monozyme india ltd share price Directors report

MONOZYME INDIA LIMITED ANNUAL REPORT 2007-2008 DIRECTORS REPORT Dear Members, Your Directors hereby present the Audited Balance Sheet as at 31st March 2008, Audited Profit & Loss Account for the year ended on that date and information on various developments during 2007-08. Financial Performance: (Rs.In000) Particulars For the year ended 31.03.2008 31.03.2007 Net Sales/Income from operations 344.30 50724.39 Other Income 17493.24 624.79 Profit before Interest, Depreciation & Taxation 2985.10 (-)6361.68 Interest & Financial Charges 3726.80 4520.69 Depreciation 987.35 1283.67 Loss before Tax (-) 1729.05 (-) 12166.04 Provision for Taxation (Net of deferred tax) 14.64 878.80 Net loss carried to Balance Sheet (-) 1743.69 (-) 13044.84 Management Discussion & Analysis Report: There was a severe setback to the Company during the months of October 2006, November 2006 and December 2006, due to certain false and frivolous complaints made against the Company and its products. But the lab reports confirmed that our products are absolutely alright and the complaints were wrong. At present, we are to the process of reorganizing the affairs and trying to bring normalcy. Directors: Mr. B.N. Rattan, Mr, KL.C. Sharma and Mr. R.K. Walia, were appointed as Additional Directors, and have expressed their willingness to be appointed as Directors at the ensuing Annual General Meeting. Directors Responsibility Statement: Pursuant to the requirements under Section 217(2AA} of the Companies Act, 1956, with respect to Directors Responsibility Statement, it is hereby confirmed that: a. In the preparation of the annual accounts for the financial year ended 31st March 2008, the applicable accounting standards had been followed along with proper explanation relating to material departures; b. The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at the end of the financial year and of the profit or loss of the Company for that period; c. The Directors had 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; and d. The Directors had prepared the accounts for the financial year ended 31st March 2008, on a going concern basis. Auditors: The old auditors of the Company, M/s. J.B. Reddy & Co,, Chartered Accountants, Hyderabad, resigned from their office for personal reasons. M/s. P.M. Rao & Associates, Chartered Accountants, Hyderabad, have expresses their willingness to be appointed as the Auditors of the Company. Deposits: During the year under review, the Company has not accepted any deposits from the public. Particulars of Conservation of Energy. Technology Absorption and Foreign Exchange Earnings & Outgo: There are no particulars available pursuant to the provisions of Section 217(l)(e) of Companies Act, 1956 read with Companies (Disclosure of Particulars In the Report of Board of Directors) Rules, 1988. Particulars of Employees: None of the employees of the Company are covered under the provisions of Section 217(2A) of Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975. Acknowledgements: Your Directors take this opportunity to thank all the Shareholders for the confidence reposed in the Company during turbulent times. Your Directors look forward for the continued support and co-operation in going ahead with more determination in reviving the Company. FOR AND ON BEHALF OF THE BOARD Place: Hyderabad DIRECTOR Date: 14.07.2008