LINK PHARMA CHEM LIMITED
The Directors have pleasure in presenting the 25th Annual Report and the AuditedAccounts for the financial year ended March 31, 2010:
1) FINANCIAL RESULTS :
(Rs. in Lacs)
| ||FOR THE YEAR ENDED 31-3-2010 ||FOR THE YEAR ENDED 31-3-2009 |
|SALES || |
|OTHER INCOME || |
|PROFIT BEFORE INTEREST, DEPRECIATION AND TAX || |
|INTEREST || |
|DEPRECIATION || |
|PROVISION FOR TAXATION (DEFEERED & CURRENT TAX) || |
|PROFIT AFTER TAXATION || |
|LESS: || |
|NET PROFIT || |
|ADD : TRANSFERRED FROM PREVIOUS YEAR || |
|BALANCE AVAILABLE FOR APPROPRIATION || |
|LESS:TRANSFER TO RESERVES || |
|BALANCE CARRIED TO BALANCE SHEET || |
2) OPERATING RESULTS :
During the year under review, the turnover of your Company has decreased to Rs.1179.52lacs from Rs. 1279.64 lacs of the previous year. However, your company has made profit ofRs.88.94 lacs as against loss of Rs.18.48 lacs of the previous year.
3) DIVIDEND :
In view of meagre profit, your Directors do not recommend any dividend for the yearunder review.
4) OPERATIONS :
Due to recessionary conditions prevailing in the chemical segment, your company couldnot achieve the desirable turnover & also due to fixed overhead, the company could notgenerate more profits.
5) FUTURE OUTLOOK .
Your company has received Environment clearance from Ministry of Environment and Forestfor the newly acquired land and building I.e. Plot No.163 & 164 G.I.D.C Nandesari.Your company has already started the project work at new site.
6) DEPOSITS :
Your Company has neither invited nor accepted any deposits in terms of Section 58A ofthe Companies Act, 1956.
7) PARTICULARS REGARDING CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGNEXCHANGE EARNINGS AND OUTGO :
Pursuant to the applicable Rules read with Section 217(1)(e) of the Companies Act,1956, details relating to Conservation of Energy, Technology Absorption, Foreign ExchangeEarning and Out-go are given in the Annexure A forming part of this Report.
8) PERSONNEL :
During the year under review, none of the Employees was in receipt of remuneration ofRs. 24,00,000/- per annum when employed through out the year or Rs. 2,00,000/- per monthwhen employed for part of the year and therefore the provisions of Section of 217(2A) ofthe Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 asamended are not attracted.
9) DIRECTORS :
Shri Milind Kelkar retires by rotation and being eligible, offers himself forreappointment.
10) AUDITORS AND AUDITORS' REPORT :
M/s. Khedkar & Co. Chartered Accountants, Vadodara, Statutory Auditors of thecompany who retires at the ensuing Annual General Meeting of the Company, have given theirconsent to be reappointed as Statutory Auditors of the Company. Your Directors recommendtheir appointment as Statutory Auditors for the year 2010-11. The Notes to the Accountsreferred to in the Auditors' Report are self- explanatory and therefore do not call forany further comments.
11) COMPLIANCE CERTIFICATE :
The Compliance certificate in terms of Section 383A of the Companies Act 1956, issuedby a practising Company Secretary is annexed to this report as Annexure "B".
12) DIRECTORS' RESPONSIBILITY STATEMENT ;
As required under Section 217 (2AA) of the Companies Act,1956 the Directors herebyconfirm that :
i) in the preparation of the annual accounts, the applicable accounting standards hadbeen followed along with proper explanation relating to material departures;
ii) the Directors had selected such accounting policies and applied them consistentlyand made judgements and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial year and ofthe profit of the company for that period;
iii) the Directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the company and for preventing and detecting fraud and other irregularities;
iv) the Directors had prepared the annual accounts on a going concern basis.
13) ACKNOWLEDGEMENTS :
Your Directors place on record their sincere appreciation for the continuedco-operation received from the Central, State and Local Government Authorities, the largefamily of shareholders and last but not the least, the contribution made by the dedicatedemployees of the company at all levels.
| ||By the Order of Board of Directors of |
| ||LINK PHARMA CHEM LIMITED |
|PLACE:VADODARA ||B. V. RETAREKAR |
|DATE : 30.06.2010 ||CHAIRMAN |