Ajwa Fun World & Resort Ltd Directors Report.

To,

The Members,

Your Directors have pleasure in presenting the 27th Annual Report together with the Audited Statement of Accounts of AJWA FUN WORLD AND RESORT LIMITED for the year ended on 31st March 2019.

FINANCIAL RESULTS:

(AMT IN RS.)

PARTICULARS 2018-19 2017-18
Revenue from operations 4,01,87,412 3,03,45,158
Other Income 7,68,509 43,26,282
Total income 4,09,55,921 3,46,71,440
Total Expenditure 3,93,43,377 3,55,77,845
Profit/(Loss) before Tax 16,12,544 (9,06,405)
Tax Expenses 00 00
Profit/(Loss) for the year 16,12,544 (9,06,405)

DIVIDEND:

To conserve the financial resources of the Company, your Directors do not dividend for the year under review.

FINANCIAL PERFORMANCE:

During the year under review, the Company has reported total income of Rs. 4,09,55,921/- against the total Income of Rs. 3,46,71,440/- during the previous year. The Company has earned Net Profit of Rs. 1612544/- during the year under review as against Net Loss of Rs. (9,06,405)/- during the previous year.

FINANCE:

(i) SHARE CAPITAL:-

The paid up Equity Share Capital of the Company as on 31st March, 2019 is Rs. 63,900,000 during the year under review; the Company has neither issued equity shares with differential voting rights nor granted stock options or sweat equity.

(ii) DEPOSITS:-

The Company has not accepted/renewed any public deposits during the year under review as per provision of Section 73 of the Companies act, 2013 read with Companies (Acceptance of Deposit) Rules, 2014 during the period under review. Hence, the requirement for furnishing the details of deposits which are not in compliance with Chapter V of the Act is not applicable.

(iii) PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:-

Particulars of loans, guarantees and investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the Notes to the Financial Statements.

MATERIAL CHANGES AND COMMITMENT:

• Mr. Rahil Rajesh Jain was resigned as a Director of the Company as on 03/05/2019

• Mr. Jigneshbhai Ravjibhi Patel was appointed as Additional Director of the Company as on 28/05/2019. (Mr. Jigneshbhai Ravjibhi Patel will regularized in Annual General Meeting held as on 30/09/2019)

• Mr. Chandrakant Dattaram Kadam was appointed as Whole Time Company Secretary of the Company as on 15/06/2019.

INTERNAL FINANCIAL CONTROLS:

The company has adequate internal financial control system with reference to the Financial Statements.

VIGIL MECHANISM/WHISTLE BLOWER POLICY:

Pursuant to Section 177(9) of the Companies Act, 2013 and clause 49 of the Listing Agreement, the Company has formulated a Whistle Blower Policy to establish a vigil mechanism for directors and employees of the Company. The purpose and objective of this Policy is to provide a framework to promote responsible and secure whistle blowing. It protects the employees wishing to raise a concern about serious irregularities within the Company. The details of the Whistle Blower Policy posted on the website of the Company www.ajwaworld.com .

RELATED PARTY TRANSACTIONS:

No Related Party Transactions were entered into during the financial year 2018-19. All Related Party Transactions entered into in the past were on an arm’s length basis and were in the ordinary course of business. There are no materially significant Related Party Transactions made by the Company with promoters, directors, Key Managerial Personnel or other designated persons which may have potential conflict with the interests of the Company at large.

On the recommendation of the Audit Committee, the Board of Directors has adopted a policy on Related Party Transactions, which is also uploaded on the website of the Company (www.ajwaworld.com) under the head ‘Investor Relations’. The Policy envisages the procedure governing related party transactions required to be followed to ensure compliance with the applicable laws and regulations as well as to ensure that the Related Party Transactions are managed and disclosed in accordance with the strict legal and accounting requirements.

A statement of all related party transactions is presented before the Audit Committee on a quarterly basis, specifying the nature, value and terms & conditions of the transactions. The summary of related party transactions is given below;