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SS Organics
BSE: 524636|ISIN: INE102E01018|SECTOR: Pharmaceuticals
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Directors Report Year End : Mar '13    Mar 12
To The Members of S.S. ORGANICS LIMITED
 
 The Directors are pleased to present the 20th Annual Re- port of the
 Company together with the Audited Financial Statements for the year
 ending 31st March, 2013.
 
 FINANCIAL RESULTS
 
                                               (Rs. In lacs) 
 
                                    For the year ending Previous period
                                      31.03.2013     31.03.2012
                                     (12 months)    (12 months)
 
 Total Income
 
 Profit/ (Loss) before Financial
 
 Expenses and Depreciation             (145.15)       (23.59)
 
 Profit/ (Loss) after Financial
 
 Expenses and Depreciation             (145.15)       (23.59)
  
                                       (145.15)       (23.59)
 
 Less/Add : Prior Year Adjustments       21.81
 
 Profit / (Loss) for the year 
 
 Before taxation.                      (166.96)       (23.59)
 
 Less: Deferred Tax Liability
 
 Profit / (Loss) after Tax             (166.96)       (23.59)
 
 REVIEW OF OPERATIONS:
 
 It was already brought to the notice of the share holders in the 6
 AGM''s held on 04th May, 2013 that the unit suffered extensively due to
 the illegal and forcibly occupation by Mr.B.Subba Reddy on 20th
 October, 2006. In addition to the illegal occupation, Mr.B.Subba Reddy
 started litigations in various forums.
 
 The present management infused more than Rs. 429 Lacs for revival of
 the company and restored all the Machinery and Equipment. The entire
 cables, lights, transformer, CTPT, MCC & PCC panels are totally
 replaced and brought back the company to working condition and
 completed renewal of all the licenses.
 
 Now the present management is entering into contract manufacturing work
 with leading pharmaceutical compa- nies and going to commence the
 production in the month of July, 2013.
 
 The company is confident of resolving all the issues and to improve its
 performance.
 
 STATUS WITH BIFR:
 
 The Hon''ble BIFR in its proceedings Dt. 21.05.2013 has directed IDBI
 which is a Monitoring Agency to examine MDRS and to submit a
 consolidated report to the BIFR.
 
 The next hearing of BIFR is on 27.08.2013.
 
 STEPS TAKEN FOR REVIVAL:
 
 The present management conducted 14th to 19th AGM''s for the financial
 years 2006-07 to 2011-12 and got the ap- provals of the audited results
 and other resolutions from the share holders on 04-05-2013. After the
 taking over the possession of the factory, the present management has
 consulted various senior professionals for the revival of plant and
 took-up the work of replacement of old machin- ery with the new
 machinery and refurbishing of reactors and boilers as they got rust due
 to non-maintenance. The Company has also successfully put under trail
 runs of some part of machinery. For this revival, the management has
 taken lot of strains to revive the factory and for raising funds.  Rs.
 4.29 Crores has been spent towards this revival up to 31-05-2013 which
 was raised as loans from directors & relatives. It is further expected
 to be incurred Rs. 2 Crores approximately for the total revival of
 unit.
 
 DIRECTORS:
 
 During the year Dr. Sai Sudhakar Vankineni has been co- opted as an
 Additional Director w.e.f. 13th February, 2013.  A notice in writing
 under Section 257 read with Section 190 of the said Act, along with a
 deposit of Rs.500/- pro- posing his candidature for the office of
 Director of the Com- pany, whose period of office shall not be
 determinable by retirement of Directors by rotation.
 
 Further the Company has received notices in writing un- der Section 257
 read with Section 190 of the said Act, along with a deposit of Rs.500/-
 proposing the candidatures of Sri Vidya Sagar Devabhaktuni, Sri.
 Appasani Ravi Kumar, Sri Gowtham Reddy Vongumalli and Dr.Sumanth Simha
 Vankineni for the office of Director of the Company, whose period of
 office shall be determinable by retirement of Di- rectors by rotation.
 
 Sri N.Gangi Reddy retire by rotation at the ensuing Annual General
 Meeting and being eligible, offer himself for reap- pointment.
 
 PARTICULARS REQUIRED U/ S 217(2A) OF THE COM- PANIES ACT, 1956, R/ W
 THE COMPANIES (PARTICU- LARS OF EMPLOYEES) RULES, 1975, FOR THE YEAR
 UNDER REVIEW ARE AS UNDER:
 
 No employee of the Company was in receipt of remunera- tion, during the
 financial year 2012-2013, in excess of the sum prescribed under Section
 217(2A) of the Companies Act, 1956 read with the Companies (Particulars
 of Em- ployees) Rules 1975 as amended.
 
 FIXED DEPOSITS
 
 The Company has not accepted any deposits which cover under the Section
 58A of the Companies Act, 1956.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956 Your
 Directors'' confirm that:
 
 i. In preparation of annual accounts for the financial year ended 31s1
 March, 2013 the applicable Accounting Stan- dards have been followed.
 
 ii. The Directors have selected such accounting policies and applied
 them consistently and made judgments and estimates that are reasonable
 and prudent so as to give a true and fair view of the Company at the
 end of the financial year ended 31st March, 2013 and of the profit and
 loss of the Company for the year.
 
 iii. The Directors have taken proper and sufficient care for their
 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
 irregulari- ties and
 
 iv. The Directors have prepared the annual accounts on a ''going
 concern'' basis.
 
 CONSERVATION OF ENERGY, TECHNOLOGY AB- SORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO.
 
 As required under Section 217 (1) (e) of the Companies Act, 1956 read
 with companies (Disclosure of particulars in the Report of Board of
 Directors) Rules, 1988, the infor- mation is given as Annexure to this
 report.
 
 CORPORATE GOVERNANCE
 
 Your Company has complied with the requirements of Clause 49 of the
 Listing Agreement entered with the Stock Exchanges. Report on Corporate
 Governance including Auditor''s certificate on compliance with the code
 of Cor- porate Governance under Clause 49 of the Listing Agree- ment is
 enclosed as Annexure to this report.
 
 MANAGEMENT DISCUSSION AND ANALYSIS
 
 A report on the Management Discussion and Analysis for the year under
 review is annexed hereto and forms part of the Annual Report.
 
 AUDITORS
 
 The Statutory Auditors of the Company, M/s VDNR & As- sociates,
 Chartered Accountants, retire at the conclusion of the forthcoming
 Annual General Meeting and are eli- gible for re-appointment. The Audit
 committee and the Board recommended the re-appointment of M/s VDNR &
 Associates, Chartered Accountants, as Statutory Auditors of your
 Company.
 
 ACKNOWLEDGEMENTS
 
 Your Directors wish to express their gratitude to the Cen- tral and
 State Governments, investors, analysts, financial institutions, banks,
 business associates and customers, the medical profession, distributors
 and suppliers for their whole-hearted support. Your Directors commend
 all the employees of your Company for their continued dedica- tion,
 significant contributions, hard work and commitment.
 
                           For and on behalf of the Board of Directors
 
                           Sd/-
 
                           V. N. SUNANDAREDDY
 
                           CHAIRMAN
 
 Place: Hyderabad.
 
 Date : 29.05.2013
Source : Dion Global Solutions Limited
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