MIRA INFORM REPORT
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Report Date : |
23rd May, 2006. |
IDENTIFICATION DETAILS
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Name : |
IND-SWIFT
LABORATORIES LIMITED |
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Registered Office : |
SCO 850, NAC,
Manimajra, Chandigarh – 160
101, Punjab, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
4th
January, 1995 |
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Com. Reg. No.: |
16-15553 |
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CIN No.: |
L24232CH1995PLC015553 |
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TAN No.: [Tax Deduction & Collection Account No.] |
PTLI10111D PTLI10125D |
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Legal Form : |
A
Public Limited Liability Company. The company’s shares are listed on the
stock exchanges. |
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Line of Business : |
Manufacturing
of Pharmaceutical products such as Norfloxacin, Ampicillin, Amoxycillin,
Erythromycin, Roxythromycin, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2500000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established
company having satisfactory track. Directors are reported as experienced,
respectable and having satisfactory means of their own. Their trade relations
are reported as fair. Payments are usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions |
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LOCATIONS
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Registered Office/
Corporate Office : |
SCO 850, NAC,
Manimajra, Chandigarh – 160
101, Punjab, India |
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Tel. No. |
91-172-2730503/2730920/2604934/2660918 |
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Fax No. |
91-172-2730504/2736294 |
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E-Mail |
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Website |
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Location : |
Rented |
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Overseas Office : |
Ind Swift
Laboratories Inc. 9 E.,
Loockerman St., Ste. 205, Dover, Delaware, 19901 |
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Tel. No.: |
908-421-1234 |
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E-Mail : |
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Factory 1 : |
Barwala
Road, Village Bhagwanpura, Near Derabassi, District Patiala, Punjab, India |
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Tel. No.: |
91-1762-231072/231048/233130 |
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Fax No.: |
91-1762-31073 |
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E-Mail : |
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Area : |
Owned |
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Branches : |
v
Barwala
Road, Village Bhagwanpur, Near Derabassi, District Patiala
(Punjab) Tel. 91-1762- 281048/281072 Fax: 91-1762- 281048 Contact :- Mr. A. K. Chaubbey (Head Personnel &
Administration) v
S.C.O.
850, Shivalik Enclave, Manimajra Chandigarh – 160101 Tel. 91-172-2730503/ 2730919-20 Fax: 91-172-2730504 E - Mail: pradeepverma@indswift.com Contact - Mr.Pradeep Verma (Company Secretary) v
Barwala
Road, Vill. Bhagwanpur, Near Derabassi, District Patiala (Punjab) Phone 91-1762- 281048,281072 Fax: 91-1762- 281048 E-mail: lalitwadhwa@indsoft.com
Contact
- Dr. Lalit Wadhwa (Vice President-R&D and Quality Assurance) v
711-712,
Modi Corp Towers, 98, Nehru Place, New Delhi-110 019 Tel. 91-11-26226140-43 Fax. 91-11-26416140 E-mail. vijay@indsoft.com
Contact - Mr. Vijay Kumar (Vice President - Marketing) v
A-304, 3rd Floor, Ajmera
Royal Classic, Near
Fame Adlabs (Citimall), New
Link Road, Andheri (West), Mumbai - 400 053 Tel.
91-22-26331218-19, 26310488 Fax.
91-22-56903422 E-mail:
munish@indsoft.com Contact
- Mr. Munish Vig v
711-712,Modi
Corp Towers, 98, Nehru Place, New Delhi-110 019 Tel. 011-26226140-43 Fax. 011-26416140 E-mail: varunchhabra@indswift.com
Contact – 1. Mr. Varun Chhabra 2. Mr. Anurag Chaturvedi 3. Mr. Vishal Vasudeva v
S.C.O.
850, Shivalik Enclave, Manimajra Chandigarh – 160101 Tel. 91-172-2730503/ 2730919-20 Fax. 91-172-2730504 E-mail: varunrazdan@indswift.com Contact :- 1. Mr. Varun Razdan 2. Mr. Subodh Gupta (Vice
President-Commercial) 3. Mr. N.K.Bansal (Vice President- Accounts & Finance) |
DIRECTORS
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Name : |
Mr.
