Dear Members,
It is a great privilege for the Directors to present the Twenty Third
Annual Report of the Company along with Audited Annual accounts for the
financial year 2013-14.
A. Performance of the Company
The healthcare segment in the US is compelled to shift from
conventional Medical Transcription to Electronic Medical Records (EMR).
Though the reforms open up tremendous opportunities for growth, the
above mentioned transition has temporarily affected the productivity.
However,the Company is carrying out the operational activities of the
Company in a better manner.
B. Financials of the Company
The financial highlights of the Company are given below:
Financial Results (Stand Alone) Rs. in lakhs
Particulars For the year For the year
ended ended
31.03.2014 31.03.2013
Total Income 3,915 18,236
Less: Total Expenditure 5,538 16,404
Profit Before Tax -1,622 1,832
Less: Provision of tax -59 609
Profit after Tax -1,562 1,223
Financial Results (Consolidated) Rs. in lakhs
Particulars For the year For the year
ended ended
31.03.2014 31.03.2013
Total Income 11,262 31,136
Less: Total Expenditure 13,649 27,473
Profit before Tax -2,386 3,664
Less: Provision of tax -125 739
Profit after Tax -2,507 2,925
C. Dividend
In view of the need to conserve funds for plough back, the Directors
feel it is desirable not to recommend any dividend on equity shares for
the financial year.
D. Share Capital
As on date of this report the Authorized capital of the Company is Rs.
25,00,00,000/-(Rupees Twenty Five Crore only) divided into 2,50,00,000
equity shares of Rs. 10/- each. The total issued, subscribed and paid
up capital of the Company as on the date of the report is Rs.
170,245,700/- (Rupees Seventeen Crores Two Lacs Forty Five Thousand
Seven Hundred Only) divided into 17024570 equity shares of Rs. 10/-
each.
E. Constitution of the Board
The Board of Directors is duly constituted and the present structure is
as follows:
Name of Directors Designation Date of
Appointment
1. Sooraj C. K. Managing Director 22.03.2006
2. Pradeep Viswambharan Whole Time Director 28.03.2006
3. Dr K. Balasubramani Independent Director 20.10.2014
4. Bobichen Jacob Thomas Independent Director 20.10.2014
5. Sudeepa Nagasampagi Independent Director 20.10.2014
During this year, Directors Mr. Kezer Abbas Kharawala and Mr Sreedhar
Mukund Parande had resigned from the Board with effect from 31st March,
2014.
F. Fixed Deposits
Your company has not accepted any public deposits within the meaning of
provisions of section 58A of the Companies act, 1956 read with the
Companies (Acceptance of Deposit) Rules, 1975 and as such no amount of
principal or interest are outstanding as on the balance sheet date.
G. Management Discussion and Analysis
The Management Discussion and Analysis including the result of
operations of the Company for the year under review, as required under
Clause 49 of the listing agreement with the stock exchange is appended
to this report.
H. Corporate Governance
Your directors affirm their commitments to the corporate governance
standards prescribed by the Securities and Exchange Board of India
(SEBI). A report on the Corporate Governance with Management
Discussions and Analysis as required under Clause 49 of the listing
Agreement forms part of this report.
The requisite certificate from the Auditors of the Company confirming
compliance with conditions under aforesaid Clause 49 is attached to
this report.
I. Auditors
M/s. DMKH & Co, Chartered Accountants, Mumbai, the Statutory Auditors
of the Company retires at the conclusion of the ensuing Annual General
Meeting and is eligible for re- appointment. The Company has received
confirmation from the Auditors that their re- appointment will be
within the limits prescribed under section 224(1B) of the Companies
Act, 1956. The necessary resolution is being placed before the
shareholders for approval.
J. Auditor's Report
The report of the Auditors of the Company and notes to the accounts are
self explanatory and therefore do not call for any further comments and
may be treated as adequate compliance of Section 217(3) of the
Companies Act, 1956.
K. Directors' Responsibility Statement:
Pursuant to Section 217(2AA) of the Companies Act, 1956, it is hereby
confirmed:
1. that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
2. that 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;
3. that 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. that the directors had prepared the annual accounts on a going
concern basis.
L. Particulars Of Employees
During the period under review, no employee of the Company has received
remuneration at a rate, which, in the aggregate was more than Rs.
5,00,000/- or more per month or Rs. 60,00,000/- or more per annum and
hence there was no requirement of a statement under sub section (2A) of
the Section 217 of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975.
M. Conservation Of Energy
Your Company's operations do not involve large scale use of energy. The
disclosure of particulars under this head is not applicable as your
Company operates in the Service sector. Although your Company is not a
large scale energy user, it acknowledges the concept of conservation of
energy.
N. Foreign Exchange Earnings & Outgo
The foreign exchange earnings of the Company for the year is Rs. 3,905
lakhs as against Rs. 12,624 lakhs of the previous year and the foreign
exchange outgo of the Company for the year is Rs. 615 Lakhs as against
Rs. 3,301 of the previous year.
O. Corporate Social Responsibility
Your Company is known not only for its commitment towards its clients
but also for its commitment to the society. Social commitment is
becoming a part of Accentia culture.
Through the charitable foundation, Accentia Candle Light Charitable
Trust, Accentia and its stakeholders contribute a part of their
earnings, acquired knowledge, and efforts for the good of the
underprivileged. Firmly anchored in our corporate values, it is
reflected in our daily activities.
Accentia's current initiatives focus on facilitating underprivileged
children's education, healthcare, and support for palliative care for
children under the age of 18. Accentia also helps various terminally
ill patients with healthcare and medical facilities and extends its
support to various organizations who reach out these underprivileged
people.
P. Subsidiary Companies
Accentia is having 8 number of subsidiaries, namely;
1. Thunga Software Private Limited
2. Accentia Oak Technologies Pvt Ltd
3. Accentia Education Services Pvt Ltd
4. GSR Physicians Billing Services Inc.
5. GSR System Inc.
6. Denmed Inc.
7. Oak Technologies Inc.
8. Accentia Technologies FZE
In terms of the general exemption given by the Ministry of Corporate
Affairs, Government of India (MCA) through General Circular No. 2/2011
and Press Note 3/2011, the Board of Directors has accorded their
consent to the Company not to attach the specified particulars of its
Subsidiary Companies with the balance sheet of the Holding Company.
Q. Acknowledgement
Your Directors place on record their gratitude to the Central and State
Governments, and the Company's Bankers for their assistance,
co-operation and encouragement they have extended to the Company.
Your Directors would like to place on record their deep sense of
appreciation and thanks to Shareholders, investors, customer, vendors
and employees for their valuable trust in the company's performance and
for their support and encouragement, enabling the company to venture in
to various upcoming projects and spread its wings globally.
By and on behalf of the Board
Accentia Technologies Limited
Sooraj C. K. Pradeep Viswambharan
Managing Director Wholetime Director
Navi Mumbai
November 25, 2014
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