Directors
Dear Members
Your Directors are pleased to present Twenty First Annual Report of the Company
together with the audited Accounts for the 15 months period ended 31st March,
2014. The working results of the Company for the 15 months period ended 31" March,
2014 vis-a-vis those of the previous year are summarized below: "
in IVIillion
| Particulars |
CONSOLIDATED |
STANDALONE |
|
Period ended 31st March, 2014 |
Year ended 31 December, 2012 |
Period ended 31st March, 2014 |
Year ended 31st December, 2012 |
| Sales |
20597.99 |
16315.41 |
5312.97 |
4753.15 |
| Other Income |
386.34 |
304.69 |
373.07 |
171.01 |
| Sales and Other Income |
20984.33 |
16620.10 |
5686.04 |
4924.16 |
| Total Expenditure excluding Interest, depreciation, amortization & tax |
17780.34 |
14735.71 |
5037.33 |
4787.35 |
| Profit before Interest, Depreciation, Amortization & Tax |
3203.99 |
1884.39 |
648.71 |
136.81 |
| Interest (Net) |
1593.23 |
614.32 |
627.67 |
499.26 |
| Depreciation and Amortization |
642.28 |
177.30 |
103.98 |
83.01 |
| Profit before Tax, Exceptional and Extraordinary Item |
968.48 |
1092.77 |
(82.94) |
(445.47) |
| Exceptional Item |
0.00 |
0.00 |
0.00 |
0.00 |
| Extraordinary Item |
0.00 |
0.00 |
0.00 |
0.00 |
| Provision for Taxation |
(138.38) |
77.90 |
4.38 |
8.40 |
| Profit After Tax |
1106.86 |
1014.87 |
(87.32) |
(78.92) |
Change in Financial Year
The Board of Directors of the Company approved change in the financial year of the
Company from January-December to April-March effective 24th J anuary, 2014. I n
view of this, the current financial year is for a period of 15 months i.e. 1st
January, 2013 to 31st March, 2014.
Overview
Although there was slight improvement in the global economy in 2012, the challenging
business environment and moderation in economic growth did continue in fiscal 2013-14 a s
well. Although manufacturing and industrial growth remained weak, there were some positive
policy responses that alleviated the immediate pressure. The pharmaceutical industry
continued to face tough milieu throughout the globe. Emerging markets including India had
to face multiple challenges of fluctuations in local currency, banking fragility, fiscal
tightening and additional pressure due to capital outflow.
Despite numerous global and domestic challenges, we not only sustained but further
improved performance during fiscal 2013-14. The results under review is for 15 months
period however if annualized, the sales on consolidated basis has grown up by 1.52% to
16787.46 million (for 15 months 20984.33 million). The net profit after tax on
consolidated basis has however declined by 12.75% to 885.49 million (for 15 months 1106.86
million). On standalone basis, there is slight decline both in turnover and profitability.
This has happened because of more focus on subsidiaries abroad performing extremely well
despite numerous constraints and challenging environment.
At Plethico, we believe that sustainable transformation can be achieved only through
enhancing profits, exploring new possibilities, empowering people and investing in the
innovation of products and processes. During FY 2013-14 , we undertook several initiatives
in key areas that will drive our growth and also create better outcomes for the company.
Innovation has always been a corner stone of our operations. It has enabled us to make
significant technological-driven break throughs that add significant value to the company
s business.
We focused on further strengthening on our business, network, technological
capabilities and operating and financial parameters. At the same time, we were cognizant
of the risks in the business and calibrated our approaches accordingly. Our strong and
diversified manufacturing base coupled with excellent technical skills give us the ability
to leverage opportunities for sustainable growth. Our outlook for the future is positive.
We believe that more relevant we become to our customers through innovative products,
the more meaningful and deep our relationship will be. As such, we always strive to
achieve higher levels of customer satisfaction as well as creation of shareholders value.
We are bringing significant transformation in the organization to realize the glorious
future.
Dividend
In view of the loss incurred by the Company during the period under review, Your
directors regret that they have not recommended any dividend on equity shares for the
period ended on 31st March, 2014.
Subsidiary and other Business Alliances
The company has adopted a completely different path of acquisition and buyouts to carve
a unique niche in highly growth-ended regulated and semi regulated markets worldwide. The
acquisitions enabled the company to ride on new opportunities that would have taken years
to start from scratch. Such acquisitions have begun yielding benefits in different ways
that go beyond size and scale.
