We are fast growing company with a wide range of Pharmaceutical Products  

 

Your Directors please to present 9th Annual General Report for the year ( 2014 - 15 )

                                                                                      

TO,

THE MEMBERS/PROMOTERS

Your Directors present the Seventh  Annual  Report  together  with  the interim  Audited  Accounts  of your Company for the FINANCIAL YEAR ( 2014 - 15 ) for the approval from all of you.  

The interim Audited Accounts of company for YEAR (2014 - 15) was placed as usual in the presence of  (1st Director & 2nd Director) of "Oriscon Biotech (I) Pvt Ltd"  on 20th April 2015 in view of next Annual General Meeting.

Priya Ranjan shrivastava ( 1st Director)

Kamlendra Kumar (2nd Director)

Present Status:  ORISCON BIOTECH (I) PVT LTD has been incorporated under the Company's Act on 20th June 2006 having its Registered & Corporate Office in New Delhi. Our business of different procurement agencies since 2006 has been the base of our development, which empowered us to start marketing of our Trade Mark Branded Pharmaceutical Products from Feb 2011 At present, we are marketing 20 products on contract manufacturing (Third Party Basis) in Bihar & Jharkhand through hard core Marketing Personnel, who are having strong potential to generate optimum sales volume in the coming year with an addition of 10 more products.

Future Prospects:  We are still in the process of generating additional fund of US $ 2 million (Rs.10 Crores), which is the least amount needed to establish our own Manufacturing Unit and also empowered us to be able to launch our Total Registered Trade Mark's Brand on all India basis. We can also use this fund for strengthening and streamlining the present marketing position in the coming year.

The Break-even point of manufacturing unit be achieved within the very first operational year by procuring orders from other Marketing Company besides making our own products.

FUTURE SCOPE: In the year under review, our seventh consecutive financial result promise to explore the possibility for establishment of a new manufacturing unit with own R&D Laboratory at the costs of Rs.10 Cr. in Himachal Pradesh. WHEREAS the company "Oriscon Biotech (I) Pvt Ltd" decided to finalised / purchase a Pharmaceuticals Manufacturing Unit in the state of Himachal Pradesh at the cost of Rs. Six Crores besides that the company also needs to infuse Further Rs. four crores as a running capital, which is needed to run the factory.

BOARD of  DIRECTORS of company has already authorised Sri Priya Ranjan Shrivastava ( Chairman & Managing Director) to sell the properties described herein "AS IS WHERE IS BASIS AND AS IS WHATEVER IS BASIS" towards satisfaction of the of the company by inviting tenders/bids in a sealed envelope from interested purchasers/bidders on the terms and conditions as mutually decided upon.

DESCRIPTION AS ON THE DATE OF 26Th  FEBRUARY_2013 AS PER MARKET VALUE

RESIDENTIAL HOUSE MEASURING (6000 SQ. FT.) CONSTRUCTED BUILDING AT MOTIHARI DISTRICT IN PRIME LOCATION AT FOLLOWING ADDRESS :- SHRI RAM BHAVAN, M/O: PAITHAN PATTI, MAIN  ROAD, PO: MOTIHARI, DIST:  EAST CHAMPARAN,PIN CODE :  845401, BIHAR  (INDIA)

PUBLIC NOTICE OF SALE: Sale Notice of Immovable properties mortgaged to Oriscon Biotech (I) Pvt Ltd under as a collateral security by BOARD RESOLUTION in this regard. The listed property of company's Chairman & Managing Director had been mortgaged by its Chairman & Managing Director by Board Resolution to our own company  "Oriscon Biotech (I) Pvt Ltd" as a collateral security provided to company promoter's investment on dated 20th May_2007, under clause 6,7, 8 & 9 of the Mortgage Resolution there under.

Now we have decided to sale the property for the purchase or establishing our own Pharmaceutical Manufacturing Unit in the name of Oriscon Biotech (I) Pvt Ltd in Himachal Pradesh, which guaranteed to achieve the BREAK-EVEN point within the very 1st operational year, besides it will create further job opportunity to more than 400 Educated Persons. The only reason to arrange the required amount is our inability to arrange a loan either from Financial Institutions of India & Abroad or from individual Venture capitalist around the globe since last three years without any success. Now our company decided to move forward without waiting for the things to be happened in favour of company after exploring the all-possible options to get LOAN.

