panchmahal cement ltd Directors report

ANNUAL REPORT 1998 PANCHMAHAL CEMENT COMPANY LIMITED DIRECTORS REPORT To. The Members, Your Directors present the 18th Annual Report together with Audited Financial Statements for the financial year 1st July,1997 to 30th September, 1998. The Board of Directors at their meeting held on 141h December,1998 have decided to change the accounting year of the Company from 1st July,1997 to 30th September, 1999 instead of from 1st July, 1997 to 30th June, 1998. 1. DIVIDEND: On account of the accumulated loses incurred by the Company, your Directors are not in a position to declare any dividend to the Shareholders for the financial year under review. 2. SUBSIDIARIES: Statement pursuant to Section 212 of the Companies Act, 1956 relating to the Companys two wholly owned subsidiaries viz. Manor Investment Company Limited and Sai Tirth Developers Limited is enclosed. 3. YEAR Y2K COMPLIANCE For addressing the issue of Y2K Compliance, your Company has taken necessary steps to achieve the same satisfactorily. There is a successful roll over to the new calendar year of 2000. 4. LISTING OF SECURITIES The Securities of the Company have been listed on recognize to stock Exchange at Vadodara, Mumbai and National Stock Exchange of India Limited Company has already made payment of the listing fees to the Stock Exchange Mumbai and National stock Exchange of India Limited. The Company paid listing fees to Vadodara Stock Exchange-Limited, Vadodara, which paid to them in due course. 5. FIXED-DEPOSITS The Company did not invite, accept and renew any fixed deposits during the period under review and the Company do not have any outstanding public deposits. 6. DIRECTORATE Mr. M. G. Patel has resigned as a Director of the Company w.e.f. 4th September 1998. The Directors places on record their appreciation for the contribution made by Mr. M. G. Patel during his tenure as a Director of the Company. Dr. A. R. Patel retired by rotation at the 18th Annual general Meeting held on 30th June,1999 and reappointed. 7. PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO: Information as per Section 217 (1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the Report of the Board of Directors) Rules 1988, and forming part of the Directors Report for the year ended 30th September,1998 is not furnished as the Company has not carried on any manufacturing activities. There is no Foreign Exchange earnings and outgo. 8. PERSONNEL: Particulars of the remuneration paid to the Employees as required under section 217(2A) of the Companies Act,1956 as amended are set out in an annexure -I which forms part of this report. 9. INDUSTRIAL RELATIONS: Industrial relations are cordial. 10. AUDITORS At the 18th Annual General Meeting held on 30th June,1999 M/s R. J. Shah & Associates,Chartered Accountants Vadodara were appointed as Statutory Auditors of the Company. 11. AUDITORS REPORT Para 5(ii) (iii),(iv) (v),(vii),(viii),(ix),( xiii) are self explanatory in as much as Sch 14 provides adequate information and therefore do not call for any further comments or explanations. Para 5(i) non provision of doubtful debt is concerned effective steps including issue of legal notices and filing of suits are being taken for recovery. 12. ACKNOWLEDGEMENT : Your Directors would like to express their grateful appreciation of the assistance and co-operation received from the Industrial Credit and Investment Co-operation of India Limited, Industrial Development Bank of India, Industrial Finance Corporation of India limited, Industrial Reconstruction Bank of India and Bank of Baroda during the year under review. Your Directors also take this opportunity to place on record their sincere thanks to the shareholders and all concerned for their unstinted support. Your Directors also place on record their high sense of appreciation for the support and co-operation received from all the employees of the Company. For and on behalf of the Board of Directors Place: VADODARA M. M. AMIN Date : 26-02-2000. Chairman and Managing Director