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वोरिन लेबोरेटरीज

बीएसई: 524508  |  NSE: N.A  |  ISIN: INE331D01015  |  Pharmaceuticals

खोजें वोरिन लेबोरेटरीज कनेक्शन
निदेशकों की रिपोर्ट वर्षांत : Dec '01
Your Directors present the 15th Annual Report and Audited Accounts of
 the Company for the year ended 31st December 2001.
 
 FINANCIAL RESULTS
 
                                                            (Rs in Lacs)
                                              Year ended      Year ended
                                              31.12.2001      31.12.2000
 
 Sales                                          16878.95         8627.18
 
 Profit before interest & depreciation            863.56           99.41
 
 Interest paid/(net)                              612.74          310.09
 
 Depreciation                                     113.61           98.86
 
 Profit/(Loss) before Tax                         137.21        (309.54)
 
 Provision for Tax                                  4.15               -
 
 Profit/(loss) after Tax                          133.06        (309.54)
 
 Prior period adjustments                       (225.05)          (4.98)
 
 Tax-earlier years                                (0.33)          (0.82)
 
 Profit/(Loss)                                   (92.32)        (315.34)
 
 Surplus/(Deficit) brought forward              (462.42)        (147.08)
 
 Surplus/(Deficit)Carried forward               (554.74)        (462.42)
 
 OPERATIONS:
 
 Your company achieved a Sales turnover of Rs. 16879 lacs as against Rs.
 862.7 lacs in the previous year registering a growth of 96%, primarily
 due to supplies against Brazilian Tender for Anti Aids Products. Our
 products found acceptability in International markets resulting in
 Direct Exports turnover of Rs. 2,163 lacs, 13% of sales and Deemed
 Exports of Rs. 6739 lacs. 40% of the sales.
 
 However, the profitability came under severe pressure because of
 continuous decline in selling prices in various therapeutic segments
 coupled with rising input costs due to declining value of rupee. Your
 company achieved a profit after tax of Rs. 133 lacs as against the loss
 during the previous year of Rs. 310 lacs. However, after providing for
 prior period adjustments loss stands at Rs. 92 lacs.
 
 The company stands committed to serving humanity by providing Anti Aids
 Products at affordable prices inspite of their contributing to the
 decline in margins.
 
 During the year, the company has also embarked on a diversification of
 its product portfolio into newer therapeutic segments, the results of
 which are expected to be seen in coming years.
 
 Acquisition of shares of M/s. Fine Drugs and Chemicals Limited (FDCL)
 
 During the year our company acquired 23,73,524 (37.76%) equity shares
 of FDCL at a price of Rs. 4.00 per share as per the Memorandum of
 Understanding entered into with the promoters of FDCL on 18th March
 1999 and further on January 2rd 2002, your company along with M/s.
 Oscar Investments Limited has entered into Memorandum of Agreement for
 acquisition of 10,09,300 from Mr. L. Madhusudhan Reddy and Associates
 and in terms of SEBI (Substantial Acquisition of Shares and Take Over)
 Regulations 1997, the company has made an open offer for acquisition of
 20% Equity Shares of Fine Drugs and Chemicals Limited and the process
 of open after is currently on.
 
 DIVIDEND
 
 In view of the loss incurred, your Directors has not recommended any
 dividend for the year ended 31st December 2001.
 
 FIXED DEPOSITS
 
 Your company has not accepted any Deposits falling under Section 58A of
 Companies Act 1956 during the year.
 
 AUDITORS
 
 M/s. Beldi & Associates, Chartered Accountants, the Company's Auditors,
 retire at the conclusion of the ensuing Annual General Meeting. They
 have signified their willingness for reappointment and have further
 confirmed their eligibility under section 224(1B) of the Companies Act,
 1956.
 
 COST AUDIT
 
 In terms of the Central Government order dated 10th August 2000, your
 Board has reappointed M/s. R. J. Goel & Co., as Cost Auditors of the
 company and the approval of the Central Government for the same is
 awaited.
 
 AUDIT COMMITTEE
 
 Pursuant to Section 292 A of Companies Act, 1956 read with Clause 49 of
 Listing Agreement, the Audit Committee was reconstituted with the
 following Directors:
 
 Mr. Lalit Ahluwalia - Chairman
 
 Mr. N. Prasad - Member.
 
 Mr. K. Srinivas - Member.
 
 Mr. Pushpinder Bindra - Member
 
 The terms of reference remain unchanged as follows:
 
 * Periodic discussions with the auditors about internal control systems
 in existence and the scope of audit including the observations of the
 auditors.
 
 * Review of the half-yearly and annual financial statements before
 their submission to the Board; and
 
 * Ensuring compliance with the internal control systems.
 
 DIRECTORS
 
 During the year Mr. Lalit Ahluwalia, Mr. Rajiv Malik and Dr.Yatendra
 Kumar were appointed as Additional Directors on 19th June 2001 and hold
 office up to the ensuing Annual General Meeting. The Company has
 received notice(s) from member(s) under Section 257 of the Companies
 Act, 1956 proposing the candidature for appointment as Director (s) of
 the Company.
 
 Mr. K. Srinivas and Mr. Pushpinder Bindra retire by rotation in the
 ensuing Annual General Meeting and being eligible, offer themselves for
 reappointment.
 
 PARTICULARS OF EMPLOYEES
 
 The Company has built up a team of experienced and committed technical
 and management personnel. Industrial relations with the employees
 during the period have been cordial.
 
