neelkanth motel hotels ltd Directors report

NEELKANTH MOTELS & HOTELS LIMITED DIRECTORS REPORT To, Members, Your Directors have pleasure in presenting herewith their Seventh Annual Report together with Audited Statement of Accounts for the Year ended 31st March 1999. During the period under review, Company has achieved the Turnover of Rs. 59.83 Lacs as compared to Rs. 38.37 Lacs in the previous year. Showing Significant improvement in the operating for the First Time, the Company could earn a small Profit of Rs. 3.82 Lacs after charging depreciation. DIVIDEND: In view of the accumulated losses, Your Directors regret to recommend any Dividend for the year under review. OPERATIONS: During the period under review, the activities of the company gained momentous even in the recessionary market mainly due to its business policy commensurating with the requiring of business class as well as local resident visitors. The Companys Restaurant has earned a very good name and its "PACKAGE" offer has received overwhelming response from all classes of societies. In the current financial year company has scheduled for commencement of BANQUATE HALL" and CREAM PARLOUR" facilities which would have a positive impact on its turnover. Further it is also planned out for constructing new more Cottages, Reception counter and Front elevation which would be completed by May-June, 2000. FINANCE: The Company has so far not avail any short-term & long - term finance from the any banks, and managed its financial requirements successfully within internal accruals only. During the period under review, as a major break through, your Company has received the eligibility certificate from Gujarat Tourism Corporation Limited, Gandhinagar for getting exemption from payment of Luxury Tax, Sales Tax & Electric Duty. These benifits wonder definitly provid an Edge in the operating of the Company. PARTICULARS OF EMPLOYEES There being no employees who are required to be reported under Section 217 (2A) of the Companies Act, Who are in receipt of remuneration of Rs. 50,000/- or per month or Rs. 6,00,000/- per annum. DlRECTORS. Mr. Prakash Patel and Mr. Bharat R. Choksi shall retires by rotation at the annual general Meeting, and being eligible offers themselves for re- appointment. AUDITORS: M/s. Bharat Parikh and Associates, Chartered Accountants, Baroda, Auditors of the Company retires at the conclusion of this Annual General Meeting and being eligible offer them selves for reappointment. CONSERVATION OF ENERGY ETC. a. conservation of Energy: The Company is monitoring the consumption of energy and is identifying measures for conservation of energy. b. (i) Technology Absorption, adaptation and innovation: No technology either Indigenous or Foreign is involved. (ii) Research and Development (R&D) : NIL c. Foreign exchange earnings and out flow: (i) Foreign Exchange earned during the year NIL (ii) Foreign Exchange out flow during the year NIL APPRECIATION: Your Directors acknowledge and appreciate the co-operation extended by the Various departments of the Central and State Government valued customers, shareholders, vendors and also for the devoted services rendered by the employees at all levels. By Order of the Board For NELKANTH MOTELS & HOTELS LIMITED Dated: 1-8-99 S/d Place: Baroda Bharatkumar.R.Choksi Chairman