MIRA INFORM REPORT
|
Report Date : |
07.11.2006 |
IDENTIFICATION DETAILS
|
Name : |
SANDOZ PRIVATE LIMITED |
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Registered Office : |
Shivsagar Estate, B Block,
7th Floor, Dr. A.B. Road, Worli, Mumbai-400018, Maharashtra,
India. |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.03.
1995 |
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Com. Reg. No.: |
11-86989 |
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CIN No.: [Company Identification No.] |
U24230MH1995PTC086989 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUMN06026G |
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PAN No.: [Permanent Account No.] |
AAACS9267J |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers,
Importers and Exporters of drugs, tablets etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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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 |
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Maximum Credit Limit : |
USD 7000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a subsidiary of Novartis Holding AG, Switzerland. Available Information
indicates high financial responsibility of the company. Fundamentals are
strong and healthy. Trade relations are fair. Payment are always correct and
as per commitment The
company can be considered good for normal business dealing. It can be
regarded as a promising business partners in a medium to long run. |
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LOCATIONS
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Registered Office : |
Shivsagar Estate, B Block,
7th Floor, Dr. A.B. Road, Worli, Mumbai-400018, Maharashtra,
India. |
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Tel. No.: |
91-22-24939258/24981620 |
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Fax No.: |
91-22-24981620/56512121 |
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E-Mail.: |
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Branch : |
Sandoz
Private Limited , P.O. Sandoz Baug Kolshet Road, Thane 400607, |
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Tel. No.: |
91-22-25314080 |
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Fax No.: |
91-22-25314111 |
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Branch : |
Sandoz
Private Limited, 7th Floor, Peninsula Towers, Corporate Park,
Ganpatrao Kadam Maro, Off Senapati Bapat Maro, Lower Parel, Mumbai – 400013, |
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Tel. No.: |
91-22-56512100 |
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Fax No.: |
91-22-56512121 |
DIRECTORS
|
Name : |
Mr.
Jagdish V. Dore |
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Designation : |
Managing
Directors |
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Address : |
Darshan
Apartment, MT Pleasant Road, Mumbai – 400006 |
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Date of Birth/Age : |
23.07.1950 |
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Qualification : |
B.
Tech |
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Experience : |
31
Years |
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Date of Appointment : |
10.12.1996 |
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Last Employment |
Sandoz
India Limited |
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Name : |
Asha
T. Mirchandani |
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Designation : |
Director |
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Address : |
Spalenberrg
– 62, Ch – 4051, Basle, Switzerland |
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Date of Birth/Age : |
8ht
August 1945 |
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Qualification : |
M.
Pharma |
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Experience : |
31
Years |
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Date of Appointment : |
20th
December 1997 |
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Last Employment |
Sandoz
India Limited |
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Name : |
Reto
E. Brandli (foreigner) |
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Designation : |
Director |
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Address : |
Spalenberrg
– 62, Ch – 4051, Basle, Switzerland |
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Date of Birth/Age : |
15.11.1961 |
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Date of Appointment : |
22.06.1998 |
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Name : |
Paresh
Rathore |
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Designation : |
Directore |
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Address : |
Mumbai-26 |
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Date of Birth/Age : |
1st
February 1943 |
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Date of Appointment : |
29th
March 2001 |
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Name : |
Hubert
Hirzinger (foreigner) |
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Designation : |
Director |
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Address : |
A
– 6364, Brixen Inthale Unterer, Sonn Berg - 38 |
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Date of Birth/Age : |
10.05.1957 |
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Date of Appointment : |
29.03.2001 |
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Name : |
Heiriels
Scherfler |
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Designation : |
Director |
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Address : |
Haus
– NR – 488F, A – 6233, Kramsach |
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Date of Birth/Age : |
25.08.1945 |
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Date of Appointment : |
29.03.2001 |
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Name : |
Franz
Stumpe |
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Designation : |
Director |
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Address : |
Dr.
Stumpft Rasse – 10, A – 6250, Kundl |
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Date of Birth/Age : |
20.02.1961 |
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Date of Appointment : |
29.03.2001 |
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Name : |
Ms.
