Your Directors have pleasure in presenting you the 25th Annual Report ofyour company together with the Audited Accounts for the year ended 31st March, 2012.
|Financial Results || ||(Rs. in Lakhs) |
|Particulars ||2011-12 ||2010-11 |
|Total Income ||1,252.96 ||954.45 |
|Profit before interest, Depreciation and Tax ||534.80 ||367.92 |
|Interest ||340.33 ||272.11 |
|Depreciation ||208.23 ||162.51 |
|Provision for Taxation/Deferred Tax provision ||Nil ||Nil |
|Profit after interest, Tax and depreciation ||70.72 ||(155.19) |
|Deferred Tax provision ||(84.48) ||88.48 |
|Balance brought forward ||682.25 ||(527.06) |
|Balance Carried to Balance Sheet ||(611.53) ||(682.25) |
|Revenues: ||The total income of the Company for the FY 2011-12 comprises operating revenues of 1252.96 Lacs as against Rs. 954.45 Lacs in FY 2010-11 |
|Profits: ||Profit before Tax (PBT) stood at Rs. (13.76) Lacs as against Rs. (66.70) for the previous year. Profit after Tax (PAT) stood at Rs. 70.72 Lacs as against Rs. (155.19) Lacs for the previous year. |
Reserves and Surplus
During the year the Company has not transferred any amount to Reserves and Surplus.
Material changes and commitments;
There are no material changes and commitments occurred between the end of the financialyear of the company and the date of the report affecting the financial position of thecompany
In accordance with the provisions of the Companies Act, 1956, Mr. Datuk Kunasingam V.Sittampalam retires by rotation at the forthcoming Annual General Meeting and beingeligible, offers himself for reappointment.
Brief resume of the Directors proposed to be reappointed, nature of their expertise inspecific functional areas, directorships in other companies as stipulated under clause 49of the listing agreement with the stock exchanges in India are provided in the report oncorporate governance.
Demat permission from NSDL:
The company has received Demat permission from NSDL and ISIN is INE380K01017.
Directors' Responsibility Statement:
Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 withrespect to the Directors' Responsibility Statement, it is hereby confirmed that:
i) In the preparation of the annual accounts for the year ended 31st March, 2012, theapplicable accounting standards have been followed and there are no material departures.
ii) We have selected appropriate accounting policies and applied them consistently andhave made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company as on 31st March 2012 and of the loss ofthe company for the financial year ended 31st March 2012.
iii) We have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of Companies Act, 1956 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities; and
iv) We have prepared the annual accounts for the financial year ended 31st March, 2012on a going concern basis.
Auditors and Audit Report
M/s. P. Murali & Co., Chartered Accountants, Statutory Auditors of the Companyretire at the conclusion of the ensuing Annual General Meeting and being eligible, offerthemselves for reappointment.
The company has received letter from the Statutory auditors to this effect that theirreappointment, if made would be within the prescribed limits under section 224(1B) of theCompanies Act, 1956 and they are not disqualified for such reappointment within themeaning of section 226 of the said act.
The Company has not accepted fixed deposits as on 31st March, 2012 so as to attract theprovisions of Section 58A of the Companies Act,1956 read with Companies (Acceptance of theDeposits Rules) 1975 as amended from time to time.
PARTICULARS PURSUANT TO SECTION 212 OF THE COMPANIES ACT, 1956
Pursuant to the provisions of Section 212 of the Companies Act, 1956 (Act), documentsin respect of the various subsidiaries viz., Directors' Report, Auditor's Report, BalanceSheet and Profit and Loss Account, are required to be attached to the Balance Sheet of theholding company. However, in terms of the provisions of Section 212(8) of the Act, theGovernment of India, Ministry of Corporate Affairs, has vide letter No. 47/15/ 2011-CL-IIIdated 27 January 2011 granted exemption from the provisions of Section 212(1) of the Act.Accordingly, the Annual Report does not contain the financial statements of thesubsidiaries of the Company. However, the Company will make available the audited annualaccounts and related detailed information of the subsidiaries to the shareholders uponrequest in accordance with the applicable law. These documents are also available forinspection at the Registered Office of the Company during business hours.
A statement pursuant to the provisions of Section 212(l)(e) of the Act appearselsewhere in the Annual Report.
The financials pertaining to subsidiary companies have been given elsewhere in thisreport.
