shivgarh resorts ltd Directors report

SHIVGARH RESORTS LIMITED DIRECTORS REPORT To, The Members, The Board of Director have pleasure in placing their FIFTH Annual Report together with Audited accounts for the year ended March 31, 1998. DIVIDEND The Directors are pleased to recommend dividend 10% on the paid up value of share capital of the company subject to approval of shareholders. Annual Report 1997-98 OPERATIONS The turnover of the Company during the year was Rs. 255.71 Lacs in comparison to previous year Rs. 128.35 Lacs. Profit before interest depreciation & tax and after tax is .76.l Lacs and Rs.38.34 Lacs in comparison to previous years profit Rs. 44.29 Lacs and Rs. 31.7 Lacs respectively clear cut showing on increase of 21.45% of net profit in comparison to previous year. FUTURE PLANS: To make the Club more attractive your company has planned to introduce Aero Adventure Sports. Members may also enhenceive their flying experience . One of the associates company farm & foods to be incorporated with the object to establish as food processing unit. Your company will market its product. Your company is also broad basing its stature by collaborating other parties at Varanasi, Dehradoon, Jaipur. etc. DlRECTORS In accordance with the provisions of the Articles of the Association, of the company, Sri Vijay Kumar and Smt. Bharti S. Khandhar, Directors of the company, retire by rotation and being eligible, offers themselves for re- appointment. STATUTORY DISCLOSURES During the year the company did not have any employee to whom the particulars of provisions of section 217 (2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) rule 1975 apply. As required by the Section 211 (1) (E) of Companies (Disclosures of particulars in the report of the Board of Directors) Rules, 1988 the Board hereby disclose as follows:- a) that the sources of energy for the company are electricity and diesel. b) that the Board, as a part of its existing control mechanism, is striving for the conservation of electricity and diesel, unmder the supervision of one of the directors of the company on day to day basis and are satisfied that the utilization of energy is optimum for the operations of the Company. c) that the company is not engaged in any of the industries listed under schedule to the said rules and hence no further details are given in Form A in the Annexure to the said rules. As the matters are not applicable to the company, no disclosures are made regarding the technology absorption and foreign exchange earnings and outgo. Clause 32 of the Listing Agreement: As per the amended clause 32 of the listing agreement, it is hereby disclosed that the Equity shares of the company are listed at Kanpur, Bombay, Ahmedabad & Jaipur Stock Exchanges. The Company has also paid the Annual listing fee due for the year 1998-99 to these stock exchanges. AUDlTORS M/s S.Tuli & Company, Chartered Accountants, Lucknow Auditors of the Company, retire at the conclusion of the ensuing Annual General Meeting and being eligible offers themselves for re-,appointment. a certificate has been obtained from them to the effect that their appointment, if made, would be within the limits prescribed Under Section 224(1-B) of the Companies Act, 1956. ACKNOWLEDGEMENTS The Board wishes to place on record its sincere appreciation for the contribution made by all the employees in ensuring the levels of performance achieved by the company during the year. The Board wishes to place on record its appreciation for the continual support from its bankers for helping the company in its growth process. On behalf of the Board of Directors of SHIVGARH RESORTS LIMITED Sd/- SHEIKH MUKHTAR HUSSAIN Chairman Place : Lucknow Date : September 3, 1998.