Midas Pharmasec Ltd merged Management Discussions

MIDAS PHARMASEC LIMITED ANNUAL REPORT 2008-2009 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL RESULTS: (Figure in Rs.) YEAR ENDED YEAR ENDED 31/03/2009 31/03/2008 Profit / (Loss) before Depreciation (1,12,67,429) (25,98,384) Add / (Less): Depreciation (4,146) (5,900) Profit / (Loss) before tax (1,12.71,575) (26,04,284) Provision for taxation / FBT 3,054 NIL Add / (Less): Preliminary Expenses w/off (1,67,002) (83,000) Prior period Adjustments (4,115) (15,482) Balance Profit / (Loss) carried forward to the next year. (1,14.45,746) (27.02,766) INCREASE IN SHARE CAPITAL: As the Members are aware the Company has passed the Special Resolution at the Extra Ordinary General Meeting held on 1st January, 2009 for Issue of Convertible Share Warrants. The Company has issued and allotted 83,20,000 warrants convertible into equity shares of the Company (each warrant entitled to apply and allot one equity share of Rs. 10/- each at par) for an aggregate value not exceeding Rs.8,32,00,000/- (Rupees Eight Crore Thirty Two Lac). The Share Warrant holders converted their entire share warrants in to equity shares and accordingly the now the Companys Issued, Subscribed and Paid up Capital stands at Rs. 10 Crores.