Currently company has two Wholly Owned Subsidiaries namely Plethico Global Holdings
B.V., Netherland (PGH) and Plethico International Limited, UAE (PIL). The PGH is also
having subsidiaries and step-down subsidiaries in many countries that had given added
advantage of rapid scaling-up, broad-ended customer base and global footprint. Apart from
subsidiaries and step-down subsidiaries, the Rezlov Group of Companies in which company
currently hold 45% equity stake, also contributed significantly in the growth of the
organization. Tricon, a Dubai based retail pharmacy chain in which company holds 20% stake
also strengthened Company s clench in pharmaceutical and nutraceutical markets of the CIS.
Aurobindo Pharma emerged as the highest bidder to acquire Natrol Inc. USA, subsidiary
company of Plethico US Holdings KFT, UAE (PUSH) and Plethico Global Holdings BV,
Netherlands (PGH) at USD 132.50mn under a process approved by the US Court for the
district of Delaware. The tax-efficient structure of subsidiaries, step-down subsidiaries
and business alliances created by the company worldwide has given a strong foothold to the
company across the globe.
Consolidated Financial Statements
As stipulated in the listing agreement with the stock exchanges, the consolidated
financial statements have been prepared by the company in connection with its subsidiaries
in accordance with the relevant accounting standards issued by the Institute of Chartered
Accountants of India. The audited consolidated financial statements together with auditor
s report thereon form part of annual report. Company s all the subsidiary companies are
non-material, non-listed Indian companies as defined under clause 49 of the Listing
Agreement with the Stock Exchanges.
A statement pursuant to Section 212 of the Companies Act, 1956, relating to subsidiary
companies is attached to the accounts. In terms of the general exemption granted by the Mi
nistry of Corporate Affairs vide its circular no. 02/2011 dated 8th February,
2011 , the audited accounts and Reports of Board of Directors and Auditors of the Companys
subsidiaries have not been annexed to this Annual Report. The Company has complied with
the requirements as prescribed under the said circular.
Employee Particulars
None of the employees of the Company was in receipt of remuneration in excess of the
limits prescribed under Section 217(2A) of the Companies Act, 1956, read with Companies
(Particulars of Employees) Rules, 1975, as amended.
Directors
Mr. S hashikant Patel, Executive Director of the Company retire by rotation at the
ensuing Annual General Meeting and being eligible offer themselves for re-appointment. The
Board recommends his re-appointment.
In accordance with the provisions of Section 149 of the Companies Act, 2013, Dr.G.N
Qazi and CA P ramod Shrivastava, independent directors, are proposed to be
appointed/reappointed at the ensuing AGM for a term of five years.
Mrs. Gauravi Parikh, Executive Director and Mr. H itesh Thakar, Independent Director of
the Company has resigned from the directorship of the Company w.e.f 1st J
anuary, 2014 and 16th J anuary, 2014, resp ectively.
The Board of Directors of the Company has appointed Mr. P ranav Koshal as an Additional
Director (Independent Director) of the Company w.e.f 24th Ja nuary, 2014, who
has also resigned from the directorship of the Company w.e.f 13 August, 2014.
The Board expresses its appreciation for the valuable services rendered and matured
advice provided by Mrs. Gauravi Parikh, Mr. H itesh Thakar and Mr. P ranav Khoshal.
Directors Responsibility Statement
In terms of provisions of Section 217(2AA) of the Companies Act, 1956 (the Act), your
Directors confirm that:
i) In the preparation of annual accounts, the applicable accounting standards had been
followed, along with 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 losses of the Company for the period.
iii) That the directors had taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of this Act for safeguarding
the assets of the Company and for preventing and detecting fraud and other irregularities)
iv) That the directors have prepared the financial statement and annual accounts on a
going concern basis.
Fixed Deposits
The Company has accepted deposits u/s 58A and 58AA of the Companies Act, 1956 read with
the Companies (Acceptance of Deposits) Rules, 1975 as amended. The Company has overdue
deposits outstanding other than those unclaimed deposits of 120.56 Mn as on 31st
March, 2014. The total balance of Deposits as on 31st March, 2014 stood at
1357.04 Mn. In context to the Fixed Deposits, the Company has been consistent in its
timely repayments of Fixed Deposits. However, owing to the difficult global scenario,
currency fluctuations leading to the strong cash flow mismatch coupled with the company
being referred to the CDR, there have been delays in the repayments to the fixed deposit
holders over the last few months. The Company is well aware and acknowledges the anxiety
of the investors and is taking all measures towards rationalizing this situation. W ith
regards to the same, the Company had also sent across communications to all the FD holders
indicating the current but temporary situation that the Company is facing. Furthermore,
the Company has approached different regulatory authorities to seek relaxation/extension
in repayment of Fixed Deposits to enable the Company to work out an acceptable repayment
proposal for comprehensively addressing the Fixed Deposits issue.
