It has been an eventful year of realigning and streamlining our focusand energies. Dynamic business environment and demanding market expectations has becomethe new norm - globally. While the challenges of the future are many I see greatopportunities for Bilcare.
We started off as a Packaging Company in the 80's with a visionof leading in pharma packaging innovations by being a value differentiator through ouradvanced research based one stop packaging solutions. Today this vision has led us tobring about a new outlook in the pharma packaging domain where technology plays animportant role in patient education safety on delivery dispensation and consumption ofthe pharma products. Keeping in-sync with this vision our R&D team has takenpainstaking efforts to continually improve on its innovative range of packaging productswith many inbuilt features and has enabled the company to be a prominent and dominantplayer in this highly competitive market.
In the last four years we have taken many tough decisions decisionsthat may have looked harsh but have a long term positive impact on the business. Bilcarehas reset on this journey by garnering its resources gathering its manpower energy and arenewed commitment towards "Enhancing Patient Health Outcomes" I have alwayslearned from great leaders and visionaries that the path to success is often laced withthorns and only by walking on this path can one attain success. What comes along is abitter sweet experience of learning and growing - together.
The Indian pharmaceutical industry is currently the third largest inthe world and is one of the most developed industries. Technologically strong andself-reliant the pharmaceutical industry in India has cost effective manufacturinginnovative scientific manpower strength of internationally acclaimed laboratoriesR&D capabilities and an increasing balance of trade. It is today ranked world classin terms of quality and range of medicines manufactured. From simple generic headachepills to sophisticated antibiotics and complex cardiac compounds almost every type ofmedicine
2 is now made indigenously. Complementing this the flexiblepackaging is the only other segment that has witnessed revolutionary changesimprovisation and introduction of innovative packaging solutions in the last four to fiveyears indicating a bright future for Bilcare.
Today the flexible packaging films and foils are the most sought afterand economical packaging material available to address the ever increasing demands of thepharma and healthcare industry especially when it comes to the ease of distributionpreserving the potency of the drug and also to ensure a better shelf life of the packagedproduct. Keeping in line with the growing stringent demands Bilcare took initiatives andmeasures which led to not only new products coming into the fray but also processtechniques being improvised to produce the best quality blister foils formations.
During the year Team Bilcare developed various composites usingcombination of coating and lamination technologies including customized laminatestructures and created wide range of packaging products. This addressed the explicit andimplicit needs of various formulations thus creating a unique solution space andreiterated its presence as a global solution provider in the child resistant and seniorfriendly lidding material segment. This type of packaging coupled with the 5C approach isexpected to be a point of inflexion in the domain of primary packaging for oral solids.
Our customers are always at the heart of our thinking and ourpartnership approach to working collaboratively builds trust and strengthens our valueproposition.
Moving towards the international accounting standards we adopted theInd AS accounting standards for financial year ending March 2017. The Company is still inthe restructuring & stabilization phase and the efforts have led to a comprehensivedebt resolution with a majority of lenders. Going forward the focus will be on improvingthe operational performance with higher margins. All efforts are being made to facilitateworking capital for increased production and resultant cash flows.
On a group level we have stayed focused on the strategy of realignmentof synergies improved EBIDTA and disinvestment. This has led to a hygiene check andreduction of losses. The journey has been long and winding that resonate the Companypolicy of "restructuring for the better".
I regret to share the news about the sad demise of one of our Board ofDirectors Mr. Ramnarayan Venkit few days back. His ability to see beyond the normaland his humbleness were par excellence. Team Bilcare will surely miss his able guidance. Ipray God to rest his soul in peace.
These are challenging times for the company yet the future has manyopportunities in its store. As said by Peter F. Drucker "The best way to predict thefuture is to create it".
With this quote I conclude by thanking you all for your continuedsupport and trust.
|Mohan H Bhandari |
|Chairman and Managing Director |