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PTL Enterprises Ltd.

BSE: 509220 | NSE: PTL |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE034D01031 | SECTOR: Tyres

BSE Live

Jul 30, 15:40
52.50 -0.40 (-0.76%)
Volume
AVERAGE VOLUME
5-Day
18,009
10-Day
35,565
30-Day
43,355
19,872
  • Prev. Close

    52.90

  • Open Price

    52.55

  • Bid Price (Qty.)

    52.50 (56)

  • Offer Price (Qty.)

    52.75 (1000)

NSE Live

Jul 30, 15:54
52.55 -0.20 (-0.38%)
Volume
AVERAGE VOLUME
5-Day
103,133
10-Day
267,553
30-Day
255,386
85,706
  • Prev. Close

    52.75

  • Open Price

    53.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
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Director’s Report

Your Directors have pleasure in presenting the Annual Report and audited accounts of your Company for the financial year ended 31s1 March, 2007. FINANCIAL RESULTS Year Ended (Rs./lacs) 31.03.2007 31.03.2006 Other income 1570.97 1117.68 Profit before depreciation 1063.24 1023.29 Depreciation 16.74 18.86 Profit before tax 1046.50 1004.43 - Provision for Tax-Current 418.65 344.80 - Provision for Tax-Deferred (2.10) (3.48) Provision for Fringe Benefit Tax 0.88 0.44 Net Profit 629.07 662.67 OPERATIONS During the year under review, gross income amounted to Rs. 1570.97 lacs as against Rs.1117.68 lacs during the previous year. It includes lease rental of Rs.1500 lacs received from Apollo Tyres Ltd. (ATL), in accordance with the terms of the Lease Agreement executed with ATL. After providing for depreciation and current/deferred tax, the net profit amounted to Rs.629.07 lacs as against Rs.662.67 lacs in the previous year. DIVIDEND No dividend is being recommended by the Directors for the year under review in order to preserve resources for investment into healthcare business being undertaken by the Company through its subsidiary Companies. SUBSIDIARY COMPANY Your Directors decided to seek exemption under Section 212 of the Companies Act, 1956 from annexing annual reports of the subsidiary companies for the financial year ended 31st March, 2007. The Central Govt. vide its letter No.47/111/2007-CL-lll dated 23rd March, 2007 has accorded its approval under Section 212 (8) of the Companies Act, 1956 from annexing the accounts of the above subsidiary companies. The information of the subsidiary companies is annexed with the consolidated accounts attached herewith. The copy of the Annual Report of the subsidiary companies will be made available to the shareholders on request and will also be kept for inspection by any shareholder at the Registered Office and Corporate Office of PTL and its subsidiary companies. EXPANSION PROGRAMME/FUTURE OUTLOOK Your Companys growth plan in healthcare business through its subsidiary company, Artemis Health Sciences Pvt. Ltd. and other step subsidiaries is being built on four pillars of Healthcare Delivery, Healthcare Education, Healthcare Research & Delivery and Healthcare Medical Devices. The Phase-1 of multi specialty hospital at Gurgaon with an investment of around Rs.200 crore is at completion stage. The hospital will be operational in June, 2007 . The hospital will be equipped with the latest technology available anywhere in the world. Most of this equipment is in various stages of installation and testing. COST AUDIT Your Company is in the process of filing an application with the Central Govt. for availing exemption from the requirements of Cost Audit as your Company does not have its own production since the Plant has been leased out to Apollo Tyres Ltd. AUDITORS REPORT The comments on the statement of accounts referred to in the Report of the Auditors are self explanatory. BOARD OF DIRECTORS During the year Mr.N.Sreekumar and Mr.P.N.Wahal ceased to be the Directors of the Company w.e.f. 11th September, 2006. Mr.U.S.Oberoi was appointed as an additional director of the Company w.e.f. 24th January, 2007 who was earlier a direcror and had resigned from the Board w.e.f 11 th September, 2006. He will hold office upto the date of the forthcoming Annual General Meeting. Mr. Harish Bahadur was appointed as an additional director of the Company w.e.f. 24th January, 2007 . He will hold office upto the date of the forthcoming Annual General Meeting. Notices under Section 257 of the Companies Act, 1956 have been received from members proposing their appointments as Directors of the Company at the ensuing Annual General Meeting. Mr.Neeraj Kanwar, Director will retire by rotation at the Annual General Meeting and being eligible, offers himself for re-appointment. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO As the plant was leased out to Apollo Tyres Ltd. during the financial year ended 31st March, 2007 and the Company is not carrying out any manufacturing activity of its own, no information is required to be furnished under Section 217 (1) (e) of the Companies Act, 1956. REPORT ON CORPORATE GOVERNANCE Pursuant to clause 49 of the Listing Agreement, a report on corporate governance is given in Annexure A of this report. HUMAN RESOURCES The industrial relations continued to be cordial during the year. A long term settlement for three years was signed with the workers in February, 2007. There are no employees during the year drawing remuneration specified under Section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975. As such, no particulars are required to be furnished. DIRECTORS RESPONSIBILITY STATEMENT Pursuant to the requirements under Section 217 (2AA) of the Companies Act, 1956, the Board of Directors of the Company confirm that: - i) in preparation of the Annual Accounts for the year ended 31st March, 2007, the applicable accounting standards have been followed and there has been no material departure; ii) the selected accounting policies were applied consistently and the Directors made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2007 and of the profit of the Company for the year ended as on date: iii) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and iv) the Annual Accounts have been prepared on a going concern basis. ACKNOWLEDGEMENT Your Directors are thankful for the co-operation extended by Government of Kerala and Haryana, bankers and the employees for their continued support to your Company. For and on behalf of the Board of Directors Place: Gurgaon (ONKAR S. KANWAR) Dated: 30th April, 2007 CHAIRMAN

Director’s Report