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Golden Tourist Resort and Developers Ltd.

BSE: 531992 Sector: Services
NSE: N.A. ISIN Code: N.A.
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Golden Tourist Resort and Developers Ltd. (GOLDENTOURIST) - Director Report

Company director report

GOLDEN TOURIST RESORTS & DEVELOPER LTD. ANNUAL REPORT 1999-2000 DIRECTOR'S REPORT The Board of the Directors of your company have great pleasure in presenting the 9th Annual Report of the company on business and operations and also in presenting the Audited Balance Sheet of the company as on 31st March, 2000 and Profit and Loss Account for the year ended on that date and the Auditor's Report thereon. OPERATIONS The business of your company is divided into two major divisions, namely the Construction Division and Resorts Division. The Results of these two divisions in the year under reference gives a mixed feelings. The performance of the Resorts Division is quite impressive and shown an increase of 188.63,,06 in turnover. But in the Construction Division the performance suffered major set back, due to over all recession in the Construction Industry. The Company also terminate some of its contracts relating to construction with its group companies. DIRECTORS Mr. R. K. Syal, Director retire by rotation at the forthcoming Annual General Meeting and being eligible offer himself for re-appoinment. Mrs. Neena Syal, who was appointed by Board of Director as an Additional Director of the Company, holds office upto the date of this Annual General Meeting under Section 260 of Companies Act, 1956. The Company has received a notice from a member under Section 257 of the Companies Act, 1956 signifying his intention to propose her as candidate for the office of Director of the Company. FIXED DEPOSITS The company has not accepted deposit from the public under the provisions of Section 58A of the Companies Act, 1956. STATEMENT OF EMPLOYEES None of the employee was in receipt of the remuneration in excess of the limits prescribed under the provision of Section 217 (2A) of the Companies Act. 1956 read with Companies (Particulars of Employees) Rules, 1975 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO As required by provision of the Companies Act. 1956 in regard to reporting on energy conservation, the Board hereby disclose as follows a) That the sources of energy for the company are electricity and diesel. b) The Board, as apart of its existing control mechanism, is striving for the conservation of electricity and diesel under supervision of one of the Director's on a continuing basis and is satisfied that the utilisation of energy is optimum for the operation of the company. c) That the Board, is studying the feasibility of proposal for conservation of energy. d) That as the company is not engaged in any of the industries listed under schedule to the said rules no further details are given in Form No. 'A' in the Annexure of the said rules. The provisions under the Companies Act 1956 in regard to technology absorption and foreign exchange earnings and outgo are not applicable to the company AUDITORS M/S Kapoor Bhushan & Company, Chartered Accountants, retire at the ensuing Annual General Meeting and being eligible, offer themselves for the re- appointment. The Company has received a certificate from them pursuant to Section 224 (1 B) of the Companies Act, 1956 confirming their eligibility for re-appointment. ACKNOWLEDGMENT The Board take this opportunity to express their sincere thanks to the Central and State Government and Bankers for their support and assistance. The Director's thanks to the shareholders for their confidence reposed by them, your Directors also place on record their deep sense of appreciation of the services of the workers, staff and executives of the Golden Family, whose efficient services contributed to the successful management of the- company affairs. For and on behalf of the Board Sd/- Place : Shimla PAMILA SYAL Dated : 24/08/2000 (MANAGING DIRECTOR) STATEMENT PURSUANT TO CLAUSE 43 OF THE LISTING AGREEMENT PROJECTION vs PERFORMANCE Comparison of projections made in the prospectus dated 01/03/1996 with actual figures as per below : (Rs in lacs) Projections Performances Net Sales Income / Other Income from operations 2966.02 647.33 Net Profit 623.00 20.65 E.P.S 3.17 0.11 The Company could not achieve projections due to non-commencement of commercial operations of its amusement park and the performance of the construction division suffered major set back, due to overall recession in the construction industry and termination of some contracts relating to some projects with its group Company. For & On behalf of the Board Place : Shimla Sd/- Dated : 24.08.2000 (PAMILA SYAL) MANAGING DIRECTOR