Lyka Labs Limited
Your Directors are pleased to present their Thirty Eighth Annual Report and the AuditedFinancial Statements of the Company for the Financial Year ended 31st March2017.
1. FINANCIAL RESULTS
| || ||Rs. in Lacs |
|Particulars ||For the Year ended 31.03.2017 ||For the Period ended 31.03.2016 |
| ||(12 months) ||(9 months) |
|Total revenue ||8029.70 ||6851.07 |
|Profit/(loss) before Interest provision for depreciation & Taxes and Write offs ||2217.23 ||1917.85 |
|Less: Interest ||(1512.49) ||(1144.35) |
|Operational Profit before Depreciation ||704.74 ||773.50 |
|Less: Depreciation ||(428.89) ||(264.02) |
|Exceptional Items (Net) ||(196.32) ||0.23 |
|Less: Extra Ordinary Items ||(18.22) ||0.00 |
|Less: Prior year Expenses ||(4.41) ||(87.69) |
|Profit for the year/period ||56.90 ||482.03 |
No Dividend was declared for the financial year ended 31st March 2017 as theCompany wants to plough back the profit for its working capital requirement
No amount is transferred to Reserves.
During the year under review the total revenue earned by the Company was Rs.8029.70lacs as against total revenue of Rs.6851.07 lacs of previous year of nine months ended31st March 2016. The Company has reported Net Profit of Rs.56.90 lacs for the year ended31st March2017.
In order to meet the demand of Lypholized products the Company is making all itsefforts to install the new lyophilizers in order to increase the productivity andefficiency. The Company continues to operate mainly in a single segment i.e.Pharmaceuticals. Company has begun to diversify into Nutraceutical and Cosmetologysegment.
5. KEY FEATURES
i. Company has emerged as a key player in development of specialized formulations ofwhich are developed at Company's R&D Centre and offered on a Principal toPrincipal' basis to large companies like Lupin IPCA Alkem etc. Lyka has recentlysuccessfully developed and commercialized certain formulations in the following category
a. Cosmeceutical Segment: Hair care Anti-Ageing Acne management Skin LighteningFace washes Sunscreens Facial scrubs and many more to name.
Innovative drug delivery system in Topical Steroids Pain killers Anti-Fungal andother emollients.
b. Injectables: Liquid Injectables Lyophilized Injectables in anti bacterialantifungal segment.
c. API: Proton Pump Inhibitors Antibiotics AntifungalsSteroids etc.
ii. Company is manufacturing various new innovative products with improved quality andefficiency with the help of its dedicated team of scientists and chemists. One of theinnovations includes micro emulsion cream which is developed to meet the therapeutic needsof patients. The developed formulation is hydrophobic in nature so as to develop new Drugdelivery system. Micro emulsion is an effective drug delivery with minimal side effect.
iii Company's core competency lies in:
a. Development of formulations with new molecules and Novel Drug Delivery System.
b. Development of patient friendly formulation.
c. Upgradation of products and processes to improve quality stability &shelf-life.
d. Development of Formulations meant for regulated markets.
e. Development of Lyoposomal formulations.
f. Development of Sterile API.
6 FUTURE OUTLOOK
i. Company plans to initiate & execute various strategies to ensure theachievements in accordance with the projections. Lyka with its expertise in Lyposomaltechnology will be able to introduce new formulations to ensure timely drug delivery withlower side effects to the patient in coming years.
ii. Company plans to focus on medium sized enterprises along with large pharmaceuticalcompanies which on P2P basis have presence in Cosmeceuticals and Dermatology segment.
iii. Company is in the process to enter into E-marketing arrangement for itsdermatological products.
iv. Company has a product range of more than 50 cosmeceutical formulations and an equalnumber of formulations in its pipeline which are under various stages of development.
v. With dedicated cosmetic block Company is well equipped to expand its presence incosmeceutical segment in coming years.
vi. Company has entered into USA market by offering formulation Technology for some ofits injectable products which would generate royalty to the Company post successfulmanufacturing & marketing of such products in USA.
vii. Company has initiated steps to market Cosmetology products in CIS countries.
viii. Company has plans to get Pharmaceutical Inspection Co-operation Scheme (PICs)approval for its Ankleshwar Plant and thus paving way for registration of its products inregulated markets as well as PICs signatory countries.
ix. Company has plans to introduce products for OTC Segment for pain management.
