| Dear Members,
The Directors have pleasure in presenting the Fifth Annual Report on
the business and operations of the Company together with the Audited
Accounts of the Company for the financial year ended March 31, 2015.
FINANCIAL RESULTS:
The Company's financial performance for the year ended March 31, 2015
is summarized below:-
Amount in (Rs.)
Particulars Year ended Year ended
31st March 2015 31st March 2014
Total Income 3,21,14,877.93 17,880,238.80
Profit Before Tax
(6,34,621.06) 1,95,512.34
Less : Current Tax (706.00) 71,221.52
Less: Short provision
for earlier years (3655.47) 0.00
Profit After Tax (6,38,982.53) 1,24,290.82
Dividend
Due to the insufficient profit of the company, your directors regret
their inability to declare any dividend for the year.
Reserves
The company has not transferred any amount out of the profit earned to
reserve account during the year under review.
Listing on SME Platform
Your directors are please to inform you that the securities of the
company have been listed on the SME platform of BSE on 14th of July,
2015 and the company has paid listing fees for the Financial year 2014
- 15.
State of Company's affair
The company has recently obtained listing status on the SME platform of
Bombay Stock Exchange by making the Initial Public Offer of Rs
1,56,00,000/-. The proceeds from the issue have temporarily been
invested in liquid funds.
With this new success the company is planning and making arrangement to
expand its business not only in the domestic market but also trying to
create a niche in the international market. Expansion is being
implemented at various phases by which the benefits will accrue to the
shareholders in the coming financial year.
The company has also made plans to enter into alliance with various
tourism bodies including International Air Transport Association as
well as the Domestic Tour Operators. The necessary study is being
carried out for the expansion of the said business activities.
Change in the nature of business
There is no Change in the nature of the business of the Company during
the year.
Material changes and commitments
There is no material changes occurred subsequent to the close of the
financial year of the Company to which the balance sheet relates and
the date of the report.
Significant and material orders passed by the regulators or courts or
tribunals
There are no significant and material orders passed by the regulators
or courts or tribunals impacting the going concern status and company's
operations in future.
Details of Subsidiary/Joint Ventures/Associate Companies
The Company does not become or ceased to be or have any
subsidiary/Joint Ventures/ Associate Companies during the year.
Statutory Auditors
Pursuant to the provisions of Section 139 of the Act and the rules
framed there under, M/s. P. Suman & Associates, Chartered Accountants,
(Firms Registration No. 327089E), Statutory Auditors of the company,
hold office till the conclusion of the ensuring annual general meeting
and are eligible for re-appointment. They have confirmed their
eligibility to the effect that their re-appointment, if made would be
within the prescribed limits under the Act and that they are not
disqualified for reappointment.
The Notes on financial statement referred to in the Auditors Report are
self explanatory and do not call for any further comments. The Auditors
Report does not contain qualification reservation or adverse remark.
Auditors' Report
The Auditor of the company has not made any qualification, reservation
or adverse remark or disclaimer in his report.
Extract of the Annual Return
The extract of the annual return in Form MGT - 9 is annexed herewith
and form part of this Board's report.
Conservation of energy, technology absorption and foreign exchange
earning & outgo
The company is not an industrial company and therefore the details of
conservation of energy, technology absorption is not applicable to the
company.
Foreign exchange earnings & outgo :
The income & expenditure accrued/ incurred during the year are as
follows :
Tour package expenses : Current year : Rs : 1305483.44 (P. Y. Rs
23,76,826.94)
Hotel Charges : Current year : Rs. Nil ( P.Y. : 71,582.50)
Details of Directors and KMP Changes:
DIRECTORS:
Ms. Jasprit Kaur (DIN: 06538717)and Mr. Bikash Lath (DIN:
00484090)ceased to be Directors with effect from 26.03.2015 as well as
Ms. Vinita Bajaj (DIN: 02607140) ceased to be Director with effect from
21.04.2014.Your Directors would like to record their appreciation of
the services rendered by them during their tenure of office as Director
of the Company.
