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Sangam Health Care Products Ltd. के निदेशक की रिपोर्ट
Mar 31, 2024
The Directors have pleasure in presenting before you the 30th Directorsâ Report of the
Company together with the Audited Statements of Accounts for the year ended 31st March,
2024. The Companyâs performance is summarized below:
1. FINANCIAL SUMMARY/HIGHLIGHTS/STATE OF COMPANYâS AFFAIRS:
The performance during the period ended 31stMarch, 2024 has been as under:
(Rs Tn Lakhs)
|
Particulars |
Standalone |
|
|
2023-2024 |
2022-2023 |
|
|
Total Income |
1210.84 |
1076.00 |
|
Total Expenses |
1190.86 |
1212.49 |
|
Profit Before Exceptional and Extraordinary Items and |
19.98 |
(136.49) |
|
Exceptional Items |
-- |
â |
|
Profit Before Tax |
19.98 |
(136.49) |
|
Current tax |
-- |
-- |
|
Deferred tax |
(21.86) |
21.10 |
|
Net profit After tax |
41.83 |
(116.39) |
2. REVIEW OF OPERATIONS:
During the year under review, the Company has recorded a total income of Rs. 1210.84
lakhs and profit of Rs. 41.83 lakhs for the financial year ending 31.03.2024 as against the
total income of Rs. 1076.00 lakhs and Loss of Rs. 116.39 lakhs in the previous financial
year ending 31.03.2023.
3. MATERIAL CHANGES AND COMMITMENTS:
There were no material changes and commitments affecting financial position of the
company between 31st March, 2024 and the date of Boardâs Report. (i.e. 14.08.2024)
except the effect of the pandemic COVTD - 19 due to which the factory was inoperative
up to Forty-Five days approximately.
4. CHANGE IN THE NATURE OF BUSINESS, IF ANY:
During the period under review and the date of Boardsâ Report there was no change in the
nature of Business.
5. DIVIDEND:
Keeping the Companyâs revival plans in mind, your Directors have decided not to
recommend dividend for the year.
6. REASON FOR SUSPENSION:
The Company is under suspension on BSE due to penal reasons. However, the company
under the new management lead by Mr. Bhagat Reddy, Managing Director of the
Company has been working aggressively towards revoking the company from suspension.
The Board assures that all due efforts are being made to revoke the company from
suspension and so shall be done soon.
In this direction, the company has received in-principle approval from BSE vide letter
LIST/ COMP/SK/317/2019-20 dated 28.02.2020. The company is working towards
getting the trading started on BSE within a year.
7. TRANSFER TO RESERVES:
Pursuant to provisions of Section 134 (3) (j) of the Companies Act, 2013, the company has
not proposed to transfer any amount to general reserves account of the company during the
year under review.
8. BOARD MEETINGS:
The Board of Directors duly met 04 (Four) times on 30.05.2023, 14.08.2023, 14.11.2023,
and 14.02.2024 and in respect of which meetings, proper notices were given and the
proceedings were properly recorded and signed in the Minutes Book maintained for the
purpose.
9. DEPOSITS FROM PUBLIC:
The Company has not accepted any deposits from public and as such, no amount on
account of principal or interest on deposits from public was outstanding as on the date of
the balance sheet.
10. DETAILS OF SIGNIFICANT MATERIAL ORDERS PASSED BY REGULATORS,
COURTS, TRIBUNALS, IMPACTING THE GOING CONCERN BASIS OF THE
COMPANY:
There were no significant material orders passed by regulators, courts, tribunals, impacting
the going concern basis of the Company except for in principle approval from BSE as
mentioned earlier in the report.
11. CORPORATE GOVERNANCE:
A separate section titled âReport on Corporate Governanceâ along with the Auditorâs
Certificate on Corporate Governance as stipulated under Regulation 34 read with Schedule
V of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 as a part of this Annual Report.
12. VIGIL MECHANISM
The Company believes in the conduct of the affairs of its constituents in a fair and
transparent manner by adopting the highest standards of professionalism, honesty,
integrity and ethical behavior. In line with the Code of Conduct, any actual or potential
violation, howsoever insignificant or perceived as such, would be a matter of serious
concern for the Company. The role of the employees in pointing out such violations of the
Code of conduct cannot be undermined. Pursuant to Section 177(9) of the Act, a vigil
mechanism was established for directors and employees to report to the management
instances of unethical behavior, actual or suspected, fraud or violation of the Companyâs
code of conduct or ethics policy. The Vigil Mechanism provides a mechanism for
employees of the Company to approach the Chief Financial Officer of the Company for
redressal.
13. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Management discussion and analysis report for the year under review as stipulated under
Regulation 4(3) read with Schedule V, Part B of SEBI (Listing Obligations and Disclosure
Requirements), Regulations 2015 with the stock exchange in India is presented in a
separate section forming part of the annual report.
14. APPOINTMENT / RE-APPOINTMENT / RESIGNATION / RETIREMENT OF
DIRECTORS /CEO/ CFO AND KEY MANANGERIAL PERSONNEL:
During the period under review following were the Directors/ Key Managerial Personnel
during the financial year 2023-24 including between the financial year ended 31st March
2024 and date of Boardâs report (i.e 14.08.2024):
|
S. No |
Name of the Directors/ |
Designation |
|
1 |
Mr. D. Bhagat Reddy |
Managing Director |
|
2 |
Mrs. Padma Ghanakota |
Non Executive Director |
|
3 |
Mr. A. Sai Balaji Krishna |
Non Executive Director |
|
4 |
Mr. Rajesh Kakkera |
Independent Director |
|
5 |
Mr. M. Madhavarao |
Independent Director |
|
6 |
Mr. Addagarla Tarun |
Independent Director |
The Board also noted that the Independent Directors Mr. Khushwant Singh and Mr. Ramu
Chaganti confirmed that there is no other material reason other than personal
commitments.
During the period under review following were the Directors/ Key Managerial Personnel
appointed/reappointed during the financial year 2020-21:
⢠Mrs. Padma Ghanakota, was re-appointed at the 26th Annual General Meeting held on
15.09.2020 as director who retired by rotation and being eligible offered herself for re¬
appointment.
As required under regulation 36 (3) of the SEBI (LODR), Regulations, 2015, brief
particulars of the Directors seeking appointment/re-appointment are given as under: -
|
Name of the |
Mrs. Padma Ghanakota |
|
|
Date of Birth |
17.08.1964 |
|
|
Date of |
25.03.2015 |
|
|
Expertise in |
She has 10 years of experience in |
|
|
Qualifications |
Commerce Graduate |
|
|
Names of the |
||
|
Inter se |
Wife of Mr. Bala Gopal Addepally |
|
Disclosure of |
20,00,000 |
|
|
Shareholding |
15. FORMAL ANNUAL EVALUATION / BOARD EVALUATION:
The Board of Directors has carried out an annual evaluation of its own performance, board
Committees, and individual directors pursuant to the provisions of the Act and SEBI
Listing Regulations.
The performance of the board was evaluated by the board after seeking inputs from all the
directors on the basis of criteria such as the board composition and structure, effectiveness
of board processes, information and functioning, etc.
The performance of the committees was evaluated by the board after seeking inputs from
the committee members on the basis of criteria such as the composition of committees,
effectiveness of committee meetings, etc.
The above criteria are based on the Guidance Note on Board Evaluation issued by the
Securities and Exchange Board of India on January 5, 2017.
In a separate meeting of independent directors, performance of non-independent directors,
the board as a whole and the Chairman of the Company was evaluated, taking into account
the views of executive directors and non-executive directors.
The Board and the Nomination and Remuneration Committee reviewed the performance
of individual directors on the basis of criteria such as the contribution of the individual
director to the board and committee meetings like preparedness on the issues to be
discussed, meaningful and constructive contribution and inputs in meetings, etc.
In the board meeting that followed the meeting of the independent directors and meeting
of Nomination and Remuneration Committee, the performance of the board, its
committees, and individual directors was also discussed.
Performance evaluation of independent directors was done by the entire board, excluding
the independent director being evaluated.
16. EXTRACT OF ANNUAL RETURN:
As required pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the
Companies (Management and Administration) Rules, 2014, an annual return is uploaded
on website of the company i.e http://www.sangamhealthcare.co.in/
17. AUTHORISED AND PAID UP CAPITAL OF THE COMPANY:
The authorized capital of the Company stands at Rs. 15,00,00,000/- divided into
1,50,00,000 equity shares of Rs. 10/- each. The Subscribed, Issued and Paid-up capital of
the Company stands at Rs. 14,86,07,000/- divided into 1,48,60,700 equity shares of Rs.
10/- each.
18. DECLARATION FROM INDEPENDENT DIRECTORS ON ANNUAL BASIS:
The Company has received declarations from Mr. Rajesh Kakkera and Mr. Madhavarao
Mandalapu, and Mr. Addagarla Tarun Independent directors of the company to the effect
that they are meeting the criteria of independence as provided in Sub-section (7) of
Section 149 of the Companies Act, 2013 and Regulation 25 of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015.
19. DIRECTORâS RESPONSIBILITY STATEMENT:
In pursuance of section 134 (5) of the Companies Act, 2013, the Directors hereby confirm
that:
a) In the preparation of the annual accounts, the applicable accounting standards had been
followed along with proper explanation relating to material departures;
b) The Directors had selected such accounting policies 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 at the end of the financial year and of the
profit and loss of the company for that period;
c) The Directors had 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;
d) The Directors had prepared the annual accounts on a going concern basis;
e) The Directors had laid down internal financial controls to be followed by the company
and that such internal financial controls are adequate and were operating effectively and
f) The Directors had devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems were adequate and operating effectively.
20. INFORMATION ABOUT THE FINANCIAL PERFORMANCE / FINANCIAL
POSITION OF THE SUBSIDIARIES / ASSOCIATES:
The company does not have any subsidiaries/Associate companies.
21. DETAILS IN REPECT OF FRAUDS REPORTED BY AUDITORS UNDER SUB¬
SECTION (12) OF SECTION 143 OTHER THAN THOSE WHICH ARE
REPORTABLE TO CENTRAL GOVERNMENT.
There were no frauds reported by the auditors as per section 143 (12).
22. STATUTORY AUDITORS:
M/s. M.M Reddy & Co Chartered Accountants, have been appointed on the
recommendation of Audit Committee and Board of Directorâs (in conformity with the
provisions of Sections 139 and 141 of the Companies Act, 2013 read with the
Companies (Audit and Auditors) Rules, 2014 (includes amendments thereto), as the
Statutory Auditors of the Company for a period of 5 years from the conclusion of the
26th AGM till the conclusion of the 31st AGM. The Auditorsâ Reports for the financial
year 2023-24 does not contain any qualification, reservation, adverse remark or
disclaimer. The Auditors have confirmed that they have subjected themselves to the
peer review process of Institute of Chartered Accountants of India (ICAI) and hold
valid certificate issued by the Peer Review Board of the ICAI.
23. DISCLOSURE OF ACCOUNTING TREATMENT:
The Company has complied with the appropriate accounting policies and has ensured that
they have been applied consistently. There have been no deviations from the Indian
Accounting Standards prescribed under section 133 of the Companies Act, 2013 read with
relevant rules.
24. SECRETARIAL AUDIT:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had
appointed M/s. Chakravaerthy & Associates, Practicing Company Secretary, to undertake
the Secretarial Audit of the Company. The Report of the Secretarial Audit carried out for
FY 2023-24 is annexed as the part of the annual report.
25. AUDIT REPORTS:
(a) Statutory Auditors Report:
The Board has duly reviewed the Statutory Auditorâs Report on the Accounts for the year
ended March 31, 2024 and has noted the same and the details for qualifications/observation
are discussed in detail in Audit Report attached to it.
(b) Secretarial Audit Report:
The Board has duly reviewed the Secretarial Audit Report on the Compliances according to
the provisions of section 204 of the Companies Act 2013 and the qualifications/
observations are discussed in detail in Secretarial Audit Report attached to it.
26. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE OUTGO:
The required information as per Sec.134 of the Companies Act 2013 is provided
hereunder:
A. Conservation of Energy:
CONSUMPTION PER UNIT OF PRODUCTION
Product
Medical Disposables (qty in Lakhs) : NIL
Electricity (kwh) per Lakh Nos : NIL
B. Technology Absorption: NIL
⢠the efforts made towards technology absorption;
⢠the benefits derived like product improvement, cost reduction, product development
or import substitution
⢠in case of imported technology (imported during the last three years reckoned from
the beginning of the financial year)-
(a) the details of technology imported;
(b) the year of import;
(c) whether the technology been fully absorbed;
(d) if not fully absorbed, areas where absorption has not taken place, and the
reasons thereof; and
(e) the expenditure incurred on Research and Development.
C. Foreign Exchange Earnings and Out Go: NIL
27. CORPORATE SOCIAL RESPONSIBILTY POLICY:
Since your Company does not have net worth of Rs. 500 Crore or more or turnover of Rs.
1000 Crore or more or a net profit of Rs. 5 Crore or more during the financial year, section
135 of the Companies Act, 2013 relating to Corporate Social Responsibility is not applicable
and hence the Company need not adopt any Corporate Social Responsibility Policy.
28. SECRETARIAL STANDARDS:
The company is in compliance with Secretarial Standards issued by The Institute of
Company Secretaries of India on Meetings of the Board of Directors and General
Meetings.
29. INSURANCE:
The properties and assets of Company are adequately insured.
30. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
The company has not given loans, Guarantees or made any investments attracting the
provisions of Section 186 of the Companies Act, 2013 during the financial year under
review.
31. DISCLOSURE OF INTERNAL FINANCIAL CONTROLS:
Your Company has well laid out policies on financial reporting, asset management,
adherence to Management policies and also on promoting compliance of ethical and well-
defined standards. The Company follows an exhaustive budgetary control and standard
costing system. Moreover, the management team regularly meets to monitor goals and
results and scrutinizes reasons for deviations in order to take necessary corrective steps.
The Audit Committee which meets at regular intervals also reviews the internal control
systems with the Management and the internal auditors.
The internal audit is conducted at the Company and covers all key areas. All audit
observations and follow up actions are discussed with the Management as also the
Statutory Auditors and the Audit Committee reviews them regularly.
