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Biowin Pharma (India) Ltd.

BSE: 531372 Sector: Health care
NSE: N.A. ISIN Code: INE244D01010
BSE 05:30 | 01 Jan Biowin Pharma (India) Ltd
NSE 05:30 | 01 Jan Biowin Pharma (India) Ltd

Biowin Pharma (India) Ltd. (BIOWINPHARMA) - Director Report

Company director report

BIOWIN PHARMA (INDIA) LIMITED ANNUAL REPORT 1998-99 DIRECTORS REPORT To, The Members, BIOWIN PHARMA (INDIA) LIMITED Your Directors have pleasure in presenting the Ninth Annual Report together with the Audited Statement of Accounts for the year ended 31st March, 1999. OPERATIONS During the year under review the Company managed to increase its sale from Rs. 1667 lacs to Rs. 1977 lacs. The net profit also increased substantially to Rs. 33.65 lacs. The Company has diversified into veterinary products and also the Company has manufactured products for export and supplied to reputed exporters. The Company has also participated in Government Tenders/Rate Contracts for supply of Speciality Products. DIRECTORS Mr: S. S. Balsavar, Director of the Company is liable to retire by rotation at the ensuing Annual General Meeting and being eligible has offered himself for reappointment. We commend that his appointment may he considered favourably by the shareholders. Mr. V. J. H. Crasto and Dr. H. M. Lal, were Directors on the Board of the Company since 12/10/94 & 24/11/ 94 and resigned w.e.f. 29/4199 & 23/4/99 respectively. The Directors take this opportunity to place on record their sincere and warm appreciation of their counsel and active participation which has significantly contributed to the growth of the Company. Dr. A. C. Arora was appointed by the Board from April, 1999 as Additional Director pursuant to Article No. 104A of the Articles of Association of the company. The said Director ceases to hold office at this Annual General Meeting and is eligible for appointment. DIVIDEND Inspite of improved profits, the Company has been un able to secure the additional Working Capital requirements for the current years operations since banks arc not very supportive. The Directors deem it prudent to aug- ment the long term resources by retaining the earnings. Hence, after due deliberation it has heen dccidcd not to recommend any dividend for the year under review FUTURE PROSPECTS The Company continues to focus on its area of core competence by maximising capacity uilisation and direct selling to large Institutions / Exporters thereby substantially reducing selling expenses. The Company has diversified into vetennary products and will also launch some speciality capsules and liquid orals. Some leading Companies have appraised our manufacturing facilities and have shown interest in entering into long term arrangement. VOLUNTARY DELISTING OF THE COMPANIES SECURITIES FROM DELHI AND AHMEDABAD STOCK EXCHANGES The Company's securities are listed at Stock exchanges at Mumbai, Ahmedabad & Delhi With computerisation of Stock Exchanges at Mumbai and the ready accessability to these networks by the members Company situated even in remote areas the listing of Company's securities on Stock Exchanges at Delhi and Ahmedabad is no longcr necessary. The trading volume on these Exchanges is negligible and the fees paid are disproportionately higher. The Company, therefore, in- tends to delist its securities of Ahmedabad and Delhi Stock Exchanges. The delisting has to be approved by Special Resolution as per guidelines issued by the SEBI. FIXED DEPOSITS The Company has not invited any deposits from the Public Under Sec. 58-A of the Company's Act, 1956 during the year under review. CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION, FOREIGN EXCHANGE EARNINGS & OUTGO. Information as required under Section 217 (I) (e) of the Companies Act, 1956 read with the Companies (Disclosure sure of particulars in the report of the Board of Directors) Rules, 1988 regarding to conservation of energy, technology absorption and foreign exchange earning outgo is appended hereto as Annexure I of the Report. PERSONNEL Information required as per Sec. 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of' Employees Rules 1975) is provided in Annexure 11. AUDITORS M/s. R. A. Kuvadia & Co. Chartered Accountants retire at the ensuing Annual General Meeting. and are eligible for reappointment. INDUSTRIAL RELATIONS Your Directors wish to record their sincere appreciation of the assistance and support extended by the Food & Drug Administration, Government Departments, Company's Bankers, Shareholders, Customers, Suppliers and Employees of the Company at all Ievels. FOR & ON BEHALF OF THE BOARD M.P.MISQUITTA Chairman Place: Mumbai Date : 01-09-99