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Sterling (Gujarat) Hospitals Ltd.

BSE: 531741 Sector: Health care
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Sterling (Gujarat) Hospitals Ltd
NSE 05:30 | 01 Jan Sterling (Gujarat) Hospitals Ltd

Sterling (Gujarat) Hospitals Ltd. (STERGUJHOSP) - Director Report

Company director report

ANNUAL REPORT 1999-2000 STERLING (GUJARAT) HOSPITAL LTD. DIRECTORS' REPORT TO THE MEMBERS Your Directors have pleasure in presenting the 11th Annual Report alongwith Audited Accounts of the Company for the period 1st April 1999 to 31St March 2000. 1. PROJECT IMPLEMENTATION The Company has incurred expenditure of Rs. 2711.11 lakhs towards the project. Due to non-availability of funds, the Company has not been able to implement the Project within the scheduled time as envisaged in the prospectus. The Management of the Company is trying its level best to raise funds from other sources to complete the Project. The Financial Year 1999-00 wasn't any better for the Company. Inspite of efforts put by the Directors, the Company could not arrange for the fund. As a result, the Financial Institutions recalled their loans and started recovery proceedings against the Company. However, the Directors could successfully convince the Banks and, Financial Institutions to stay the recovery proceedings and to find investor/s who may be interested in Hospital Project. The Company is contemplating to reissue the forfeited shares to argument the funds of the company to paid debts and honour the OTS proposal with a view to put the company on its wheels. The Directors are hopeful of getting positive feedback from the Banks & Financial Institutions, with a view to place the Hospital Project on fast track. 3. CONSERVATION OF ENERGY, RESEARCH & DEVELOPMENT AND TECHNOLOGY ABSORPTION Since the Project is under implementation. there is no requirement regarding reporting on Conservation of Energy, Research & Development and Technology Absorption. 4. DEPOSITS The company has not invited or accepted any deposits during the year. 5. PARTICULARS REGARDING EMPLOYEES None of the employees is covered under the provision of section 217,(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975. 6. AUDITORS The Company has received a certificate from M/s. Ramesh C. Sharma & Co. Chartered Accountant Ahmedabad to the effect that their appointment if made will be in accordance with the limits specified under section 224(1b) of the companies Act 1956. It is proposed that M/s. Ramesh C. Sharma & Co. Chartered Accountants Ahmedabad be appointed a statutory auditors of the company. You are requested to appoint the auditors and fix their remuneration. 7. ACKNOWLEDGEMENT Your Directors would like to place on record the appreciation for the co- operation, support and assistance received from IFCI, ICICI, IDBI, Bank of Baroda, Dena Bank, Indian Hospitals Corporation Ltd., and the Employees of the Company. ON BEHALF OF THE BOARD FOR STERLING (GUJARAT) HOSPITAL LTD. PLACE : AHMEDABAD MADHUKANT J. SHAH DATE : 1/11/00 (MANAGING DIRECTOR)