pharmax corporation ltd Directors report

DIRECTORS REPORT

Your Directors have pleasure in presenting the Twenty Fifth Annual Report of the Company together with the Audited Annual Accounts for the year ended March 31, 2014.

FINANCIAL RESULTS

During the year under review, your Company earned a total income amounting to Rs.588.47 lacs against Rs. 605.55 lacs in previous year. The Company posted a profit after tax of Rs.177.39 lacs for the year ended March 31, 2014. Key highlights of the financial results for the year under review are as follows:

		(Rs. in Lacs)
	Year ended March 31,2014	Year ended March 31,2013
Rental income	524.78	529.65
Other Income	63.69	75.90
Total Income	588.47	605.55
Total Expenditure	286.15	101.37
Profit / (Loss) before tax	302.32	504.18
Provision for Taxation	124.93	135.00
Profit / (Loss) after tax	177.39	369.18

DIVIDEND

Your Directors do not recommend any dividend either on Equity Shares or on Preference Shares.

DIRECTORS

In accordance with the provisions of the Companies Act 2013 (the Act) and Article 143 of the Articles of Association of the Company, Mr. P Dwarakanath and Mr. Mohit Talwar retire by rotation at the ensuing Annual General Meeting, and being eligible offers themselves for reappointment.

ADDITIONAL INFORMATION

Disclosure of information in accordance with the provisions of Section 217(1)(e) of the Companies Act, 1956 (the previous Act) is not applicable to your Company.

PARTICULARS OF DEPOSITS

The Company has not accepted any deposits under Section 58A of the previous Act.

PARTICULARS OF EMPLOYEES

As the Company had no employee on its roll, the provisions of Section 217(2A) of the previous Act read with the Companies (Particulars of Employees Rules) 1975 are not applicable.

AUDIT COMMITTEE

The Audit Committee of the Company comprises of Mrs. Sujatha Ratnam, Mr. K.S. Ramsinghaney and Mr. Mohit Talwar. The current terms of reference of this Committee fully conform to the requirements of applicable provisions of the Act.

DIRECTORS RESPONSIBILITY STATEMENT

As per the provisions of Section 217(2AA) of the previous Act, the Directors confirm that:

(i) in the preparation of annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(ii) 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 or loss of the Company for that period;

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

(iv) the Directors had prepared the annual accounts, on a going concern basis.

AUDITORS

M/s. Nangia & Company, Chartered Accountants, the Statutory Auditors of your Company hold office till the conclusion of the ensuing Annual General Meeting (AGM) and are eligible for re-appointment. Pursuant to the provisions of Section 139 of the Act and the Rules framed thereunder, it is proposed to appoint M/s. Nangia & Company as statutory auditors of the Company from the conclusion of ensuing AGM till the conclusion of the twenty eighth AGM to be held in the year 2017. Your Company has received from them, a written consent required under Section 139 of the Act and a certificate under Section 141 of the Act to the effect that their re-appointment, if made, would be in accordance with the conditions as may be prescribed in the Act.

For and on behalf of the Board of Directors

New Delhi	P. Dwarakanath	Sujatha Ratnam
August 12, 2014	Director	Director