32. RISK MANAGEMENT POLICY:
Your Company follows a comprehensive system of Risk Management. Your Company has
adopted a procedure for assessment and minimization of probable risks. It ensures that all
the risks are timely defined and mitigated in accordance with the well-structured risk
management process.
33. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH
RELATED PARTIES:
The Policy on materiality of related party transactions and dealing with related party
transactions as approved by the Board may be accessed on the Companyâs website
atwww.sangamhealthcare.co.in.
Your Directors draw attention of the members to Notes to Accounts attached to the
financial statement which sets out related party disclosures.
34. DISCLOSURE ABOUT COST AUDIT:
Cost Audit is not applicable for the financial year 2020-21.
35. INDUSTRY BASED DISCLOSURES AS MANDATED BY THE RESPECTIVE
LAWS GOVERNING THE COMPANY:
The Company is not a NBFC, Housing Companies etc., and hence Industry based
disclosures is not required.
36. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
The Company has in place an Anti-Sexual Harassment Policy in line with the
requirements of the Sexual Harassment of Women at workplace (Prevention, Prohibition
and Redressal) Act, 2013. Internal Complaint Committee (ICC) has been set up to
redress complaints received regarding sexual harassment. The composition of committee
is as follows:
All employees are covered under this policy. During the year 2023-24, there were no
complaints received by the Committee.
37. DELISTING OF EQUITY SHARES FROM BSE:
The company is suspended from trading on BSE but continues to be listed. The company
was not delisted from the exchange during the FY 2023-24.
38. NON-EXECUTIVE DIRECTORSâ COMPENSATION AND DISCLOSURES:
None of the Independent / Non-Executive Directors has any pecuniary relationship or
transactions with the Company which in the Judgment of the Board may affect the
independence of the Directors.
39. INVESTOR EDUCATION AND PROTECTION FUND (IEPF):
During the year under review, the Company does not have any unclaimed Dividends to be
transferred to investors education and protection funds.
40. NAMES OF THE COMPANIES WHICH HAVE BECOME OR CEASED TO BE
ITS SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES
DURING THE YEAR:
During the year under review no Company has become or ceased to become its
subsidiaries, joint ventures or associate Company.
41. CREDIT & GUARANTEE FACILITIES:
No Working capital and Cash credits in any banks.
42. STATEMENT SHOWING THE NAMES OF THE TOP TEN EMPLOYEES IN
TERMS OF REMUNERATION DRAWN AND THE NAME OF EVERY
EMPLOYEE AS PER RULE 5(2) & (3) OF THE COMPANIES (APPOINTMENT
& REMUNERATION) RULES, 2014:
A table containing the particulars in accordance with the provisions of Section 197(12) of
the Act, read with Rule 5(2) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014.
During the year none of the employees is drawing a remuneration of Rs.1,02,00,000/- and
above per annum or Rs.8,50,000/- and above in aggregate per month, the limits specified
under the Section 197(12) of the Companies Act,2013 read with Rules 5(2) and 5(3) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
43. RATIO OF REMUNERATION TO EACH DIRECTOR:
Under section 197(12) of the Companies Act, 2013, and Rule 5(1) (2) & (3) of the
Companies (Appointment & Remuneration) Rules, 2014 read with Schedule V of the
Companies Act, 2013.
The Board of Directors has not withdrawn Salary during the financial year 2020-21,
Hence the ratio of remuneration is Nil for each director.
44. ACKNOWLEDGEMENT:
Your Directors place on record their appreciation for the overwhelming co-operation and
assistance received from the investors, customers, business associates, bankers, vendors,
as well as regulatory and governmental authorities. Your Directors also thanks the
employees at all levels, who through their dedication, co-operation, support and smart
work have enabled the company to achieve a moderate growth and is determined to poise
a rapid and remarkable growth in the year to come.
For and on behalf of the Board of
Sangam Health Care Products Limited
Sd/- Sd/-
Place: Secunderabad D. Bhagat Reddy Padma Ghanakota
Date: 14.08.2024 Managing Director Director
Mar 31, 2013
Dear Members,
The Directors have pleasure in presenting the Nineteenth Annual
Report on the business and operations together with audited annual
accounts of your Company for the financial year ended 31st March 2013.
FINANCIAL RESULTS (Rs. in lacs)
Particulars 2012-2013 2011-12
Total Income 2409.03 4852.95
Increase/(Decrease) in stocks 1644.73 (388.77)
Total Expenditure before Finance
cost& Depreciation 3945.73 4581.16
Finance cost 511.14 441.93
Depredation 171.86 170.14
Profil/(Loss) before Taxation (3864.43) 48.5
Provision for tax 0 0
Profit/(Loss) after Taxation (3864.43) 48.5
OPERATIONS
Turnover of the Company has decreased from Rs 4852.95 Lacs (previous
financial year) to Rs.2409.03 Lacs (current financial year)
registering a decrease of 50.35% over previous financial year. During
the year under review, the Company has a net loss of Rs. 3864.43 Lacs
as against a net profit of Rs 48.5 Lacs in the previous year 2011-12
Company''s sales and profitability were badly affected during the
Financial Year 2012-13. The drug control authorities have stopped
production from 19th May, 2012 due to regulatory issues and seized
some stocks. The Company has complied with the regulatory conditions
and restarted production from 5th October 2012 onwards. Due to
operational and non availability of managerial & technical manpower to
manage the Regulatory standards Plant at Gulburga has been closed.
The demand medical disposables and IV Sets in particular has been
increasing continuously and the growth has been around 15-18% year on
year. Health Care providers have realised the importance of delivery
of quality treatment and as a result have been preferring use of best
quality medical disposables in their hospitals.
The Company has been continuously working on quality upgradation of
the products, implementation of innovative techniques for product
development, cost reduction and to increase its productivity.
PRODUCT DEVELOPMENT AND COST REDUCTION
Developmental activities are carried out on continuous basis on
product performance and improvement, reduction in consumption of Basic
Polymers, replacing existing Polymers with latest generation &
alternate polymers, thereby resulting in reduction in cost of
production.
Alternative sources of Energy are being contemplated in view of
limited availability of electrical energy and upswing in its cost;
this ensures company operations on a regular basis without
interruptions. Reduction in consumption of energy is also being
carried out on continuous basis.
At present all these activities are on ongoing basis and when
completed shall bring in reduction in cost of production and also
performance development of the main product range.
REVOCATION OF SUSPENSION OF COMPANY''S SCRIP
The work for revocation of suspension of the Company'' s Scrip is in
progress.
NEW PRODUCTS
Based on the market research your company has embarked on development
of new Medical disposables which are currently not produced & marketed
by the company. Some of the new products contemplated are undergoing
performance trials and some are in developmental stage.
All these new products are in developmental stage and would be
launched after completion of performance tests and Licensing
procedures.
In view of the Research and Developmental activities carried out by
the R&D Team of your company, a number of new infusion sets have been
successfully launched. All the new products listed earlier have been
commercialized and are being marketed on regular basis. The sales
volume of each of all these new products are increasing month after
month.
MARKETING
Marketing of our existing product range is segregated into two
Division (1) Marketing through Trade and (2) Marketing directly to the
Corporate Hospitals.
These two Marketing Division are headed by (1) Marketing Manager and
(2) Deputy General Manager (Marketing), who have considerable years of
experience in marketing of medical disposable in India.
The Marketing team is headed by President (Marketing) who is
professinally qualified and with considerable experience in Health
Care Industry.
Team which markets through the trade comprises of Field Sales
Executives, Territory Managers Area Sales Managers, Regional Sales
Managers are working in the field through out the length and breadth
of the Country covering the Retail medical stores, Clinics, Nursing
Homes Pathological laboratories and Institutions. The field sales team
also develops the marketing network consisting of Stockists and
Distributors based in their geographical territory. The field staff
reports to the Marketing Manager at Head Office, who in turn reports
to the President (Marketing).
A Specialized marketing team consisting of "Sales Managers -
Corporate Hospitals" have been identified to market the existing
products to 500 Corporate Hospitals in the Country manufactured by the
company to the corporate Hospitals. Tie corporate sales team is headed
by Deputy General Manager (Marketing) who has considerable years of
experience in marketing and sales promotions of high value medical
disposables to the corporate hospitals in the Country.
Your company has a Strong Distribution Network spread all over the
country through consigned agents, direct distributors, stockists and
Dealers.
Your company has gained entry into a number of Corporate Hospitals
with the help of the dedicated sales team, working in all the major
cities of the Country.
DIVIDEND
Your directors express their inability to recommend any dividend for
the financial year 2012 to 2013 due to huge loss during the current
period.
SAFETY AND ENVIRONMENTAL PROTECTION
The Production process of our Company is totally non-hazardous. There
are no effluents in production. Very limited water is used in the
manufacturing operations of the company even then a major portion of
the process waste is re-cycled. The little wastage left, if any, does
not pose any harm to the environment. However your Company, as a
matter of policy has been adhering on highest priorityto the safety of
its employees as well as the environment and carrying out periodic
audits and reviews to ensure total protection.
FIXED DEPOSITS
During the year the Company has neither invited nor accepted any Fixed
Deposits from the public under the provisions of Section 58A of the
Companies Act, 1956.
INDUSTRIAL RELATIONS
The Management and Labour relations were very cordial and harmonious
and continued to remain cordial at all levels during the year under
review.
AUDITORS
M/s Jayant & Sadashiv, Chartered Accountants(Firn Reg No 001297S),
Auditors'' of the Company old office until the conclusion of the
ensuing Annual General Meeting. The Company has received a letter from
the Auditors that their appointment, if made, will be in conformity
with Section 224 (IB) of the Companies Act, 1956. M/s.TaVant &
Sadashiv,
Auditors Qualifications
* Sl. No (ix) (b) of Annexure to Auditors Report:
As as 31st March, 2013, according to the records of the company and
the information and explanations given to us, the following are the
particulars of dues on account of Value Added Tax, Wealth ax, Service
Tax, Customs duty, excise duty and cess matters that have not been
deposited on account of any dispute:
Nature Nature of Amount (Rs. Period to which Forum
Statute Dues in Lakhs) the amount relates where
pending
Income Minimum 22.15 FY 2004-2005 Income
Tax Alternate Tax
Laws Tax (MAT) Tribunal
Hyderabad
* Sl.No (x) of Annexure to Auditors Report:
In our opinion accumulated losses of the Company at the end of the
accounting year are more than Fifty percent of its networth. Further,
the Company has incurred cash losses during the current financial year
amounting to Rs. 36,92,56,542/- and has not incurred cash losses in
the immediately preceding financial year.
* Sl.No (xi) of the Auditors Reports:
Based on our verification and according to the information and
explanations given to us by the management, the Company has defaulted
in repayment of dues of Rs. 31.13 Crores to banks.
Management Reply
*Sl No (x) of Annexure to Auditors Report:
Company''s sales and profitability were badly affected during the
Financial Year 2012-13 as the Drug Control Authorities had stopped
production from 19th May, 2012 due to Regulatory issues and seized
some stocks. Due to these reasons huge amount of stock were damaged
and also fixed costs had to be entailed during the said period. The
Company has complied the regulatory conditions and restarted
production from 5th October 2012 onwards.
*Sl. No (xi) of the Auditors Report:
The Company account was declared as Non Performing Asset (NPA) w.e.f
September 2012. The total dues of Rs.31.13 crores includes the term
and working Capital loans.
Chartered Accountants, being eligible, are recommended for
re-appointment as Auditors of the Company till the conclusion of the
next Annual General Meeting.
Replies to the Auditor Qualifications:
DIRECTORS
Mr. Basawaraj Nagabusappa Sajjan, Director of the Company is liable to
retire by rotation at the ensuing Annual General Meeting and being
eligible, offered himself for reappointment
Brief resume of the above Director is provided in the Report of
Corporate Governance forming part of the Annual Report.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to the Directors'' responsibility statement,
the Board of Directors of your Company confirm that:
a) In the preparation of the annual accounts for the year ended 31st
March 2013, the applicable accounting standards have been followed
with proper explanations relating to material departures.
b) The Directors have selected such accounting policies 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 at the end of the financial year ended of 31st March,
2013 and of the loss for the year under review;
c) 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; and
d) The Directors have prepared the accounts for the financial year
ended 31st March 2013 of a going concern basis.
CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars regarding Research & Development Conservation of
energy, technology absorption in terms of Section 217(l)(e) of the
Companies Act, 1956 read with Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules,1988 are given in tb
"Annexure -1" forming part of this Report.
PARTICULARS OF EMPLOYEES
There are no employees in the Company, whose names are requited to be
disclosed under the provisions of Section 217(2A) of the Companies
Act, 1956 read with the Companies (Particulars of Employees) Rules,
1975 and drawing salary in excess of the limits specified therein.
CORPORATE GOVERNANCE
The Report on Corporate Governance and Management Discussion and
Analysis along with the certificate from the Statuatory Auditors
certifying the compliance of Corporate Governance enunciated in Clause
49 of the Listing Agreement with the Stock Exchange is annexed to this
Annual Report.
Appreciation
Your Directors take this opportunity to express their sincere
appreciation and thanks to all the employees and workers of the
Company for their wholehearted co-operation in improving the working
of the Company.
The Directors also thank the Consignee Agents, Distributors,
Stockists, Dealers, Suppliers/Vendors and Technical Collaborators for
the support and co-operation extended by them in the growth of the
Company.
Your directors express sincere gratitude to the shareholders for their
continued support.
For and on behalf of the Board of Directors
Sangam Health Care Products Limited
Place: Secunderabad. J M Narsinga Rao L.S. Patil
Date: 30.08.2013 Managing Director Director
Mar 31, 2012
Dear Members,
The Directors have pleasure in presenting the Eighteenth Annual Report
on the business and operations together with audited annual accounts of
your Company for the financial year ended 31st March 2012.