Gopal Munjal |
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Designation : |
Chairman |
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Name : |
Mr.
N. R. Munjal |
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Designation : |
Managing
Director |
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Name : |
Mr.
V. K. Mehta |
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Designation : |
Joint
Managing Director |
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Name : |
Mr.
S. R. Mehta |
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Designation : |
Director |
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Name : |
Dr.
V. R. Mehta |
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Designation : |
Director |
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Name : |
Mr.
N. K. Bansal |
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Designation : |
Vice
President (Finance |
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Name : |
Mr.
K. M. S. Nambiar |
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Designation : |
Director |
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Name : |
Mr.
Yogesh Goel |
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Designation : |
Director
( nomination withdrawn by PSIDC w. e. f. 17th April, 2003) |
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Name : |
Mr.
Udayan Roy |
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Designation : |
Director
(Nominee IIBI) |
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Name : |
Mr.
A. K. Mahajan |
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Designation : |
Director (nomination
withdrawn by PSIDC w. e. f. 17th April, 2003) |
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Name : |
Mr. A. K. Jain |
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Designation : |
Director (passed away on
16.07.2003) |
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Name : |
Mr. J. K. Kakkar |
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Designation : |
Director |
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Name : |
Mr. Himanshu Jain |
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Designation : |
Director |
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Name : |
Mr. Viswajeet Khanna (IAS) |
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Designation : |
Chairman (nomination
withdrawn by PSIDC w. e. f. 17th April, 2003) |
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Other personnel
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Name : |
Mr. N. K. Bansal |
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Designation : |
Vice President (Finance) |
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Name : |
Mr. Pradeep Verma |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
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Names of Shareholders (Category) |
No. of Shares |
Percentage of Holding |
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Promoter’s Holding |
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Indian Promoters |
5497571 |
35.21 |
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Person Acting in Concert |
336510 |
2.16 |
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Sub Total |
5834081 |
37.37 |
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Non-Promoter’s Holding |
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Mutual Funds and UTI |
389200 |
2.49 |
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Banks Financial
Institutions and Insurance |
550 |
-- |
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Sub Total |
389750 |
2.49 |
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Others |
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Private Corporate Bodies |
3368874 |
21.58 |
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NRI’s/OCB’s/Foreign Others |
44625 |
0.29 |
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Sub total |
3413499 |
21.87 |
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General Public |
5976345 |
38.28 |
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Grand Total |
15613675 |
100.000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing
of Pharmaceutical products such as Norfloxacin, Ampicillin, Amoxycillin,
Erythromycin, Roxythromycin, etc. |
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Products : |
Clarithromycin Roxithromycin Betamethsone Salt |
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Exports to : |
v
Netherland, Poland,
USA and Austria v
Switzerland v
China, Singapore v
Singapore v
Japan v
Singapore, Hongkong v
Belgium v
Singapore, Polan,
Netherland, Austria and Germany |
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Imports from : |
v
Netherland, Poland,
USA and Austria v
Switzerland v
China, Singapore v
Singapore v
Japan v
Singapore, Hongkong v
Belgium v
Singapore, Polan,
Netherland, Austria and Germany |
PRODUCTION STATUS
|
Product |
Unit |
Installed Capacity |
Actual Production |
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Bulk
Drugs, Intermediates, Chemicals, Solvents and Others |
Kgs |
120000 (81180) |
54965/82997 |
GENERAL INFORMATION
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No. of Employees : |
1200 |
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Bankers : |
Ř State Bank of India Specialised Commercial Branch, Sector 22, Chandigarh, India Ř
State Bank of Patiala, Industrial
Finance Branch, Sector 8, Madhya Marg, Chandigarh India Ř
Bank of India Bank
Square, Sector 17, Chandigarh, India Ř
IDBI Bank Limited (Bill
Discounting of Ranbaxy) Sector 8, Chandigarh, India Ř
Deutsche Bank (Bill Discounting of Ranbaxy) Sector
8, Chandigarh, India |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
J. K. Jain & Associates Chartered Accountants, 819-20,
Sector 22-A, Chandigarh - 160 022, India |
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Associates : |
Ř
Ind-Swift Limited Ř
Mukur Pharmaceuticals
Company Private Limited Ř
Swift Formulations
Private Limited Ř
Punjab State
Industrial Development Corporation Limited Ř
Aarambh Finance
Limited Ř
Rajat Securities
Private Limited Ř
Rohit Profin
Securities Private Limited Ř
Aadee Securities
Private Limited Ř
Profab System
Engineering Private Limited Ř
Bhurjee Associates
Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
27,500,000 |
Equity
Shares |
Rs.10/-
each |
Rs. 275.000 Millions |
|
750,000 |
Preference
Shares |
Rs.10/-
each |
Rs. 75.000 Millions |
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Total |
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Rs.350.000 Millions |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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18400000 |
Equity
Shares |
Rs.
