Chairman & Managing Director's Message (2011) :

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Your Company has a robust financial position considering the fact that capital of the company has grown into five folds within a short span of four years( From INR 40 Lacs to INR 2.05 crores) ,which provides the means to deliver the strategy. Investment return for the year has been satisfactory as it is evident from the fact that your Company has already paid a return of 14% to all the Promoters / Members as per the respective agreements according to their share holdings.

In the year under review, our 4th consecutive record result , your company produced an increase in Profit after Tax attributable to Promoters/ shareholders. Capital revenue of the company increase from INR 40 Lacs in the year 2006 to INR 2.05 crore as on 31^st March 2011.While it is still early days of  organisational development, despite that your company is making solid progress.

we remain very focused on the key priorities of Institutional Generic Business that will ultimately unlock shareholder's value.[ As it transpire with the facts that your Company's present value of equity share of INR 10 increases to INR 70 ]. It seems that another record profit was  well received by all in a generally mixed year of economic wellbeing. I would like to thank all the loyal and dedicated people who put forwarded their faith and whole hearted effort for the development of the company since its inception.

In the year 2010-11 your Company has declared the dividend of 14% (inclusive of dividend tax). The right shares issued during March ( 2010 - 11 ) also qualify for full year's dividend. The Company's financial results for the financial year ended 31^st March 2011 are summarized below: 

The authorized capital of the company has increased from Rs.40,00,000/-( Rupees Forty Lacs only) to Rs.2,00,00,000/- (Rupees Two crore only) by creation of 16,00,000 (Sixteen Lacs) New equity shares of Rs.10/- (Rupees Ten only) each. Consequently, Clause V of the Memorandum of Association and Article 3 (a) of the Articles of Association of the Company is proposed to be altered.

A Copy of Memorandum and Articles of Association of the Company together with the proposed alteration will be made available for inspection by the Members of the Company at its Registered office between 11:00 a.m. and 1:00 p.m. on any working day of the Company till the date of Annual General Meeting.In terms of the provisions of Section (s) 16, 31and 94 consent of the Members is required for any alteration in Memorandum and Articles of Association of the Company. The Board recommends the Resolutions for your approval.Under section 293(1)(d) of the Companies Act, 1956, the Board of Directors cannot except with the consent of the Company borrow moneys apart from temporary loans obtained from the Company's bankers in the ordinary course of business in excess of the aggregate of paid-up capital and free reserves of the Company, that is to say, reserves not set apart for any specific purpose.

The members of the Company at the Extra-ordinary General meeting held on April 20, 2010 by Special resolution authorised Board of Directors of the Company to borrow up to a limit of Rs. 2 crores. In view of increased volume of business envisaged in the forthcoming months, it is proposed to authorise the Board to borrow up to Rs2 crores and for this purpose approval of the members is sought under Section 293(1)(d) of  Act.

Ministry of Corporate Affairs recently released recommendations for improvements in Corporate Governance for Indian companies . I should point out that no rules or regulations can prevent some incompetent people from inflicting damage to any company. Directors and company executives must be honest, diligent, committed and dedicated at all times in the exercise of their important duties of planning direction, control and the setting of a good example generally .I can say that your company has always taken Corporate Governance seriously thus producing significant benefits to members/promoters. We have always made sensible changes based on experience and good practice thus protecting the company from undue risk as a matter of course. This is why we strengthened our Internal Audit team during the year. 

Certainly, the competition is intensifying in all activities as the generic medicine business of institutional supply progresses towards market dominated by big pharmaceutical players.  Presently our activities are generally on institutional supply and hope that in next year the present annual figures should surpass those for current year. 

Finally, may I express my gratitude to my fellow directors for their guidance, sincerity and application during the past year .Your company intend to keep it so in future also.

Thank you for your obvious interest indicated by your presence here today. I hope you approve of this year's Annual General Meeting 2011.

 

For and on behalf of the Board

Priya Ranjan Shrivastava                                                                      ( Chairman &  Managing  Director)