DRIVIN G ROWTH - Dr. Reddy's

278
directors’ report
To
The Members,
Your Directors hae the pleasure in presenting the First Annual Report of the business and progress of the company together with the
audited accounts for the year ended March 31, 2002.
REVIEW OF OPERATIONS
The Company has not yet commenced its commerical activities. However, the Company has acquired 16.5 acres in Bangalore, and Rs.
1.23 Cr has already been spent on construction and related activities. The Company has also incurred expenses of Rs. 4.45 crores,
which would be apportioned over the fixed assets after operationalization.
TRANSFER TO RESERVES
The Company has not transferred any amount to the reserves, as the company has not made any profits during the period.
Increase in Capital
The Company has allotted 10004 shares during the year, and the principal shareholder, Dr. Reddy’s Laboratories have already
contributed Rs. 11.09 crores, which has been classified as share application money pending allotment.
Human resource management
Given the knowledge intensive nature of your Company’s activities, human resources are its most critical assets. Recognising this, your
Company has put in place scaleable recruitment and human resources management process enabling it to attract and retain high
caliber employees.
DIRECTOR’S RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies Act, 1956 with respect to Director’s Responsibility statement,
it is hereby confirmed:
i) That in preparation of the accounts for the financial year ended March 31, 2002, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
ii) That the Directors have followed all the provisions of the accounting standards issued by the ICAI.
iii) That the Directors have taken proper and sufficient care 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) That the Directors have prepared the accounts for the financial year ended March 31, 2002 on a ‘Going Concern & Accural’ basis.
COMMENCEMENT OF COMMERCIAL OPERATIONS
The company is expecting to commence its commercial operations from September 2002.
PARTICULARS OF EMPLOYEES
As pe the provisions of section 217 [2A] of the Companies Act, 1956 there are no employees in the Company during the year.
Directors
In accordance with Article 74 (1) of the Articles of Association of your Company Mr Satish Reddy was appointed as the additional
Director of the Company. His appointment requires the approval of the members at the ensuing Annual General Body meeting as per
Article 74 (2) of the Articles of Association.
Mr G V Prasad retires by rotation in the forthcoming Annural General Meeting. He being eligible offers himself for re-appointment.
Auditors
Your Auditor M/s. AAGJ & Co., Chartered Accountants, retire at the conclusion of the annual general meeting. The Directors
recommend their re-appointment.
AURIGENE DISCOVERY TECHNOLOGIES LTD. | FINANCIALS | ANNUAL REPORT 2001-2002