PAN INDIA RESORTS & LAND DEVELOPMENT LIMITED
DIRECTORS' REPORT TO THE MEMBERS
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.
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.
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.
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
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
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
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.
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.
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
The particulars regarding Technology Absorption and Foreign Exchange
Earnings and outgo pursuant to Section 27 (1 ) (e) of the Companies Act,
1956 are NIL.
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.
Your Directors express their sincere gratitude for the assistance and co-
operation extended by Promoters Banks. Government Authorities, Shareholders
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