FINANCIAL RESULTS (Rs. in lacs)
Particulars 2011-2012 2010-2011
Total Income 4852.95 4217.44
Increase/(Decrease) in stocks 388.77 74.98
Total Expenditure before Finance 4581.16 3676.44
cost & Depreciation
Finance cost 441.93 415.47
Depreciation 170.14 166.73
Profit/(Loss) before Taxation 48.5 33.78
Prior period Adjustments 0 0
Provision for tax 0 0
Profit/(Loss) after Taxation 48.5 33.78
OPERATIONS
Turnover of the Company has increased from Rs. 4217.44 Lacs (previous
financial year) to Rs. 4852.95 Lacs (current financial year)
registering an increase of 15.07% over previous financial year. During
the year under review, the Company has gained a net profit of Rs.48.5
Lacs as against a net profit of Rs 33.78 Lacs in the previous year
2010-11
''The Company has been continuously working on quality upgradation of
the products, imple- mentation of innovative techniques for product
development, cost reduction and to increase its productivity.
PRODUCT DEVELOPMENT AND COST REDUCTION
Developmental activities are carried out on continuous basis on product
performance and improvement, reduction in consumption of Basic
Polymers, replacing existing Polymers with latest generation &
alternate polymers, thereby resulting in reduction in cost of
production.
Alternative sources of Energy are being contemplated in view of limited
availability of electrical energy and upswing in its cost; this ensures
company operations on a regular basis without interruptions. Reduction
in consumption of energy is also being carried out on continuous basis.
At present all these activities are on ongoing basis and when completed
shall bring in reduction in cost of production and also performance
development of the main product range.
REVOCATION OF SUSPENSION OF COMPANY''S SCRIP
The work for revocation of suspension of the Company''s Scrip is in
progress.
NEW PRODUCTS
Based on the market research your company has embarked on development
of new Medical disposables which are currency not produced & marketed
by the company. Some of the new products contemplated are undergoing
performance trials and some are in developmental stage.
All these new products are in developmental stage and would be launched
after completion of performance tests and Licensing procedures.
In view of the Research and Developmental activities carried out by the
R&D Team of your company, a number of new in fusion sets have been
successfully launched. All the new products listed earlier have been
commercialized and are being marketed on regular basis. The sales
volume of each of all these new products ate increasing month after
month.
MARKETING
Marketing of our existing product range is segregated into two Division
(1) Marketing through Trade and (2) Marketing directly to the Corporate
Hospitals.
These two Marketing Division are headed by (1) Marketing Manager and
(2) Deputy General Manager (Marketing), who have considerable years of
experience in marketing of medical disposable in India.
The Marketing team is headed by President (Marketing) who is
professionally qualified and with considerable experience in Health
Care Industry.
Team which markets through the trade comprises of Field Sales
Executives, Territory Man- agers, Area Sales Managers, Regional Sales
Managers are working in the field through out the length and breadth of
the Country covering the Retail medical stores, Clinics, Nursing Homes,
Pathological laboratories and Institutions. The field sales team also
develops the marketing network consisting of Stockists and Distributors
based in their geographical territory. The field staff reports to the
Marketing Manager at Head Office, who in turn reports to the President
(Marketing).
A Specialized marketing team consisting of "Sales Managers - Corporate
Hospitals" have been identified to market the existing products to 500
Corporate Hospitals in the Country. This marketing team is well
trained and specialized in promotion of premium products manufactured
by the company to the corporate. Hospitals. The corporate sales team is
headed by Deputy General Manager (Marketing ) who has considerable
years of experience in marketing and sales promotions of high value
medical disposables to the corporate hospitals in the Country
Your company has a Strong Distribution Network spread all over the
country through consignee agents, direct distributors, stockists and
Dealers.
Your company has gained entry into a number of Corporate Hospitals with
the help of the dedicated sales team, working in all the major cities
of the Country.
DIVIDEND
Your directors express their inability to recommend any dividend for
the financial year 2011- 2012 due to accumulated losses.
SAFETY AND ENVIRONMENTAL PROTECTION
The Production process of our Company is totally non-hazardous. There
are no effluents in production and also a major portion of the process
waste is re-used. The little wastage left, if any, does not pose any
harm to the environment. However your Company, as a matter of policy
has been adhering on highest priority to the safety of its employees as
well as the environment and carrying out periodic audits and reviews to
ensure total protection.
FIXED DEPOSITS
During the year the Company has neither invited nor accepted any Fixed
Deposits from the public under the provisions of Section 58A of the
Companies Act, 1956.
INDUSTRIAL RELATIONS
The Management and Labour relations were very cordial and harmonious
and continued to remain cordial at all levels during the year under
review.
AUDITORS
M/s Jayant & Sadashiv, Chartered Accountants, Auditors'' of the Company
hold office until the conclusion of the ensuing Annual General Meeting.
The Company has received a letter from the Auditors that their
appointment, if made, will be in conformity with Section 224 (1B) of
the Companies Act, 1956. M/s. Jayant & Sadashiv, Chartered Accountants,
being eligible, are recommended for re-appointment as Auditors of the
Company till the conclu- sion of the next Annual General Meeting.
DIRECTORS
Mr. L S Patil, Director of the Company is liable to retire by rotation
at the ensuing Annual General Meeting and being eligible, offered
himself for reappointment.
Board in its meeting held in the month of June 2012 appointed Mr
Basawaraj Nagabusappa Sajjan as an additional director in the Company.
Brief resume of the above Directors is provided in the Report of
Corporate Governance forming part of the Annual Report.
During the month of July 2012, Mr. S.S. Patil, Ms Padmaja Patil, Ms
Sarojini Devi Patil, Ms Shailaja Patil, Mr. B. J. Karandikar, Mr. Paled
Subba Rao, Mr. Dothanga Chawngthu and Mr. John Maria Joseph Dass
resigned as Directors of the Company.
DIRECTORS'' RESPONSIBLITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with re- spect to the Directors'' responsibility statement,
the Board of Directors of your Company confirms that:
a) In the preparation of the annual accounts for the year ended 31st
March 2012, the applicable accounting standards have been followed with
proper explanations relating to ma- terial departures,
b) The Directors have selected such accounting policies 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 at the end of the financial year ended on 31st March,
2012 and of the profit for the year under review;
c) 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; and
d) The Directors have prepared the accounts for the financial year
ended 31st March 2012 on a going concern basis.
CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION, FOR- EIGN EXCHANGE
EARNINGS AND OUTGO
The particulars regarding Research & Development Conservation of
energy, technology ab- sorption in terms of Section 217(l)(e) of the
Companies Act, 1956 read with Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules,1988 are given in the "Annexure
-1" forming part of this Report.
PARTICULARS OF EMPLOYEES
There are no employees in the Company, whose names are required to be
disclosed under the provisions of Section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975 and
drawing salary in excess of the limits specified therein
CORPORATE GOVERNANCE
The Report on Corporate Governance and Management Discussion and
Analysis along with the certificate from the Statutory Auditors
certifying the compliance of Corporate Gover- nance enunciated in
Clause 49 of the Listing Agreement with the Stock Exchanges is annexed
to this Annual Report.
APPRECIATION
Your Directors take this opportunity to express their sincere
appreciation and thanks to all the employees and workers of the Company
for their wholehearted co-operation in improving the working of the
Company.
Your Directors also thank the State Bank of Hyderabad and State Bank of
Mysore for their valued support in developmental activities of the
company.
The Directors also thank the Consignee Agents, Distributors, Stockists,
Dealers, Suppliers/ Vendors and Technical Collaborators for the support
and co-operation extended by them in the growth of the Company.
Your directors express sincere gratitude to the shareholders for their
continued support.
For and on behalf of the Board of Directors
Sangam Health Care Products Limited
Place: Secunderabad. J M Narsinga Rao L.S. Patil
Date: 31.08.2012 Managing Director Director
Mar 31, 2011
Dear Members,
The Directors have pleasure in presenting the Seventeenth Annual
Report on the business and operations together with audited annual
accounts of your Company for the financial year ended 31st March 2011.
FINANCIAL RESULTS (Rs. in lacs)
Particulars 2010-2011 2009-10
Total Income 4265.61 4075.70
Increase/ (Decrease) in stocks 74.98 137.72
Total Expenditure before Interest &
Depreciation 3724.61 3608.84
Interest 415.47 413.13
Depreciation 166.73 164.43
Profit/(Loss) 33.78 27.02
Prior period Adjustments 0 0
Provision for tax 0 0
Profit/Loss) after Taxation 33.78 27.02
OPERATIONS
Turnover (net of Excise Duty) of the Company is increased from
Rs.4075.70 Lacs (previous financial year) to Rs.4265.61 Lacs (current
financial year) registering an increase of 4.65% over previous
financial year. During the year under review, the Company has gained a
net profit of Rs. 33.78 Lacs as against a net profit of Rs 27.02 Lacs
in die previous year 2009-10.
The Company is continuously working on quality up gradation of the
products, implementation of innovative techniques for product
development, cost reduction and to increase its productivity.
PRODUCT DEVELOPMENT AND COST REDUCTION
Increased productivity of compounding by reducing cycle time by 50%.
Productivity of Extruders is increased by 35% by changing die drives.
Production increased from 1600 Kgs. to 2000 Kgs. per day.
By adopting latest technology, use of steam in sterilization is
completely stopped, thereby achieving substantial savings.
Derived substantial cost saving by using alternative engineering
plastics in place of ABS in certain critical components.
Increased productivity of grinding wheels by 50% by replacing imported
grinding wheels with indigenous.
Productivity of Adhesive bond increased by 57% as a result for every
Kg. of bond used, needle output has gone up from 1.4 Lacs to 2.2 Lacs.
Use of alternate plasticizer in place of clitoral / TOTM helped
increase in productivity of non-DEHP tubing.
REVOCATION OF SUSPENSION OF COMPANY''S SCRIP
The company has been deregistered from the purview of the Board for
Industrial atid Financial Reconstruction (BIFR) during April, 2010 and
the company received the final order of BIFR during May, 2010. A firm
of consultants was appointed for revocation of suspension of the
Company''s Scrip at the Bombay Stock Exchange Limited (BSE). The work
for revocation of suspension of the Company''s Scrip is in progress and
is expected to be completed by end of the current financial year.
NEW PRODUCTS
World over all Medical Disposable Manufacturers are moving away from
using Conventional Polymer viz., PVC in view of the safety measures
demanded by the medical fraternity. Accordingly, all IV set
Manufacturers in US & EU are changing over from PVC to the latest
generation polymers.
Your Company in line with international standards has also worked on
the new Generation Polymers and developed two new Infusion Sets for
High End Applications in Oncology and Cardiology.
Your company has successfully launched the following new products viz.,
Onco Guard: Is the Latest Generation rV Set based on New Generation
Polymer. This is free from conventional raw materials : PVC & DEHP.
This is used in Chemotherapy, for delivery of Paclitaxil Drug to cancer
patients. This is the first of its kind IV Set manufactured in India.
Nitro Guard: Is The Latest Generation IV set Based on No PVC & No DEHP
TUR Set (Trans-Urethral Set) which is used in Urological Endoscopic
Surgery.
Yankur Suction Set: This is used in all Surgeries to withdraw all the
accumulation of all Fluids like excess blood while the surgery is going
on.
Wound Suction Set: This is used in ICUs and Wards on all surgery
patients to withdraw the accumulated blood, fuss etc. while the patient
is convulsing.
ADK set: This is used for suction of accumulation of fluids like blood,
fuss etc. in the abdominal area post-surgery.
Oxy Set: This is used for delivery of Oxygen to the patients wherever
and whenever required in the hospital.
Urine Bag with Udometer: This is used for measuring the urine output
accurately mostly for post-surgeries in the ICUs as well as in the
Wards.
MARKETING
The marketing team comprises of Professionals working in the field as
Sales Executives, Territory Managers, Area Sales Managers, Regional
Sales Managers, Marketing Manager and DGM-Marketing across the length
and breadth of the Country. This marketing department is reinforced by
appointment of Mr. M Prashant, President (Marketing).
Each field Executive covers min. of 250 to 300 customers consisting of
Retail Medical Stores, Clinics, Nursing Homes, Hospitals, Pathological
Laboratories and Institutions. In addition, the Field executives are
also Meeting all the Stockists/Distributors based in their geographical
territory for monitoring the Sales to the customers.
In the Marketing department, a separate division is set up to cover
Premium/Corporate Hospitals. 500 such corporate hospitals have been
identified and Sales Managers for covering these premium/corporate
hospitals in 10 cities have been appointed. Sales from these premium
hospitals are expected to add to the revenue of the company.
All our products have been well received by the Medical Fraternity.
Your Company has a strong distribution and re-distribution network
spread all over the country through Consignee Agents, Distributors and
Stockiest. Corporate Hospitals, Premium Hospitals and Institutions in
the Country are using our products and our company has been awarded
with many prestigious Govt. Rate Contracts and Tenders.
EXPORTS
Present efforts are on to export our products to Saudi Arabia,
Denmark, France, Ukraine, Netherlands, Kazakhstan, Africa etc. In all
the above countries our products have been registered with respective
Govt. Bodies. However, in view of very low Prices offered by the
Chinese Manufacturers and as the Domestic Market operating Prices are
found to be on the higher side, your company preferred to build the
Brand Image by meeting the Demand for the products in the Domestic
Market.
DIVIDEND
Your directors express their inability to recommend any dividend for
the financial year 2010- 2011 due to accumulated losses.
SAFETY AND ENVIRONMENTAL PROTECTION
The Production process of our Company is totally non-hazardous. There
are no effluents in die production and also a major portion of the
process waste is re-used. The little wastage left, if any, does not
pose any harm to the environment. However, your Company, as a matter of
policy on highest priority has been adhering to the safety of its
employees as well as the environment and carrying out the periodic
audits and reviews to ensure total protection.
FIXED DEPOSITS
During the year the Company has neither invited nor accepted any Fixed
Deposits from the public under the provisions of Section 58A of the
Companies Act, 1956.
INDUSTRIAL RELATIONS
The Management and Labour relations were very cordial and remained
harmonious and continued to be cordial at all levels during the year
under review.
AUDITORS
M/s Jayant & Sadashiv, Chartered Accountants, Auditors'' of the Company
hold office until the conclusion of the ensuing Annual General Meeting.
The Company has received a letter from the Auditors that their
appointment, if made, will be in conformity with Section 224 (IB) of
the Companies Act, 1956. M/s Jayant & Sadashiv, Chartered Accountants,
being eligible, are recommended for re-appointment as Auditors of the
Company till the conclusion of the next Annual General Meeting.
