Mar 31, 2015
Dear Members,
The directors are pleased to present their report along with the
Audited accounts for the year ended 31-03-2015.
Financial Results:
Rs. In Lakhs
Particulars 2014 - 2015 2013 - 2014
Gross Sales 75.75 225.38
Less: Excise Duty & Sales Tax 0 0
Net Sales 75.75 225.38
Total Expenditure 220.56 324.62
Other Income 0 0
Operating Profit (PBDIT) (123.75) (75.20)
Interest 2.61 2.35
Cash Profit (126.36) (77.55)
Depreciation and Amortization 18.45 21.69
Profit before Exceptional Item (144.81) (99.24)
Exceptional Item 0 0
Profit after Exceptional Item (144.81) (99.24)
Provision for Taxation
i) Current Year 0 0
ii) Deferred Taxation (0.72) 0.02
Net Profit before Extraordinary Item (145.52) (99.22)
Extraordinary Item 0 0
Profit after Extraordinary Item (145.52) (99.22)
Note: Previous year figures have been regrouped wherever necessary.
Operations:
During the year the company has sales revenue of Rs.75.75 Lakhs as
against last year sales rev- enue of Rs.225.38 Lakhs, a decrease of
about 66.4% in rupee terms. The management is expect- ing get good
revenues from the second half of the financial year 2015-16 with the
introduction of 10000 IU potency of Erythropoietin into the market.
Directors:
Mrs. J.Uma, Directors retiring by rotation and being eligible offers
herself for reappointment.
Directors Responsibility Statement:
Pursuant to Section 134 of the Companies Act, 2013 with respect to the
Directors Responsibility Statement, the Board of Directors of the
Company hereby confirms:
(a) in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(b) the directors had selected such accounting policies and applied
them consistently and made judgments and estimates that 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;
(c) the directors had taken proper and sufficient care for the
maintenance of adequate ac- counting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
(d) the directors had prepared the annual accounts on a going concern
basis; and
(e) the directors, being a listed company, had laid down internal
financial controls to be followed by the company and that such internal
financial controls are adequate and were operating effectively.
(f) the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
Nomination and Remuneration Committee:
The Nomination and Remuneration Committee consists of the following
Directors namely Mr.B.R.Rao, Mr.K.Ramachandra Raju, and
Mr.M.Satyanarayana Raju.
Brief description of terms of reference:
Identifying persons who are qualified to become directors and who may
be appointed in senior management in accordance with the criteria laid
down and recommend to the Board for their ap- pointment and removal;
Carry on the evaluation of every director's performance :
Formulation of the criteria for determining qualifications, positive
attributes and independence of a director;
Recommend to the Board a policy relating to the remuneration of the
directors, key managerial personnel and other employees;
Formulation of criteria for evaluation of independent Directors and the
Board;
Devising a policy on Board diversity; and
Any other matter as the Board may decide from time to time.
Nomination and Remuneration policy
The objective of the Policy-
To lay down criteria and terms and conditions with regard to
identifying persons who are qualified to become Directors (Executive
and Non-Executive) and persons who may be appointed in Senior
Management and Key Managerial positions and to determine their
remuneration.
To determine remuneration based on the Company's size and financial
positions and trends and practices on remuneration prevailing in peer
companies.
To carry evaluation of the performance of Directors
To provide them rewards linked directly to their effort, performance,
dedication and achievement relating to the Company's operations.
To retain, motivate and promote talent and to ensure long term
sustainability of talented managerial persons and create competitive
advantage.
Particulars of Loans, Guarantees and Investments Under Section 186:
The company has neither issued any Loans, Guarantees nor made any
investments during the Financial Year.
Particulars of Contracts or Arrangements with Related Parties referred
To Sec. 188(1):
The Company has not entered into any CONTRACTS OR ARRANGEMENTS WITH
RELATED PAR- TIES REFERRED TO Sec. 188(1) during the Financial Year
Extract of Annual Return:
The Extract of Annual Return is prepared in Form MGT-9 as per the
provisions of the Companies Act, 2013 and Rule 12 of the Companies
(Management and Administration) Rules, 2014 and the same is enclosed as
Annexure - A to this report.
The conservation of energy, technology absorption, foreign exchange
earnings and outgo
Information with respect to the conservation of energy, technology
absorption, foreign exchange earnings and outgo pursuant to provisions
of Sec. 134(3)(m) of the Companies Act, 2013 read with the Companies
(Accounts) Rules, 2014 is prepared and annexed as Annexure-B to this
report.