Corporate Governance Report, Management Discussion & Analysis Report
As per clause 49 of the Listing Agreements entered into with the Stock Exchanges,
Corporate Governance Report with auditors certificate thereon and M anagement Discussion
and Analysis are attached and form part of this report.
Auditors
M/s. N. P. Gandhi & Co., Ch artered Accountants, Mumbai (F.R.No. 116574W) , who are
the Statutory Auditor of the Company, holds office till the conclusion of the forthcoming
AGM and are eligible for re- appointment. Pursuant to the provisions of Section 139 of the
Companies Act, 2013 and the Rules framed thereunder, it is proposed to appoint M/s. N. P.
Gandhi & Co., C hartered Accountants, M umbai (F.R.No. 116574W) as S tatutory Auditors
of the Company from the conclusion of the forthcoming AGM till the conclusion of the
twenty-fourth AGM to be held in the year 2017, subject to ratification of their
appointment at every AGM.
Auditors Report
W ith regard to the comments contained in the Auditors Report, explanations are given
below:-
(i) The Company has accepted deposits from public amounting to 86.83 Million during the
period under review, the Directive issued by Reserve Bank of India and the provisions of
Section Section 58AA or any other relevant provisions of the Act and the rules framed
there under are not complied with.
The Company has defaulted in respect of repayment of the said deposits from public. The
amount of default with respect to principal amount is 120.56 Million and with respect to
interest amount is 13.67 Million as on 31st March 2014. (C ause vi of the
Annexure to the Auditors Report)
(ii) (a) According to the records of the Company, and the information and explanations
provided to us the Company is generally regular in depositing undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund, Employees State
Insurance, Sales Tax, We alth Tax, Service Tax, Customs Duty, Excise Duty, Professional
Tax, Cess and other material statutory dues with the appropriate authorities except for
Income Tax. According to the information and explanation given to us, the undisputed
amount of " 235.89 Million is outstanding as at 31stMarch, 2014 for a
period of more than six months from the date of becoming payable.
(b) Details of dues of Income Tax which has not been deposited on 31st M
arch, 2014 on account of disputes are given below.-
(Clause ix (a) & (b) of the Annexure to the Auditors Report)
| Names of the Statute |
Nature of the Dues |
Amount Rs in Millions) |
Period to which amount relates |
Forum where |
| Act, 1961 |
|
"140.53 |
A.Y 2005-06 |
|
|
|
"107.17 |
A.Y 2006-07 |
|
|
|
"860.95 |
A.Y 2007-08 |
Commissioner of Income Tax (Appeals) |
|
Income Tax |
"245.14 |
A.Y 2008-09 |
|
|
|
"230.23 |
A.Y 2009-10 |
|
|
|
"216.19 |
A.Y 2010-11 |
|
|
|
"346.65 |
A.Y 2011-12 |
|
(iii) According to the information and explanation provided to us, we have been
intimated that the company has defaulted in repayment of dues to financial institutions or
banks. The default pertains to Interest amounting to 35.52 Million and principal amounting
to " 576.30 Million. However the Lead Bank has proposed admission of the Company to
Corporate Debt Restructuring ("CDR") forum on March 29, 2014 for providing debt
restructuring scheme. The proposed debt restructuring scheme is pending approval of CDR Em
powered Group for admission to the CDR forum. (Clause xi of the Annexure to the Auditors
Report)
The ongoing difficult global scenario has negatively impacted the demand for the
wellness products that are manufactured and marketed by the company. Furthermore the cu
rrency fluctuations and depreciation of emerging market currencies across the globe
vis-a-vis the dollar are the other factors that have collectively led to liquidity issues
for the company. In context to the FDs, the company has maintained a track record of
timely repayments of FDs, h owever in the past couple of months there have been delays in
the repayments to the fixed deposit holders owing to the strong cash flow mismatch largely
due to the reasons chalked above. The company has approached regulatory authorities to
seek relaxation in repayment of FDs to enable the Company to work out an acceptable
repayment proposal for comprehensively addressing the FDs is sue. Also the admission into
the CDR, a step to the path of financial restructuring, further withheld the operations of
the company, leading to an overall delay in the payments of dues to the banks as well as
other statutory dues pertaining to income tax. These qualifications indicated are majorly
due to the cash flow mismatch, which has been identified by the company and adequate steps
are being taken to rectify the same and get back to normal operations towards growth and
success.