10/- each |
Rs. 184.000 Millions |
|
350520 |
Non
Cumulative Preference Shares |
Rs.
100/- each |
Rs.
35.052 Millions |
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Total |
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Rs. 219.052 Millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS
FUNDS |
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1]
Share Capital |
219.052 |
191.191 |
204.793 |
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2]
Share Application Money |
19.894 |
0.000 |
0.000 |
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3]
Reserves & Surplus |
887.414 |
358.175 |
255.165 |
NETWORTH |
1126.360 |
549.366 |
459.958 |
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LOAN
FUNDS |
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1]
Secured Loans |
1204.953 |
536.181 |
459.860 |
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2]
Unsecured Loans |
248.454 |
88.155 |
20.540 |
TOTAL BORROWING
|
1453.407 |
624.336 |
480.400 |
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DEFERRED
PAYMENT LIABILITIES |
123.896 |
96.793 |
64.295 |
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TOTAL |
2703.663 |
1270.495 |
1004.653 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
885.600 |
592.356 |
398.244 |
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Capital
work-in-progress |
593.484 |
74.044 |
52.178 |
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INVESTMENTS |
31.422 |
2.074 |
0.000 |
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CURRENT
ASSETS, LOANS & ADVANCES |
|
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Inventories |
694.710 |
546.936 |
483.603 |
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Sundry
Debtors |
485.072 |
216.433 |
173.812 |
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Cash
& Bank Balances |
117.764 |
56.460 |
45.078 |
|
Loans
& Advances |
228.344 |
110.337 |
69.317 |
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Total Current Assets |
1525.890 |
930.166 |
771.810 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
467.347 |
339.803 |
258.631 |
|
Provisions |
53.050 |
26.277 |
5.952 |
Total Current Liability
|
520.397 |
366.08 |
264.583 |
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Net Current
Assets |
1005.493 |
564.087 |
507.227 |
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MISCELLANEOUS
EXPENSES |
187.664 |
37.932 |
47.004 |
TOTAL |
2703.663 |
1270.494 |
1004.653 |
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
2323.764 |
1605.195 |
1437.462 |
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Profit/(Loss) Before Tax
|
317.927 |
116.962 |
75.725 |
Provision for Taxation
|
52.034 |
40.765 |
21.621 |
Profit/(Loss) After Tax
|
265.893 |
76.197 |
54.104 |
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Export Value
|
1075.721 |
670.122 |
417.565 |
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Import Value
|
810.869 |
567.941 |
473.034 |
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Total Expenditure
|
2004.433 |
1487.651 |
1361.731 |
QUARTERLY /
SUMMARISED RESULTS
The company’s summarized
financial information for 4 quarters ended 31st March, 2005 were as
under:-
[Figures are in Rupees Millions]
|
Particulars |
01.04.2004
To 30.06.2004 (1st
Quarter) |
01.07.2004 To 30.09.2004 (2nd Quarter) |
01.10.2004
to 31.12.2004 (3rd Quarter) |
01.01.2005
to 31.03.2005 (4th Quarter) |
|
Sales
Turnover |
440.000 |
454.800 |
667.500 |
452.200 |
|
Other
Income |
2.400 |
0.800 |
0.300 |
12.200 |
|
Total
Income |
442.400 |
455.600 |
667.800 |
464.400 |
|
Total
Expenditure |
376.400 |
343.900 |
525.500 |
401.200 |
|
Operating
Profit |
66.000 |
111.700 |
142.300 |
63.200 |
|
Interest |
20.300 |
16.100 |
22.100 |
19.300 |
|
Gross
Profit |
45.700 |
95.600 |
120.200 |
43.900 |
|
Depreciation |
9.000 |
9.300 |
10.400 |
8.000 |
|
Tax |
2.900 |
6.800 |
9.800 |
1.600 |
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Reported
PAT |
28.600 |
70.200 |
75.300 |
17.500 |
2004-06 Quarter 1 :-
Expenditure includes Increase/Decrease
in stock in Trade Rs (32.864) million Consumption of Raw Material Rs 307.423
million Staff Cost Rs 8.993 million Other expenditure Rs 92.900 million Tax
Includes Provision for Taxation Rs 2.880 million Provision for deferred Tax Rs
5.258 million Status of Investors Complaints for the quarter ended June 30,
2004 Complaints pending at the beginning of the quarter 1 Complaints received
during the quarter 3 Complaints disposed off during the quarter 3 Complaints
unresolved at the end of the quarter.
