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Venkat Pharma
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Directors Report Year End : Mar '11    Mar 05
Dear Members,
 
 The Directors have pleasure in presenting the 22nd Annual Report
 together with the Audited Accounts of the Company for the year ended 
 31st March,2011
 
 FINANCIAL RESULTS
 
                            2010-11            2009-10(Rs. in Lakhs)
 
 Profit /(Loss) before 
 Taxes                       (6.40)            (24.32)
 
 Provision for Taxes           -               (1.04)
 
 Provision for deferred Tax    -                 -
 
 Profit /(Loss) after Taxes  (6.40)            (25.36)          
 
 The company not recorded any sales during the year ended 31st March,
 2011 The Operations for the period ended 31st March,2011 resulted for a
 net loss of Rs. 6.40 Lakhs against a net loss of Rs.25.36 lakhs of the
 previous year
 
 During the year also no production was took place as the factory was
 locked by commercial tax department under R.R. Act. Management is
 taking all steps to open the unit again.
 
 DIVIDEND
 
 Due to losses incurred by the company your directors do not recommend
 any dividend for the financial year2010-11.
 
 FIXED DEPOSITS
 
 The company has neither accepted nor renewed any deposits falling
 within the provisions of Section 58A of the Companies Act, 1956 read
 with the Companies (Acceptance of Deposits) Rules, 1975from the public
 during the financial year.
 
 DIRECTORS
 
 At the ensuing Annual General Meeting of the Company Mr. M Ranga Rao,
 Director is liable to retire by rotation and being eligible offer
 himself for re-appointment.
 
 Mr. Ch. Ramesh Babu, Promoter Non executive Director, V. Raman Mohan,
 Independent Director, Mr. M. Surya Prakash Rao, Independent Director
 were resigned from the Board w.e.f. 1st May 2011.
 
 DIRECTORS'' RESPONSIBILTYSTATEMENT
 
 In pursuance of the provisions of section 217(2AA)of the Companies Act,
 1956and based upon observations made the Directors hereby confirm that:
 
 (i) In the preparation of the Annual Accounts, the applicable
 Accounting Standards except AS-15 have been followed and there are no
 material departures;
 
 (ii) They have selected such Accounting Policies in consultation with
 the statutory auditors 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 state of affairs of the Company as at 31st March, 2011
 and of the profit or loss of the company for the year ended on that
 date;
 
 (iii) They have taken proper and sufficient care for the maintenance of
 adequate Accounting Records in accordance with the provisions of this
 Act for safeguarding the assets of the company and for preventing and
 detecting fraud and other irregularities:
 
 (iv) They have prepared the Annual Accounts on a going concern basis.
 
 AUDITORS
 
 M/s. Mahesh, Virender & Sriram, Chartered Accountants, Hyderabad retire
 as Auditors of your Company at the conclusion of this Annual General
 Meeting and are eligible for reappointment.  They have signified their
 willingness to accept re anointment and have further confirmed their
 eligibility under Section 224(1 B) of the Companies Set, 1956. The Board
 recommends their re- appointment.
 
 AUDITORS OBSERVATIONS:
 
 With reference to Para 5 in the Auditors Report, it may be noted that
 the observations made in the respective Notes are Self Explanatory.
 
 With reference to clause (ix) in the Annexure to the Auditors Report,
 the matters stated thereat are being carried forward from previous
 years and are pending with the Sales Tax Appellate Tribunal and
 other Govt. Departments.
 
 STATUTORY COMPLIANCE CERTIFICATE:
 
 In terms of Section 383A of the Companies Act, 1956 the Company has
 obtained the required Statutory Compliance Certificate from Practicing
 Company Secretary for the financial year 2010-11 A copy of the same is
 annexed to this report.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 
 A Statement giving details of Conservation of Energy, Technology
 Absorption, Foreign Exchange Earnings and Outgo in accordance with the
 provisions of Section 217(1)(e) of the Companies Act, 1956, read with
 Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules IQSS. are given in Annexure-I to this report.
 
 PARTICULARS OF EMPLOYEES
 
 There were no employees drawing remuneration in excess of the limits
 mentioned under Sec.217 (2A) of the Companies Act 1956 read with the
 relevant rules made there under during the financial year2010-11
 
 INDUSTRIAL RELATIONS
 
 Your Company has had an excellent track record of very cordial
 industrial relations right from its inception. This year too industrial
 relations in the Company were excellent.
 
 CORPORATE GOVERNANCE
 
 In terms of Clause 49 of the Listing Agreement a separate Report on
 Corporate Governance is enclosed as Annexure-ll to this report
 
 ACKNOWLEDGEMENTS
 
 Your directors wish to place on record their gratitude for the support
 received from Bankers, Government Departments, suppliers, clients and
 look forward for their continued support and co-operation. Your
 directors also thank the shareholders and investors for their support
 and the officers and employees for their dedicated services.
 
                                          For and on behalf of the Board 
 
                                                                   sd/-
 Place  : Hyderabad                                       A. Ramkrishna
 
 Date    :  11.08.2011                                          Chairman
Source : Dion Global Solutions Limited
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