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SAFIRE GLOBAL MEDICARE LIMITED
ANNUAL REPORT 2007-2008
DIRECTOR'S REPORT
To
The Members of
M/s. Safire Global Medicare Limited,
Your Directors have pleasure in presenting the 20th Annual Report of the
Company together with Audited Accounts for the year ended 31-03-2008.
FINANCIAL RESULTS:
(Rs. in lakhs)
YEAR ENDED YEAR ENDED
31-03-2008 31-03-2007
Collections - -
Profit/(Loss) before Tax (1.25) (222.21)
Balance brought forward (1248.94) (1189.74)
Balance carried forward (1786.66) (1248.94)
ADDITIONAL INFORMATION AS REQUIRED U/S 217(1)(e) OF THE COMPANIES ACT,
1956:
(a) Conservation of Energy : The company is monitoring the
consumption of energy and is
identifying measures for
conservation of energy.
(b) (i) Research and Development (R&D) : No research and Development
has been carried out.
(ii) Technology Absorption, adaptation : No technology either indigenous
and innovation or Foreign is involved.
(c) Foreign exchange earnings and outgo : Nil
DIRECTORS:
During the financial year Mr. M. Srikanth Reddy was appointed as Additional
Director as per the provisions of the Section 260 of the Companies Act,
1956, at the Board Meeting held on 01-10-2007 whose period of office is
upto the ensuing Annual General Meeting. And a notice has been received
from the share holder with a proposal to appoint Mr. M. Srikanth Reddy as
Director liable to retire by rotation.
Sri. M. Venu Madhav, retires by rotation at the ensuing Annual General
Meeting end is eligible for re-appointment.
AUDITORS:
M/s. P. MURALI & Co., Chartered Accountants, retiring auditors of- the
Company being eligible offer themselves for reappointment as auditors of
the Company. M/s. P. MURALI & Co., Chartered Accountants have furnished a
certificate of their eligibility u/s 224 (1 B) of the Companies Act, 1956.
The members are requested to reappoint the auditors and authorize the Board
of Directors of the Company to fix their remuneration.
DIRECTORS RESPONSIBILITY STATEMENT:
As required under Section 217(2AA) of the Companies Act, 1956 which was
introduced by the Companies (Amendment) Act, 2000, your Directors confirm
that:
i) In the preparation of the Annual Accounts, for the year ended 31st
March, 2008, the applicable accounting standards have been followed and
there are no e material departures;
ii) we have selected appropriate. accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the
Company as on 31st March, 2008 and of the Loss of the company for the
financial year ended 31st March, 2008.
iii) we have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; and
iv) we have prepared the annual accounts for the financial year ended 31st
March, 2008 on a going concern basis.
PARTICULARS OF EMPLOYEES:
In pursuance of the provisions of section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules 1975, the
Directors are to report that no employee was in receipt of remuneration of
Rs.24,00,000/- or more per annum or Rs.2,00,000/- or more per month where
employed for a part of the year.
MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT:
Pursuant to Clause 49 of the Listing Agreement, a Management Analysis
Report is given below:
A. INDUSTRY BACKGROUND:
The medical equipments are mostly imported from various countries. During
the last one decade many companies have setup their manufacturing bases in
India, either with indigenous technology or by Technology transfer.
B. INDUSTRY OUTLOOK:
The growth of medicare services both in private and Government setups is
increasing tremendously. The utilization of services shall also increase
gradually with the privatization of insurance and higher awareness and
availability of medical services. This increase purchase of medical
equipment in the country.
C. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has adequate internal control systems that define roles and
responsibilities of people across various levels of the organization. These
systems facilitate effective checks and controls as well as tight
monitoring on a continuous basis.
D. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS:
The Company is able to retain the experienced staff. The Company feels
confident of keeping its manpower costs to below industry norms, with the
emphasis on becoming customer-centric, the staff are regularly exposed to
training & Orientation programmes not a only in their respective fields but
also in public relations.
STATEMENT PURSUANT TO LISTING AGREEMENT:
Presently the company's Equity shares are listed at:
1. The Hyderabad Stock Exchange (HSE), Hyderabad
2. Bombay Stock Exchange (BSE) Mumbai and
3. National Stock Exchange of India Limited, Mumbai.
CORPORATE GOVERNANCE:
A detailed report on Corporate Governance forming part of the Directors'
Report is enclosed.
PERSONNEL:
The relations between the management and the staff were very cordial
throughout the year under review. Your Directors take this opportunity to
record their appreciation for the co-operation and loyal services rendered
by the employees.
DEPOSITS:
The company has not accepted any deposits during the year.
ACKNOWLEDGMENTS:
Your Directors Wish to place on record their appreciation for the support
extended by Government Authorities, Company Bankers, Customers and
Shareholders of the company.
Your directors also wish to place on record their appreciation for the
sincere services rendered by the employees of your Company during the year
Their dedication, teamwork and efficiency have been commendable.
BY ORDER OF THE BOARD OF DIRECTORS
for SAFIRE GLOBAL MEDICARE LIMITED
N. Sridhar Reddy M. Venu Madhav
DIRECTOR DIRECTOR
PLACE : HYDERABAD
DATE : 02-09-2008
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