the section 161 of the Companies Act,
2013. He would hold office upto the date of this Annual General Meeting
of the Company.
The Board recommends to appoint him as ordinary director of the
company.
As per the provision of Section 149 and other applicable provisions, if
any, of the Companies Act, 2013, Mr. Kaushik Namji Maru, Mr. Prem
Dahiya, are proposed to be appointed as Independent Directors of the
Company.
Your approval for their appointments as Directors has been sought in
the Notice convening the Annual General Meeting of the Company.
Mr. Vivek Sama has resigned from the directorship of the Company on
24.03.2014. The Board places on record its appreciation for the
contribution made by Mr. Vivek Sama during his tenure as Director.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, the Board of Directors, based on the representations received
from the Operating Management, hereby confirms that:
i. in the preparation of the annual accounts, the applicable
accounting standards have been followed and that there are no material
departures;
ii. it has in the selection of the accounting policies, consulted the
Statutory Auditors and has 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 as at March
31,2014 and of the loss of the Company for that period;
iii. it has 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, to the best of its knowledge
and ability. There are however, inherent limitations, which should be
recognized while relying on any system of internal control and records;
and
iv. it has prepared the annual accounts on a going concern basis.
CORPORATE GOVERNANCE
As required by Clause 49 of the Listing Agreement with the Stock
Exchanges, the report on Management Discussion and Analysis, Corporate
Governance as well as the Practicing Company Secretary''s Certificate
regarding compliance of conditions of Corporate Governance, form part
of the Annual Report.
AUDITORS At the Annual General Meeting, the Members will be requested
to re-appoint Ashwani K. Gupta & Associates, Chartered Accountant (Firm
No. FRN 003803N ),as Auditors for a period of three years commencing
from the conclusion of this Annual General Meeting upto the conclusion
of the 33rd Annual General Meeting, subject to ratification of the
Members at every meeting and authorise the Board of Directors to fix
their remuneration.
PARTICULARS OF EMPLOYEES
Nil, because during the year under report the company did not have any
employee covered under Section 217(2A) of the Companies Act, 1956.
ENERGY, CONSERVATION AND TECHNOLOGY ABSORPTION
Not applicable, because the company is not a manufacturing company.
FOREIGN EXCHANGE EARNINGS AND OUTGO
Nil, because your company has neither earned any foreign exchange nor
it has incurred any expenditure in foreign exchange during the year
under report.
ACKNOWLEDGEMENT
The Directors express their deep sense of appreciation for the
contribution made by the employees to the significant improvement in
the operations of the Company.
The Directors also thank all their stakeholders including Members,
customers, lenders, vendors, business partners, the Government of India
and overseas for their continued co-operation and support.
Place: Panchkula (A.R.Dahiya)
Dated: 14.08.2014 Chairman
Mar 31, 2013
To The Members of Polo Hotels Ltd.
The Directors have pleasure in submitting their 29th Annual Report
together with audited accounts for the year ended on 31st March, 2013.
Financial Results
Financial Year Financial Year
PARTICULARS Ending on 31.03.2013 Ending on 31.03.2012
(Rs. In Lacs) (Rs. In Lacs)
Gross Income 82.71 77.86
Profit before Interest,
Dep-. & Tax 76.06 73.47
Interest 36.58 35.70
Profit/ (Loss) before
Depreciation & Tax 39.48 37.77
Depreciation for the year 19.13 17.86
Net Profit/ (Loss) for the
year 20.35 19.91
Provision for Tax 3.68 3.68
Net Profit/ (Loss) for the
year 16.47 16.23
Loss brought forward 89.96 106.19
Total Loss carried to
Balance Sheet 73.49 89.96
OPERATIONS
The Hotel North Park owned by the Company has been leased out from 26th
September, 2001 to M/s Hot Millions Food (P) Ltd. Chandigarh a well
known chain of fast food and restaurant in the region and the company
is receiving a regular rental income.
