jolly rides ltd Directors report

JOLLY RIDES LIMITED ANNUAL REPORT 1999-2000 DIRECTORS REPORT Your Directors are pleased to present the 6th Annual Report together with the Audited Accounts for the year ended 31st March, 2000. REVIEW OF OPERATIONS During the year, the Company could achieve marginal increase in terms of Revenue due to the effective cost control measures and vigrous marketing pursuits of the management. Unfortunately the efforts of the Company to install Ropeway on Profit Sharing basis with Aerial Ropeway Private Limited could not materialise, as they have insisted for separate and costly Tariff for the Ropeway. Even though Directors of the Company were prepared to offer personal guarantees to avail the Term Loan from the Prudential Co- operative Bank the Companys request for Term Loan for expansion project was not considered favourably as the existing Term Loan Account with the Vasavi Co-operative Bank was NPA as per Reserve Bank of Indias Prudential Norms. FUTURE OUTLOOK As you are aware, the Company has acquired Sai Comptra Private Limited, an existing Software Company thereby enabling the Company to smoothly get into the Software business. The Division has been named as J.R. Infotech and its training division is receiving encouraging response and is expected to go up soon. To strengthen the Software Division Mr. A Satyanarayana, Incharge of Software Division was inducted as Additional Director of the Company. Your Directors are happy to inform you that Vasavi Co-operative Bank has agreed in principle to reschedule the Term Loan as per Companys requests. The Company is now contemplating to approach Tourism Finance Corporation of India (TFCI) for assistance for its expansion projects. Y2K COMPLIANCE No problems were experienced on account of Y2K DEMATERIALISATION OF SHARES As per Securities Exchange Board of Indias Directions, the Shares of the Company are to be traded in Dmat form by all the investors with effect from 25th September, 2000 and the company is entering into agreements with NSDL/CDSL to provide connectivity and offer trading facilities in Dmat Form. LISTING The Companys Shares are listed at Mumbai and Hyderabad Stock Exchanges. There are no outstanding dues on account of listing fee and no suspension of Dealings in Shares was done during the year. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO Information on technology absorption, adaptation etc., as required under section 217 (1) (e) of the Companies Act, 1956, is not applicable to the Company. Information relating to conservation of Energy is given in Annexure forming part of this Report. There are no foreign exchange earnings and outgo. ENVIRONMENT Your Company is glad to develop an environment friendly and pollution free green area. A green belt is also developed by the Company along the road side for giving shade to the travellers. FIXED DEPOSITS The Company has not accepted any fixed deposits during the year under review. INSURANCE All assets of the company including buildings, Machinery and Electrical Installations are adequately insured, besides third party insurance to visitors. EMPLOYEE RELATIONS The employee relations continue to be satisfactory during the year also. As per the provisions of Section 217 (2A) of the Companies Act, 1956, read the Companies (Particulars of employees) Rules, 1975, as amended, there is no employee drawing over and above the limits specified. AUDITORS AND THEIR OBSERVATIONS The Statutory Auditors M/s. Anant Rao & Mallik, Chartered Accountants Hyderabad, retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. With reference to the Auditors observations on Payment of Statutory dues on account of PF, ESI and Income Tax, It is submitted that the same could not be effected due to severe liquidity problem. The Directors are making all efforts to clear the dues as soon as possible. DIRECTORS During the year under review, Shri A. Satyanarayana was appointed as Additional Director and being eligible offers himself for reappointment. ACKNOWLEDGMENTS Your Directors take this opportunity to thank Vasavi Co-operative Urban Bank Limited, Gowra Leasing and Finance Ltd., NCC Finance Ltd., various Central Government, State Government Agencies and Departments and the visitors to the park for extending their full support and assistance to the Company. Your Directors also thank all employees of the Company for their dedicated services. for and on behalf of the Board for JOLLY RIDES LIMITED Place : Hyderabad S. RAJKUMAR N. RAMESH BABU Date : 24.08.2000 Managing Director Executive Director ANNEXURE TO DIRECTORS REPORT Conservation of Energy: a) Energy conservation measures taken: Efforts for conservation of energy is an on-going process in the Company. Every effort is made in that direction. Efforts are made to eliminate wastage in all operations. b) Additional Investment and proposal, if any, being implemented for reduction of consumption of energy. c) Impact of the measure at (a) and (b) above for reduction of energy consumption and consequent impact on the cost of Operations. d) Total energy consumption and energy consumption per unit of production in Form A: NOT APPLICABLE for and on behalf of the Board for JOLLY RIDES LIMITED Place : Hyderabad S. RAJKUMAR N. RAMESH BABU Date : 24-08-2000 Managing Director Executive Director