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Chiplun Fine Chemicals Ltd.

BSE: 530417 | NSE: | Series: NA | ISIN: INE393G01018 | SECTOR: Pharmaceuticals

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Dec 27, 11:22
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Chiplun Fine Chemicals is not listed on NSE
Company History - Chiplun Fine Chemicals
COMPANY, MANAGEMENT AND PROJECT HISTORY, MAIN OBJECTS AND PRESENT
 BUSINESS OF THE COMPANY
 
 The company was originally incorporated as a Private Limited Company
 on February 25, 1982, under the name of M/s Chiplun Fine Chemicals
 Private Ltd. Subsequently, the company was converted into a Public
 Limited Company pursuant to a Special Resolution passed by the
 members at its Extra Ordinary General Meeting held on August 18th,
 1992. The Company received a Certificate of Change of Name from the
 Registrar of Companies, Maharashtra on March 23rd, 1993.
 
 The Company acquired the present plot of land admeasuring 8100 square
 mtrs at MIDC, Lote Parshuram in 1989 to set up a project for the
 manufacture ot Bulk Drng viz IBUPROFEN with an installed capacity of
 90 TPA. The total cost of project as appraised by SICOM in 1989 was
 Rs.140 lacs which was financed as under :-
 
                                     (Rs in lacs) 
 Share Capital                          16.50 
 Seed Capital assistance from lDBI       8.00
 Term Loan from SICOM                   85.50 
 Special Capital Incentive              30.00 
 Total                                 140.00 
 
 The Commercial production of this project commenced in October 1992
 and for the first six months of the present year, the Company has
 achieved production capacity of 93% of the present installed capacity
 of 90 TPA.
 
 CHANGE IN REGISTERED OFFICE:
 
 The Company has changed its Registered Office to its works at the
 following address:-
 
 E 25 Lote Parshuram
 Taluka:  Khed,
 Dist: Ratnagiri,Maharashtra
 
 MAIN OBJECTS OF THE COMPANY
 
 The main objects of the company as set out in the Memorandum of
 Association of the Company are as follows:-
 
 To purchase, sell, import, export, deal in wholesale and retail,
 supply, exchange, distribute, redistribute, process pack, store, size
 and manufacture Fine Chemicals.
 
 PRESENT BUSINESS
 
 The Company is presently engaged in the manufacture of DRUG IBUPROFEN
 at an installed capacity of 90 TPA. The Company proposes to expand its
 installed capacity from 90 TPA to 540 TPA and a part of the expansion
 programme i.e. from 90 TPA to 180 TPA has already been implemented.
 The past performance of the Company is summarised as under:
 
 Important notes of the last Auditors Report
 
 a) Depreciation on Fixed Assests purchased and/or capitalised on and
 after 1.4.1992, has been provided on the Straight Line Method as per
 Schedule XIV to the Companies Act, 1956 for the period upto 20th
 December, 1993 and therafter at the revised rates as specified vide
 Notification No. GSR 756 (E) dated 16th December, 1993 issued by the
 Company Law Board.
 
 b) The Company did not carry any business activity but did certain
 Job Works during Trial and Test Runs in the year ended 31st March
 1992. Income from such Job Works and Interest on Fixed Deposits
 earned for the said year, were appropriated to the Project and
 Pre-operative Expenses.