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Company Information

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Alpa Laboratories Ltd.

May 18, 10:20
55.20 +0.50 (+ 0.91 %)
VOLUME : 6161
Prev. Close 54.70
Open Price 54.70
Bid PRICE (QTY.) 55.00 (2)
Offer PRICE (Qty.) 55.10 (5)
May 18, 10:09
54.50 +0.40 (+ 0.74 %)
VOLUME : 12608
Prev. Close 54.10
Open Price 54.10
Bid PRICE (QTY.) 54.55 (6)
Offer PRICE (Qty.) 55.45 (50)
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Market Cap. ( ₹ ) 114.67 Cr. P/BV 1.14 Book Value ( ₹ ) 47.70
52 Week High/Low ( ₹ ) 73/17 FV/ML 10/1 P/E(X) 61.93
Bookclosure 29/09/2020 TTM EPS ( ₹ ) 3.30 Div Yield (%) 0.00
You can view full text of the latest Director's Report for the company.
Year End :2018-03 

The Shareholders

The Directors have the pleasure of presenting the 30th Annual Report of your company together with the Audited Financial Statements for the year ended 31st March, 2018.


Financial Summary ( Rs. in lacs).

Standalone Financial Results

Financial Year ended




Total Income



Profit before finance cost & depreciation



Less: Finance Cost



Depreciation and Amortization



Profit Before Tax



Less: Exceptional Item



Less: Provision for Taxation

Current Tax



Deferred Tax



Net Profit



The above figures have been reconciled as per the Indian Accounting Standards (IND AS).

The standalone and consolidated financial statements are prepared in accordance with the Accounting Standards as prescribed by Institute of Chartered Accountants of India

The audited consolidated financial statements are provided in this Annual Report.


The Directors do not recommend any dividend for the financial year ended March 31, 2018, with a view to retain internal accruals and will be used for the growth/expansion of the company.


a) Industry Structure and Development Outlook: The pharmaceutical industry plays a unique role in improving the lives of patients. It is also one of the world’s fastest growing industries and among the biggest contributors to the world economy.

The global economy continued to grow, with estimated output growth of 3.7% in 2017 as against 3.2% in 2016. Tax reforms in the U.S. should push the economy to grow 2.7% in 2018 vis-a-vis 2.3% in 2017. Emerging economies are projected to rise to 4.9% in 2018 from 4.7% in 2017. (Source: World Economic Outlook Update, January 2018)

The Pharma emerging markets mainly led by China, Brazil, India and Russia are estimated to be US$ 270 Bn and expected to grow slow at a CAGR of 6 to 9% through 2022, as compared to CAGR of around 10% of last five years. Slower growth is mainly due to reason that China, the largest Pharma emerging market slows to 5 to 8% growth from an average of 9% in last five years. Medicine spending in these countries being predominantly out of pocket for consumers, spending growth can be tied up to their economic growth. Slowing macroeconomic growth along with delay in healthcare access expansion programs is impacting medicine usage in Pharma emerging markets. These markets will be primarily driven by volume changes and the use of generics. Volume usage growth is projected to slow to 3% from 2017-2022 compared to 4% from 2012-2017.

b) Financial Performance: During the financial year under report, the company registered a total income of 6705 Lacs as against 6997 Lacs in the previous financial year, a decline of 4.36% is noticed. During the year company suffered some setbacks in the overseas market it will effect some liquidity crunch during the year also the said figures have been regrouped and recalculated as per the new IND AS applicability on company so the comparison of financial statement is to be made accordingly.

During the year under report Earning before finance cost and depreciation amounted to Rs.873 Lacs as compared to 1369 Lacs in the previous financial year. The operations have resulted 475 lacs as against 599 lacs in the previous financial year at a slightly negative growth of -20.70% due to increase in cost of materials and other overhead expenses as compared to previous financial year.

The Government of India has enacted GST Act making it effective from 1st July, 2017. The Act has merged all significant indirect taxes currently applicable to the Company’s business operations into a single tax. This is expected to bring in greater transparency across all the economic activities and reduce multiple tax levies and administration. There was a significant short-term impact on the operations of the Company during the year mainly due to reduction of channel inventory which has now been back to the normal levels.

c) Segment Reporting: The Company operates in a single segment of Drugs and Chemicals, which is the primary reportable segment, and the same is given in the notes to the financial statements.

d) Outlook, Risks And Concerns: Alpa Laboratories has established a strong risk mitigation process which entails regular and stringent monitoring of its business activities to identify, evaluate and resolve risks. The top management of the Company and the Board are involved in monitoring of risk assessment and mitigation, thus ensuring a quick resolution mechanism. The Company has a work philosophy of doing business with high ethical standards and topmost integrity. This principle has helped it to pre-empt and ease considerably the risks that came across its way.