During the year under review, Mr. Lokesh Patwa (DIN: 06456607) was
re-appointed as whole time director with effect from 21.03.2015 and
will be liable to retire on 20.03.2018.
Further, Ms. Neha Shukla (DIN: 07113516) and Ms. Kiran Kaur Walia (DIN:
07113515) were appointed as Independent Directors with effect from
26.03.2015.
KEY MANAGERIAL PERSONNEL:
Mr. Himanshu Jha (PAN: ALRPJ8928N) is being appointed as the Chief
Financial Officer of the company with effect from 26.03.2015 to look
after the financial matters of the company. Ms. Priya Agarwal (ACS:
38800) is being appointed as the Company secretary & Compliance Officer
of the company with effect from 26.03.2015 for carrying out the
compliance activities of the company.
Number of meetings of the Board of Directors
During the year 16 Board Meetings were convened and held. The dates of
Board Meeting are as follows:
Sl. No. Particulars Date
1. Board Meeting 21st April 2014
2. Board Meeting 28th April 2014
3. Board Meeting 24th May 2014
4. Board Meeting 19th July 2014
5. Board Meeting 28th July 2014
6. Board Meeting 29th August 2014
7. Board Meeting 15th September 2014
8. Board Meeting 30th September 2014
9. Board Meeting 21st November 2014
10. Board Meeting 05th January 2015
11. Board Meeting 21st January 2015
12. Board Meeting 02nd February 2015
13. Board Meeting 16th February 2015
14. Board Meeting 03rd March 2015
15. Board Meeting 05th March 2015
16. Board Meeting 26th March 2015
Particulars of loans, guarantees or investments U/S 186
There have been no loans, guarantees and investments under Section 186
of the Act during the financial year 2014-15.
Particulars of contracts or arrangements with related parties
The Company has entered into the following contract / arrangements with
its group company in the ordinary course of business -
Rent paid to VMV Arts Pvt Ltd during the F.Y. 14-15 - Rs.
1680007-Remuneration paid to Lokesh Patwa during the FY 14-15 - Rs.
240000/-
Risk management policy
The Board has constituted a business risk management committee which
shall be responsible for framing, implementing and monitoring the risk
Management plan for the company. At present the company has not
identified any element of risk which may threaten the existence of the
company
Particulars of Employees
The Company have no employee drawing a remuneration of Rs. 6,000,000(
Rupees Sixty lacs) per annum or part there of in terms of the
provisions of Section 197(12) of the Act read with Rules 5(2) of the
Companies (Appointment and Remuneration of Managerial Personnel)
Rules,2014.
Directors' Responsibility Statement
In terms of Section 134 (5) of the Companies Act, 2013, the directors
would like to state that:
1) That in the preparation of the annual account the applicable
accounting standards has been followed and there are no material
departures from the same.
2) That the directors 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 i.e., March
31, 2015 and of the profit of the Company for the year ended on that
date;
3) That the Directors 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 and
for preventing and detecting fraud and other irregularities;
4) That the directors have prepared the annual accounts ongoing concern
basis.
5) The Directors have laid down internal financial controls to be
followed by the Company and that such internal financial controls are
adequate and are operating effectively and
6) That the directors have devised proper system to ensure compliance
with the provisions of applicable laws and such systems are adequate
and operating effectively.
Your Directors further state that no disclosure or reporting is
required in respect of the following items as there were no
transactions on these items during the year under review:
a) Details relating to deposits covered under Chapter V of the Act.
b) Issue of equity shares with differential rights as to dividend,
voting or otherwise.
c) Issue of shares (including sweat equity shares) to employees of the
Company under any scheme save and except ESOS referred to in this
Report.
d) Neither the Managing Director nor the Whole-time Directors of the
Company receive any remuneration or commission from any of its
subsidiaries.
e) No significant or material orders were passed by the Regulators or
Courts or Tribunals which impact the going concern status and Company's
operations in future.
Acknowledgements
An acknowledgement to all with whose help, cooperation and hard work
the Company is able to achieve the results.
For and on behalf of the
Board of Directors
Sd/-
Vikram Bajaj
Director
DIN: 00553791
Place: Kolkata
Date: 04.09.2015
|