Statutory Auditors:
At the Annual General Meeting held on 30-09-2014 M/s VASG and
Associates, Chartered Accoun- tants, were appointed as Statutory
Auditors of the Company to hold office till the conclusion of the
Annual General Meeting to be held in the Financial Year 2017. In terms
of 1st proviso to section 139(1) of the Companies Act, 2013, the
appointment of auditors shall be placed for ratification at every
Annual General Meeting. Accordingly appointment of M/s. VASG and
Associates, Chartered Accountants is placed for ratification by
shareholders. In the regard, the Company has received a certificate
from the Auditors to the effect, if they are appointed, it will be in
accordance with the provisions of Section 141 of the Companies Act,
2013.
Audit Committee:
Composition Audit Committee included in Corporate Governance report.
Corporate Governance:
Pursuant to the provisions of the Clause 49 of the Listing Agreement a
report on Corporate Governance and a certificate from the Statutory
Auditors regarding the Compliance of conditions of Corporate Governance
are annexed as Annexure -C to this report.
Whistle Mechanism:
The Board of Directors have adopted Whistle Blower policy. The Whistle
Blower policy aims for conducting the affairs in the fair and
transparent manner by adopting highest standards of professionalism,
honest, integrity and ethical behavior. All permanent employees of the
Company are covered under the Whistle Blower Policy.
A mechanism has been established for employees to report concerns about
unethical behavior, actual or suspected fraud or violation of Code of
Conduct and Ethics. It also provides for adequate safeguards against
the victimization of employees who avail of the mechanism and allows
direct access to the chairperson of the audit committee in exceptional
cases.
Company Secretary:
The company is not making sufficient profits and hence not able to
appoint a Company Secretary but utilizing the service of
Sri.V.B.S.S.Prasad practicing Company Secretary to look after legal
compliances.
Secretarial Audit Report:
As per the provisions of Section 204 of the Companies Act, 2013, the
Board of Directors have appointed Mr. V.B.S.S.Prasad, Practicing
Company Secretary (C.PNo: 4605) as Secretarial Audi- tor to conduct
Secretarial Audit of the Company for the Financial year ended 31st
March, 2015.
Secretarial Audit Report issued by Mr. V B S S Prasad, Practicing
Company Secretary in form MR- 3 is enclosed as Annexure - D to this
Annual Report.
There are no qualifications in Secretarial Audit Report.
Particulars of Employees:
No employee of the company is in receipt of remuneration of Rs.60 Lakhs
per annum, and no employees is in receipt of Rs.5 Lakhs per month, for
any part of the financial year whose particulars are required to be
disclosed pursuant to Rule 5 of Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014.
Change in Nature of Business:
There is no change in the Company's nature of business during the
financial year ending March 31st, 2015.
Significant and Material Orders Passed By Regulators:
No such orders have been received.
Material Changes and Commitments:
There are no Material changes and commitments in the business
operations of the Company from the Financial Year ended 31st March,
2015 to the date of signing of the Director's Report.
Acknowledgements:
The board wishes to place its deep sense of gratitude to all the
employees for their valuable co-operation and contribution. The board
also thanks all Government/statutory organizations for their support
extended to the company.
During the Financial year ended 31st march, 2015, the company has not
received any complaints pertaining to Sexual Harassment.
The board is also grateful to Banks and all those associated with the
company for their co-operation and help.
For and on behalf of the Board
For Hindustan Bio Sciences Limited
Place : Hyderabad J.V.R. Mohan Raju.
Date : 29-05-2015 Chairman
Mar 31, 2014
Dear Members,
The directors are pleased to present their report along with the
Audited accounts for the year ended 31-03-2014.
(Rs. in Lakhs)
Particulars 2013-2014 2012-2013
Operating Profit (Loss) (77.55) (44.58)
Less: Depreciation & Amortisation Charges (21.69) (27.11)
Profit before Tax (99.24) (71.69)
Less: Provision for Taxation Income Tax 0.00 0.00
Add/Less: Deferred Tax Asset or Liability 0.02 (0.03)
Profit after Tax (99.22) (71.72)
Appropriations:
Proposed Dividend NIL NIL
Balance carried forward to Balance Sheet. (183.23) (84.00)
Note: Previous year figures have been regrouped wherever necessary.
2. Operations:
During the year under review, the company achieved a turnover of
Rs.225.38 Lakhs and it is hopeful of achieving better results in the
year ahead as we are planning to introduce 10000 IU Potency
Erythropoietin as we are having many potential customers for this
potency.
3. Directors:
Sri M.Satyanarayana Raju, Sri B R Rao, and Sri K. Rama Chandra Raju
Directors retiring by rotation and being eligible offers themselves for
reappointment.
4. Directors Responsibility Statement:
Your Directors would like to inform members that the audited accounts
containing the Financial Statements for the year 2013-2014 are in full
conformity with requirement of the Companies Act and they believe that
the financial statements reflect fairly the form and substance of
transactions carried out during the year and reasonably present the
company''s financial condition and result of operations. These financial
statements are audited by the statutory Auditors M/s VASG AND
ASSOCIATES
Your Directors further confirm that:
(i) . In the preparation of the annual accounts, applicable accounting
standards have been followed.
