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Surya Funcity Ltd.

BSE: 532028 Sector: Services
NSE: N.A. ISIN Code: INE122F01013
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Surya Funcity Ltd. (SURYAFUNCITY) - Director Report

Company director report

SURYA FUNCITY LIMITED ANNUAL REPORT 2009-2010 DIRECTOR'S REPORT Dear Shareholders Your Directors have pleasure in presenting their 17th Annual Report and the audited statement of Accounts of the Company for the year ended 31st March, 2010, which we would take as read. FINANCIAL RESULTS (Rs. In lacs) FINANCIALS ACCOUNTING YEAR ACCOUNTING YEAR ENDING 31.03.2010 ENDING 31.03.2009 1. Profit before Depreciation & Tax 49.98 50.09 2. Depreciation 44.26 42.12 3. Provision for Taxation 0.64 0.88 4. Net Profit Loss 3.20 7.09 5. Paid a Equity Share Capital 537.00 537.00 TURNOVER & PROFITS During the year, Company achieved Turnover of Rs.230.48 lacs as against Rs.during the previous year. The profit & loss shows the Net Profit of Rs.3.20 lac for the year as against Net profit of Rs. 7.09 lac for the previous year. Due to inadequacy of profits, the Company is not in a position to declare any dividend for the year ended on 31st March, 2010. DIRECTORS In accordance with the provisions of Article of Association of the Company and of the Companies Act, 1956, Mr. Arvinder Singh, director will retire by rotation at the ensuing Annual General Meeting and being eligible offers himself for reappointment. FIXED DEPOSITS The Company has not accepted any deposits as per section 58A of the Companies Act, 1956. AUDITORS M/S Vasudeva & Associates, Chartered Accountants, the Statutory Auditors of the company, will retire as Auditors at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment. DIRECTORS RESPONSIBILITY STATEMENT In accordance with the provisions of section 217(2AA) of the companies Act, 1956, your director state that: a) In preparation of the accounts, the applicable accounting standards have been followed. b) Accounting policies selected were applied consistently. Reasonable and prudent judgements and estimates were made so as to give a true and fair view of the state of affairs of the Company as at the end of the March, 2010. c) Due and diligent care has been taken 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 preventing and detecting fraud and other irregularities; and d) The annual accounts of the company have been prepared on a going concern basis. AUDIT COMMITITEE During the year under review, the Audit Committee met five times. The Committee gave some valuable suggestions for the improvement of internal control systems. CORPORATE GOVERNANCE As required under clause 49 of the Listing Agreement, a report on Corporate Governance is enclosed in this Annual Report. Auditor's certificate on the compliance of Corporate Governance is also annexed with the report. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO The information required under section 217(1)(e) of the Companies Act, 1956 read with rule 2 of the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, relating to conservation of energy, technology absorption and foreign exchange earnings is as follows: CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION The Company has installed D.G. set of appropriate capacity as stand by source of power backup in case of failure of power from State Electricity Board to avoid energy losses. All the rides are attached with automatic power control system. FOREIGN EXCHANGE Foreign Exchange Earnings : Nil Foreign Exchange utilized : Rs. PERSONNEL The company has not employed any employee at such remuneration attracting the provisions of section 217(2A) of the Companies Act, 1956. Statement showing particulars of such employees is, therefore, not annexed to this report. INFORMATION PURSUANT TO LISTING AGREEMENT The names and addresses of the Stock Exchanges where the Company shares are listed: 1. The Executive Director The Delhi Stock Exchange Ltd. DSE House, 3/1, Asif Ali Road, New Delhi-110 002. 2. The Executive Director The Ludhiana Stock Exchange Association Ltd, Feroze Gandhi Market, Ludhiana. 3. The Bombay Stock Exchange Limited 25th Floor, Phiroze Jeejeebhoy Towers Dalal Street, Mumbai-400 001. GENERAL The notes, forming part of the Accounts, being self-explanatory, the comments made by the Auditors in their Report, are not being dealt with separately. The Directors place on record their appreciation for the services rendered by all the employees of the company and are greatful to Bank of India and other Agencies for timely assistance. Your Directors are also grateful to shareholders, customers and suppliers of the Company for their continued valuable support. For and on behalf of the Board Kamaljeet Singh Sarabjeet Singh (Managing Director) (Director) Place: Chandigarh Dated: 26-08-2010. MANAGEMENT DISCUSSION AND ANALYSIS The main business of the Company is running of Amusement Park, Water Park, Joy Rides, Fun Games and Resort. a) Industry structure and Development: The entertainment industry is moving at a very fast pace. The Company has to sustain and compete with pace with the growing competition. b) Opportunities and Threats: Tapping into institutions and Corporate market of Punjab, Haryana and Himachal Pradesh to increase the customer base. The potential threat could be due to coming up of new amusement parks in and around Chandigarh. c) Outlook: The Company is headed into right direction, is market leader in its field& enjoy excellent relations with customers. d) Risk & concerns: Accidents and mishaps can damage the reputation of the Company. But Company is regularly monitoring all equipments and is adhering to all safety requirements. e) Internal control system and adequacy: The Company has adequate internal control systems relating to purchases, components, equipments, machinery and other assets. The Company has internal control system for speedy compilation of accounts and to comply with all applicable laws and regulations. f) Finance performance & Analysis: The Company has shown a growth of 15% of the turnover as compared to last financial year and similarly profits before depreciation shows net growth of 6%. g) Human Resource Development/Industrial Relations: Relations between management and labour cordial throughout the year.