Midas Pharmasec Ltd merged Directors Report

MIDAS PHARMASEC LIMITED ANNUAL REPORT 2009-2010 DIRECTORS REPORT To The Members, The Board of Directors is pleased to present herewith the Sixteenth Annual Report of your Company together with the Audited Accounts for the year ended 31st March, 2010. FINANCIAL RESULTS (Figure in Rs.) YEAR ENDED YEAR ENDED 31/03/2010 31/03/2009 Profit/(Loss) before Depreciation 20,80,114 (1,14,34,431) Add/(Less): Depreciation - (4,146) Profit/(Loss) before tax 20,80,114 (1,14,38,577) Provision for taxation/FBT 3,19,825 3,054 Add/(Less): Prior period Adjustments - (4,115) Balance Profit/(Loss) c/f 17,60,289 (1,14,45,746) to the next Year DIVIDEND: Your Directors do not recommend any dividend for the year under review due to the carried forward losses. DIRECTORS RESPONSIBILITY STATEMENT: Pursuant to the requirement Under Section 217 (2AA) of the Companies Act, 1956 with respect to the Directors Responsibilities Statement, it is hereby confirmed:- I. That in the preparation of the Annual Accounts for the financial year 31st March, 2010, the applicable accounting standards have been followed alongwith proper explanation relating to material departures. II. That the Directors have selected such accounting policies and applied them consistently and made judgment and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the end of the financial year and of the profit or loss of the Company for the year under review. III. That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. IV. That the Directors have prepared the Accounts for the financial year ended 31st March, 2010 on a going concern basis. CONSERVATION OF ENERGY. TECHNOLOGICAL ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO: In terms of Section 217 (1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, your Directors wish to state that the same is not applicable to the Company. FIXED DEPOSITS: The Company has not accepted any deposits from public. PARTICULARS OF EMPLOYEES: Particulars of Employees as required under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 as amended are not given as no Employee of the company is in receipt of remuneration of Rs. 24,00,000/- per annum or Rs. 2,00,000/- per month. CORPORATE GOVERNANCE: Pursuant to Clause 49 of the Listing Agreements with the Stock Exchanges, the Corporate Governance Report is made a part of the Annual Report. LISTING: The equity shares of your Company are listed on Mumbai Stock Exchange. Listing Fees of Mumbai Stock Exchange for the year 2009-2010 have already been paid. AUDITORS: M/s. B. N. Shah & Co. Chartered Accountants retire at the forthcoming Annual General Meeting and being eligible offer themselves for re- appointment. The Company has received a certificate from them - to the effect that their re-appointment, if made would be within the prescribed limits specified under Section 224(1 B) of the Companies Act, 1956. ACKNOWLEDGEMENT: The Board wishes to place on records its appreciation to all its Shareholders, Customers, Bankers, Stock Exchange Authorities and Employees for the co-operation and contributions made by them at all levels. REGISTERED OFFICE, By order of the Board of Directors, B/7-8, Satyam Shopping Centre, MIDAS PHARMASEC LIMITED M. G. Road, Ghatkopar (E), Mumbai - 400077. Place: Mumbai Vijay Thakkar Date : 19th April 2010 Chairman