AFFLUENCE

Directors’ Report

To,
The Members,
M/s Mesco Pharmaceuticals Limited,
Dehradun

The Directors have pleasure in presenting 28th Annual Report together with the Audited accounts of the Company for the year ended 31st March 2014.


1. Financial Results

The financial results of the company are given below:
(Amount in Rs.)
PARTICULARS 31-03-2014 31-03-2013
SALES & OTHER INCOME 327,779.44 0
PROFIT/ (LOSS) BEFORE TAX (19,851) (26,297)
PROFIT/ (LOSS) AFTER TAX (19,851) (26,297)
BALANCE B/F (NET ADJUSTMENTS) (427,555,151) (427,528,854)
AMOUNT AVAILABLE FOR APPROPRIATION (427,555,151) (427,528,854)
APPROPRIATIONS 0 0
TRANSFER TO: 0
DEBENTURE REDEMPTION RESERVE 0 0
GENERAL RESERVE 0 0
BALANCE C/F 427,575,001 (427,555,151)

2. Dividend

The directors do not recommend payment of any dividend during the year.

3. Public Deposits

The Company has not accepted any deposit from public u/s 58A of the Companies Act, 1956.

4. Energy Conservation, Technology Absorption And Foreign Exchange

The Information required 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, is given in the annexure of this Report.

CONSERVATION OF ENERGY

Particulars with respect to conservation of energy as per 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 are as follows:

(a) Energy Conservation measures taken:

There were no operations during the financial year.

(b) Additional investments and proposals, if any, being implemented for reduction of consumption of energy:

No

(c) Impact of measures at (a) & (b) above for reduction of energy consumption and consequent impact on the cost of production of goods:

Not Applicable

(d) Total energy consumption and energy consumption per unit of production as per Form A:

Not Applicable

TECHNOLOGY ABSORPTION

(e) efforts made in technology absorption as per Form B:

Research and Development

1. Specific areas in which R&D carried out by the company

The company has not carried out R&D in any specific area.

2. Benefits derived as a result of above R&D

Not applicable

3. Future plan of action

The management of the company has not yet decided to carry out any R&D.

4. Expenditure on R&D

Not applicable

Technology, absorption, adaptation and innovation

1. Efforts, in brief, made towards technology absorption, adaptation and innovation

Since the Company has no technical collaboration arrangements with any outside partners, the question of absorption is not relevant to the company. Also, there is no case of adaptation and innovation in the company.

2. Benefits derived as a result of the above efforts

Not Applicable

3. The company has not imported technology during the last 5 years.

FOREIGN EXCHANGE EARNINGS AND OUTGO

Foreign exchange earnings: NIL
Foreign exchange outgo: NIL

5. Employees

The Company had not employed any person drawing remuneration equal to or in excess of the limits prescribed under section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees), Rules, 1975 during the current year.

6. Directors Responsibility Statement

Pursuant to the requirement under Section 217 (2AA) of the companies Act, 1956 with respect to director’s responsibility statement, it is hereby confirm:

i) That in the preparation of the annual accounts for the financial year ended 31st March 2014 the applicable accounting standards had been followed along with proper explanation relating to material departure;

ii) That the directors had selected such accounting policies and applied them consistently and made judgments 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 financial year and of the profit or loss of the company for the year under review;

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 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

iv) That the directors had prepared the accounts for the financial year ended 31st March 2014 on a going concern basis.



7. Director

Mr. Dushyant Kumar Singh retires by rotation and being eligible offers himself for re-appointment as director in the company.

8. Auditors
M/S N. Dhawan & Co., Chartered Accountants, New Delhi, the Auditors of the Company is retiring at this meeting and is eligible for reappointment. They have confirmed that their appointment, if made will be in accordance with the limits specified under the Companies Act, 2013 and the firm satisfies the criteria specified in section 141 of the Companies Act, 2013 read with rule 4 of Companies (Audit & Auditors) Rules, 2014.

9. Corporate Governance

The management is putting its best efforts to comply with the requirements of listing agreement.

10. Cost Audit

Since there were no manufacturing operations carried out during the year, therefore no cost records are maintained.

11. Acknowledgements

The Directors wish to thank the Financial Institutions, Company’s Bankers and Government authorities and shareholders for the continued trust and confidence placed in the Company. The Directors also wish to place on record their deep appreciation for the services rendered by workmen, staff and officers at all levels.

The directors do not recommend payment of any dividend during the year.

Foreign exchange earnings: NIL Foreign exchange outgo: NIL

The Company had not employed any person drawing remuneration equal to or in excess of the limits prescribed under section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees), Rules, 1975 during the current year.

Pursuant to the requirement under Section 217 (2AA) of the companies Act, 1956 with respect to director’s responsibility statement, it is hereby confirm: i) That in the preparation of the annual accounts for the financial year ended 31st March 2014 the applicable accounting standards had been followed along with proper explanation relating to material departure; ii) That the directors had selected such accounting policies and applied them consistently and made judgments 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 financial year and of the profit or loss of the company for the year under review; 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 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; iv) That the directors had prepared the accounts for the financial year ended 31st March 2014 on a going concern basis.