dee pharma ltd Directors report
DEE-PHARMA LTD
19TH DIRECTORS REPORT FOR THE YEAR ENDED 31ST MARCH, 2003.
Your Directors present this Nineteenth Annual Report and the Audited
Accounts of the Company for the year ended 31st March, 2003.
FINANCIAL RESULTS
Your Company has achieved a turnover of Rs.112 lac for the year ended 31st
March, 2003 as against Rs. 817lac for the preceding year. The loss for the
year is Rs.1622 lac as compared to loss of Rs. 1585 lac for the previous
year. The details for the year are as below:
31.03.2003 31.03.2002
(Rs. lac) (Rs. lac)
Profit/(Loss) before Interest, Tax & Depreciation 101.55) (200.54)
Profit/(Loss) before Tax & Depreciation (1483.91) (1441.54)
Depreciation 137.95 142.75
Profit/(Loss) before Tax (1621.86) (1584.29)
Provision for Tax - -
Profit/(Loss) alter Tax (1621.86) (1584.29)
Previous Year Adjustments 1.10 (1.51)
Net Profit/(Loss) (1620.76) (1585.80)
DIVIDEND
On account of losses, your directors are unable to recommend any dividend
for the financial Year 2002-2003.
OPERATIONS
During the year, due to shortage of working capital and financial crisis,
the turnover of your Company was low at Rs.112 lac and consequently under
utilisation of plants and as such your Company incurred losses in
operations.
WINDING UP ORDER
The Company has received an order dated 18.07.2002 from the Honble Delhi
High Court, for appointment of Provisional Liquidator. Accordingly, the
Official Liquidator is appointed as Provisional Liquidator and is directed
to take over the moveable and immovable properties and other assets of the
company but allowed the operations to continue. The matter is pending
before the Honble High Court for further proceedings.
However, the company is in negotiation with some organisations for long
term working arrangement/take-over etc. if at any point of time before the
outcome of the proceeding of winding-up order any suitable agreement is
materialised, it may be considered by the Honble Delhi High Court.
LEGAL CASES
Some legal cases/proceedings have been initiated against your Company and
the Directors of the Company, which are being dealt with in different
courts of law. Since the matters are sub-judice, the exact liability of the
Company cant be ascertained at this point of time.
PERSONNEL
Cordial relations prevail between employees and the management. The
Directors wish to place on record their appreciation of the services of its
employees at all levels.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS
Statement in accordance with the provisions of Section 217(1) (e) of the
Companies Act, 1956 read with the Companies (Disclosure Particulars in the
report of Board of Directors) Rules, 1988, regarding conservation of
energy, technology absorption and foreign exchange, transactions are given
in Annexure 1 forming part of this Report.
EMPLOYEES PARTICULARS
Section 217 (2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975 as amended, is not applicable since
none of the employee is drawing salary in excess of the limits laid down
therein.
FIXED DEPOSITS
Your Company has neither invited nor renewed any deposits u/s 58A of
Companies Act, 1956 during the year. The Deposits which have matured during
earlier years are lying unpaid.
DIRECTORS
Shri. Umesh Sanghi retires by rotation and offers himself for
re-appointment. Shri. R.C. Saini voluntarily resigned from the Board of
Director w.e.f. 25.03.2003. The Board places on record its appreciation for
his contribution during his tenure as Director of the company.
RESPONSIBILITY STATEMENT
As required under section 217(2AA) of the Companies Act, 1956 your
Directors confirm that in the preparation of the annual accounts
i) the applicable accounting standards have been followed alongwith proper
explanation relating to material departures:
ii) such accounting pol policies have been selected and applied
consistently and reasonable and prudent judgements and estimates made 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 of the company for that period;
iii) proper and sufficient care has been taken for maintenance of adequate
accounting records in accordance with the provisions of thus Act for
safeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities;
iv) the annual accounts have been prepared on a going concern basis.
AUDIT COMMITTEE
As required under the provisions of section 292 A of the Companies Act, an
Audit Committee has already been set up.
AUDITORS REPORT
Since observation made by the auditors in their report are self explanatory
and have been dealt within the notes to accounts, these do not require
further clarification.
AUDITORS REPORT AND RE-APPOINTMENT
M/s. Saluja & Associates, Chartered Accountants, auditors of the Company
retire at the conclusion of the ensuing Annual General Meeting and are
eligible for re-appointment. The Company has obtained from them a
certificate to the effect that their re-appointment if made, will be within
the him its specified under section 224 (1B) of the Companies Act, 1956.
The specific notes forming part of the accounts refereed to in the
Auditors Report are self explanatory and give complete information.
ACKNOWLEDGEMENT
The Directors take this opportunity to convey their deep sense of gratitude
for the valuable assistance, support and co-operation extend to the Company
by all concerned.