Your Directors have the pleasure in presenting the 21st Annual Report of thecompany together with Financial Statements for the year ended on 31st March2014.
FINANCIAL & OPERATIONAL REVIEW:
| || || |
(Rs in Lacs)
|S. No. ||Financial Heads ||Year ended 31.03.2014 ||Year ended 31.03.2013 |
|1. ||Operating Income ||726.08 ||575.25 |
|2. ||Other Income ||25.00 ||19.24 |
|3. ||Gross Profits before depreciation & interest ||157.86 ||168.05 |
|4. ||Interest ||1.08 ||2.31 |
|5. ||Gross Profits after interest but before depreciation ||156.78 ||165.74 |
|6. ||Depreciation ||67.06 ||64.47 |
|7. ||Profit Before Tax ||89.72 ||101.27 |
|8. ||Provision for Taxation (net) ||30.72 ||28.40 |
|9. ||Deferred Tax Provision ||3.26 ||(1-1.17) |
|10. ||Profit after Tax ||55.74 ||84.04 |
|11. ||Prior Period Item Adjusted ||3.73 ||0.00 |
|12. ||Balance after taxation carried over to the Balance Sheet ||52.01 ||84.04 |
During the year under review therevenue of the company has increased to Rs. 726 Lacfrom Rs. 575 Lacs in the previous year registering impressive growth of 26%. The profitafter tax stood at Rs. 55.70 Lac against Rs 84.04 lacs in the previous year. The netprofit of the company has not increased proportionate to the revenues due to higheradministrative expenses and increased provision for deferred tax liability as againstdeferred tax asset in the previous year consequent to higher depreciation chargeable inbooks of accounts under SLM as compared to depreciation charged in Income Tax under WDVmethod.
The Company proposes to transfer Rs 52.01 lacs to reserve and surplus resulting intoaggregate reserve and surplus of Rs. 250.04 Lac as against Rs. 198.03 Lac retained in thereserve and surplus during the preceding previous year and Loss.
In order to add comfort to patients significant renovation and up gradation wasundertaken during the year. This has enhanced not only patient care but also facilitatedachieving more operational efficiencies.
The management is focusing its attention to further strengthen its infrastructure andother facilities. The present capacity of the hospital is almost fully utilized in viewof the same the Company had acquired the land for expansion of hospital which is situatedadjacent to the existing hospital building. A major expansion has been embarked by thehospital.1
Keeping in view the requirement of resources for up-gradation of the hospitalfacilities it is proposed to skip the payment of dividend.
M/s K.K. Jain & Co. Delhi the statutory auditors of the company retire at theensuing Annual General Meeting and being eligible offer themselves for re-appointment.They have confirmed that their appointment if made shall be in accordance with theprovisions of Section 139(1) of the Act read with Companies (Audit and Auditors) Rules2014 and that they satisfy the criteria given under Section 141 of the Act. They have alsoconfirmed that they hold a valid peer review certificate as prescribed under Clause41(l)(h) of the Listing Agreement.
CORPORATE GOVERNANCE: *
The Company has complied with the guidelines prescribed by the Stock Exchanges onCorporate Governance. The Company has constituted Audit Committee Share TransferCommittee and Investors' Grievances Redressal Committee. The details of compliance made bythe Company along-with a certificate from the Auditors and Management Discussion andAnalysis are as per Annexure - "A" and "B" respectively forming partof this report.
In accordance with the provisions of Section 152 of The Companies Act 2013 Dr. S.K.Khatri Dr. S.P. Mithal Dr. S.P. Gupta and Mrs. Meenakshi Elhence Directors are liableto retire by rotation in ensuing Annual General Meeting and being eligible offerthemselves for re-appointment.
Mr. Premjit Singh Kashyap Mr. Abhimanyu Arora Independent Directors of the Companyretires by rotation and are recommended for re-appointment as Independent Directors.
Your Directors recommend for their appointment/re-appointment. None of the Directors ofyour Company is disqualified as per provisions of section 164 of the Companies Act 2013
Ms. Priyanka Sharma has resigned from the Directorship of the Company Mr. Ashok KumarSingh Chaudhary has been appointed as an Independent Director of the Company in place ofher subject to approval of the shareholders in the Annual General Meeting of the Company
The information on the particulars of Directors seeking re-appointments as requiredunder Clause 49 of the Listing Agreement executed with the Stock Exchanges have beengiven under Corporate Governance (Annexure "A") of this report.
LISTING ON STOCK EXCHANGE:
The company's securities are listed on The Uttar Pradesh Stock Exchange AssociationLtd. Kanpur The Stock Exchange Mumbai and The Stock Exchange Association Ltd. Delhi.The company has paid the listing fee for all the stock exchanges for the financial year2013-14 and has complied with all the requirements of the listing agreement.
INFORMATION AS PER SECTION 217(l)(e) READ WITH THE COMPANIES (DISCLOSURE OF PARTICULARSIN THE REPORT OF BOARD OF DIRECTORS) RULES 1988 & FORMING PART OF THE DIRECTORS'REPORT FOR THE YEAR ENDED ON 31ST MARCH 2014
A. CONSERVATION OF ENERGY:
Your company is not covered by the Schedule of industries under Rule 2 of the Companies(Disclosure of Particulars in the Report of Board of Directors) Rules 1988 requiringfurnishing of information regarding conservation of energy. However the company does laya great deal of emphasis on conservation of energy in all phases of operation.
|B. TECHNOLOGY ABSORPTION ||: Not Applicable |
|C. FOREIGN EXCHANGE EARNINGS AND OUTGO: || |
|a) Foreign exchange Earnings ||: NIL |
|b) Foreign exchange Outgo ||: NIL |
RESPONSIBILITY STATEMENT OF THE BOARD OF DIRECTORS as required under section 217(2AA)of The Companies Act 1956
Pursuant to the requirement U/s 217(2AA) of The Companies Act 1956 with respect toDirectors' Responsibility statement it is hereby confirmed:
i) That in the preparation of accounts for the financial year ended on 31.03.2014 theapplicable accounting standards have been followed along-with proper explanation relatingto material departures;
ii) That the Directors have selected such Accounting Policies and applied themconsistently and made judgment and estimates that were reasonable and prudent so as togive true and fair view of the state of affairs of the company at the end of the financialyear and of the Profit of the company for the year under review;
iii) That the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provision of The Companies Act 1956and for safeguarding the assets of the company and for preventing and detecting otherirregularities;
iv) That the Directors have prepared the accounts for the financial year ended31.03.2014 on a 'going concern' basis.
PARTICULARS OF EMPLOYEES:
The provisions of Section 217 (2A) of The Companies Act 1956 read with the Companies(Particulars of Employees) Rules 1975 as amended are not applicable as there is noemployee drawing remuneration beyond the stipulated amount provided in the said rules.
The Directors wish to place on record their sincere appreciation for the committed anddedicated services of the employees of the Company. The Board also wishes to thank theDoctors Specialist in Medical Field Bankers for placing their trust on the Company andencouragement they extend to the Company. The Board places on record their thanks to theshareholders and the patient public for the confidence reposed by them in the Company andtheir appreciation for the services.
| ||By Order of the Board of Directors || |
| ||Sd/- ||Sd/- |
|Place: Meerut ||(Dr. V. S. Phull) ||(Mr. Premjit Singh Kashyap) |
|Date: 29.08.2014 ||Managing Director ||Chairman |