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Directors Report of Vista Pharmaceuticals Ltd.

Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting the Twenty Third Annual Report and the Audited Statement of Accounts for the year ended 31st March, 2014.

FINANCIAL RESULTS:

The performance during the period ended 31st March, 2014 has been as under

(Amount in Rs.)

For the year ended 31st March, 2014 31st March, 2013

Income 8,33,13,573 7,47,73,240

Expenditure 7,08,36,933 6,66,20,652

Depreciation 77,44,387 64,48,437

Profit/(Loss) before taxes 47,32,253 17,04,151

Profit/(Loss) after taxes 46,67,034 8,05,354

Bought Forward (Loss) 10,91,85,811 10,99,91,165

Carried Forward (Loss) 10,45,17,956 10,91,85,811

OPERATIONAL PERFORMANCE

During the financial year, your Company has registered a turnover of Rs.830.16 lakhs as against Rs.746.89 lakhs in the previous year. The Company earned the profit after tax of Rs.46.67 lakhs as against the profit in the previous year of Rs. 8.05 lakhs.

SHARE CAPITAL

The authorised share capital of the company as on March 31, 2014 is Rs. 150,000,000/- divided into 1,50,00,000 equity shares of Rs.10/- each.

Issued, subscribed and paid up capital of the company as on March 31, 2014 is Rs. 150,000,000 /- divided into 1,50,00,000 equity shares of Rs.10/- each.

DIVIDEND

No dividend has been recommended by Board of Directors during the financial year 2013-14.

TRANSFER TO RESERVES

There were no transfers to Reserves during the financial year 2013-2014.

FIXED DEPOSITS:

Your Company has not invited any deposits from the Public nor outstanding for the year under review within the meaning of Section 58A of the Companies Act, 1956 and the rules made there under.

LISTING

The equity shares of the Company is listed with BSE Limited. There are no arrears on account of payment of listing fees to the Stock Exchange.

DIRECTORS:

In accordance with the Companies Act, 2013 read with Articles of Association of the company Mr. M.H.Rao are retiring by rotation at this Annual General Meeting and being eligible offer themselves for reappointment.

As per the provisions of the Companies Act, 2013, Independent Directors are required to be appointed for a term of five consecutive years and shall not be liable to retire by rotation. Accordingly, resolutions proposing appointment of Independent Directors form part of the Notice of the Annual General Meeting.

Profile of Directors who are retiring at this AGM is furnished in the Corporate Governance Report.

Your Board recommends the appointment/re-appointment of the Directors above.

STATUTORY AUDITORS:

The Statutory Auditors of the Company M/s. PRV Associates, Chartered Accountants, Hyderabad, retire at this AGM, have signified their willingness for their re-appointment and have confirmed their eligibility under section 139(1) of the Companies Act, 2013. Members are requested to reappoint them for a period of three years and to authorize the Board to fix their remuneration.

REPLIES TO AUDITORS'' REPORT:

The observations of the auditors are explained, wherever necessary, in appropriate notes to the accounts.

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:

a) that in the preparation of the accounts for the financial year ended 31st March, 2014 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 2014 on a going concern basis.

CORPORATE GOVERNANCE REPORT:

The Company has been in full compliance with the norms of Corporate Governance as outlined in Clause 49 of the Listing Agreement with the Bombay Stock Exchange, Mumbai. A separate report on Corporate Governance is produced as a part of the Annual Report along with the Auditors Certificate on its compliance.

PARTICULARS OF EMPLOYEES:

None of the employees are drawing Rs. 5,00,000/- and above per month or Rs. 60,00,000/- and above in aggregate per annum, the limits prescribed under Section 217(2A) of the Companies Act, 1956.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Management Discussion and Analysis Report, pursuant to Clause 49 of the Listing Agreement, forms part of this report and the same is annexed.

CONSERVATION OF ENERGY, FOREIGN EXCHANGE ETC.:

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 is provided hereunder:

A) RESEARCH AND DEVELOPMENT (R&D)

1. Specific areas in which R&D carried out by the company:

Development of generic products for US market Improvement & cost reduction of existing products Stability studies on all of the above products

2. Benefits derived as a result of the above R&D:

Developed OTC as well as prescription products for USA market and also products for South American, African and European markets.