200409 Quarter 2
The company has been steadily building
a platform for a foray into regulated Markets. It has committed significant
resources to create global level capacities with FDA approved facilities for
its high potential drugs clarithromycin, fexofenadine and atorvastatiin. The
first USFDA approval is expected by this year-end or early next year after
which the company's sales to US will commence significantly.
200412 Quarter 3
Expenditure Includes (Increase) /
Decrease in Stock in Trade Rs (34.655) million Consumption of Raw Materials Rs
456.565 million Staff Cost Rs 7.825 million Other Expenditure Rs 95.748 million
Tax Includes Provision for Current Tax Rs 9.817 million Deferred Tax Rs 24.696
million Status of Investor Complaints for the quarter ended December 31, 2004
Complaints Pending at the beginning of the quarter Nil Complaints Received
during the quarter 36 Complaints disposed off during the quarter 36 Complaints
unresolved at the end of the quarter Nil
200503 Quarter 4
--------------- Notes Expenditure
includes Increase/Decrease in stock in Trade Rs (2.425) million Consumption of
Raw Material Rs 311.551 million Staff Cost Rs 6.895 million Other expenditure
Rs 85.226 million Tax includes Provision for Tax Rs 1.615 million Deferred Tax
Rs 16.743 million EPS is Basic Status of Investors Complaints for the quarter
ended March 31, 2004 Complaints pending at the beginning of the quarter 01
Complaints received during the quarter 28 Complaints disposed off during the
quarter 28 Complaints unresolved at the end of the quarter 01
KEY RATIOS
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Debt Equity Ratio |
1.25 |
1.09 |
1.14 |
|
Long Term Debt Equity Ratio |
0.96 |
0.70 |
0.71 |
|
Current Ratio |
1.51 |
1.43 |
1.46 |
|
TURNOVER RATIOS |
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|
Fixed Assets |
2.63 |
2.66 |
2.94 |
|
Inventory |
3.69 |
3.07 |
3.14 |
|
Debtors |
6.53 |
8.12 |
9.06 |
|
Interest Cover Ratio |
4.83 |
2.65 |
2.10 |
|
Operating Profit Margin (%) |
19.29 |
13.62 |
12.05 |
|
Profit Before Interest and
Tax Margin (%) |
17.50 |
11.86 |
10.35 |
|
Cash Profit Margin (%) |
13.35 |
6.62 |
5.57 |
|
Adjusted Net Profit Margin
(%) |
11.56 |
4.86 |
3.88 |
|
Return on Capital Employed
(%) |
22.85 |
18.51 |
17.38 |
|
Return on Net Worth (%) |
33.34 |
17.00 |
15.76 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
The company was incorporated
on 4th January, 1995 at Chandigarh having Company Registration No.
15553.
Subject went public in 1997
and concentrated on the manufacturing of Active Pharmaceutical Ingredients
(API). Its strength in organic
synthetic chemical resulted in the company emerging as the pioneer for a number
of products both in the National and International markets.
