Mar 31, 2014
Dear Members,
The Directors take pleasure in presenting the Annual Report along with
the Audited Statement of Accounts of the company for the Financial Year
ended 31st March 2014.
FINANCIAL PERFORMANCE
Figures in Rs. Lacs
PARTICULARS Current Year Previous Year
2013-14 2012-13
Total Income 2.13 0.09
Profit / Loss before interest,
Depreciation (1.07) (3.07)
Depreciation 0.19 1.36
Profit / (Loss) for the year (4.92) (6.56)
DIVIDEND
In view of the accumulated losses, the Directors regret their inability
to declare any dividend for the year under review.
DIRECTORS
In respect of the appointment of the Mr. Ankur Arora as Non-Executive
Independent director, a notice in writing in the prescribed manner as
required by section 160 of the Companies Act, 2013 and Rules made
thereunder has been received by the Company, regarding candidature of
the aforesaid directors for the office of the director.
Pursuant to section 152 of the Companies Act, 2013 and in accordance
with provisions of Article of Association of the Company, Ms. Nisha
Goyal, Director of the Company, retires by rotation and being eligible,
offer herself for re-appointment.
None of the Directors are disqualified under section 164 (2) of the
Companies Act, 2013.
AUDITORS
Mr. Deepak Gupta, Chartered Accountants, Statutory Auditors of the
Company will hold office up to the conclusion of the ensuing Annual
General Meeting and has conveyed his intent not to seek reappointment
as Statutory Auditor of the Company.
On recommendation of the Audit Committee, the Board recommends the
appointment of M/s A Kay Mehra& Co., Chartered Accountants as Statutory
Auditors. Mr. A Kay Mehra& Co., Chartered Accountants, if appointed by
members, shall hold office from the conclusion of ensuing Annual
General Meeting up to the sixth Annual General Meeting of the Company
subject to ratification of their appointment at every AGM.
A written confirmation has been received from them as required under
section 141 of the Companies Act, 2013 to the effect that their
appointment, if made, would satisfy the criteria provided in said
section.
AUDIT REPORT & ACCOUNTS
The comments on statement of accounts referred to in the report of the
auditors are self-explanatory.
COMPLIANCE CERTIFICATE
Pursuant to requirement of Section 383A(1) of the Companies Act, 1956,
with respect to Compliance Certificate, the Company has obtained
Compliance Certificate from practicing Company Secretary, for the
Financial year ended 31.03.2014. The same has been attached in
Director''s Report.
CORPORATE GOVERNANCE REPORT
Your Company always places major thrust on managing its affairs with
diligence, transparency, responsibility and accountability thereby
upholding the important dictum that an organization''s corporate
governance philosophy is directly linked to high performance.
The Company understands and respects its fiduciary role and
responsibility towards its stakeholders and Society at large, and
strives to serve their interests, resulting in creation of value and
wealth for all stakeholders.
The Compliance report on corporate governance and a certificate from
M/s. Deepak Gupta & Associates, Chartered Accountants, Statutory
Auditors of the Company, regarding compliance of the conditions of
corporate governance, as stipulated under clause 49 of the listing
agreement with the stock exchanges, is attached herewith to this
report.
MANAGEMENT DISCUSSION & ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review, as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges in India, is presented in a separate section forming part of
the Annual Report.
DIRECTOR''S RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act, 1956, The
Board of Directors of your Company state:
i. that in the preparation of the annual accounts, the applicable
accounting standards had been followed;
ii. that the directors had selected such 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 at the end of the Financial Year and of the
loss/profit of the Company for that period;
iii. that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
iv. that the directors had prepared the annual accounts on a going
concern basis.
MATERIAL CHANGES
There was no material change affecting the financial position of the
Company between the date of Balance Sheet and the date of this Report.
PARTICULARS OF EMPLOYEES
The information required in accordance with the provisions of section
217 (2A)of the Companies Act, 1956, read with Companies (Particular of
Employees) Rules, 1975 as amended by Company(Particular of Employees)
Rules, 2011 is NIL.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION
In view of the nature of activities which are being carried on by the
Company, the particulars as prescribed under Section 217(1)(e) of the
Companies Act, 1956 read with Companies'' (Disclosure of Particulars in
the Report of the Board of Directors) Rules, 1988 regarding
Conservation of Energy And Technology Absorption are not applicable to
the Company.
FOREIGN EXCHANGE EARNINGS & OUTGO
The Company mainly deals in domestic market and has NIL sales on
account of exports, thereby resulting NIL foreign exchange earnings and
outgo during the accounting Year 2013-14.
ACKNOWLEDGEMENT
Your Board of Directors wish to place on record their sincere
appreciation for the continued support and cooperation of the
shareholders, bankers, various regulatory and government authorities
and employees of the Company. Your support as shareholders and members
of the company is greatly valued. Board acknowledges your continued
association and support in the growth of the organization.
