Your Directors here by present the 33rd Annual Report on business and operations of theCompany together with the Audited statements of Accounts for the financial year ended on31st March 2014.
During the year under review due to sluggish market condition and financial crisiscompany faces huge set back. So company not in position to generate any revenue from theoperation but due to some fixed cost company posted Net Loss of Rs. 831428.
The management has taken measures as part of its continuous improvements to strengthenoperations and viability.
Your Directors have not declared any dividend during the year under review due to lossincurred.
The Company has not accepted any deposit from the public pursuant to the provisions ofSection 58A of the Companies Act 1956.
BOARD OF DIRECTORS:
MR. ANAND TRIVEDI Director of the Company is retires by rotation at the ensuing AnnualGeneral Meeting and being eligible offer himself for reappointment.
MR. HARLEEN SINGH KATHURIA and MR. VIRAL KAPADIA Director of the Company who wasappointed as a Director whose office liable to retire by rotation be and is herebyappointed as an Independent Director of the Company to hold office for a period of 5(five) consecutive years for a term from the conclusion of this 33rd Annual GeneralMeeting up to the conclusion of the 38th Annual General Meeting.
MR. SHANKAR BHAGAT was ceased to as Director of the company with effect from 10.01.2014due to resignation.
AUDITORS AND AUDITORS REPORT:
M/s. Y. D. & Co. Chartered Accountants Ludhiana Statutory Auditors of theCompany hold office until the conclusion of the ensuing Annual General Meeting and areeligible for reappointment. The observations made by the Auditors in theirAuditors Report and the Notes on Accounts referred to in the Auditors Reportare self-explanatory and do not call for any further comments.
MANAGEMENT DISCUSSION AND ANALYSIS:
Management Discussion and Analysis forms part of the Annual Report to the shareholdersand it includes discussion on matters as required under the provisions of Clause 49 of thelisting agreement forming part of this report is annexed herewith. The Audit Committee ofthe Company has regularly reviewed internal Control System of the company.
CORPORATE GOVERNANCE REPORT:
Your Company has complied with the requirements of Clause 49 of the Listing Agreementon Corporate Governance. Pursuant to Clause 49 of the Listing Agreement with the StockExchanges Report on Corporate Governance along with the Auditors Certificate on itscompliance is annexed separately to this Annual Report.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The details of conservation of energy technology absorption etc. as required to begiven under Section 217(1)(e) of the Companies Act 1956 are not applicable to ourCompany as our Company has not carried out any manufacturing activities.
The foreign exchange earning on account of the operation of the Company during the yearwas Rs. Nil.
PARTICULARS OF EMPLOYEES:
The statement showing particulars of employees under section 217(2A) of the CompaniesAct 1956 read with the companies (Particulars of Employees) Rules 1975 as amended isnot required to be given as there were no employees coming within the purview of thissection.
The equity shares of the Company are listed on BSE Limited. The Shares of the Companyare also permitted to be traded on the BSE.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 217(2AA) of the Companies Act 1956 theDirectors of your Company confirm that: i) in the preparation of the annual accounts theapplicable accounting standards have been followed along with proper explanation relatingto material departures;
ii) the Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that were reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year and ofthe profit or loss of the Company for that period;
iii) the Directors have 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;
iv) Directors have prepared the accounts on a "going concern basis".
Your Directors would like to express their sincere appreciation for the assistance andco-operation received from the Banks Government Authorities Customers and Shareholdersduring the year. Your directors also wish to take on record their deep sense ofappreciation for the committed services of the employees at all levels which has made ourCompany successful in the business.
| ||For and on Behalf of the Board |
| ||For KAPPAC PHARMA LIMITED |
|PLACE: MUMBAI || |
|DATE: 25.08.2014 || |
| ||(ANAND TRIVEDI) |
| ||CHAIRMAN |