The company which concentrates on the manufacture of Active Pharmaceutical Ingredients (API) has established a strong reputation as innovators in the Indian Pharmaceutical industry. It’s strength in organic synthetic chemical resulted in the company emerging as the pioneer for a number of products both in the National and International markets. The company enjoys around 15% share of world market as on March, 2003. The company had also commercialised 6 new products during the year 2002-03.
It’s plants are confined to
USFDA norms and practices cGMP thus enabling the company to penetrate the
regulated markets like USA, European Union, etc.
The company’s manufacturing
facilities are:
v
1,25,000 Square ft.
Covered area
v
5 Dedicated Blocks
operating as per US FDA guidelines.
v
82 Stainless Steel and
Glass Lined Reaction Vessels with capacities ranging from 50 to 5000 liters.
v
2 Fluidized Bed Coaters with
capacity of manufacturing 3 MT of Granules per month.
v
Fully Automated Solvent
Recovery System
v
Biological Waste Water
Treatment Plant.
The company is in trade terms
with:
·
Aristo Pharmaceuticals
Private Limited
Veera
Desai Road, 23, Shah Industrial Estate, Next to Kolsite Andheri (West), Mumbai
- 400 058, Maharashtra, India
·
Biochem Pharmaceutical
Industries
P.B.
No. 2217, A-Aidun Building, 1, Dhobi Talao, Mumbai - 400 002, Maharashtra,
India
·
Cipla Limited
Mumbai
Central, Mumbai - 400 008, Maharashtra, India
·
Ranbaxy Laboratories
Limited
Devika
Towers, 11th Floor, 6, Nehru Place, New Delhi - 100 019, India
The company imports
Erythromycin Base, 2Methoxy – Propene, Dimethyl, Sulphoxide, Hydroxylamine
Hydrocloride, HPMC, Penecillin-G Postassium First Crystals products.
The company has entered into
agreements with eight international pharma companies based in United States of
America, United Kingdom, Germany, Spain, Greece and Mexico which would source
their requirements of four major products Clarithromycin, Fexofenadine,
Foxithromycin and Candesartan exclusively from the company.
Performance:
The Company has
achieved a turnover of Rs. 2323.76 million registering a growth of 44.77% over
the previous year's turnover of Rs.1605.20 million. Profit before tax also
increased from Rs.116.96 million to Rs. 317.93 million, registering a growth of
171.83% whereas profit after tax increased by 244.26% from Rs. 76.92 million to
Rs. 264.80 million. A provision for deferred tax to the tune of Rs. 27.1 million
was made during the financial year 2004-05. The earnings per share increased to
Rs.16.17 per share from Rs. 5.24 per
Exports
The
Company's focus on the exports has resulted in the increase in export turnover by 60.18% from Rs. 679.26 million
to Rs. 1088.03 millions during the year
Products
Addressing the sustained use
and fastest growing therapies segments the company successfully launched the
four new molecules viz. : Acamprosate (alcohol abstinence), Ezetimibe
(anti-hyperlipidemic), Anastrazole (oncology) and Nitazoxaanide
(anti-diarroheal).
Besides these, various
products are planned to be launched in the future which are at different stages
of R and D. These new products are from the high growth therapeutic segments of
stating, cardiology, dialectology and neurology.
The company’s manufacturing facility has been designed and is operating as per
USFDA guidelines. The necessary alterations are underway for various
international regulatory inspections and approvals.
Awards and Recognitions
During the year, the company
was awarded the prestigious Express Parma pulse award for overall performance
in its own category. The Ministy of Health and World Heath Organisation
successfully inspected the company manufacturing facilities. The respective
approvals from these authorities are expected in the current fiscal SEBI
Regulation and Listing fees. Since SEBI has stipulated electronic filing of
annual report, corporate governance report, shareholding pattern, etc. on
website www. Sebiedifar.nic.in, statements of the company can be accessed
through this website.
The annual listing fees for
the year under review has been paid to The Stock Exchange, Mumbai, the National
Stock Exchange Association limited and Delhi Stock Exchange association limited
where the company’s shares are listed.