B) Technology Absorption, Adoption and innovation:

1. Efforts in brief made towards technology absorption, adoption and innovation:

The Company has neither absorbed nor adopted any new technology. The company has also not made any innovation in technology other than the R&D activates.

2. Benefits derived as a result of the above efforts. No benefits derived in the year under review.

3. In case of imported technology following may be furnished.

No technology is imported during financial year 2013-2014

EMPLOYEE RELATIONS:

Your Directors are pleased to record their sincere appreciation of the contribution by the workmen and staff at all levels in the improved performance of the Company.

ACKNOWLEDGEMENTS:

The Directors thank the Company''s Bankers officials of concerned Government Departments and share holders for their co-operation and continued support to the Company.

For and on behalf of the Board of Directors VISTA PHARMACEUTICALS LIMITED

Dr. Dhananjaya Alli Mr. M.H. Rao Managing Director Director DIN No: 00610909 DIN No: 00129311

Date: 1st August, 2014

Regd. Office : Plot Nos. 10 to 14 and 16 to 20, APIIC Industrial Estate, Chityal, Gopalaipalli Village, Narketpally Mandal, Nalgonda District, Telangana.


Mar 31, 2013

To The Members of Vista Pharmaceuticals Limited

The Directors have pleasure in presenting the 22 nd Annual Report together with the Audited Statements of Account for the year ended 31st March, 2013.

FINANCIAL RESULTS:

Current Year Previous Year 2012-13 (Rs) 2011-12( Rs)

Income 7,47,73,240 3,62,23,141

Expenditure 6,66,20,652 4,53,35,139

Depreciation 64,48,437 63,68,603

Profit/(Loss) for the year (Before Tax) 17,04,151 (-)1,54,10,117

Profit/(Loss) for the year (After Tax) 8,05,354 (-)1,66,30,208

(Loss) Brought forward 10,99,91,165 (-)9,33,60,957

(Loss) carried forward 10,91,85,811 (-)10,99,91,165

Operational Performance

During the financial year, your Company has registered a turnover of Rs. 746.89 lakhs as against Rs.362.23 lakhs in the previous year. The Company earned the profit after tax of Rs. 8.05 lakhs as against the loss in the previous year of Rs. 166.30 lakhs.

Dividend

No dividend has been recommended by Board of Directors during the financial year 2012-13.

Transfer to reserve

There were no transfers to Reserves during the financial year 2012-2013.

Share Capital

The authorised share capital of the company as on March 31, 2013 is Rs. 150,000,000/- divided into 1,50,00,000 equity shares of Rs.10/- each.

Issued, subscribed and paid up capital of the company as on March 31, 2013 is Rs. 150,000,000 /- divided into 1,50,00,000 equity shares of Rs.10/- each.

Scheme of Arrangement for reduction of capital

The Company proposed Scheme of Reduction of Capital involving fully paid up equity share capital from Rs. 15,00,00,000 (Rupees Fifteen Crores) divided into 1,50,00,000(One Crore Fifty Lakhs only) Equity Shares of Rs. 10/-( Rupees Ten only) each to Rs. 5,00,00,000 (Rupees Five Crores) divided into 50,00,000(Fifty Lakhs only) equity shares of Rs.10/-( Rupees Ten only) each, whereby 2/3rd of shares are extinguished out of total paid up capital of the company and splitting of par value of the share from Rs.10/- to Rs.2/- each which was approved by the members on the Extra-ordinary meeting held on 15.11.2012. The company filed the application for obtaining NOC under Clause 24(f) Listing Agreement for Draft Scheme of Reduction of Equity Share Capital with the BSE Ltd. / SEBI.

Since the SEBI issued the circular CIR/CFD/DIL/5/2013 dated 04.02.2013 regarding revised requirements for the Stock exchanges and listed companies relating the Scheme of Arrangement/ Amalgamation, the company filed the revised application with the stock exchange and the approval is pending.

