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Manav Pharma Ltd.

BSE: 524390 Sector: Health care
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Manav Pharma Ltd
NSE 05:30 | 01 Jan Manav Pharma Ltd

Manav Pharma Ltd. (MANAVPHARMA) - Director Report

Company director report

1995 MANAV PHARMA LIMITED DIRECTORS' REPORT Your Directors have pleasure in presenting their Third Annual Report together with the Audited Statement of Accounts for the year ended 31.3.1995. 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. DIRECTORS 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. AUDITORS 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. PERSONNEL 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 1994-95 ( Lacs) Sales 712.80 -- P B T 170.66 -- P A T 170.66 -- E P S 3.13 -- FIXED DEPOSITS The Company has not accepted any fixed deposits from the public during the year. ADDITIONAL INFORMATION 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.