Overview
Subject has been promoted by
Ind-Swift Limited in joint venture with the Punjab State industrial Development
Corporation Limited (PSIDC). The company went public in 1997 and concentrated
on the manufacturing of Active Pharmaceutical Ingredients (API). Its strength
in organic synthetic chemistry resulted in the company emerging as the pioneer
for a number of products both in the national and international markets. Within
a short period of time, the company has emerged as a respectable and dependable
supplier of bulk actives in more than 35 countries. Exports contributed around
40% to sales.
The company reported sales of Rs. 1120.000 millions and net profit of Rs.
44.000 millions for the year ended March 2002. The company's shares are listed
on the Mumbai, National, Ludhiana and Delhi stock exchanges.
Ind-Swift Group consists of Ind-Swift Laboratories
Limited and Ind-Swift Limited, one of the fastest growing formulations
companies.
OKey strengths of the group
are:-
An integrated pharmaceutical
group present globally in both APIs & finished dosages form.
As per IMS MAT April 2002
report, the group is recording an overall annual growth rate of 89%.
The group has scaled to an overall ranking of 73rd position in April, 2002 from
119th position in January, 2001.
Five manufacturing facilities built to comply cGMP and USFDA standards at a
cost of Rs.700.000 millions.
Strong capabilities in R & D and regulatory affairs. R & D facilities
of both the companies in the group recognised by Government of India.
Strong R&D team for developing non-infringing processes for products based
on NDDS.
R & D department fully equipped to file dossiers and DMFs for all the key
formulations and APIs. · Presence in high-growth therapeutic segments of
Gynecology, Diabetology, Neurology, Cardiology, Anti-Aids and Anti-Virals etc.
Well-established marketing and distribution network throughout India.
One of the largest producers of Clarithromycin, Clarithromycin Granules,
Fexofenadine HCL, Atorvastatin and Clopidogril in international market.
Among the first set of manufacturers to produce Candesartan and Clopidogrel in
Cardiovascular segment, Pioglitazone in Diabetic segment and Citalopram in
Neurology segment.
Recognised Export House; direct exports to over 35 countries.
Subject launched 12 new brands in finished dosages and 6 new APIs in 2001
–2002.
Profile
Subject is a part of the
Ind-swift Group and is based at Chandigarh, India. It has been promoted by
Ind-Swift Limited in joint venture with the Punjab State industrial Development
Corporation Limited (PSIDC). The group has established a strong reputation as
innovators in the Indian pharmaceutical industry.
Subject went public in 1997
and concentrated on the manufacturing of Active Pharmaceutical Ingredients
(API). Its strength in organic synthetic chemical resulted in the company
emerging as the pioneer for a number of products both in the National and
International markets. As the company built up vast skills in the area of research
and development, quality systems as well as matters relating to regulatory
compliance, it began establishing a presence in the highly regulated markets of
the world.
Over a short period of time,
the company has emerged as a respectable and dependable supplier of
Bulk-Actives in more than 35 countries. Not only are the company's plants built
as per USFDA, the company employs current Good Manufacturing Practices (cGMP)
also, which are recognised and accepted in the stringent regulated markets.
This includes a responsible commitment to the environment.
Business Strategy
The global bulk actives
business holds enormous promise and there are opportunities to be a dominant
player in the expanding global generic business, constrained by patent regime.
To corner a pie of multi-billion generics business going off-patent, the
company has charted out the following goals:
·
Focuson the fastest
growing therapeutic segments including life style chronic therapy drugs
· Early in introducing high-value new
generation drugs
· Transnational presence across high potential
global markets
· Innovation through R & D
The company’s fixed assets of important value include land,
factory building, office building, R & D building, plant and machinery, R
& D machinery, electric installations, furniture and fixtures, office
equipments and vehicle operations review
During the year under report, the company achieved a turnover of Rs. 1455.310 millions registering a 28.66% increase over the previous years figures of Rs. 1131.670 millions. Profit before tax also increased from Rs. 60.840 millions to Rs. 73.650 millions registering a growth of 21.05%. A provision for deferred tax to the tune of Rs. 15.340 millions was made during the financial year 2002-03.
