Polar Pharma India Ltd Company Summary

Polar Pharma India Ltd Summary

Incorporated as a public limited company in Dec.88, Polar Pharma India Ltd., formerly known as Polar Latex was promoted in the joint sector by the Industrial Promotion and Investment Corporation of Orissa (IPICOL) along with the Polar group, in technical collaboration with Hindustan Latex (a Government of India undertaking). Hindustan Latex is the worlds largest manufacturer of condoms.The company manufactures rubber prophylactics. It has a plant at Balasore, Orissa. It came out with a public issue in Jun.90 to part-finance this project. The main raw material required by the company is latex, which is procured from Kerala and Tamilnadu. It markets its condoms under the Adam brand name.During 1993-94, the company undertook a diversification-cum-expansion programme to expand its plant capacity for latex prophylactics from 160 mln pa to 400 mln pa and to set up an unit (inst. cap. : 518 mln pa) to manufacture finger cots. The company exports its product to Switzerland, Canada, South Korea, Lithuania, Baltic Republics, Russia, the UK, Korea and the CIS countries. The company products are registered with the Food and Drug Adminstration (FDA) of USA, The South African Bureau of Standards (SABS), The Ministry of Health and Medical Industry of the Russian Federation, Department of Drug & Medical Equipment, Ministry of Health, Uzbekistan and the Federal Ministry of Health (FMH), Nigeria.During 1999-2000, the company received the grant of license for Private Bonded Warehouse under the 100% EOU Scheme. This unit has been set up as an expansion of its existing unit as Polar Latex Ltd, EOU Division.In 2000-01 the Companys Quality Management System has been certified in confirmation with Quality Management Standard (ISO 9002, 1994) by DNV. The Companys system is complying with the requirements of all the international standards. The Process of accreditation is underway. This will help the Company to enter into the European market. The company undertook major expansion for conversion of finger cot lines into condom manufacturing lines. As a result the capacity will increase from 570 mln pcs to 730 mln pcs. It has obtained equipments from M/s Shinheng Corporation,Korea. The installation of machineries are currently under progress and the company expects to commence operations shortly.