Whereas, the company "ORISCON BIOTECH INDIA PRIVATE LIMITED"  is the sole proprietor under the future mortgage made in favour of company as a collateral security on behalf of BOARD of DIRECTORS by its Chairman & Managing Director "MR. PRIYA RANJAN SHRIVASTAVA & SMT SHAIL DEVI". (Bboth are sole proprietor of the property listed below as a legal heir of Late Rameshwar Nath shrivastava - The original registered dead holder of constructed house "SHRI RAM BHAVAN" at District Motihari with absolute title & mutation right since the year 1953).

FINANCIAL RESULTS:

While it is still early days of organisational development, despite that your company is making solid progress.

DIVIDEND: 

Your Directors are happy to recommend a dividend of 14% (inclusive of dividend tax). The right shares issued during the period April to March ( 2014 - 15 ) are also qualify for full year's dividend. The Company's financial results for the financial year ended 31st March 2013 are as summarised: 

The present Authorised share capital of the company is Rs.40,00,000/-(Rupees Forty Lacs only) divided into 4,00,000 (Four Lacs) equity shares of Rs.10/- (Rupees Two only) each. Your Board recommends that to enhance the Equity base for growth and expansion plans of the Company.

The Authorised Capital of the Company be increased from Rs.40,00,000/-(Rupees Forty Lacs only) divided into 4,00,000 (Four Lacs) equity shares of Rs.10/- (Rupees Ten only) each to Rs.2,00,00,000/-(Rupees Two crore only) divided into 20,00,000 (Twenty Lacs) Equity shares of Rs.10/- (Rupees Ten only) each. It is therefore, proposed to increase the authorized capital from Rs.40,00,000/-( Rupees Forty Lacs only) to Rs.2,00,00,000/- (Rupees Two crore only) by creation of 16,00,000 (Sixteen Lacs) New equity shares of Rs.10/- (Rupees Ten only) each. Consequently, Clause V of the Memorandum of Association and Article 3 (a) of the Articles of Association of the Company has been altered.

A Copy of Memorandum and Articles of Association of the Company together with the proposed alteration will be made available for inspection by the Members of the Company at its registered office between 11:00 a.m. and 1:00 p.m. on any working day of the Company until the date of Annual General Meeting.

In terms of the provisions of Section (s) 16, 31and 94 consent of the Members is required for any alteration in Memorandum and Articles of Association of the Company. The Board recommends the Resolutions for your approval.

Under section 293(1)(d) of the Companies Act, 1956, the Board of Directors cannot except with the consent of the Company borrow moneys apart from temporary loans obtained from the Company's bankers in the ordinary course of business in excess of the aggregate of paid-up capital and free reserves of the Company, that is to say, reserves not set apart for any specific purpose. 

The members of the Company at the Extra-ordinary General meeting held on April 20, 2012  authorised  (Priya Ranjan Shrivastava -CMD) by Special resolution of Board of Directors of the Company to borrow up to a limit of Rs. 2 crores. In view of increased volume of business envisaged in the forthcoming months, it is proposed to continue the authorisation of the Board to Priya Ranjan Shrivastava -CMD  for borrowing limit up to Rs2 crores and for this purpose approval under Section 293(1)(d) of the Act is extended in next financial year. 

Your Company is dealing in Institutional supply of Pharmaceuticals Generic products with the various procurement departments. 

Every Company has to concentrate on both fronts the present to continue its operation successfully at the current level in the stronghold area for generating operational profit ,and the future to prepare itself for the challenges lying ahead. Since Bihar is considered a Gold Mine for Pharmaceutical Business due to very high rate of consumption of medicine by per capita population. This is the reason that all Pharma Companies have started their marketing venture from Bihar. Therefore, this aspects of marketing is on our plus side ; considering the facts that promoters of this company are having eighteen years of Marketing Experience of each and every town of Bihar & Jharkhand. Our company has set forth to achieve 100% sales target in the year (2014-15) with a team of 25 Medical Representatives, Two Zonal Sales Managers & Five Regional Managers.

DIRECTORS:

One of the director of the Company Mr. Abinash Chandra Verma are being disqualified on charges of committing forgery & cheating.

