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Parenteral Drugs (India) Directors Report, Parenteral Drug Reports by Directors
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Parenteral Drugs (India)
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Download Annual Report PDF Format 2013 | 2012 | 2011 | 2010
Directors Report Year End : Mar '13    Mar 12
To The Members of M/s. Parenteral Drugs (India) Limited
 
 The Directors of your Company have pleasure in presenting their 29th
 Annual Report on the performance of the Company for the year ended 31st
 March, 2013:
 
 FINANCIAL RESULTS
 
 A summarized statement of the financial results of the current year and
 that of the previous year is given below:
 
                                                          (Rs. in Lacs)
 
                                Standalone           Consolidated
 Particulars            F.Y. 12-13  F.Y. 11-12  F.Y. 12-13  F.Y. 11-12
 
 Sales and Other Income   18735.29    22283.73    32767.23    33294.91
 
 Profit/(Loss) before 
 Interest, Depreciation 
 & Tax                    (2213.71)     883.27    (1377.43)    1435.47
 
 Less:
 
 Interest and Financial 
 outlay                    4222.44     3919.01     5584.68     4840.64
 
 Depreciation              1733.84     1284.43     2299.58     1446.78
 
 Provision for Taxation          -           -       18.42       25.85
 
 Deferred tax Liability     349.54      461.43     1500.48      458.51
 
 Tax adjustment for 
 previous year                   -           -        3.14           -
 
 Net Profit/(Loss) 
 after Tax                (8519.53)   (4781.59)  (10783.73)   (5336.31)
 
 Balance brought forward 
 from previous year        1034.12     5815.72      415.91     5753.73
 
 Surplus/(Deficit)        (7485.41)    1034.12   (10367.82)     417.42
 
 Appropriation:
 
 Transferred to General 
 Reserve                         -           -           -           -
 
 Proposed Dividend
 
 Tax on Distributed Profit       -           -           -           -
 
 Minority Interest               -           -           -        1.51
 
 Balance carried to 
 Balance Sheet            (7485.41)    1034.12   (10367.82)     415.91
 
 Earning per share          (32.94)     (18.49)     (41.69)     (20.64)
 
 (EPS of Face Value 
 of Rs. 10/-)
 
 
 
 PERFORMANCE REVIEW
 
 The consolidated turnover for the year under review was Rs.327.67
 crores as compared to Rs.332.95 crores in the previous year. The
 turnover on standalone basis stood Rs.187.35 crores as against
 Rs.222.84 crores in the previous year.
 
 On consolidated basis, the Company recorded a loss before interest and
 depreciation of Rs.13.77 crores during the year as against profit of
 Rs.14.35 crores in the previous year and recorded a loss before tax of
 Rs.92.62crores during the year as against the loss of Rs.48.52 crores
 during the previous year.
 
 On standalone basis, the Company recorded a loss before interest and
 depreciation of Rs.22.13 crores during the year as against profit
 before interest and depreciation Rs.8.83 crores in the previous year
 and recorded a loss before tax of Rs.81.69 crores during the year as
 against a loss of Rs.43.20 crores during the previous year. The loss is
 on account of short realization on sales, as the Company had to
 compromise on its realization by extending extra heavy discounts to the
 customers to sustain in the severe adverse liquidity crisis conditions.
 
 A review of the performance during the year is given under the section
 Management Discussion and Analysis Report which forms part of this
 Annual Report.
 
 DIVIDEND
 
 Due to continued adverse market conditions, the Board does not wish to
 recommend any dividend for the year under review.
 
 CORPORATE DEBT RESTRUCTURING
 
 Due to several adversities, the Corporate Debt Restructuring Cell,
 Mumbai, on the recommendation of the Bankers of the Company, vide its
 letter dated November 08, 2012 has approved debt restructuring package
 and the same has been successfully implemented with the above step, the
 operations of the Company are expected to turn around from this year.
 
 SUBSIDIARY COMPANIES
 
 As on the date of the report, the Company has ten (10) subsidiaries
 viz:
 
 (1) M/s. Goa Formulations Limited, (2) M/s. Punjab Formulations
 Limited, (3) M/s.Parentech Healthcare Limited, (4) M/s.  Parenteral
 Surgicals Limited, (5) M/s.Parenteral Biotech Limited, (6)
 M/s.Parenteral Impex Limited, (7) M/s. Abhay Drugs Limited, (8)
 M/s.Anjaney Pharmaceuticals Limited, (9) M/s.Mascareignes
 Pharmaceutical Manufacturing Company Limited; and (10) M/s.Parenteral
 Drugs Kazakhstan.
 
 All the subsidiary companies are non-material and non-listed subsidiary
 companies as defined under Clause 49 of the Listing Agreement. A
 statement under section 212 of the Companies Act, 1956 is attached and
 forming part of the report of the Board of Directors of the Company.
 
 DIRECTORS
 
 Mr. Anil Mittal and Mr. Dharam Pal Khanna, Directors of the Company are
 retiring by rotation at the forthcoming annual general meeting and as
 they are eligible for re-appointment the Board recommends their
 re-appointment
 
 As required under the Listing Agreement, particulars of the directors
 seeking re-appointment at the ensuing Annual General Meeting have been
 given under the report of the Corporate Governance.
 