With infusion of fresh capital Company's Performance is likely to improve insubsequent years. Collectively by all the above strategies planning innovation inproducts and technology Company hopes to scale new heights in the coming years.
A. BOARD DIVERSITY
The Company recognize and embrace the importance of a diverse board in its success.Diverse Board comprising of professionals from various fields helps in guiding the Companyfrom time to time.
B. BOARD MEETING
During the year Nine Board Meetings were held. The details of which are given in theCorporate Governance Report.
C. POLICY ON APPOINTMENT AND REMUNERATION POLICY
The Company has appropriate mix of Executive and Independent Directors. As on 31stMarch 2017 the Board consist of 6 members one is Executive/Managing Director one isNon-Executive Director and four are Independent Directors.
D. DECLARATION BY INDEPENDENT DIRECTORS
The Company has received necessary declaration from each of Independent Directors underSection 149(7) of the Companies Act 2013 that they meet the criteria laid down underSection 149(6) of the Companies Act 2013 and Regulation 16(b) of the SEBI (ListingObligation and Disclosure Requirement) Regulation 2015.
E. RETIREMENT BY ROTATION
Smt. Nehal N Gandhi retire by rotation at the ensuing Annual General Meeting and beingeligible offer herself for reappointment. The Board recommends her re-appointment as aDirector for approval of members.
F. INDEPENDENT DIRECTORS FAMILIARIZATION PROGRAMME
The Company has framed policy on familiarization programme. The Independent Directorsare familiarized with company's operation. They also visited Plant at Ankleshwar. They areprovided financial and other information in the Board Meeting. They are also appraisedabout their role and function. This will help them to effectively discharge theirresponsibilities.
G. EVALUATION OF BOARD COMMITTEES AND DIRECTORS
The Board has carried out performance evaluation of its own the Committee and of theDirectors pursuant to the provisions of the Act and applicable provisions of ListingRegulations 2015.
The performance of the Board was evaluated after seeking inputs from all the Directorson the basis of factors which includes Active Participation Financial Literacycontribution by a Director positive Inputs effective deployment of knowledge andexpertise integrity and maintenance of confidentiality and independence of behaviour andjudgement.
In the meeting of Independent Directors performance of Non-Independent DirectorsPerformance of Board and Performance of the Chairman was evaluated.
H. COMMITTEE OF BOARD
Currently the Board has five Committees namely Audit Committee Nomination andRemuneration Committee Stakeholder Committee Share Transfer Committee and RiskManagement Committee. A detailed note on composition of the Board and its committee isprovided in the Corporate Governance Report which forms part of the Board Report.
A. STATUTORY AUDITOR
The Company's Statutory Auditor M/s. M.A Parikh & Co. Chartered Accountants (FirmRegistration No. 107556W) hold office till the conclusion of ensuing Annual GeneralMeeting. Since they are completing their term they are not eligible for re-appointment atthe ensuing Annual General Meeting.
M/s. Abhay Chokshi & Shah Chartered Accountants(Firm Registration No. 106201W)have expressed their willingness for appointment as Statutory Auditor of the Company atthe ensuing Annual General Meeting. They have provided their confirmation that they aremeeting the eligibility criteria as mentioned in sections 139 & 141 of the CompaniesAct 2013.
The Board based on recommendation of Audit Committee recommend appointment of M/sAbhay Chokshi & Shah Chartered Accountants as Statutory Auditor for a term of 5(Five) years at the ensuing Annual General Meeting of Members of the Company.
B. BRANCH AUDITOR
Branch Auditor of the Company M/s. Thacker Butala Desai Chartered Accountantscompletes their term of office at the conclusion of ensuing Annual General Meeting.
M/s. M.I. Shah & Co. Chartered Accountants (Firm Registration No: 119025W)haveexpressed willingness for their appointment as Branch Auditor and confirmed that they aremeeting eligibility criteria as mentioned under sections 139 & 141 of the CompaniesAct 2013.
The Board based on recommendation of Audit Committee recommend their appointment asBranch Auditor for approval of members at the ensuing Annual General Meeting.
