pan india resort devp ltd Directors report

PAN INDIA RESORTS & LAND DEVELOPMENT LIMITED DIRECTORS REPORT DIRECTORS REPORT TO THE MEMBERS Dear Shareholder, The Directors of your Company are pleased to present their FOURTH ANNUAL REPORT together with the Audited Statement of Account for the Financial Year 1997-98 ended on 31 st March, 1998. ACCOUNTS As the Company had no manufacturing, trading or service activities during the accounting year ended on 31st March, 1998, no Profit & Loss Account has been prepared for the above period and all the expenditure incurred has been shown as incidental expenditure during construction period pending allocation to be capitalised appropriately at a later date. PROJECT PROGRESS Due to certain uncontrollable circumstances, the project of the Company has been delayed and the Company could not start its commercial operations in the year under review. However, barring unforeseen circumstances, the Directors are confident that the first phase of the resorts operations will start before the end of the current calendar year. DIVIDEND In view of the fact that the project is under the implementation stage, your Directors are unable to recommend any Dividend for the year ended 31st March, 1998. DIRECTORS At the ensuing Annual General Meeting, Shrimati Varsha V. Soni will retire by rotation in terms of Articles 153 and 154 of the Articles of Association of the Company. However being eligible, she has offered herself for reappointment. PERSONNEL AND H.R.D. Your Directors are glad to report that your Company continued to maintain cordial and peaceful relations with employees and your Company continued to give ever increasing importance to training at all levels and other aspects of H.R.D. PROMISES VS. PERFORMANCE As per Clause 43 of the Listing Agreement with the Stock Exchanges, we furnish tn e following information. The proceeds of the Public Issue have been deployed for meeting out the objects of the Issue, the unpaid Allotment Money as and when received will also be deployed in furtherance of the objects of the Issue. In absence of any commercial operations, no data are available on the actual profitability of your Company. IN - HOUSE SHARE DEPARTMENT The In - House and computerised share department at the registered office of the Con. ny continued to successfully provide all Investor Services within a time bound Period. AUDITORS The present Auditors of the Company M/s. J. P. Adeshra & Co., Chartered Accountants, Ahmedabad will retire at the ensuing Annual General Meeting. They have submitted certificate f their eligibility for re-appointment under Section 224 (1-B) of the Companies Act, 1956. The notes forming part of Accounts, being self explanatory are not being dealt with separately. PARTICULARS OF EMPLOYEES There is no employee who is in receipt of remuneration exceeding Rs. 3,00,000/- p annum or Rs. 25,000/- per month, the limits specified under the Companies (Particulars of Employees) Rules. 1975 pursuant to the provisions of Section 217 (2A) of the Companies ct, 1 956. DEPOSITS During the current year, your Company has accepted deposit without invitation. There are neither unclaimed deposits nor deposits which has been claimed but not paid. PARTICULARS AS REQUIRED UNDER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988. The provisions relating to conservation of energy are not applicable to your company. The particulars regarding Technology Absorption and Foreign Exchange Earnings and outgo pursuant to Section 27 (1 ) (e) of the Companies Act, 1956 are NIL. GENERAL The Equity shares of the Company continued to be listed on the Ahmedabad and Mumbai Stock Exchanges. Your Company has been regular in payment of listing fees to both these exchanges. ACKNOWLEDGEMENTS Your Directors express their sincere gratitude for the assistance and co- operation extended by Promoters Banks. Government Authorities, Shareholders and Suppliers. Your Directors also wish to place on record their deep appreciation for the dedication and hard work put by the employees at all levels towards the growth of the Company. For and on behalf of the Board, Place: Ahmedabad VIRENDRA H. SONI Date : 23rd Julv, 1998 . Chairman & Managing Director