Mar 31, 2016
DIRECTORS REPORT
Dear Members,
The Directors have pleasure in presenting the Eighteenth Annual Report of your Company along with the audited Statement of Accounts for the financial year ended 31st March 2016. The Report also includes the Management Discussion and Analysis Report in accordance with the Guidelines on Corporate Governance and Financial Statements.
The highlights of the financial results for the year 2015-16 in comparison to the year 2014-15 are as follows:
Rs.In Lakhs)
Particulars |
2015-16 |
2014-15 |
Sales |
3285.54 |
2745.07 |
Other income |
28.95 |
NIL |
Total revenue |
3314.49 |
2745.07 |
Profit before Depreciation |
755.61 |
828.81 |
Depreciation |
570.55 |
705.89 |
Profit Before Tax |
185.06 |
122.92 |
Deferred Tax |
(58.22) |
(30.11) |
Provision for MAT |
35.26 |
23.42 |
Provision for FBT |
NIL |
NIL |
Net Profit for the year |
208.01 |
129.61 |
Profit & Loss Account balance brought forward |
2378.11 |
2261.48 |
Dividend |
NIL |
NIL |
Corporate Dividend Tax |
NIL |
NIL |
Performance
We have been able to achieve a turnover of Rs.3285.54Lacs. The percentage increase in the turnover is 20% and increase in net profit is 60% respectively when compared to that of previous year.
Future Outlook
Celestial has already launched Cadalmin GAe (a drug to treat arthritis) in collaboration with CMFRI Cochin(a prestigious ICAR Institute). Cadalmin anti-diabities natural drug shall be launched shortly .Celestial plans to advertise these two product in addition to biovita ( A natural health Drink) and Trem ( A fairness herbal cream) in the leading newspaper in ten states to increase the business volume. Further initiatives of demerger of research and developmental activities and focused collaborative research commerce shall be of great advantage to shareholders. Many leading pharmaceuticals majors have already taken leading steps in this regard and got huge benefits. In the domain of herbal and enzyme research, our efforts may be treated as a leading and land mark steps. Initiatives have already been taken to establish collaborative commerce activities in herbal products research with German and Japanese institutions.
Dividend
The Company has not declared any dividend during the year.
Corporate Governance
As per Regulation 27(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a separate section on Corporate Governance is enclosed herewith which forms part of the Annual Report. A certificate from the Auditors of the Company on compliance with the conditions of Corporate Governance as stipulated under the Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed to this Report.
Management Discussion and Analysis
A detailed section of the Management Discussion and Analysis for the period under review as required under Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is given as a separate statement forming part of the Annual Report.
Directorsâ Responsibility Statement:
Pursuant to the requirement under Section 134 of the Companies Act, 2013 with respect to the Directorâs Responsibility Statement, it is hereby confirmed.
i. that in the preparation of the accounts for the financial year ended 31st March 2016, the applicable accounting standards have been followed along with proper explanations for marking all departures, if any.
ii. 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.
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, 2013 for safeguarding the assets of the company and from preventing and detecting fraud and other irregularities.
iv. that the directors have prepared the accounts for the financial year ended 31st March 2016 on a going concern basis
v. the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and
vi. the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively
Directors& Key Managerial Personnel (KMP)
Directors
In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Company, Dr.Jeetainder Roy Gour retired by rotation and being eligible has offered himself for reappointment.
Key Managerial Personnel
The company is taking steps to appoint Key Managerial Personnel as required under Section.203 of the Companies Act, 2013
Committees of the Board
Currently, the Board has three committees: the audit committee, the nomination and remuneration committee and the stakeholders relationship committee. A detailed note on the composition of the Board and its committees is provided in the Corporate governance report section of this Annual Report.
Declaration from Independent directors on Annual Basis
The Company has received necessary declaration from each independent director under Section 149(7) of the Companies Act,2013, that he / she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 25 of SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015.
Number of meetings of the board
The Board met Eight times during the financial year, the details of which are given in the Corporate governance report. The maximum interval between any two meetings did not exceed 120 days, as prescribed in the Companies Act, 2013.
Board Evaluation
SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015, mandates that the Board shall monitor and review the Board evaluation framework. The framework includes the evaluation of directors on various parameters such as:
- Board dynamics and relationships
- Information flows
- Decision-making
- Relationship with stakeholders
- Company performance and strategy
- Tracking Board and committeesâ effectiveness
- Peer evaluation
The Companies Act, 2013 states that a formal annual evaluation needs to be made by the Board of its own performance and that of its committees and individual directors. Schedule IV of the CompaniesAct,2013 states that the performance evaluation of independent directors shall be done by the entire Board of Directors, excluding the director being evaluated.
The evaluation of all the directors and the Board as a whole was conducted based on the criteria and framework adopted by the Board.
Policy on directorsâ appointment and remuneration and other details
The Companyâs policy on directorsâ appointment and remuneration and other matters provided in Section 178(3) of the Act has been disclosed in the corporate governance report, which forms part of the directorsâ report
Disclosure as required under Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014
The Disclosure as required under Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 is given in Annexure - A to the Board Report.
Information as per rule 5(2) of Chapter XIII, the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
There are no employees in the company whose remuneration is more than Rs.8.50 Lacs per month or Rs.102.00 Lacs per annum (or) any part thereof. The details of top 10 employees of the Company in terms of remuneration drawn during the year is given in Annexure - B to the Board Report.
Code of conduct for the prevention of insider trading
The Board of Directors has adopted the Insider Trading Policy in accordance with the requirements of the SEBI (Prohibition of Insider Trading) Regulation, 2015. The Insider Trading Policy of the Company lays down guidelines and procedures to be followed, and disclosures to be made while dealing with shares of the Company, as well as the consequences of violation. The policy has been formulated to regulate, monitor and ensure reporting of deals by employees and to maintain the highest ethical standards of dealing in Company securities.
The Insider Trading Policy of the Company covering code of practices and procedures for fair disclosure of unpublished price sensitive information and code of conduct for the prevention of insider trading, is available on our website.
Listing Agreement
The Securities and Exchange Board of India (SEBI), on September 2,2015, issued SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015 with the aim to consolidate and streamline the provisions of the Listing Agreement for different segments of capital markets to ensure better enforceability. The said regulations were effective December 1, 2015. Accordingly, all listed entities were required to enter into the Listing Agreement within six months from the effective date. The Company entered into Listing Agreement with BSE Limited and the National Stock Exchange of India Limited during February, 2016.
Internal Control System & Internal financial control and its adequacy
The Board has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial disclosures.
Your Company has established a robust system of internal controls to ensure that assets are safeguarded and transactions are appropriately authorized, recorded and reported. The Audit Committee of the Board addresses significant issues raised by both, the Internal Auditors and the Statutory Auditors. The Company believes that the overall internal control system is dynamic and reflects the current requirements at all times, hence ensuring that appropriate procedures and controls, in operating and monitoring practices are in place. Your Company is proactively identifying the areas for further improvement which shall remain an ongoing process.
