Home  »  Company  »  Fervent Synergies L  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Fervent Synergies Ltd.

Mar 31, 2014

The Board of Directors is pleased to present herewith the Fifth Annual Report of your Company together with the Audited Accounts for the year ended 31st March, 2014.

FINANCIAL RESULTS

(in Rupees)

Particulars For the year ended 31/03/2014 31/03/2013

Operating Revenues 2,62,92,811 2,40,50,909

Profit before Depreciation & Amortization 2,03,42,716 88,31,662

Depreciation & Amortization 5,00,818 5,90,311

Profit/(Loss) before tax 1,98,41,898 82,41,351

Provision for taxation (incl. deferred tax) 65,35,606 25,47,641

Balance Profit/(Loss) transferred to Reserves 1,33,06,292 56,93,710



DIVIDEND

To consolidate the future position of the Company and support the fund requirements to stimulate growth, your Board of Directors regret their inability to recommend any dividend for the year.

DIRECTORS

Mr. Sanjay P. Thakkar and Mr. Jagdish C. Mehta who retire by rotation and Mr. Karan V. Thakkar who was appointed as an Additional Director of the Company on 3rd December, 2013, being eligible offer themselves for re-appointment.

A brief resume of Mr. Sanjay P. Thakkar, Mr. Karan V. Thakkar and Mr. Jagdish C. Mehta, nature of experience and the names of the Companies in which they hold directorship and 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.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirement Under Section 217 (2AA) of the Companies Act, 1956, subject to disclosures in the annual accounts, as also on the basis of discussions with the Statutory Auditor of the Company from time to time, we state:

i) that in the preparation of the annual accounts, the applicable accounting standards have been followed and proper explanations provided relating to material departures, if any;

ii) that the Directors have followed appropriate accounting policies and applied them consistently and made judgment and estimates that were 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;

iii) that the Directors 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;

iv) that the Directors have prepared the annual accounts on a going concern basis.

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

There are no employees who are in receipt of remuneration 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 part of the year under review in terms of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended from time to time.

CORPORATE GOVERNANCE REPORT

A report on Corporate Governance along with the certificate from M/s. Nitin Pota & Associates, Chartered Accountants, Statutory Auditors of the Company on compliance thereof, pursuant to Clause 49 of the Listing Agreement, forms an integral part of this report.

MANAGEMENT DISCUSSION & ANALYSIS REPORT

The Management Discussion & Analysis Report forms an integral part of this report.

FIXED DEPOSITS

The Company has not accepted or renewed any deposit as covered under Section 58Aof the Companies Act, 1956 read with the Companies (Acceptance of Deposit) Rules, 1975 from public during the year under review.

AUDITORS

M/s. Nitin Pota & Associates, Chartered Accountants retire at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment. The Company has obtained a certificate from them to the effect that their re-appointment, if made would be in conformity with the prescribed limits specified under Section 224(1 B) of the Companies Act, 1956.

CONSERVATION OF ENERGY, RESEARCH & DEVELOPMENT, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The information required under the provisions of section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, relating to the conservation of energy and technology absorption is not being given, since the company is not engaged in any manufacturing activity. The information on foreign exchange earnings and outgo is as under:

(Amount in Rs.)

Current year Previous year

Total Foreign Exchange Earnings NIL NIL

Total Foreign Exchange Outgo 6,17,684 NIL

LISTING

The Company is listed with the Bombay Stock Exchange (BSE), Mumbai.

ACKNOWLEDGEMENT

Your Directors would like to express their grateful appreciation for the assistance and co-operation received from all organizations connected with its business during the year under review. Your Directors also wish to place on record their deep sense of appreciation for the committed services of Executives and Staff of the Company. Your Directors are also deeply grateful for the confidence and faith shown by the Shareholders of the Company in them.



Registered Office: By order of the Board of Directors,

B/7-8, Satyam Shopping Centre, For Fervent Synergies Limited

M G Road, Ghatkopar(E)

Mumbai-400077 sd/-

Place: Mumbai Vijay P. Thakkar

Date :April 28,2014 Chairman & Managing Director


Mar 31, 2013

To The Members,

The Board of Directors is pleased to present herewith the Fourth Annual Report of your Company together with the Audited Accounts for the year ended 31st March, 2013.

