PharmexcilAnnualReport 2017 18
PharmexcilAnnualReport 2017 18
PharmexcilAnnualReport 2017 18
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Annual Report
2017 - 18
14th ANNUAL REPORT 2017-18
2. Membership 5
3. Committee of Administration 9
6. Accounts 53
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To
All the Members of the Council
NOTICE
NOTICE is hereby given that the 14th Annual General Meeting of the Council will be held on
14th September, 2018, at 1730 hours at Hotel Taj Krishna, Banjara Hills, Hyderabad to
transact the following ordinary business/Agenda:
1. To receive and consider the account and the reports of the Committee and the
auditors for the year ending 31st March, 2018.
The reports of Auditors on the Accounts of the Council for the Financial Year ending
March 31, 2018 and the report of the Committee (CoA) on the activities of the Council
for the year 2017-18 are enclosed
The details of the Members of the Committee of Administration (CoA) with the nature
of their Membership indicated against their names are attached.
M/s. Sarath & Associates, appointed as Statutory Auditors of the Council will retire on
the conclusion of the Annual General Meeting and they being eligible offer themselves
for reappointment
Udaya Bhaskar
Director General
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MEMBERSHIP
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MEMBERSHIP
State wise Registered Companies
up to the Financial year 2017-18
No. of Regd.
State Companies
Andhra Pradesh 39
Assam 2
Bihar 10
Chandigarh 42
Chattisgarh 2
Delhi 359
Goa 8
Gujarat 591
Haryana 89
Himachal Pradesh 32
Jammu 7
Karnataka 185
Kerala 34
Madhya Pradesh 75
Maharashtra 1664
Nagaland 1
Orissa 4
Punjab 52
Rajasthan 50
Tamil Nadu 205
Telangana 479
Uttar Pradesh 71
Uttaranchal 25
West Bengal 43
Total 4069
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Category
LSM 373
SSM 1966
ME 1730
Grand Total 4069
Total 4069
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COMMITTEE OF
ADMINISTRATION
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Committee of Administration
Chairman
Sri Madan Mohan Reddy
Director
Aurobindo Pharma Limited
Vice Chairman
Sri Dinesh Dua
CEO & Director
Nectar Life Sciences Limited
Government Nominees
Sri Shyamal Misra, IAS Sri Sudhansh Pant
Jt. Secretary Jt. Secretary
Department of Commerce Department of Pharmaceuticals
Ministry of Commerce & Industry Ministry of Chemicals & Fertilizers
Government of India Government of India
Elected Members
Sri Devang B Shah Sri Bharat Desai
Director Managing Director
Aadivighnesh Chem Pvt Ltd Bharat Parenterals Limited
Mumbai Vadodara
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Elected Members
Sri Dodda VVS Reddy Dr. Janmejay H Patel
Director Chief Executive Officer
Nosch Labs Limited Petlad Mahal Arogya Mandal Pharmacy
Hyderabad Nadiad
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PERFORMANCE OF
INDIAN PHARMA
INDUSTRY
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Drug formulations & Biologicals is the third largest among the principal commodities exported by India during
2017-18.
Exports by Region
Region wise India's pharma exports during April-March $ million
Region Fy-17 Fy-18 Gr% Contbn%
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Salient Features
1) Contribution of Indian pharma industry in Global pharma 5) Exports to 129 destination countries are growing.
production : 10% in terms of volume & 2.49% in terms of value. 6) Around 55% India’s exports are to highly regulated
2) India produces 65% of WHO demand for DPT & BCG and 90% markets like North America and Europe. USA is the
of Measles vaccine. largest exporting partner of India by country.
3) 8 out of top 20 global Generic companies are from India. 7) India shares 50% of Africa’s Generic market value
4) India’s Pharma exports Fy-18 has recorded an average of $ of $ 6000 million.
80.35 million during the period per destination. Total number of
Destinations during the period is 215.
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DMFs filed with U.S. FDA (companies) (as on 31st July 2017) 195
No: of Sites (Bulk drugs + Formulations) Registered with US FDA (as on April 2018) 700
USA
Total No of DMF’s (Type II Active) Filed by India companies (as on 31st July 2017) 3980
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EXPORT PROMOTIONAL
ACTIVITIES
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PHARMACONEX EGYPT
Council organized India Pavilion at Pharmaconex, Egypt held during 8-10th April 2017.
Nineteen Indian companies participated in the event. This was organized by Council with its
own fund support.