Mr.Priya Ranjan Shrivastava - as a Chairman & Managing Director, Mr.Kamlendra Kumar - as a Joint Managing Director, Dr.Amaresh Kumar Singh - as a Director Human Resources, Jugal Sah - as Investment Committee Director & Mr. Manoj Kumar Thakur as a Legal Advisor of the Company. Dr. Bijay Kumar Gupta as Director Product Research & Mr. Mithilesh Kumar as Director Welfare Committee. 

Note:

In case of Mr. Abinash Chandra Verma who was entrusted as Director Audit Committee had misused his position by way of committing forgery & cheating during his tenor at New Delhi. He had also done Embezzlement of company's cash kept in the office on different occasions by using smart technique of falsifying the records by removing a small amount of money and made false entry in the record of the register to look it technically correct. On several occasion in the past he was requested to appear before enquiry committee at our corporate office in New Delhi & last date was fixed on 28/06/2013 to attend along with Cash Register & Receipt for the year (2011-12) but he is still avoiding to face the disciplinary committee. The Board of Directors has authorised Mr. Priya Ranjan Shrivastava (CMD) to deliver The Last Notice personally during stay at Motihari to Mr. Abinash Chandra Verma & Company will initiate legal proceeding after receiving status report on forgery & cheating done  Mr. Abinash Chandra Verma.

There is a clear procedure for appointments to the Board. Such appointments are formal and transparent and a matter for the Board as a whole. There is a clear division of responsibility to ensure a balance of power, such that no one individual has unfettered powers of decision-making. At 31 March 2015, the Board comprised Non-Executive and Executive Directors who, with their experience, knowledge and skill, add to the successful operation of the Company.

Chairman and Managing Director - Managing the Executive Committee is the responsibility of the whole time Director, Mr. Priya Ranjan Shrivastava.

Shareholder Representation :

Board: Mr. Priya Ranjan Shrivastava, Mr Kamlendra Kumar, Mr.Jugal Sah, Mr. Mithilesh Kumar, Dr. Bijay Kumar Gupta , Dr. Amaresh Kumar Singh

Audit Committee: Mr Tarun Kumar (Advocate), although he is not a Board Member

Investment Committee: Mr. Jugal Sah

Remuneration Committee: Mr Tarun Kumar , although he is not a Board Member.

Transformation Committee: Dr.Amaresh Kumar Singh, Mr. Manoj Kumar Thakur

PERSONNEL :None of the employees of the Company is in receipt of remuneration  drawing in excess of limits prescribed under Section 217 (2A) of the Companies Act, 1956 read with (Particulars of Employees) Rules, 1975 as amended and hence no information is furnished thereto.

INDUSTRIAL RELATIONS

Cordial industrial relations prevailed during the year.

DEPOSITS

Your Company has not accepted any public deposit during the period under review except from promoter's group.

AUDITORS

M/S  JHA SHAILENDRA & ASSOCIATES., CHARTERED ACCOUNTANTS, NEW DELHI , were appointed as first-auditors of the Company and their term of office expires at the ensuing Annual General Meeting. They, being eligible, offer themselves for appointment. A Certificate under Section 224 (1B) of the Companies Act, 1956 has  been obtained from them.

DIRECTORS' RESPONSIBILITY STATEMENT

In terms of Section 217(2AA) of the Companies Act, 1956, your directors confirm that in the preparation of the annual accounts, the applicable accounting standards had been followed. That they had 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; andThat they had prepared the annual accounts on a going concern basis.

INFORMATION AS PER SECTION 217(1)(E) OF THE COMPANIES ACT, 1956

Your Company has no activity relating to conservation of energy or technology absorption. Your Company did not have any foreign exchange earnings or outgo during the year.

TECHNOLOGY ABSORPTION

Not Applicable

FOREIGN EXCHANGE EARNINGS / OUTGO

The foreign exchange earnings/outgo of the Company for the year under review was nil.

ACKNOWLEDGEMENT

The Directors take this opportunity to express their appreciation for the cooperation received from the State Government of New Delhi, the Company's Bankers, valuable customers and others concerned with the Company.

Your Directors, also thank the executives, staff and employees of the Company for their valuable services and support during the year.

By Order of the Board, 

For Oriscon Biotech (India) Private Limited

( Priya Ranja Shrivastava )

 Chairman & Managing Director