Cost Auditors
M/s. Rajesh R unwal & Associates, Cost Accountants, were appointed as the Cost
Auditor of the Company and their Audit report on the Cost Accounts of the Company for the
15 months period ended 31st M arch, 2014 , will be submitted to the Central
Government in due course.
Safety, Health and Environment (SHE) and Energy Conservation Safety, Health and
Environment (SHE) management is a non-negotiable priority at Plethico. Safety and Health
of our people is of paramount concern and so is minimization of environmental impact of
our industry. Our vision is to be a zero-injury organization. Effective implementation of
the safety and environmental standards is supported by your companys occupational safety
pro gram based o n the behavioral safety management techniques. The company continued to
focus on behavioral safety aspects of employees and visitors along with continual
improvements in engineering controls and safety management systems. Your company has been
focusing on improving environmental performance and has drawn up an ambitious plan to
reduce the environmental aspects of operations including reduction in the energy costs.
Information on conservation of energy, technology absorption, foreign exchange earnings
and outgo as required to be given 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 is annexed hereto in Annexure and forms part of this report.
Research & Development and Technology
Your Company has a long-standing culture and history of delivering high consumer
business value through creative ideas and superior technology for its brands. Research and
Development (R&D) has always been considered crucial for the continuous up-gradation
& sustained growth of the Company. This sustained high performance has helped in
building a strong foundation for our business and also differentiated our brands strongly.
The technology drive in your company is a journey that began with the great vision of Late
Shri Bhaskar Patel (known as Babuji with great affection), the former founder, Chairman
and M anaging Director of the Company. The strong research foundation laid by him and its
expansion over the years have enabled to produce a steadily accelerating stream of
high-value deliveries to the domestic & global customer.
The global challenges faced by the Indian Pharmaceutical industry at large have
increased several folds in the face of the transition from process to product patent
regime in India from 2005 . Your Company has stepped-up investments in R&D to keep
pace with the changing domestic and global scenario. High quality R&D has been pursued
to innovate in the area of herbals and nutraceuticals. After exploring our countrys vast
traditional knowledge base & the latest nutraceuticals active elements, the best
sustainable offerings are identified and refined to provide specific performance benefit
to consumers in the area of personal healthcare. We firmly believe in the philosophy of
"PREVENTION IS BETTER THAN CURE". By and i arge the society is accepting these
thoughts and moving towards better health. Our R&D team is thriving to develop
products in food and dietary supplements. It continues to be focused on providing dietary
options with the combination of superior aroma and tests with specific enhancement in
health and nutritional benefits to the consumers at large.
Human Resources
Your company believes that today a major HR challenge for any organization is
capability building aligned to business strategy meeting the challenges posed by the
changing business scenario. The company continued to enhance capability by realigning
leadership competency frameworks to new business realities and the companys future
roadmap.
The company implemented various measures to build a strong, adaptive and matured
corporate structure, which is flexible, responsive and cohesive. Development workshops
were organized to improve the overall competency level of employees with an objective to
improve the operational performance of individuals keeping in view stringent quality norms
of different regulatory authorities. The employee training and development function was
aligned to add greater thrust on building required competencies for meeting the new
emerging business challenges. Based on feedback from employees, key initiatives like
benchmarking and revising of performance management system, reward and recognition process
and measurement of training effectiveness were undertaken.
The involvement of employees at all levels has been achieved through continued
promotion of TQM activities across the organization with the involvement of top management
team.
The overall employee relationship and working environment was healthy, cordial and
harmonious across various locations.
Corporate Social Responsibilities (CSR)
The company continued to involve itself in social welfare activities, both through
charity and social investment issues like education, health, nutrition and over the years
serious efforts have been directed towards making a meaningful contribution to uplift and
transform the lives of the underprivileged . The Company is contributing to susta in able
development by its economic activities combined with the fulfillment of its social
responsibilities relating to the health, safety and environment aspects. The Company took
a conscious decision to contribute towards its belief that If you educate a boy, you are
educating a person and If you are educating a girl, you are educating a family... Towards
this end, the Shri Hari Charitable Trust" was setup to serve society at large by
providing totally free education to the poor and needy girls of the rural areas. Your
company is alive to the challenges and remains firm in its believe that it is possible to
do good while doing well and that running a successful business and creating positive
social impact as not separate objectives.