CPhI CHINA
Council organized India Pavilion at CPhI China
during 20-22nd June 2017. Council continued to
participate in this event on its own, as the
response from members is good. 20 companies
participated in India Pavilion. Consul General of
Indian Embassy in China inaugurated the
pavilion.
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A Business delegation to DR Congo, Nigeria and Cote d'ivoire was organized during 18-
28th February 2018. 49 Indian companies participated in the event. This is the first time
that Council organized such a huge business delegations to DR Congo, Nigeria and
Cote d'ivoire.
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iPHEX
5th edition of iPHEX was held in - Exhibition
Hyderabad during 27-29th April 2018.
Shri K T Rama Rao, Hon’ble Minister for - B2B meetings among exhibitors
IT, Industries Commerce, Telangana and overseas delegates
Govt. was the Chief Guest for the - Te c h n i c a l s e m i n a r s o n d r u g
inauguration of the event. Shri S regulations in India, overseas,
Eshwar Reddy, Jt. Drugs Control international procurement
General (I), Hon’ble Minister for Health, practices for Vaccines etc.
Ghana were the other dignitaries
participated in the inaugural function. - Innovation Lounge – Invited all
Over 650 hosted buyers, 10,000 Government Research institutes in
visitors, 300 exhibitors participated in India and arranged interaction
the event. Apart from 650 hosted between Labs & industry
buyers, more than 200 overseas visitors
- Regulators Lounge – Arranged
attended the show on their own.
meetings among international
Following events were organized during
regulators and exhibitors/visitors.
the 3 days of the show:
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Inauguration of Stalls
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Stalls at iPHEX
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SEMINARS ON GST
IDMA-TS branch, in association with Pharmexcil, organized a
half day seminar on ‘GST for Pharma industry’ on 19th June
2017 at Hyderabad. Superintendent of Customs & Central
Excise, Hyderabad, two consultants on the subject, industry
professionals made presentations about overview of GST,
major changes in taxation in GST regime, expected legal
issues etc. Over 80 members participated and got their
queries clarified.
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AWARENESS PORGAMME ON
AYURVEDIC PRODUCTS
Pharmexcil actively participated in an
Awareness programme for Ayurvedic
Manufactuters and exporters on quality
Parameters and International Marketing for
AyurvedicProducts , jointly organised by
Federation of Indian Export Organisations and
the Office of the Joint Director General of
Foreign Trade, Kochi on 6th July 2017.
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PHARMA SOUTH
Council participated in the Pharma South 2017 expo organized by IDMA, Tamil Nadu,
Puduchery & Keral State Board at Chennai during 7-8th July 2017.
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Chelyabinsk Region of Russia has requested Indian Government for its support in
investments in pharmaceutical sector in their region. Council organized an
interactive meeting on 17th July 2017 at Hyderabad between interested members
and senior officials of Department of Commerce. About 20 members participated.
Some of the members sought additional information, which was communicated to
DoC for taking up with the concerned in Russia.
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Post implementation of GST, many members were sending several queries about procedures of
GST. In order to clarify the queries of members, Council organized training programme at
Bengaluru on 20th September 2017.
On the eve of 13th Annual Meet of Council, following activities have been organized:
Round Table Conference – Crucible to Market – Senior officials from CSIR laboratories, DCGI,
Department of Biotechnology, Pharma and over 60 industry representatives have actively
participated.
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Technical Seminar - Risk Management Strategy for Pharma Industry Going Forward ,
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CEOs Conclave:
CEOs of Laurus Laboratories Ltd, Hospira Healthcare, Eisai, Joint Secretary, Department of
Commerce, Chairman and Vice Chairman of Pharmexcil participated in the CEO Conclave. The
Theme of the Conclave was “Need of the Hour to Sustain Positive Growth of Indian Pharma
Industry”. Executive Vice President of GSK Pharma Healthcare was the moderator of the Conclave.
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A high level Iraqi delegation led by Honb’le Health Minister Ms. AdeelahSaleem and key
representatives from the Ministry of Health, Republic of Iraq visited India during 11-14th October
2017. An interactive session was organized by Pharmexcil on 12th October 2017 between the
member companies and the visiting delegation for discussing the market related issues and
exploring the opportunities of trade between the countries. Shri Sudhansu Pant, Joint Secretary,
Department of Pharmaceuticals was the Chief Guest of the occasion.