The exports of the company
also increased by 19.44% from Rs. 418.780 millions to Rs. 499.460 millions
during the year. The company enjoys a recognized export house status
AS PER WEBSITE:
Ind-Swift Laboratories, a part of the Rs.4940.000
Millions Ind Swift Group, is based at
Chandigarh, India. It has been promoted by Ind-Swift Ltd in 1995 in joint
venture with the Punjab State Industrial Development Corporation(PSIDC).
Ind-Swift later purchased the PSIDC equity to emerge as a single largest
shareholder, holding 24.31% equity in the company. The company commenced
production from 1997. The company has emerged as one of the largest
manufacturer of APIs (active Pharmaceutical ingredients) and advanced
intermediates. The company at present is among the leading global manufacturers
of Clarithromycin/granules, Atovastatin, Fexofenadine, Clopidogrel and
Nitazoxanide. The company has its plants located at Patiala, Punjab and at
Jammu, J&K with nine manufacturing blocks. The company possesses a
cumulative reactor capacity of 150 TPA per annum, one of the largest in North
India.
The company went public in 1997 and concentrated on the manufacture of
Active Pharmaceutical Ingredients(API). The company has established a strong
reputation as innovators in the Indian pharmaceutical industry. It's strength
in organic synthetic chemical resulted in the company emerging as the pioneer
for a number of products both in the National and International markets.
In 1998-99, the company launched two molecules, Clarithromycin and
Roxithromycin. The companies in house R&D developed Clarithromycin Granules
for the first time in India.
Ind-swift enjoys around 15% share of world market as on March 2003. The
company has also commercialized 6 new products during FY 2002-03.
It's plants are confined to USFDA norms and practices cGMP thus enabling
the company to penetrate the regulated markets like US, Europian Union
etc.
During 2003-04, the company allotted 13,40,000 equity shares on
preferential basis to private corporate bodies at a price of Rs.25 per share to
raise Rs.33.5 Millions. These funds were utilized for the up-gradation of the
R&D and manufacturing facilities to meet long-term working capital
requirements. With the members approval the board issued 12,27,375 equity
shares at a price of Rs.32 per share upon conversion of one percent preference
shares.
In 2004-2005, the capacity for production of Bulk Drugs, Intermediates,
Solvents & Others stands at 150000 kgs.
The company has announced that as part of the on-going expansion plan the
company has put to operation three new manufacturing facilities covered under
its Rs 1 bn. expansion plans. The Three facilities are a dedicated facility to
manufacture Statins (installed capacity of 40TPA), a new dedicated facility for
an Anti Histamine drug (installed capacity 27 TPA) and a New API facility at
Samba, Jammu (installed capacity of 50TPA). The new facility at Jammu is
situated in Tax free zone and shall be entitled to tax holiday for a period of
ten years. The Company's new state of the art Research and Development center
is also ready and is expected to be operational by September 2005. The new
R&D center would have all the latest equipments and gazettes to facilitate
development of non-infringing processes, to generate data as per ICH guidelines
and to prepare DMFs in CTD format for US and other regulated markets. Company
also plans to increase its present R&D strength of 85 to 150 scientists by
2006.new state of the art R&Dcenter.
The Company has recently inked a Joint Venture with an Iranian Company.
The Joint Venture will primarily focus on manufacturing of APIs in Iran and its
marketing in the Middle East and some part of the Europe. The Company will be
providing the necessary Know-how and all the intermediates of the JV.
Press Release
Ind-Swift
Labs net spurts 251.26%, turnover up by 81.76 pc in Q1 of FY 2005-06
Puts three new units to
operation
Ind-Swift
Laboratories Limited has posted a growth of 251.26 per cent in its net profit
that surged from Rs.28.60 Million to Rs.100.44 Million during the first quarter
of the fiscal 2005-06, on a sales turnover of Rs.799.74 Million, up 81.76 per
cent from Rs.440.00 Million as compared to the corresponding quarter of the
last year. With this, the earnings per share (EPS) for the quarter too has shot
up from Rs.1.83 to Rs.5.46 per share on the expanded capital base of Rs.184
Million.