Significant and material orders
There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Companyâs operations in future.
Particulars of contracts or arrangements with related parties referred in Sub - Section (1) of Section 188
Details of transactions with related parties falling under the scope of Section 188(1) of the Act & Information on transactions with related parties pursuant to Section 134(3)(h) of the Act read with rule 8(2) of the Companies (Accounts) Rules, 2014 (Form No. AOC.2) is given in Annexure - C to the Board Report.
Auditors
Pursuant to the provisions of Section 139 of the Act and the rules framed the reunder, M/s Lakshmi Purna & Associates, Chartered Accountants, were appointed as statutory auditors of the Company from the conclusion of the sixteenth annual general meeting (AGM) of the Company held on November 15, 2014 till the conclusion of the nineteenth Annual General Meeting to be held in the year 2017, subject to ratification of their appointment at every AGM. Accordingly, the appointment of M/s Lakshmi Purna & Associates, Chartered Accountants, as statutory auditors of the Company, is placed for ratification by the shareholders.
Secretarial Auditor
Pursuant to the provisions of Section 204 of the Act and the rules framed there under, M/s. GMVDR& Associates, Company Secretaries were appointed as Secretarial Auditors of the Company and the Secretarial Audit Report issued by them for the financial year 2015-16 is made a part of this Report.
Extract of the annual return of the Company
As provided under Section 92(3) of the Act, the extract of annual return is given in Annexure - D in the prescribed Form MGT-9, which forms part of this report.
Qualifications in Auditorsâ report and secretarial auditorsâ report
The auditorsâ report does not contain any qualifications, reservations or adverse remarks. Replies to qualifications in Secretarial Audit Report are annexed to this report.
Particulars of loans, guarantees or investments
The particulars of loans, guarantees and investments have been disclosed in the financial statements
Material changes and commitments if any affecting the financial position of the company
There are no material changes and commitments affecting the financial position of the Company from the date of closure of financial year to the date of Board Report.
Charges
The Company has not availed loans from any Bank / Financial Institutions during the financial year under review.
Fixed Deposits
The Company has not accepted any fixed deposits during the year under review. As such no amount of principal or interest was outstanding on the date of the Balance Sheet.
Unpaid / Unclaimed Dividend
The company is in the process of transferring Dividend which is unclaimed for a period of 7 years to Investor Education & Protection Fund (IEPF).
Vigil Mechanism
Your Company has adopted a Whistle Blower Policy to report to the management about instances of unethical behaviors, actual or suspected fraud or violation of the Companyâs code of conduct or ethics policy. Under the policy, the employees can approach Companyâs Ethics Counselor/ Chairman of Audit Committee directly.
Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo:
Additional information on conservation of energy, technology absorption and foreign exchange earnings and outgo as required to be disclosed in terms of Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 is given in Annexure - E and forms part of this report.
Employee Relations
During the year under review, the company has enjoyed cordial relationship with all section of employees. The company believes that the employees play a vital role in increasing the turnover and profitability of the company and the strength of the company lie in harnessing the manpower in achieving sustained long-term growth in all spheres.
Acknowledgements
Your Directors would like to express their sincere appreciation for the assistance and co-operation received from the financial institutions, banks, Government authorities, customers, vendors and members during the year under review. Your company wishes to place on record its appreciation of employees at all levels for their dedicated contribution towards growth of the company.
For and on behalf of the Board of Directors
For Celestial Biolabs Limited
Place: Hyderabad Dr A N Singh
Date : 30.11.2016 (Chairman & Managing Director)
DIN:01756827
Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting the Seventeenth Annual
Report of your Company along with the audited Statement of Accounts for
the financial year ended 31st March 2015. The Report also includes the
Management Discussion and Analysis Report in accordance with the
Guidelines on Corporate Governance and consolidated Financial
Statements.
The highlights of the financial results for the year 2014-15 in
comparison to the year 2013-14 are as follows:
(Rs.In Lakhs)
Particulars 2014-15 2013-14
Sales 2745.07 2350.34
Profit before Depreciation 828.81 553.48
Depreciation 705.89 498.23
Profit Before Tax 122.92 55.25
Deferred Tax (30.11) (39.68)
Provision for MAT 23.43 10.53
Provision for FBT NIL NIL
Net Profit for the year 129.60 84.40
Profit & Loss Account balance brought
forward 2261.48 2185.52
Dividend NIL NIL
Corporate Dividend Tax NIL NIL
Performance
We have been able to achieve a turnover of Rs. 2745.07 Lacs. The
percentage increase in the turnover is 17% and increase in net profit
is 54% respectively when compared to that of previous year.
Future Outlook
Celestial has already launched Coalmine Gae (a drug to treat arthritis)
in collaboration with CMFRI Cochin(a prestigious ICAR Institute).
Coalmine anti-diabities natural drug shall be launched shortly
Celestial plans to advertise these two product in addition to biovita (
A natural health Drink) and trem ( A fairness herbal cream) in the
leading newspaper in ten states to increase the business volume.
Dividend:
The Company has not declared any dividend during the year.
Corporate Governance:
As per Clause 49 of the Listing Agreement with the Stock exchanges, a
separate section on Corporate Governance is enclosed herewith which
forms part of the Annual Report. A certificate from the Auditors of the
Company on compliance with the conditions of Corporate Governance as
stipulated under the Clause 49 of the Listing Agreement is annexed to
this Report.
Management Discussion and Analysis:
A detailed section of the Management Discussion and Analysis for the
period under review as required under Clause 49 of the Listing
Agreement is given as a separate statement forming part of the Annual
Report.
Directors' Responsibility Statement:
Pursuant to the requirement under Section 134 of the Companies Act,
2013 with respect to the Director's Responsibility Statement, it is
hereby confirmed. i. that in the preparation of the accounts for the
financial year ended 31st March 2015, the applicable accounting
standards have been followed along with proper explanations for marking
all departures, if any. ii. 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. 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, 2013 for
safeguarding the assets of the company and from preventing and
detecting fraud and other irregularities.
iv. that the directors have prepared the accounts for the financial
year ended 31st March 2015 on a going concern basis v. the Directors
have laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and are
operating effectively; and vi. the Directors have devised proper
systems to ensure compliance with the provisions of all applicable laws
and that such systems are adequate and operating effectively Directors
& Key Managerial Personnel (KMP) Directors
In accordance with the provisions of the Companies Act, 2013 and the
Articles of Association of the Company, Smt. Padma Singh retired by
rotation and being eligible has offered herself for re-appointment.
