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Oasis Nutraceuticals Ltd.

BSE: 504345 Sector: Financials
NSE: N.A. ISIN Code: INE368N01024
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Oasis Nutraceuticals Ltd. (OASISNUTRA) - Director Report

Company director report

DIRECTORS REPORT

To the Shareholders

Your Directors take pleasure in presenting the 33rd Annual Report and theaudited accounts of the Company for the year ended 31st March 2014.

FINANCIAL PERFORMANCE

The financial performance of the Company for the financial year ended 31stMarch 2014 is summarized below:

(Rs. in Lacs)
Particulars 2013 - 14 2012 13
Sales and other Income 99.97 59.60
Profit before Depreciation and Tax 48.74 51.08
Depreciation 0.01 0.01
Profit Before Tax 48.73 51.06
Provision for Tax 19.05 10.20
Provision for Deferred Tax 0.00 0.00
Prior Year Tax Adjustment 0.00 0.00
Profit After Tax for the year 29.68 40.87

RESULTS OF OPERATIONS

During the year your company has achieved revenue of Rs. 99.97 Lacs as compare toRs.59.60 Lacs in the corresponding previous financial year and has made net Profit afterTax of Rs.29.68 Lacs as against Net Profit of Rs.40.87 Lacs in corresponding previousfinancial year. The management of the Company is continuously making efforts to initiateand implement the new business opportunities for the enhancement of wealth ofshareholders.

DIVIDEND

In order to conserve the reserves to meet the needs of increased operation the Boardof Directors has decided not to declare dividend for the financial year.

FIXED DEPOSITS

Your Company has not accepted any fixed deposits from the public and is therefore notrequired to furnish information in respect of outstanding deposits under Non-BankingFinancial Companies (Reserve bank) Directions 1966 and Companies (Acceptance of Deposits)Rules 1975.

BOARD OF DIRECTORS

i). Composition of Board of Directors:

The Board of Directors of the Company comprises of six Directors. In accordance withthe requirements of the Companies Act and provisions of Articles of Association of theCompany Mr. Asim Dalal retire by rotation and being eligible offer himself forreappointment.

In terms of the provisions of Section 149 152 read with Schedule IV and otherapplicable provisions if any of the Companies Act 2013 read with Companies (Appointmentand Qualification of Director) Rules 2014 the Independent Directors can hold office fora term upto five (5) consecutive years as Directors of your company and will not be liableto retire by rotation. Accordingly it is proposed to appoint Mr. Devanshu Desai and Mr.Rajeev Kothari as Independent Directors of the Company to hold the office for a term of 5(five) consecutive years upto 31st March 2019.

AUDITORS

M/s. Pulindra Patel & Co. Chartered Accountants the Auditors of the Companyretire at the ensuing Annual General Meeting and being eligible offer themselves forreappointment. A certificate has been obtained from them pursuant to the provisions of theCompanies Act to the effect that their appointment if made would be within the limitsprescribed thereunder.

CORPORATE GOVERNANCE

The Company has complied with the requirements of Corporate Governance as stipulatedunder clause 49 of the Equity Listing Agreement of BSE Limited and accordingly the Reporton Corporate Governance forms part of the Annual Report.

The requisite Certificate from the Statutory Auditors of Company M/s. Pulindra Patel& Co. regarding compliance with the conditions of Corporate Governance as stipulatedin Clause 49 of Equity Listing Agreement is annexed to this Report.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 217(2AA) of the Companies Act 1956 withrespect to Directors Responsibility Statement it is hereby confirmed:

1. That in preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures;

2. That the Directors had selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year and of the profit of the Company for the year under review:

3. That the Directors had taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 1956for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;

4. That the Directors had prepared the annual accounts for the year under review on agoing concern basis.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO

As the Company is not engaged in any manufacturing activity furnishing of informationin respect of conservation of energy and technology absorption as required under Section217(1)(e) of the Companies Act 1956 read with Companies (Disclosure of Particulars in theReport of Board of Directors) Rules 1988 does not arise for your Company.

Further the Company neither used nor earned any foreign exchange during the year underreport.

PARTICULARS OF EMPLOYEES

There are no employees whose details are required to be given in accordance with theprovisions of Section 217(2A) of the Companies Act 1956 (the Act) read with theCompanies (Particulars of Employees) Rules 1975.

ACKNOWLEDGEMENTS

The Directors thank the Company s customers vendors investors business associatesand bankers for the support to the Company as also thank the Government Statutory andRegulatory authorities. The Directors also appreciate and value the contributions made byevery employee of the Company.

For and on behalf of the Board of Directors
Sd/-
Place: Mumbai Mitesh Jain
Date: 28-05-2014 Managing Director