Freyan Desai |
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Designation : |
Director |
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Address : |
33-B,
NCPA, Nariman Point, Mumbai – 400021 |
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Date of Birth/Age : |
29.12.1961 |
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Date of Appointment : |
18.05.2004 |
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Name : |
Mr.
Markus P Delfosse |
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Designation : |
Director
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Address : |
Futtesteigweg,
8, Ch – 4436 |
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Date of Birth/Age : |
21.01.1963 |
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Date of Appointment : |
30.06.2005 |
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Name : |
Mr.
Andreas Rummelt |
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Designation : |
Director
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Address : |
Zielgass,
8 D – 79539, Lorrach, Germany |
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Date of Birth/Age : |
09.06.1956 |
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Date of Appointment : |
30.06.2005 |
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Name : |
Mr.
Schaefer O Gerhard |
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Designation : |
Director
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Address : |
Breitensteinseinstrasse
9b – 83727, Schliersee, Neuhaus |
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Date of Birth/Age : |
20.11.1950 |
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Date of Appointment : |
30.06.2005 |
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Name : |
Mr.
Jean Claude |
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Designation : |
Director
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Address : |
3,
Rue De La, Fontaine – 683000, Saint Louis, France |
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Date of Birth/Age : |
14.02.1951 |
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Date of Appointment : |
30.06.2005 |
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Name : |
Mr.
Shah Sandeep |
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Designation : |
Director
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Address : |
B/202
Kashmir Bhavan, Mumbai – 401202 |
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Date of Birth/Age : |
29.06.1975 |
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Date of Appointment : |
20.06.2003 |
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Name : |
Mr.
Vaibhav Karandikar |
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Designation : |
Director
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Address : |
3B/35
Jai Vijay Society, Western Express, Highway, Mumbai – 400099 |
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Date of Birth/Age : |
20.11.1972 |
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Date of Appointment : |
30.06.2005 |
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Name : |
Mr.
Maniar Hemang |
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Designation : |
Director
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Address : |
Shivsagar
Estate, B – Block, Dr. Annie, Besant Road, Worli, Mumbai – 400018 |
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Date of Birth/Age : |
15.08.1966 |
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Date of Appointment : |
22.09.2005 |
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|
Name : |
Mr.
V Govindarajan |
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Designation : |
Head
– Finance & Administrations |
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Date of Birth/Age : |
54
Years |
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Qualification : |
B.
Sc |
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Experience : |
24
Years |
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Date of Appointment : |
14.08.1997 |
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Last Employment |
Sandoz
India Limited |
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|
Name : |
Mr.
Kaluskar C G |
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Designation : |
General
Manger |
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Date of Birth/Age : |
53
Yeas |
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Qualification : |
M.
Tech, MBA |
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Experience : |
24
Years |
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Last Employment |
Sandoz
India Limited |
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|
Name : |
Mr.
N Sekar |
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Designation : |
Chief
Information Officer |
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Date of Birth/Age : |
50
Years |
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Qualification : |
B.
Com, Diploma in IT |
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Experience : |
26
Years |
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Last Employment |
Sandoz
India Limited |
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Name : |
Mr.
C R Deo |
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Designation : |
Head
– Quality Assurance |
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Date of Birth/Age : |
56
Years |
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Qualification : |
B.
Sc |
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Experience : |
25
Years |
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Last Employment |
Sandoz
India Limited |
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|
Name : |
Ms.
Lira Parvez |
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Designation : |
Unit
Head NICCI |
|
Date of Birth/Age : |
45
Years |
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Qualification : |
MBBS |
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Experience : |
15
Years |
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Last Employment |
Sandoz
India Limited |
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|
Name : |
Mr.
Sunilendu Bhushan Roy |
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Designation : |
Head
– HDC |
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Date of Birth/Age : |
50
Years |
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Qualification : |
M.
Pharma |
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Experience : |
24
Yeas |
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Last Employment |
Sandoz
India Limited |
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Name : |
Mr.
D M Rege |
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Designation : |
General
Manager |
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Date of Birth/Age : |
58
Years |
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Qualification : |
M.
Sc |
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Experience : |
36
Years |
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Last Employment |
Sandoz
India Limited |
KEY EXECUTIVES
|
Name : |
Mr.