Listing of Shares
The Equity Shares of the Company continue to be listed on BSE Ltd. and The National
Stock Exchange of India Limited. The annual listing fees for the year 2013-2014 have been
paid to these Exchanges.
Website
The Company has a well designated and update d website www.plethico.com containing information about the
Companys products, manufacturing facilities, area of specialization, performance overview
etc. The details with respect to new product developed, new market explored, companys
upcoming plans etc. have also been put on the website. The parties associated with the
organization are welcome to visit the website to keep them selves updated on the Company.
Acknowledgement
Your Directors place on record their sincere appreciation for significant contribution
made by the employees through their dedication, hard work and commitment and the trust
reposed on us by the medical fraternity and the patients.
We also acknowledge the support and wise counsel extended to us by the analysts,
bankers, government agencies, shareholders and investors at large. We look forward to have
the same support in our endeavor to help people lead healthier lives.
On behalf of the Board of Directors
Shashikant Patel
Chairman & Managing Director
Mumbai, 27" November, 2014
ANNEXURE TO THE DIRECTORS REPORT
Particulars under Companies (Disclosure of particulars in the Report of Board of
Directors) Rules, 1988 for the 15 months ended 31st March 2014.
CONSERVATION OF ENERGY
From the early stage, conscious efforts have been made to minimize energy consumption
and company is introducing more and more innovations and improvements to further reduce
energy consumption. Some additional energy conservations features incorporated during the
year under review are as under:
At Manglia Formulation Unit
1. Cut-off the excess lighting to minimize the lighting load and provided new with
electronic ballast leading to saving of " 6000.00 Per Month.
2. Maintaining power factor between 0.99 to unity, to get the incentive from MPSEB
leads to average saving of " 28840.00 per month.
3. Prevention of Steam Leakages through Steam Traps and Distribution Lines leads to
saving of " 24525.00 per month
4. Proper load sharing and extra load cutting of Power supply from MPSEB leads to
saving of " 9750.00 per month
5. Optimization of Chilled Water Temperature to reduce the Electric Power Consumption
which leads to average saving of " 16800.00 per month.
At Kalaria Formulation Unit
1. Minimize the lighting load by extensive monitoring and switching "OFF" the
excess lights in different departments of the Plant leading to saving of " 25000.00
per month.
2. Maintained the Power factor between 0.99 - 1.00 trough out the Year and received the
incentive from MPSEB leads to average saving of " 56585.00 per month.
3. Power savings by installing Variable Frequency Drive with the Motor of 234 CFM air
compressor leading to savings of " 4,500.00 per month.
4. Power savings by installing Variable Frequency Drive with the Motor of 95 CFM air
compressor leading to saving of " 20,076.00 per month.
5. Fuel savings on recovery of condensate coming out from Water System leading to
average saving of " 12061.00 per month.
6. Fuel savings on recovery of hot cooling water coming out from Multi Column Distill
Water Still leading to average saving of " 4163.00 per month.
7. Power savings by close monitoring on operation of Non BMS and Non Critical Air
Handling Units leading to average saving of " 12000.00 per month.
8. Power Savings by close monitoring and selection of proper chiller for operation as
per the Load requirements leading to average saving of " 134385.00 per month.
Additional Cost Saving Proposals (Under Consideration)
At Manglia Formulation Unit
1. Provisions of Variable Frequency Drive require for Secondary Pumps of Chillers.
Average min savings in Units /day (approx.) =300 Kwh/day— 336 per day.
2. Arrangement of VFD and PLC in RMG . Average Savings — " 59.67 per day.
3. Provisions of Variable F requency Drives in Air Handling Units.
Average min saving — 812.00 per day.
At Kalaria Formulation Unit
1. Min 10 % En ergy Savings can be done by replacing V- Belt P ulley by Flat Belt
Pulley of both the Air Compressor Average min savings in Units /day (approx.) = 120
Kwh/day = 660.00/Day.
