PFIMEX PHARMACEUTICALS LIMITED
Your Directors have pleasure in presenting the Audited Accounts of your
Company for the 9th Financial Year ended 31st December, 1995.
During the year under review sales for the Company is aggregated to Rs.
2841.08 which was higher by Rs. 367.66 lacs.
There has been a fall in the profit due to no return on investment made in
subsidiary Company, non availability of sufficient working capital limits
and high interest burden on the borrowings.
REVIEW OF OPERATIONS
On Domestic front, your Company has achieved a sale of Rs. 2343.39 lacs as
compared to last year sale of Rs. 2027.65 lacs. During the year your
Company has opened one new depot at Indore to stock goods and distribute
the Companys products.
During the year an Ayurvedic OTC Product "Madhu Vilas", energiser has been
successfully launched in the States of Gujarat, Andhra Pradesh and Orissa
and there is good initial response to the product.
Your Company is launching Ayurvedic product, for Arthritis - "Suchal-ortho"
Capsules in the first week of May in four States. It will be sold through
ethical promotion i.e. by promoting to doctors. "Suderm" will be launched
during June, 1996 for Psoriasis (skin diseases). Your Company also proposes
to manufacture products in the Herbal Section for remedying acidity
problems, gynaec problems, sexual disorders, haemetinics, anti
inflammatory, anti-diarrhoeal etc.
During the year under review, your Company has produced Mala N and Mala
D for Ministry of Health and Family Welfare, Government of India. Your
Company is hopeful of procuring further orders to produce and supply Oral
Contraceptive Pills (OCP) viz., "Choice" to Ministry of Health and Family
Welfare, Government of India.
PFIMEX ORGANICS LIMITED
Your Company could ensure completion of the bulk drug project of its
subsidiary Company viz., Pfimex Organics Limited. Four products viz. DOT
Ciprofloxacin, Nitrovin and Nalidixic Acid have been launched.
The Company has exported worth Rs. 497.69 lacs during the year 1995 to
Vietnam, Cambodia, East Africa and Nepal and has orders on hand for export
to these countries.
Your Company has registered its pharmaceutical formulations in Vietnam, Sri
Lanka and Bruma. Steps are being taken to register pharmaceutical
formulations in Russia, Mangolia etc. The Company has also been receiving
enquiries from Latin American Countries. Your Company is confident of
achieving export turnover of about of Rs. 6 crores during the current year.
The statement relating to Pfimex Organic Limited, the subsidiary Company
pursuant to section 212 of the Companies Act, 1956 together with its
balance sheet as at 30.09.1995 is annexed hereto.
Mr. H.P. Nag Chowdhury, Mr. V.H. Patil and Mr. M.K. Kumbhat retire by
rotation and being eligible offer themselves for re-appointment as
Gujarat Industrial Investment Corporation Limited vide their letter No.
GIIC/SEC/7455 dated 28.02.1996 has appointed Dr. V.V. Rama Subba Rao, IAS,
Additional Chief Secretary, Finance Department, GUjarat as Nominee Director
in place of Mr. G. Subba Rao, IAS. Your Directors place on record their
appreciation of the valuable services rendered by Mr. G. Subba Rao as
Director of the Company.
As on 31.12.1995 the Company has no overdue/unclaimed deposits.
M/s. V. Amarnath & Associates, Chartered Accountants, the Auditors of the
Company and M/s. S. Madanmal Mehta and Company, Chartered Accountants,
Branch Auditors of the Company retire at the conclusion of this Annual
General Meeting and are eligible for re-appointment.
The Company has received certificate from Auditors and Branch Audit to the
effect that their appointment, if made, would be within the prescribed
limits under Section 224 (1) of the Companies Act, 1956.