DIRECTORS
Sh. Amardeep Singh Dahiya, Director of the company is retiring at the
forthcoming Annual General Meeting and being eligible has offered
himself for re-appointment.
The Board recommends the re-appointment of Sh. Amardeep Singh Dahiya.
Sh. Devender Jain, Director of the company is retiring at the
forthcoming Annual General Meeting and being eligible has offered
himself for re-appointment.
The Board recommends the re-appointment of Sh. Devender Jain.
Sh. Gurmukh Singh, Director of the company is retiring at the
forthcoming Annual General Meeting and being eligible has offered
himself for re-appointment.
The Board recommends the re-appointment of Sh. Gurmukh Singh.
AUDITORS
M/s Ashwani K. Gupta & Associates, Chartered Accountant are the present
auditors of the company. In terms of the provisions of Section 224 of
the Companies Act, 1956, they would retire at the forthcoming 29th
Annual General Meeting of the company, Being eligible, they have
offered themselves for re- appointment. The Board recommends their
re-appointment as auditors of the company for the financial year
2013-14.
II RECTOR''S RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956, it is hereby
stated:
i) That in the preparation of the annual accounts, the applicable
accounting standards have been followed.
ii) That the Directors 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 at the end of the financial year and of the
profit & loss of the Company for that period.
iii) That Director had 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.
iv) That the Directors have prepared the annual accounts on a going
concern basis.
LISTING
The shares of your company are listed at the Stock Exchange of Mumbai,
Delhi and Ludhiana.
CORPORATE GOVERNANCE
The company has complied with the guidelines of SEBI on the matters
relating to Corporate Governance. Additional report in this regard is
furnished separately.
SEGMENT WISE OR PRODUCT WISE PERFORMANCE
The company''s only venture Hotel North Park has been given on lease,
Hence no segment wise reporting is required.
INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY
The company ensures existence of adequate internal control and
procedure at various levels in the company commensurate with the size
of the company and the nature of its business.
PARTICULARS OF EMPLOYEES U/S 217 (2 A) OF THE COMPANIES ACT, 1956
Nil, because during the year under report the company did not have any
employee covered under Section 217(2 A) of the Companies Act, 1956.
ENERGY, CONSERVATION AND TECHNOLOGY ABSORPTION
Not applicable, because the company is not a manufacturing company.
FOREIGN EXCHANGE EARNINGS AND OUTGO
Nil, because your company has neither earned any foreign exchange nor
it has incurred any expenditure in foreign exchange during the year
under report.
Acknowledgement
The Directors take this opportunity to thank the company staff members
for their continued support dedication and co-operation extended to the
company. The Board also thanks its shareholders for the trust reposed
by them in the company.
Sd/-
Place: Panchkula (A.R.Dahiya)
Date: 12.08.2013 Chairman
Mar 31, 2012
To The Members of Polo Hotels Ltd.
The Directors have pleasure in submitting their 28th Annual Report
together with audited accounts for the year ended on 31st March, 2012.
Financial Results
Financial Year Financial Year
PARTICULARS Ending on Ending on
31.03.2012 31.03.2011
(Rs. In Lacs) (Rs. In Lacs)
Gross Income 77.86 71.67
Profit before Interest, Pep. & Tax 73.47 66.09
Interest 35.70 28.99
Profit/(Loss) before Depreciation & 37.77 37.10
Tax
Depreciation for the year 17.86 17.84
Net Profit/ (Loss) for the year 19.91 19.26
Provision for Tax 3.68 3.57
Net Profit/ (Loss) for the year 16.23 15.69
Loss brought forward 106.19 121.88
Total Loss carried to Balance Sheet 89.96 106.19
OPERATIONS
The Hotel North Park owned by the Company has been leased out from 26,h
September, 2001 to M/s Hot Millions Food (P) Ltd. Chandigarh a well
known chain of fast food and restaurant in the region and the company
is receiving a regular rental income.
DIRECTORS
Sh. Abhey Ram Dahiya, Director of the company is retiring at the
forthcoming Annual General Meeting and being eligible has offered
himself for re-appointment.