Consolidated Financial Statements
In accordance with the Accounting Standards AS-21 and AS-27 on Consolidated financialStatements read with the Accounting Standard AS-23 on Accounting for investments inAssociates, the Audited consolidated financial statements are provided in the annualreport.
Particulars required under Section 217(e)of the Companies Act, 1956 read with rule 2 ofthe Companies (Disclosure of particulars in the Board of Directors) Rules, 1988 is givenas annexure to the Report.
Particulars of Employees
In pursuance of the provisions of section 217(2A) of the Companies Act, 1956 read withthe Companies (Particulars of Employees) Rules 1975, the Directors are to report thatthere are no employees in receipt of remuneration of Rs. 60,00,000/- or more per annum orRs. 5,00,000/- or more per month where employed for a part of the year.
Report on Corporate Governance
Your Company had taken steps and complied with most of the recommendations during theyear. For the year under review the Compliance Report is provided in the CorporateGovernance section in this Report. The Auditors certificate on Compliance with themandatory requirements of Corporate Governance is given in Annexure to this Report.
Management Discussion and Analysis
This has been dealt with in the separate Annexure to this Report.
Your directors would like to place on record their appreciation of support,co-operation and assistance received from the company's clients, Central Governmentauthorities, bankers, shareholders and suppliers. The board wishes to convey itsappreciation of hard work, solidarity, cooperation and support put in by the company'semployees at all levels in enabling such growth.
| ||FOR AND ON BEHALF OF THE BOARD OF DIRECTORS || |
| ||For Vivo Bio Tech Ltd || |
|PLACE: HYDERABAD ||K. SRI KALYAN ||DR. A. SANKARANARAYANAN |
|DATE : 30-08-2012 ||Whole Time Director ||Whole Time Director & CEO |
Annexure to the Directors Report
Particulars under Companies (Disclosure of Particulars in the Report of Board ofDirectors) Rules,1988 for the year ended March 31st, 2012
A. Conversation of Energy:
During the year the company has taken significant measures to reduce the energyconsumption by using energy efficient machines and equipment:
B. Consumption per unit of Production:
The disclosure of consumption figures per unit of production is not meaningful as theoperations of the company is not power intensive and involves multiple products: Form A
|Particulars ||For the year ended March 31, 2012 ||For the year ended March 31, 2011 |
|A. Power and Fuel Consumption || || |
|1. Electricity. || || |
|a. Electricity Purchase Units ||10,14,192 ||Rs. 6,57,966 |
|Total amount ||Rs. 53,77,681 ||Rs. 46,05,763 |
|Rate per unit (Average) ||Rs. 5.30 ||Rs. 7/- |
|b. Own Generation from Diesel ||NIL ||NIL |
|Generator Unit Rate per Unit ||NA ||NA |
A. Specific Areas in which R&D work has been carried out by the company
- Molecular Biology: Cloning of desired gene in the appropriate vector and alsooptimization of the expression of desired protein in appropriate host.
- Fermentation: Optimizing the fermentation process of E.Coli harboring the plasmidcontaining the gene of interest.
- Protein Purification: Development of purification techniques for variousproteins. This include wide range of chromatographic techniques like ion exchange, reversephase, hydrophobic interaction column, gel filtration, affinity chromatography etc.
- Bioassay: in vivo and in vitro activity assay standardization of various proteins.
- Quality Control: We do the physico-chemical and biochemical/immunologicalcharacterization of various proteins
B. Benefits derived as a result of R&D (Wet Lab) Activities
- Cloning of gene of interest for getting maximum expression of the desired proteinfrom desired host such as E.Coli or yeast.
- Solving complicated projects such as purification of untagged and low-expressingproteins. Purification of enzymes
- Purification of antibody required in R&D and Quality control lab.
- Bioassay development of different proteins.
C. Future plan of action
- Research and Development activity for further improvement of quality and yield ofdesired protein to get cost effective technology, that can minimize the cost incurred tocustomers.
- Establishment of radioactive lab for providing services in the area of bioassaydevelopment, and also for different laboratory experiment.
- Establishment of Mammalian and Pichia cell culture lab for providing specificservices associated.
D. Foreign Exchange Earnings
Inflow : Rs. 33.76 Lacs
Outflow: Rs. 59.01 Lacs