FINANCIAL RESULTS

(in Rs.) YEAR ENDED YEAR ENDED 31/03/2013 31/03/2012

Profit / (Loss) before Depreciation 88,31,662 95,52,395 Depreciation & Amortization 5,90,311 7,68,021

Profit / (Loss) before tax 82,41,351 87,84,374

Provision for taxation / (MAT credit) 25,47,641 15,06,801

Balance Profit / (Loss) transferred to Reserves 56,93,710 72,77,573



DIVIDEND

In view of Company''s expansion plans and to support the fund requirements of the Company to stimulate growth, your Board of Directors are not recommending any dividend for the current year.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement Under Section 217 (2AA) of the Companies Act, 1956, subject to disclosures in the annual accounts, as also on the basis of discussions with the Statutory Auditor of the Company from time to time, we state:

i) that in the preparation of the annual accounts, the applicable accounting standards have been followed and proper explanations provided relating to material departures, if any;

ii) that the Directors have followed appropriate accounting policies and applied them consistently and made judgment and estimates that were 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;

iii) that the Directors 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;

iv) that the Directors have prepared the annual accounts on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGICAL ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

In terms of Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, your Directors wish to state that the same is not applicable to the Company. Also there are no foreign exchange earnings or outgo.

FIXED DEPOSITS

The Company has not accepted any deposits from public.

DIRECTORS

Mr. Nitin Parikh and Mr. Rajesh Maheshwari who retire by rotation, being eligible offer themselves for re- appointment.

A brief resume of Mr. Nitin Parikh and Mr. Rajesh Maheshwari nature of experience and the names of the Companies in which they hold directorship and 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.

PARTICULARS OF EMPLOYEES

Particulars of Employees as required under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975, as amended are not given as no Employee of the company is in receipt of remuneration of Rs. 60,00,000/- per annum or Rs. 5,00,000/- per month.

CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, the Corporate Governance Report is made a part of the Annual Report.

LISTING

The Company''s equity shares are listed on the Bombay Stock Exchange Limited. Listing Fees for the year 2013-14 has already been paid.

AUDITORS

M/s. Nitin Pota & Associates, Chartered Accountants retire at the forthcoming Annual General Meeting and being eligible offer themselves for re-appointment. The Company has received a certificate from them to the effect that their re-appointment, if made would be within the prescribed limits specified under Section 224(1B) of the Companies Act, 1956.

ACKNOWLEDGMENT

The Board wishes to place on records its appreciation to all its Shareholders, Customers, Bankers, Stock Exchange Authorities and Employees for the co-operation and contributions made by them at all levels.

Registered Office: By order of the Board of Directors,

B/7-8, Satyam Shopping Centre, For Fervent Synergies Limited

M G Road, Ghatkopar (E) Mumbai – 400077

Place : Mumbai Vijay Thakkar

Date : May 30, 2013 Chairman & Managing Director


Mar 31, 2012

The Board of Directors is pleased to present herewith the Third Annual Report of your Company together with the Audited Accounts for the year ended 31st March, 2012.

FINANCIAL RESULTS

(in Rs.) YEAR ENDED YEAR ENDED 31/03/2012 31/03/2011

Profit / (Loss) before Depreciation 95,52,395 16,11,999

Depreciation & Amortization 7,68,021 6,13,385

Profit / (Loss) before tax 87,84,374 9,98,614

Provision for taxation / (MAT credit) 15,06,801 (2,37,904)

Balance Profit / (Loss) transferred to Reserves 72,77,573 12,36,518

DIVIDEND

In view of Company's expansion plans and to support the fund requirements of the Company to stimulate growth, your Board of Directors are not recommending any dividend for the current year.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement Under Section 217 (2AA) of the Companies Act, 1956, subject to disclosures in the annual accounts, as also on the basis of discussions with the Statutory Auditor of the Company from time to time, we state:

i) that in the preparation of the annual accounts, the applicable accounting standards have been followed and proper explanations provided relating to material departures, if any;

ii) that the Directors have followed appropriate accounting policies and applied them consistently and made judgment and estimates that were 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;

iii) that the Directors 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;

iv) that the Directors have prepared the annual accounts on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGICAL ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

In terms of Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, your Directors wish to state that the same is not applicable to the Company. Also there are no foreign exchange earnings or outgo.

FIXED DEPOSITS

The Company has not accepted any deposits from public.

DIRECTORS

Mr. Vijay Thakkar and Mr. Ashok Gohil who retire by rotation, being eligible offer themselves for re-appointment.

A brief resume of Mr. Vijay Thakkar and Mr. Ashok Gohil, nature of experience and the names of the Companies in which they hold directorship and 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.

PARTICULARS OF EMPLOYEES

Particulars of Employees as required under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975, as amended are not given as no Employee of the company is in receipt of remuneration of Rs. 60,00,000/- per annum or Rs. 5,00,000/- per month.

CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, the Corporate Governance Report is made a part of the Annual Report.

LISTING

The Company's equity shares are listed on the Bombay Stock Exchange Limited. Listing Fees for the year 2012-13 has already been paid.

AUDITORS

M/s. Nitin Pota & Associates, Chartered Accountants retire at the forthcoming Annual General Meeting and being eligible offer themselves for re-appointment. The Company has received a certificate from them to the effect that their re-appointment, if made would be within the prescribed limits specified under Section 224(1B) of the Companies Act, 1956.

