Home  »  Company  »  Coral Labs.  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Coral Laboratories Ltd.

Mar 31, 2014

Dear Members,

The Directors take pleasure in presenting the Thirty Second annual Report and audited accounts for the year ended 31st March, 2014. The Financial Performance for the year under review are given below:

1. Financial Performance (Rs. in Lacs)

2013-14 2012-13

Sales & Other Income 5201.63 4291.28

Expenditure 4078.94 3403.18

Earnings before depreciation, Interest & Tax 1122.69 888.10

Interest & Other Financial Charges 1.68 4.36

Depreciation 123.85 126.77

Earnings before tax 997.16 756.97

Provision for tax 200.00 151.45

Provision for deferred tax 6.29 2.72

Short provision for IT earlier year 4.10 0.00

Earnings after tax 786.77 602.79

Balance brought forward 3636.73 3126.72

Profit available for appropriation 4423.50 3729.55

APPROPRIATIONS

Proposed Dividend 71.45 53.59

Tax on Dividend 12.14 8.69

Transfer to general reverse 60.00 30.50

Balance carried forward to balance sheet 4279.91 3636.73

* Previous Year figures has been regrouped in view of the Revised Schedule VI.

DIVIDEND

The Board of Directors have recommended dividend of 20%, i.e., Rs. 2.00/- fully paid per equity share of Rs. 10/- each for the financial year 2013-14

PERFORMANCE:

During the year under review, the company posted Revenue of Rs. 5201.63 Lacs as compared to previous year Rs. 4291.28 Lacs. Earnings after tax stood at Rs. 786.77 Lacs as compared to Rs. 602.79 lacs during the previous year.

DIRECTORS

In accordance with Section 152 and other applicable provisions of Companies Act, 2013 Mr. Navin B. Doshi (DIN: 00232287), who retires by rotation and being eligible offers himself for re-appointment. Your Directors recommend their re-appointment. Also as per provisions of Companies Act 2013 it is proposed to appoint Mr. Priyush Dhedhi (DIN: 00164786), Mr. Rajesh R. Parikh (DIN:02527339) and Mrs. Sheela Kamdar as Independent Directors of the Company for a consecutive term of five years from this Annual General Meeting.

Brief resumes of Directors, nature of experience and the names of the Companies in which they hold directorship and the membership/chairmanship of the Board/ Committees , as stipulated under Clause 49 of the listing Agreement with the stock Exchange are provided in the report on Corporate Governance forming part of the Annual Report.

Based on the confirmations received, none of the Directors are disqualified for appointment under Section 274(1)(g) of the Companies Act, 1956 and Section 164(2) of Companies Act, 2013.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000 the Directors confirm that:

a) in the preparation of the annual accounts, applicable accounting standards have been followed and proper explainations relating to material departures, if any, have been furnished.

b) the estimates are made so as to give true and fair view of the statement of affairs of the Company at the end of the financial year.

c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d) the Directors had prepared the annual accounts on a going concern basis.

PARTICULARS AS PER SECTION 217(2A) OF THE COMPANIES ACT,1956

The information as required under section 217(2A) of the Companies Act, 1956 as amended, read with the Companies (Particulars of Employees) Rules, 1975 and forming part of the Directors Report is not applicable as there are no employees who are in receipt of Rs 60, 00,000/- or more per annum if employed throughout the year under review or Rs. 5, 00,000/- or more per month if employed for the part of the year under review.

CORPORATE GOVERNANCE

Your Company strives to imbibe high standards of corporate governance while communicating with all its stakeholders. The Company has complied with the corporate governance code as stipulated under the Listing Agreement with the Stock Exchanges. A report on corporate governance alongwith a certificate from the Auditors confirming the level of compliance is annexed and forms a part of the Directors'' Report.

MANAGEMENT''S DISCUSSION AND ANALYSIS REPORT

In accordance with Clause 49 of the Listing Agreement with the Stock Exchanges, Management Discussion & Analysis Report is attached as part of this Annual Report.

FIXED DEPOSITS

Your Company has not accepted any deposits from the Public during the year under review.

AUDITORS

M/s. Shah Sanghvi & Co., Chartered Accountants and Statutory Auditors will retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment. Members are requested to consider their re-appointment at a remuneration to be decided by the Board of Directors for the financial year.

COST AUDITOR

The Company has appointed M/s. Kailash Sankhlecha and Associates, Cost Accountant, as Cost Auditor for conducting the cost audit for the financial year.

AUDITORS OBSERVATIONS

The Auditors have referred to certain routine matters in their report and the respective notes to the accounts are self-explanatory.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS / OUTGO

TAX PROVISIONS

The Company has made adequate tax provisions under the provisions of Income Tax Act, 1961.

LISTING

The Equity Shares of the Company continues to be listed at Bombay Stock Exchange. The scrip code number of the Equity shares of the Company on BSE is 524506. The trading in the Securities of the Company has been resumed in "T" group.

