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Shree Raj Travels & Tours Ltd.

BSE: 523275 Sector: Services
NSE: N.A. ISIN Code: N.A.
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Shree Raj Travels & Tours Ltd. (SHRAJTRAVELS) - Director Report

Company director report

SHREE RAJ TRAVELS AND TOURS LIMITED ANNUAL REPORT 2007-2008 DIRECTOR'S REPORT To, The Members, Your Directors have pleasure in presenting the 24th Annual Report of your Company together with the Audited Statements of Accounts for the year ended 31st March 2008. FINANCIAL RESULTS: Financial Results For the year For the year ended ended 31st March 31st March 2008 2007 Net Profit before tax 5,33,92,764 1,77,81,021 Add (Less) : Provision for Taxation (36,99,716) (59,85,092) Add (Less): Deferred Tax Assets (1,48,10,206) 77,77,716 Add (Less) : fringe Benefit Tax (23,93,850) (898531) Net Profit after tax 3,24,88,991 1,16,75,115 Excess/Deficit provisions made 0 49,964 Add.: Prior period and extraordinary 20,227 315895 items Add.: Brought forward from last year 2,39,65,997 1,19,74,987 Profit available for appropriation 5,64,75,215 2,39,65,997 OPERATIONS: The gross receipt from tour and ticketing of the Company for the year under review stood at Rs. 1,30,90,50,887/- as compared to Rs.1,10,50,42,011/- in the previous year. The profit before tax jumped from Rs. 5,33,92,764/- to Rs.1,77,81,021/- in the current year. FIXED DEPOSITS: The Company has not accepted any fixed deposits from the public during the year. DIRECTORS: Mr. Jyotindra Barot, Director of the Company is retiring at the ensuing Annual General Meeting and being eligible offers himself for re- appointment. Mr. Praful Maniar resigned as Director of the Company w.e.f. 25th July, 2008. The Board takes this opportunity to place on record the services rendered by him during his tenure as Director of the Company. Mr. Om Prakash Bali was appointed as Additional Director of the Company w.e.f. 1st August, 2008. DIRECTORS' RESPONSIBILITY STATEMENT: In compliance with the provisions of Section 217(2AA) of the Companies Act, 1956, the Directors of your Company confirm that: a. in the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures; b. they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period; c. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the act for safeguarding the assets of the Company for preventing and detecting fraud and other irregularities; d. they have prepared the annual accounts on a going concern. basis. PARTICULARS OF EMPLOYEES: Pursuant to Section 217(2A) of the Companies Act, 1956, the Directors hereby inform that there are no such employees drawing remuneration in excess of the limits prescribed under the said Section. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION: As the Company is a Service Company, consumption of energy is only for office and administrations, purposes. The Company is not engaged in business of any kind of manufacturing activities. Therefore information required to be given pursuant to section 217 (1)(e) of the Companies Act, 1956, read with Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988, does not apply to the company. FOREIGN EXCHANGE EARNING AND OUTGO: Since the Company is in travels business, the foreign exchange earning and outgo is in the form of cost of tour, which is paid by the passengers themselves. All the payments in foreign currency are made through remittances from Banks and hence there are no direct foreign exchange transactions except commission on foreign exchange. AUDITORS: M/s. Bhuta Shah & Co., Chartered Accountants, Mumbai will retire at the ensuing Annual General Meeting, and being eligible has kindly consented to act as auditor of the Company, if appointed. Your company has received Certificate from them certifying that, if their reappointment will be made the same will be within the limit of Section 224(1B) of the Companies Act, 1956. Members are requested to appoint the Auditors to hold the office from the conclusion of this meeting until the conclusion of next Annual General Meeting and to fix their remuneration. AUDITORS' REPORT: The Auditors in their Report have referred to the notes forming part of the Accounts. The said notes are self explanatory and do not require any further explanation. ACKNOWLEDGEMENT: Your Directors wish to place on record their appreciation for their clients, banks and other financial institutions and shareholders for their continued support. Your Directors also wish to place on record their appreciation of the contribution made by employees at all levels to the continued growth and prosperity of the Company. FOR AND ON BEHALF OF THE BOARD FOR SHREERAJ TRAVELS AND TOURS LIMITED CHAIRMAN PLACE: MUMBAI DATE : 2ND SEPTEMBER, 2008.