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Richline Pharma Ltd.

BSE: 524460 Sector: Health care
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Richline Pharma Ltd
NSE 05:30 | 01 Jan Richline Pharma Ltd

Richline Pharma Ltd. (RICHLINEPHARMA) - Director Report

Company director report

ANNUAL REPORT 1998-99 RICHLINE PHARMA LIMITED DIRECTOR'S REPORT Your Directors submit their 6th Annual Report and the Accounts for the Financial Year ended 31st March,1999. ACCOUNTING YEAR: The company has decided to revert back to regular accounting year, by closing the books for the six months period ended 31st March, 1999. FINANCE: During the year, the management mainly concentrated to finalise the rehabilitation proposal and the viability with the approval of Operating Agency. On the viability report of operating agency and promoters interest in rehabilitating the unit our bankers have considered to sanction the various reliefs and concessions, along with need based working capital assistance. Promoters have mobilised the funds of Rs. 29.06 lacs and spent towards the scheme implimentation and also confident of mobilise the balance funds of Rs.81.99 lacs, for the implementation of the scheme, as soon as the scheme is approved by B.I.F.R. OPERATIONS: Presently the company is under taking the Job works and earning conversion charges. The management rs confident of commencing our own production from October 1999 onwards. AUDITORS: M/s. D.K.Rao Associates, Chartered Accounts retire at the conclusion of this Annual General Meeting and are being eligible for reappointment. FIXED DEPOSITS: The company has not accepted any fixed deposit from the public. PERSONNEL : Your Directors place on record their appreciation of the services rendered by the employees. Information pursuant to Section 217(1) of Companies Act, 1956 read with Companies (particulars of employees) Rules, 1975 is NIL. FUTURE : As the company's rehabilitation proposal is approved by the operating Agency and the bank has consider to sanction the need based working funds the management is confident of reviving the unit. STATUTORY INFORMATION: Information on conservation of energy, technology absorption Foreign exchange earnings and outgo required to be disclosed under Section 217(1)e of the Companies Act, 1956 is enclosed. REPLIES TO QUALIFICATIONS MADE IN AUDITOR'S REPORT: 1. Fixed Assets registers is under final stages of compilation. 2. As suggested by Auditors, earlier, the company has appointed the Internal Auditors to strength the accounting & MIS. 3. The unsecured loans from promoters are invested, as a part of B.I.F.R. scheme. ACKNOWLEDGEMENTS: Your Directors wish to place on record their appreciation for the co- operation received by the Company from various Departments of the central and state government companies, Canara Bank and Non Banking Financial Institutions during the year under review. Your Directions also express their gratitude to the Shareholders of the Company who stood with the Management. By Order of the Board For Richline Pharma Limited Place : Hyderabad (Y.V.R. Chowdary) Date : 28th May, 1999 Managing Director ANNEXURE TO DIRECTOR'S REPORT FORM - A Form for disclosure of particulars with respect of Absorption of Technology RESEARCH AND DEVELOPMENT 1. Specific areas in which Research and Development carried out by the company. The company is continuously carrying out process development of various products. 2. Benefits derived as a result of the above Research Product Development, improved yields and quality. 3. Future Plan of action : The company is contemplating to further strengthen and Development efforts particularly in Atenolol and glipizide. Expenditure on R & D NIL TECHNOLOGY ABSORPTION ADAPTION AND INNOVATION 1. Efforts in brief made towards absorption, adaption and innovation. a) The technology developed by the In house R & D have been adopted in the plant whereever felt appropriate in the manufacture of existing and new products for better yields, increased productivity, safe operations, recycling of solvents. b) Continuous efforts are being made in similar direction for future improvements. 2. Benefits, derived as a result of the above efforts: Product improvement, product development, and cost reduction. 3. particulars of Imported Technology: There is no imported Technology. FOREIGN EXCHANGE EARNING & OUTGO (in Rs.) 98-99 97-98 1. Foreign Exchange earning NIL NIL 2. Foreign Exchange outgo NIL NIL By Order of the Board For Richline Pharma Limited Place : Hyderabad (Y.V.R. Chowdary) Date : 28th May, 1999 Managing Director