| Dear Members,
The Directors take pleasure in presenting this 30th Annual Report
together with the Audited Accounts for the year ended 31st March, 2014
and the Report of the Auditors thereon.
FINANCIAL RESULTS
A statement of the financial and operational results of your Company
for the year under review is furnished hereunder:
(Rs. in lakhs)
Particulars 2013-2014 2012-2013
Total Income 1.95 3.67
Total Expenditure 13.89 15.02
Profit / (Loss) for the year (11.94) (11.35)
OPERATIONS
There is no business income during the year as there was no operations
on account of non availability of any Investible funds. The
expenditure under different heads have been kept under control by
taking necessary measures.
During the year the Company entered into an Agreement for selling
27,50,220 equity shares held at M/s. Medinova Diagnostic Services
Limited equivalent to 29.01% (29.16% of Voting Capital of MDSL) to M/s.
Vijaya Diagnostic Centre Private Limited. Consequently, M/s. Vijaya
Diagnostic Centre Private Limited after completion of necessary
formalities of the Open Offer and acquisition of Shares as mandated
under SEBI (SAST) Regulation, 2011 has become the promoter of M/s.
Medinova Diagnostic Services Limited in the place of M/s. Standard
Medical & Pharmaceuticals Limited.
DIVIDEND
In view of the loss, your directors have not recommended any dividend
on the paid up equity share capital of the company, for the year.
DIRECTORS
Sri. S. Basu Thakur, Director retires by rotation at the ensuing Annual
General Meeting and being eligible, offers himself for re- appointment.
STATUTORY AUDITORS
M/s. J B Reddy & Co., Auditors of your Company, retire at the ensuing
Annual General Meeting and being eligible, offer themselves for
re-appointment. The Company has received certificate from the Auditors
to the effect that their appointment, if made would be within the
prescribed limits under section 224 (1-B) of the Companies Act, 1956.
As regards the Auditors' opinion in their report, members' attention is
invited to Note No. 1.3, under the 'Notes Forming Part of Financial
Statements', which is self- explanatory.
In respect of the Auditors' observation in their report on delays in
making payments towards Provident Fund and E.S.I. Contributions,
necessary efforts are being given to remit the amount in time. With
regard to the Statutory dues as observed by the Auditors, efforts are
on to clear the said amounts.
CORPORATE GOVERNANCE
A report on the Corporate Governance is annexed separately as part of
this report along with a certificate of compliance from M/s J.B. Reddy
& Company, Chartered Accountants in practice. Necessary requirements
of obtaining certifications/declarations in terms of Clause 49 have
been complied with.
MANAGEMENT DISCUSSION AND ANALYSIS
Pursuant to Clause 49 of the Listing Agreement with the Stock
Exchanges, Management Discussion and Analysis Report is annexed and
forms an integral part of the Annual Report.
PUBLIC DEPOSITS
During the year, the Company has not accepted any deposits in the
nature of public.
PARTICULARS OF EMPLOYEES
None of the Employees is in receipt of remuneration exceeding the
limits as prescribed under Section 217(2A) of the Companies Act, 1956
read with Companies (Particulars of Employees) Rules, 1975.
PARTICULARS RELATING TO CONSERVATION OF ENERGY, TECHNOLOGY ABSORBTION
AND FOREIGN EXCHANGE EARNINGS AND OUT GO
The particulars of conservation of energy and technology absorption as
required to be furnished under Sec. 217(1)(e) of the Companies Act,
1956 read with relevant rules thereunder, are not applicable to your
Company.
The Company has not earned any foreign exchange during the year. Also,
during the year, there was no foreign exchange used.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956, in relation
to financial statements for the year 2013-14, the Board of Directors
reports that:
a) In the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
b) Accounting policies have been selected 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 at
the end of the financial year and of the profit or loss of the Company
for the year under review;
c) Proper and sufficient care have been taken 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;
d) The Annual Accounts for the financial year ended 31st March, 2014
have been prepared on a 'going concern' basis.
ACKNOWLEDGEMENT
Your Directors wish to thank the Banks, various Governmental Agencies
and Investors of your Company for their understanding and support. Your
Directors also take this opportunity to convey their appreciation to
all the Employees of your Company for their contribution.
for and on behalf of the Board
Place : Hyderabad A RAGHAVA REDDY
Date : 9th August, 2014 Chairman | 