During the period under review, Dr. Sivakumar Bhattiprolu, Director
resigned from the Board with effect from 15.11.2014. The Board places
on record his appreciation and gratitude for his guidance and
contribution during his association with the Company.
Key Managerial Personnel
The company is taking steps to appoint Key Managerial Personnel as
required under Section.203 of the Companies Act, 2013
Declaration from Independent directors on Annual Basis
Pursuant to the provisions of Section 149 of the Act, which came into
effect from April 1, 2014, Dr.Jeetainder Roy Gour (DIN 02810147) and
Dr. D C Sastri (DIN 02682897) were appointed as independent directors
at the annual general meeting of the Company held on November 15th,
2014. The terms and conditions of appointment of independent directors
are as per Schedule IV of the Act. They have submitted a declaration
that each of them meets the criteria of independence as provided in
Section 149(6) of the Act and there has been no change in the
circumstances which may affect their status as independent director
during the year
Number of meetings of the board Seven meetings of the board were held
during the year. For details of the meetings of the board, please refer
to the corporate governance report, which forms part of this report
Board Evaluation
The board of directors has carried out an annual evaluation of its own
performance, Board committees and individual directors pursuant to the
provisions of the Act and the corporate governance requirements as
prescribed by Securities and Exchange Board of India ("SEBI") under
Clause 49 of the Listing Agreements ("Clause 49"). The performance of
the Board was evaluated by the Board after seeking inputs from all the
directors on the basis of the criteria such as the Board composition
and structure, effectiveness of board processes, information and
functioning, etc. The performance of the committees was evaluated by
the board after seeking inputs from the committee members on the basis
of the criteria such as the composition of committees, effectiveness of
committee meetings, etc. The Board and the Nomination and Remuneration
Committee ("NRC") reviewed the performance of the individual directors
on the basis of the criteria such as the contribution of the individual
director to the Board and committee meetings like preparedness on the
issues to be discussed, meaningful and constructive contribution and
inputs in meetings, etc. In addition, the Chairman was also evaluated
on the key aspects of his role. In a separate meeting of independent
Directors, performance of non-independent directors, performance of the
board as a whole and performance of the Chairman was evaluated, taking
into account the views of executive directors and non-executive
directors. The same was discussed in the board meeting that followed
the meeting of the independent Directors, at which the performance of
the Board, its committees and individual directors was also discussed.
Policy on directors' appointment and remuneration and other details
The Company's policy on directors' appointment and remuneration and
other matters provided in Section 178(3) of the Act has been disclosed
in the corporate governance report, which forms part of the directors'
report Disclosure as required under Rule 5 of Companies (Appointment
and Remuneration of Managerial Personnel) Rules 2014
The Disclosure as required under Rule 5 of Companies (Appointment and
Remuneration of Managerial Personnel) Rules 2014 is given in Annexure -
A to the Board Report.
Particulars of contracts or arrangements with related parties referred
in Sub - Section (1) of Section 188 Details of transactions with
related parties falling under the scope of Section 188(1) of the Act &
Information on transactions with related parties pursuant to Section
134(3)(h) of the Act read with rule 8(2) of the Companies (Accounts)
Rules, 2014 (Form No. AOC.2) is given in Annexure - B to the Board
Report.
Auditors
Pursuant to the provisions of Section 139 of the Act and the rules
framed there under, M/s Lakshmi Purna & Associates, Chartered
Accountants, were appointed as statutory auditors of the Company from
the conclusion of the sixteenth annual general meeting (AGM) of the
Company held on November 15, 2014 till the conclusion of the ninteenth
Annual General Meeting to be held in the year 2017, subject to
ratification of their appointment at every AGM.
Secretarial Auditor
Pursuant to the provisions of Section 204 of the Act and the rules
framed there under, M/s.GMVDR & Associates, Company Secretaries were
appointed as Secretarial Auditors of the Company and the Secretarial
Audit Report issued by them for the financial year 2014-15 is made a
part of this Report.
Cost Audit
Cost Audit for financial year 2014-15 is not applicable in view of the
Cost Audit Amendment Rules, 2014, Government of India, Ministry of
Corporate Affairs, Notification, New Delhi, dated 31.12.2014
Extract of the annual return of the Company
As provided under Section 92(3) of the Act, the extract of annual
return is given in Annexure - C in the prescribed Form MGT-9, which
forms part of this report.
Qualifications in Auditors' report and secretarial auditors' report
The auditors' report does not contain any qualifications, reservations
or adverse remarks. Replies to qualifications in Secretarial Audit
Report are annexed to this report.
Particulars of loans, guarantees or investments
The particulars of loans, guarantees and investments have been
disclosed in the financial statements
Material changes and commitments if any affecting the financial
position of the company
There are no material changes and commitments affecting the financial
position of the Company from the date of closure of financial year to
the date of Board Report.
Charges
The Company has not availed loans from any Bank / Financial
Institutions during the financial year under review.
Fixed Deposits
The Company has not accepted any fixed deposits during the year under
review. As such no amount of principal or interest was outstanding on
the date of the Balance Sheet.
Unpaid / Unclaimed Dividend
Dividend which is unclaimed for a period of 7 years shall be
transferred to Investor Education & Protection Fund (IEPF).
Internal Control
Your Company has established a robust system of internal controls to
ensure that assets are safeguarded and transactions are appropriately
authorized, recorded and reported. The Audit Committee of the Board
addresses significant issues raised by both, the Internal Auditors and
the Statutory Auditors. The Company believes that the overall internal
control system is dynamic and reflects the current requirements at all
times, hence ensuring that appropriate procedures and controls, in
operating and monitoring practices are in place. Your Company is
proactively identifying the areas for further improvement which shall
remain an ongoing process.
Risk Management
The Board of the Company has formed a risk management committee to
frame, implement and monitor the risk management plan for the Company.
The committee is responsible for reviewing the risk management plan and
ensuring its effectiveness. The audit committee has additional
oversight in the area of financial risks and controls. Major risks
identified by the businesses and functions are systematically addressed
through mitigating actions on a continuing basis. The development and
implementation of risk management policy has been covered in the
management discussion and analysis, which forms part of this report.
Vigil Mechanism
Your Company has adopted a Whistle Blower Policy to report to the
management about instances of unethical behaviours, actual or suspected
fraud or violation of the Company's code of conduct or ethics policy.
Under the policy, the employees can approach Company's Ethics
Counsellor/ Chairman of Audit Committee directly.
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo:
Additional information on conservation of energy, technology absorption
and foreign exchange earnings and outgo as required to be disclosed in
terms of Section 134(3)(m) of the Companies Act, 2013 read with the
Companies (Accounts) Rules, 2014 is given in Annexure - D and forms
part of this report.
Employee Relations
During the year under review, the company has enjoyed cordial
relationship with all section of employees. The company believes that
the employees play a vital role in increasing the turnover and
profitability of the company and the strength of the company lie in
harnessing the manpower in achieving sustained long-term growth in all
spheres.