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CPhI INDIA
Council organized a Pavilion at CPhI India for the 12th
time, during 28-30th November 2017. 106 companies
participated in the pavilion. Pavilion was inaugurated
by Commissioner, FDA, Maharashtra. Senior officials
from CDSCO, Chairman, Vice Chairman and some of
the members of CoA attended the inaugural function.
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INTERNATIONAL AROGYA
FICCI & Pharmexcil jointly organized the first edition of International AROGYA 2017, an
International Exhibition & Conference on AYUSH & Wellness during 4-7 Dec.2017 at New
Delhi. The event is supported by Ministry of AYUSH and Ministry of Commerce & Industry.
Pharmexcil has invited 70 overseas delegates and FICCI invited 130 overseas delegates for the
event and organized two-day Buyer Seller Meeting. The three-day conference discussed on
potential markets for AYUSH industry, prevailing issues relating to exports and regulatory
practices of various countries.
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IDMA and Department of Pharmaceuticals have organized a seminar on “Shifting Industry from
Schedule M to WHO GMP on 8th December 2017. Senior officials of CDSCO, State Drug
Administration of Telangana also have participated in the seminar. Since the topics covered are
important to the members, Council supported the event and actively participated.
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MEETING AT AHMEDABAD
MEETING AT MUMBAI
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ACCOUNTS FOR
2017-18
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The Company’s management is responsible for establishing and maintaining internal financial controls
based on the internal control over financial reporting criteria established by the Company considering the
essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities
include the design, implementation and maintenance of adequate internal financial controls that were
operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to
company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Act.
Auditor’s Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit and to
express an opinion on the Company's internal financial controls over financial reporting based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters
which are required to be included in the audit report under the provisions of the Act and the Rules made
thereunder.
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We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the
Act and the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting. Those
Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material
misstatement and whether adequate internal financial controls over financial reporting was established and
maintained and if such controls operated effectively in all material respects.
An audit involves performing procedures to obtain audit evidence about the amounts, the disclosures in the
financial statements and adequacy of the internal financial controls system over financial reporting and their
operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an
understanding of internal financial controls over financial reporting, assessing the risk that a material
weakness exits, and testing and evaluating the design and operating effectiveness of internal control based
on the assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment
of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal financial controls relevant to the Company’s preparation of
the financial statements that give a true and fair view in order to design audit procedures that are appropriate
in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used
and the reasonableness of the accounting estimates made by the Company’s Directors, as well as evaluating
the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion on the Company’s internal financial controls system over financial reporting and the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
standalone financial statements give the information required by the Act in the manner so required and give a
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true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs
of the Company as at 31st March, 2018, and its surplus for the year ended on that date.
CA S Srinivas
Partner
M. No: 202471
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Vide our Report of Even Date For Pharmaceuticals Export Promotion Council of India
For SARATH & ASSOCIATES
FRN: 005120S
Chartered Accountants
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Vide our Report of Even Date For Pharmaceuticals Export Promotion Council of India
For SARATH & ASSOCIATES
FRN: 005120S
Chartered Accountants
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PHARMACEUTICALS EXPORT PROMOTION COUNCIL OF INDIA
Schedule of Fixed Assets Annexed to and forming part of Balance Sheet as at 31-03-2018 Amount in Rs.
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OWN ASSETS:
Lease Hold Land 5,58,302 5,58,302 - - - 5,58,302 5,58,302
Furniture & Fixtures 20,40,086 20,40,086 2,36,830 1,78,357 4,15,187 16,24,899 18,03,256
Office Eqipments 22,81,679 1,95,844 24,77,523 12,64,353 4,26,637 16,90,990 7,86,533 10,17,326
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01 Company overview
PHARMACEUTICALS EXPORT PROMOTION COUNCIL OF INDIA (“the Company”), a non profit company
(hereinafter called the ‘Council’), within the meaning of Section 8 of the Companies Act, 2013 (earlier Section
25 of the companies Act, 1956), was incorporated in India on the 1st day of April 2004 and by the virtue of
Provisions of the Companies Act, the word “LIMITED” is not required to be suffixed in its name.
M/s Pharmexcil has been set up by the Ministry of Commerce and Industry to act as a Nodal Agency for issue
of registration cum Membership certificates. Pharmaceutical exports through out the country under the
provisions of foreign trade policy being announced by the Government of India from time to time.