C. COST AUDITOR
Pursuant to Section 148 of the Companies Act 2013 and rules made thereunder M/s.Kirit Mehta & Associates Cost Accountant (Firm Registration No.000048) has beenappointed as Cost Auditor by the Board on the recommendation of the Audit Committee toconduct Cost Audit of Cost Records of Pharmaceutical products of the Company for thefinancial year 2017-18. The Board recommends approval of their remuneration by members atthe ensuing Annual General Meetings.
D. SECRETARIAL AUDITOR
M/s V. Sundaram & Co Practicing Company Secretaries were appointed to conduct theSecretarial Audit of the Company for the year ended on 31st March 2017. Theyhave merged their business with a Legal firm. As a result vacancy for appointment ofSecretarial Auditor has arisen. The Board has appointed M/s. Kaushal Doshi &Associates Practicing Company secretaries as Secretarial Auditor of the Company toconduct the Secretarial Audit for the financial year 2016-17. The Secretarial Audit Reportis attached as Annexure A' and forms part of the Board Report. The Board hasalso appointed M/s Kaushal Doshi & Associates Practicing Company secretaries asSecretarial Auditor of the Company for the financial year 2017-18.
9 MATERIAL CHANGES AND COMMITMENT AFTER THE END OF THE FINANCIAL YEAR
The Board of Directors at their meeting held on 29th May 2017 approvedScheme of Merger of Lyka Healthcare Limited (Wholly Owned Subsidiary) with Lyka LabsLimited (Holding Company) w.e.f 1st April 2017.
The Appointed Date' of merger of Lyka Exports Limited (Subsidiary) with Lyka LabsLimited (Holding Company) is reconsidered as 1st April 2017 by the Board ofDirectors at their Meeting held on 30th August 2017.
The benefits of merger are:
> Greater integration and greater financial strength and flexibility for theamalgamated entity which would result in maximizing overall shareholder value and willimprove the competitive position of the combined entity.
> Greater efficiency in cash management of the amalgamated entity and unfetteredaccess to cash flow generated by the combined business which can be deployed moreefficiently to fund organic and inorganic growth opportunities to maximize shareholdersvalue.
> Improved organizational capability and leadership arising from the pooling ofhuman capital who have the diverse skills talent and vast experience to competesuccessfully in an increasingly competitive industry.
> Greater access by the amalgamated company to different market segments in theconduct of its business.
> Cost savings are expected to flow from more focused operational efforts
> Rationalization standardisation and simplification of business processes and theelimination of duplication and rationalization of administrative expenses.
> Achieving economies of scale
As per Order dated 22nd May 2017 passed by National Company Law Tribunal(NCLT) Ahmedabad the Company was required to make first payment of debentures of Rs.3.85Crores due upto 31st March 2015 by 30th July 2017. The Company hasaccordingly made the payment.
III ISSUE OF SHARES ON PREFERENTIAL BASIS
The Company has issued and allotted 6100000 equity shares of Rs.10/- each onpreferential basis to identified non promoters at a price of Rs.55/- per share. The entiresubscription monies have been received and shares have been allotted. As a result theissued and subscribed capital has increased to Rs.281400000.
10 CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO
The information pertaining to conservation of energy technology absorption foreignexchange earnings and outgo as required under Section 134 (3)(m) of the Companies Act2013 read with Rule 8(3) of the Companies (Accounts) Rules 2014 is attached to thisreport and marked as Annexure B'.
11 STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF THECOMPANY
The Company has formulated a policy on Risk Management and constituted Risk ManagementCommittee. The Risk factors have been reviewed by Audit Committee.
12 PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THECOMPANIES ACT 2013
There were no loans guarantees or investments made by the Company under Section 186 ofthe Companies Act 2013 during the year under review.
13 PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
The Related Party Transactions effected during the financial year were on Arm's lengthbasis and in the ordinary course of business. Omnibus approval of Audit Committee isobtained as per RPT Policy. The Related Party transactions effected during the financialyear are disclosed in the notes to the Financial Statement.
The particulars of Contracts or Arrangements made with related parties pursuant toSection 188 is attached to this report as per Annexure C'.
