II INFORMATION ABOUT THE APPOINTEE;
Educationally the proposed appointee is Intermediate Chartered accountant withsubstantial experience in finance accounts and taxation segments and has been undertakingthese activities for the company very effectively.
During his immediately preceding tenure with the Company as an Executive Director Mr.Malpani has been allowed and paid an all inclusive remuneration of Rs. 95000/- per monthsas per details given hereunder:
|Basic Pay ||Rs. 50000.00 |
|HRA ||Rs. 11000.00 |
|CA ||Rs. 19000.00 |
|OtherAII ||Rs. 15000.00 |
|Total : ||Rs. 95000.00 |
Besides above the incumbent shall be admissible for LTA Encashment of Leave andMedical Allowance and payment of Bonus as per the rules of the Company.
Job profile. Recognition and award and suitability
Mr. Malpani is working with the company since last 6 years and has been found toundertake finance accounts and taxation aspects of the company very efficiently andeffectively although he does not have any sort of award or recognition and.it expectedthat he would be instrumental to the company in effective management of accounts andtaxation functions of the Company.
The monthly remuneration proposed for payment to Mr. Rajendra Malpani shall be at therate with other allowances as paid to him during his preceding tenure which isre-tabulated hereinabove.
Comparative remuneration profile with respect to industry size of the Company:
Keeping in view the type of industry size of the Company and its undertaking inputsrequired to run the company profitably and training inputs given to her theresponsibilities and capabilities of Mr. Malpani the proposed remuneration seems to bevery minimum as compared to the persons holding similar position with the remunerationbeing paid in the identically placed companies.
Pecuniary relationship with the company and managerial personnel:
Except proposed payment of salary the proposed appointee does not have any pecuniaryor other relationship with any other Director and managerial personnel of the Company.
III. OTHER INFORMATION;
Reason of Loss or inadequacy of profit;
Inadequate profit of the company appear to be result of generally weak demand excessof supply of rooms low turnover of foreign tourists mushrooming unlicensed marriage hallswithin the city where the hotel undertaking of the Company is located making dent in therevenue of the Company low spending by government and corporate clients culminated in thedecline of revenue of the Company.
Steps being taken/ proposed to be taken for improvements;
Deploying a trained woman candidates as ED making efforts for cost cuttingstreamlining procedures minimizing food cost and following more aggressive marketpenetration wooing corporate clients are the measures being undertaken by the Company forimprovement in the performance of the Company and the results seems to be very optimistic.
Expected increase in productivity in measurable terms:
With the deployment of aforesaid measures the company has shown improvement inclientele with slightly better financial results during the financial year under reportand the turnover of the Company has witnessed a growth of 5% (+)over the precedingfinancial year. The Company hopes for better financial performance in the ensuing years.
IV. OTHER DISCLOSURES:
Stock option is not admissible in the Company so Other disclosures such as element ofremunerati details of fixed asset components of salary serv contract etc has already beenset out here in above. 1 terms and conditions contained in the explanat statement shallalong with the resolution placed approval of shareholders shall constitute the termscontract of employment. No other formal serv contract is likely to be executed.
Except the appointee none of the other Directors/K Managerial Personnel of the Companyand th relatives are concerned or interested financially otherwise in the resolutionset out at item No. 4 of 1 notice.
The Board recommends the resolution set forth in it< No. 4 of the notice forapproval of the members.
SIKANDAR HAFIZ KHAN
Chairman & Mg. Director.