Directors

In accordance with the Companies Act, 1956 read with Articles of Association of the company Mr. Stanely Prabhakar Reddy and Ms. Vani Vatti are retiring by rotation at this Annual General Meeting and being eligible offer themselves for reappointment.

Your Board recommends the re-appointment of the Directors above.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirement of Section 217(2AA) of the Companies Act, 1956, with respect to the Directors'' Responsibility Statement, Your Directors wish to confirm:

1. That in the preparation of the Annual Accounts for the financial year ending 31stMarch, 2013 the applicable accounting standards have been followed along with proper explanations relating to material departures, if any;

2. That such Accounting policies have been selected and applied consistently and judgments and estimates are made 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 financial year and of the profit and loss of the Company for that period;

3. That 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 any fraud or other irregularities has been taken.

4. That accounts for the financial year ended on 31st March 2013 are prepared on a going-concern basis.

Auditors

M/s PRV Associates, Chartered Accountants, Hyderabad, who retire at this Annual General Meeting, have signified their willingness for reappointment and accordingly Directors have recommended the reappointment of M/s PRV Associates, Chartered Accountants Hyderabad, who confirmed their eligibility under Section 224(1B) of the Companies Act, 1956.

Replies to Auditors'' Report

Observations made by the auditor are suitably replied in the notes and accounts wherever required.

Fixed Deposits

Your Company has not accepted any deposits falling within the meaning of Sec. 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposits) Rules, during the financial year under review.

Particulars of Employees

In pursuance of section 217(2A) of the Companies Act, 1956 none of the employees of the Company was drawing a remuneration exceeding the limits stated in section 217(2A) of the Act.

B. Research and Development (R&D)

1. Specific areas in which R&D carried out by the Company: Development of generic products for US market. Improvement & cost reduction of existing products. Stability studies on all of the above products.

2. Benefits derived as a result of the above R & D:

Developed OTC as well as prescription products for USA market and also products for South American, African and European markets.

Technology Absorption, Adoption and innovation:

1. Efforts in brief made towards technology absorption, adoption and innovation:

The Company has neither absorbed nor adopted any new technology. The Company has also not made any innovation in technology other than the R & D activates.

2. Benefits derived as a result of the above efforts. No benefits derived in the year under review.

3. In case of imported technology following information may be furnished. No Technology is imported during financial year 2012-13.

Listing

The shares of the Company are listed on Bombay Stock Exchange.

Corporate Governance

In pursuance of Clause 49 of the Listing Agreement entered into with the Stock Exchange, a separate section on Corporate Governance has been incorporated in the Annual Report for the information of the shareholders.

A certificate from the Auditors of the Company regarding the Compliance of the conditions of Corporate Governance as stipulated under the said Clause 49 also forms a part of this Annual Report.

Management''s Discussion and Analysis

Management Discussion and Analysis Report, pursuant to Clause 49 of the Listing Agreement, forms part of this report and same is annexed.

Personnel

Your Directors place on record their appreciation for the services rendered by the employees. The relation between the management and the employees has been cordial throughout the year.

Acknowledgements

Yours Directors wish to express their thanks for the guidance and assistance received from various departments of State and Central Government and their bankers. Your Directors also wish to thank all the Shareholders for their confidence reposed in the Company.

FOR AND ON BEHALF OF THE BOARD OF

VISTA PHARMACEUTICALS LIMITED

Mr. G. NARENDRA

Director

Date: 14.08.2013 Ms. VANI VATTI

Place: Hyderabad Director


Mar 31, 2011

The Directors have pleasure in presenting the 20th Annual Report together with the Audited Statements of Account for the year ended 31st March, 2011.

FINANCIAL RESULTS:

Current Year 2010-11 (Rs.) Previous Year (2009-10) (Rs.)

