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DIRECTORS
Mr. D. R. Mehta, Mrs. B. E. Saldanha and Mrs. Cheryl Pinto
retire by rotation at the ensuing Annual General Meeting
and being eligible, offer themselves for re-appointment.
Mr . A. S. Mohanty retired from the services of the Company
w.e.f. 31 March 2011 and consequently ceased to be
Executive Director effective that date. He also resigned
as a Director of the Company w.e.f. 10 May 2011. Your
Directors wish to place on record their sincere appreciation
of the valuable contribution made by Mr. A. S. Mohanty
during his tenure on the Board.
Mr. Gracias Saldanha, Chairman stepped down as
Chairman of the Board of Directors and was re-designated
as Founder & Chairman Emeritus of the Company and
Mr. Glenn Saldanha was elected as Chairman of the Board
of Directors w.e.f. 10 May 2011.
COST AUDITORS
M/s. Sevekari Khare & Associates are the Cost Auditors
of the Company. Due date for filing of Cost Audit Report
by the Cost Auditor for the Financial Year 2010-11 is
30 September 2011.
CORPORATE GOVERNANCE
Report on the Corporate Governance forms an integral part
of this Report. The Certificate of the Practicing Company
Secretary certifying compliance with the conditions of
Corporate Governance as stipulated in Clause 49 of the
Listing Agreement with Stock Exchanges is annexed with
the report on Corporate Governance.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The management discussion and analysis report on the
operations of the Company, as required under the Listing
agreements with the stock exchanges is provided in a
separate section and forms a part of this report.
AUDITORS
M/s. Walker, Chandiok & Co., Chartered Accountants,
Auditors of the Company, retire at the conclusion of the
ensuing Annual General Meeting and being eligible offer
themselves for re-appointment.
HUMAN RESOURCES
Company’s industrial relations continued to be harmonious
during the year under review.
PARTICULARS OF EMPLOYEES
Information as required under the provisions of Section
217(2A) of the Companies Act, 1956 read together with
the Companies (Particulars of Employees) Rules, 1975, as
amended, are given in an Annexure forming part of this
report.
CONSERVATION OF ENERGY, RESEARCH AND
DEVELOPMENT, TECHNOLOGY ABSORPTION,
FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars as prescribed under Section 217(1)(e) of the
Companies Act, 1956, read with the Companies (Disclosure
of Particulars in the Report of Board of Directors) Rules,
1988 are set out in the Annexure-A to the Directors’ Report.
DIRECTORS’ RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act,
1956, the Directors confirm that –
(i) in the preparation of the annual accounts, the
applicable accounting standards have been followed
along with proper explanation relating to material
departures, if any;
(ii) appropriate accounting policies have been selected
and applied consistently and have 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 as at 31 March 2011 and of the profit of the
Company for the year ended 31 March 2011;
(iii) proper and sufficient care has been taken for
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) the annual accounts have been prepared on a going
concern basis.
GREEN INITIATIVE
The Ministry of Corporate Affairs has taken the Green
initiative in Corporate Governance by allowing paperless
compliances by Companies through electronic mode.
The Company supports the Green initiative and has
accordingly decided to send all communications to its
shareholders to their respective registered e-mail addresses.
The Company appeals to its shareholders who are yet to
register their e-mail addresses that they take necessary
steps for registering same so that they can also become
a part of the intiative and contribute towards a Greener
environment.
APPRECIATION AND ACKNOWLEDGEMENTS
Your Directors express their gratitude to the Company’s
customers, shareholders, business partner’s viz. distributors
and suppliers, medical profession, Company’s bankers,
financial institutions including investors for their valuable
sustainable support and Co-operation.
Your Directors commend the continuing commitment and
dedication of employees at all levels.
Mumbai
Date: 10 May 2011.
For and on behalf of the Board of Directors
Glenn Saldanha
Chairman & Managing Director
Annual Report 2010-2011 33