FOREIGN EXCHANGE OUTGO AND EARNINGS
The Company has incurred Rs. 158.39 lacs by way of expenditure in foreign
currency towards import of raw materials, subscriptions to periodicals and
on account of travel. The Company has earned Rs. 497.69 lacs by way foreign
exchange received on account of export sales. The Company is net foreign
exchange earner to the nation. During the last year the Company has earned
net foreign exchange of Rs. 339.30 lacs which is 12% of t Companys total
INFORMATION PURSUANT TO SECTION 217 OF THE COMPANIES ACT, 1956.
The information required under 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 is given in annexures 1 and 2 and forms
part of this report. Information required under Section 217 (2A) of the
Companies Act, 1956 read with Companies (Particulars of Employees) Rules
1975 are given in the annexed statement and forms part of this Report.
SAFETY MEASURES & INSURANCE
The units of your Company situated at Jeedimetla in Andhra Pradesh and
Sarigam in Gujarat conform to WHO GMP Norms. Your Company strictly follows
the safety measures and the assets of your Company are properly insured.
Employee Relations at all levels remained cordial during the year.
Your Directors wish to thank State Bank of Hyderabad, Vijaya Bank, Bank of
Rajasthan Limited, Industrial Finance Corporation of India Limited and The
Gujarat Industrial Investment Corporation Limited for their timely support,
co-operation and valuable guidance. The Directors also appreciate continued
support and co-operation extended by the Workers, Staff and Executives of
ANNEXURE - 1
(See Rule 2)
Form for disclosure of particulars with respect to conservation of energy.
A. POWER AND FUEL CONSUMPTION
Unit 5,82,465 4,54,466
Total Amount 18,46,414 12,90,685
Rate/Unit 3.17 2.84
b) Own generation:
i) Through diesel generator:
Total Amount 5,76,605 3,70,761
Units per litre of
diesel oil cost/unit Rs.7.90/unit Rs.7.84/unit
ii) Through steam turbine/generator
Units per litre of fuel oil/gas
cost/unit NIL NIL
2. Coal (specify quality & where used)
Average Rate Not applicable
3. Furnace Oil
Quantity (K. Litres)
Average rate Not applicable
4. Others/internal generation
(Please give details) Not applicable
B. CONSUMPTION PER UNIT OF PRODUCTION
Standards Current year Previous year
Products (with details)
Unit Since there are number of products that
Electricity are being produced simultaneously it is
Furnace Oil not practicable to ascertain product
Coal (Specify Quality) wise consumption.
ANNEXURE - 2
(See Rule 2)
Form for disclosure of particulars with respect to absorption
Research and Development (R&D)
1. Specific areas in which R&D : R&D is carried out in Chemical and
carried out by the Company Pharmaceutical development areas.
2. Benefits derived as : Product improvements, Process
a result of the above R&D development, Import substitution,
standardisation of quality control of
3. Future plan of action : i) Development of new dosage
ii) Import substitution.
iii) Studying the feasibility of using
new manufacturing technology.
4. Expenditure on R&D 1995 1994
i) Capital -- --
ii) Recurring 3,07,986 4,64,676
iii) Total 3,07,986 4,64,676
iv) Total R&D Expenditure 0.11 0.18
as a percentage of
Technology absorption, adaptation and innovation
1. Efforts in brief, made : No technology has been imported by
towards technology the Company in the last 6 years.
absorption, adaptation The Company raises all assistance &
and innovation. Technological guidance in respect of
products which are presently licenced
and allowed to be manufactured by the
Company. The Company deputes free of
charge their technical personnel
whenever required to guide the
Companys operations including
maintenance of quality and safety.
2. Benefits derived as a result : Not applicable
of the above efforts e.g.
cost reduction, product
3. In case of imported : Not applicable
technology (imported during
the last 5 years reckoned
from the beginning of the
Following information may
a) Technology imported :
b) Year of import :
c) Has technology been
fully absorbed :
d) If not fully absorbed :
areas where this has
not taken place, reasons
thereof and future plans
For & on behalf of the Board of Directors
VINAY KUMAR BHANDARI
Chairman and Managing Director
Place : Hyderabad
Date : 30th April, 1996.
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