ACKNOWLEDGMENT

The Board wishes to place on records its appreciation to all its Shareholders, Customers, Bankers, Stock Exchange Authorities and Employees for the co-operation and contributions made by them at all levels.

Registered Office: By order of the Board of Directors,

B/7-8, Satyam Shopping Centre, For Fervent Pharma Synergies Limited

M G Road, Ghatkopar (E)

Mumbai - 400077

Place : Mumbai Vijay Thakkar

Date : June 21, 2012 Chairman & Managing Director


Mar 31, 2011

The Board of Directors is pleased to present herewith the Second Annual Report of your Company together with the Audited Accounts for the year ended 31st March, 2011.

FINANCIAL RESULTS

(Figure in Rs.) YEAR ENDED PERIOD ENDED 31/03/2011 31/03/2010

Profit / (Loss) before Depreciation 16,11,999 5,62,755

Depreciation 1,09,899 Nil

Preliminary Expenses w/off 5,03,486 91,994

Profit / (Loss) before tax 9,98,614 4,70,761

Provision for taxation/(MAT credit) (2,37,904) 1,48,823

Balance Profit / (Loss) transferred to Reserves 12,36,518 3,21,938

DIVIDEND

In view of Company's expansion plans and to support the fund requirements of the Company to stimulate growth, your Board of Directors are not recommending any dividend for the current year.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement Under Section 217 (2AA) of the Companies Act, 1956, subject to disclosures in the annual accounts, as also on the basis of discussions with the Statutory Auditor of the Company from time to time, we state:

i) That in the preparation of the annual accounts, the applicable accounting standards have been followed and proper explanations provided relating to material departures, if any;

ii) That the Directors have followed appropriate accounting policies and applied them consistently and made judgment and estimates that were 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;

iii) That the Directors 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;

iv) That the Directors have prepared the annual accounts on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGICAL ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

In terms of Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Repel of Board of Directors) Rules, 1988, your Directors wish to state that the same is not applicable to the Company. Also there are no foreign exchange earnings or outgo.

FIXED DEPOSITS

The Company has not accepted any deposits from public.

DIRECTORS

Mr. Sanjay Thakkar who retires by rotation and is, being eligible offers himself for re-appointment. Mr. Nitin Parikh, Mr. Rajesh Maheshwari and Mr. Jagdish C. Mehta were appointed as Additional Directors of the Company w.e.f. 1st July, 2011,22nd July, 2011 and 23rd August, 2011 respectively pursuant to Section 260 of the Companies Act, 1956. Their terms as Director expire at the forthcoming Annual General Meeting. The Company in turn has received notice from members proposing the candidatures of Mr. Nitin Parikh, Mr. Rajesh Maheshwari and Mr. Jagdish C. Mehta as Directors under Section 257 of the Companies Act, 1956 along with the requisite fees. The Board recommends their appointments.

A brief resume of Mr. Nitin Parikh, Mr. Rajesh Maheshwari and Mr. Jagdish C. Mehta, nature of experience and the names of the Companies in which they hold directorship and membership/chairmanship of the Board/ Committees, as stipulated under Clause 49 of the Listing Agreement with the Stock Exchange is provided in the Report on Corporate Governance forming part of the Annual Report.

AMALGAMATION

Pursuant to the Scheme of Amalgamation ('the scheme') as sanctioned by the Honorable High Court of Bombay vide its order dated on 6th May 2011, Midas Pharmasec Ltd. (MPL) and Yew Investment Pvt. Ltd. (Yew) have been merged with the Company. The Company has made an application for listing of its equity shares on the Bombay Stock Exchange Limited. The Company's paid up Capital post amalgamation stands at Rs.25 Crores.

PARTICULARS OF EMPLOYEES

Particulars of Employees as required under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975, as amended are not given as no Employee of the company is in receipt of remuneration of Rs.60,00,000/- per annum or Rs. 5,00,000/- per month.

CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, the Corporate Governance Report is made a part of the Annual Report.

LISTING

The Company has made an application for listing of its equity shares on the Bombay Stock Exchange Limited.

Listing Fees for the year 2011-12 has already been paid.

AUDITORS

M/s. Nitin Pota & Associates, Chartered Accountants retire at the forthcoming Annual General Meeting and being eligible offer themselves for re-appointment. The Company has received a certificate from them to the effect that their re-appointment, if made would be within the prescribed limits specified under Section 224(1 B) of the Companies Act, 1956.

ACKNOWLEDGMENT

The Board wishes to place on records its appreciation to all its Shareholders, Customers, Bankers, Stock Exchange Authorities and Employees for the co-operation and contributions made by them at all levels.

Registered Office: By order of the Board of Directors,

B/7-8, Satyam Shopping Centre, For Fervent Pharma Synergies Limited

M G Road, Ghatkopar (E)

Mumbai - 400077

Place : Mumbai Vijay Thakkar

Date : August 23, 2011 Chairman & Managing Director

Find IFSC