CORE HEALTHCARE LIMITED
ANNUAL REPORT 2006-2007
We have pleasure in presenting the Annual General Meeting of the Company
along with the audited statements of Accounts for the year ended 31st
(Rs. in Lacs)
Financial Results 2006-07 2005-06
Income from operations 5.86 5057.69
Financial Expenses 1.69 139.70
Depreciation 112.83 4330.18
Net Loss After Tax 983.71 6488.62
Owing to the acquisition of the assets by ARCIL under the Securitisation
and Reconstruction of Financial Assets and Enforcement of Security Interest
Act 2002 and handing over the assets to other entities there was no
business operation in respect of Company.
Hon'ble High Court of Gujarat vide its order dated 1st March 2007 has
sanctioned the scheme of de-merger under which the assets of Sachana
Undertaking has been transferred to Nirma Limited and as mentioned earlier
the assets of Pharma Division of Company located at Rajpur are in
possession of ARCIL and it has appointed a healthcare company as custodian
cum agent to take care of these assets.
In view of the losses your Board is unable to recommend any dividend on
The company has not accepted any Deposits from the public within the
meaning of Section 58 A of the Companies Act, 1956 and the Companies
(Acceptance of Deposits) Rules, 1975 during the year. In respect of
deposits of earlier years company is in the process of settling the same.
At the ensuing Anneal General Meeting Mr. Biren R Shah retires by rotation
and being eligible for offers himself for reappointment. During the year
under review Mr. Vivek J Rawal was appointed as Additional Directors of the
company and hold office till the conclusion of the annual general meeting.
Directors Responsibility Statement
Pursuant to the requirement under section 217 (2AA) of the Companies Act,
1956 , which requires company to give a Directors Responsibility Statement,
your directors hereby confirm:
That in preparation of annual accounts, the applicable accounting,
standards had been followed along with proper explanation relating to
That Company has selected Mercantile accounting policies and applied them
consistently and 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 at the end of the financial year and of the profit or loss of the
company for that period.
That the directors had taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of this
Act for the safeguarding the assets of the company and for preventing and
detecting fraud and other irregulations.
That the directors had prepared the Annual accounts on a going concern
basis for the year ending on 31st March, 2007.
The Auditors M/s. Padam Chand Jain &. Associates, Chartered Accountants
retire at the ensuing Annual General Meeting and offer themselves for
reappointment. The Auditors have confirmed that if appointed their
appointment would be within the limit stated in Section 224 of the
Companies Act, 1956.
Comment on Auditors' Report
The Auditors' Report have mentioned that Company has not made provision 0of
interest and that for sales tax liability. It has also pointed out.
regarding non compliance of Accounting standard 28 regarding impairment of
Assets and provisions for Contingent liabilities among others.
As the Shareholders are aware that company had been going through difficult
tune which resulted into certain lapses on compliance front. Now with High
Court having sanctioned the scheme and the same being implemented most of
the compliance have been effected to and Company do not expect any adverse
remark thereof from now.
Particulars of Employees and Others
The Company does not have any employee receiving remuneration of Rs.
2,00,000/per month or Rs. 24,00,000/- per annum and therefore no
particulars are required to be furnished under Section 217 (2A) of the
Companies Act, 1956
Information on Energy Conservation, Technology Absorption and Foreign
Particulars regarding conservation of energy, Technology up gradation, and
Foreign Exchange Earnings and Outgo, pursuant to Companies (Disclosure of
Particulars in the Report of the Board of Directors) Rules 1988 are not
applicable to the Company during the period under review as no operations
were carried out during the year.
The company places on record its deep appreciation for all those who are
associated with the company and have continued their support towards the
growth and stability of the company.
Place: Ahmedabad For and on behalf of the
Date : 31st August. 2007 Board of Directors