Income 5,67,97,411 80,72,938

Expenditure 5,45,24,835 1,87,06,372

Depreciation 51,94,278 28,68,931

Profit/(L6ss) for the year (-)29,21,702 -(1,35,02,365>

(Loss)Broughtforward <->9,04,39,255 (->7,69,37,140

Prior period adjustments 0.00 (->250

(Loss) carried forward (->9,33,60,957 (->9,04,39,255

OPERATIONS:

During the year under review the company has recorded a turnover of Rs. 567.45 lakhs against the turnover of Rs. 80.14 lakhs in the previous year.

DIVIDEND:

No dividend has been recommended by Board of Directors during the financial year 2010-11.

PUBLIC DEPOSITS:

Your Company has not accepted any deposits fallingwithfn themeaning ofSec.58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposits) Rules, during the financial year under review.

LISTING:

The equity shares of your company are listed on The Bombay Stock Exchange Limited

DIRECTORS:

In accordance with the Companies Act, 1956 read with Articles of Association of the companyjnenirector, Sri. G.Narendra and Smt.VaniVatti retire by rotation and are eligible for reappointment.

Your Board recommends the re-appointment of the Directors above.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Sec.217 (2AA) of the Companies Act, 1956 the Board of Directors of your Company hereby certifies and confirms that:

I. In the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

ii. The Directorshave selected such accounting policies and applied them consistently and made judgment andestimates that are reasonable and prudent soastogiveatrueandfairviewofthestate ofaffairs of the Company at the end of the financial year 2010-11.

iii. The Directors have taken proper and sufficient care forthe maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding theAssets of the Company and for preventing and detecting fraud and other irregularities;

iv. The Directors have prepared the Annual accounts on a going concern basis.

B. Research and Development (R&D)

1. Specific areas in which R&D carried out bythe Company:

Development of generic products for US market. Improvement & cost reduction of existing products. Stability studies on all of the above products.

2. Benefits derived as a result of the above R & D:

Developed OTC as well as prescription products for USA market and also products for South American, African and European markets.

Technology Absorption, Adoption and innovation:

1. Efforts in brief made towards technology absorption, adoption and innovation:

The Company has neither absorbed nor adopted any new technology. The Company has also not made any innovation in technology other than the R & D activates.

2. Benefits derived as a result of the above efforts: No benefits derived in the year under review.

3. In case of imported technology following information may be furnished.

No

Technology Isimported duringfinancialyear2010-11.

PARTICULARS OF EMPLOYEES

There is no employee who is falling under section 217(2A). Therefore the disclosures required to be made under section 217(2A) of the companies Act, 1956 and the rules made there under are not applicable.

CODE OF CONDUCT

The Code has been circulated to all the members of the Board and Senior Management and the compliance of the same has been affirmed by them.

AUDITORS

M/s. PRV Associates, Chartered Accountant retire at the ensuing Annual General Meeting and being eligible have expressed their willingness for re-appointment. Your directors propose the appointment of M/s. PRV Associates, Chartered Accountant, as statutory auditors to hold office until the conclusion of the next Annual General Meeting ofthecompany.

CORPORATE GOVERNANCE

As a listed company, necessary measures have been taken to comply with the listing agreements of Stock Exchanges. A report on Corporate Governance, along with a certificate of compliance from the Auditors, Forms part of this Report as Annexure.

ACKNOWLEDGEMENTS

Your directors would like to express their grateful appreciation for assistance and co-operation received from clients, banks, investors. Government, other statutory authorities and all others associated with the company. Your directors also wish to place on record their deep sense of appreciation for the excellent contribution made by the employees at all levels, which enabled the company to achieve sustained growth in the operational performance during the year under review.

Declaration by Managing Director of affirmation by Directors and senior Management personnel of compliance with the code of conduct

To

The shareholders,

I, Dr.Dhananjaya Alii, Managing Director of the Company do hereby declare that the Directors and senior management of the Company have exercised their authority and powers and discharged their duties and functions in accordance with the requirements of the code of conduct as prescribed by the company and have adhered to the provisions of the same.

FOR AND ON BEHALF OF THE BOARD OF VISTA PHARMACEUTICALS LIMITED

Dr. DHANANJAYA ALLI Managing Director

Date: 02.05.2011 G. NARENDRA

Place: Hyderabad Director


Mar 31, 2010

The Directors have pleasure in presenting the 19th Annual Report together with the Audited Statements of Account for the year ended 31st March, 2010.

