Your Directors are pleased to present their 18th Annual Report together with theAudited Accounts of the Company highlighting the business operations and financial resultsfor the year ended March 31 2018.
A) FINANCIAL RESULTS :
The financial performance of the Company for the year ended March 31 2018 issummarized below:
|Particulars ||Year ended 31.03.18 ||Year ended 31.03.17 |
| ||(Amt. in Rs) ||(Amt. in Rs) |
|1 Net Sales / Interest Earned / Operating Income ||103747270 ||152637496 |
|2 Total Expenditure ||89407513 ||141408788 |
|3 Profit/Loss Before Depreciation Taxes and Extra ordinary Items ||14339757 ||11228708 |
|4 Depreciation ||12250502 ||8704567 |
|5 Profit/Loss Before Taxes and Extra ordinary Items ||2089255 ||2524141 |
|6 Extra Ordinary Items / Capital Loss ||(65035) ||- |
|7 Profit Before Taxes ||2024220 ||2524141 |
|8 Provision For Taxation: || || |
|(i) Current Tax ||385716 ||480975 |
|(ii) Deferred Tax ||429099 ||890995 |
|(iii) Earlier Years Provisions w/off ||- ||- |
|9 Net Profit/(Loss) after Tax ||1209405 ||1152171 |
|10 Appropriations || || |
|Interim Dividend ||- ||- |
|Proposed Dividend ||- ||- |
|Corporate Tax on Dividend ||- ||- |
|11 Equity Share Capital ||104027550 ||104027550 |
In accordance with the Provision of companies Act 1956 and Articles of Association ofthe Company the Directors of the company are as under.
|Name of the Director ||Designation |
|Dr. Vivek Hebbar ||Chairman |
|Dr. Sriram Kumar ||Managing Director |
|Mr. Rajan V. Pillai ||Non Executive Director |
|Mr. Sailesh Pethe ||Non Executive Director |
|Mr. N. Shiva ||Non Executive Director |
|Dr. (Mrs.) Leena Vivek ||Non Executive Director |
|Mr. Jagadish B ||Non Executive Director |
M/s. JBRK & Co Chartered Accountants who were appointed as the Statutory Auditorsof the company by the Members at their previous Annual General Meeting (AGM) shall beretiring on the conclusion of the ensuing AGM and are eligible for re-appointment. Membersare requested to consider their re-appointment from the conclusion of ensuing AnnualGeneral Meeting (AGM) upto the conclusion of the next Annual General Meeting.
D) Information on conservation of Energy Technology absorption and Foreign Exchangeearnings/out goings.
Your company's operations does not involve large scale use of energy. The disclosure ofparticulars under this head is not applicable as your company operates in the servicesector. Although your company is not a large scale energy user acknowledges the conceptof conservation of energy. Your company has received foreign exchange during the yearunder review.
E) Particulars of Employees:
No employee of the Company was in receipt of Rs.5 lacs per month or Rs. 60 lacs peranum during the financial year hence as such no details are furnished pursuant to Section197(12) of the Companies Act 2013 read with Rule 5(2) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014.
F) Listing Fees:
All the compliances including payment of annual listing fees for the year under reviewhave been paid to the Bombay Stock Exchange Limited where your Company's shares arelisted within the stipulated time.
G) PUBLIC DEPOSITS:
During the year under review the Company has not accepted any fixed deposits from thepublic and as on 31st March 2018 the Company had no unclaimed deposits or interestthereon due to any depositor.
H) CORPORATE SOCIAL RESPONSIBILITY:
Board of Directors the Management and all of the employees subscribe to the philosophyof compassionate care. We believe and act on an ethos of generosity and compassioncharacterized by a willingness to build a society that works for everyone. This is thecornerstone of our CSR Policy.
Your Company's management has placed Corporate Governance as one of their top mostpriority. Your Company's philosophy on Corporate Governance envisages attainment ofhighest level of transparency accountability and fairness in respect of its operationsand achievement of highest internal standards in Corporate Governance and believes thatthe initiatives on Corporate Governance will assist the management in the efficientconduct of the business and in meeting its responsibilities to all its stakeholders.
The Company has been making every endeavor to bring more transparency in the conduct ofits business. As per the requirements of the Listing Agreement with the Stock Exchanges acompliance report on Corporate Governance for the year 2017-18 and a Certificate from thePracticing Company Secretatries of the Company are furnished which form part of thisAnnual Report.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement of Section 134(5) of the Act the directors hereby confirmthat:
1. In the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures.
2. They have selected such accounting policies and applied them consistently and madejudgments and estimates that were reasonable and prudent so as to give a true and fairview of the state of affairs of the Company at the end of financial year and of the profitor loss of the Company for the period under review.
3. They have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the company and for preventing and detecting fraud and other irregularities and
4. They have prepared the accounts for the period ended 31st March 2018 on a goingconcern basis.
Your Directors would like to place on record their appreciation and sincere thanks toall the shareholders customers bankers Central and State Government for thecontribution made and support provided to the Company during the year under report. YourCompany continues to enjoy the full cooperation of all its employees. The Directors wishto place on record their appreciation for the good performance achieved by them.
| ||For and on behalf of Board of Directors |
|Regd Office: ||Dr.Vivek Hebbar |
|302 The Bureau Chambers ||Chairman Board of Directors |
|Above State Bank of Patiala || |
|Chembur Mumbai 400071 || |
|Maharashtra || |
|Place: Mumbai. || |
|Date: 21st August 2018 || |