Acknowledgements
Your Directors would like to express their sincere appreciation for the
assistance and co-operation received from the financial institutions,
banks, Government authorities, customers, vendors and members during
the year under review. Your company wishes to place on record its
appreciation of employees at all levels for their dedicated
contribution towards growth of the company.
For and on behalf of the Board of Directors
For Celestial Biolabs Limited
Place: Hyderabad Dr A N Singh
Date : 22.10.2015 (Chairman & Managing Director)
DIN: 01756827
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the Sixteenth Annual Report
of your Company along with the audited Statement of Accounts for the
financial year ended 31st March 2014. The Report also includes the
Management Discussion and Analysis Report in accordance with the
Guidelines on Corporate Governance and consolidated Financial
Statements. The highlights of thefinancial results for the year
2013-14 in comparison to the year 2012-13 are as follows:
(Rs. In Lakhs)
Particulars 2013-14 2012-13
Sales 235034 2119.55
Profit before Depreciation 553.48 504.38
Depreciation 498.23 473.23
Profit Before Tax 55.25 31.15
Deferred Tax (39.68) (45.64)
Provision for MAT 10.53 5.94
Provision for FBT NIL NIL
Net Profit for the year 84.40 70.85
Profit & Loss Account balance brought forward 2185.52 2121.75
Dividend NIL NIL
Corporate Dividend Tax NIL NIL
Performance
We have been able to achieve a turnover of Rs. 2350.34 Lacs. The
percentage increase in the turnover is 11% and increase in net profit
is 19% respectively when compared to that of previous year.
Future Outlook:
We have 55 approved herbal formulations and we are in the process of
validating our efficacy claim by introducing Animal model preclinical
and clinical research trail as applicable by regulatory authorities. We
have already started making effort to take our most of the products to
OTC route so that our products can be available and taken across retail
counters in India.. Our objective is to introduce at least one Research
product every year in the market. Cadalmin Gae to treat Arthritis has
already been launched in Indian market and we have extremely good
response from the consumers
Corporate Governance:
As per Clause 49 of the Listing Agreement with the Stock exchanges, a
separate section on Corporate Governance is enclosed herewith which
forms part of the Annual Report. A certificate from the Auditors of the
Company on compliance with the conditions of Corporate Governance as
stipulated under the Clause 49 of the Listing Agreement is annexed to
this Report.
Management Discussion and Analysis:
A detailed section of the Management Discussion and Analysis for the
period under review as required under Clause 49 of the Listing
Agreement is given as a separate statement forming part of the Annual
Report.
Employee Relations:
During the year under review, the company has enjoyed cordial
relationship with almost all section of employees. The company believes
that the employees play a vital role in increasing the turnover and
profitability of the company and the strength of the company lie in
harnessing the manpower in achieving sustained long-term growth in all
spheres. Retaining Good and Efficient manpower is an challenge and
management has decided to offer company shares to the employees by
taking a view of their contribution and Nos of years they have served
the company. The company is also planning to reward its business
associates who are with the company from longer duration.
Corporate Social responsibility
Through the years, Celestial Biolabs Limited has strived to make the
world around it a better place. Corporate Social Responsibility (CSR)
is an integral part of our business. The Company undertakes all its
operations with a high concern and sincerity for environment and its
surroundings as well as the safety and health of people. Apart from
regular medical initiatives, we have also been working in the domain of
rural development. It works closely towards the development of society,
in line with its philosophy of creating happier and healthier society.
The Company regularly takes initiatives in providing medicines at free
of cost to the poor villagers. The company conducting this program with
the help of AWAKE RESEARCH AND SERVICE FOUNDATION an voluntary service
organization that create awareness about health and water and energy
conservation among the people
Directors:
a. Dr B Siva Kumar retired by rotation and he expressed his un willing
ness to be re-appointed. Hence the shareholders may decide on the
vacancy caused.
b. Pursuant to Section 149(4) of the Companies Act, 2013, it is
proposed that Dr. Jeetainder Roy Gour be appointed as Independent
Director with effect from 1-4-2014 and shall hold office up to
31-03-2019. The company has received requisite notice for the Director
in writing from members proposing his name as Independent Director. The
company has received declaration from the Independent Director of the
company confirming that he meet the criteria of independence as
prescribed under Sub Section 5 of Section 149 of Companies Act, 2013
c. Pursuant to Section 149(4) of the Companies Act, 2013, it is
proposed that D C Sastri be appointed as Independent Director with
effect from 15.11-2014 and shall hold office up to 14.11-2019. The
company has received requisite notice for the Director in writing from
members proposing his name as Independent Director. The company has
received declaration from the Independent Director of the company
confirming that he meet the criteria of independence as prescribed
under Sub Section 5 of Section 149 of Companies Act, 2013
Auditors:
The existing Statutory Auditors, M/s. Lakshmi Purna & Associates,
Chartered Accounts retire at the ensuing Annual General Meeting and has
confirmed their eligibility and willingness to accept office, if
re-appointed.
Internal Control Systems:
Your Company has established a robust system of internal controls to
ensure that assets are safeguarded and transactions are appropriately
authorized, recorded and reported. The Audit Committee of the Board
addresses significant issues raised by both, the Internal Auditors and
the Statutory Auditors. The Company believes that the overall internal
control system is dynamic and reflects the current requirements at all
times, hence ensuring that appropriate procedures and controls, in
operating and monitoring practices are in place. Your Company is
proactively identifying the areas for further improvement which shall
remain an ongoing process.
Directors'' Responsibility Statement:
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility statement, it is
hereby confirmed.
i. 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 explanations for marking all departures, if
any. ii. 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. 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 from preventing and detecting fraud and other
irregularities. iv. that the directors have prepared the accounts for
the financial year ended 31st March 2014 on a going concern basis.
Particulars of employees
The Information required under section 217(2A) of the Companies Act,
1956 read with the companies (Particulars of Employees) (Amendment )
Rules 2002, be treated as NIL as none of the employees of the company
draw remuneration in excess of Rs.5,00,000 P.M.
Fixed deposits
The Company has not accepted any deposits within the meaning of Section
58A of the Companies Act 1956 and the Rules made there under.
Acknowledgments
Your Company places on record their appreciation of the continued
support and co-operation received from Government of Andhra Pradesh,
State Bank of India and ICICI Bank Limited for their kind cooperation.
Your company also thanks vendors, customers, consultants, auditors and
other who have been assisting and guiding the company in various facts
of operation. Your company wishes to place on record its appreciation
of employees at all levels for their dedicated contribution towards
growth of the company.