During the quarter, exports to soft regulated markets contributed 39.44 per
cent to the company’s turnover. The company has put to operation three new manufacturing
facilities covered under its Rs.1 bn expansion plans all of which confirm to
USFDA Standards and other GMP Guidelines, said V.K Mehta, Jt. Managing Director
of Ind-Swift. These facilities comprises of a facility to manufacture Statins
(Installed Capacity of 40TPA), a new dedicated facility for an Anti-Histamine
drug (Installed Capacity of 27TPA) and a new API facility in Tax Free Zone of
Samba, Jammu in the state of J&K (Installed Capacity of 50TPA).
The Company’s new state of art R&D Center at Mohali in the state of Punjab
equipped with latest equipments and gazettes is nearing completion and will be
put to operation in the current quarter. The New R&D center facilitates
development of non-infringing processes, to generate data as per ICH guidelines
and to prepare DMFs in CTD format for US and other regulated markets. Company
expects a big boost in its R&D efforts, as it would augment company’s
efforts to tap regulated markets and step up DMF filings.
Under its on-going expansion plans, the company put a new low volume high value
facility, strictly as per USFDA norms to operation and with this the company
has now nine manufacturing units situated as two different locations.
To know about their Formulation Division, please
visit us at Ind-Swift Limited, their other group
company.
Press Release
Ind-Swift
Labs raises US$ 10.62 mns thru GDR issue
To augment the
resources for the expansion plans, Ind-Swift Laboratories has successfully
raised US $ 10.625 Million through the issue of 25 Lacs Global Depository
Receipts (GDRs), each representing one underlying equity share of Rs.10/- each.
The GDRs will be listed shortly on the Luxembourg Stock Exchange. M/s Elara
Capital Advisors Limited, London acted as Lead Manager to the issue.
The GDR was priced at $ 4.25 per GDR. Commenting Mr. V.K. Mehta, Jt. Managing
Director said that the response to the first international offering of the
group was tremendous.”
The major investor for the GDR of the company are : Sloane Robinson, London (
9.41 lacs GDRs) , Ward Ferry Fund, Hongkong ( 4.70 lacs GDRs) , Goldman Sacchs,
Cayman Islands ( 0.353 Millions GDRs) .
The company is in the process of completing its first phase of the expansion
plans involving an investment of Rs.100.000 Millions. Under phase– I it has
already put to operation three new manufacturing units all complying to FDA
standards and a state of art R&D center is expected to be operational by
Sept. 05.
The Phase-II of the expansion plan again involving a sum of Rs. 100.000
Millions is expected to commence in September/ October,05.
ISLL is positioning itself as a primary supplier of APIs to generic players in
regulated markets. The company already has a good presence in unregulated /
soft regulated markets– it is now in negotiations with global players for the
supply of high potential drugs like Clarithromycin, Atorvastatin and
Fexofenadine to regulated markets on patent expiry. ISLL has already built up
sizable capacities in all these molecules.
The company has posted a growth of 251.26 per cent in its net profit that
surged from Rs.28.60 Million to Rs.100.44 Million during the first quarter of
the fiscal 2005-06, on a sales turnover of Rs.799.74 Million, up 81.76 per cent
from Rs.440.00 Million as compared to the corresponding quarter of the last
year. With this, the earnings per share (EPS) for the quarter too has shot up
from Rs.1.83 to Rs.5.46 per share on the expanded capital base of Rs.184
Million. During the quarter, exports to soft regulated markets contributed
39.44 per cent to the company’s turnover.
To know about their Formulation Division, please
visit us at Ind-Swift Limited, their other group
company.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.85 |
|
UK
Pound |
1 |
Rs.85.68 |
|
Euro |
1 |
Rs.58.59 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
5 |
|
OPERATING
SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT
LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT
POINTS |
|
|
|
--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk and to set
the amount of credit to be extended. It is calculated from a composite of
weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial condition (40%) Ownership background (20%) Payment record (10%)
Credit history (10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses
an extremely sound financial base with the strongest capability for timely
payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses
adequate working capital. No caution needed for credit transaction. It has
above average (strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial
& operational base are regarded healthy. General unfavourable factors
will not cause fatal effect. Satisfactory capability for payment of interest
and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable
& favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse
factors are apparent. Repayment of interest and principal sums in default or
expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute
credit risk exists. Caution needed to be exercised |
Credit not recommended |