FINANCIAL RESULTS

Current Year Previous Year

2009-10 2008-09

(Rs) (Rs)

Income 80,72,938 1,82,89,711

Expenditure 1,87,06,372 2,51,34,086

Depreciation 28,68,931 27,30,054

Profit/(Loss) for the year (-)l ,35,02,365 (-) 95,74,428

(Loss) Brought forward (-)7,69,37,140 (-)6,73,20,712

Fringe Benefit Tax - (-) 42,000

Prior period adjustments (-) 250 -

(Loss) carried forward (-)9,04,39,256 (-)7,69,37,140

OPERATIONS:



During the year under review the company has recorded a turnover of Rs.80.14 lakhs against the turnover of Rs.182.30 lakhs in the previous year.

DIVIDEND:

No dividend has been recommended by Board of Directors during the financial year 2009-10.

PUBLIC DEPOSITS:

Your.Company has not accepted any deposits falling within the meaning of Sec.58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposits) Rules, during the financial year under review.

.LISTING:

The equity shares of your company are listed on The Bombay Stock Exchange Limited

DIRECTORS:

In accordance with the Companies Act, 1956 read with Articles of Association of the company the Director, M. M.H. Rao and Mr. Y.V. Rao retire by rotation and are eligible for reappointment.

Your Board recommends the re-apppintment of the Directors above.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Scc.217 (2AA) of the Companies Act, 1956 the Board of Directors of your Company hereby certifies and confirms that:

i. In the preparation of the Annual Accounts, the 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 judgment 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 financial year 2009-10

iii. 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. The Directors have prepared the Annual accounts on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AN D OUT GO:

The required information as per Sec.217 (1) (e) of the Companies Act 1956 is provided hereunder:

B. Research and Development (R&D)

1. Specific: areas in which R&D carried out by the Company:

Development of generic products for US market. Improvement & cost reduction of existing products. Stability studies on all of the above products.

2.. Benefits derived as a result of the above R&D:

Developed OTC as well as prescription products for USA market and also products for South American, African and European markets.

Technology Absorption, Adoption and innovation:

1. Efforts in brief made towards technology absorption, adoption and innovation:

The Company has neither absorbed nor adopted any new technology. The Company has also not made any innovation in technology other than the R & D efforts mentioned above.

2. Benefits derived as a result of the above efforts : No benefits derived in the year under review.

3. In case of imported technology following information may be furnished. No Technology is imported during financial year 2009 - 10.

PARTICULARS OF EMPLOYEES:

There is no employee who is falling under section 217(2A). Therefore the disclosures required to be made under section 217(2A) of the companies Act, 1956 and the rules made there under arc not applicable.

CODE OF CONDUCT:

The Code has been circulated to all the members of the Board and Senior Management and the compliance of the same has been affirmed by them.

AUDITORS

M/s. PRV Associates, Chartered Accountant retire at the ensuing Annual General Meeting and being eligible have expressed willingness for re-appointment. Your directors propose the appointment of M/s. PVR Associates, Chartered Accountant, as statutory auditor to hold office until the conclusion of the next Annual General Meeting of the company.

CORPORATE GOVERNANCE

As a listed company, necessary measures have been taken to comply with the listing agreements of Stock Exchanges. A report on Corporate Governance, along with a certificate of compliance from the Auditors, Forms part of this Report as Annexure.

ACKNOWLEDGEMENTS

Your directors would like to express their grateful appreciation for assistance and co-operation received from clients, banks, investors, Government, other statutory authorities and all others associated with the company. Your directors also wish to place on record their deep sense of appreciation for the excellent contribution made by the employees at all levels, which enabled the company to achieve sustained growth in the operational performance during the year under review.

FOR AND ON BEHALF OF THE BOARD OF

VISTA PHARMACEUTICALS LIMITED

Dr. DHANANJAYA ALLI

Managing Director

Date: 30-08-2010 G. NARENDRA

Place: Hyderabad Director

 
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