 REPORT ON CORPORATE GOVERNANCE
 
 The Company is committed to maintain the highest standards of corporate
 governance and adhere to the standards set out by SEBI and has
 implemented several best corporate governance practices as generally
 prevalent. A report on corporate governance as required under Clause 49
 of the Listing Agreement forms part of the annual report. The requisite
 certificate from a Practicing Company Secretary confirming compliance
 with the conditions of the corporate governance as stipulated under the
 aforesaid Clause 49 is attached to this report.
 
 MANAGEMENT DISCUSSION AND ANALYSIS REPORT
 
 A detailed review of operations, performance and future outlook of the
 Company and its business is given in the Management''s Discussion and
 Analysis, which forms part of this Report.
 
 COMPLIANCE OFFICER
 
 Mr. Yogesh Khakre, an Associate Member of the Institute of Company
 Secretaries of India has been appointed as the Company Secretary and
 Compliance Officer of the Company w.e.f. 01.04.2013.
 
 AUDITORS
 
 M/s. T.N. Unni & Co., Chartered Accountants, Statutory Auditors of the
 Company, hold office until the conclusion of the ensuing annual general
 meeting and are recommended for re-appointment. A Certificate from the
 Statutory Auditors has been received to the effect that their
 re-appointment, if made, would be within the limits prescribed under
 section 224(1B) of the Companies Act, 1956 and that they are not
 disqualified from reappointment within the meaning of section 226 of
 the said Act.
 
 AUDITORS'' REPORT
 
 The report of the Statutory Auditors do not bear any qualification and
 the same is self explanatory and do not call for any further comments
 from the Board.
 
 COST AUDIT
 
 M/s. A. Goyal & Co., Cost Accountants, Jaipur have been appointed as
 Cost Auditors of the Company. The Cost Auditors have furnished a
 certificate to the Company to the effect that their appointment shall
 be within the limits prescribed under section 224(1)(b) and they are
 not disqualified from re-appointment within the meaning of section 226
 of the Companies Act, 1956.
 
 The Report of the Cost Auditors for the year under review would be
 filed with the Central Government in due course of time.
 
 SAFETY, HEALTH AND ENVIRONMENT
 
 The Company''s products and processes are developed in accordance with
 strictly defined rules to ensure safety and health of workers as well
 as the environment.
 
 HUMAN RESOURCE
 
 The company believes in the concept of human empowerment. It firmly
 believes that human resource is the most important assets of the
 organization and the same can be appreciably seen in the growth of the
 company in-spite all odds. During the year, the company continued its
 efforts aimed at improving the human resource policies and processes to
 enhance its performance. During the year under review, the industrial
 relations continue to be cordial.
 
 INSURANCE
 
 All the assets of the company including buildings, machineries,
 fixtures and other fixed assets, stocks, raw-materials, work in
 progress, finished goods etc. have been adequately insured.
 
 FIXED DEPOSIT
 
 The Company has not accepted deposits from public. No amount on account
 of principal or interest on public deposits was outstanding as on the
 date of the Balance Sheet.
 
 UNCLAIMED DIVIDEND
 
 The amount transferred by the Company to the separate bank accounts
 towards payment to the shareholders is lying unclaimed in some cases.
 The shareholders, who have not claimed their dividend up till now, are
 requested to immediately approach the Registrar and Share Transfer
 Agent of the Company for claiming their dividend.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
 EARNINGS AND OUTGO AND RESEARCH & DEVELOPEMENT
 
 Particulars pertaining to the Conservation of Energy, Technology
 Absorption and Foreign Exchange Earnings & Outgo and Research &
 Development as prescribed under Section 217(1)(e) of the Companies Act,
 1956, read with The Companies (Disclosure of Particulars In The Report
 of Board of Directors) Rules, 1988, are given in the annexure and the
 same is forming part of this report.
 
 PARTICULARS OF EMPLOYEES
 
 During the year under review, none of the employees of the Company was
 in receipt of remuneration requiring disclosure under section 217(2A)
 of the Companies Act, 1956.
 
 LISTING
 
 The equity shares of the Company continue to be listed on the National
 Stock Exchange of India Limited (NSE) and Bombay Stock Exchange Limited
 (BSE). The annual listing fee for the year 2013-2014 has been paid to
 the Exchange(s).
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to the provisions of Section 217 (2AA) of the Companies Act,
 1956, with respect to the Directors'' Responsibility Statement, it is
 hereby confirmed that:
 
 i) In the preparation of annual accounts for the year ended 31st March,
 2013, the applicable Accounting Standards have been followed along with
 proper explanation relating to material departures;
 
 ii) The Directors have in selection of the accounting policies,
 consulted with the statutory auditors and applied these policies
 consistently, making judgments and estimates that are reasonable and
 prudent, so as to give a true and fair view of the state of affairs of
 the Company as on 31st March, 2013 and of the profit of the Company for
 the financial year ended 31 March, 2013; iii) The Directors have taken
 proper and sufficient care, to the best of their knowledge and ability,
 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;
 
 iv) The Directors have prepared the annual accounts for the financial
 year ended 31 March, 2013 on a going concern basis.
 
 ACKNOWLEDGEMENTS
 
 The Directors would like to place on record their appreciation for the
 assistance and co-operation received from Bankers and Government
 Authorities during the year. The Directors also wish to place on record
 their deep sense of appreciation for the committed services of
 executives, staff and workers of the Company.
 
 
 
                                      FOR AND ON BEHALF OF THE BOARD 
 
 Indore                                      Manoharlal Gupta
 
 Date: 13 August, 2013                           Chairman
Source : Dion Global Solutions Limited
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