|The Company was incorporated on April 13, 1989 as a private limited company with an intention of setting up a 100 bed hospital. The scope of the project was enhanced to increase the number of beds by 150 beds to 250 beds. The Company has been operating at near 100% capacity since its commercial operation of the first phase of the project,comprising of 100 beds. The Company has been averaging a daily income of Rs.1 70,000. The average daily operating profits (profits before interest, depreciation and tax) is Rs.65,000. The past performance of the Company is as given below.
Period ending 31.3.93 31.3.94 31.3.95*
(Rs. in lacs)
Total No. of Beds 100 100 100
Occupation 90% 95% 100%
Income 273.41 500.30 673.28
Operating Profit 4.83 83.84 108.83
Interest 297.25 228.37 213.00
Depreciation 75.67 98.12 120.00
Net Profit/Loss (388.09) (242.65) (224.17)
The Company has not provided for penal interest and liquidated damages amounting to Rs. 55.14 lacs. The same has not been provided since the interest arrears on which the penal interest has been calculated has been converted into term loans and the Company has hence contested the
charging of the penal interest and liquadated damages.
-Malar Hospitals Ltd has informed about the sad and sudden demise of Dr. S. Ramamurthy, Chairman & Managing Director (CMD) of the company on January 12, 2004.
-Malar Hospitals Ltd has appointed Mr. Sanjay Jayavarthanavelu as an Additional Director of the Company w.e.f. July 31, 2008.