| Your Directors have pleasure in presenting the Seventh Annual Report
and the Audited Statement of Accounts for the year ended 31st March
2002.
FINANCIAL RESULTS:
The performance during the period ended 31st March, 2002 has been as
under:
(Rs. in Lacs)
Year ended Year ended
2001-2002 2000-2001
1. Total Income 2529.16 2022.28
2. Total Expenses other than Interest 2400.38 1891.65
3. Interest 73.38 75.45
4. Total Expenses 2473.76 1967.10
5. Prior year Items Nil Nil
6. Profit before tax 55.39 55.18
7. Provision for tax 12.00 10.00
8. Net Profit 43.39 45.18
OPERATIONS:
Despite the adverse business conditions, your Company recorded an
impressive turnover of Rs. 2517.54 lakhs compared with Rs. 2003.00
lakhs in the previous year. The net profit decreased from Rs. 43.39
Lakhs to Rs. 45.18 Lakhs. The Company has added more veterinary
products to its product line and the production facilities have been
geared up to cope-up with the increased production. The Company has
also appointed super distributors, C&F Agents and dealers in various
states to sustain the increased volume of business.
FUTURE OUTLOOK:
Your company has made exports to the tune of Rs. 99.60 lakhs compared
with Rs. 80.70 lakhs in the previous year and an increase of Rs. 18.90
lakhs and expecting substantial increase of exports in the next year.
DIRECTORS RESPONSIBILITY STATEMENT AS REQUIRED UNDER SECTION 217 (2AA)
OF THE COMPANIES ACT, 1956:
In compliance of Section 217(2AA), as incorporated by the Companies
(Amendment) Act, 2000, in the Companies Act, 1956, your Directors
confirm that:-
a) That in the preparation of the accounts for the financial Year
ended 31st March, 2002 the applicable accounting standards have been
followed along with proper explanation relating to material departures;
b) That the Directors have 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 at the end of the financial year and of the
profit or loss of the Company for the year under review:
c) 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;
d) That the Directors have prepared the accounts for the financial
year ended 31st March 2002 on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE
Information on conservation of Energy, Technology Absorption, Foreign
Exchange Earnings and outgo required to be disclosed under section
217(1)(e) of the Companies Act, 1956, read with Companies (Disclosure
of particulars in the Report of the Board of Directors) Rules, 1988,
are provided as under:
a) Conservation of Energy: The Energy is being utilized optimumly.
b) Technology Absorption:
i) Research and Development (R&D) The Company is making constant
efforts to improve the quality of its products.
ii) Technology Absorption: The Company is making all out efforts for
improving productivity and product quality and reducing consumption of
scarce raw materials and fuels.
c) Foreign Exchange Earnings & Out Go
Foreign Exchange earnings Rs. 99.60 Lacs
Foreign Exchange Outgo Rs. 63.30 Lacs
EMPLOYEES RELATIONS
Your Directors are pleased to record their appreciation of the sincere
and dedicated services of the employees and workmen at all level.
Your company has no employees whose salary exceeds the limits
prescribed under section 217(2A) of the Companies Act, 1956. Hence the
information required under the said section, read with Companies
(Particulars of Employees) Rules 1975, has not been given in this
report.
LISTING INFORMATION
The Equity Shares of your Company continue to be listed during the year
under review at (a) The Hyderabad Stock Exchange Limited, 3-6-275,
Himayatnagar, Hyderabad - 500029; (ii) The Stock Exchange, Mumbai,
Phiroze Jeejeebhoy Towers, Dalal Street, Fort Mumabi - 400001; (iii)
The Madras Stock Exchange Association Limited, Exchange Building, Post
Box No. 183, 11, Second Line Beach, Chennai - 600001.
The Company had paid the Annual Listing fees for the year 2001-2002 to
the Hyderabad and Mumbai Stock Exchanges.
ACKNOWLEDGEMENTS:
The Directors thank the Companys Bankers, Employees and officials of
concerned Government Departments for their cooperation and continued
support to the Company. For and on behalf of the Board of Directors
(C. BALASUBRAMANYAM)
Chairman & Managing Director
Place: Secunderabad
Date 04.10.2002
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