DEMATERIALIZATION

The Equity shares of the Company can be held in dematerialized form. The Company has signed the tripartite agreement with National Securities Depository Limited and Central Depository Services (India) Limited and existing Registrar & Transfer Agent for dematerialization of existing holding of the shareholders.

The International Securities Identification Number, allotted to the Company is INE 683E01017. The equity shares of the Company are listed on Bombay Stock Exchange Limited.

HUMAN RESOURCES

Your Directors acknowledge and appreciate the sincere efforts and effective services rendered by the committed officers and staff of the company.

INFORMATION UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL), ACT, 2013.

In compliance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, your Company has formed a Committee to look into such cases as and when they arise.

During the period under review, no cases were filed with the Committee.

WHISTLE BLOWER POLICY

As per the provision of Section 177(9) of the Companies Act, 2013 the listed Company shall established a vigil mechanism for directors and employees. The vigil mechanism shall also provide for adequate safeguards against victimization of persons who use such mechanism and make provision for direct access to the chairperson of the Audit Committee in appropriate or exceptional cases. However such mechanism has been disclosed by the Company on its website.

The purpose of the Whistleblower Policy is to allow employees to raise concerns about unacceptable, improper or unethical practices being followed in the organization. They will be protected against any adverse action and/or discrimination as a result of such a reporting, provided it is justified and made in good faith. The Chairman of the Audit Committee has been designated for the purpose of receiving and recording any complaints under this policy.

COMPLIANCE CERTIFICATE

Since the Paid up Capital is less than Rs. 5 crores, the company has obtained Compliance Certificate u/s 383A of the Companies Act, 1956 from Company Secretary in Practice, for the year 2013-14

ACKNOWLEDGEMENT

Your Directors wish to thank all stakeholders and business partners, your Company''s bankers, financial institutions, medical profession and business associates for their continued support and valuable co-operation. The Directors also wish to express their gratitude to investors for the faith that they continue to repose in the Company.

By the Order of the Board For Coral Laboratories Limited

sd/- NAVIN B. DOSHI Chairman

Place : Mumbai Date : 30th May, 2014


Mar 31, 2013

Dear Shareholders,

The directors are pleased to present their Thirty First Annual Report and Audited Statement of Accounts for the year ended 31 st March, 2013. The Financial Performance for the year under review are given below:

1. Financial Performance

(Rs. in Lacs)

2012-13 2011-12

Sales & Other Income 4291.28 4084.99

Expenditure 3403.18 3246.54

Earnings before depreciation, Interest & Tax 888.10 838.45

Interest & Other Financial Charges 4.36 3.77

Depreciation 126.77 126.57

Earnings before tax 756.97 708.11

Provision for tax 151.45 137.81

Provision for deferred tax 2.72 5.52

Earnings after tax 602.79 564.78

Balance brought forward 3126.72 2659.23

Profit available for appropriation 3729.55 3224.00

APPROPRIATIONS

Proposed Dividend 53.59 53.59

Tax on Dividend 8.69 8.69

Transfer to general reverse 30.50 35.00

Balance carried forward to balance sheet 3636.73 3126.72

2. PERFORMANCE:

During the year under review, the company posted Revenue of Rs. 4291.28 Lacs as compared to previous year Rs. 4084.99 Lacs. However, the earnings after tax stood at Rs. 602.79 Lacs as compared to Rs. 564.78 Lacs during the previous year.

3. DIVIDEND

The Board of Directors have recommended dividend of 15%, i.e., Rs. 1.50/- per equity share of Rs. 10/- each for the financial year 2012-13

4. CAPITAL STRUCTURE

During the financial year under review, the share capital remains the same.

5. DIRECTORS

In accordance with provisions of the Companies Act 1956 and the Company''s Articles of the Association, Mr. Rajesh Ranjitkumar Parikh who retires by rotation and being eligible offers himself for re-appointment.

6. DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to Section 217 (2A) of the Companies (Amendment) Act, 2000 the Directors confirm that:

a) in the preparation of the annual accounts, applicable accounting standards have been followed.

b) the estimates are made so as to give true and fair view of the statement of affairs of the Company at the end of the financial year.

c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d) the Directors had prepared the annual accounts on a going concern basis.

7. PARTICULARS OF EMPLOYEES

Information as per section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended is not applicable to your Company.

8. FIXED DEPOSITS

Your Company has not accepted any deposits from the Public during the year under review.

9. AUDITORS

The shareholders of the company are requested to re-appoint the retiring Auditors M/s. Shah Sanghvi & Co., Chartered Accountants, the retiring Auditors, who have furnished the requisite certificate u/s 224(1 B) of the Companies Act, 1956 and therefore eligible for re-appointment as Auditors of the company.

10. COMPLIANCE CERTIFICATE

Since the Paid Up Capital is less than Rs. 5 crores, the company has obtained Compliance Certificate u/s 383A of the Companies Act, 1956 from Company Secretary in Practice, for the year 2012-13.

11. CORPORATE GOVERNANCE

Your Company strives to imbibe high standards of corporate governance while communicating with all its stakeholders. The Company has complied with the corporate governance code as stipulated under the Listing Agreement with the Stock Exchanges. A report on corporate governance along with a certificate from the Auditors confirming the level of compliance is annexed and forms a part of the Directors'' Report.