For and on behalf of the Board of Directors
Place: Hyderabad Dr A N Singh
Date : 14.10.2014 (Chairman & Managing Director)
DIN: 01756827
Mar 31, 2013
Dear Members,
The Directors have pleasure in presenting the Fifteenth Annual Report
of your Company along with the audited Statement of Accounts for the
financial year ended 31st March 2013. The Report also includes the
Management Discussion and Analysis Report in accordance with the
Guidelines on Corporate Governance and consolidated Financial
Statements.
The highlights of the financial results for the year 2012-13 in
comparison to the year 2011-12 are as follows:
(Rs. In Lakhs)
Particulars 2012-13 2011-12
Sales 2119.55 2102.20
Profit before Depreciation 504.38 401.71
Depreciation 473.23 373.30
Profit Before Tax 31.15 28.41
Deferred Tax (45.64) (70.67)
Provision for MAT 5.94 7.57
Provision for FBT NIL NIL
Net Profit for the year 70.85 91.51
Profit & Loss Account balance brought forward 2121.75 2039.39
Dividend NIL NIL
Corporate Dividend Tax NIL NIL
Performance
We have been able to achieve a turnover of Rs.2119.55 Lacs. The
percentage increase in the turnover is 3% and decrease in net profit is
17% respectively when compared to that of previous year. The
Performance has not been satisfactory because of returned stocks and
certain bad debts.
Future Outlook:
Although, we have passed through a very tough time, but we have
achieved tremendous success in product development, product
formulation, standardization etc. Cadalmin introduction in Indian
market shall bring the desired result as there is huge demand across
India. Every effort is being made to ensure the availability of this
product in all the states in India. In view of the need of the
products, it has been priced very reasonably so that people can afford
to opt for effective treatment. Normally, to treat arthritis. An
individual spends on an average of about Rs 5000 to Rs 6000 per month,
but cadalmin may cost about Rs 1200/ per month. This product do not
have any side effect and the improvement shall be visible from first
month of usage. The company is very confident of building a very decent
business volume in due course of time..Our effort shall be to penetrate
in south east Asian and African market with Cadalmin and Biovita very
soon.
Corporate Governance:
As per Clause 49 of the Listing Agreement with the Stock exchanges, a
separate section on Corporate Governance is enclosed herewith which
forms part of the Annual Report. A certificate from the Auditors of the
Company on compliance with the conditions of Corporate Governance as
stipulated under the Clause 49 of the Listing Agreement is annexed to
this Report.
Management Discussion and Analysis:
A detailed section of the Management Discussion and Analysis for the
period under review as required under Clause 49 of the Listing
Agreement is given as a separate statement forming part of the Annual
Report.
Employee Relations:
During the year under review, the company has enjoyed cordial
relationship with almost all section of employees. The company believes
that the employees play a vital role in increasing the turnover and
profitability of the company and the strength of the company lie in
harnessing the manpower in achieving sustained long-term growth in all
spheres. Retaining Good and Efficient manpower is an challenge and
management has decided to offer company shares to the employees by
taking a view of their contribution and Nos of years they have served
the company. The company is also planning to reward its business
associates who are with the company from longer duration.
Sweat Equity Shares:
It is proposed to allot Sweat Equity shares to Dr.A.N Singh for the
balance amount of Rs.4.91 crores (approx.)
Corporate Social responsibility
Through the years, Celestial Biolabs Limited has strived to make the
world around it a better place. Corporate Social Responsibility (CSR)
is an integral part of our business. The Company undertakes all its
operations with a high concern and sincerity for environment and its
surroundings as well as the safety and health of people. Apart from
regular medical initiatives, we have also been working in the domain of
rural development. It works closely towards the development of society,
in line with its philosophy of creating happier and healthier society.
The Company regularly takes initiatives in providing medicines at free
of cost to the poor villagers. The company conducting this program with
the help of AWAKE RESEARCH AND SERVICE FOUNDATION an voluntary service
organization that create awareness about health and water and energy
conservation among the people
Directors:
Smt. Padma Singh retired by rotation and being eligible has offered
herself for re-appointment. The brief profiles of the director seeking
appointment/reappointment at the ensuing Annual General Meeting are
presented in the Annual Report.
Auditors:
The existing Statutory Auditors, M/s. Lakshmi Purna & Associates,
Chartered Accounts retire at the ensuing Annual General Meeting and has
confirmed their eligibility and willingness to accept office, if
re-appointed.
Internal Control Systems:
Your Company has established a robust system of internal controls to
ensure that assets are safeguarded and transactions are appropriately
authorized, recorded and reported. The Audit Committee of the Board
addresses significant issues raised by both, the Internal Auditors and
the Statutory Auditors. The Company believes that the overall internal
control system is dynamic and reflects the current requirements at all
times, hence ensuring that appropriate procedures and controls, in
operating and monitoring practices are in place. Your Company is
proactively identifying the areas for further improvement which shall
remain an ongoing process.
Directors'' Responsibility Statement:
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility statement, it is
hereby confirmed.
i. that in the preparation of the accounts for the financial year
ended 31st March 2013, the applicable accounting standards have been
followed along with proper explanations for marking all departures, if
any.
ii. 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.
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 from preventing and detecting fraud and other
irregularities.
iv. that the directors have prepared the accounts for the financial
year ended 31st March 2013 on a going concern basis.
Particulars of employees
The Information required under section 217(2A) of the Companies Act,
1956 read with the companies (Particulars of Employees) (Amendment )
Rules 2002, be treated as NIL as none of the employees of the company
draw remuneration in excess of Rs.5,00,000 P.M.
Fixed deposits
The Company has not accepted any deposits within the meaning of Section
58A of the Companies Act 1956 and the Rules made there under.
Acknowledgements
Your Company places on record their appreciation of the continued
support and co-operation received from Government of Andhra Pradesh,
State Bank of India and ICICI Bank Limited for their kind cooperation.
Your company also thanks vendors, customers, consultants, auditors and
other who have been assisting and guiding the company in various facts
of operation.
Your company wishes to place on record its appreciation of employees at
all levels for their dedicated contribution towards growth of the
company.
For and on behalf of the Board of Directors
Place: Hyderabad Dr A N Singh
Date: 14.08.2013 (Chairman & Managing Director)
Mar 31, 2012
Dear Members,
The Directors have pleasure in presenting the Fourteenth Annual Report
of your Company along with the audited Statement of Accounts for the
financial year ended 31st March 2012. The Report also includes the
Management Discussion and Analysis Report in accordance with the
Guidelines on Corporate Governance and consolidated Financial
Statements.
