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ADD LIFE PHARMA LIMITED
ANNUAL REPORT 2004-2005
DIRECTOR'S REPORT
To,
The Members,
ADD LIFE PHARMA LIMITED
Your Directors have pleasure in presenting herewith their Fifteenth Annual
Report together with the Audited Statements of Accounts for the year ended
31st March, 2005.
(Rs.in lacs) (Rs.in lacs)
1. FINANCIAL RESULTS 2004-05 2003-2004
Sales 163.02 -
Other income from operations and other income - -
Expenses 157.97 -
Profit/Loss before making
provisions for Interest,
Depreciation and Taxation 5.05 9.69
Less :
1. Interest - -
2. Depreciation 9.67 9.69
3. Provision for Taxation - -
Profit/Loss for the year (-) 4.62 (-) 22.38
Add : Balance in P & L A/c. (-) 406.98 (-) 384.59
Balance carried to Balance Sheet (-) 411.60 (-) 406.98
2. DIVIDEND :
In view of losses suffered by the Company during the year under review,
Your Directors express their inability to recommend any Dividend.
3. PRESENT OPERATIONS & FUTURE PROSPECTS :
The present operations of the Company has been effected due to non
availability of Raw Materials which was attributed due to the insufficient
working facilities.
4. DIRECTORS RESPONSIBILITY STATEMENT :
Directors confirm :
a) That in the preparation of the annual accounts, the applicable
accounting standards have been followed and that no material departures
have been made for the same.
b) That they have selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable and
prudent so as to 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 that year.
c) That they 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 they have prepared the annual accounts of the going concern basis.
5. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS / OUTGO :
The information relating to Conservation of Energy, Technology Absorption
and Foreign Exchange Earnings and Outgo required under section 217(I)(e) of
the Companies Act, 1956, read with the Companies (Disclosure of particulars
in the Report of the Board of Directors) Rules, 1988, is given in the
Annexure to this Report.
6. PARTICULARS OF EMPLOYEES :
Provisions of Section 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars of Employees) Rules, 1975 are not applicable to the
Company, since none of the employees of the Company was in receipt of total
remuneration of Rs.24,00,000/- p.a. or Rs.2,00,000/- p.a. during the
financial year under review.
7. AUDITORS AND AUDITORS REPORT :
You are requested to appoint M/s. Harish V. Gandhi & Co., Chartered
Accountants, the retiring Auditors to hold office from the conclusion of
this Annual General Meting until the conclusion of the next Annual General
Meeting and fix their remuneration.
Regarding the Auditors remark for confirmation of debtors, creditors, loans
and advances your Directors have to report that the amount outstanding is
not material. However your company has send the balance confirmation
letters to the concerned parties and shall receive the same within the
short time.
8. PERSONNEL :
Industrial relations continued to be cordial and harmonious during the year
under review. Directors wish to place on record their appreciation for the
co-operation received from the staff and workers at all levels.
9. LISTING :
The Shares of the Company at present are listed at Ahmedabad, Mumbai and
Vadodara. Stock Exchanges. However company has preferred a appeal to
securities Appellate Tribunal against rejection by BSE of listing
application of company Decision is awaited.
10. DIRECTORS :
Mr. P. Shashidharan retires by rotation and is eligible for reappointment.
11. CORPORATE GOVERNANCE :
A report of the Corporate Governance and Management discussion and analysis
is annexed to and forms part of this report.
12. ACKNOWLEDGMENT :
Your Directors place on record their sincere thanks for continuous support
of the Banks, Central and State Governments, Office of the Industries
Commissioner, valued Customers and devoted workers for their continuous
contribution to the growth and progress of the Company.
The Directors also express their gratitude to the shareholders for the
confidence reposed in the management.
Registered Office : For and On Behalf of the Board
412-2/C, Payal Complex,
Opp: Fortune Towers,
Sayajigunj, VADODARA. Mr. H.I. Patel
Dated : August 30, 2005 Director
ANNEXURE TO THE DIRECTORS REPORT
Disclosure Of particulars with respect to Conservation of Energy,
Technology Absorption and Foreign Exchange Earning and Outgo as required
Under Section 217(1)(e) of the Companies Act,1956 read with Companies
(Disclosure of Particulars in Director's Report) Rules, 1988 and forming
part of the Directors' Report for the Year ended 31st March, 2005.
A. CONSERVATION OF ENERGY :
For and On behalf of the Board
Date : August 30, 2005 Mr. H.I. Patel
Place : Vadodara Director
ANNEXURE - D
MANAGEMENT DISCUSSION AND ANALYSIS
1. Overall Review
The overall performance during the year 2004-2005 has been satisfactory.
2. Internal Control System and their adequacy
Considering the size of the Company, your company has adequate system of
internal control to provide reasonable assurance that assets are
safeguarded and protected from unauthorized use or disposition.
The internal audit is carried out reports reviewed by the Management at
regular intervals.
3. Business Environment
The performance of the Company for the year under review was satisfactory.
4. Risk and Concern
The building, plant and Machinery, vehicle and stocks of Company are
adequately insured.
5. Cautionary Statement
Statements in this report on Management Discussion and Analysis may be
forward looking statements Within the meaning of applicable security laws
or regulations. These statements are based on certain assumptions and
expectations of future events. Actual results could however, differ
materially, from those expressed or implied. Important factors that could
make a difference to the Company's operations include global and domestic
demand supply conditions, finished goods prices, raw material cost and
availability and changes in government regulation and tax structure
economic development within India and the countries with which the company
has business contacts and other factors such as litigation and industrial
relations.
The Company assumes no responsibility in respect of forward looking
statements which may be amended or modified in future on the basis of
subsection developments, information or events.
Registered Office : For and On Behalf of the Board
412-2/C, Payal Complex,
Opp: Fortune Towers,
Sayajigunj, VADODARA. Mr. H.I. Patel
Dated : August 30, 2005 Director
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