DIRECTORS
Ms Sarojani Devi Patil, Mr Paleti Subba Rao and Mr Dothanga Chawngthu ,
Directors of the Company will retire at the ensuing Annual General
Meeting of the Company. Ms Sarojani Devi Patil, Mr Paleti Subba Rao and
Mr Dothanga Chawngthu, being eligible, offered themselves for
re-appointment.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to the Directors'' responsibility statement, the
Board of Directors of your Company confirms that.
a) In the preparation of the annual accounts for die year ended 31st
March 2011, the applicable accounting standards have been followed with
proper explanations relating to material departures.
b) The Directors have selected such accounting policies and applied
them consistently and made judgements and estimates teat are
reasonable and prudent so as to give a true and fair view of the state
of affairs of die company at the end of the financial year ended on
31st March, 2011 and of the profit for the year under review;
c) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with die
provisions of the Companies Act, 1956 for safeguarding the assets of
die company and for preventing and detecting fraud and other
irregularities; and
d) The Directors have prepared the accounts for the financial year
ended 31st March 2011 on a going concern basis.
CORPORATE SOCIAL RESPONSIBILITY
As an evolved and concerned corporate citizen, the Company believes
that corporate social responsibility (CSR) initiatives are a way to pay
back societal debts and obligations. We do not see CSR as charity; nor
even as a responsibility; but as an opportunity to change and help the
society. Our CSR activities are conceived to bridge gaps in society and
help transform communities around our workplace.
CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars regarding Research & Development Conservation of
energy, technology absorption in terms of Section 217(l)(e) of the
Companies Act, 1956 read with Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules,1988 are given in the
"Annexure-I" forming part of this Report.
PARTICULARS OF EMPLOYEES
There are no employees in the Company, whose names are required to be
disclosed under the provisions of Section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975 and
drawing salary in excess of the limits specified thereon.
CORPORATE GOVERNANCE
The Report on Corporate Governance and Management Discussion and
Analysis along with the certificate from the Statutory Auditors
certifying the compliance of Corporate Governance enunciated in Clause
49 of the Listing Agreement with the Stock Exchanges is annexed to this
Annual Report.
APPRECIATION
Your Directors take this opportunity to express their sincere
appreciation and thanks to all the employees and workers of the Company
for their wholehearted co-operation in improving the working of die
Company.
Your Directors also thank the State Bank of Hyderabad and State Bank of
Mysore for their valued support in developmental activities of the
company.
The Directors also thank die Consignee Agents, Distributors, Stockiest,
Dealers, Suppliers/ Vendors and Technical Collaborators for the support
and co-operation extended by them in the growth of the Company.
Your directors express sincere gratitude to the shareholders for dieir
continued support.
For and on behalf of the Board of Directors
Sangam Health Care Products Limited
Place: Secunderabad. J M Narsinga Rao L.S. Patil
Date: 29.08.2011 Managing Director Director
Mar 31, 2010
The Directors have pleasure in presenting the Sixteenth Annual Report
on the business and operations together with Audited Annual accounts of
your Company for the Financial year ended 31st March 2010.
FINANCIAL RESULTS (Rs. in lacs)
Particulars 2009-2010 2008-09
Total Income 4259.02 3127.94
Increase/(Decrease) in stocks 137.72 195.50
Total Expenditure before Interest & Depreciation 3792.17 2859.41
Interest 413.13 270.82
Depreciation 164.43 127.24
Profit/(Loss) 27.02 65.97
Prior period Adjustments 0 (25.20)
Provision for tax 0 3.94
Profit/(Loss) after Taxation 27.02 87.22
OPERATIONS
Turnover of the Company is increased from Rs. 3127.94 Lacs (previous
financial year) to Rs. 4259.02 Lacs (current financial year)
registering an increase of 36.16% over previous financial year. During
the year under review, the Company has gained a net profit of Rs. 27.02
Lacs as against a net profit of Rs 87.22 Lacs in the previous year
2008-09. Due to the sharp increase in raw material prices, the Global
recession and sharp fall in the demands for the products beside cut
throat market competition from medium scale units, Company was unable
to generate as much of profit compared to previous years.
The Company has been continuously working on quality upgradation of the
products, implementation of innovative techniques for product
development, cost reduction and to increase its productivity.
PRODUCT DEVELOPMENT AND COST REDUCTION
Packaging of Infusion Sets : The Quantity of Premium infusion sets
packed inside the outer carton is increased from 300 pes. to 400 pes.
To minimise the inventory of outer cartons, a common outer carton has
been developed which is suitable for all types of infusion sets.
Inner box of disposable needles is redesigned to produce from Duplex
Board Box as against the previous corrugated box, which resulted in
reduction of cost.
REVOCATION OF SUSPENSION OF COMPANYS SCRIP :
The company has been deregistered from the purview of the Board for
Industrial and Financial Reconstruction (BIFR) during April, 2010 and
the company received the final order of BIFR during May, 2010. A firm
of consultants was appointed for revocation of suspension of the
Companys Scrip at the Bombay Stock Exchange Limited (BSE). The work
for revocation of suspension of the Companys Scrip is in progress and
is expected to be completed by Jan./ Feb, 2011.
NEW PRODUCTS
Your company has successfully launched three new products viz, TUR Set
(Trans-Urethral Set) which is used in Urological Endoscopic Surgery.
Photoguard (UV resistant infusion set) which is used for infusion of
light sensitive drugs. Scalp Vein Set which is operationally
equivalent to IV Cannula.
MARKETING
The marketing team comprises of Professionals working in the field as
Sales Executives, Territory Managers, Area Sales Managers, Regional
Sales Managers, Marketing Manager and DGM-Marketing across the length
and breadth of the Country. Each field Executive is covering 250 to
300 customers consisting of Retail Medical Stores, Clinics, Nursing
Homes, Hospitals, Pathological Laboratories and Institutions. In
addition, the Field executives are also Meeting all the
Stockist/Distributors based in their Geographical Territory for
monitoring the Sales to the customers.
From the designated territory, each Field staff has been made
responsible for achieving sales revenue of Rs.5 Lacs per month by
selling the desired product mix.
All our products have been well received by the Medical Fraternity.
Your Company has a strong distribution and re-distribution network
spread all over the country through Consignee Agents, Distributors and
Stockists. Corporate Hospitals, Premier Hospitals and Institutions in
the Country are using our products and our company has been awarded
with many prestigious Govt. Rate Contracts and Tenders.
EXPORTS
Presently efforts are on to export our products to Saudi Arabia,
Denmark, France, Ukraine, Netherlands, Kazakhstan, Africa etc. In all
the above countries our products have been registered with respective
Govt. Bodies. However, in view of very low Prices offered by the
Chinese Manufacturers and as the Domestic Market operating Prices are
found to be on the higher Side, your company preferred to build the
Brand Image by meeting the Demand for the products in the Domestic
Market.
DIVIDEND
Your directors express their inability to recommend any dividend for
the financial year 2009-2010 due to accumulated losses.
SAFETY AND ENVIRONMENTAL PROTECTION
The Production process of our Company is totally non-hazardous. There
are no effluents in the production and also a major portion of the
process waste is re-used. The little wastage left, if any, does not
pose any harm to the environment. However your Company, as a matter of
policy on highest priority has been adhering to the safety of its
employees as well as the environment and carrying out the periodic
audits and reviews to ensure total protection.
FIXED DEPOSITS
During the year the Company has neither invited nor accepted any Fixed
Deposits from the public under the provisions of Section 58A of the
Companies Act, 1956.
INDUSTRIAL RELATIONS
The Management and Labour relations were very cordial and remained
harmonious and continued to be cordial at all levels during the year
under review.
AUDITORS
M/s Jayant & Sadashiv, Chartered Accountants, Auditors of the Company
hold office until the conclusion of the ensuing Annual General Meeting.
The Company has received a letter from the Auditors that their
appointment, if made, will be in conformity with Section 224 (IB) of
the Companies Act, 1956. M/s. Jayant & Sadashiv, Chartered Accountants,
being eligible, are recommended for re-appointment as Auditors of the
Company till the conclusion of the next Annual General Meeting.
DIRECTORS
Mr. B J Karandikar and Mr. L S Patil, Directors oi the Company are
liable to retire by rotation at the ensuing Annual General-Meeting and
being eligible, offered themselves for reappointment. Mr. Somendra
Srivastava who was liable to retire by rotation at the ensuing Annual
General Meeting and though being eligible, expressed his unwillingness
for reappointment. Brief resume of the above Directors is provided in
the Report of Corporate Governance forming part of the Annual Report.
DIRECTORSRESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to the Directors responsibility statement, the
Board of Directors of your Company confirms that: .
a) In the preparation of the annual accounts for the year ended 31st
March 2010, the applicable accounting standards have been followed with
proper explanations relating to material departures.
b) The Directors have selected such accounting policies 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 at the end of the financial year ended on 31st March,
2010 and of the profit for the year under review;
c) 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; and
d) The Directors have prepared the accounts for the financial year
ended 31sr March 2010 on a going concern basis.
CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars regarding Research & Development Conservation of
energy, technology absorption in terms of Section 217(l)(e) of the
Companies Act, 1956 read with Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules,1988 are given in the
"Annexure-I" forming part of this Report.
PARTICULARS OF EMPLOYEES
There are no employees in the Company, whose names are required to be
disclosed under the provisions of Section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975 and
drawing salary in excess of the limits specified thereon.
CORPORATE GOVERNANCE
TheReport on Corporate Governance and Management Discussion and
Analysis along with the certificate from the Statutory Auditors
certifying the compliance of Corporate Governance enunciated in Clause
49 of the Listing Agreement with the Stock Exchanges is annexed to this
Annual Report.
APPRECIAITON
Your Directors take this opportunity to express their sincere
appreciation and thanks to all the employees and workers of the Company
for their wholehearted co-operation in improving the working of the
Company.
Your Directors also thank the State Bank of Hyderabad and State Bank of
Mysore for their valued support in developmental activities of the
company.
The Directors also thank the Consignee Agents, Distributors, Stockists,
Dealers, Suppliers/ Vendors and Technical Collaborators for the support
and co-operation extended by them in the growth of the Company.
Your directors express sincere gratitude to the shareholders for their
continued support.
For and on behalf of the Board of Directors -
Sangam Health Care Products Limited
Place: Secunderabad. J M Narsinga Rao L.S. Patil
Date: 01.09.2010 Managing Director Director
Mar 31, 2009
The Directors hereby present their Fifteenth Annual Report on the
business of the Company along with and the Audited Statement of
Accounts of the Company for the year ending on 31st March 2009
FINANCIAL RESULTS (Rs. in lacs)
Particulars 2008-2009 2007-2008
Total Income 3127.94 2326.63
Increase/(Decrease) in stocks 195.50 266.11
Total Expenditure before Interest &
Depreciation 2859.41 2285.94
Interest 270.82 140.67
Depreciation 127.24 93.43
Profit/(Loss) 65.97 72.69
Prior period Adjustments (25.20) 0.47
Provision for tax 3.94 12.29
Profit/(Loss) after Taxation 87.22 59.93
OPERATIONS
Turnover of the Company is increased from Rs. 2326.63 Lacs (previous
financial year) to Rs. 3127.94 Lacs (current financial year)
registering an increase of 34.44% over previous financial year. During
the year under review the Company has gained a net profit of Rs. 65.97
Lacs as against a net profit of Rs 72.69 Lacs in the previous year
2007-08. Due to the Global recession and sharp fall in the demand for
the products coupled with cut throat market competition from medium
scale units, the Company was unable to generate the profit compared to
previous years.
The Company has been continuously working on quality upgradation of the
products, implementation of innovative techniques for product
development, cost reduction and to increase its productivity.
Initiatives for Product development & cost reduction:
Redesigning of the product and packaging of Infusion sets: (1) Non
vented ECO (2) Accu Flow (AF-1) (3) Packing of Ultra guard (from packs
of 20s to packs of 50s) (4) Inner & outer box packing of Premium IV
set (poly bag of 50s introduced; quantity increased to 350 from 300 in
the outer carton) (5) Withdrawal of Latex bulb and introduction of Leur
Lock in Vented & Non Vented Infusion sets
Revising the packaging of Urine Collection Bags
The size of the outer carton packing has been revised to hold 200 units
as against existing 160 units.
Reduction in freight outward
By choosing alternate modes of transport for dispatching material to
far off destinations like Guwahati, Lucknow, Patna and Ahmedabad, the
average outward freight has been reduced from 3.56% to 2.46% on total
sales, achieving a saving of 1.1% on sales.
The total saving estimated is Rs. 6.50 Lacs per month.
REVOCATION OF SUSPENSION OF COMPANYS SCRIP
The Company is rigorously trying to get revocation of suspension of the
Companys Scrip at the Bombay Stock Exchange Limited (BSE). During this
process, the Company has replied to the questionnaire received from BSE
last year and has also appointed a consultant to deal with BSE in these
matters. On the entire debt of IDBI being cleared by the Company, the
Board for Industrial and Financial Reconstruction (BIFR) at the hearing
held on 20* August 08 directed IDBI to send a letter for deregistering
the name of the Company from the list of sick companies.
The Board is of the opinion that in the current financial year the
suspension will be revoked.
NEW PRODUCTS
Your company has successfully completed setting up of the Disposable
Syringe manufacturing facility in a record period of 270 days from the
date of commencement. All the range of disposable syringes were
commercially produced and launched on 1st of October08.
In addition to Disposable Syringes, your company has successfully
launched the following NINE (9) new products:
Opthalmic Needles
Infusion set (1) NV (ECO) (2) Measured Volume Set With Flexible
Burette-110ml, 150ml (3)Accuflowl-AF-l.
Blood Transfusion Set-Premium Pressure Monitoring Lines Wound Suction
Set Nasal Oxygen Set and Male Catheter
QUALITY
M/s Sangam Health Care products Ltd., India is set up on International
standards for meeting international buyers specifications with
reference to the quality standards. Sangams Quality Policy Has Been
"Quality Assured-Health Ensured"
MARKETING
The marketing team comprises of Professionals working in the field as
Sales Executives, Territory Managers, Area Sales Managers, Regional
Sales Managers & Marketing Manager across the length and breadth of the
country. Each field Executive is covering 250 to 300 customers
consisting of Retail Medical Stores, Clinics, Nursing Homes, Hospitals,
Pathological Laboratories and Institutions. In addition, the Field
executives are also meeting all the Stockists/ Distributors based in
their geographical territory for monitoring the sales to the customers.