The highlights of the financial results for the year 2011-12 in
comparison to the year 2010-11 are as follows:
(Rs. In Lakhs)
Particulars 2011-12 2010-11
Sales 2102.20 2532.86
Profit before Depreciation 401.71 592.71
Depreciation 373.30 315.51
Profit Before Tax 28.41 278.79
Deferred Tax (70.67) (20.22)
Provision for MAT 7.57 56.86
Provision for FBT NIL NIIL
Net Profit for the year 91.51 242.15
Profit & Loss Account balance
brought forward 2039.39 1821.46
Dividend NIL NIL
Corporate Dividend Tax NIL NIL
Performance
We have been able to achieve a turnover of Rs.2102.20 Lakhs. The
percentage decrease in the turnover is 17% and decrease in net profit
is 62% respectively when compared to that of previous year. The
Performance has not been satisfactory because of returned stocks and
certain bad debts.
Future Outlook:
The company Products have been very well accepted in 8 states of Indian
market. Products in the categories of Herbal, Allopathic and Feed
supplements of Alpha amylase and Phytase combinations have created very
good demand among users. Our products like Biovita, Celdigest,
Rhumacel, Bioliv, Celclear, Gynocel, O-kof, C-kaps, Trem and Relifin
in Herbal range and Equibact, Kcvin-500, Nitfur-SR, Entilin,Cel-
D-Zyme, Knitcream and Lysirin in allopathic range and Celzyme phytase,
Celzyme-MLBP and Celzyme- CELCAF in Enzyme Feed supplement have created
very positive impact in the market. We are making every effort to meet
the demand and trying to expand in all the states to increase the
volume and capture a healthy market share.
We are also trying to modify, revamp and update, healthcare portal
Celsanjeevani and also Healthcare ERP products to increase online and
offline sale of Software and healthcare products. The company shall be
immensely benefitted with these updated versions. Our Corporate and
product development facility at Nacharam ( Hyderabad city) is
operational and we are likely to increase the working strength in
Celsanjeevani.
Our Production facility at Genome valley shall be operational by Nov-
December 2012 and we are arranging suitable resources to complete the
facility. This facility shall be one of the best in Andhra Pradesh to
accommodate Biopharmaceuticals formulations. After the facility is
ready, importers from African countries as well as south East Asian
countries shall validate our production facility and Export of
formulations will commence and thus our volume and profitability shall
increase.
Corporate Governance:
As per Clause 49 of the Listing Agreement with the Stock exchanges, a
separate section on Corporate Governance is enclosed herewith which
forms part of the Annual Report. A certificate from the Auditors of the
Company on compliance with the conditions of Corporate Governance as
stipulated under the Clause 49 of the Listing Agreement is annexed to
this Report.
Management Discussion and Analysis:
A detailed section of the Management Discussion and Analysis for the
period under review as required under Clause 49 of the Listing
Agreement is given as a separate statement forming part of the Annual
Report.
Employee Relations:
During the year under review, the company has enjoyed cordial
relationship with almost all section of employees. The company believes
that the employees play a vital role in increasing the turnover and
profitability of the company and the strength of the company lie in
harnessing the manpower in achieving sustained long-term growth in all
spheres. Retaining Good and Efficient manpower is an challenge and
management has decided to offer company shares to the employees by
taking a view of their contribution and Nos of years they have served
the company. The company is also planning to reward its business
associates who are with the company from longer duration and are likely
to contribute in the growth of the company.
Corporate Social responsibility
The company also decided to distribute some medicines free of cost to
poor villagers who cannot afford to buy the essential medicines. The
company shall be distributing through AWAKE RESEARCH and SERVICE
FOUNDATION an voluntary service organization that create awareness
about health and water and energy conservation among the people.
Directors:
Dr D C Sastry has resigned from the Board of the Company in the Board
meeting held on 03.09.2012. Dr. B. Siva Kumar and Dr. Jeetainder Roy
Gour, retire by rotation and being eligible have offered themselves for
re-appointment. The brief profiles of the director(s) seeking
appointment/reappointment at the ensuing Annual General Meeting are
presented in the Annual Report.
Auditors:
The existing Statutory Auditors, M/s. Lakshmi Purna & Associates,
Chartered Accounts retire at the ensuing Annual General Meeting and has
confirmed their eligibility and willingness to accept office, if
re-appointed.
Registered office of the Company:
The Company has shifted its registered office from Banjara Hills to
Tech park of IDA Nacharam wherein it has its own premises during the
financial year under consideration.
Internal Control Systems:
Your company has well-established procedures for internal control
system commensurate with its size and operations. The organization is
adequately staffed with qualified and experienced personnel for
implementing and monitoring the internal control environment.
Directors' Responsibility Statement:
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility statement, it is
hereby confirmed.
i. That in the preparation of the accounts for the financial year
ended 31st March 2012; the applicable accounting standards have been
followed along with proper explanations for marking all departures, if
any.
ii. 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.
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 from preventing and detecting fraud and other
irregularities.
iv. That the directors have prepared the accounts for the financial
year ended 31st March 2012 on a going concern basis.
Particulars of employees
The Information required under section 217(2A) of the Companies Act,
1956 read with the companies (Particulars of Employees) (Amendment )
Rules 2002, be treated as NIL as none of the employees of the company
draw remuneration in excess of Rs.5,00,000 P.M.
Fixed deposits
The Company has not accepted any deposits within the meaning of Section
58A of the Companies Act 1956 and the Rules made there under.
Acknowledgements
Your Company places on record their appreciation of the continued
support and co-operation received from Government of Andhra Pradesh,
State Bank of India and ICICI Bank Limited for their kind cooperation.
Your company also thanks vendors, customers, consultants, auditors and
other business associates who have been assisting and guiding the
company in various facts of operation.
Your company wishes to place on record its appreciation of employees at
all levels for their dedicated contribution towards growth of the
company.
For and on behalf of the Board of Directors
Place: Hyderabad Dr A N Singh
Date: 03.09.2012 (Chairman & Managing Director)
Mar 31, 2011
Dear Members,
The Directors have pleasure in presenting the Thirteenth Annual Report
of your Company along with the audited Statement of Accounts for the
financial year ended 31st March 2011. The Report also includes the
Management Discussion and Analysis Report in accordance with the
Guidelines on Corporate Governance and consolidated Financial
Statements.
The highlights of the financial results for the year 2010-11 in
comparison to the year 2009-10 are as follows:
(Rs. In Lakhs)
Particulars 2010-11 2009-10
Sales 2532.86 2183.41
Profit before Depreciation 594.00 315.88
Depreciation 315.21 50.20
Profit Before Tax 278.79 265.68
Deferred Tax (20.22) (6.88)
Provision for MAT 56.86 38.87
Provision for FBT NIL NIL
Net Profit for the year 242.15 233.68
Profit & Loss Account
balance brought forward 1821.46 1611.14
Dividend NIL NIL
Corporate Dividend Tax NIL NIL
Performance
We have been able to achieve a turnover of Rs.2532.86 Lakhs. The
percentage increase in the turnover is 16% and increase in net profit
9% respectively when compared to that of previous year.
