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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 23, 16:00
52.55 -1.20 (-2.23%)
Volume
AVERAGE VOLUME
5-Day
53,122
10-Day
34,997
30-Day
52,605
21,800
  • Prev. Close

    53.75

  • Open Price

    54.45

  • Bid Price (Qty.)

    52.85 (1000)

  • Offer Price (Qty.)

    53.00 (659)

NSE Live

Jul 23, 15:58
52.80 -0.90 (-1.68%)
Volume
AVERAGE VOLUME
5-Day
431,972
10-Day
290,593
30-Day
300,250
170,557
  • Prev. Close

    53.70

  • Open Price

    54.60

  • Bid Price (Qty.)

    52.80 (2299)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
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Director’s Report

The Directors have pleasure in presenting the Annual Report and Audited Accounts of your Company for the financial year ended 31st March, 2008. FINANCIAL RESULTS Year Ended (Rs./lacs) 31.03.2008 31.03.2007 Other income 2093.14 1570.97 Profit before depreciation 1100.90 1063.24 Depreciation 16.09 16.74 Profit before tax 1084.81 1046.50 Provision for Tax-Current 463.36 418.65 - Provision for Tax-Deferred (325.92) (2.10) Provision for Fringe Benefit Tax 0.79 0.88 Net Profit after tax 946.58 629.07 Balance brought forward from previous year 1223.58 594.51 Profit Available for Appropriations 2170.16 1223.58 Appropriations: Dividend to Equity Shareholders 198.57 Dividend Tax 33.75 Transfer to General Reserve 300.00 Balance Carried Forward 1637.84 1223.58 OPERATIONS During the year under review, gross income amounted to Rs. 2093.14 lacs as against Rs. 1570.97 lacs during the previous year, registering an increase of 33.24%. It includes lease rental of Rs. 2000 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.946.58 lacs as against Rs.629.07 lacs in the previous year, recording a growth of 50.47%. DIVIDEND The directors are pleased to recommend first dividend of 15% per equity share for the financial year 2007-08 after the revival of the Company for your approval. There will be no tax deduction at source on dividend payments, but your company will have to bear tax on dividend @ 16.99%, inclusive of surcharge. The dividend, if approved, shall be payable to the shareholders registered in the books of the company and the beneficial owners as per details furnished by the depositories, determined with reference to the book closure from 1st July, 2008 to 17th July, 2008 (both days inclusive). SHARE CAPITAL The face value of shares of the company has been split from Rs. 10/-each into 5 equity shares of Rs.2/-each w.e.f. 3rd March, 2008, in pursuance of the resolution passed by the members through postal ballot on 14th February, 2008. SUBSIDIARY COMPANIES The Directors decided to seek exemption under Section 212 of the Companies Act, 1956, from annexing Annual Reports of the subsidiary companies viz. Artemis Health Sciences Pvt. Ltd., Artemis Medicare Services Pvt. Ltd., Artemis Life Sciences Pvt. Ltd., Artemis Mediequipments Pvt. Ltd. and Artemis Medical Institutes Hospitals Pvt. Ltd. for the financial year ended 31st March, 2008. The Central Government vide its letter No.47/120/2008-CL-lll dated March 10, 2008, 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 of the Company. EXPANSION/DIVERSIFICATION/FUTURE OUTLOOK The Company has entered into the health care landscape by launching Artemis Health Institute a state-of-art 500-bed super specialty hospital in Gurgaon, a unit of Artemis Medicare Services Pvt. Ltd. (subsidiary of your company). Artemis Health Institute has been awarded the Most Promising Start-up Healthcare Company of the Year at The Healthcare Excellence Awards 2008 organised by The Express Group and Express Healthcare. These awards honour visionaries in the field of Healthcare, Companies with a consuming passion to touch, heal and renew lives; Companies who believe in the impossible dream. The award has been given to Artemis on the basis of criteria like hospital infrastructure, operational efficiency, expertise of health care service providers, patient care services, hospital protocols and processes, marketing, customer relationship management and community service programs. The Directors have also approved a proposal for setting up a facility to manufacture Speciality Tyres at a cost of Rs.40 crore at land acquired at Irapuram (Kerala) under Phase-I. This would envisage introduction of new range of speciality tyres like industrial tyres, farm implement tyres, floatation tyres etc. which is a niche, high contribution product segment. Under the Phase-ll, the tyre manufacturing unit at Kalamassery will be relocated to Irapuram to produce cross ply tyres. The relocation will also create space within the city limits of the fast-growing Kalamassery city for growth of vital residential and commercial infrastructure, in accordance with Government of Keralas proactive Industrial and Commercial Policy. COST AUDIT The Company is in the process of filing an application with the Central Government for availing exemption from the requirements of Cost Audit as your Company does not have its own production due to the Plant being 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 Mrs. Pallavi Shroff was appointed as an Additional Director of the Company w.e.f. 9th May, 2008. She holds office till the date of the Annual General Meeting. The Company has received requisite notice together with deposit, as provided under Section 257 of the Companies Act, 1956, from a shareholder proposing the appointment of Mrs. Shroff as a Director liable to retire by rotation. Mr.K.Jacob Thomas and Mr. P. A. S.Rao, Directors will retire by rotation at the Annual General Meeting and being eligible, offer themselves for re-appointment. None of the Directors are disqualified under Section 274(1) of the Companies Act, 1956. 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 March 31, 2008 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 inAnnexureAofthis report. HUMAN RESOURCES The industrial relations continued to be cordial during the year. 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 confirms that: i) in preparation of the Annual Accounts for the year ended March 31, 2008, 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 on March 31, 2008, 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 The Directors convey their grateful thanks to the State Governments of Kerala and Haryana, bankers and employees for their co-operation extended to the management. For and on behalf of the Board of Directors Place : Gurgaon (ONKAR S. KANWAR) Dated : 9th May, 2008 CHAIRMAN

Director’s Report