From the designated territory, each Field staff has been made
responsible for achieving sales revenue of Rs.5Lacs per month by
selling the desired product mix.
Our products have been well received by the Medical Fraternity.
Your Company has a strong distribution and re-distribution network
spread all over the country through Consignee Agents, Distributors and
Stockists. Corporate Hospitals, Premier Hospitals and Institutions in
the Country are using our products and our company has been awarded
with many prestigious Government Rate Contracts and Tenders.
EXPORTS
Presendy efforts are on to export our products to Saudi Arabia,
Denmark, France, Ukraine, Netherlands, Kazakhstan, Africa etc. In all
the above countries our products have been registered with respective
Government Bodies. However, in view of very low prices offered by the
Chinese Manufacturers and as the Domestic Market operating prices are
found to be on the higher side, your company preferred to build the
brand image by meeting die demand for the products in the domestic
market
DIVIDEND
Your directors express their inability to recommend any dividend for
the financial year 2008-2009 due to accumulated losses.
SAFETY AND ENVIRONMENTAL PROTECTION
The Production process of our Company is totally non-hazardous. There
will not be any effluents in the production and also a major portion of
the process waste is re-used. The litde wastage left, if any, does not
pose any harm to die environment However your Company, as a matter of
policy on highest priority has been adhering to die safety of its
employees as well as die environment and carrying out periodic audits
and reviews to ensure total protection.
FIXED DEPOSITS
During the year the Company has neither invited nor accepted any Fixed
Deposits from the public under the provisions of Section 58A of the
Companies Act, 1956.
INDUSTRIAL RELATIONS
The Management and Labour relations were very cordial and harmonious
which continued to be cordial at all levels during the year under
review.
CODE OF CONDUCT
The Board has laid down a code of conduct for all Board Members, senior
management and employees of the Company.
AUDITORS
M/s Jayant & Sadashiv, Chartered Accountants, Auditors of die Company
hold office until the conclusion of the ensuing Annual General Meeting.
The Company has received a letter from the Auditors that their
appointment, if made, will be in conformity with Section 224 (IB) of
the Companies Act, 1956. M/s. Jayant & Sadashiv, Chartered Accountants,
being eligible, are recommended for re-appointment as Auditors of the
Company till the conclusion of the next Annual General Meeting.
DIRECTORS
Mr. S. S Patil and Mrs. Shailaja Patil, Directors of the Company are
liable to retire by rotation at the ensuing Annual General Meeting and
being eligible, offered themselves for reappointment.
Mr. J M Narasing Rao has efficiendy completed four years of service as
Managing Director to the Company and has been recommended for
reappointment at the ensuing Annual General Meeting.
Brief resume of the above Directors is provided in the Report of
Corporate Governance forming part of the Annual Report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to the Directors responsibility statement, the
Board of Directors confirms that:
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed with proper explanations
relating to material departures;
2. The directors had selected such accounting policies and applied
them consistendy 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 at the end of 31st March 2009 and of the profit for the
year ended 31st March 2009.
3. Proper and sufficient care has been taken 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;
CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars regarding Research & Development, Conservation of
energy, technology absorption in terms of Section 217(l)(e) of the
Companies Act, 1956 read with Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules,1988 are given in the
"Annexure-I" forming part of this Report.
PARTICULARS OF EMPLOYEES
There are no employees in die Company, whose names are required to be
disclosed under the provisions of Section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975 and
drawing salary in excess of the limits specified diereon.
CORPORATE GOVERNANCE
The Report on Corporate Governance and Management Discussion and
Analysis along with the certificate from the Statutory Auditors
certifying the compliance of Corporate Governance enunciated in Clause
49 of the Listing Agreement with die Stock Exchanges is annexed to diis
Annual Report.
APPRECIATION
Your Directors take this opportunity to express their sincere
appreciation and thanks to all the employees and workers of the Company
for dieir wholehearted co-operation in improving the working of die
Company.
Your Directors also thank die State Bank of Hyderabad and State Bank of
Mysore for their valued support in developmental activities of the
company.
The Directors also thank die Consignee Agents, Distributors, Stockists,
Dealers, Suppliers/ Vendors and Technical Collaborators for die support
and co-operation extended by them in die growth of die Company.
Your directors express sincere gratitude to die shareholders for their
continued support.
For and on behalf of the Board of Directors
Sangam Health Care Products Limited
Place: Secunderabad J M Narasing Rao L S Patil
Date : 27.08.2009 Managing Director Executive Director
Mar 31, 2008
The Directors have pleasure in presenting the Fourteenth Annual Report
and the Audited Statement of Accounts of the Company for the year
ending on 31st March 2008
FINANCIAL RESULTS (Rs. in lacs)
Particulars 2007-2008 2006-07
Total Income 2326.63 2171.13
Increase/(Decrease) in stocks 266.10 311.55
Total Expenditure before Interest &
Depreciation 2285.94 2067.69
Interest. 140.67 141.94
Depreciation 93.43 85.56
Profit/(Loss) 72.69 187.49
Waiver of interest as per the compromise
setdement of IDBI
Profit/(Loss) after written off of the
Interest by IDBI 72.69 187.49
Prior period Adjustments 0.47 2.11
Provision for tax 12.29 24.95
Profit/(Loss) after Taxation 59.93 160.43
OPERATIONS
Turnover of the Company has increased from Rs. 2171.13 Lacs (previous
financial year) to Rs.2326.63 Lacs (current financial year) registering
an increase of 7.162% over previous finan- cial year. During the year
under review the Company has earned a net profit of Rs. 72.69 Lacs as
against a net profit of Rs 187.49 Lacs in the previous year 2006-07.
Due to hike in raw material prices and cut through at competitive sale
prices, the company could not get profit like previous year.
The Company has been continuously working on quality upgradation and
cost reduction plans.
REVOCATION OF SUSPENSION OF COMPANYS SCRIP
The Company is rigorously trying to get revoked the suspension of the
Companys Scrip at the Bombay Stock Exchange Limited (BSE). During this
process, the Company has replied to the questionnaire received from BSE
last year. Company appointed a consultant to deal these matters. As all
dues are cleared to IDBI, BIFR directed IDBI on 20.08.08 to send a
letter for deregistering the company name from the list of sick
companies.
The Board is of the opinion that in the current financial year the
suspension will be revoked. M/s Sangam Health Care products Ltd.,
India is set up on International standards for meeting international
buyers specifications with reference to the quality standards.
MARKETING
The marketing team comprises of Professionals working in the field as
Sales Executives, Area Sales Managers, Marketing Co-ordinator, Regional
Managers. Across the length and breadth of the country, the marketing
team is covering Nursing Homes, Hospitals, Institutions. Our products
have been well received by the Medical Fraternity.
Your Company has a strong distribution and re-distribution network
spread all over the coun- try through C & F Agents, Consignee Agents,
Distributors and Stockists. Premier Hospitals and Institutions in the
Country are using our products and our company has been awarded with
many prestigious Govt. Rate Contracts and Tenders.
EXPORTS
Presendy efforts are on to export our products to Saudi Arabia,
Denmark, France, Ukraine, Netherlands, Kazakhstan, Africa etc. In all
the above countries our products have been regis- tered with respective
Govt. Bodies.
DIVIDEND
Your directors express their inability to recommend for any dividend
for the financial year 2007-2008 due to accumulated losses.
SAFETY AND ENVIRONMENTAL PROTECTION
The Production process of our Company is totally non-hazardous. There
will not be any effluents in the production and also a major portion of
the process waste is re-used. The little wastage left, if any, does not
pose any harm to the environment. However your Company, as a matter of
policy on highest priority has been adhering to the safety of its
employees as well as the environment and carrying out the periodic
audits and reviews to ensure total protection.
FIXED DEPOSITS
During the year the Company has neither invited nor accepted any Fixed
Deposits from the public under the provisions of Section 58A of the
Companies Act, 1956.
INDUSTRIAL RELATIONS
The Management and Labour relations were very cordial and remained
harmonious and con- tinued to be cordial at all levels during the year
under review.
CODE OF CONDUCT
The Board has laid down a code of conduct for all Board Members, senior
management and employees of the Company.
AUDITORS
M/s Jayant & Sadashiv, Chartered Accountants, Auditors of the Company
hold office until the conclusion of the ensuing Annual General Meeting.
The Company has received a letter from the Auditors that their
appointment, if made, will be in conformity with Section 224 (1B) of
the Companies Act, 1956. M/s. Jayant & Sadashiv, Chartered Accountants,
being eligible, are recommended for re-appointment as Auditors of the
Company till the conclusion of the next Annual General Meeting.
DIRECTORS
Mr. Palety Subba Rao, Mr. Dothanga Chwngthu and Mrs. Sarojinidevi
Patil, Directors are liable to retire by rotation at the ensuing Annual
General Meeting and being eligible, offered themselves for
reappointment Brief resume of the above Directors is provided in the
Report of Corporate Governance forming part of the Annual Report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with re- spect to the Directors responsibility statement,
the Board of Directors confirms that:
1. in the preparation of the annual accounts, the applicable
accounting standards have been followed with proper explanations
relating to material departures;
2. the directors had selected such accounting policies 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 at the end of 31st March 2008 and of the profit or loss
for the year ended 31st March 2008.
3. proper and sufficient care has been taken 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; and
CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars regarding Research & Development Conservation of
energy, technology absorption in terms of Section 217(l)(e) of the
Companies Act, 1956 read with Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules,1988 are given in the
"Annexure-I" forming part of this Report.
PARTICULARS OF EMPLOYEES
There are no employees in the Company, whose names are required to be
disclosed under the provisions of Section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975 and
drawing salary in excess of the limits specified thereon.
CORPORATE GOVERNANCE
The Report on Corporate Governance and Management Discussion and
Analysis along with the certificate from the Statutory Auditors
certifying the compliance of Corporate Governance enunciated in Clause
49 of the Listing Agreement with the Stock Exchanges is annexed to this
Annual Report.
APPRECIATION
Your Directors take this opportunity to express their sincere
appreciation and thanks to all the employees and workers of the Company
for their wholehearted co-operation in improving the working of the
Company.
Your Directors also thank the State Bank of Hyderabad and State Bank of
Mysore for their valued support in developmental activities of the
company.
The Directors also thank the Distributors, Dealers, Suppliers and
Technical Collaborators for the support and co-operation extended by
them in the growth of the Company.
Your directors express sincere gratitude to the shareholders for their
continued support.
For and on behalf of the Board of Directors
Sangam Health Care Products Limited
Place: Secunderabad J M Narasing Rao L S Patil
Date : 29.08.2008 Managing Director Executive Director
Mar 31, 2007
The Directors have pleasure in presenting the Thirteen Annual Report
and the Audited Statement of Accounts of the Company for the year
ending on 31st March 2007
FINANCIAL RESULTS (Rs. in lacs)
Particulars 2006-2007 2005-2006
Total Income 2171.13 2011.41
Increase/(Decrease) in stocks 311.55 94.99
Total Expenditure before Interest &
Depreciation 2067.69 1779.95
Interest 141.94 73.62
Depreciation 85.56 81.28
Profit / Loss) 187.49 171.55
Prior period Adjustments 2.11 1.47
Provision for tax 24.95 2.60
Profit/(Loss) after Taxation 160.43 167.48
OPERATIONS
Turnover of the Company has increased from Rs. 2011.41 Lacs (previous
financial year) to Rs. 2171.13 Lacs (current financial year)
registering an increase of 8% over previous financial year. During the
year under review the Company has earned a net profit of Rs. 187.49
Lacs as against a net profit of Rs 171.55 Lacs in the previous year
2005-06 registering an increase of 9.29% over pervious financial year.
The Company has been continuously working on quality upgradation and
cost reduction plans. REVOCATION OF SUSPENSION OF COMPANYS SCRIP
The Company is rigorously trying to get revoked the suspension of the
Companys Scrip at the Bombay Stock Exchange Limited (BSE). During this
process, the Company has replied to the questionnaire received from BSE
last year. One of the prerequisite for said revocation is that
disbursement of the entire debt, with Industrial Development Bank of
India (IDBI), agreed by way of One Time Settlement. As informed, the
Company has effectively disbursed the entire debt by the end of 3rd
quarter i.e., 31st December 2006.
The Board is of the opinion that in the current financial year the
suspension will be revoked.
M/s Sangam Health Care products Ltd., India is set up on International
standards for meeting international buyers specifications with
reference to the quality standards.
MARKETING
The marketing team comprises of Professionals working in the field as
Sales Executives, Area Sales Managers, Marketing Co-ordinator, Regional
Managers. Across the length and breadth of the country, the marketing
team is covering Nursing Homes, Hospitals, Institutions. Our products
have been well received by the Medical Fraternity.
Your Company has a strong distribution and re-distribution network
spread all over the country through C & F Agents, Consignee Agents,
Distributors and Stockists. Premier Hospitals and Institutions in the
Country are using our products and our company has been awarded with
many prestigious Govt. Rate Contracts and Tenders.
EXPORTS
Presently efforts are on to export our products to Saudi Arabia,
Denmark, France, Ukraine, Netherlands, Kazakhstan, Africa etc. In all
the above countries our products have been registered with respective
Govt. Bodies.
DIVIDEND
Your directors express their inability to recommend for any dividend
for the financial year 2006- 2007 due to accumulated losses.
SAFETY AND ENVIRONMENTAL PROTECTION
The Production process of our Company is totally non-hazardous. There
will not be any effluents in the production and also a major portion of
the process waste is re-used. The little wastage left, if any, does not
pose any harm to the environment. However your Company, as a matter of
policy on highest priority has been adhering to the safety of its
employees as well as the environment and carrying out the periodic
audits and reviews to ensure total protection.
FIXED DEPOSITS
During the year the Company has neither invited nor accepted any Fixed
Deposits from the public under the provisions of Section 58A of the
Companies Act, 1956.
INDUSTRIAL RELATIONS
The Management and Labour relations were very cordial and remained
harmonious and continued to be cordial at all levels during the year
under review.
CODE OF CONDUCT
The Board has laid down a code of conduct for all Board Members, senior
management and employees of the Company. Declaration is enclosed as an
attachment to the Directors Report.