Future Outlook:
The company is having a wide range of Bio pharmaceutical products
already approved on Celestial Biolabs name to manufacture and market
for domestic as well as export requirement. The company is making
aggressive strategy to make penetration in African and South East Asian
countries market. The company own Bioformulation facility shall be
operational by December 2011 at Genome valley of Andhra Pradesh.
Further the Company has plan to setup Pentavalent type Vaccine facility
at Genome Valley, Turkapally, Rangareddy District, Andhra Pradesh and
in this regard, the Land and its development activities are already
completed. However the vaccine facility shall be setup only in 2 years
time once the present bio formulation is fully established and start
performing. Share Capital:
During the financial year the under review the paid up capital of the
Company had been enhanced from Rs. 11,78,30,000 to Rs.14,60,30,000. The
increase is consequent to allotment of
a) 6,20,000 equity shares of Rs.10/- each to Dr A N Singh, Managing
Director of the Company in lieu of part compensation for transfer of
ownership rights of Intellectual property assets (Software programme
Ãworth Rs.8.17 Crores) developed and owned by him to the Company and
b) on conversion of warrants into 22,00,000 equity shares of Rs.10/-
each on 14.12.2010.
Corporate Governance:
As per Clause 49 of the Listing Agreement with the Stock exchanges, a
separate section on Corporate Governance is enclosed herewith which
forms part of the Annual Report. A certificate from the Auditors of the
Company on compliance with the conditions of Corporate Governance as
stipulated under the Clause 49 of the Listing Agreement is annexed to
this Report.
Management Discussion and Analysis:
A detailed section of the Management Discussion and Analysis for the
period under review as required under Clause 49 of the Listing
Agreement is given as a separate statement forming part of the Annual
Report. Renunciation of Sweat Equity Shares by Dr. A. N. Singh:
As you all are aware that the Company had earlier by way of postal
ballot obtained the consent of the members for the issue and allotment
of sweat equity shares to Dr A N Singh, Managing Director who is the
promoter of the Company in lieu of the compensation for transfer of the
ownership rights of the Intellectual Property Assets (Software
Programmes - worth of Rs.8.17 Cr.) developed and owned by him to the
Company. Dr A N Singh had transferred intellectual property worth
Rs.8.17 crores to the company. However he has been compensated by
allotting shares with all the necessary approvals as tabled hereunder
Sl. Particulars Amount of
No consideration
in Rs
1 Total value of the IPRs 8,17,50,000
transferred
2 Value of shares allotted 1,59,03,000
as sweat equity in Tranche I
3 Value of shares allotted as 1,67,40,000
sweat equity in Tranche II
4 Value of the Consideration 4,91,07,000
due to Dr Singh which he is
eligible for being considered
in allotment of sweat equity
shares (1- (2 3))
However, Dr Singh has expressed his intention of renouncing the shares
he is eligible in the final tranche [Comprising 60% (approx) of the
total consideration of the IPR's] in favour of the members and
employees of the Company.
In this regard the Company is in the process of obtaining approvals
from all the statutory authorities as required. The Shareholders would
be timely intimated of any progress or development in this regard.
Employee Relations:
During the year under review, the company has enjoyed cordial
relationship with almost all section of employees. The company believes
that the employees play a vital role in increasing the turnover and
profitability of the company and the strength of the company lie in
harnessing the manpower in achieving sustained long-term growth in all
spheres.
Directors:
Dr. D. C. Sastry and Mrs. Padma Singh, retire by rotation and being
eligible have offered themselves for re-appointment.
The brief profiles of the director(s) seeking appointment/reappointment
at the ensuing Annual General Meeting are presented in the Annual
Report.
Auditors:
The existing Statutory Auditors, M/s. Lakshmi Purna & Associates,
Chartered Accounts retire at the ensuing Annual General Meeting and has
confirmed their eligibility and willingness to accept office, if
re-appointed.
Internal Control Systems:
Your company has well-established procedures for internal control
system commensurate with its size and operations. Information as
required under Section.217 (1)(e) of the Companies Act, 1956 is annexed
and forms part of this report
Directors' Responsibility Statement:
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility statement, it is
hereby confirmed.
i. That in the preparation of the accounts for the financial year ended
31st March 2011, the applicable accounting standards have been followed
along with proper explanations for marking all departures, if any.
ii. 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.
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 from preventing and detecting fraud and other
irregularities.
iv. That the directors have prepared the accounts for the financial
year ended 31st March 2011 on a going concern basis.
Particulars of employees
The Information required under section 217(2A) of the Companies Act,
1956 read with the companies (Particulars of Employees) (Amendment )
Rules 2002, be treated as NIL as none of the employees of the company
draw remuneration in excess of Rs. 5,00,000 P.M.
Fixed deposits
The Company has not accepted any deposits within the meaning of Section
58A of the Companies Act 1956 and the Rules made there under.
Acknowledgements
Your Company places on record their appreciation of the continued
support and co-operation received from Government of Andhra Pradesh,
State Bank of India and ICICI Bank Limited for their kind cooperation.
Your company also thanks vendors, customers, consultants, auditors and
other who have been assisting and guiding the company in various facts
of operation.
Your company wishes to place on record its appreciation of employees at
all levels for their dedicated contribution towards growth of the
company.
For and on behalf of the Board of Directors
Dr D C Sastry Dr A N Singh
(Chairman) (Managing Director)
Place : Hyderabad
Date : 29.08.2011
Mar 31, 2010
The Directors have pleasure in presenting the Twelfth Annual Report of
your Company along with the audited Statement of Accounts for the
financial year ended 31st March 2010. The Report also includes the
Management Discussion and Analysis Report in accordance with the
Guidelines on Corporate Governance and consolidated Financial
Statements.
The highlights of the financial results for the year 2009-10 in
comparison to the year 2008-09 are as follows:
(Rs. In Lakhs)
Particulars 2009-10 2008-09
Sales 2183.41 1925.10
Profit before Depreciation 315.88 626.12
Depreciation 50.20 27.40
Profit Before Tax 265.68 598.71
Deferred Tax 6.87 2.97
Provision for MAT 38.87 67.83
Provision for FBT Nil 2.85
Net Profit for the year 233.69 531.00
Profit & Loss Account balance brought
forward 1821.46 1611.14
Dividend Nil 55.97
Corporate Dividend Tax Nil 9.51
Future Outlook
The sale of herbal and synthetic products have already been established
and enzyme marketing net work is being created. Nutraceuticals
formulations with the composition of natural products, herbal and
enzymes have been completed and production is in progress.
Nutraceuticals shall be marketed in India and overseas. The company is
also looking to diversify the services in healthcare domain in India
and USA. Research Products in cosmetic range to take care of Vitiligo,
anti wrinkles and Tan shall be lunched shortly.