The financial statements of the Company have been prepared in accordance with generally accepted
accounting principles in India (Indian GAAP) to comply with the Accounting Standards specified under
Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 and the
relevant provisions of the Companies Act, 2013. The financial statements have been prepared on accrual
basis under the historical cost convention. The accounting policies adopted in the preparation of the financial
statements are consistent with those followed in the previous year unless stated otherwise.
The preparation of the financial statements in conformity with Indian GAAP requires the Management to
make estimates and assumptions considered in the reported amounts of assets and liabilities (including
contingent liabilities) as on the date of financial statements and reported income and expenses during the
year. The Management believes that the estimates used in preparation of the financial statements are
prudent and reasonable. Future results could differ due to these estimates and the differences between the
actual results and the estimates are recognized in the periods in which the results are known / materialized.
2.3 Investments
Long-term investments are carried individually at cost less provision for diminution, other than temporary, in
the value of such investments. Interest on the same is being accounted for on accrual basis.
Fixed assets are stated at cost of acquisition including any cost attributable for bringing the assets to its
working condition less accumulated depreciation .The cost of assets less accumulated depreciation up to the
date of disposal are recognised in the Statement of Income and Expenditure.
Fixed Assets are stated at cost less accumulated depreciation. Cost includes all expenses related to
acquisition and installation of the concerned assets and any attributable cost of bringing the asset to the
condition of its intended use.
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Depreciation on tangible assets is provided on the Straight line method by considering useful lives of assets
specified in Schedule-II of the Companies Act 2013. Depreciation for assets purchased / sold during a period
is proportionately charged.
Cash and cash equivalents comprises cash on hand and cash in bank
Cash flows are reported using the indirect method, whereby surplus / (deficit) before extraordinary items and
tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future
cash receipts or payments. The cash flows from operating, investing and financing activities of the Company
are segregated based on the available information.
The Company's contribution to provident fund, superannuation fund and National Pension Scheme are
considered as defined contributionplans and are charged to the Statement of Income and Expenditure as
they fall due, based on the amount of contribution required to be made and when services are rendered by the
employees.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and
the revenue can be reliably measured and Entry fee collected is credited to General Reserve directly.
Leases under which all the risks and benefits of ownership are effectively retained by the lessor are classified
as operating leases. Amount due under the operating leases are charged to the Statement of Income and
Expenditure, on a straight-line method, over the lease term in accordance with Accounting Standard 19 on
‘Leases’. Initial direct costs incurred specifically for operating leases are recognised as expense in the year in
which they are incurred.
Transactions in foreign currencies of the Company are accounted at the exchange rates prevailing on the
date of the transaction or at rates that closely approximate the rate at the date of the transaction. Foreign
currency monetary items outstanding at the Balance Sheet date are reported using the closing rate. Gain or
loss resulting from the settlement of such transactions and translations of monetary assets and liabilities
denominated in foreign currencies are recognised in the Statement of Income and Expenditure.
A provision is recognised when the Company has a present obligation as a result of past events and it is
probable that an outflow of resources will be required to settle the obligation in respect of which a reliable
estimate can be made. Provisions are not discounted to their present value and are determined based on the
best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance
sheet date and adjusted to reflect the current best estimates.
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GST input credit is accounted for in the books in the period in which the underlying service received is
accounted and where there is reasonable certainty in availing/utilizing the credits.
2.14 The Balances of Sundry Debtors, Sundry Creditors and Loans and Advances are subject to confirmation
and consequential adjustments , if any required.
2.15 In the opinion of the management, the Current Assets, Loans and Advances have a value on realization
in the ordinary course of business,equal to or at least to the aggregate amount shown in the Balance Sheet
The expenses in respect of Code activities are subject to Sanction/Confirmation of the Government of India
and Grant- in- aid received from the Ministry of Commerce is subject to the adjustments on account of
Government Audit objections, if any, partial/ non fulfillment of conditions laid down for eligibility of such Grant-
in-aid, clarification by M/s Pharmaceuticals and the final decision of the Ministry in respect of the same shall
be followed.
Tax expense comprises current year income tax, deferred income tax charges or credit and MAT/ credit
Entitlement for the year.
Current year income tax charge will be calculated based on assessable profits of the company
determined in accordance with the provisions of Income Tax Act, 1961. It also includes, income tax
charge provided if any, for such disallowances made on completion of assessment proceedings
pending appeals, as considered appropriate depending on the merits of each case.
