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Eupharma Laboratories Ltd.

BSE: 530409 Sector: Health care
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Eupharma Laboratories Ltd. (EUPHARMLAB) - Director Report

Company director report

EUPHARMA LABORATORIES LIMITED ANNUAL REPORT 1999-2000 DIRECTOR'S REPORT To the Members, Your Directors have the pleasure in presenting the 16th Annual Report together with the Audited Accounts for the year ended 30th June 2000. 1. OPERATIONS The total revenue during the year under review was Rs.3216.05 Lacs. This revenue has created a gross profit of Rs.60.24 Lacs due to the non availability of required Working Capital and poor recovery condition because of all over sluggish trend in economy worldwide has resulted a net loss of Rs.91.75 Lacs. The Company in under going significant restructuring operation. The Mumbai unit has been closed down since June, 1999 and the management concentrating at the production there at Indrad Unit. The Unit has already started with a successful testing stage and the management hope that the operation in the unit will meet the requirement of Company's projected export as well as indigenous sales. 2. DIVIDEND In view of the non-availability of profits for the year under review and with a view to conserve the resources, your directors do not recommend any dividend for the year ended 30th June, 2000. 3. AUDITORS REPORT Observations made in the Auditors' Report which are dealt with a appropriate place are self explanatory and hence no further comments are warranted. 4. DIRECTORS The Board of Directors has also undergone with several changes. 1. Mr. Ashok Agarwal, a renowned entrepreneur in the area of Information Technology having its excellence in corporate rejuvenation, has been appointed as Non- Rotational Director and Non Executive Chairman ' of the Company subject to the confirmation from the Shareholders. 2. Mr. N.M. Rampuria, a highly qualified professional from the field of the corporatory structure and system integration, has been appointed as Director of the Company subject to the confirmation from the Shareholders. 3. Mr. Mohan Rawat, a Chartered Accountant with excellence in finance has joined the Board with effect from 16th December,2000 subject to the confirmation from the Shareholders. 4. Mr. Shrenik R. Shah, is been on the Board of the Company for quite a time and is very much acquainted with the working environment of your Company. 5. DEPOSITS The Company has not accepted any deposit from public. The amount due to Directors and Inter Corporate Deposits are exempt deposits under section 58A of the Companies Act,1956 read with the Companies (Acceptance of Deposits) Rules,1975. There are no deposit outstanding as at 30th June 2000. 6. PARTICULARS OF EMPLOYEES Information as Section 217(2A) of the Companies Act,1956 read with the Companies (Particulars of Employees) Rules,1975 forms part of this Report. As per the provisions of Section 219 (1)(b)(iv) of the Companies Act,1956, the Report is being sent to the Shareholders of the Company, excluding the statement of particulars of employees under Section 217(2A) of the Act. Any shareholder interested in obtaining a copy of the said statement may write to the Company at the Registered Office of the Company. 7. AUDITORS Your Board has recommended the appointment of M/s Rajesh Kukreja & Associates as the Statutory Auditors in place of the retiring auditor for which required resolution has been placed before you in the Sixteenth Annual General Meeting. A certificate under Section 224(1 B) of the Companies Act, 1956 has been obtained from M/s Rajesh Kukreja & Associates, Delhi. 8. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO. In accordance with the requirements of Section 217(1)(e) of the Companies Act,1956 read with the Companies Act (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, statement showing particulars with respect to conservation of the energy technology absorption and foreign exchange earnings and outgo, is given in the Annexure-II which forms part of the report. 10. ACKNOWLEDGEMENTS Your Directors take this opportunity to thank our bankers and other financial institutions for their continued cooperation. The Directors also place on record their sincere appreciation of the dedicated efforts of employees at all levels. For and on behalf of the Board Sd/- Place : Mumbai Ramanlal Vadilal Shah Dated : 16.12.2000 (Chairman & Mg. Director)