Transfer of IPRs - allotment of Sweat Equity Shares and Listing of the
same
During the period under review DrAN.Singh was allotted 5,89,000 equity
shares of Rs.10/- each (as first tranche) for transfer of the ownership
rights of the Intellectual Property Assets developed and owned by him
to the Company after obtaining the consent of members in the postal
ballot. These shares were listed on The National Stock Exchange of
India w.e.f 2nd July 2010 and Mumbai Stock Exchange w.e.f 5th July
2010.
The IPRs transferred to the company has generated revenue of Rs 5.75
crores till 31st march 2010 and after upgradation of the products
approximate revenue expected are about Rs 15 crore in next 5years.
Patents The following patents under the herbal and enzyme formulation
category had been filed with the Chennai Patent Office.
1. Novel lipase from mutated a strain - the lipases are enzymes used
in oil processing, detergents, diagnostics etc. The present funding
will provide and unique combination to her a major positive impact in
detergent industry.
2. A combinatorial synergistic formulation for the treatment of
generalized stable jeucoderma comprisin - A unique product to take care
of vitiligo patients.
3. A cream using a peptide and phyto chemicals formation for improving
the skin tan.
4. Production of cellulose from aspergillus sp. Rcal5 for
Biopolishing, bioscouring and denim fading fo.
5. Cel-Digest- It is in unique herbal based formulation and
composition to improve the digestion in human.
6. Term Plus-A natural breakthrough in complexion.
7. Infantaal Syrup - A polyherbal formulation for toning up of overall
growth and strengthening immunity in children.
8. O-Kof Syrup -A polyherbal composition for relief from bronchial
congestion, nasal blocks.
The patents which are in pipeline (1) Venti layer (2) Bio-power (3)
Bio-vita (4) Bio-sleep (5) Hemo-plus (6) Lung-care (7) Cardio-care (8)
Kidney-care (9) Neuro-care and few other nutraceuticals.
Corporate Governance
As per Clause 49 of the Listing Agreement with the Stock exchanges, a
separate section on Corporate Governance is enclosed herewith which
forms part of the Annual Report. A certificate from the Auditors of the
Company on compliance with the conditions of Corporate Governance as
stipulated underthe Clause 49 of the Listing Agreement is annexed to
this Report.
Management Discussion and Analysis
A detailed section of the Management Discussion and Analysis for the
period under review as required under Clause 49 of the Listing
Agreement, is given as a separate statement forming part of the Annual
Report.
Change in the name of the Company
It may be recalled that the Company had obtained the consent of the
members in their Extraordinary General Meeting held on 14.12.2009 for
changing the name of the Company from"Celestial Labs Limited to
Celestial Biolabs Limited." Accordingly the company made an application
to the Central Government for effecting the change in the name of the
Company. The Registrar of Companies had approved the change in the name
w.e.f 23.12.2009.
Increase in the Share Capital of the Company
The Authorised Share Capital of the Company has been enhanced from
Rs..14.00 Crores to Rs.17.00 Crores.The paid up capital of the company
has been enhanced from Rs.11,19,40,000 to Rs.11,78,30,000 by allotment
of 5,89,000 equity shares of Rs.10/- each to Dr A N Singh, Chairman and
Managing Director in lieu of compensation for transfer of the ownership
rights of the Intellectual Property Assets (Software Programmes-worth
of Rs.8.17 Cr.) developed and, owned by him to the Company.
Employee Relations
During the year under review, the company has enjoyed cordial
relationship with almost all section of employees. The company believes
that the employees play a vital role in increasing the turnover and
profitability of the company and the strength of the company lie in
harnessing the manpower in achieving sustained long-term growth in all
spheres.
Directors
Dr B Siva Kumar and Dr Jeetainder Roy Gour, retire by rotation and
being eligible have offered themselves for re-appointment.
The tenure of Dr A N Singh as Chairman & Managing Director of the
Company expires on 30.09.2010. Considering the need for his valuable
guidance, knowledge and support for the Company to reach the heights of
excellence your Board of directors propose his reappointments this
annual general meeting.
The brief profiles of the director(s) seeking appointment/reappointment
at the ensuing Annual General Meeting are presented in the Annual
Report.
Auditors
The existing Statutory Auditors, M/s. G.V. Rao & Company, Chartered
Accounts retire at the ensuing Annual General Meeting and has confirmed
their eligibility and willingness to accept office, if re-appointed.
Internal Control Systems
Your company has well-established procedures for internal control
system commensurate with its size and operations. The organization is
adequately staffed with qualified and experienced personnel for
implementing and monitoring the internal control environment.
Conservation of Energy, Research, Development and Innovation
Information as required under Section.217 (1)(e) of the Companies Act,
1956 is annexed and forms part of this report
DirectorsResponsibility Statement
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956, with respect to Directors Responsibility statement, it is
hereby confirmed.
i. that in the preparation of the accounts for the financial year ended
31st March 2010, the,applicable accounting standards have been followed
along with proper explanations for marking all departures, if any.
ii. 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.
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 from preventing and detecting fraud and other
irregularities.
iv. that the directors have prepared the accounts for the financial
year ended 31 st March 2010 on a going concern basis.
PARTICULARS OF EMPLOYEES
The Information required under section 217(2A) of the Companies Act,
1956 read with the companies (Particulars of . Employees) (Amendment)
Rules 2002, be treated as NIL as none of the employees of the company
draw remuneration in excess of Rs. 2,00,000 P.M.
FIXED DEPOSITS
The Company has not accepted any deposits with in the meaning of
Section 58A of the Companies Act 1956 and the Rules made there under.
Reply to Auditors observations:
Replies of the Company forming part of the Directors Report to the
members under Section 217 (3) of the Companies Act 1956.
AUDlTORS QUAUFICATIONS/OBSERVATIONS REPLY BY THE BOARD OF DIRECTORS
UNDER. SECTION. 217 (3)
The internal control procedures
are not adequate The Management is taking
necessary measures to improve
commensurate with the size of
company and nature of its the internal control procedures
and have assigned the
business for the purchase of store,
raw materials including internal audit to Mr Pavan Kumar
CA
components, plant and Machinery,
equipment and other assets and for
the sale of goods, the management
needs to strengthen the internal
control system.
Acknowledgement
Your Company places on record their appreciation of the continued
support and co-operation received from Government of Andhra Pradesh,
State Bank of India and ICICI Bank Limited for their kind cooperation.
Your company also thanks vendors, customers, consultants, auditors and
other who have been assisting and guiding the company in various facts
of operation,
Your company wishes to place on record its appreciation of employees at
all levels for their dedicated contribution towards growth of the
company.
For and on behalf of the Board of Directors
Place: Hyderabad Dr A. N.Singh
Date: 12.08.2010 (Chairman & Managing Director)
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