Poly Medicure (531768) Q4 96/97 earnings summary

Executive summary

• Commercial production was delayed by imported and domestic machinery supply and quality ramp-up; trial operations began Jan 1997, with commercial production achieved in Apr 1997.

• Trial-run products reached quality described as comparable with world-class standards and were acceptable to hospitals, nursing homes and medical professionals.

Financial highlights

• Turnover and profit before tax were reported as nil for FY 1996-97; auditors noted that no profit-and-loss account was prepared because commercial activity had not commenced by year-end.

• Total assets and liabilities were Rs 9.21 crore at 31 Mar 1997; net fixed assets were Rs 28.74 lakh, capital work in progress Rs 6.06 crore and net current assets Rs 90.87 lakh.

• Foreign exchange outgo was Rs 2.11 crore in FY 1996-97, with no foreign-currency earnings.

Outlook and guidance

• Commercial production began in Apr 1997 after trial runs; R&D efforts improved product quality and expanded the product range.

• Installed capacity was listed at 165 lakh medical disposables and 5 lakh cold/hot therapy packs; trial-run output was 1.70 lakh and 0.48 lakh units, respectively.