Place: Saharanpur
Date: 11/08/2014 By Order of the Board
For Raymed Labs Ltd.
Sd/-
Ajai Goyal
Chairman
Mar 31, 2012
To, The Members of Raymed Labs Limited
The Directors take pleasure in presenting the Annual Report along with
the Audited Statement of Accounts of the company for the Financial Year
ended 31st March 2012.
FINANCIAL PERFORMANCE
Figures in Rs. Lacs
Particular Current year Previous year
2011-12 2010-11
Total Income 19.13 19.37
Profit / Loss before interest, Depreciation (4.15) 4.10
Depreciation 1.49 1.66
Profit / (Loss) for the year (6.58) 1.40
DIVIDEND
In view of the accumulated losses, the Directors regret their inability
to declare any dividend for the year under review.
FUTURE
The Outlook for the future is not very optimistic, as the Company has
again incurred a loss during the year. The Financial position of the
company seems to be very weak in the current line of business.
Therefore the management is currently exploring various business
options in the best interest of the shareholders. Your directors are
trying hard to improve the functioning of the company. Looking into the
future prospectus, the management considered and approved to sell,
lease, dispose and/or transfer/sale of land, building and machinery and
other assets of the company but couldn't complete the process during
the financial year. The Board again considered the matter in the Board
Meeting of 11th July 2012 and the matter was duly approved by the Board
and subsequently by the shareholders by way of Postal ballot and the
results for the same were declared by the Mr. Ajai Goyal, Chairman and
Managing Director, on 23rd August, 2012.
MATERIAL CHANGES
Due to economy Slowdown, the current business activity of the company
was in slow pace. The company has carried limited business activity
during the current year. Owing to the mounting losses in the
manufacturing activity, Board has decided to close down the current
line of business. Shareholders approval by way of Postal ballot was
sought for the same.
PUBLIC DEPOSITS
Your Company has not accepted any deposits within the meaning of
Section 58A & 58AA of the Companies Act, 1956, and the rules made there
under.
AUDITORS' REPORT
The notes to the accounts referred to in the Auditor's Report and the
observations made in the Report under Companies (Auditor's Report)
Order, 2003, are self-explanatory and therefore do not call for any
further comments of the Board.
AUDITORS
Mr. Deepak Gupta, Chartered Accountant, retires as Statutory Auditor of
the Company at the conclusion of the ensuring Annual General Meeting
and being eligible offers himself for re-appointment.
The Company has received a confirmation from the Auditors to the effect
that their re-appointment if made would be in the limits prescribed
under the Section 224(1B) of the Companies Act, 1956.
COMPLIANCE CERTIFICATE
Pursuant to requirement of Section 383 A (1) of the Companies Act,
1956, with respect to Compliance Certificate, the Company has obtained
Compliance Certificate from practicing Company Secretary, for the
Financial Year ended 31.03.2012. The same has been attached in
Director's Report.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. Akhilesh Prabhakar,
director of the Company who is liable to be retired by rotation and
being eligible has offered himself for re-appointment. Your directors
recommend his reappointment as a Director of the Company.
There was no other change in the composition of the Board of Directors
during the year.
CORPORATE GOVERNANCE
Your company has complied with the mandatory provisions of clause 49,
relating to Corporate Governance, of the Listing Agreement with the
Stock Exchanges. A comprehensive report on Corporate Governance forming
part of the Directors' Report and the certificate from statutory
auditors certifying the compliance of conditions on Corporate
Governance is attached with this Report.
MANAGEMENT DISCUSSION & ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review, as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges in India, is presented in a separate section forming part of
the Annual Report.
DIRECTOR'S RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act, 1956, The
Board of Directors of your Company state:
i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed;
ii) that the directors had selected such 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 at the end of the Financial Year and of the
loss/profit of the Company for that period;
iii) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
iv) that the directors had prepared the annual accounts on a going
concern basis.
PARTICULARS OF EMPLOYEES
There was no employee receiving remuneration during the year in excess
of limits prescribed u/s 217 (2A) of the Companies Act, 1956, and the
relevant rules made there under.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
The particulars required under Section 217(1) (e) of the Companies Act,
1956 and the Rules made there under have not been specified for our
industry. The Company has neither incurred any expenditure nor earned
any income in the Foreign Currency during the year. Your Company is not
using any Foreign Technology.
EMPLOYEES RELATIONS
The industrial relations continued to be cordial and harmonious. Your
directors wish to place on record the appreciation for the devoted
services rendered by the workers and staff of the Company at all levels
who have contributed to the efficient and successful management of the
Company.