However some risk and concerns had been faced by the organization like:

a) Currency fluctuations,

b) Regulatory issues,

c) Government mandated price controls,

d) Inflation,

e) Litigation risk,

f) manufacturing and supplying risk

g) New Product Risk

h) Dependence on Information technology

and resultant all round increase in input costs are few causes of concern and risk needs to be control appropriately.

During the year under report, there was no change in the nature of company business.

e) Internal Control Systems And Their Adequacy: The Company has reasonable system of internal controls in power, supervision, checks, policies and procedures, which are being tested on routine basis by the management. Moreover, the company continuously upgrades these systems in line with the best accounting practices. The Audit Committee also reviews the adequacy of internal controls systems and the compliance thereof. Further, the annual financial statements of the company are reviewed and recommended by the audit committee for the consideration and approval of the board of directors. The committee also reviews internal controls systems, significant accounting policy, major accounting entries, related party transactions, etc.

f) Human Resources: The human resource plays a important role in the growth and success of an organization. The company has maintained cordial and harmonious relations with employees across various locations. Company has a policy to retain talent at its high priority to enable achievement of organizational goal and vision. During the year under review, various training were conducted to improve the competency level of employees with an objective to improve the operational performance of individuals. The company strives to enhance the technical, work related and general skills of employees through training programs on a recurrent basis.

The company has 377 permanent employees as on 31st March, 2018. (Excluding the employee working under training and apprenticeship).

g) Cautionary Statement: Certain statement in the management discussion and analysis may be forward looking within the meaning of applicable securities laws and regulations and actual results may differ materially from those expressed or implied. Factors that would make differences to company’s operations include competition, currency fluctuations, regulatory issues, changes in government policies with in India and the countries in which the company conduct business and other incidental factors.

4. SHARE CAPITAL: The paid up equity share capital of the company as at 31st March, 2018 is Rs. 2104.06 Lacs and there is no change in share capital of the company as compared to the previous financial year.

5. SUBSIDIARY, JOINT VENTURE AND ASSOCIATE COMPANIES***: There has been no material change in the nature of the business of the subsidiary i.e. Norfolk Mercantile Private Limited. The company has no subsidiary, which can be considered as material with in the meaning of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

As required, the financial data of the subsidiary is furnished in the prescribed form AOC-1 as an Annexure to the consolidated financial statements Pursuant to the provisions of section 129 (3) of the Companies Act,2013 the consolidated financial statements of the company are attached.

During the year Alpa Laboratories Limited (“ HOLDING CO.) and Norfolk Mercantile Private Limited (“SUBSIDIARY CO.) has entered into the Agreement of Amalgamation of NORFOLK with ALPA. The proposal has been put forth in the Board Meeting held on August 10, 2017 and has been passed by the board of directors with the unanimously resolution subject to the approvals of members.

The EGM was conducted on May 7 ,2018 for the approval of Merger Scheme between ALPA and NORFOLK, the same has been passed by the members of the company with the Majority of Votes. Subsequently Final Petition made before NCLT Tribunal for the approval of the merger and the final hearing is pending before NCLT.

***Note: The Company is partner in Seabright Landmark Projects LLP to the extent of 18% share in profit.


a) Overview:

Mr. Krishnadas Malani, Mr. Sharad Chand Lunawat, Mr. Devendra Kumar Baheti and Mrs. Jyoti Jain who are Independent directors, have submitted declarations that each of them meet the criteria of independence as laid down under section 149 (6) of the Act and the Listing Regulations. Based on disclosure provided by directors, none of them are disqualified from being appointed as Directors under section 164 of the Companies Act, 2013.

Mr.Mahendra Singh Chawla Executive Director of the company retires by rotation at the forthcoming Annual General Meeting, and being eligible offers himself for re-appointment. The brief description is here below:

a) Name of Director- Mr. Mahendra Singh Chawla, Designation Chairman Cum Director, Date of Appointment- 18th March, 1988, Experience- 50 Years in the field of Pharmaceuticals Industry and looked into the current affairs of the company. The Knowledge and Experience helps the company to achieve the growth. Currently he is working as an Executive Director in the Alpa Laboratories Limited and the he is the father of Mr. Paresh Chawla (Managing Director) of Alpa Labs Ltd, looking into the experience company have been put proposal to reappoint in the aforesaid AGM.

b) Mr. Krishnadas Malani- An Non Executive Independent Director, who is proposed to re-appoint as Independent Director of the Company, not liable to retire by rotation, to hold office for a second term of 5 (five) consecutive years on the Board of the Company effective from 1st April, 2019. The brief description is here below:

