MANAV PHARMA LIMITED
Your Directors have pleasure in presenting their Third Annual Report
together with the Audited Statement of Accounts for the year ended
As the Company has not commenced its manufacturing activity or any other
commercial activity, no Profit and Loss Account has been prepared and the
expenses incurred during the year are being carried forward as Pre-
operative Expenses to be capitalised and allocated to Fixed Assets.
PROGRESS OF THE PROJECT
Your Directors regret to report that the implementation of the project has
been delayed due to several factors, viz.
1. Delay in completion of construction on account of modification of
layouts, to accomodate the manufacture of additional products, as the
margins in Famotidine have declined internationally.
2. The design of the Effluent Treatment Plants had to be changed to comply
with the requirements of statutory authorities.
3. Last year's heavy monsoon and plague epidemic in several parts of
Gujarat had impeded construction activity.
The above factors have resulted in cost-overrun for the project by about
Rs. 114 Lacs. This gap is proposed to be suitably financed.
The trial run of the plant is now expected to commence by end of December,
1995 and commercial production by the begining of January, 1996.
Mr. S.C.Bafna and Mr. Shashikant Tulsian resigned as Directors of the
Company with effect from 27th July, 1995. Mr. P. K. Goel, Director of the
Company, retires by rotation at the ensuring Annual General Meeting and,
being eligible, offers himself for re-election.
You are requested to appoint the Auditors for the current year and to fix
their remuneration. Messrs. Dinesh K.Shah & Co., Chartered Accountants,
Bombay, the present Auditors have intimated to the Company their
willingness to act as Auditors if appointed, and have certified their
eligibility for such appointment.
Your Directors place on record their appreciation for the dedicated
services rendered by the employees. The Company had no employees covered under Section 217 (2A) of the Companies Act, 1956.
Information as per Clause 43 of Listing Agreement
Following is the statement of projected versus actual profitability
statement as per prospectus:
Particulars Projected Achieved
As per Prospectus
Sales 712.80 --
P B T 170.66 --
P A T 170.66 --
E P S 3.13 --
The Company has not accepted any fixed deposits from the public during the
As the Company has not yet commenced operations, there is no information to
be furnished pursuant to Section 217 (1) (e) of the Companies Act, 1956.
There was no earning or outgo of foreign exchange.
For and on behalf of the Board of Directors
SARVESH BANSAL ANIL K. THANAVALA
MANAGING DIRECTOR DIRECTOR
Place : Bombay
Dated : 27th July, 1995.