ANNUAL REPORT 1998
PANCHMAHAL CEMENT COMPANY LIMITED
Your Directors present the 18th Annual Report together with Audited
Financial Statements for the financial year 1st July,1997 to 30th
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.
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.
Statement pursuant to Section 212 of the Companies Act, 1956 relating to
the Company's 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.
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
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
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.
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.
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
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
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
For and on behalf of the Board of Directors
Place: VADODARA M. M. AMIN
Date : 26-02-2000. Chairman and Managing Director