14 EXPLANATION OR COMMENTS ON QUALIFICATIONS RESERVATIONS OR ADVERSE REMARKS ORDISCLAIMERS MADE BY THE AUDITORS IN THEIR REPORT
A AUDITORS OBSERVATIONS:
The Statutory Auditor at point no. 36 (ii) of notes to their Auditors report qualifiedthat the direct expenditure and allocable indirect expenditures incurred in respect of"new product development and applied research" aggregating to Rs.1465.07 lacsincluding finance cost of Rs.214.40 lacs which is carried forward under capital work inprogress-intangibles.
B MANAGEMENT EXPLANATION:
1. Lyka has a separate R & D center at Mumbai which is approved by the departmentof Science and Technology Government of India. It has well equipped laboratories withstate of the art equipment to explore development of a wide range of formulation.
2 Like other Pharma companies Lyka Labs also conducts clinical trials toxicitystudies stability studies in a phased manner and detailed documentation required forobtaining regulatory approvals is compiled. The period involved could be as much as 8-10years and result in substantial development costs.
3 The benefit of such substantial development costs by way of product development wouldaccrue over a period of time and therefore such development costs are capitalized as andwhen regulatory approvals are obtained and commercial operations commence to therespective products or charged to statement of Profit and Loss in the year in whichdevelopment is abandoned.
4 During the year the Company has capitalized Rs.93.27 Lacs as "Self- GeneratedAssets" upon successful development of respective products and there is no charge toStatement of Profit and Loss as there are no products development of which is abandoned.
15 COMPANY'S POLICY
The highest ethical standards are followed by the Company in business transactions. TheSEBI (Listing Obligation and Disclosure Requirement) Regulation 2015 mandated theformulation of certain policies for all listed Companies. Company has framed variouspolicies such as Nomination and Remuneration Policy Policy on materiality subsidiariesand related matters Policy on Materiality of events Related Party Transactions PolicyRisk Management Policy Whistle Blower Policy Insider Trading code etc which aredisplayed on the company's Website i.e. www.lykalabs.com.
16 ANNUAL RETURN
The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule12 of the Companies (Management and administration) Rules 2014 is furnished as per AnnexureD' and attached to this Report.
17 DIRECTORS' RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 134(5) of the Companies Act 2013 theBoard hereby submits its responsibility statement:
(a) in the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures;
(b) the directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial year and ofthe profit and loss of the company for that year;
(c) the directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the company and for preventing and detecting fraud and other irregularities;
(d) the directors had prepared the annual accounts on a going concern basis;
(e) the directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively and
(f) the directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.
18 SUBSIDIARIES JOINT VENTURES AND ASSOCIATE COMPANIES
The Company has three subsidiaries namely Lyka BDR International Limited Lyka ExportsLimited and Lyka Healthcare Limited. The details of their performance are as under:
LYKA BDR INTERNATIONAL LIMITED (LBDR)
Lyka Labs is holding 65.22% of the Issued Capital of Lyka BDR International Limited.During the year under review the total revenue earned by LBDR was Rs.53.30 cr as againsttotal revenue of previous year of Rs.67.06 cr. The Company has reported net loss ofRs.2.80 cr as against net profit of Rs.0.46 cr of previous financial year.
LBDR is facing acute challenges and competition due to stringent internationalregulatory requirement as a result profitability of LBDR has been affected.
LBDR has explored new markets and tied up marketing arrangement which contributesignificantly to enhance revenue and profitability of LBDR in the coming years.
Main assets of LBDR are its registration rights in various overseas market. During theyear 108 fresh/ renewed registration / dossier/ application are submitted to healthAuthority in Chile Sudan Myanmar Vietnam and various other countries and 48 freshregistration /renewal have been received by the Company in Venezuela Myanmar EcuadorPeru Kenya Philippines and other like countries. The Company is expecting 59 newregistrations in Thailand Kenya Chile Sudan and other various countries during thefinancial year 2017 -18. LBDR has performed well in territories such as ChilePhilippines Sudan and Congo.