12. PERSONNEL

The Board wishes to thanks its Executives, Staff, Bankers and other Business associates for their Support during the year.

13. Particulars of Conservation of Energy, Technology Absorption and Foreign Exchange earnings / outgo is annexed herewith.

By the Order of the Board

NAVIN B. DOSHI

Chairman

Place : Mumbai

Date :26th August, 2013


Mar 31, 2012

The directors are pleased to present their Thirtieth Annual Report and Audited Statement of Accounts for the year ended 31st March, 2012. The Financial Performance for the year under review are given below:

1. Financial Performance (Rs. in Lacs)

2011-12 2010-11

Sales & Other Income 4084.99 3333.23

Expenditure 3246.54 2672.08

Earnings before depreciation, Interest & Tax 838.45 661.15

Interest & Other Financial Charges 3.77 9.88

Depreciation 126.57 126.39

Earnings before tax 708.11 524.88

Provision for tax 137.81 105.15

Provision for deferred tax 5.52 3.50

Earnings after tax 564.78 416.24

Balance brought forward 2659.23 2335.28

Profit available for appropriation 3224.00 2751.51

APPROPRIATIONS

Proposed Dividend 53.59 53.59

Tax on Dividend 8.69 8.69

Transfer to general reverse 35.00 30.00

Balance carried forward to balance sheet 3126.72 2659.23



* Previous Year figures has been regrouped in view of the Revised Schedule VI.

2. PERFORMANCE:

During the year under review, the company posted Revenue of Rs. 4,084.99 lacs as compared to previous year Rs.3,333.23 lacs. However, the earnings after tax stood at Rs. 564.78 lacs as compared to Rs. 416.23 lacs during the previous year.

3. DIVIDEND

The Board of Directors have recommended dividend of 15%, i.e., Rs. 1.50/- per equity share of Rs. 10/- each for the financial year 2011-12.

4. CAPITAL STRUCTURE

During the financial year under review, the share capital remains the same.

5. DIRECTORS

In accordance with provisions of the Companies Act 1956 and the Company's Articles of the Association, Mr. Sameer Anil Sheth who retires by rotation and being eligible offers himself for re-appointment.

6. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 217 (2A) of the Companies (Amendment) Act, 2000 the Directors confirm that:

a) in the preparation of the annual accounts, applicable accounting standards have been followed.

b) the estimates are made so as to give true and fair view of the statement of affairs of the Company at the end of the financial year.

c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d) the Directors had prepared the annual accounts on a going concern basis.

7. PARTICULARS OF EMPLOYEES

Information as per section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules,1975 as amended is not applicable to your Company.

8. FIXED DEPOSITS

Your Company has not accepted any deposits from the Public during the year under review.

9. AUDITORS

The shareholders of the company are requested to re-appoint the retiring Auditors M/s. Shah Sanghvi & Co., Chartered Accountants, the retiring Auditors, who have furnished the requisite certificate u/s 224(1B) of the Companies Act, 1956 and therefore eligible for re-appointment as Auditors of the company.

10. COMPLIANCE CERTIFICATE

Since the Paid Up Capital is less than Rs. 5 crores, the company has obtained Compliance Certificate u/s 383A of the Companies Act, 1956 from Company Secretary in Practice, for the year 2011-12.

11. CORPORATE GOVERNANCE

Your Company strives to imbibe high standards of corporate governance while communicating with all its stakeholders. The Company has complied with the corporate governance code as stipulated under the Listing Agreement with the Stock Exchanges. A report on corporate governance alongwith a certificate from the Auditors confirming the level of compliance is annexed and forms a part of the Directors' Report.

12. PERSONNEL

The Board wishes to thanks its Executives, Staff, Bankers and other Business associates for their Support during the year.

13. Particulars of Conservation of Energy, Technology Absorption and Foreign Exchange earnings / outgo is annexed herewith.

ANNEXURE

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS / OUTGO

A. Power & Fuel Consumption 2011-2012 2010-2011

1. Electricity

Purchase Unit 13,75,180 10,93,443 Total Amount (Rs.) 61,95,334 48,82,875

Rate per Unit 4.51 4.47

2. Furnace Oil

Quantity (Ltrs) 52,840 43,345

Total Amount (Rs.) 23,02,231 17,89,681

Average Rate per Ltr. (Rs.) 43.57 41.29

3. Gas

Quantity (kgs) 37,530 32,043

Total Amount (Rs.) 22,46,562 15,84,171

Average Rate per Kg. (Rs.) 59.86 49.44

B. Expenditure on R & D Nil Nil

C. 1) Foreign Exchange Earning (Rs. in Lacs) 1,246.55 540.80 2) Foreign Exchange Used (Rs. in Lacs) 3.21 4.56



For and on behalf of the board of Directors

Place: Mumbai NAVIN B. DOSHI

Date: 14th August 2012 Chairman.

 
Subscribe now to get personal finance updates in your inbox!