GIRISH HOTEL RESORTS AND HEALTH FARM LIMITED
ANNUAL REPORT 2010-2011
Your Directors submit herewith the Annual Report together with the Audited
Accounts for the year ended 31st March 2011.
Particulars March 31, 2011 March 31, 2010
Amount in Rs. Amount in Rs.
Total Income 855,124 7,96,365
Profit Before Tax 310,600 2,71,536
Tax 95,888 83,906
Profit After Tax 214,712 1,87,630
Surplus Carried to Balance Sheet 530,498 3,15,786
The Company has made a profit after tax amounting to Rs. 214,712 during the
year under review as compared to the profit of Rs. 187,630 in the last
Your Director's have considered it prudent not to recommend any dividend on
equity shares for the year ended 31st March 2011.
Mr. Kaushik Chandulal Sanghvi, Director of the Company will retire by
rotation at the ensuing Annual General Meeting and being eligible offers
himself for reappointment. The Directors recommends his appointment.
M/s. Shirish Dalal & Associates Chartered Accountants, the present
Statutory Auditors' of the Company retire at the conclusion of the ensuing
Annual General Meeting and being eligible, offer themselves for re-
appointment. The Company has received confirmation that their appointment,
if made, would be within the prescribed limit specified u/s. 224(1B) of
the Companies Act, 1956 and that they are not disqualified from such
appointment within the meaning of Section 226 of the Companies Act, 1956.
The Auditor's Report read along with Notes to Accounts are self explanatory
and therefore does not call for any further comment u/s 217(3) of the
Companies Act, 1956.
During the year the Company has not accepted any deposits u/s. 58A of the
Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS
Disclosures of particulars with respect to conservation of energy,
technology absorption and foreign exchange earnings and outgo are not
There are no foreign exchange transactions during the year.
PARTICULARS OF EMPLOYEES
The Company does not have any employee who is in receipt of remuneration
aggregating to the sum prescribed u/s 217 (2A) of the Companies Act, 1956
read with the Companies (Particular of Employees) Rule, 1975 as amended
The Equity Shares of the Company is listed on BSE and ASE. The trading in
Equity shares of the Company has been suspended.
The management is taking all necessary steps in order to revoke the
suspension of trading in the Equity Shares of the Company.
Your Company has complied with mandatory requirements of Corporate
Governance as stipulated in Clause 49 of the Listing Agreement.
A report on Corporate Governance & Certificate from Auditor is annexed to
DIRECTORS' RESPONSIBILITY STATEMENT
As required under sub-section (2AA) of Section 217 of the Companies Act,
1956, the Directors confirm:
1) That in preparation of the Annual accounts, the applicable accounting
standards had been followed.
2) That the Directors had 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 state of affairs of the
Company at the end of the financial year and of the profit/loss of the
Company for the year.
3) That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of the
company and for preventing and detecting frauds and other irregularities.
4) That the Directors had prepared the Annual Accounts on a going concern
Your Directors take opportunity to show gratitude towards the continued
support from its shareholders and other agencies. Directors further
appreciate the entire work force for their effort and team work.
For and on behalf of the board of directors
Girish Hotel Resorts and Health Farm Limited
DATE : 01/09/2011
MANAGEMENT DISCUSSION AND ANALYSIS
As management of the company offer readers of financial statements this
narrative overview and analysis of the financial activities of the company
for the financial year ended 31st March, 2011. We encourage readers to read
the information presented here in conjunction with additional information
that we have furnished in the financial statements, which follow this
Last year turned out to be a much better year for the world economy. Most
of the dangers that frightened financial markets during the year have
failed to materialise. China's economy has not suffered a hard landing.
America's midyear slowdown did not become a double dip recession.
As we enter 2011, we can foresee three separate growth curves. The
performance of the world economy in 2011 depends on what happen in three
places: the big emerging markets, the euro area and America. The financial
year 2010-2011 is characterised by broad based growth across mature and
The emerging markets are expected to lead global growth. In India, the
economy continues to muscle its way ahead in spite of recent scams and
corruption charges. The GDP growth continued its impressive performance,
largely on the back of acceleration consumption, investments and healthy
growth in various sectors. According to the IMF estimates, the country
will grow in excess of 8% in 2011.
Performance of the Company
In the forthcoming year, the company key focus would be to enhance its
Risk and concern
The recessionary trend and tight liquidity position across the globe is a
Internal Control System and their adequacy
Internal Control has been found to be adequate. The same is reviewed
periodically by Audit Committee. The company also keeps upgrading these
internal control systems with best practices in the industry.
Current Year's Performance
The Receipt has improved during the year. The operating expenses are well
under control while the operating profits are up to industry mark. The
Indirect expenses are kept under control. Reasonable amount of Depreciation
is provided as per accounting norms and standards. Profit before tax is
also an improving trend. Taxation is provided as per Income Tax Act. Sales
Development in Human Resources and Industrial Relations
Information as per Section 217(2A) of the Companies Act, 1956 read with the
Companies (Particular of Employees) Rules, 1975 is not required to be
given as no employee's falls under it. The Company continues to have
cordial relations with the employees.
Statement in this report on Management Discussion and Analysis may be
forward looking statements within the meaning of applicable securities
laws and regulations. These statements are based on certain assumptions and
expectations of future events.