LYKA EXPORTS LIMITED (LEL)
Lyka Labs is holding 72.80% of Issued Capital of Lyka Exports Limited. Subsequent tosale of Animal Healthcare Division in the last year the turnover has dropped to Rs.37.03lacs during the year under report. The Company has reported a loss of Rs.15.57 lacs whichwas mainly due to reduction in business activities. The Company is now focusing onbusiness of Generic Pharmaceutical products meant for human consumption in the subsequentfinancial year.
LYKA HEALTHCARE LIMITED (LHL)
Lyka Labs is holding 100% of Issued Capital of Lyka Healthcare Limited. During the yearunder review the total revenue earned by LHL was Rs.1313.15 Lakhs as against totalrevenue of previous year of Rs.1417.32 Lakhs. The Company has reported Net loss ofRs.330.63 Lakhs as against net loss of Rs.208.50 Lakhs of previous financial year.
In order to save the cost and to economise the scale of operation the Board ofDirectors of the Company has decided to merge with Lyka Labs Limited a holding Companyw.e.f 1st April 2017.
Performance and financial position of each of the subsidiaries for the year ended 31stMarch 2017 is attached in Annexure E' and forms part of this report.
As per CLB order dated 22nd January 2016 the Company has repaid outstandingclaimed Fixed Deposits. As of 31st March2017 the unclaimed fixed depositstands at Rs.67.37 Lakhs.
20. DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL MECHANISM
The Audit Committee consists of the following members
|a) Shri.Ajit S. Bagadia ||: Chairman |
|b) Shri. N. I. Gandhi ||: Member |
|c) Shri. Vinod S. Shanbhag ||: Member |
|d) Shri. Yatin N. Shah ||: Member |
|e) Shri. Atit N. Shukla ||: Member |
The above composition of the Audit Committee consists of Independent Directors viz.Shri.Ajit S. Bagadia Shri. Vinod S. Shanbhag and Shri. Yatin N. Shah and Shri. Atit N.Shukla who forms the majority.
The Company has established a vigil mechanism to oversee the genuine concerns expressedby the employees and other Directors. The Company has provided adequate safeguards againstvictimization of employees and Directors who express their concerns. The Company has alsoprovided direct access to the Chairman of the Audit Committee on reporting issuesconcerning the interests of the employees.
21 DISCLOSURE OF CSR:
CSR is not applicable to Company.
22 SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS.
During the year under review no order was passed by Regulators or court which havesignificant & Material impact on the interest of stakeholders.
23 DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION ANDPROHIBITION AND REDRESSAL) ACT 2013
The Company is complying with the Provisions of Sexual harassment of women at workplace(Prevention Prohibition and Redressal) Act 2013. A Committee has been set up to redresscomplaints received regarding Sexual harassments. No Complaints has been received by theCommittee during the year under review.
24 RELATED PARTY TRANSACTIONS
The Company has obtained approval from the shareholders by passing a special resolutionapproving the financial limit of all the related party transactions that was entered intoduring the year under review. The Company has formulated a policy for dealing withMaterial Related Party' transaction and Related Party' transactions.
25 DISCLOSURE FOR RATIO OF REMUNERATION OF EACH DIRECTOR TO THE MEDIAN EMPLOYEESREMUNERATION AND OTHER DETAILS PURSUANT TO SECTION 197(12) OF THE COMPANIES ACT 2013 READWITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL)RULES 2014
1) The percentage increase in remuneration of each Director Chief Financial Officerand Company Secretary of the Company and ratio of the remuneration of each Director to themedian remuneration of the employees of the Company for the financial year 2016-17:
|Name ||% Increase in the remuneration ||Ratio of the remuneration of each Directors/to median remuneration of the employees |
|Shri Narendra Ishwarlal Gandhi ||Nil ||12.23:1 |
|Shri Kunal Gandhi ||10% ||NA |
|Shri Yogesh Shah ||84% ||NA |
|Shri Piyush HindIa ||24% ||NA |
2) The Percentage increase in the median remuneration of employees in the financialyear: 6.95%
3) The number of permanent employees on the rolls of the Company: 107
4) Explanation on the relationship between average increase in remuneration and theCompany's performance:
Average Increase in remuneration is 7% as per standard policy of the Company. In Somecases higher increment was considered based on the performance of Individual Employee.
