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This approach conforms with the Company's strategic direction and com generic hydrocodone cfm is consistent with stakeholders' desired total returns, credit rating and risk appetite. Review of compliance monitoring systems, account risk management systems in the business units, periodic assessment of regulatory compliance, risk assessments in multiple areas such as talent management, information security and intellectual property are done regularly. The risk management activities also include assessment and review of financial risks such as currency risks, credit risks and liquidity. Higher focus on API supply may impact the Company's momentum and operating margins.

However, multiple supply arrangements with reputed global players, and the Company's strategy to operate in niche products will position it as a preferred vendor for global pharmaceutical companies, diversifying the risk profile. Internal audit and control Orchid's internal control systems and procedures are designed to enable the reliable reporting of financial statements, in pregnancy xanax reporting timely feedback on the achievement of operational or strategic goals and ensure in pregnancy xanax compliance with laws and regulations. In addition to the statutory audit, the financial and operating controls at the various locations of the Company are reviewed by internal auditors who report significant findings to the Audit Committee of the Board. Compliance with various laws and regulations are also monitored. Directors' report Your Directors have pleasure in presenting the 19th Annual Report of your Company along with the audited statement of accounts for the financial hydrocodone missouri pharmacy ship that year ended March 31, 2011. The Report also includes the consolidated financial statements and the Management's Discussion and Analysis Report in accordance with the guidelines on Corporate Governance. The highlights of the financial results for 2010-2011 are given below: (Rs crore) 1 \iriuul,ip. Year ended 31.03.2011 Year ended 31.03.2010 Sales & operating income 1663.34 1249.83 Other income 7.60 1016.58 Total expenditure 1252.92 1422.55 Gross profit 418.02 843.87 Interest & finance charges 115.76 241.23 Gross profit after interest but before depreciation and taxation 302.26 602.64 Depreciation 128.45 151.10 Profit / (Loss) from ordinary activities before exceptional items 173.81 451.53 Exceptional item - 8.52 Profit / (Loss) before tax 173.81 460.05 Provision for taxation - Current & deferred tax 14.32 128.71 Profit phentermine overnight online pharmacy / (Loss) after tax 159.48 331.34 Add: Surplus brought forward 58.59 28.32 Surplus available 218.08 359.66 Appropriations: - Transfer to general reserve 150.00 200.00 - Excess provision in pregnancy xanax of dividend for earlier year written back (21.74) (2.47) - Dividend 25.57 88.79 - Tax on distributed profits 4.15 14.75 Balance carried to balance sheet 60.09 58.59 Performance During 2010-11, your Company achieved a turnover and operating income of Rs 1663.34 crore compared to Rs 1249.83 crore in 2009-10. The gross earnings before interest, depreciation and taxes stood at Rs 418.02 crore for the current financial year. The gross earnings for the previous year included the profit on sale of undertaking and thus not comparable. After providing for interest expense of Rs 115.76 crore (Rs 241.23 crore previous fiscal) and depreciation of Rs 128.45 crore (Rs 151.10 crore previous fiscal), the profit before tax of the Company was Rs 173.81 crore.The net profit after tax stood at Rs 159.48 crore, compared to the net profit after tax of Rs 331.34 crore in the previous fiscal.

However, figures for the previous year ended March 31, 2010 are not comparable as they include the sale consideration received by the Company on account of sale and transfer of its Injectable formulation business to in pregnancy xanax Hospira in March 2010. Pharmaceuticals business The key highlight of our performance was the change in our business strategy where we moved away from a supply push approach to a demand pull business model. This is reflected in growing number of long-term contracts with large global pharmaceutical companies. These long term business agreements provide clear revenue visibility and allowed for improved business planning and management which strengthened business profitability and liquidity.



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