The Board recommends the re-appointment of Sh. Abhey Ram Dahiya.
Sh. Vikas Tibrewal, Director of the company is retiring at the
forthcoming Annual General Meeting and being eligible has offered
himself for re-appointment.
The Board recommends the re-appointment of Sh. Vikas Tibrewal.
Sh. Manbeer Choudahry was Appointed as Additional Director of the
company in accordance with the provisions of the section 260 of the
Companies Act, 1956. He would hold office upto the date of this annual
general meeting of the company
The Board recommends to appoint him as ordinary director of the
company.
Sh. Vivek Sama was Appointed as Additional Director of the company in
accordance with the provisions of the section 260 of the Companies Act,
1956. He would hold office upto the date of this annual general meeting
of the company
The Board recommends to appoint him as ordinary director of the
company.
AUDITORS
M/s Ashwani K. Gupta & Associates, Chartered Accountant are the present
auditors of the company. In terms of the provisions of Section 224 of
the Companies Act, 1956, they would retire at the forthcoming 28th
Annual General Meeting of the company, Being eligible, they have
offered themselves for re- appointment. The Board recommends their
re-appointment as auditors of the company for the financial
year2012-13.
DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956, it is hereby
stated:
i) That in the preparation of the annual accounts, the applicable
accounting standards have been followed.
ii) That the Directors 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 at the end of the financial year and of the
profit & loss of the Company for that period.
iii) That Director had 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.
iv) That the Directors have prepared the annual accounts on a going
concern basis.
LISTING
The shares of your company are listed at the Stock Exchange of Mumbai,
Delhi and Ludhiana.
CORPORATE GOVERNANCE
The company has complied with the guidelines of SEBI on the matters
relating to Corporate Governance. Additional report in this regard is
furnished separately.
PARTICULARS OF EMPLOYEES U/S 217 (2 A) OF THE COMPANIES ACT, 1956
Nil, because during the year under report the company did not have any
employee covered under Section 217(2 A) of the Companies Act, 1956.
ENERGY, CONSERVATION AND TECHNOLOGY ABSORPTION
Not applicable, because the company is not a manufacturing company.
FOREIGN EXCHANGE EARNINGS AND OUTGO
Nil, because your company has neither earned any foreign exchange nor
it has incurred any expenditure in foreign exchange during the year
under report.
Acknowledgment
The Directors take this opportunity to thank the company staff members
for their continued support dedication and co-operation extended to the
company. The Board also thanks its shareholders for the trust reposed
by them in the company.
Sd/-
Place : Panchkula (A.R.Dahiya)
Date : 25.08.2012 Chairman
Mar 31, 2010
The Directors-have pleasurein submitting their 26th Annual Report
together with audited accounts for the year ended on 31st March, 2010.
Financial Results
Financial Year Financial Year
PARTICULARS Ending on Ending on
31.03.2010 31.03.2009
(Rs. In Lacs) (Rs. In Lacs)
Gross Income 71.42 66.76
Profit before Interest, Pep. & Tax 64.47 60.03
Interest 26.60 33.22
Profit/ (Loss) before Depreciation & Tax37.87 26.81
Depreciation for the year 19.82 23.73
Net Profit/(Loss) for the year 18.05 3.08
Provision for Tax 2.79 0.34
Net Profit/ (Loss) for the year 15.26 2.74
Loss brought forward 137,15 139.79
Total Loss carried to Balance Sheet 121.88 137.15
OPERATIONS
The Hotel North Park the only venture of the Company has been leased
out from 26th September, 2001 to M/s Hot Millions Food (P) Ltd,
Chandigarh a well known chain of fast food and restaurant in the region
and the company is receiving a regular rental income.
DIRECTORS
Sh. Devender Jain, Director of the company is retiring at the
forthcoming Annual General Meeting and being eligible has offered
himself for re-appointment.
The Board recommends the re-appointment of Sh. Defender Jain.
