Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting Annual Report together with
the Audited Accounts of the Company for the year ended 31st March,
2015.
1. financial results
Your Company financial performance during the year 2014-15 is
summarized below:
(Rs. In Lacs)
Particulars 2014-2015 2013-2014
Profit/(Loss) Before Depreciation 0.50 2.78
Less: Depreciation - -
Profit/(Loss) Before Tax 049 2.78
Less: Taxation 0.09 0.54
Profit/(Loss) After Tax 040 2.24
2. operations
The Company's Net Profit for the Financial Year ended March 31, 2015
stood at Rs 39,980/-.
3. DIVIDEND
The Board of Directors express their inability to recommend any
dividend on equity shares for the year ended March 31, 2015 due to
inadequate profit.
4. public deposits
During the year, the Company has not accepted any deposit.
5. AUDITORS
M/s. Y. K. Shah and Company, Vadodara, Chartered Accountants (FRN
116821W), be and are hereby re-appointed as Auditors of the Company and
will hold office from the conclusion of the ensuing Annual General
Meeting till the conclusion of the Annual General Meeting to be held in
2016 at such remuneration which will be mutually decided by the
Auditors and the Company. The Auditors shall also be entitled to out of
pocket expenses, travelling expenses etc., which he may incur in
connection with the audit work of the Company.
6. AUDITORS
The Auditors' Report on the financial statement for the current year is
self-explanatory, therefore does not require any further explanation.
Swati Chaudhary & Co, Practicing Company Secretary (C. P. No. 10546)
was appointed as Secretarial Auditor to conduct the Secretarial Audit
of the Company for the Financial Year 2014- 2015 pursuant to section
204 of the Companies Act, 2013 and rules made thereunder.
The Secretarial Audit Report for the FY 2014-2015, forms part of the
Annual Report.
7. DIRECTORS
In accordance with the Companies Act, Mukesh Shah, director, is liable
to retire by rotation at the ensuing Annual General Meeting and being
eligible offers himself for reappointment.
Vibha Shah was appointed as additional director (women) during the year
under review. Her term expires at the ensuing AGM. Members are
requested to appoint her as Director.
8. conservation of energy, technology absorption & foreign exchange
earnings and outgo
The information on conservation of energy, technology absorption and
foreign exchange earnings and outgo stipulated under Section 134(3)(m)
of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts)
Rules, 2014, is annexed.
9. vigil meghanism
The Company has established a Vigil Mechanism that enables the
Directors and Employees to report genuine concerns. The Vigil Mechanism
provides for (a) adequate safeguards against victimization of persons
who use the Vigil Mechanism; and (b) direct access to the Chairperson
of the Audit Committee of the Board of Directors of the Company in
appropriate or exceptional cases.
10. particulars of employees
The Company does not have any employee/Director who is in receipt of
remuneration aggregating to the sum prescribed in Section 197 of the
Companies Act, 2013 ("the Act") read with Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014.
11. corporate social responsibility
The CSR Provisions does not apply to the company during the year under
review.
12. related party transactions
No transactions were carried out between any of the related parties in
the year under review.
13. risk management
The Company has devised and implemented a mechanism for risk management
and has developed a Risk Management Policy. The Policy provides for
creating a Risk Register, identifying internal and external risks and
implementing risk mitigation steps.
14. familiarization programme for independent directors
The Company proactively keeps its Directors informed of the activities
of the Company, its management and operations and provides an overall
industry perspective as well as issues being faced by the industry.
15. directors' responsibility statement
Pursuant to Section 134 of the Act, the Directors state that:
(a) In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures, if any;
(b) Appropriate accounting policies have been selected and applied
consistently and have 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 as at March 31, 2015 and of the profit and loss of the
Company for the year ended March 31, 2015;
(c) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
(d) The annual accounts have been prepared on a going concern basis;
(e) Proper internal financial controls were followed by the Company and
such internal financial controls are adequate and were operating
effectively;
(f) Proper systems are devised to ensure compliance with the provisions
of all applicable laws and that such systems are adequate and operating
effectively.