5) Average percentile increase already made in the salaries of employees other than themanagerial personnel in the last financial year and its comparison with the percentileincrease in the managerial remuneration and justification thereof and point out if thereare any exceptional circumstances for increase in the managerial remuneration:
Average Percentage Increase made in the salaries of Employees other than the managerialpersonnel in the last financial year i.e 2016-17 was 9.28%. There is no increase inmanagerial remuneration.
6) The key parameters for variable component of remuneration availed by the directorsare as follow:
7) It is affirmed that the remuneration paid to Directors Key Managerial Personnel andother Employees is as per the Remuneration Policy of the Company:
26 PARTICULARS OF EMPLOYEES PURSUANT TO RULE 5(2) OF THE COMPANIES (APPOINTMENT ANDREMUNERATION OF MANAGERIAL PERSONNEL) RULES 2014.
The information required pursuant to Section 197 (12) of the Act read with Rule 5(2) ofthe Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 inrespect of employees of the Company form part of this Report. However as per theprovision of Section 134 and 136 of the Act the Report and Accounts are being sent to theMembers and others entitled thereto excluding the information on employees particularswhich is available for inspection by the members at the Registered Office of the Companyduring business hours on working days of the Company up to the date of the ensuing AnnualGeneral Meeting. Any member interested in obtaining a copy of such statement may write tothe Company Secretary at the Company's Administrative Office at Mumbai.
27 CORPORATE GOVERNANCE
Report on Corporate Governance is annexed in Annexure F' and forms anintegral part of this Annual report. Certificate from the Secretarial Auditor regardingcompliance of conditions of Corporate Governance as stipulated in the Listing regulationsis attached.
29. MANAGEMENT DISCUSSION ANALYSIS REPORT
Management Discussion and Analysis Report is attached in Annexure G'.
Your Directors place on record their appreciation of the continued assistanceco-operation and support received from various Ministries of the Government of IndiaGovernment of Maharashtra Government of Gujarat the Company's Bankers CustomersShareholders Fixed Deposit Holders and loyal & committed Employees for theirunstinted support.
| || |
By order of the Board
| ||Ajit S Bagadia ||Vinod Shanbhag |
| ||Director ||Director |
| ||07229868 ||00555709 |
|Place: Mumbai || || |
|Date: 30.08.2017 || || |
Information under Section 134 of the Companies Act 2013 read with rule 8(3) of theCompanies (Accounts) Rules 2014 and forming part of the Directors' Report for the yearended 31st March 2017.
Energy Conservation measures taken :
(1) The Company has taken several measures including reduction of transmission lossesrational organization of manufacturing activity and regular preventive maintenance.
(2) Additional investments and proposals are being implemented for reduction of energyconsumption:
The following measures are taken / being taken:
- Replacement of obsolete systems with improved energy saving systems.
- Use of balancing equipments to optimize production.
- Reduction in contract demand.
- Improve the process parameters to consume less energy.
(3) Impact of measures taken:
The adoption of energy conservation measures stated above is expected to saveconsiderably in cost of production.