 None of the employees is in receipt of remuneration for the year, which
 in aggregate was more than the limit prescribed under Section 217(2A)
 of the Companies Act, 1956 and rules made thereunder.
 
 PARTICULARS REGARDING ENERGY CONSERVATION ETC
 
 As required by the Companies (Disclosure of particulars with report
 Board of Directors) Rules, 1988, the relevant data is enclosed as
 annexure forming part of this report.
 
 STOCK EXCHANGE LISTING
 
 The Equity shares of the company are listed on the stock exchanges at
 Hyderabad and Mumbai. The company confirms that it has paid Annual
 Listing Fees due to all the above stock exchanges for the year
 2002-2003.
 
 DEPOSITORY SYSTEM
 
 Your company continues its arrangement with Central Depository Services
 (India) Limited (CDSL) and National Securities Depository Limited
 (NSDL) for dematerialization of the shares in accordance with the
 provisions of the Depositories Act, 1996.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 In terms of previsions of Section 217(2AA) of the Companies Act, 1956,
 your Directors state as under:
 
 i) In the preparation of the annual accounts, applicable accounting
 standards have been followed along with proper explanation relating to
 material departures;
 
 ii) The directors have selected such accounting policies and applied
 them consistently and made judgements and estimates that are reasonable
 and prudent so as to give a true and fair view of the state of affairs
 of the company at the end of the accounting year and of the profit or
 loss of the company for that period;
 
 iii) The directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of the company and
 for preventing and detecting fraud and their irregularities.
 
 iv) The directors have prepared the annual accounts on a going concern
 basis.
 
 CORPORATE GOVERNANCE
 
 As per Clause 49 of the Listing Agreement, the mandatory provisions of
 Corporate Governance are applicable to your company from the financial
 year 2002. However your company has already constituted committees such
 as Audit Committee, Investor Grievance committee, during year 2001 and
 other provisions are being implemented during the current year.
 
 ACKNOWLEDGEMENTS
 
 Your Directors thank all the employees for their sincere efforts,
 active involvement and devoted services rendered.
 
 Your Directors thank the Shareholders of the Company for the confidence
 reposed in the Management of the Company.
 
 Your Directors place on record their gratitude to the Customers,
 Suppliers, various Departments of the Central and State Governments,
 Company's Bankers and Financial Institutions for their support and
 cooperation during the period under review.
 
 ANNEXURE TO THE DIRECTORS REPORT
 
 Conservation of Energy, Technology Absorption and Foreign Exchange
 Earnings and outgo. The Companies (Disclosure of particulars in the
 Report of the Board of Directors) Rules, 1988.
 
 A. RESEARCH AND DEVELOPMENT (R&D)
 
 1. Specific areas in which R&D was carried out by the Company.
 
 Technology development for bulk drugs, Key intermediates complying with
 international quality. Continuous upgradation of existing technologies
 and products.
 
 2. Benefit derived as a result of the above R&D.
 
 Improved productivity and process efficiencies and improved product
 quality.
 
 3. Future plans of action.
 
 Enhance focus on value added intermediates and bulk drugs.
 
 Strengthen capabilities in commercially viable process know - how for
 drug substances.
 
 4. Expenditure on R & D
 
                                                   Rs. Lacs
 Particulars                     Year Ended      Year Ended
                                 31.12.2001      31.12.2000
 
 a. Capital                           12.79            9.12
 
 b. Revenue                           66.01           65.68
 
 c. Total                             78.80           74.80
 
 d. Total R&D expenditure as a
 percentage of turnover               0.47%           0.87%
 
 Technology absorption, adoption and innovation
 
 1. Efforts, in brief, made towards technology absorption, adoption and
 innovation
 
 The Company has further strengthened the R & D division to engage in
 research on new products and development of existing products,
 
 2. Benefits derived and a result of the above efforts.
 
 Technology and quality of Bulk Drugs improved. Recycling of major
 solvents in plant introduced and inputs of some raw materials reduced.
 
 3. Import of technology: Not Applicable.
 
 B. FOREIGN EXCHANGE EARNINGS AND OUTGO
 
                                                      Rs. Lacs
 Particulars                         Year Ended     Year ended
                                     31.12.2001     31.12.2000
 
 a. Earnings                            8802.08        3884.05
 (including Exports through Export Houses)
 
 b. Outgo                               2211.02        1603.95
 
                            For and on behalf of the Board of Directors
 
                                                    Dr. Brian W Tempest
                                                               Chairman
 Place: Hyderabad
 Date: 23 April 2002
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `585 Cr की खरीदारी की
  • MARKET CUES : DIIs ने कैश में `890 Cr की बिकवाली की
  • MARKET CUES : FIIs ने F&O में `483 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `172 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स ऑप्शंस में `151 Cr की खरीदारी की
  • MARKET CUES : स्टॉक फ्यूचर्स में `388 Cr की बिकवाली की
  • CS ON BHEL : Outperform रेटिंग, लक्ष्य `88/Sh
  • CS ON CADILA HEALTH : Neutral रेटिंग, लक्ष्य `251/Sh
  • CS ON PIDILITE IND : Underperform रेटिंग, लक्ष्य `1245/Sh
  • MACQUARIE ON BHEL : Neutral रेटिंग, लक्ष्य घटाकर `58/Sh

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