Dishman Pharmaceuticals which exports 75 per cent of its bulk drugs and intermediates is a market leader in fast reacting Phase Transfer Catalysts (PTC) and Quaternary compounds (Quats). It has completed the phase-I expansion project at its facility on a 300-acre plot at Bavla at a cost of Rs 13 crore in 15 months last April and proposes to complete phase-II at a cost of Rs 12 crore in January.

According to company managing director JR Vyas, Dishman Pharmaceuticals started with a modest turnover of Rs 0.08 crore in 1989-90. It manufactured over 100 products with a turnover of Rs 30.09 crore earning net profit of Rs 4.72 crore in 1997-98. Its half yearly turnover ended September 30, 1998 stoodat Rs 19.24 crore, as compared with Rs 12.54 crore in the previous fiscal.

He said Dishman Pharmaceuticals now proposes to enter into joint ventures with Orgasyntm France and Inspec Laporte for manufacturing drug intermediates and speciality chemicals respectively. It also proposed to foray into farming herbal medicines at its newly acquired agricultural land.

The group's other activities include two wholly-owned marketing subsidiaries -- Dishman Europe Ltd in the UK and Dishman USA Inc in New Jersy, besides a joint venture with Schutz & Company of Germany.

The Investment Credit Rating Agency (Icra) has assigned LA+ rating (adequate safety) to its Rs 3 crore preference shares programme, redeemable after the third year, offering 17 per cent tax free return, payable half yearly. It also offers buyback facility after one year from Dishman Investment Pvt Ltd.