AUDITORS
M/s Jayant & Sadashiv, Chartered Accountants, Auditors of the Company
hold office until the conclusion of the ensuing Annual General Meeting.
The Company has received a letter from the Auditors that their
appointment, if made, will be in conformity with Section 224 (IB) of
the
Companies Act, 1956. M/s. Jayant & Sadashiv, Chartered Accountants,
being eligible, are recommended for re-appointment as Auditors of the
Company till the conclusion of the next Annual General Meeting.
DIRECTORS
Mr. Somendra Srivatsava and Mr. B J Karandikar, Directors are liable to
retire by rotation at the ensuing Annual General Meeting and being
eligible, offered themselves for reappointmem.
Brief resume of the above Directors is provided in the Report of
Corporate Governance forming part of the Annual Report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2 AA) of the Companies
Act, 1956, with respect to the Directors responsibility statement, the
Board of Directors confirms that:
1. in the preparation of the annual accounts, the applicable
accounting standards have been followed with proper explanations
relating to material departures;
2. the directors had selected such accounting policies 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 at the end of 31st March 2007 and of the profit or loss
for the year ended 31st March 2007.
3. proper and sufficient care has been taken 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; and
4. the annual accounts have been prepared on a going concern basis.
CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars regarding Research & Development Conservation of
energy, technology absorption in terms of Section 217(1) (e) of the
Companies Act, 1956 read with Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules,1988 are given in the
"Annexure-I" forming part of this Report.
PARTICULARS OF EMPLOYEES
There are no employees in the Company, whose names are required to be
disclosed under the provisions of Section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975 and
drawing salary in excess of the limits specified thereon.
CORPORATE GOVERNANCE
The Report on Corporate Governance and Management Discussion and
Analysis along with the certificate from the Statutory Auditors
certifying the compliance of Corporate Governance enunciated in Clause
49 of the Listing Agreement with the Stock Exchanges is annexed to this
Annual Report.
APPRECIAITON
Your Directors take this opportunity to express their sincere
appreciation and thanks to all the employees and workers of the Company
for their wholehearted co-operation in improving the working of the
Company.
Your Directors also thank the Industrial Development Bank of India and
State Bank of Hyderabad for their valued support in rehabilitation of
the Company.
The Directors also thank the Distributors, Dealers, Suppliers and
Technical Collaborators for the support and co-operation extended by
them in the growth of the Company. .
Your directors express sincere gratitude to the shareholders for their
continued support.
For and on behalf of the Board of Directors
Sangam Health Care Products Limited
Place: Secunderabad J M Narasing Rao L S Patil
Date: 16.08.2007 Managing Director Executive Director
Mar 31, 2006
Your Directors have pleasure in presenting the Twelth Annual Report and
the Audited Statement of Accounts of the Company for the year ending on
31st March 2006
INANCIAL RESULTS (Rs. in lacs)
Particulars 2005-2006 2004-2005
Total Income 2011.41 1830.42
Increase/(Decrease)) in stocks 94.99 130.09
Total Expenditure before
Interest & Depreciation 1779.95 1675.04
Interest 73.62 53.28
Depreciation 81.28 80.68
Profit/(Loss) 171.55 151.51
Waiver of interest as per the compromise - 792.07
settlement of IDBI
Profit/(Loss) after written
off of the Interest by 171.55 943.58
IDBI
Prior period Adjustments 1.47 1.23
Provision for tax 2.60 -
Profit/(Loss) after Taxation 167.48 942.35
OPERATIONS
The turnover of the Company increased from Rs.1830.42 lacs in last year
to Rs. 2011.41 lacs in the year under review registering an increase of
9% over previous financial year ending 31.03.05. The Company has earned
a net profit of Rs. 171.55 lacs during the year under review as against
a profit of Rs 151.51 lacs during the previous year 2004-05 recording
an increase of 13%.
The Company has been continuously working on quality up gradation and
cost reduction plans.
As you are aware, the Company had been declared as a Sick Company by
the Board for Industrial & Financial Reconstruction. The Company
approached Industrial Development Bank of India (IDBI) for acceptance
of one time settlement of the entire dues to them. The IDBI accepted
the proposal and waived interest to the tune of Rs.792.07 lacs. The
Company cleared its approved total cash principal component of One Time
Settlement Package of Rs.700 lacs by the end of July 2006.
During the year under review, the revenue grew when compared to the
previous financial year.
REVOKATION OF SUSPENSION OF COMPANYS SCRIP
The Company is vigorously trying to get revoked the suspension of the
Companys Scrip at the Bombay Stock Exchange Limited (BSE). During this
process, the Company has recently received a questionnaire from BSE.
The Company has given all the details to the questionnaire, explaining
the future business operations. The Company also emphasised that in the
interest of the shareholders the Companys scrip shall be traded at the
BSE. The Board is of the opinion that in next few months the suspension
will be revoked.
BRAND PRODUCTS
The Brand name of the Company product has a very strong presence in
domestic market. Sangam Health Care products Ltd., India was set up on
International standards for meeting international buyers
specifications with reference to the quality standards.
MARKETING
The marketing team comprises of 70 Professionals working in the field
as Sales Executives, Area Sales Managers, Marketing Co-ordinaror,
Regional Managers. Across the length and breadth of the country, the
marketing team is covering Nursing Homes, Hospitals, Institutions. Our
products have been well received by the Medical Fraternity.
Your Company has a strong distribution and re-distribution network
spread all over the country through C & P Agents, Consignee Agents,
Distributors and Stockists. Premier Hospitals and Institutions in the
Country are using our products and our company has been awarded with
many prestigious Govt. Rate Contracts and Tenders.
EXPORTS
Presently efforts are on to export our products to Saudi Arabia,
Denmark, France, Ukraine, Netherlands, Kazakhstan, Africa etc. In all
the above countries our products have been registered with respective
Govt. Bodies.
DIVIDEND
Your directors ex press their inability to recommend for any dividend
for the financial year 2005-2006 due to accumulated losses.
SAFETY AND ENVIRONMENTAL PROTECTION
The Production process of our Company is totally non-hazardous. There
will not be any effluents in the production and also a major portion of
the process waste is re-used. The little wastage left, if any does not
pose any harm to the environment. However your Company, as a matter of
policy on highest priority has been adhering to the safety of its
employees as well as the environment and carrying out the periodic
audits and reviews to ensure total protection.
FIXED DEPOSITS
During the year the Company has neither invited nor accepted any Fixed
Deposits from the public under the provisions of Section 58A of the
Companies Act, 1956.
INDUSTRIAL RELATIONS
The Management and L ahour relations were very cordial and remained
harmonious and continued to be cordial at all levels during the year
under review.
DIRECTORS
By virtue of Section 255 of the Companies Act, 1956 Mr. S S Patil & Mrs
Shialaja Patil, Directors liable to retire by rotation and being
eligible, offered themselves for re-appointment. Mrs Padmaja Patil has
been appointed as Whole Time Director of the Company with effect from
1st October 2005.
Mr. S K jaipuria, Director of the Company has resigned from the Board
with effect from 29th October 2005 due to his pre-occupations.
Further the Company has broad based the Board bv induction of two
additional directors viz., Mr Palety Subba Rao and Mr. Dothanga
Chawngthu with effect from 29th 0ctober 2005.
Brief profile of the Directors is given in the Corporate Governance
Report attached to this Report.
CODE OF CONDUCT
The Board has laid down a code of conduct for all Board Members, senior
management and employees of the Company. Declaration is enclosed as an
attachment to the Directors Repot.
AUDITORS
M/s jayant & Sadashiv, Chartered Accountants, Auditors of the Company
hold office until the conclusion of the ensuing Annual General Meeting.
The Company has received a letter from the Auditors that their
appointment, if made, will be in conformity with Section 224 (1B) of
the Companies Act, 1956. M/s. Jayant & Sadashiv, Chartered Accountants,
being eligible, are recommended for re-appointment as Auditors of the
Company till the conclusion of the next Annual General Meeting.
AUDIT COMMITTEE
The Audit Committee consists of following Directors:
1 Mr B J Karandikar Chairman
2 Mr Somendra Srivatsava Member
3 Mrs. Padmaja Patil Member
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to the Directors responsibility statement, the
Board of Directors confirms that:
1. in the preparation of the annual accounts, the applicable accounting
standards have been followed with proper explanations relating to
material departures;
2. the directors had selected such accounting policies 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 at the end of 31st March 2006 and of the profit for the
year ended 31st March 2006.
3. proper and sufficient care has been taken 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; and
4. the annual accounts have been prepared on a going concern basis.
CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars regarding Research & Development Conservation of
energy, technology absorption in terms of Section 217(1) (e) of the
Companies Act, 1956 read with Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 988 are given in the
"Annexure-I" forming part of this Report.
PARTICULARS OF EMPLOYEES
There are no employees in the Company, whose names are required to be
disclosed under the provisions of Section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975 and
drawing salary in excess of the limits specified thereon.
CORPORATE GOVERNANCE
The Report on Corporate Governance along with the certificate from the
Statutory Auditors certifying the compliance of Corporate Governance
enunciated in Clause 49 of the Listing Agreement with the Stock
Exchanges is included in the Annual Report.
APPRECIAITON
Your Directors take this opportunity to express their sincere
appreciation and thanks to all the employees and workers of the Company
for their wholehearted co-operation in improving the working of the
Company.
Your Directors also thank the Industrial Development Bank of India and
State Bank of Hyderabad for their valued support in rehabilitation of
the Company.
The Directors also thank the Distributors, Dealers, Suppliers and
Technical Collaborators for the support and co-operation extended by
them in the growth of the Company.
Your directors express sincere gratitude to the shareholders for their
continued support.
For and on behalf of the Board of Directors
Sangam Health Care Products Limited
Place: Secunderabad J M Narasing Rao L S Patil
Date 09.08.2006 Managing Director Executive Director
ANNEXURE-I
CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
A. Conservation of Energy:-
(a) Energy Conservation measures taken: Your Companys operations are
not energy intensive. Adequate measures have been taken to conserve
energy wherever possible by using efficient equipment.
(b) Additional investments and proposals, if any, being implemented for
reduction of consumption of energy: Nil,
(c) Impact of the measures (a) and (b) above for energy consumption and
consequent impact on the cost of production of goods: As energy
conservation is very meager and energy cost forms a small part of total
costs, the impact on costs is not material.
B. Technology Absorption:
Research and Development (R & D)
1. Specific areas in which R & D carried out by the Company-NIL-
2. Benefits derived as a result of the R & D-N.A-
3. Future plan of Action-NIL-
4. Expenditure on R & D-NIL-TECHNOLOGY ABSORPTION, ADAPTATION AND
INNOVATION:
There is no technical absorption during the financial year.
FOREIGN EXCHANGE EARNINGS & OUTGO (Rs. in lacs)
2005-06 2004-05
a. Foreign Exchange earnings (FOB basis) Nil 4.86
(excluding Nepal)
b. Foreign Exchange outgo
1) CIF value of imports
-Raw materials 124.09 74.75
- Capital Goods
2) Traveling Expenses -Nil- -Nil-
FORMA
(Form for disclosure of particulars with respect to conservation of
energy)
Year Ended Year Ended
A POWER AND FUEL CONSUMPTION 31/03/2006 31/03/2005
1. Electricity
a) Purchased unit (Kwh) 21,87,010 19,60,290
Total Amount (Rs) 78,78,927 79,87,014
Rate/Unit (Rs) 3.60 4.07
b) Own Generator
i) Through Diesel Generator
Units Generated (Kwh) 40,628 61187
Units per litre of Diesel Oil 2.67 2.61
Cost per unit 11.70 9.58
ii) Through Furnace Oil Generator Nil Nil
Units Generated (Kwh) Nil Nil
Units per litre of Furnace Oil Nil Nil
Cost per unit Nil Nil
2. Coal (Specify quality and where used) Nil Nil
Quantity (Tones) Nil Nil
Total Cost (Rs) Nil Nil
Average Rate (Rs/Tones) Nil Nil
3. Diesel/Furnace Oil
a) Diesel
Quantity (K Ltr) 15,202 23,437
Total Cost (Rs) 4,75,301.80 5,85.999
Average Rate (Rs/K Ltr) 31.26 25,003
b) Furnace
Quantity (K Itr) Nil Nil
Total Cost (Rs) Nil Nil
Average Rate (Rs/K Itr. Tonne) Nil Nil
4. Others/Internal Generation Boiler
Quantity (K Ltr) Nil Nil
Total Cost (Rs) Nil Nil
Average Rate (Rs/K Itr. Tonne) Nil Nil
B CONSUMPTION PER UNIT OF PRODUCTION
Product
Medical Disposables (Qty in I lakhs) 1317.43 1316.76
Electricity (Kwh) per Lac Nos. 1,691 1,535
Furnace Oil (Ltrs) Nil Nil
Coal Nil Nil
Others Nil Nil
Mar 31, 2005
Our Directors have pleasure in preserving the Eleventh Annual Report
and the Audited Statement of Accounts of the Company for the year
ending on 31st March 2005.
FINANCIAL RESULTS (Rs. in lacs)
Particulars 2004-2005 2003-2004
Total Income 1830.42 1703.05
Increase/(Decrease) in stocks 130.09 (30.76)
Total Expenditure before Interest & Depreciation 1675.04 1429.11
Interest 53.28 50.98
Depreciation 80.68 79.60
Profit/(Loss) 151.51 112.59
Waiver of interest as per the compromise
settlement of 792.07 -
IDBI
Profit/(Loss) after written off
of the Interest by IDBI 943.58 112.59
Prior period Adjustments 1.23 -
Provision for tax - -
Profit/(Loss) after Taxation 942.35 112.59
OPERATIONS
Your Company has achieved sales of Rs. 1823.96 lacs during the year
under review registering a modest increase of 9% as compared to Rs.
1671.33 lacs for the previous financial year ending 31.03.04. The
Company has earned a net profit of Rs 151.51 during the year under
review as against a profit of Rs. 112.59 lacs during the previous year
2003-04 recording an increase of 35%. The Companys profitability has
gone mainly on account of various containment of various expenditure
and overheads.
The Company has been continuously working on quality upgradation and
cost reduction plans.
As you are aware that the Company has been declared as a Sick Company
by the Board for Industrial & Financial Reconstruction.