ACKNOWLEDGEMENT
Your Board of Directors wish to place on record their sincere
appreciation for the continued support and cooperation of the
shareholders, bankers, various regulatory and government authorities
and employees of the Company. Your support as shareholders and members
of the company is greatly valued for us. Board acknowledges your
continued association and support in the growth of the organization.
By Order of the Board
For Raymed Labs Ltd.
-Sd- -Sd-
Place : Saharanpur Ajai Goyal Nisha Goyal
Date : 30th August 2012 Managing Director Director
Mar 31, 2010
The Directors take pleasure in presenting the Annual Report along with
the Audited Statement of Accounts of the company for the financial year
ended 31st March 2010.
FINANCIAL PERFORMANCE
Figures in Rs. Lacs
Current Year Previous Year
2009-10 2008-09
Total Income 38.55 23.30
Profit / Loss before interest, Depreciation 3.47 (24.34)
Depreciation 1.83 1.66
Profit / (Loss) for the year 0.71 (26.00)
DIVIDEND
In view of the liquidity crunch faced by the company as also the
accumulated losses, the Directors regret their inability to declare
dividend for the year under review.
FUTURE
The Outlook for the future is still very grim and the Company is
exploring manufacturing/marketing of some other products in the health
care industry that the Company does not plan to manufacture at the
present facilities or the new facilities in Uttrakhand. Your directors
are hopeful that your company would do better in times to come.
MATERIAL CHANGES
No material changes have occurred from the date of balance sheet till
the date of this report which has any adverse affect on the working of
the company.
PUBLIC DEPOSITS
Your Company has not accepted any deposits within the meaning of
Section 58A & 58AA of the Companies Act, 1956, and the rules made there
under.
AUDITORS REPORT
The notes to the accounts referred to in the Auditors Report and the
observations made in the Report under Companies (Auditors Report)
Order, 2003 are self-explanatory and therefore do not call for any
further comments of the Board.
AUDITORS
Mr. Deepak Gupta, Chartered Accountant, was appointed as the Statutory
Auditor of the Company. Mr. Deepak Gupta, Chartered Accountant, hold
office until the conclusion of the ensuing Annual General Meeting and
being eligible offer himself for re-appointment. Pursuant to the
provisions Section 224(1B) of the Companies Act, 1956 he has confirmed
that his appointment, if made, would be within the prescribed limits.
Board of Directors recommend reappointment of Mr. Deepak Gupta,
Chartered Accountant, as Auditors of the company at the ensuing Annual
General Meeting.
COMPLIANCE CERTIFICATE
Pursuant to requirement of Section 383 A (1) of the Companies Act,
1956, with respect to Compliance Certificate, the Company has obtained
Compliance Certificate from practicing, Company Secretary, for the
financial year ended 31.03.2010. The same has been attached in
Directors Report.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. Ankur Goel, would retire at
the ensuring Annual General Meeting and being eligible, offers himself
for reappointment.
CORPORATE GOVERNANCE
Your company has complied with the mandatory provisions of clause 49,
relating to Corporate Governance, of the Listing Agreement with the
Stock Exchanges. A comprehensive report on Corporate Governance forming
part of the Directors Report and the certificate from statutory
auditors certifying the compliance of conditions on Corporate
Governance is attached with this Report.
MANAGEMENT DISCUSSION & ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review, as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges in India, is presented in a separate section forming part of
the Annual Report.
DIRECTORS RESPONSIBILITY STATEMENT
The Board of Directors of your Company state:
i. that in the preparation of the annual accounts, the applicable
accounting standards had been followed;
ii. that the directors had selected such 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 at the end of the financial year and of the
profit of the Company for that period;
iii. that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
iv. that the directors had prepared the annual accounts on a going
concern basis.
PARTICULARS OF EMPLOYEES
There was no employee receiving remuneration during the year in excess
of limits prescribed u/s 217 (2A) of the Companies Act, 1956, and the
relevant rules made there under.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
The particulars required under Section 217(1) (e) of the Companies Act,
1956 and the Rules made there under have not been specified for our
industry. The Company has neither incurred any expenditure nor earned
any income in the Foreign Currency during the year. Your Company is not
using any Foreign Technology.
EMPLOYEES RELATIONS
The industrial relations continued to be cordial and harmonious. Your
directors wish to place on record the appreciation for the devoted
services rendered by the workers, staff and executives of the Company
at all levels who have contributed to the efficient and successful
management of the Company.
ACKNOWLEDGEMENT
Your Board of Directors wish to place on record their sincere
appreciation for the continued support and cooperation of the
shareholders, bankers, various regulatory and government authorities
and employees of the Company. Your support as shareholders and members
of the company is greatly valued for us. Board acknowledges your
continued association and support in the growth of the organization.
By Order of the Board
For Raymed Labs Ltd.
-Sd- -Sd-
Ajai Goyal Nisha Goyal
Place: Saharanpur
Date: 1st September 2010 Managing Director Director