Panther Industrial Products Ltd Management Discussions

PANTHER INDUSTRIAL PRODUCTS LIMITED ANNUAL REPORT 2004-2005 MANAGEMENT DISCUSSION AND ANALYSIS REVIEW OF OPERATIONS: During the year under review, the Company has not carried on any business due to financial crisis faced by the Company. The amount of Profit as reflected in the profit and loss account, have been earned by the Company upon invocation of investments of the Company by Madhavpura Mercantile Co- operative Bank Ltd. which was pledged by the Company as security for financial assistance granted by the said bank to the Company in which directors are interested. The company is suitably representing before various quasi judicial bodies, their stand against the allegation of violation made by the department during the course of various scrutiny and inspection conducted in earlier years. The proceedings for the same are still in progress. Further during the year under review Madhavpura Mercantile Co-operative Bank Ltd. has invoked the equity shares of GTL Limited, Mukta Arts Ltd. and Pantaloon Retail (I) Ltd. held by the Company as investment and pledged with the said bank as security for securing the repayment of financial assistance granted to M/s. NH Securities Ltd., the company in which directors are interested. Consequent upon default by M/s. NH Securities Ltd. for repayment of said financial assistance and adjusted the realized amount. The Company has given credit of the said amount as recoverable from NH Securities Ltd. Further the profit earned on invocation / sale of security is profit of the Company earned during the year. HUMAN RESOURCES There are no employees covered under the limits as specified under section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules 1975.