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29-01-2013, 11:57 AM
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Solrex Pharmaceuticals ltd

Solrex Pharmaceuticals ltd

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Your Directors have pleasure in presenting 16th Annual Report of the Company and Audited Accounts for the year ended December 31, 2010.


M/s. Solrex Pharmaceuticals Company (“Solrex”), a 50:50 partnership between the M/s. Solus Pharmaceuticals Limited and M/s. Rexcel Pharmaceuticals Limited, through its one unit in Baddi, Himachal Pradesh, manufactures Ointments/ Gels, Liquid & Lotions and Tablets. Further Solrex through Analytical Testing Services, an approved Public Testing Laboratory also provides testing and other related services support to its abovementioned manufacturing unit and also over third parties. During the year 2010, Solrex made consolidated sales of about Rs. 10120 lacs.
During the year under review, the Company earned a profit after tax of Rs. 2639.11 lacs and the same has been transferred to the Reserves. The Board of Directors has not recommended any dividend.
Particulars with respect of Conservation of Energy/Technology Absorption and Foreign
Exchange Earnings and Outgo.
There are no particulars to be furnished with regard to conservation of energy/technology absorption as required under the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules,
1988. Foreign exchange earnings and outgo was Nil, during the year.

Fixed Deposits

The Company has not invited/received any fixed deposits during the year under review.

Particulars of Employees

As the Company did not pay any remuneration during the year, there are no particulars to be furnished under Section 217 (2A) of the Companies Act, 1956, and the Rules made thereunder.

Directors’ Responsibility Statement

In terms of provisions of Section 217(2AA) of the Companies Act, 1956, (Act) your Directors confirm as under:
(i) In the preparation of the annual accounts, the applicable accounting standards have been followed alongwith proper explanation relating to material departures, wherever applicable;
(ii) 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 as at the end of the accounting year and of the profit of the Company for that period;
(iii) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
(iv) The Directors have prepared the annual accounts on a going concern basis.
During the year (i) Mr. Ramesh Parekh and Mr. Sunil Kumar resigned from the Directorship of the Company on October 18, 2010 and (ii) Mr. Omesh Sethi resigned from the Directorship of the Company on November 1, 2010. The Board of Directors accepted their resignation and placed on record its appreciation for valuable contribution made by them during their tenure as directors of the Company.
Mr. Sanjeev Mahna and Mr. Ashwani Malhotra were appointed as Additional Directors of the Company effective November 1, 2010 and hold office upto the ensuing Annual General Meeting. The Company has received Notice(s) along with requisite deposit of Rs. 500 each from the member(s) under Section
257 of the Companies Act, 1956 proposing the candidatures of Mr. Sanjeev Mahna and Mr. Ashwani
Malhotra as Directors of the Company.
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