2. Min 10 % En ergy Savings can be done by replacing V- Belt Pulley by Flat Belt Pulley
of Higher Capacity AHU s in Phase - I. Average min savings in Units /day (approx.) =168
Kwh/day = 920.00/Day.
3. VFD s for the High Side Pumps of HVAC. Average min savings in Units /day (approx.)
= 300 Kwh/day = 825.00/Day.
4. Economizers - Chillers and Condensers Heat Recovery for Hot Water applications.
Average min savings 800.00/Day.
5. Conversion of Boiler to Gas fired/Coal fired in place of Oil Fired.
6. Street Light Poles to be lighted by Solar Energy. Average min savings 700.00/Day.
7. Provisions of PES En ergy saver in Lighting feeders 750/day
8. Centrifuge Filtration Technology for Furnace Oil. 4500/day
Impact of the measures taken as above for reduction of energy consumption and
consequent impact on the cost of production of goods.
The various measures taken as above for energy conservation have resulted in
substantial saving of energy and fuel and have resulted in reduction in expenses and thus
the cost of production has also reduced.
Particulars with respect to Conservation of Energy
A. Power and fuel consumption
| Particulars |
Period ended 31st March, 2014 |
Year ended 31st December, 2012 |
| 1. Electricity |
|
|
| (a) Purchased Unit (KWH) |
5886716 |
4388341 |
| Total amount (In Million) |
46.11 |
33.42 |
| Rate/unit () |
7.83 |
7.61 |
| (b) Own Generation through |
|
|
| diesel generator Unit KWH |
126693 |
168644 |
| Units (KWH) per litre of diesel oil |
2.43 |
3.13 |
| Cost/unit () |
23.50 |
14.56 |
| 2. Fuel Consumption |
|
|
| (i) Coal (Kg.) |
Nil |
Nil |
| (ii) Light Diesel Oil (Ltr.) |
Nil |
Nil |
| (iii) Diesel (Ltr.) |
53280 |
53267 |
| (iv) Furnace Oil |
521988 |
390690 |
B. Consumption per unit of production
The working of consumption per unit of production is practically not possible as the
operations of the Company involve multiple products.
TECHNOLOGY ABSORPTION
Particulars with respect to the technology absorption are as under:-I. Research and
Development (R & D)
• Specific area has been created for in-house R&D at large sea le. Research
& Development is mainly concentrated in development of new formulations. The Research
& Development activities are going on in the fields of NDDS, such as effervescent,
sustained release, center filled lozenges, fast melting tablets. The company has
intensified its focus on R&D in nutritional & animal health care division. The
development activities are aimed at:
i. New product development.
ii. Opening of the new segments & market for the company.
* Benefit derived as a result of the above R & Di
The above R&D activities have and will result in development of new formulation as
indicated above & some of which have already been launched in international markets.
The company expects that the above activities would help in the development of new
products & will help the company to move into new segments & catering to a new
category of customers, in future at reduced cost.
• Future plan of action:
In order to strengthen the research and development and to create intellectual
properties for providing safe, cost effective, contemporary and quality therapeutics, the
company is planning to set-up a high-tech R&D C enter well equipped with latest
technologies, accouterment and highly skilled manpower dedicated to the profession.
• Expenditure on R & D (15 months ending 31.03.2014):
| Capital : |
NIL |
| Recurring : |
4.62 million on material, manpower and manufacturing and other overheads. |
| Total : |
4.62 million. |
Total R & D expenditure as a percentage of Turnover (including other income):
0.08%. However, as per the established accounting policy, the expenditure incurred on
R&D remains merged within various heads.
II. Technology absorption, adaptation and innovationl
• Efforts, in brief, made towards technology absorption, adaptation and
innovation.
• The company has been adapting new technologies by keeping the tracks of latest
development in the field of technology. The company is well aware of the need to procure
& install latest technology.
# Benefits derived as a result of above efforts
The main benefits derived as a result are cost reduction, quality improvement & new
product development.
• Details of Imported Technology:
There is no technology imported during the period under review.
FOREIGN EXCHANGE EARNING AND OUTGO
Total foreign exchange used and earned:-
| Particulars |
Period ended 31 March, 2014 |
Year ended 31 December, 2012 |
| i Total Foreign Exchange earning |
4402.43 |
3175.34 |
| ii Total Foreign Exchange outgo |
3183.90 |
2363.88 |
On behalf of the Board of Directors
Shashikant Patel
Chairman & Managing Director
Mumbai, 27th November, 2014
+91-9892691696