(4) Total energy consumption and energy consumption per unit of production
|Sr. no Particulars ||Year ended 31st March 2017 ||Period ended 31st March 2016 |
| ||(12 months) ||(9 months) |
|A POWER AND FUEL CONSUMPTION || || |
|1. Electricity || || |
|a. Purchased || || |
|Units (in '000 kwh) ||2028 ||1493 |
|Total Amount (' in lacs) ||151.87 ||114.49 |
|Rate per unit ('/kwh) ||7.49 ||7.67 |
|b. Own Generation || || |
|i. Through Diesel Generator || || |
|Units (in 'ooo kwh) ||50 ||35 |
|Units per litre of Diesel (kwh) ||2.82 ||2.91 |
|Cost/Unit ('/kwh) ||21.55 ||18.63 |
|2. Coal || || |
|Quantity ||- ||- |
|Total Cost ||- ||- |
|Average Rate ||- ||- |
|3. Furnace oil & Diesel oil || || |
|Quantity (kl.) ||17.61 ||12.00 |
|Total Amount (Rs. in lacs) ||11.34 ||6.57 |
|Average Rate (Rs./Litre) ||64.43 ||54.78 |
|4. Others - Steam || || |
|a. Purchased || || |
|Quantity (MT) ||553 ||282 |
|Total Amount (Rs. in lacs) ||20.72 ||10.64 |
|Rate per unit (Rs./kg) ||3.75 ||3.77 |
|b. Own Generation || || |
|Quantity (MT) ||0 ||0 |
|Units per litre of Furnace \ Diesel (KG) ||0 ||0 |
|Cost/Unit (Rs./kg) ||0 ||0 |
|B. CONSUMPTION PER UNIT OF PRODUCTION || |
Year ended 31st March 2017
Period ended 31st March 2016
| || |
| ||Bulk Drugs Per Tonne ||Formulations Per Million ||Bulk Drugs Per Tonne ||Formulations Per Million |
| || ||Packs || ||Packs |
|Electricity - Units (Rs.000 kwh) ||354.559 ||47.884 ||350.237 ||50.178 |
|Coal (M.Tonnes) ||- ||- ||- ||- |
|Furnace oil & Diesel oil (kl) ||3.221 ||0.435 ||3.001 ||0.430 |
|Steam (M.Tonnes) ||101.106 ||13.655 ||70.543 ||10.107 |
A. Research and Development
1. Specific Areas in which R & D work is carried on by the Company are:
- Development of Formulations with New Molecules and development of Novel Drug DeliverySystems e.g. Microemulsion based topical formulations Topical Foam formulations etc.
- Development of lyophilised injectables Liposomal lyophilized injectables.
- Development of Patient friendly formulations like sustained release products mouthdissolving tablets ready mix granules in sachet Syrup etc.
- Development of Cosmeceutical products such as Hair Revitalizing serum/shampoo HairProtecting Serum with SPF 15 Hair Mask Skin lightening Soap Skin lightening creamMoisturizing Cream Anti-aging Cream using Stem cell technology Foaming Face wash.Development of Day Cream with SPF 30.
- Upgradation of products and processes to improve quality stability shelf-life andthus reduce cost.
- Development of Neutraceutical products in the segment of Anti oxidant such asGlutathione & Pine bark Tablets Bilberry & Silymarin Tablets and Olive leafextract Capsules Skin lightening tablets Weight Management Tablets Liver protectanttablets such as Glutathione Pine bark & Silymarin Tablets etc.
- Tie ups with Medical Institutions to establish Bio availability/Bioequivalence/Animal Toxicity studies of new formulations and to carry out clinical trialsSkin Irritation studies and efficacy studies for cosmeceuticals Evaluation of Sunprotection factor for sunscreen formulations.
- Developing Products for P to P markets.
2. Benefits derived as a result of R & D efforts:
- Company has introduced many skin care products in domestic market under its owncosmetic division "Cerabelle" such as Hyglow Skin lightening Cream Hyglow dailyfoaming face wash Hyglow exfoliating facial scrub Gomoist Moisturizing cream Gomoistmoisturizing Lotion Gomoist Hydrating foaming face wash Gomoist daily facial CleanserSunsure Day - Night Sun screen Agestop Collagen boosting cream. All these products aremanufactured at Ankleshwar plant.
- Company has also introduced Neutraceutical product in the domestic market such asGlutathione Alpha Lipoic Acid Vitamin C Tablets (500 + 100 + 20)mg.
- Many more products are on the way to commercialization within next few months such asHair Revitalizing serum Halobetasol propionate microemulsion based cream Halobetasolpropionate topical solution.
- The Company derives long term benefits viz. better yield and Quality of the finalproduct with cost effectiveness.
3. Future plans
- The company aims to consolidate its presence in the domestic market through focuseddevelopment of various therapeutic segments such as Anti-infective Dermatologicalcardiovascular pain management Neuroprotectives Cosmeceuticals Anti-oxidantsLiposomal drugs Nasal sprays etc. This will help the company to broaden its base for itsdomestic operation.
4. Achievements / Recognition:
Recognition as in-house R & D Centre by Government of India Ministry of Science& Technology
Department of Scientific and Industrial Research.
| || ||By order of the Board |
| ||Ajit S Bagadia ||Vinod Shanbhag |
| ||Director ||Director |
| ||07229868 ||00555709 |
|Place: Mumbai || || |
|Date: 30.08.2017 || || |