Brief Resume of the Director: Mr. Malani was an EX-SBI Manager having 40 Years of knowledge in the Finance and Banking Sector after the retirement from banking sector, he is engaged in the providing the knowledge of finance to the students. Currently he is working as an Non Executive Independent Director and he is not related with other directors.

c) Mr. Sharad Chand Lunawat - An Non Executive Independent Director, who is proposed to re-appoint as Independent Director of the Company, not liable to retire by rotation, to hold office for a second term of 5 (five) consecutive years on the Board of the Company effective from 1st April, 2019. The brief description is here below:

Brief Resume of the Director: Mr. Sharad Chand Lunawat, having 30 Years of knowledge in the Taxation and Finance, he is engaged in the working with other MNC’s providing their knowledge in taxation currently he is also working as an Non Executive Independent Director and he is not related with other directors.

d) Mr. Devendra Kumar Baheti- An Non Executive Independent Director, who is proposed to re-appoint as Independent Director of the Company, not liable to retire by rotation, to hold office for a second term of 5 (five) consecutive years on the Board of the Company effective from 1st April, 2019. The brief description is here below:

Brief Resume of the Director: Mr. Devendra Kumar Baheti, having 35 Years of knowledge in the Business of Steel agriculture and Pharma, he is working as an Non Executive Independent Director and he is not related with other directors.

***A brief note on Directors proposed for appointment is furnished in the Report on Corporate Governance.

b) Retirement by rotation:

To appoint a director in place of Mr. Mahendra Singh Chawla, who retires by rotation and being eligible, offers himself for reappointment and the same is subject to special resolution under the section 196,197 and 203 read with Schedule V of the Companies Act, 2013.

c) Remuneration Policy and Board Evaluation:

In Compliance with the provision of the companies Act, 2013 and regulation 27 of the Listing Obligations and Disclosure Requirements (LODR), the Board of Directors on the recommendation of the Nomination and Remuneration Committee adopted a policy on remuneration of directors and senior management. The remuneration policy is stated in the Corporate Governance Report. Performance evaluation of the Board was carried out during the period under review. The detail of the same is mentioned in the corporate governance report.

d) Familiarisation Program for the Independent Directors :

In Compliance with the requirements of SEBI Regulations, the company undertook director’s familiarization programme to familiarize them with their roles, rights and responsibilities as directors, the company’s operations and other relevant information which would enable them to effectively discharge the responsibilities and functions conferred on them. Details is placed on the company’s website.

e) Meetings of the Board and Committees thereof:

This information has been furnished under Report on Corporate Governance, which is annexed.

f) Code of Conduct for Board of Director:

The Company has also adopted a Code of Conduct for Board of Directors. This is also posted on company’s website. All directors confirmed their abidance with the Code.


Your Director confirms:

a) that in the preparation of the annual financial statements for the year ended March 31, 2018 the applicable Accounting Standards had been followed along with proper explanation relating to material departures, if any.

b) that your directors have selected such accounting policies as mentioned in the Notes to the financial statements have been applied consistently and judgments and estimates that are reasonable and prudent have been made so as to give a true and fair view of the state of affairs of the Company and of the Profit and Loss of the Company for the year ended March 31, 2018.

c) that your directors have taken proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d) that your directors have prepared the annual financial statements have been prepared on a going concern basis.

e) that your directors have laid down internal financial controls were followed by the Company and that such internal financial controls are adequate and were operating effectively.

f) that your directors have devised proper systems to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively.

8. CORPORATE GOVERNANCE: As per the requirement of SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015 the company has complied with the requirements of Corporate Governance in all material aspects.

A report on Corporate Governance (Annexure-1) together with a certificate of its compliance from a practicing company secretary, forms part of the report.

9. FIXED DEPOSITS: During the year under review, the company has not accepted any fixed deposits and as such no amount of principal or interest on deposit from public was outstanding as on the date of the balance sheet.

10. AUDIT COMMITTEE: Details of the Audit Committee along with its constitution and other details are provided in the Report on Corporate Governance.


M/s . Anuradha Ratnaparkhi and Associates, Statutory Auditor of the company,(FRN No. 023451C) who was appointed in the 29th Annual General meeting for Five years has submitted their Auditor’s report read with the notes to the accounts referred to therein are self-explanatory and therefore, do not call for any further comments. There are no qualifications, reservations or adverse remarks made by the auditors.

12. COST AUDIT: Pursuant to the provisions of Section 148 of the Companies Act, 2013, M/s. Sudeep Saxena & Associates, Cost Accountants (Registration Number 100980) was appointed as Cost Auditors for the financial year 2017-2018 to conduct audit of cost records of the company.

