| Your Directors have pleasure, in presenting the 15th Annual Report and
Audited Accounts, for the year ended 31st March, 2001.
2000-2001 1999-00
(Rs. in Thousands) (Rs. in Thousands)
INCOME
Rooms, Restaurants, Banquet and Other services - 1061
Others 14436 9847
Total 14436 10908
Profit before Depreciation, Interest &
Provision 12395 5533
Less: Interest 7701 4346
Depreciation 9678 1459
Profit/(Loss) before Tax (4984) (272)
Add: Income Tax Refund - 11
Profit after Tax (4984) (261)
Add: Profits brought down from previous year 10373 10634
Profits C/O to Balance Sheet 5388 10373
Net working results are adversely affected due to depressed market
conditions particularly in Tourism Industry.
DIVIDEND
Due to losses incurred during the year, your directors regret to
declare any dividend.
DIRECTORS
Pursuant to the provisions of the Companies Act, 1956 and the Articles
of Association of your Company, Sh. S. R. Maurya director retires by
rotation at this Annual General Meeting being eligible offers himself
for reappointment.
During the year under review, Sh. vinod Kumar and Sh. Devender
Vacher, Directors had expressed their inability to continue in the
directorship of the Company and resigned from the office of director
of the company. Your directors extend their sincere appreciation for
the valuable guidance extended to the Board during their tenure.
PARTICULARS OF EMPLOYEES
Information required as per Section 217(2A) of the Companies Act, 1956
read with Companies (Particulars of Employees Rules) 1975 is not
furnished as there is no such employee.
AUDITORS
The present Auditors of the Company M/s KIRAN RAVI & ASSOCIATES,
Chartered Accountants, retire at. the conclusion of ensuing Annual
General Meeting and being eligible he has expressed his willingness fur
re-appointment. The company has obtained from him a certificate as
required u/s 224 (1-B) of the Companies Act, 1956 to the effect that
re-appointment, if made will be in accordance with the limits specifed
in the said section,
AUDIT COMMITTEE
Pursuant to the provisions of Section 292A of the Companies Act, 1956
the Board has constituted an audit committee containing Sh. L. R.
Maurya, Sh. Prakash Gupta, Sh. S. R. Maurya as members of the Audit
Committee under the chairmanship of Sh. L. R. Maurya as a good
corporate governance.
AUDITORS REPORT & NOTES ON ACCOUNTS
The observations made by Auditors are self explanatory and have also
been further amplified in notes on accounts.
PUBLIC DEPOSITS
During the year under review, the Company has neither invited nor
received any deposits from the Public.
CORPORATE GOVERNANCE REPORT
As per the schedule of implementation mentioned in Clause 49 of the
Listing Agreement, the? mandatory provisions have not yet came into
force for your Company. All the issues of Corporate Governance shall be
fully dealt in the future Annual Reports as and when applicable.
DIRECTORS RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act, 1956 relating
to the Directors Responsibility Statement, it is hereby confirmed
that
i. in the preparation of the annual accounts for, the financial year
ended 31st March, 2001, the applicable accounting standards have been
followed alongwith proper explanations ralating to material departures;
ii. the Directors have 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 as at the end of the financial year and of the
loss of the Company for the year under review;
iii. the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Actt, 1956 for safeguarding the assets of
the Company and for. preventing and detecting fraud and other
irregularities.
iv. these Accounts for the financial year ended 31st March 2001, have
bo en prepared on a "going concern" basis.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
Your Company has been taking various steps to improve on the
Consumption of power, fuel, oil, water and other energy sources.
Several activities have been undertaken during the year which have
resulted in substantial energy saving. These include inter-alia.
i) Better monitoring/control on the consumption of electricity/power.
ii) Strict compliance of preventive maintenance schedule of plant and
equipment to optimise efficiency and reduce power consumption.
iii) Improved house keeping, improvement of power sector, Indoor shop
lighting.
FOREIGN EXCHANGE EARNINGS AND OUTGO
Foreign Exchange Earning and Outgo during the year is NIL
ACKNOWLEDGMENT
Your Directors would like to express their grateful appreciation for
the assistance and co-operation received from the Companys bankers,
State Bank of India, State level financial institutions,
Shareholders, Patrons and all those associated with the Company
during the year under review. Your directors wish to place on
record, their deep sense of appreciation for the devoted services of
the Executives, Staff and workers of the Company.
for and on behalf of the Board of Directors
Place: Varanasi (L. R MAURYA)
Dated: 01.11. 2001 Managing Director | 