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Plethico Pharmaceuticals Ltd Directors Report

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Jun 13, 2016|12:00:00 AM

Plethico Pharmaceuticals Ltd Share Price directors Report

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

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