The Company had approached Industrial Development Bank of India (IDBI)
for compromise settlement of its loans outstanding to them and IDBI has
approved the Companys proposal and granted an interest waive of Rs.
792.07 lacs. The Company is in the process of repayment of entire
outstanding term loan.
NEW PRODUCTS
The Company has launched new products in high value medical disposables
segment, which is an import substitute. The product named Premium Urine
Bag-URO-I launched by the Company during the year has been well
received by the Market. Company has also introduced more new products
like tubing items etc in the Market.
EXPORTS
The Company could not make much headway in export of its products due
to adverse Government policies and competition from China in
International Market. However, during the years to come Company is
planning to increase its export turnover with strategy to compete in
International market by further inventing the cost reduction methods.
DIVIDEND
Your directors express their inability to recommend for any dividend
for the financial year 2004-2005 due to accumulated losses.
SAFETY AND ENVIRONMENTAL PROTECTION
The Production process of our Company is totally non-hazardous. There
will not be any effluents in the production and also a major portion of
the process waste is re-used. The little wastage left, if any does not
pose any harm to the environment. However our Company, as a matter of
policy, has been adhering highest priority to the safety of its
employees as well as the environment and did so with periodic audits
and reviews to ensure total protection.
FIXED DEPOSITS
During the year the Company has neither invited nor accepted any Fixed
Deposits from the public under the provisions of Section 58A of the
Companies Act, 1956.
INDUSTRIAL RELATIONS
During the year the Management and Labor relations were very cordial
and remained harmonious and continued to be cordial at all levels
during the year under review.
DIRECTORS
Mrs. Sarojinidevi Patil, Director who is liable to retire by rotation
and being eligible, offers herself for re-appointment. Brief profile of
Mrs Sarojinidevi Patil is given in the Corporate Governance Report
attached to this Report.
Mr. Kyung Jo Park and Mrs. Ae Soon Lee have resigned from the Board
w.e.f. 30th March 2005.
Mr. J.M. Narasing Rao has been appointed as the Managing Director of
the Company for a period of year w.e.f. 9th May 2005.
Further the Company has broad based the Board by induction of three
additional directors viz. Mrs. Padmaja Patil, Somendra Srivatsava and
Mr. B.J. Karandikar.
AUDITORS
M/s Jayant & Sadashiv, Chartered Accountants, Auditors of the Company
hold office until the conclusion of the ensuing Annual General Meeting.
The Company has received a letter from the Auditors that their
appointment, if made, will be in conformity with Section 224 (1B) of
the Companies Act, 1956. M/s. Jayant & Sadashiv, Chartered Accountants,
being eligible, are recommended for re-appointment as Auditors of the
Company till the conclusion of the next Annual General Meeting.
AUDIT COMMITTEE
The Company has reconstituted an Audit Committee with the following
Directors w.e.f. 16th August 2004:
1. Mr. S.S.Patil
2. Mr. S K Jaipuria
3. Mrs. Ae Soon Lee
Further on resignation of Mrs Ae Soon Lee, the Committee has been
reconstituted on 9th May 2005. The committee comprised of:
1 Mrs. Padmaja Patil Chairman
2 Mr Somendra Srivatsava Member
3 Mr B J Karandikar Member
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to the Directors responsibility statement, the
Board of Directors confirm that:
1. in the preparation of the annual accounts, the applicable accounting
standards have been followed with proper explanations relating to
material departures;
2. the directors had selected such accounting policies 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 at the end of the 31st March 2005 and of the profit for the
year ended 31st March 2005.
3. proper and sufficient care has been taken 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; and
4. the annual accounts have been prepared on a going concern basis.
CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars regarding Research & Development Conservation of
energy, technology absorption in terms of Section 217(1)(e) of the
Companies Act, 1956 read with Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988 are given in the
"Annexure-I" forming part of this Report.
PARTICULARS OF EMPLOYEES
There are no employees in the Company, whose names are required to be
disclosed under the provisions of Section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975 and
drawing salary in excess of the limits specified thereon.
CORPORATE GOVERNANCE
A separate report on Corporate Governance along with the Auditors
Certificate is enclosed.
APPRECIAITON
Your Directors take this opportunity to express their sincere
appreciation and thanks to all the employees and workers of the Company
for their wholehearted co-operation in improving the working of the
Company.
Your Directors also thank the Industrial Development Bank of India and
State Bank of Hyderabad for their valued support in rehabilitation of
the Company.
The Directors also thank the Distributors, Dealers, Suppliers and
Technical Collaborators for the support and co-operation extended by
them in the growth of the Company.
Your directors express sincere gratitude to the shareholders for their
continued support.
For and on behalf of the Board of Directors
Sangam Health Care Products Limited
Place: Secunderabad J M Narasing Rao L S Patil
Date: 23.08.05 Managing Director Executive Director
ANNEXURE-I
CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE
EARNINGS AND OUTGO
A. Conservation of Energy:
(a) Energy Conservation measures taken: Your Companys operations are
not energy intensive. Adequate measures have been taken to conserve
energy wherever possible by using efficient equipment.
(b) Additional investments and proposals, if any, being implemented for
reduction of consumption of energy: NIL
(c) Impact of the measures (a) and (b) above for energy consumption and
consequent impact on the cost of production of goods: As energy
conservation is very meager and energy cost forms a small part of total
costs, the impact of costs is not material.
B. Technology Absorption:
Research and Development (R & D)
1. Specific areas in which R & D carried out by the Company -NIL-
2. Benefits derived as a result of the R & D -N.A-
3. Future plan of Action
4. Expenditure on R & D NIL
Technology Absorption, Adaptation and Innovation:
There is no technical absorption during the financial year.
FOREIGN EXCHANGE EARNINGS & OUTGO
(Rs. in lacs)
2004-05 2003-04
a. Foreign Exchange earnings (FOB basis) 4.86 15.65
(excluding Nepal)
b. Foreign Exchange outgo
1) CIF value of imports
- Raw materials 74.75 43.51
- Capital Goods
2) Traveling Expenses -Nil- -Nil-
FORMA
(Form for disclosure of particulars with respect to conservation of
energy)
Year Ended Year Ended
A POWER AND FUEL CONSUMPTION 31/03/2005 31/03/2004
1. Electricity
a) Purchased unit (Kwh) 19,60,290 18,40,384
Total Amount (Rs) 79,87,014 77,15,586
Rate/Unit (Rs) 4.07 4.19
b) Own Generator
i) Through Diesel Generator
Units Generated (Kwh) 61187 68089
Units per liter of Diesel Oil 2.61 2.58
Cost per unit 9.58 8.13
ii) Through Furnace Oil Generator Nil Nil
Units Generated (Kwh) Nil Nil
Units per liter of Furnace Oil Nil Nil
Cost per unit Nil Nil
2. Coal (Specify quality and where used) Nil Nil
Quantity (Tones) Nil Nil
Total Cost (Rs) Nil Nil
Average Rate (Rs/Tonne) Nil Nil
3. Diesel/Furnace Oil
a) Diesel
Quantity(K Ltr) 23,437 26,429
Total Cost (Rs) 5,85,999 5,53,370
Average Rate (Rs/K Itr) 25,003 20,938
b) Furnace
Quantity(K Ltr) Nil Nil
Total Cost (Rs) Nil Nil
Average Rate (Rs/K Itr. Tonne) Nil Nil
4. Others/Internal Generation Boiler
Quantity(K Ltr) Nil Nil
Total Cost (Rs) Nil Nil
Average Rate (Rs/K Itr. Tonne) Nil Nil
3 CONSUMPTION PER UNIT OF PRODUCTION
Product
Medical Disposables(Qty in Lakhs) 1316.76 1,21276
Electricity(Kwh) per 1,535 1.574
Furnace Oil(Ltrs) Nil Nil
Coal Nil Nil
Others Nil Nil
Mar 31, 2001
Your Directors have pleasure in presenting the Seventh Annual Report
and the Audited Statement of Accounts of the Company for the 9 months
period ending 31.03.01.
FINANCIAL RESULTS
Particulars 2000 - 2001 1999 - 2000
(9 months) (15 months)
Total Income 783.58 1560.96
Increase/Decrease in stocks 106.99 (86.83)
Total Expenditure before Interest &
Depreciation 1586.16 1393.47
Interest 165.09 185.82
Depreciation 75.34 83.56
Loss after Tax (936.02) (3,88.72)
OPERATIONS
During the period under review, your company has achieved a turnover of
Rs. 783.58 lacs as compared to the Rs. 1560.96 lacs made during the 15
months period ending 30.06.01, thus recording a fall of 16.35% over its
past performance. There was stiff competition in the industry from the
unorganized sector and the company faced some problems in competing
with them during the period under review and hence the fall in the
sales.
The Company has reduced its operational costs substantially during the
last 2 months of the period under review to enable itself to compete on
the price front and this will show result in the next financial year.
The Company, In order to compete in the international market, got
itself accredited with ISO 9002 certification during the period under
review,
The Company was unable to service the Term loan Funded by the
Industrial Bank of india (IDBI) due to non- availability of profits.
IDBI has been levying further interest and liquidated damages on the
overdue amounts. These amounts, which were not accounted for in the
earlier years, were now accounted for as 'Prior Period Expenditure'.
Also a portion of the Book debts and stocks sent to C & As outstanding
as on 31,03.01, which were considered as irrecoverable, amounting to Rs
99.67 lacs were written off during the period under review
The Company has embarked upon a Brand building exercise during the
financial years 1997-98, 1998-99 and 1999-00 and has incurred an amount
of Rs. 82,384,825/-. The nature of this expenditure is purely revenue
and is on account of Advertisement, Salaries to marketing staff and
other promotional expenditure. The Company expected some benefits and
price advantages over its competitors with this Brand building
exercise. However, the Company could not build up its brand name and it
further experienced that, no such benefit is accruing to the Company in
terms of price or otherwise due to the market conditions and cutthroat
competition on price front from unorganized sector.
The Directors now, feel that no benefit is also likely to accrue in the
future years and hence decided to write off the Product development
expenditure to the Profit & Loss account in 3 years instead of 5 years
as decided earlier. Accordingly previous years' adjustment is also
accounted for in this year.
PROJECTIONS Vs PERFORMANCE
As required by the Clause 43 of the listing agreement, no comparison of
the actual financial results for 2000 - 2001 can be made as there were
no projected figures for the year 2000-01 in the prospectus.
(Rs. In lacs)
Actuals for the 9 months Projections for
Particulars Period ended 31.03.01 the year 2000-01
Total Income 783.58 -
Net profit/(loss) (936.02) -
MARKET AND FUTURE OUTLOOK
Our Company has continued to put in all the efforts to build up its
share for a strong market presence. The demand for the health care
products is on the rise, due to the increased awareness of the threat
posed by deadly diseases like AIDS, Hepatitis-B etc.., in the general
public. There is no dearth for the market of the Company's products.
The Company has established itself as one of the leading 5 players in
the country in this field. As the company has to sell its products at a
much lower prices, because of the cut stiff competition from the
unorganised sector, there was a loss in this period under review.
The Company, however, has cut down its operating costs substantially,
during the last 2 months and this will show result in the coming
financial year.
The Company could not meet the Export target because of the new EXIM
policy, wherein the DEPB benefit was reduced to 8% from 20%. The
Directors are also happy to inform that, the Export order from Jeddah,
Saudi Arabia was renewed and the Company expects to export 1 million IV
sets during the next fiscal year. Also the Company's deal with the
German multinational, B-Braun was finalised for supply of around 1/2 a
million IV sets and the first consignment is expected to be dispatched
by the end of August '2001
There was a decrease in the threat posed by the unorganised sector, due
to the growing awareness in the public, of the health hazards in using
a sub-standard/non-branded product. Also with a substantial reduction
in its operating costs, the Company foresees a bright future in the
years to come.
SAFETY AND ENVIRONMENTAL PROTECTION
Our Company has accorded highest priority to the safety of its
employees as well as the environment and continued to do so with
periodic audits and reviews to ensure total protection.
FIXED DEPOSITS
The Company has neither invited for nor accepted any Fixed Deposits
from the public under the provisions of Section 58A of The Companies
Act, 1956.
INDUSTRIAL RELATIONS
Industrial relations remained harmonious and continued to be cordial at
all levels during the period under review. There were no strikes or
lockouts during the period ending 31.03.01.
PERSONNEL
There are no employees in the Company, whose names are required to be
disclosed under the provisions of Section 217(2A) of The Companies Act,
1956 read with The Companies (Particulars of Employees) Rules, 1975Tand
drawing salary in excess of the limits specified thereon.
CONSERVATION OF ENER6Y & TECHNOLOGY ABSROPTION
As per The Companies (Disclosure of particulars in the Director's
Report) Rules, 1988, there was no Technology Absorption during the
period under review. The Conservation of Energy clause is not
applicable to the Company.
FOREIGN EXCHANGE EARNINGS & OUTGO
2000-01 1999-00
a. Foreign Exchange earnings (Exports) 91.18 255.45
b. Foreign Exchange outgo
1) CIF value of imports
- Raw materials 37.38 48.95
- Capital Goods - -
2) Travelling Expenses 00.29 -
DIRECTORS
As per the provisions of The Companies Act, 1956 and the Articles of
Association of the Company, Smt. SHAILAJA S PATIL, shall retire by
rotation at this Annual General Meeting and being eligible, offers
herself for re-appointment.
AUDITORS
M/s JAYANTH & SADASHIV, Chartered Accountants, who retire at the
conclusion of this Annual General Meeting as Auditors of the Company,
being eligible, are re-appointed as Auditors of the Company till the
conclusion of the ensuing Annual General Meeting.
APPRECIATION
Your Directors take this opportunity to express their deep appreciation
to all the employees and workers of the Company for their wholehearted
co-operation.
Yours Directors also wish to thank the Industrial Bank of India and
State Bank of Hyderabad for their valued support.
The Directors take this opportunity to express gratitude to their
Technical Collaborators, M/s Boin Medica Company Limited, South Korea
for their unstinted support. The Directors also thank the Distributors,
Dealers and Suppliers for the support and co-operation extended by
them.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to the Directors' responsibility statement, it
is hereby confirmed that,
1. In the presentation of the annual accounts, the applicable
accounting standards have been followed.