(ii) . The accounting policies are consistently applied and reasonable,
prudent judgments and estimates are made so as to give a true and fair
view of the state of affairs of the company at the end of the financial
year.
(iii) . That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Companies Act for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities.
(iv) . That the directors had prepared the annual accounts on a going
concern basis. 5.Statutory Auditors:
The Company, in terms of Section 139 (1) and (2) of the Act 2013, is
required to appoint statutory auditors for a term of five consecutive
years i.e., till the conclusion of sixth annual general meeting and
ratify their appointment, during the period, in every annual general
meeting by an ordinary resolution.
The period for which any firm has held office as auditor prior to the
commencement of the Act 2013 will be taken into account for calculating
the period of five consecutive years, as per the fourth proviso to
Section 139(2) of the Act 2013 read with Rule 6(3) of the Companies
(Audit and Auditors) Rules, 2014.
M/s. VASG AND ASSOCIATES., Chartered Accountants, Hyderabad, who were
earlier appointed as statutory auditors of the Company, at the annual
general meeting held on 30-09-2006, are eligible to be appointed for
the remaining period of three years out of the first term of five
consecutive years in terms of the Act 2013.
The Company has obtained necessary certificate under Section 141 of the
Act 2013 from the auditor conveying their eligibility for the above
appointment. The audit committee and board reviewed their eligibility
criteria, as laid down under Section 141 of the Act 2013 and
recommended their appointment as auditors for the aforesaid period.
6. Company Secretary:
The company is not making sufficient profits and hence not able to
appoint a company secretary but utilizing the service of
Sri.V.B.S.S.Prasad practicing Company Secretary to look after legal
compliances.
7. Corporate Governance:
A note on corporate governance is enclosed.
8. Particulars of Employees:
No employee of the company is in receipt of remuneration of Rs.60 Lakhs
per annum, and no employees is in receipt of Rs.5 Lakhs per month, for
any part of the financial year whose particulars are required to be
disclosed pursuant to section 217 (2A) of the Companies Act, 1956 and
the companies (particulars of Employees) rules, 1975 as amended.
9. Acknowledgements:
The board wishes to place its deep sense of gratitude to all the
employees for their valuable co-operation and contribution. The board
also thanks all Government/statutory organizations for their support
extended to the company.
The board is also grateful to Banks and all those associated with the
company for their co- operation and help.
For and on behalf of the Board
For Hindustan Bio Sciences Limited
Place : Hyderabad J.V.R. Mohan Raju.
Date : 29-05-2014 Chairman
Mar 31, 2012
To The Members'
The directors are pleased to present their report along with the
Audited accounts for the year ended 31-03-2012.
1. Financial Results: Rs. In Lakhs
Particulars 2011-2012 2010-2011
Operating Profit (Loss) 17.76 29.64
Less: Depreciation & Amortisation charges 26.43 26.46
Profit Before Tax 26.67 3.18
Less: Provision for Taxation
Income Tax 0.00 0.65
Add/Less: Deferred Tax Asset or Liability 0.01 -1.70
Profit after Tax -8.66 0.83
Appropriations:
Proposed Dividend NIL NIL
Balance carried forward to Balance Sheet -12.29 -3.63
Note: Previous year figures have been regrouped wherever necessary.
2.Operations:
During the year under review' the company achieved a turnover of
Rs.270.59 lakhs and it is hopeful of achieving better results in the
year ahead as the products are well accepted in the market.
3. Directors:
Sri. A V V Satyanarayana and Sri. M.Satyanarayana Raju' Directors
retiring by rotation and being eligible offers themselves for
reappointment.
4. Directors Responsibility Statement:
Your Directors would like to inform members that the audited accounts
containing the Financial Statements for the year 2011-2012 are in full
conformity with requirement of the Companies Act and they believe that
the financial statements reflect fairly the form and substance of
transactions carried out during the year and reasonably present the
company's financial condition and result of operations. These
financial statements are audited by the statutory Auditors M/s. Rao &
Sridhar. Your Directors further confirm that:
(i) In the preparation of the annual accounts' applicable accounting
standards have been followed.
(ii) The accounting policies are consistently applied and reasonable'
prudent judgments and estimates are made so as to give a true and fair
view of the state of affairs of the company at the end of the financial
year.
(iii) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Companies Act for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities.
(iv) that the directors had prepared the annual accounts on a going
concern basis.
5. Auditors:
M/s. Rao & Sridhar.' Chartered Accountants' Hyderabad' who has been
appointed as an auditors of the company in the last Annual General
Meeting retire at the conclusion of this Annual General Meeting and
being eligible and have conveyed their consent to be reappointed.
