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Dr Agrawals Eye Hospital Directors Report, Dr Agarwals Eye Reports by Directors
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Dr Agrawals Eye Hospital

BSE: 526783|ISIN: INE934C01018|SECTOR: Hospitals & Medical Services
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Directors Report Year End : Mar '18    Mar 17

The Directors have pleasure in presenting before you the Twenty Fourth Annual Report of the Company together with the Audited Financial Statements for the year ended March 31, 2018

PERFORMANCE:

The highlights of the financial of your company are as under: Rs. in Lakhs

Particulars

March 31, 2018

March 31,2017

I

Revenue from Operations

15,332.13

14,854.19

II

Other Income

230.00

165.35

III

Total Income (I II)

15,562.13

15,019.54

IV

Expenses

Purchases of Stock-in-trade

1,896.47

1,751.75

Changes in inventory of stock-in-trade

(81.82)

72.52

Employee benefit expense

3,198.03

3,249.33

Finance costs

259.04

333.30

Depreciation and amortisation expense

978.18

874.18

Other expenses

7,976.14

7,640.98

Total expenses (IV)

14,226.04

13,922.06

V

Profit before tax (III-IV)

1,336.09

1,097.48

VI

Tax expense

(a) Current tax (including prior years)

644.35

460.00

(b) Deferred tax

14.22

(96.35)

658.57

363.65

VII

Profit for the Year (V-VI)

677.52

733.83

VIII

Other Comprehensive Income

Items that will not be reclassified to profit or loss

(a) Remeasurements of the defined benefit liabilities / (asset)

(38.19)

(40.75)

(b) Income tax relating to items that will not be reclassified to profit or loss

11.12

14.10

Total other comprehensive (loss) / income for the year

(27.07)

(26.65)

IX

Total comprehensive income for the year (VII VIII)

650.45

707.18

Note:-The company has implemented IND AS wef 01/04/2017 with a transition date of 01/04/2016 . Consequently, results for the financial year ended 31/03/2018 have been prepared in accordance with Ind AS prescribed under section 133 of the CA 2013 and other accounting principles generally accepted in India The previous year figures have been reclassified to conform to Ind AS presentation requirement

COURSE OF BUSINESS AND OUTLOOK / BUSINESS PERFORMANCE

During the year under review, the company had achieved a turnover of Rs.153 crores, as compared to Rs. 149 crores in the previous year''s financial years. The profit before tax at Rs.13.36 crores as compared to last year''s profit of 10.97 Crore. We were able to make significant improvements in key business parameters relating to Margins, Costs, Working Capital management and Finance Charges. Over the past few years, we have made sustained efforts to improve competitiveness through a number of initiatives. Most of these have reached maturity. The steady improvement over the past few years and the positive results during the year is a result of these initiatives.

DIVIDEND

Your Directors recommend a dividend of 12 % on the paid up equity share capital of your Company, for the financial year ended 31st March 2018 exclusive of dividend distribution tax, which will result in the out flow of Rs.56.4 lacs.

TRANSFER TO RESERVES:

Your Company does not propose to transfer any amount to the General Reserve during the year.

DEPOSITS:

Your Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014 during the said financial year.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY BETWEEN THE END OF THE FINANCIAL YEAR AND THE DATE OF THE REPORT:

There are no material changes and commitments affecting the financial position of the Company between the end of the financial year and the date of this Report.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The company has not given any loans or guarantees and made any investments as covered under the provisions of section 186 of the Companies Act, 2013 during the said financial year.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The company has an adequate system of internal control in place, which has been designed to provide a reasonable assurance with regard to maintaining of proper accounting controls, monitoring of operations, protecting assets from unauthorized use or losses, compliance with regulations and for ensuring reliability of financial reporting.

DIRECTORS / KEY MANAGERIAL PERSONNEL:

In accordance with Section 152 of the Companies Act 2013 and as per the Articles of Association of your Company, Dr. Athiya Agarwal, Whole Time Director, retires by rotation at the ensuing Annual General Meeting, and being eligible offers herself for being re-appointed. The Board recommends for her re-appointment.

During the year under review, Ms. Hema Nagarajan, the Company Secretary had resigned from the services on 31st May 2017.

Mr. S. Lakshmi Narasimhan was appointed as Company Secretary effective 22nd November 2017.

All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013.

The composition of the Board of Directors of the Company and other details related to the board is furnished in the Corporate Governance Report annexed to this report.

BOARD EVALUATION

The nomination & remuneration committee as well as the board have reviewed the evaluation of performance of the baord as a whole, various committees and also of the individual directors. The manner in which the evaluation was carried out has been disclosed in the CGR attached to this report. The Board carries out the annual performance evaluation of its own performance, of the Directors individually as well as the evaluation of working of its various Committees. A structured analysis is done after taking into consideration the inputs received from Directors, covering various aspects of the Board''s functioning such as adequacy of the composition of the Board and its Committees, Board culture, Execution and Performance of specific duties, obligations and governance. A separate exercise is carried out to evaluate the performance of individual Directors including the Chairman of the Board, who are evaluated on parameters such as level of engagement and contribution, independence of judgment, safeguarding the interests of the Company and of its minority shareholders etc.

COST AUDITOR:

Pursuant to Section 148 of the Companies Act 2013, read with relevant rules, and based on the Audit Committee, the Board of Directors approved the appointment of Mr.P. Raju Iyer (Membership No 6987) as the Cost Auditor of the Company for the Financial Year 2017-18.

