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Pan Auto Ltd.

BSE: 513634 Sector: Engineering
NSE: N.A. ISIN Code: N.A.
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Pan Auto Ltd. (PANAUTO) - Director Report

Company director report

PAN AUTO LIMITED ANNUAL REPORT 1998-99 DIRECTORS' REPORT TO The Members. Pan Auto Limited Your Directors have pleasure in presenting their 6 Annual Report together with the Audited Statement of Accounts of the Company for the year ended on 31st March. 1999. DIVIDEND There being a loss during the year under review your Directors are unable to recommend any dividend for the year. OPERATIONAL REVIEW AND PROSPECT OF THE CURRENT YEAR: During the year under review, the Company was unable to continue the operations due to lack of working capital. Consequently the turnover of the Company is reduced to Rs. 9.49/- lacs as compared to Rs. 147.41/- Lacs of previous year, and not depreciation has been provided for the year. This is due to the recession prevailing in the industry. Moreover due to severe liquidity crunch faced, the Company was compelled to incur higher financial charges which has added to the losses incurred by the Company. However there are continued efforts put in by your Directors to put the normal operations, with the help of Financial Institutions and the bankers of the Company. The Directors are confident to achieve better results in the coming years. PUBLIC DEPOSITS: During the year under review, the company has not accepted any deposits from the Public pursuant to the provisions of Section 58-A of the Companies Act, 1956 and Rules made thereunder. Y2K PREPAREDNESS: Your Directors are glad to report that areas where Y2K problems will be faced are very limited and the company is taking necessary steps to become Y2K compliant. The expenditure to ensure Y2K compliance will be insignificant. AUDITORS: M/s. Gaurang Vora & Associates the Auditors of the company hold office until the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. The Company has received a certificate from them to the effect that their appointment. if made would be within the limits specified Under Section 22 B) of the Act. PARTICULARS OF EMPLOYEES: None of the employees received salary in excess of prescribed limits pursuant to Section 217(2A) of the Companies. Act. 1956 read with the Companies (Particulars of Employees) Rules 1975 for the year ended on 31st March 1996 CONSERVATION OF ENERGY/ TECHNOLOGY ABSORPTION/ FOREIGN EXCHANGE EARNINGS AND OUTGO: The information pursuant to 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 is given in the annexure to this report. APPRECIATION: The Directors deeply acknowledge the co-operation assistance and support extended by the Central Government the State Government. the Company's Bankers and the Financial Institution and others associated with the Company. The Directors also wish to place on record their deep sense of appreciation for the services of the executives, staff and workers of the Company and hope that it will continue in future also. The Directors are also thankful to thousands of shareholders who have reposed the trust and confidence in them. REGD. OFFICE: ON BEHALF OF THE BOARD OF DIRECTORS 195/1/2. Natraj Industrial Estate. Vasana lawa. Ta. Sanand Dist. Ahmedabad-382171) (MANUBHAI C. BENANI) Date: 21st August, 1999. CHAIRMAN AND MANAGING DIRECTOR ANNEXURE TO THE REPORT OF THE DIRECTORS STATEMENT CONTAINING PARTICULARS PURSUANT TO THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES 1988 FORMING PART OF THE REPORT OF THE DIRECTORS. FORM A CONSERVATION OF ENERGY Measures taken: The Company has opted for Induction furnace from Pioneer which is one of the best of its type in that category. It consumes less electricity moreover the Company has installed fully automatic electronics control panels which controls the entire production process. so it will enable to optimize the production with minimum power consumption The fruits of the above technology is envisaged in the coming year . FORM -B FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO ABSORPTION RESEARCH & DEVELOPMENT: At present the Company is not having any Research Development Department hence no amount is spent for the same. However. the Company has set up strong Quality Control Dept. and it is also under consideration to have a separate dept. for Research & Development to each objectives such as Energy Conservation Cost Reduction and Waste Utilization. TECHNOLOGY ABSORPTION ADAPTATION AND INNOVATION. 1. Efforts in brief made towards Technology absorption adopted by the company from Kunkel Wegner Germany is very latest technology in India with the said advance technology the company will be able to produce components with greater accuracy in dimensions resulting to lesser rejection lower weight and lesser wastage and ultimately lower production cost. Hence , the company will have an edge over its competitors in future also. Better prospects for export. 2. Benefits will be derived as a result of the above efforts in the coming period. 3. In case of imported Technology (imported during the last 5 years reckoned from the beginning of the financial year), Following information may be furnished: (a) Technology imported : Air Plus Technology (b) Year of import : 1994 (c) Has technology been fully absorbed ? Yes. FOREIGN EXCHANGE EARNINGS AND OUTGO There has been no Foreign Exchange Earning or outgo during the year under review. REGD. OFFICE: ON BEHALF OF THE BOARD OF DIRECTORS 195/1/2. Natraj Industrial Estate. Vasana lawa. Ta. Sanand Dist. Ahmedabad-382171) (MANUBHAI C. BENANI) Date: 21st August, 1999. CHAIRMAN AND MANAGING DIRECTOR