The Directors present the 20th Annual Report, together with the
Audited Accounts for the year ended on March 31, 2012.
Financials
During the year under review, the Company did not have any revenue
generating business. All its efforts are now concentrated on its
research activities, from which, it is hoped that its revival will
commence. The Company recorded a loss of Rs. 17.92 lakhs on account of
Depreciation charges Rs. 6.77 lakhs, Misc. Expenses written off Rs.
499 lakhs and other overhead expenses of Rs. 537 lakhs.
Operations
Your Company has not conducted any business during last year but has
focused itself at restructuring its operations and objectives, so as to
take advantage of its experience and Intellectual property and become a
full fledged technology provider.
- R&D Division
The research operations of the Company have been relocated successfully
in leased premises at Bangalore. With the induction of qualified
personnel and re-initiation of a few select programs, it is hoped that
technology development efforts will lead the Company to greater
success. The R & D activities were transferred to its 100% subsidiary
ABL Research Pvt.Ltd, located in Bangalore.
The DHA Project
Your Directors are happy to inform that the Company's 22 litre pilot
fermenter is operating well in the new Research Facility under a new
team and fine tuning of various processes for the production of fatty
acids is underway. Your Directors are also happy to inform that its
efforts in pursuing Intellectual Property and filing patent
applications in the USA, Europe and India have been successful. The
Company hopes to attract partnerships in establishing commercial scale
facilities for a number of Fatty Acids, in the days to come.
- Formation of Special Purpose Vehicles
Your Company has chosen a strategy of incorporating three new wholly
owned subsidiaries of ABL Biotechnologies Ltd, in order to facilitate
focus on activity and invite investments in the respective business
segments. Accordingly three wholly owned subsidiaries were formed on
30th March 2011 as under:
ABL Research Pvt.Ltd, (R & D segment) a wholly owned subsidiary of ABL
will now focus on select technologies and developmental objectives,
with a view to market requirements and commercialisation objectives. As
mentioned before it is functioning in full swing at Bangalore.
ABL Healthcare Pvt. Ltd (Formulation segment) a wholly owned subsidiary
of ABL, will focus on formulation development and manufacture of
various types of contract manufacturing businesses. It will seek to
successfully commercialise over 450 formulations developed and enhanced
them, in the days to come. It has not been activated yet.
ABL Lipids Ltd, (Fatty acids DHA Segment) a wholly owned subsidiary of
ABL, will now focus on commercialisation and manufacture of a variety
of Fatty Acids and derivatives for the international nutrition and
pharmaceutical industry. Initially, major efforts are being focused at
either Technology sale or Joint Ventures in the area of Lipids.
Listing
The shares of the Company are listed in the Mumbai and Luxemburg stock
exchanges. The shares of the Company are traded in the demat form.
Corporate Governance
The Company continues to follow the code of Corporate Governance during
the year under review. A separate report on the same is attached.
Deposits
Your Company has not accepted any deposits from public during the year
under review.
Directors
Mr. K. O. Isaac, Managing Director's term expires and Company has
received a notice in writing from a member under section 257 of the Act
proposing his candidature for the office of the Managing Director of
the Company.
Auditors
M/s. Pratapkaran Paul & Co., Chartered Accountants, Chennai, Auditors
of the Company retire at the ensuing annual general meeting and are
eligible for reappointment. A notice has been received under section
224(1 B) of the Companies Act, 1956 from them confirming their
eligibility for reappointment
Employees
Your Directors place on record their appreciation of the sincere and
dedicated services rendered by all the employees during the year under
review.
None of the employees have received remuneration in excess of the sum
prescribed u/s 217(2A) of the companies Act 1956.
Directors' Responsibility Statement
The Directors confirm that:
- in the preparation of the Annual Accounts, the applicable Accounting
Standards have been followed.
- they 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 on 31st March, 2012 and of the Profit and Loss of the
Company for that period.
- 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.
- the annual accounts are prepared on a going concern basis
Energy, Technology Absorption & Foreign Exchange
Information in accordance with the provisions of Section 217(1)(e) of
the Companies Act, 1956 read with the Companies (Disclosure of
Particulars in the Report of the Board of Directors) Rules, 1988
regarding conservation of energy, Technology absorption and Foreign
Exchange earnings and outgo are given below:
Conservation of Energy
Energy conservation is not applicable to the biotechnology industry.
Technology Absorption
The technology for microbial metabolites is developed indigenously and
hence absorption of foreign technology does not arise.
Foreign Exchange Earnings & Outgo
There were neither any earnings nor any expenditure in foreign exchange
during the year.
Acknowledgement
The Board of Directors wishes to place on record its gratitude to the
Department of Science and Technology, Department of Bio-Technology and
the other Institutions / Organizations / Agencies who have supported
the company during the year.
For and on behalf of the Board of Directors
Date : 03/09/2012 K. O. Isaac
Place: Chennai Chairman and Managing Director |