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Girish Hotel Resorts & Health Farm Ltd.

BSE: 530875 Sector: Services
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Girish Hotel Resorts & Health Farm Ltd
NSE 05:30 | 01 Jan Girish Hotel Resorts & Health Farm Ltd

Girish Hotel Resorts & Health Farm Ltd. (GIRISHHOTEL) - Director Report

Company director report

GIRISH HOTEL RESORTS AND HEALTH FARM LIMITED ANNUAL REPORT 2010-2011 DIRECTOR'S REPORT Dear Shareholders, Your Directors submit herewith the Annual Report together with the Audited Accounts for the year ended 31st March 2011. FINANCIAL RESULTS 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 year. DIVIDEND Your Director's have considered it prudent not to recommend any dividend on equity shares for the year ended 31st March 2011. DIRECTORS 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. AUDITORS 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. AUDITOR'S REPORT 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. PUBLIC DEPOSITS 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 AND OUTGOING Disclosures of particulars with respect to conservation of energy, technology absorption and foreign exchange earnings and outgo are not materialistic . 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 till date. LISTING 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. CORPORATE GOVERNANCE 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 this report. 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 basis. ACKNOWLEDGEMENTS 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 CHAIRMAN PLACE: AHMEDABAD 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 narrative. 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 emerging verticals. 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 business. Risk and concern The recessionary trend and tight liquidity position across the globe is a concern. 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 are reasonable. 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. Cautionary Statement 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.