The Cost audit report for the financial year 2016-2017 was filed on 30th October 2017.

The Company is Maintaining cost records and liable for cost audit.

13. SECRETERIAL AUDITORS: Pursuant to the provisions of Section 204 of the Companies Act, 2013 and other applicable provisions if any of the act, M/s. Shilpesh Dalal & Co. Company Secretaries were appointed as the secretarial auditors for auditing the secretarial records maintained by the company for the financial year 2017-2018.

The Secretarial Audit Report is attached (in FORM No. MR-3) to this report. There are no qualifications, reservations or adverse remarks made by the Secretarial Auditors.

14. CORPORATE SOCIAL RESPONSIBILITY: The Company is always being a committed good corporate citizen, as a part of its Social responsibility, the companies undertake various activities for the benefit of needy people, company has maintain good relationship with the charitable organization and support for the people to improve the living conditions. During the year under review company has supported old age homes and promotional of Social Activities undertaken by charitable institutions and organizations.

Pursuant to the provisions of section 135 of the companies act, 2013 rules made thereunder the company has constituted a CSR Committee to monitor CSR Activities of the company, the said policy may be accessed on the company website at the link

An abstract on company CSR activities is furnished as Annexure-2 to this report.


Details of loans, guarantees and investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the financial statement.


In line with the requirements of the Companies Act, 2013 and LODR, company has formulated a policy on Related Party Transactions. All related party transactions that are entered during the financial year were on arm’s length basis and in the ordinary course of business. There were no materially significant transactions with Related Parties during the financial year 2017-18. The policy of related party transaction, Board had approved policies on Related Party Transactions. and the same have been uploaded on the Company’s website, under the web link:

Related party transactions are disclosed in the notes to the financial statements. Prescribed Form No. AOC-2 pursuant to clause (h) of sub-section (3) of Section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014 is furnished as Annexure- 3 to this report.

17. SAFETY, ENVIRONMENT AND HEALTH: The Company considers safety, environment and health as the management responsibility; regular training programmes are carried out on safety, health and environment.

18. PREVENTION OF SEXUAL HARRASMENT AT WORK PLACE: The Company is committed to provide a healthy environment to all employees and thus does not tolerate any discrimination and/or harassment in any form. The Company has in place a Prevention of Sexual Harassment (POSH) policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. Frequent communication of this policy is done at regular intervals to woman employees.

The Company has setup an Internal Complaints Committee (ICC) at location where it operates in India. ICC has representation of men and women and is chaired by senior lady and has an external women representation.

The following is the summary of the complaints received and disposed off during the financial year 2017-18:

a) No. of complaints received: 0

b) No. of complaints disposed off: 0

19. WHISTLE BLOWER POLICY/VIGIL MECHANISM: Pursuant to Section 177(9) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014 and Regulation 22 of the SEBI LODR Regulation, 2015, the Board of Directors had approved the Policy on Vigil Mechanism/ Whistle Blower and the same was hosted on the website of the Company at a link

This Policy inter-alia provides a direct access to the Chairman of the Audit Committee.

Your Company hereby affirms that no personnel have been denied access to the Chairman of the Audit Committee and that no complaints were received during the year.

20. CODE OF CONDUCT FOR PREVENTION OF INSIDER TRADING: The Company has also adopted a code of conduct for prevention of insider trading. This is also posted on company’s website.

21. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS: There are no significant and material orders passed by the Regulators or Courts or Tribunals, which would impact the going concern status of the Company.


Details of remuneration as required under Section 197 (12) of the Companies Act, 2013 read with rules 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is Annexed- 4 to this report. There were no employees with remuneration in excess of the limits set out under 197 (12) of the Companies Act, 2013 read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

21. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO: The particulars prescribed under Section 134 of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014, relating to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo are furnished in Annexure-5 to this Report.

22. EXTRACT OF ANNUAL RETURN: An extract of annual return in Form MGT-9 as on 31st March, 2018 is furnished as Annexure-6 this report.


The Directors wish to express their appreciation for the continued co-operation of the Government Authorities and Agencies, bankers, customers, dealers and suppliers and also the valuable assistance and advice received from the Statutory Auditors, Companies Secretarial Auditors, Legal advisors, and all the shareholders. The Directors also wish to thank all the employees for their contribution, support and continued co-operation throughout the year.

On behalf of the Board of Directors of

Alpa Laboratories Limited

Pigdamber, Rau. Paresh Chawla MS Chawla

13th August, 2018 Managing Director Director

DIN-00520411 DIN-00362058