AFFLUENCE

The financial results of the your Company have been affected by trends and changes in the economy and travel industry at large. Toward the end of the fourth quarter of fiscal year 2021, a severe second wave of COVID-19 infections emerged in India that has been more severe than the first wave that occurred in 2020. This second wave led to the re-imposition, since April 2021, of states-wide travel restrictions, lock downs and curfews across India, with some such measures going on till late, resulting in a significant negative impact on revenue. The extent of the effects of the COVID-19 pandemic on the Company’s business, results of operations, cash flows and growth prospects remain uncertain and would be dependent on future developments. These include, but are not limited to, the severity, extent and duration of the pandemic, its impact on the travel industries and consumer spending, rates of vaccination and the effectiveness of vaccinations against various mutations or variants of the COVID-19 pandemic. The Company continued to implement certain measures and modified certain policies in light of the COVID-19 pandemic. For example, the Company largely automated its re-scheduling and cancellation of bookings and provided customers greater flexibility to defer or cancel their travel plans. In addition, the Company also undertook certain cost reduction initiatives, including implementing salary reductions and freezes and work from home policies, renegotiating fixed costs such as rent, deferring non-critical capital expenditures, reducing marketing expenses and renegotiating supplier payments and contracts. The Company believe these cost control measures have helped mitigate the economic impact of the COVID-19 pandemic on the business.    

CONSERVATION OF ENERGY:   a) Energy Conservation Measures Taken: (i) the steps taken or impact on conservation of energy:  The Company is committed to take necessary measure for energy saving (ii)  the steps taken by the company for utilising alternate sources of energy: NIL (iii)  the capital investment on energy conservation equipments: NIL    

TECHNOLOGY ABSORPTION:   i. The Efforts made towards technology absorption: The Company is committed to take necessary measure for technology absorption.   ii. The benefits derived like product improvement, cost reduction, product development or import substitution: NIL   iii. In case of imported technology (Imported during the last three years reckoned  from the beginning of the financial year :NIL iv. Research and Development (R & D)  NIL    

FOREIGN EXCHANGE EARNINGS AND OUTGO:   The Company has an outgo of Foreign Exchange equivalent to INR 2,49,95,972 in current year and INR 74,84,59,122 /- in previous year. The earnings in Foreign Exchange is equivalent to INR Nil  in current year and INR 1,03,66,38,916/- in the previous year.      

In accordance with the provisions of Section 134 (3) (c) read with section 134(5) of the Companies Act, 2013 your Directors, to the best of their knowledge and ability, confirm that: a) in the preparation of the annual accounts for the financial year ended on 31st March, 2021, the applicable accounting standards have been followed along with proper explanation relating to 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 and loss 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 Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;   d) they have prepared the annual accounts for the financial year ended 31st March, 2021  on a going concern basis; and   e) they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.