elegant pharmaceuticals ltd Directors report
1996
ELEGANT PHARMACEUTICALS LIMITED
DIRECTORS REPORT
The Directors have pleasure in presenting the Sixth Annual Report on the
business and operations of the Company and the Audited Statements of
Accounts of the year ended 31st March, 1996.
DIVIDEND :
The Company requires investing in appropriate technology and creating
related infrastructure to build strong foundation for its future business
strategy. Considering these factors your Directors do not recommend any
dividend this year and the entire amount of profit is carried forward to
the Balance Sheet.
TURNOVER & PROFITABILITY :
The turnover of the company at Rs. 1483.56 Lacs was higher by 74.17% as
compared with the preceding year. Profit after tax of Rs. 107.49 Lacs was
higher by Rs. 22.15 Lacs than that of the preceding year. This was mainly
on account of better realisation of Sales. Overall performance of the
Company in the current year is satisfactory.
FUTURE PROSPECTS :
Pharmaceuticals Industry is expected to maintain a reasonable rate of
growth. The Company continued to utilise its technological strengths to
manufacture bulk drugs in order to meet increasing domestic and export
requirements. Your Directors foresee a better performance of the company,
the level of which will substantially improve in the future.
PARTICULARS OF CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNING/OUTGO :
The statement pursuant to Section 217(1)(e) of the Companies Act, 1956 read
with Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules,1988 and forms part of the report is annexed hereto as
annexure `A.
PARTICULARS OF EMPLOYEES :
The statement of Particulars of Employees as required under Section 217(2A)
of the Companies Act, 1956 is given in the annexure `B which forms part of
this report.
AUDITORS REPORT :
With reference to Note no. (q) of Auditors Report Company has already paid
ESIC dues to the concerned authorities.
DIRECTORS :
Mr. H.B. Shaikh was reappointed as an Executive Director (Marketing)
subject to approval at the ensuing Annual General Meeting.
Mr. N.J. Vora retires by rotation at the ensuing Annual General Meeting and
being eligible offers himself for reappointment.
AUDITORS :
M/S Pravin P. shah & Co., Chartered Accountants, Auditors of the Company
retiring at the conclusion of this Annual General Meeting and being
eligible have offered themselves for reappointment.
APPRECIATION :
We wish to place on record our deep and Sincere appreciation for the
contribution made by the workers, staff and executives to the successful
performance of the Company. The Board is also grateful to the Companys
bankers and financial institutions for their co-operation and assistance.
As at As at
31.03.96 31.03.95
POWER AND FUEL CONSUMPTION
1. Electricity :
a) Purchased
Unit (in 000 Kwh) 463036 311078
Total amount 16.06 10.74
(Rs. in Lakhs)
Rate/Unit (Rs.) 3.47 3.45
b) Own Generation : Nil Nil
i) Through diesel generator
Unit (in `000 Kwh)
Units per ltr.
of diesel Oil
Cost/unit (Rs.)
ii) Through steam
turbine/Generator
2. Coal Nil Nil
Quantity (ltrs.)
Total Cost
Average Rate
3. Furnace Oil
Quantity (ltrs.) 24200 17650
Total amount (Rs. lakhs) 2.17 1.41
Average rate (Rs./ltr) 9.00 8.00
4. Other/Internal Generation
Form of disclosure of particulars with respect to absorption of Technology,
Research and Development and Foreign Exchange Earnings and outgo :
As at As at
31.03.96 31.03.95
Research and Development Nil Nil
Technology absorption, adaptation and Innovation Nil Nil
(Rs. in Lacs)
Foreign Exchange Earnings and Outgo :
1. Total foreign earned 187.89 79.39
2. Total foreign used 163.80 23.56
On behalf of the Board of Directors
B.C. Sanghavi
Chairman
Place : Mumbai
Dated : 05.09.1996.