Minimum Alternate Tax (MAT) credit is recognized, as an Asset only when and to the extent there is
convincing evidence that the Company will pay normal income tax during the specified year. In the
year in which the Minimum Alternate tax (MAT) credit becomes eligible to be recognised as an asset in
accordance with the recommendation contained in Guidance Note issued by the Institute of
Chartered Accountants of India, the said asset is created by way of a credit to the Statement of profit
and loss and shown as MAT Credit Entitlement.Such Assets are reviewed as at each Balance Sheet
and written down to reflect the amount that will not be available as a credit to be set off in future, based
on the applicable taxation law then in force.
3 NOTES FORMING PART OF THE BALANCE SHEET AND PROFIT &LOSS ACCOUNT
3.1Related parties Disclosures: Disclosures as required by Accounting Standard (AS) -18 “ Related Party
Disclosures” notified under the Companies ( Accounting Standard ) Rules , 2006 is given below.
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Name of the related parties, their relationships with council and with whom transactions entered
during the year :
i. Entities in which the member of the Committee of Administration is interested and nature of interest.
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iv.The following are the disclosure in respect of Material Related Party Transactions during the year :
Amount MAI
Membership received for
Company Name Processing
Fee in Rs. Exhibitions/ Charges in Rs.
BSMs
Unutilized MDA Advance at the beginning of the Year is Rs.64,35,235/- (Previous year Rs.1,85,00,000/-) and
during the year under review, the amount of Advance received from Ministry of Commerce under this head stood
at Rs.NIL (previous year Rs.2,36,86,000/-). During the Current Year an amount of Rs.NIL has been utilized
(previous year Rs.1,72,50,765) and Balance Rs.64,35,235/- returned to Ministry
3.3 Pursuant to the approval by the Ministry of Commerce for Grant of Marketing Development Assistance
(MDA) to Individual exporters under certain eligible scheme, M/s Pharmexcil has received during the year an
amount of Rs. NIL (previous year Rs. 1,20,00,000) and the amount Reimbursed to members stood at
Rs.38,27,124/- (previous year Rs. 81,72,876/-).
3.4 During the year under review, an amount of Rs.NIL(previous year Rs.19,05,21,688)was received for
reimbursement of Product Registration Charges under MAI Scheme, and the amount disbursed during the year
was Rs.8,41,555(previous year Rs.19,06,64,102).
3.5 Unutilized MAI advance of the beginning of the year stood at Rs.28,07,956 (previous year Rs.2,28,42,149)
and during the year under review, the amount of advance received from Ministry of Commerce under this head
stood at Rs. 6,11,28,235/-(previous year Rs.8,74,58,315). As against this the amount utilized by the Council was
Rs.6,11,28,235/- (previous year Rs.10,33,37,192/-).
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The information as required to be disclosed under Schedule III of the Act, w.r.t. Micro and Small Enterprises
under the Micro, Small and Medium Enterprises Development Act, 2006 (Act) is as given below and the
information mentioned to Trade Payables w.r.t. dues of Micro and Small Enterprises, has been determined to the
extent such parties have been identified on the basis of information available with the Company and relied on by
the auditors:
3.7 Membership Fees was accounted on Receipt basis and accordingly, no Provision for Membership has been
made for the year end.
3.8 Provisions
Taxes on Income:
Pharmexcil has been registered under Section 12AA of Income Tax Act,1961 which is not required to pay tax
subject to fulfillment of necessary conditions laid there on.
During the current financial year 2017-18, the Company has not provided for Gratuity.
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4.2 Additional Information as required under Part-II of Schedule III of the Companies Act, 2013.
The following is the expenditure in the Foreign Currency during the financial year 2017-18:
RMB53500 548043
4.3 Figures have been rounded off to the nearest rupee and previous figures are regrouped/reclassified
wherever necessary to confirm to the current year classification.
Vide our Report of Even Date For Pharmaceuticals Export Promotion Council of India
For SARATH & ASSOCIATES
FRN: 005120S
Chartered Accountants
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CIRCULARS &
TRADE ENQUIRIES
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BENEFICIARIES
UNDER MAI SCHEME
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91-40-237375464
H.28, 2nd Floor, 23 Himalaya House, K.G. Marg, Connaught Place, New Delhi - 110 001.
Ph: 91-11-41536654 / 45062550 Fax: 91-11-41536658
E-mail: rodelhi@pharmexcil.com