Fischer Medical Ventures Share price

The Company was incorporated as a Public Limited Company on 22nd March 1993 and obtained certificate of commencement of business on 19th August 1993. The Company entered into an agreement with the Partnership firm M/s. Fischer Inorganics & Aromatics Madras to take over the partnership business as a going concern without any break as per the agreement dated 19th January 1994. To fully exploit the vast potential and growth prospects available for the various grades of laboratory chemi- cals particularly after the delicensing of the industry the promoters have thought fit to put up a larger capacity project so as to achieve the economies of scale of production and marketing. The partnership firm has been engaged in the Processing/Manufac- turing of Laboratory Grade Chemicals for about 10 years. The salient features of the takeover agreement with the firm and the financial results of the firm for the years 90-91 91-92 92- 93 and for the period up to 18th January 1994 are given below: Financial Results: (in Rupees) YEAR SALES PROFIT BEFORE TAX PROFIT DEPRECIATION PAID AFTER & TAX TAX 1990-91 6397551 542583 - 542583 1991-92 7393116 382709 12746 369963 1992-93 9723664 238553 40183 198370 1993-94 9318809 139406 - 139406 (till 18.1.94) Note: 1. No depreciation has been provided in the books of accounts of the firm during the above period. 2A. Depreciation under SLM for the above period (i.e) 1990-91 1991-92 and 1992-93 were Rs.75473.41 Rs.125448.92 and Rs.128729.25 respectively. 2B. Had the depreciation been provided in the book of accounts net profit for the years 1990-91 1991-92 1992-93 and 1993-94 would be Rs.467109.59 Rs.244514.08 Rs.69640.75 and Rs.139406.00 respectively. 4) Valuation of intangible assets of the firm The erstwhile partnership firm M/s Fischer Inorganics & Aromat- ics had created certain assets of intangible nature in their books of accounts for the period ended 18.01.94. The value of these assets have been arrived at as per the methods prescribed in the Memorandum of Agreement entered into between the partners of the firm. These assets have been characterised as "Technology Information" "product Approvals" "Trade Mark and Brand Name" and "R&D Standards" in the books of the firm. 6) Mode of payment for consideration 582000 equity shares of Rs.10/- each of the Company aggregating to Rs.58.20 lacs have been allotted on 19.2.94 to the partners of the firm viz. 1) Mr. G. M. Sankaranarayanan (194000 shares) 2) Mr. S.Gopalakrishnan (194000 shares) & 3) Mr.K. Vasudevan (194000 shares) towards purchase consideration. The Partnership deed is available for lnspection at the Regis- tered Office of the Company. PRESENT BUSINESS The Company is already engaged in the manufacture of certain grades of Laboratory Chemicals in its plant situated at Aminjikarai and Palavakkam near Madras city (taken over from the partnership firm M/s Fischer Inorganics and Aromatics). These Grades of Laboratory Chemicals are broadly clasified as SALTS SOLVENTS & ACIDS which include 1) Laboratory & Analytical Reagent Grade Chemicals (LR & AR Grade) used in QC/R & D Lab. of Industries / Institutions 2) Electronic Reagent Grade Chemicals (EL Grade) used in the Pro- cess of both Manufacturing & Assembling Electronic Industries. 3) IP Grade Chemicals used in Pharmaceutical Industries. 4) Diagnostic Grade Chemicals used in Hospitals/Clinical Labora- tories for either Bio-Chemical or Histopathological Estimations. Present installed capacity per annum: Salt 60 MT Solvents 120 KL Acids 60 KL Present capacity utilisation 90% The Company is now setting up a new plant at Kakkalur with a larger capacity to manufacture existing Grades of chemicals. The present capacity of the Various Grades of SALTS SOLVENTS & ACIDS are given below alongwith the proposed capacity for the expansion Project envisaged under this Public Issue: CAPACITY (per annum) PRODUCT PRESENT PROPOSED TOTAL Salt (Tonne) 60 840 900 Solvent (Kilo.Lt.) 120 480 600 Acid (Kilo Lt.) 60 240 300 SUBSIDIARY COMPANY The company has no Subsidiary.