16. corporate governance
As per SEBI circular, the provision of Corporate Governance is not
applicable to the Company.
17. share capital
The Company has done a Sub Division of existing equity shares in the
following manner:
Every shareholder holding ONE equity share of Rs. 10/- each is issued
TWO equity shares of Rs. 5/- each.
18. declaration by independent director
Pursuant to Section 149(6) of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Independent Directors of the Company have
given the declaration to the Company that they qualify the criteria of
independence as required under the Act.
19. board evaluation
Pursuant to the provisions of Companies Act, 2013 and clause 49 of the
Listing Agreement, the Board has carried out annual performance
evaluation of its own performance, the directors individually as well
the evaluation of the working of its Audit, Nomination & Remuneration
and Stakeholder committee, including the Chairman of the Board who were
evaluated on parameters such as level of engagement and contribution
and independence of judgment thereby safeguarding the interest of the
Company. The performance evaluation of the Independent Directors was
carried out by the entire Board. The performance evaluation of the
Chairman and the Non Independent Directors was carried out by the
Independent Directors. The Directors expressed their satisfaction with
the evaluation process.
20. extract of annual return
The details forming part of the extract of the Annual Return in form
MGT 9 is annexed herewith.
21. acknowledgements
Your Directors takes opportunity to show gratitude towards the
assistance and co-operation received from Shareholders.
For and on Behalf of the Board of Directors of
rekvina laboratories limited
Mukesh Shah Amit Shah
May 28, 2015 Chairman Director
Vadodara DIN: 01993130 DIN: 01993211
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting Annual Report together with
the Audited Accounts of the Company for the year ended 31st March,
2014.
1. FINANCIAL RESULTS
Your Company financial performance during the year 2013-14 is
summarized below:
(Rs. In Lacs)
Particulars 2013-2014 2012-2013
Profit/(Loss) Before Depreciation 2.78 2.09
Less: Depreciation - -
Profit/(Loss) Before Tax 2.78 2.09
Less: Taxation 0.54 0.39
Profit/(Loss) After Tax 2.24 1.70
2. OPERATIONS
The Company's Net Profit for the Financial Year ended March 31, 2014
stood at Rs.2.24 lacs as against Rs.1.70 lacs in the previous year.
3. DIVIDEND
The Board of Directors express their inability to recommend any
dividend on equity shares for the year ended March 31, 2014 due to
inadequate profit.
4. STOCK SPLIT
During the year under review the face value of the shares of the
company was split from 1 share of Rs. 10/- each to 2 share of Rs. 5
each
5. PUBLIC DEPOSITS
During the year, the Company has not accepted any deposit.
6. AUDITORS
M/s. Y K Shah & Company, Chartered Accountants, Vadodara, Statutory
Auditors of the Company retire at the conclusion of the ensuing Annual
General Meeting and being eligible, offer themselves for re-appointment.
The Company has received confirmation that their appointment, if made,
would be within the prescribed limit specified under relevant sections
of the Companies Act and that they are not disqualified for such
appointment. Your Directors recommend re-appointment of M/s. Y K Shah &
Company as the Statutory Auditors of the Company for the current
financial year and fixation of their remuneration.
7. AUDITORS' REPORT
The Auditors' Report on the financial statement for the current year is
self-explanatory, therefore does not require any further explanation.
8. DIRECTORS
In accordance with the Companies Act, the director liable to retire by
rotation at the ensuring Annual General Meeting, retires by rotation
and being eligible offer itself for re-appointment.
9. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND OUTGO
A statement containing the necessary information required under the
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 is annexed to this report.
10. PARTICULARS OF EMPLOYEES
The Company does not have any employee who is in receipt of
remuneration aggregating to the sum prescribed u/s. 217 (2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975 as amended till date.
11. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirements u/s. 217(2AA) of the Companies Act, 1956,
your Directors hereby state and confirm that:
(i) In preparation of the Annual Accounts, the applicable Accounting
Standards have been followed along with proper explanation relating to
material departures, if any
(ii) They have selected the 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 under review and for the
loss of the Company for the same period.
(iii) They 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) They have prepared the Annual Accounts on "GOING CONCERN" basis.
12. CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement the Company has adopted
most of the provisions of Clause 49 of the Listing agreement. A report
on Corporate Governance along with a certificate from the Auditors of
the Company regarding the compliance of conditions of Corporate
Governance and also the Management Discussion and Analysis Report are
annexed to this report.
13. ACKNOWLEDGEMENTS
Your Directors takes opportunity to show gratitude towards the
assistance and co-operation received from Shareholders.
For and on behalf of the Board of Directors
REKVINA LABORATORIES Limited
(MUKESH J. SHAN) (AMIT M. SHAN)
CHAIRMAN DIRECTOR
DIN-01993130 DIN-01993211
Place: Vadodara
Date: September 03, 201
Mar 31, 2012
Dear Members,
M/s. Rekvina Laboratories Ltd.
The Directors have pleasure in presenting the Twenty Third Annual
Report together with the Audited Accounts for the year ended 31st
March, 2012.
FINANCIAL PERFORMANCE
2011-2012 2010-2011
Total Sales & Income 812500 --
Financial Expenses 154714 --
Depreciation -- --
Profit / (Loss) before Tax 158486 (80549)
Provision for Income Tax -- --
Profit / (Loss) after Tax 158486 (80549)
OPERATIONS
During the year, the Company has not made any investment in research
and development activities. The turnover of the Company has effected
adversely during the year significantly. The management of the Company
is making all efforts to increase sales and are hopeful of better
performance in the ensuing year.
DIVIDEND
The Directors, in view of present situation and loss during the year
have not recommended any dividend for the year under review.
DEPOSITS
The Company has not accepted any deposits pursuant to the provisions of
Section 58A of the Companies Act, 1956.
DIRECTORS
Mr. Amit M Shah, Director of the Company retires by rotation at the
ensuing Annual General Meeting and has expressed willingness to be
reappointed.
AUDITORS
M/s. Y.K. Shah & Co., Chartered Accountants, Baroda retire as Auditors
of the Company at the ensuing Annual General Meeting and are eligible
for re-appointment and they have furnished the certificate for their
eligibility as per Section 224 (1B) of the Companies Act 1956.
AUDIT COMMITTEE
As required under Section 292A of the Companies Act, read with clause
49 of the listing requirement 1956 Audit Committee
comprising..........................has been formed. Audit Committee
meetings were held in accordance with statutory requirement.
INDUSTRIAL RELATIONS
During the year under review the relation between employees and
management were cordial
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO.
As required by the provisions of Section 217 (1)(e) of the Companies
(Disclosure of Particulars in the report of Board of Directors) Rules,
1988, the relevant data pertaining to 6 Conservation of Energy,
Technology absorption & Foreign exchange earnings and out go are
furnished in the Annexure forming part of this report.
AUDITORS REPORT
Auditor's observations are self-explanatory and/or suitably explained
in the notes on Accounts.
PARTICULARS OF EMPLOYEES
There was no employee during the year under review whose particulars
are required to be given pursuant to Section 217 (2A) of the Companies
Act, 1956.
CORPORATE GOVERNANCE
Your Company attaches considerable significance to good corporate
governance as an important step towards building investor confidence;
improve investor's protection, Pursuant to Clause 49 of the Listing
Agreement with the Stock Exchanges.
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors confirm :
i. that in the preparation of the annual accounts, the applicable
accounting standards have been followed and that no material departures
have been made from the same;
ii. that they have been 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 affairs of the
Company at the end of the financial year and of the profit or loss of
the Company for that period;
iii. that they 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 they have prepared the accounts for the financial year ended
31st March 2012 on a going concern basis.
ACKNOWLEDGEMENT
The Board of Directors acknowledges their unmatched valuable
contribution and appreciates the co- operation received from the
bankers, customers for their continued support. The directors also
express their appreciation to all the employees of the Company for
their sustained contribution throughout the period. The directors
simultaneously thank the shareholders for their continued faith in the
Company.
FOR AND ON BEHALF OF THE BOARD
Place : Vadodara (AMIT M. SHAH)
Date : 05/09/2012 DIRECTOR