My warm greetings to all
I am presenting to all the Stakeholders the 16th Annual Report of Syncom HealthcareLimited ("Company") for the financial year 2017-18.
This year has been a mixed bag filled with numerous opportunities and challenges. Theroll out of GST brought back our production cycle to life and the factory operationsstarted with full swing but at the same time due to uniformity in the taxation throughoutthe country the Company witnessed slack in the job work which had a significantlyaffected the revenue generation potential of the company. However you will be pleased tonote that the company is making all possible efforts and leaving no stone unturned toraise its own bar persistently by enhancing the product portfolio fine tuning thestrategies devising rigorous marketing scheme and exploring many other avenues.
FY 2018 was a difficult year for the Indian pharmaceutical market. Inventory destockingdue to the implementation of Goods and Services Tax (GST) impacted the industry. In factthe domestic pharmaceutical industry growth rate in FY 2018 was the lowest in last fiveyears. But kudos to our government for continuously bringing in the policies to foster thepharmaceutical industry. The Company is all braced up to capitalize on the policiesintroduced by the government now and then: -
1. To facilitate the smooth functioning without much hassles and delays and to promotemake in India initiative the government in March 2018 announced its plans to start asingle-window facility to provide consents approvals and other information.
2. The Government of India is planning to set up an electronic platform to regulateonline pharmacies under a new policy in order to stop any misuse due to easyavailability.
As far as exports are concerned the Company has made its presence in the south eastasian countries and also exploring avenues in other countries but the company witnessedslowdown in the export business due to increase in the import duty resulted in theincrease in the cost of raw material. The transition phase of taxation reforms has addedto the woes. Despite of all hurdles the company stood strong and was also successful inbagging few good export orders.
Lastly the Company is nothing without its dedicated employees loyal customers andother stakeholders. I would take this opportunity to express my gratitude to everyonewhose invaluable support and contribution has helped us to take the company ahead.
| ||Yours Sincerely |
|Date: 14.08.2018 || |
|Place: Mumbai ||Ajay Bankda |
| ||Managing Director |
| ||DIN: 00013796 |