Sh. Amardeep Dahiya, Managing Director of the company is retiring at
the forthcoming Annual General Meeting and being eligible has offered
himself for re-appointment.
The Board recommends the re-appointment of Sh. Amardeep Dahiya.
Sh. Amardeep Dahiya, Managing Director of the company is managing the
affairs of the company and rendering his services as Managing Director
of the company since 30.07.2005. The Board of Directors of the company
have appointed him as Managing Director of the company at their meeting
held on 31.07.2010 for a further period of 5 years w.e.f. 01.08.2010
subject to approval of Shareholders at their
forthcoming Annual General meeting. The remuneration of Sh. Amardeep
Dahiya Managing Directors of the company has been recommended Rs.
50,000/- per months and other perks within the limit prescribed under
Schedule XIII and other applicable provisions of Act Companies Act or
any other applicable statute and subject to the approval of
Shareholders at their forthcoming Annual General meeting.
AUDITORS
M/s Ashwani K. Gupta & Associates, Chartered Accountant are the present
auditors of the company. In terms of the provisions of Section 224 of
the Companies Act, 1956, they would retire at the forthcoming 26th
Annual General Meeting of the company, Being eligible, they have
offered themselves for re- appointment. The Board recommends their
re-appointment as auditors of the company for the financial year
2010-11.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section:217 (2AA) of the Companies Act, 1956, it is hereby
stated:
i) That in the preparation of the annual accounts, the applicable
accounting standards have been followed.
ii) That the Directors 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 at the end of the financial year and of the
profit & loss of the Company for that period.
iii) That Director had 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.
iv) That the Directors have prepared the annual accounts on a going
concern basis.
LISTING
The shares of your company are listed at the Stock Exchange of Mumbai,
Delhi and Ludhiana.
However, the company has applied for delisting of its shares from the
Stock Exchange of Delhi & Ludhiana.
CORPORATE GOVERNANCE
The company has complied with the guidelines of SEBI pn the matters
relating to Corporate Governance. Additional report in this regard is
furnished separately.
MANAGEMENT DISCUSSION ANDANALYSIS:
The trends in the Hotel and Hospitality industry in Panchkula are
mixed. While on one overall size of the market has increased but
competition has increased as one nfcw hotel and several restaurant and
banquet halls have come up in the territory. The increase in size of
the market provides an opportunity while the competition is of course a
threat and adequate measures for maintaining the clientele is required.
The Companys only venture Hotel North Park has been given ori lease
w.e.f. 26.09.2001 to M/s Hot Millions Food (P) Ltd. Chandigarh, a well
known Restaurants and Fast Food chain in the region and the company is
receiving a regular rental income.
The company proposes to expand its business activities and venture into
the entertainment and amusement business. For this purpose the company
is planning to construct a Hotel & Hospital adjoining the Hotel North
Park.
SEGMENTWISE OR PRODUCT WISE PERFORMANCE
The companys only venture Hoteli North Park has been given on lease,
Hence no segment wise reporting is required.
INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY
The company ensures existence of adequate internal control and
procedure at various levels in (he company commensurate with the size
of the company and the nature of its business,
PARTICULARS OF EMPLOYEES U/S217 (2A) OF THE COMPANIES ACT, 1956
Nil, because during the year under report the company did not have any
employee covered under Section 217(2A) of the Companies Act, 1956.
ENERGY, CONSERVATION AND TECHNOLOGY ABSORPTION
Not applicable, because the company is not a manufacturing company.
FOREIGN EXCHANGE EARNINGS AND OUTGO
Nil, because your company has neither earned any foreign exchange nor
it has incurred any expenditure in foreign exchange during the year
under report.
ACKNOWLEDGEMENT
The Directors take this opportunity to thank the company staff members
for their continued support dedication and co-operation extended to the
company. The Board also thanks its shareholders for the trust reposed
by them in the company.
Place: Panchkula (A,R.Dahiya)
Dated: 16.08.2010 Chairman
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