Directors Report
The Board of Directors of your company has pleasure in presenting the 9th Annual Report
on the affairs of the Company together with the Audited Accounts of the company for the
year ended 31st March 2011.
1. FINANCIAL RESULTS
The Financial Results for the year are as under:-
(Amount in Rs.)
| PARTICULARS |
2010-11 |
2009-10 |
| Turnover |
525391681 |
450684743 |
| Profit before Depreciation, Interest & Tax (PBDIT) |
93506767 |
73893392 |
| Financial Expenses |
16076361 |
15189919 |
| Profit before Depreciation and Tax (PBDT) |
78994819 |
59998314 |
| Depreciation |
6030449 |
5102814 |
| Profit before Tax (PBT) |
72964370 |
54895500 |
| Profit after Tax |
68882063 |
51719642 |
| Appropriations: |
|
|
| Proposed Dividend on Equity Shares |
10% |
Nil |
| Surplus carried to Balance Sheet |
90288432 |
84458921 |
2. WORKING RESULTS
During the year under review, our company has achieved a turnover of Rs. 525391681/- as
compared to Rs. 450684743/- in the previous year showing thereby an increase of 14.22%.
The company has earned a profit after tax and depreciation of Rs. 68882063 as compared to
Rs. 51719642 in the previous year. Your Directors are continuously looking for avenues for
future growth of the Company in Pharmaceutical industry.
3. DEPOSITS
During the year 2010-11, the company has not accepted any deposits from the public in
terms of the provisions of Section 58 (A) and 58(AA) of the companies Act, 1956.
4. DIVIDEND
The Board of Directors of your company has recommended a dividend of Rs. 1/- per share
on the fully paid-up Equity shares of the Company.
5. DIRECTORS
The Board of Directors had appointed Dr. D.S Maity in its Meeting held on 10th
September 2010 as Executive Director on the Board of the Company for a period of three
years w.e.f 10th September 2010 to 10th September 2013 subject to the approval of the
members in the next Annual General Meeting of the Company. Further Mr. Lalit Mahajan, Mr.
Vivek Sharma, Ms. Monika Sabharwal in its Meeting held on 1st October 2010 as Additional
Directors on the Board of the Company, pursuant to Article 156 of the Articles of
Association and Section 260 of the companies Act, 1956.
The Company has received notices from some members under Section 257 of the Companies
Act, 1956 proposing the candidature of Mr. Lalit Mahajan, Mr. Vivek Sharma and Ms. Monika
Sabharwal as Directors of the Company. Requisite approval for their appointment is being
sought at the ensuing Annual General Meeting.
Mr. Rampartap and Mr. Manmohan Lal Mahajan have resigned from the Directorship as on
6th October 2010. The Board places on record the valuable services rendered by them during
their tenure as director of the Company.
6. SHARE CAPITAL
During the year under review:
The Company increased its Authorized Share Capital from Rs. 500,00,000/- divided into
5000000 equity shares of Rs. 10/- each to Rs. 2000,00,000/- divided into 20000000 equity
shares of Rs. 10 each as on 10th September 2010.
The Company has also allotted 32810 Equity Shares to promoters on preferential basis as
on 06th October 2010, 5152412 equity shares as bonus issue (other than cash) to them.
7. AUDITORS
M/S J. K. JAIN & ASSOCIATES, Chartered Accountants, Chandigarh,. Auditors of the
Company retire at the conclusion of the forthcoming Annual General Meeting and being
eligible offers themselves for reappointment. The Company has received a certificate from
the said Auditors to the effect that their reappointment, if made, would be within the
prescribed limits under Section 224 (1B) of the Companies Act, 1956.
8. AUDITORS REPORT.
The Statutory Auditors of the Company have submitted Auditors Report on the accounts of
the Company for the accounting year ended March 31, 2011. The Auditor Reports of the
accounts is self explanatory and requires no comments.
9. STATEMENT OF PARTICULARS OF EMPLOYEES
During the year no employee of the company received a salary of more than Rs. 60.00 Lac
per annum or 5.00 Lac per month. Accordingly no particulars of employees required to be
given pursuant to the provisions of Section 217(2A) of the Companies Act, 1956.
10. CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION AND FOREIGN EXCHANGE EARNING AND
OUTGO:
The Statement of conservation of energy, technology absorption, foreign exchange
earning and outgo as required under Section 217 (1) (e) of the companies Act, 1956 are
annexed hereto and form part of this report.
11. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the Section 217 (2AA) of the companies Act, 1956, the directors confirm
that in the preparation of the Annual accounts, the applicable accounting standards have
been followed:
a) appropriate accounting policies have been selected and applied consistently, and
have made judgments and estimate that are reasonable and prudent so as to give a true and
fair view of the state of the affairs of the Company as at 31st March 2011 and of the
profit of the Company for the year ended on 31st March 2011 March 2011 and of the profit
of the Company for the year ended on 31st March 2011
b) proper and sufficient care has been taken 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
c) the annual accounts have been prepared on a going concern basis.
12. ACKNOWLEDGEMENT:
Your Directors are pleased to place on record their sincere gratitude to the
Government, financial Institutions, Bankers and Business Constituents for their
continental and valuable co-operation and support to the Company. They also take this
opportunity to express their deep appreciation for the devoted and sincere services
rendered by the employees at all levels of the operations of the Company during the year.
|
FOR AND ON BEHALF OF THE BOARD |
|
| Date: Mohali |
Rajesh Mahajan |
Atul Ranchal |
| Place: 14.06.11 |
Managing Director |
Chairman |
ANNEXURE TO THE DIRECTORS' REPORT
Information as per Section 217(1) (e) read with Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988 and forming part of the Directors' Report
for the year ended March 31, 2011.
1. Conservation of Energy
Your Company has always been conscious of the need to conserve energy and reduce the
cost of production. The details regarding the present energy consumption are furnished
below as per form A of the annexure to the rules.
Form-A
| Particulars |
|
2010-11 |
| A. Power and fuel Consumption |
|
|
| 1. Electricity |
|
|
| a) Purchased |
|
|
| Unit |
KWH |
1591170.00 |
| Total amount |
Rs. In |
6826187.00 |
| Rate per unit |
Rs./unit |
4.30 |
| b) Own generation through diesel |
|
|
| i) Generator Units |
KWH |
151830 |
| Unit per liter of diesel |
KWH |
2.34 |
| Cost per Unit |
Rs. |
17.83 |
| ii) Through Steam Turbine/generator unite |
|
|
| Unit per liter of fuel/gas |
|
Nil |
| Cost per Unit |
|
Nil |
| 2. Coal |
|
|
| Quantity |
Tons |
Nil |
| Total cost |
Rs. |
Nil |
| Average rate |
Rs./Ton |
Nil |
| 3. Furnace Oil |
|
|
| Quantity |
K. Liters |
26.8042 |
| Total Cost |
Rs. |
102365.23 |
| Average Rate |
Rs./Liter |
38.19 |
| 4. Others/Internal Generation |
|
|
| Quantity (Timber and Husk) |
Tons |
Nil |
| Total cost |
Rs. |
Nil |
2. Technology Absorption
Efforts made in technology absorption are furnished in Form -B as under:
Form B:
A. Research and Development (R&D)
(a.) Specific areas in which Research and Development is carried out by the Company
R&D has been carried out in areas of
1. Improvement on product quality
2. Innovation in manufacturing process to increase yields and reduce reaction time to
enhance productivity
(b.) Benefits derived because of above R&D efforts at Brooks Laboratories have
yielded positive results, which can be measured from the fast growth of the Company, both
in terms of turnover and penetration of geographies.
1. Your Company was able to improve the quality of existing products and develop
customer specific materials with stringent specifications, gaining an edge over
competition and penetrating global markets
|
FOR AND ON BEHALF OF THE BOARD |
|
| Date: Mohali |
Rajesh Mahajan |
Atul Ranchal |
| Place: 14.06.11 |
Managing Director |
Chairman |
|