EXTRACT OF ANNUAL RETURN:

The details forming part of the extract of the Annual Return in form MGT-9 is annexed herewith as Annexure-I to this report.

PARTICULARS OF EMPLOYEES:

The information required pursuant to Section 197 read with The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company are being annexed as part of the Annual Report as Annexure-II to this report.

SECRETARIAL AUDIT REPORT:

Pursuant to provisions of section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the company has appointed Mr. N.K Bhansali Practicing Company Secretary (Membership No: FCS 3942) to undertake the Secretarial Audit of the Company for the financial year 2017-18. The Secretarial Audit report is annexed as Annexure- III to this report. There has been no qualification, reservation or adverse remark or disclaimer in their Report.

MANAGEMENT DISCUSSION & ANALYSIS REPORT:

As required under SEBI (Listing Obligations and Disclosure Requirements ) Regulations 2015, the Management Discussion and Analysis Report is annexed as Annexure - IV to this report.

RISK MANAGEMENT:

Your Company continues to have an effective Risk Management. The management continuously oversees the risk management process including identification, impact assessment and drawing mitigation plans. The details of risks perceived by the Management are annexed as part of the Management Discussion and Analysis Report.

SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS OF THE COMPANY:

There are no significant and material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status of the Company.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND EXPENDITURE:

The Company is exploring new technologies and improving the existing technologies applicable to the Hospital Business. In all its new locations, the company has been using LED technology lamps to conserve energy as well as costs.

FOREIGN EXCHANGE EARNINGS / OUTGO:

Foreign Earnings : Nil (Previous Year Rs.6.53 lakhs on account of services rendered)

Foreign Outgo : Rs.270.74 lakhs (Previous Year Rs.264.24 lakhs) towards Purchase of Consumables.

DIRECTORS’ RESPONSIBILITY STATEMENT:

In terms of Section 134 clause (C) of sub-section (3) of the Companies Act, 2013, the Directors would like to state that:

(i) In the preparation of the annual accounts, the applicable accounting standards have been followed.

(ii) The directors have 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 the financial year and of the profit or loss of the Company for the year under review.

(iii) The directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

(iv) The directors have prepared the annual accounts on a going concern basis.

(v) The directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

(vi) The directors had devised proper system to ensure compliance with the provisions of all applicable laws and that such system were adequate and operating effectively.

Vigil Mechanism / Whistle Blower Mechanism

The Company has a vigil mechanism to deal with instances of fraud and mismanagement, if any. The details of the Policy is posted on the website of the Company.

Corporate Social Responsibility (CSR) Committee

The Company has constituted CSR Committee and following are the members:-

a Dr. Athiya Agarwal- Chairperson

b Dr.Amar Agarwal, Member

c. CA Sanjay Anand- Member

The CSR policy pursuant to the provisions of Section 135 of the Companies Act, 2013 is available in your company''s website www.dragarwal.com. Your Company has incurred expenditure amounting to Rs.9.80 lakhs by way of contribution towards CSR responsibilities (please refer details as per annexure).

The Company''s total spending on CSR is 2% of the average net profit for the immediately preceding three financial years.

The report on CSR activities is given in Annexure V forming part of this Report.

Report on Corporate Governance

A report on Corporate Governance as well as a certificate from a Practicing Company Secretary confirming the compliance with the conditions of the Corporate Governance are annexed as Annexure - VI to this Report.

Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. An Internal Complaints Committee (ICC) has been setup by your Company to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. The following is a summary of sexual harassment complaints received and disposed off during the year 2017-18

a. No. of complaints received : Nil

b. No of complaints disposed off : NA

EMPLOYEE RELATIONS:

Employee relations throughout the company were harmonious. The board wishes to place on record its sincere appreciation of the devoted efforts of all employees in advancing the company''s vision and strategy to deliver another record performance.

RELATED PARTY TRANSACTIONS:

All related party transactions that were entered into during the financial year were on arm''s length basis and were in the ordinary course of the business. There are no materially significant related party transactions made by the company with Promoters, Directors, Key Managerial Personnel or other designated persons, which may have potential conflict with interest of the company at large. The Board of Directors of the Company has, on the recommendation of the Audit Committee, adopted a policy to regulate transactions between the Company and its Related Parties, in compliance with the applicable provisions of the Companies Act 2013, and the Rules there under. This policy was considered and approved by the Board has been uploaded on the website at www.dragarwal.com

ANNEXURES FORMING A PART OF THIS REPORT OF THE DIRECTORS:

The following annexures referred in this report and other information which are required to be disclosed are attached and forms an Integral part of this report

ANNEXURE PARTICULARS

I Extract of Annual Return (MGT 9)

II Information required under section 197 of the Companies Act, 2013

III Secretarial Audit Report

IV Management Discussions and Analysis Report

V Report on Corporate Social Responsibility Activities

VI Corporate Governance Report

ACKNOWLEDGEMENTS:

Your directors wish to place on record their appreciation for the continuous support received from the members, customers, suppliers, various statutory bodies of the Government of India and the company''s employees at all levels.

For and on behalf of the Board

Sd/-

Place: Chennai DR AMAR AGARWAL

Date: May 28, 2018 Chairman Cum Managing Director

Source : Dion Global Solutions Limited
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