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Unicorn Pharmaceuticals (India) Ltd.

BSE: 524334 Sector: Health care
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Unicorn Pharmaceuticals (India) Ltd
NSE 05:30 | 01 Jan Unicorn Pharmaceuticals (India) Ltd

Unicorn Pharmaceuticals (India) Ltd. (UNICORNPHARMA) - Director Report

Company director report

1994 UNICORN PHARMACEUTICALS (INDIA) LIMITED DIRECTORS' REPORT Ladies and Gentlemen, Your Directors have pleasure in submitting the Seventh Annual Report and Audited Accounts for the period ended 30th September 1994. Performance and Prospects During the period under review, the Company continued its marketing operations. The turnover together with income from commission from the operations amounted to Rs.102.44 lacs. The Company earned a profit of Rs.2,26,346/- after taxes. The Company's own factory has come up in Kunnam Village, Chengai MGR Dist., on a land of nearly 4.75 acres. The buiiding has been built to international standards with the ultimate aim of obtaining US FDA approval for the plant. The Plant was inaugurated on 24th October 1994. Commercial production is expected to commence in December '94. There has been some delay in implementation due to the exacting standards in the construction of the buiiding. The Company is already in touch with prospective buyers abroad and does not foresee any difficulty in marketing the products immediately after the commencement of operations. The Company has already signed a MGU with an agent in E. Africa for marketing the products there. Hence the Directors feel confident of reasonably good results for the year 1994-95. Directors During the period under review, Mr. Suresh P. Prabhu, Chairman, resigned from the Board on 5th Oct. 1994. The Directors have Placead on record their appreciation of the invaluable services rendered by him. The following Directors are due to retire at the ensuing Annual General Meeting and being eligible offer themselves for re-election. 1. Dr. V.R. Prabhu 2. Mrs. Elfriede Elizabeth Auditors M/s. J.S.S. Associates, Madras, retires as Auditors of the Company at the ensuing Annual General Meeting. They are eligible for re-appointment and have consented to act as Auditors of the Company. Information pursuant to Section 217 of the Companies Act, 1956 Details of employees drawing in excess of the amount specified in Section 217(2A) in accordance with the Companies [Particulars of Employees] Amendment Rules, 1994 - Nil. Information in accordance with Section 217[1][e] of the Companies Act, 1956 read with Companies [Disclosure of particulars in the Report of Board of Directors] Rules, 1988, and forming part of the Directors' Report for the period ended 30th September 1994 in so far as they are applicable for the period under review is given below: Foreign exchange outgo is given in Note.11 under notes to the accounts. Acknowledgement Your Directors wish to thank and record their appreciation to the investing public and the co-operation extended by the Company's Bankers. Your Directors also wish to thank the employees of the Company for their efforts and contribution to the successful operations of the Company. On behalf of the Board Madras S. SASHIDHARAN 16.11.94 MANAGING DIRECTOR