DIRECTORS REPORT

To the Members,

VAISHALI PHARMA PRIVATE LIMITED.

We present our report on the business and operations of the Company for the year ended March 31, 2014.

Financial Performance

DIVIDEND

The Board of Directors are of the opinion that substantial funds would be required for future expansion, therefore dividend is not recommended.

PARTICULARS REGARDING CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

The particulars as prescribed under Sub – section (1)(e) of Section 217 of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the report of the Board of Directors) Rules, 1988, are not applicable to the Company as it does not undertake any manufacturing activity.

The Company has earned foreign income of Rs. 17,704,020/- and has not incurred any foreign expenditure during the year.

CHANGE IN THE REGISTERED OFFICE OF THE COMPANY:

During the period under review, the Company has shifted its registered office from 9, Neeldhara Apts, Devidas Cross Lane, S .V .P Road, Borivli (West), Mumbai-400103 to Aravali Business Centre, A Wing, 7th Floor, R. C. Patel Road, Borivali (West), Mumbai – 400 092.

Further, the address was rectified to 706 to 709, 7th Fl, Aravali Busines Center, R. C. Patel Road, Off. Sodawala Lane, Borivali (West), Mumbai - 400 092.

PARTICULARS OF EMPLOYEES PURSUANT TO SECTION 217(2A) OF COMPANIES ACT 1956

As required under the provisions of Section 217(2A) of the Companies Act,1956, read with Companies (Particulars of employees) Rules, 1975 as amended from time to time, the Company does not have any employee who is employed throughout the year or part of the year and drawing any amount exceeding the limit as mentioned in this Section.

DIRECTORS’ RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE COMPANIES ACT, 1956

In accordance with the provisions of Section 217(2AA) of the Companies Act, 1956 and based on the information provided by the management, your Director’s state that:

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

2. the Directors have 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;

3. the Directors had 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;

4. the Directors have prepared the annual accounts on a going concern basis.

AUDITORS

The Board has recommended the re-appointment of M/s. S. K. Bobra & Co., Chartered Accountants (Firm Registration No.101534W),  the retiring auditors, as the Statutory Auditors of the Company to hold office from the conclusion of this Annual General Meeting till the conclusion of Next Annual General Meeting.

The Auditor’s Report read with the notes to the accounts referred to therein are self- explanatory and, therefore, do not call for any further comments.

  PUBLIC DEPOSITS

During the year under review, your Company has neither invited nor received any deposits from the public.

COMPLIANCE CERTIFICATE

Pursuant to the provisions of Section 383A of the Companies Act, 1956, the Company has obtained Compliance Certificate from a Practicing Company Secretary indicating compliances with the provisions of the aforesaid Act

ACKNOWLEDGEMENTS

Your directors are thankful to all the clients, shareholders, employees, bankers and financial institutions for their continued support during the year. The Directors appreciate the continued co operation received from various regulatory authorities.

Your Directors place on record their appreciation for the dedicated work put forth by all the persons employed by the Company who through their commitment, co operation, support and elegant work have enabled the Company to achieve excellent performance during the year. 

For and on behalf of Board

Sd/-

Atul Vasani

Director

(DIN: 02107085)

Sd/-

Jagruti Vasani

Director

(DIN: 02107094)

Place: Mumbai

Date: 8th September, 2014