2. Appropriate accounting policies have bee;' selected and applied them
consistently and have made judgement 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 Period'' and of the Profit & Loss
account of the Company for the period ended 31st March '2001.
3. 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 and
4. That the directors had prepared the annual accounts on going concern
basis.
For and on behalf of the Board of Directors
SANGAM HEALTH CARE PRODUCTS LIMITED
Place : Secunderabad L S PATIL
Date : 13.08.01 EXECUTIVE DIRECTOR
Jun 30, 2000
The directors have pleasure in presenting the Sixth Annual Report and
the Audited Statement Accounts of the Company for the 15months period
ended 30th June, 2000.
FINANCIAL RESULTS (Rs.In Lakhs)
Particulars 1999-2000 1998-99
(for 15months) (for 12months)
Total Income 1560.96 995.36
Increase/(Decrease) in Stock (86.83) 97.02
Total Expenditure before interest
& Depreciation 1393.47 955.03
Interest 185.82 160.15
Depreciation 83.56 65.77
Profit/(Loss) after tax (188.72) (88.56)
OPERATIONS
During the year under review your company has achieved a remarkable
turnover of Rs.1560.96 lacs as compared to Rs.995.37 lacs made in
1998-99 and recorded a growth rate of 56.82% over its past performance.
Due to cutthroat competition in the industry the margins were very less
and resulted in loss of Rs.188.72 lacs as compared to a loss of
Rs.88.56 in the previous year.
COMPARISON OF ACTUALS Vs PROJECTIONS
As required by the Clause 43 of the Listing Agreement, the following is
the comparision of the actual financial results for 1999-00 with the
projections made in the Prospectus dated 04-12-1995.
(Rs.in lacs)
Particulars Actuals for the 15months Projections for the year
period ended 30th June 2000 1999-2000
Total Income 1561.00 1170.00
Net Profit/(Loss) (188.72) 286.00
The adverse variation in profitability is due to cut throat competition
and general recession in the economy.
MARKET AND FUTURE OUTLOOK
Your Company continued its sincere efforts in brand building through
its strong market force. During the period the raw material prices
have gone up substantially. However we could not increase our selling
price correspondingly due to the cut throat competition in the industry
thereby resulting in loss. During the year export turnover was not
achieved as targeted due to reduction in DEPB benefit from 20% to 8% of
FOB value of exports by DGFT. However we got our brand registered with
DGFT thereby getting 20% DEPB benefit. We are very happy to inform you
that we have already received an export order from Jeddah, Saudi Arabia
for 2 million IV Sets to be supplied before January, 2001. Inquiries
from foreign customers are pouring in for our products. Your Company
has also stuck a deal with B-BRAUN, a German Company, to supply 6
million IV Sets per annum. With our quality and standards we are
hopeful of getting more such orders.
SAFETY AND ENVIRONMENTAL PROJECTION
Your Company continued to accord high priority to the health and safety
of its employees and environment. Periodic safety inspections and
audits were carried out to ensure total protection.
FIXED DEPOSITS
Your Company has not accepted any deposits from the public during the
year under review.
INDUSTRIAL RELATIONS
Industrial relations remained harmonious and continued to be cordial at
all levels during the year under review.
PERSONNEL
There are no employees drawing remuneration in excess of limits
prescribed under Section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
As per the Companies (Disclosure of particulars in the report of the
Board of Directors) Rules, 1988, following are the particulars :
Conservation of energy : Not applicable
Technology Absorption : Nil
Foreign Exchange Earnings and Outgo
1999-00 1998-99
a) Foreign Exchange earnings 255.45 107.43
b) Foreign Exchange outgo
i) CIF Value of Imports
- Raw Material 48.95 92.77
- Capital Goods Nil 23.80
ii) Travelling Expenses Nil 2.55
DIRECTORS
As per the provisions of the Companies Act, 1956 and the Articles of
Association of the Company Smt. Shailaja Patil shall retire by
rotation at this Annual General Meeting and being eligible, offers
herself for re-appointment.
LISTING
Your company shares are listed on Hyderabad and Mumbai Stock Exchanges.
AUDITORS
M/s. Jayanth & Sadashiv, Chartered Accountants, Auditors of the Company
retire at the conclusion of this Annual General Meeting and are
eligible for re-appointment.
Mar 31, 1999
The Directors have pleasure in presenting the Fifth Annual Report and the Audited Statement of Accounts of the Company for the year ended 31st March, 1999.
FINANCIAL RESULTS
(Rs. in Lacs)
1998-99 1997-98
Total Income 995.37 352.81
Increase in Stock 97.02 19.86
Total Expenditure 1115.18 437.81
Depreciation 65.77 62.84
Profit / (Loss) after Tax (88.56) (127.98)
OPERATIONS
During the year 1998-99, the Company achieved a remarkable turnover of
Rs. 995.37 Lacs as compared to Rs. 352.81 lacs made in 1997-98 and recorded a growth rate of 182% over its past performance. But, due to
the cut throat competition in the field, the Company could not able to
increase its profit margin. However, the Company was able to minimise
its losses from Rs. 127.98 Lacs to Rs. 88.56 Lacs in the current year.
COMPARISON OF ACTUALS Vs PROJECTS
As required by the Clause 43 of the Listing Agreement, the following is
the comparison of actual financial results for 1998-99 with the
projections made in the Letter of Offer dated 04.12.1995.
Actuals Projections
1998-99 1998-99
Turnover 946.73 1170.00
Net Profit after Tax/(Loss) (88.56) 306.00
The adverse variation in turnover and profitability are due to the
general recession in the economy.
MARKET AND FUTURE OUTLOOK
The Company's sustained efforts and marketing strategies have helped the Company face the competition from the unorganised sector and establish a brand image for itself. The brand building exercise taken up through advertisement campaigns, educating the end user about the importance of hygenic products has now started showing results. However, in order to capture the market from the unorganised sector, the company was forced to keep its prices on the lower side, thereby cutting into its profit margins. To improve the bottom line, it has been decided to increase the product range by adding more products on trading basis, which are in absolute synergy with the existing products and give value addition to the operations of the unit. The directors have identified few products for the current financial year to be marketed in the brand name "SAFTI". In the next two years, it is proposed to market the entire range of medical disposable devices under this brand.
Y2K COMPLIANCE
The Company has already implemented the necessary measures to ensure
smooth functioning of all the operations, both technical and commercial
from the year 2000 onwards.
SAFETY AND ENVIRONMENTAL PROTECTION
The Company continued to accord high priority to the health and safety
of its employees and environment. Periodic safety inspections and audits were carried out to ensure total protection.
FIXED DEPOSITS
The Company has not accepted any deposits from the public during the
year under review.
INDUSTRIAL RELATIONS
Industrial relations remained harmonious and continued to be cordial at
all levels in the Company during the year.
PERSONNEL
There are no employees drawing remuneration in excess of limits
prescribed under Section 217(2A) of the Companies Act, 1956, read with
the Companies (Particulars of Employees) Rules, 1975.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
As per Companies (Disclosure of Particulars in the report of the Board
of Directors) Rules, 1988, following are the particulars :
Conservation of Energy : Not Applicable
Technology Absorption : Nil
Foreign Exchange Earnings and Outgo :
1998-99 1997-98
a) Foreign exchange earnings 107.43 16.84
b) Foreign exchange outgo
i) CIF Value of Imports
- Raw material 92.77 101.38
- Capital goods 23.80 0.96
ii) Travelling expenses 2.55 3.14
DIRECTORS
In accordance with the provisions of the Companies Act, 1956, and the
Articles of Association of the Company, Smt. Sarojini Devi S. Patil will retire by rotation at this Annual General meeting and being eligible offer herself for re-appointment.
Sri S.S. Patil has resigned as Managing Director and continuing as the
Chairman of the Company. It is proposed to appoint Shri S.S. Patil as
the Executive Chairman at the ensuing Annual General Meeting and Shri
Park Kyung-Jo has been appointed as Managing Director in his place for
a period of one year.
Shri Anil Berera and Shri Ranjeet Banerjee have been appointed as
Additional Directors and proposed to regularise their appointment at
the ensuing Annual General Meeting.
LISTING
The Company's shares are listed on the Hyderabad and Mumbai Stock
Exchanges.
In the Fourth Annual General Meeting held on 28th September, 1998 the
Company had obtained members approval for Voluntary Delisting of Shares
from the Bangalore Stock Exchange for the reasons mentioned below :
1. To reduce the financial burden on the Company as there has been a
substantial increase (more than 100%) in the annual listing fees
payable.
2. From the past three years there has been no trading of the Company's shares in the said Stock Exchange.
AUDITORS
M/s. Jayant & Sadashiv Chartered Accountants, Auditors of the Company
retire at the conclusion of the ensuing Annual General Meeting and, are
eligible, for reappointment.
Mar 31, 1998
The Directors have pleasure in presenting the Fourth Annual Report together with the Audited Accounts for the year ended 31st March, 1998.
FINANCIAL PERFORMANCE (Rs. in Lacs)
Particulars for the year ended for the period ended
31.03.1998 31.03.1997
Total Income 352.81 262.24
Increase in Stock 19.86 92.95
Total Expenditure 437.81 355.02
Depreciation 62.84 58.53
Profit/(Loss) after Tax (127.98) (58.36)
PROJECTIONS Vs ACTUALS (Rs. in Lacs)
Particulars Actuals for the year ended Projections for the
31-3-98 second year of operation
Turnover 351.97 975.00
Net Profit after Tax (127.98) 203.00
The main reason for the variation between Actuals Vs Projections is that during the past two years it had been the Company's endeavour to establish a strong marketing infrastracture & all efforts were put in
that direction. Now having established a base, the Company is confident that the benefits will accrue in the years to come.
MARKET AND FUTURE OUTLOOK
The company is in the process of establishing its product in the market, as briefed to you in the previous report. The unhealthy competition from the unorganised sector has slowed down the pace. The Company has taken up the challenge through ethical sales and mass advertisement campaign of educating the end users, about the benefits of & importance of using hygenically produced products vis-a-vis the conventionally available products. This approach has slowly started giving good results. By now the Company has established its presence all over the country and is establishing its Brand image. The Directors are confident that in the years to come the Company will perform better.
QUALIFICATION IN AUDITORS' REPORT
With respect to the outstanding amount of Provident Fund & Employees
State Insurance as stated in the Auditors' Report under Item # 17 of the Annexure, we would like to state that subsequently said amounts have been paid.
STATUTORY INFORMATION
Information on Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo required to be disclosed 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, is given in the Annexure.
FIXED DEPOSITS
The Company has not accepted any deposits from the Public during the
year under review.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Ms. Shailaja Patil will retire
at the ensuing Annual General Meeting and being eligible, offers herself for re-appointment.
AUDITORS
M/s. Jayant & Sadashiv, Chartered Accountants, the Company's Auditors
retire at the conclusion of this meeting and are eligible for re-appointment.
PERSONNEL
There are no employees drawing remuneration in excess of the limits
prescribed under Section 217(2A) of the Companies Act, 1956.
Mar 31, 1997
The Directors have pleasure in presenting the Third Annual Report
together with the Audited Accounts for the period ended 31st March, 1997.
FINANCIAL PERFORMANCE : (Rupees in lacs)
for the period
Particulars ended 31.03.1997
Total Income 262.24
Increase in Stock 92.95
Total Expenditure 355.02
Depreciation 58.53
Profit/(Loss) after Tax (58.36)
PROJECTIONS Vs ACTUALS
(Rupees in lacs)
Particulars Actuals for the Projections for
period ended 31-3-97 the first year of operation
Turn over 246.07 390.00
Net Profit after Tax (58.36) 61.00
During the year under reference, the Company has set up state of art
production facilities to manufacture medical disposables like I.V. sets
and Needles with Korean collaboration. The project has been
implemented and commenced commercial production in the month of May
1996. The quality of the products is well received in the market.
However, there is a lot of competition from the unorganised sector, who
do not meet the basic quality standards and sell at a very low price.
This has effected our turnover. To face this challenge the company
has concentrated in educating the end users about safety and importance
of sterilisation and quality. We have been successful in doing so and
hope to improve the turnover in the current Financial Year.
PUBLIC ISSUE
The Company went for Public Issue in the month of January, 1996 for an
amount of Rs. 436 lacs, which was fully subscribed. The Directors
take this opportunity to thank all investors who have subscribed to the
Issue and placed their faith in the Company.
STATUTORY INFORMATION
Information on Conservation of Energy, Technology Absorption and
Foreign Exchange Earnings and Outgo required to be disclosed under
Section 217 (1)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of particulars in the Report of Boar of Directors) Rules,
1988, is given in the Annexure.
FIXED DEPOSITS
The Company has not accepted any deposits from the Public during the
period under review.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mrs. Sarojini Devi S. Patil
will retire at the ensuing Annual General Meeting, and being eligible,
offers herself for re-appointment.
AUDITORS
M/s. Jayant & Sadashiv, Chartered Accountants. the Company's Auditors
retire at the conclusion of this meeting and are eligible for
re-appointment.
PERSONNEL
There are no employees drawing remuneration in excess of the limits
prescribed under sub-section (2A) of Section 217 of the Companies Act,
1956.
ACKNOWLEDGEMENTS
The directors wish to place on record their appreciation of the
valuable support and co-operation extended by the State Bank of
Hyderabad and the Industrial Development Bank of India who have
consistently been a source of strength.
The directors also wish to place on record their appreciation for the
co-operation extended by all our Customers and Suppliers.
The directors express their gratitude to their Technical Collaborators
M/s. Boin Medica Company Limited, South Korea for their co-operation
and support for the successful implementation of the project.
The relations between the Employees and the Management remained cordial
during the year. The directors hereby place on record their deep sense
of appreciation for the efficient, loyal and outstanding services
rendered by the Project Implementation team and the Employees of the
Company.
ANNEXURE TO THE DIRECTORS REPORT
PARTICULARS REQUIRED UNDER THE COMPANIES (DISCLOSURE OF PARTICULARS IN
THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988.
A. Conservation of Energy :
a) Energy Conservation measures taken :
The Company is depending on the power supplied by APSEB. Generator is
also installed to meet the emergency situations when there is breakdown
in the power supply. Capacitors have been installed as part of
measures for Conservation of Energy
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