DRIVIN G ROWTH - Dr. Reddy's

290
director’s report
Your Directors have pleasure in presenting the 1st Annual Report with audited accounts of the Company for the period from
January 23, 2001 to March 31, 2002.
OPERATIONS & FINANCIAL RESULTS
The Company has not commenced any commercial operation during the period. The Company has taken up the Research and
Development in respect of diagnostic & therapeutic product. Your Directors are confident that the efforts put on Research &
Development will yield results in the years to come.
SUBSIDIARY STATUS
The Company became subsidiary of Dr. Reddy’s Laboratories Ltd. during the year.
DIRECTORS RESPONSIBILITY STATEMENT
In terms of Section 217 (2AA) of the Companies Act, 1956, your Directors confirm as under:
1. In preparation of annual accounts, the applicable accounting standards have been followed along with proper explanation relating
to material departures;
2. We have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year 2001-2002 and
of profit of the Company for that period;
3. We have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of
this Act for safe guarding the assets of the Company and or preventing and detecting fraud and other irregularities;
4. We have prepared the annual accounts on an ongoing concern basis.
DIRECTORS
Mr. G.V. Prasad and Dr. Jayaram Chigurupati were appointed Additional Directors on the Board of the Company during the year. Dr.
Jayaram Chigurupati was appointed as Managing Director w.e.f. May 2, 2002.
Mr. K. Satish Reddy, Director, retires by rotation and being eligible offers himself for re-appointment. Your Directors recommend to pass
the necessary resolution.
AUDITORS
M/s. A. Ramachandra Rao & Co., Chartered Accountants, the Statutory Auditors of the Company retire at the ensuing Annual General
Meeting and are eligible for re-appointment.
Your Directors recommended to pass the necessary resolution.
PARTICULARS OF EMPLOYEES
There are no employees who are drawing salary more than the amount as specified Under the provisions of Section 217 (2A) of the
Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 as amended. Hence the relevant provisions are not
applicable to the Company.
CONSERVATION OF ENERGY RESEARCH AND DEVELOPMENTS, TECHNOLOGY ABSORPTION,
FOREIGN EXCHANGE EARNING AND OUTGO
The particulars as prescribed under subsection (1)(e) of 217 of the Companies Act, 1956, read with the Companies (Disclosure of
particulars in the report of Board of Directors) Rule, 1988 are not applicable to your Company.
ACKNOWLEDGEMENTS
Your Directors wish to express their gratitude to all concerns for the co-operation to the Company during the year.
ZENOVUS BIOTECH PVT. LTD. | FINANCIALS | ANNUAL REPORT 2001-2002
By order of the Board
Hyderabad SATISH REDDY
April 30, 2002 Chairman