The company is not making sufficient profits and hence not able to
appoint a company secretary but utilizing the service of
Sri.V.B.S.S.Prasad practicing Company Secretary to look after legal
compliances.
6. Corporate Governance :
A note on corporate governance is enclosed.
7. Particulars Of Employees :
No employee of the company is in receipt of remuneration of Rs.60 Lakhs
per annum' and no employees is in receipt of Rs.5Lakhs per month' for
any part of the financial year whose particulars are required to be
disclosed pursuant to section 217 (2A) of the Companies Act' 1956 and
the companies (particulars of Employees) rules' 1975 as amended.
8. Acknowledgements :
The board wishes to place its deep sense of gratitude to all the
employees for their valuable co-operation and contribution. The board
also thanks all Government/statutory organizations for their support
extended to the company.
The board is also grateful to Banks and all those associated with the
company for their co-operation and help.
For and on behalf of the Board
For Hindustan Bio Sciences Limited
Place : Hyderabad J.V.R.Mohan Raju
Date : 24.05.2012 Chairman
Mar 31, 2010
The directors are pleased to present their report along with the
Audited accounts for the year ended 31-03-2010.
1. Financial Results: Rs. In Lakhs
Particulars 2009-2010 2008-2009
"Operating Profit (Loss) -7.68 34.76
Less: Depreciation 5.44 6.11
Less: Miscellaneous
Expenditure Written off 8.25 15.88
Add: Excess Provision of Income Tax in
previous year 0.88 0.00
Profit Before Tax -20.49 12.77
Less: Provision for Taxation
Income Tax 0.00 1.45
Fringe Benefit Tax 0.00 1.35
Add/Less: Deferred Tax
Asset or Liability 0.07 (0.02)
Profit after Tax -20.42 9.95
Appropriations:
Proposed Dividend NIL NIL
Balance carried forward
to Balance Sheet -4.46 15.96
Note: Previous year figures have been regrouped wherever necessary.
2.Operations:
During the year under review, the company achieved a turnover of Rs.
393.79 lakhs and it is hopeful of achieving better results in the year
ahead as the products are well accepted in the market.
3. Directors:
Sri B.R. Rao and Smt. J. Uma, Directors retiring by rotation and being
eligible offers themselves for reappointment.
Sri M. Satyanarayana Raju having rich experience is several fields, be
and is hereby proposed to be appointed as Director retiring by
rotation.
4. Directors Responsibility Statement:
Your Directors would like to inform members that the audited accounts
containing the Financial Statements for the year 2009-2010 are in full
conformity with requirement of the Companies Act and they believe that
the financial statements reflect fairly the form and substance of
transactions carried out during the year and reasonably present the
companys financial condition and result of operations. These
financial statements are audited by the statutory Auditors M/s. Rao &
Sridhar. Your Directors further confirm that:
(i). In the preparation of the annual accounts, applicable accounting
standards have been followed.
(ii). The accounting policies are consistently applied and reasonable,
prudent judgments and estimates are made so as to give a true and fair
view of the state of affairs of the company at the end of the financial
year.
(iii). That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Companies Act for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities.
(iv). That the directors had prepared the annual accounts on a going
concern basis.
5. Auditors:
M/s. Rao & Sridhar., Chartered Accountants, Hyderabad, who has been
appointed as an auditors of the company in the last Annual General
Meeting retire at the conclusion of this Annual General Meeting and
being eligible and have conveyed their consent to be reappointed.
The company is not making sufficient profits and hence not able to
appoint a company secretary but utilizing the service of Sri.
V.B.S.S.Prasad practicing Company Secretary to look after legal
compliances.
6. Demolition of assets :
The Share holders of the Company approved the resolution for sale of
the assets of the Company in its Annual General Meeting held on
30-09-2009. The Company sold the Land pertaining to Cement Division on
22nd March, 2010, as it not usable. As the Building along with Plant
and Machinery on the said land, which is not serviceable, has been
demolished. The value of Demolished Property value was Rs. 56.54 laksh.
7. Corporate Governance :
A note on corporate governance is enclosed.
8.Particulars Of Employees :
No employee of the company is in receipt of remuneration of Rs.24 Lakhs
per annum, and no employees is in receipt of Rs.2 Lakhs per month, for
any part of the financial year whose particulars are required to be
disclosed pursuant to section 21 7 (2A) of the Companies Act, 1956 and
the companies (particulars of Employees) rules, 1975 as amended.
9. Acknowledgements :
The board wishes to place its deep sense of gratitude to all the
employees for their valuable co-operation and contribution. The board
also thanks all Government/statutory organizations for their support
extended to the company.
The board is also grateful to Banks and all those associated with the
company for their co-operation and help.
For and on behalf of the Board
For Hindustan Bio Sciences Limited
Place : Hyderabad J.V.R.Mohan Raju
Date : 31.05.2010 Chairman
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