Your Directors have pleasure in presenting their Forty Third Annual Report togetherwith the Audited Accounts for the year ended 31 st March 2015 as follows:
The highlights of the operating results for the year are summarized below:-
(Rs. in Lakhs)
| ||Year ended 31-03-2015 ||Year ended 31-03-2014 |
|Sales Turnover (Less : Excise) ||1791.41 ||2098.79 |
|Profit before Depreciation ||56.05 ||66.71 |
|Less: Depreciation ||27.64 ||22.84 |
|Profit before Tax ||28.42 ||43.87 |
|Less: Provision for Taxation ||6.14 ||6.14 |
|Net Profit after Tax ||22.28 ||37.73 |
PERFORMANCE FOR THE YEAR 2014-2015
This year due to less than average rainfall and falling agri-commodity prices the saleswere lower at 19.58 Crs as compared to 23.24 Crs and like wise the PBT at 28.42 lacs Vs43.87 lacs.
To ward off the risk of monsoon and droping agri-products prices company has beenincreasing effors on Exports and the result will be seen in future.
The Export registrations are being undertaken in Egypt Sudan apart from increasingcustomer base in Bangladesh. These efforts shall show result in current year. Company isalso increasing its market area in other States apart from its main stay at Central India.
The JV is scaling up well its a bit slow initially as it is very stronglyR&D driven however the JV has made a wide range of diagnostic kits ranging frominfectious diseases to oncology which are being accepted by big names customers indiagnostic market. In times to come this JV would become a market leader in the moleculardiagnostic sector. And these collective efforts will improve companys top line andbottom line in coming times.
Pursuant to Clause 49 of the Stock Exchange Listing Agreement a report on CorporateGovernance and Management Discussion and Analysis and Certificate from the Auditors oncompliance thereof is given separately which form a part of this Report.
The Directors confirm that:
i) The company has followed the applicable accounting standards in the preparation ofthe Annual Account for the year under review.
ii) The Directors have made judgements and estimates that are reasonable and prudentand have selected accounting policies and applied them consistently to give true and fairview of the state of affairs of the company as at 31st March 2015 and its profit for theyear ended on that date.
iii) The company has a proper and adequate system of internal control to ensure thatall assets are safeguarded against losses and the system is capable of detecting fraudsand other irregularities.
iv) The annual accounts placed before you have been prepared on a going concern basis.
Due to inadequate profit your Directors regret their inability to recommend anyDividend for the year.
Presently the Equity Shares of the company are listed on the Bombay Stock ExchangeLtd Mumbai.
Shri D. K. Dubey & Shri N. K. Dubey retire by rotation at the forthcoming AnnualGeneral Meeting and are eligible for reappointment.
M/s R.C.Baheti & Co. Chartered Accountants retire at the ensuing Annual GeneralMeeting and are eligible for reappointment.
As per the Companies (Amendment) Act 2000 it is required in case of your company toobtain a certificate from a Company Secretary in whole-time practice regarding complianceof various secretarial matters as the paid-up capital of the company is more than Rs. 10lacs. Accordingly the company has appointed M/s P. K. Rai & Associates PractisingCompany Secretary as a Secretarial Auditor. The Secretarial Audit Report given by M/s P.K.Rai & Associates Bhopal is attached herewith which forms part of this report. Thecompany had initiated the process of appointing a full time Company Secretary and islooking for one.
Personnel relations remained cordial during the year. The Board expresses itsappreciation of the contribution of employees at all levels. There is no employee drawingremuneration in excess of the limits prescribed under section 134 of the Companies Act2013.
SAFETY AND ENVIRONMENT
The company has installed adequate systems for industrial safety environmentalprotection and pollution control. Necessary facilities at Company's plant are installed tomeet the standards set by Pollution Control Authorities and Industrial Health & SafetyDepartment. Company is having valid pennissions from the above authorities. Company isalso a member of Common Effluent Treatment Plant - commissioned by Central and StatePollution Control Board.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO
A statement showing additional information on conservation of energy technologyabsorption foreign exchange earnings and outgo as required pursuant to Section 134 of theCompanies Act 2013 read with the companies (Disclosure of Particulars in the Report ofBoard of Directors) Rules 1988 is annexed forming part of this Report.
The Directors take this opportunity to thank the shareholders Distributors theBankers M/s STATE BANK OF INDIA Relationship Manager RMME Sales Hub BHOPAL fortheir support and co-operation.
| ||For and on behalf of the Board of Directors |
|Place: Bhopal ||R.K. DUBEY |
|Dated: 29* May 2015 ||CHAIRMAN & MANAGING DIRECTOR |