Sandip Shah |
|
Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Novartis Holding A G
(Switzerland) |
3199995 |
|
Novartis A G (Switzerland) |
5 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers,
Importers and Exporters of drugs, tablets etc. |
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Products : |
Tablets,
Bulk Drugs, Nasal Sprays |
GENERAL INFORMATION
|
Suppliers |
v
Press & Pack
Industries v
D M Printers v
Metakaps Engineering
Company v
Pioneer Packaging v
Bhansali Packwel v
Velpack v
Mohit Enterprises v
Webtech Systems v
Sai Surya Chemical v
S Kant Healthcare
Limited v
Novex Poly Films
Private Limited |
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No. of Employees : |
600 |
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Bankers : |
Not
Available |
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Facilities : |
-- |
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Banking Relations : |
Good |
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Auditors : |
Pricz
Waterhouse, Chartered Accountant |
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Address : |
252,
Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028 |
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Subsidiaries : |
Novartis
Consumer Health India Private Limited 7th Floor, Peninsula Towers,
Corporate Park, Ganpatrao Kadam Maro, Off Senapati Bapat Maro, Lower Parel,
Mumbai – 400013 Tel.
No. 91-22-56512100 Fax.
No. 91-22-56512121 Novartis
Pharma AG Sandoz
GMBH Novartis
Bangladesh Novartis
Biciencias Novartis
Pharma Novartis
Pharma Services Novartis
South Africa Novartis
Poland Novartis
Pharma (Pakistan) Novartis
SA Lik Gide Ve Trim Novartis
International Pharma Limited Novartis
Consumer Health International Novartis
India Limited Novartis
Animal Health Australasia Private Limited Novartis
Consumer Health Novartis
Sante Animale Novartis
Singapore Private Limited Novartis
Corporation (Malaysia) LEK
Pharmaceuticals Sandoz
Industrial Products Gmbh Sandoz
Canada Inc Sandoz
Inc Sandoz
N.V. Novartis
(Vietnam) Limited |
|
|
|
|
Holding Company |
Novartis
Holding AG, BASEL |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity
Shares |
Rs. 10 each |
Rs. 50.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3200000 |
Equity
Shares |
Rs. 10 each |
Rs. 32.000 Millions |
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FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF
FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1]
Share Capital |
32.000 |
32.000 |
32.000 |
|
|
2]
Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
1734.678 |
1525.021 |
1472.211 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1766.678 |
1557.021 |
1504.211 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
155.178 |
185.666 |
226.209 |
|
|
2]
Unsecured Loans |
1275.982 |
900.000 |
320.000 |
|
|
TOTAL BORROWING |
1431.160 |
1085.666 |
546.209 |
|
|
DEFERRED
TAX LIABILITIES |
113.262 |
152.030 |
129.780 |
|
|
|
|
|
|
|
|
TOTAL |
3311.100 |
2794.717 |
2180.200 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1739.544 |
1654.737 |
1014.478 |
|
|
Capital work-in-progress |
592.141 |
184.863 |
404.399 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.200 |
1.200 |
30.600 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
5.560 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS &
ADVANCES |
|
|
|
|
|
|
Inventories |
905.440
|
735.565 |
609.283 |
|
|
Sundry Debtors |
709.739
|
529.165 |
419.879 |
|
|
Cash & Bank Balances |
3.768
|
7.612 |
21.521 |
|
|
Other Current Assets |
0.000
|
0.000 |
-- |
|
|
Loans & Advances |
428.525
|
360.081 |
288.453 |
|
Total Current Assets |
2047.472
|
1632.423 |
288.453 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1000.442
|
646.415 |
598.121 |
|
|
Provisions |
68.815
|
32.091 |
15.852 |
|
Total Current Liabilities |
1069.257
|
678.506 |
613.973 |
|
|
Net
Current Assets |
978.215
|
953.917 |
725.163 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3311.100 |
2794.717 |
2180.200 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
4750.373 |
3095.470 |
3022.759 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
283.563 |
81.613 |
752.685 |
Provision for Taxation
|
73.906 |
28.803 |
188.790 |
Profit/(Loss) After Tax
|
209.657 |
52.810 |
563.895 |
|
|
|
|
|
Export Value
|
NA |
2677.085 |
2278.275 |
|
|
|
|
|
Import Value
|
NA |
851.372 |
823.518 |
|
|
|
|
|
Total Expenditure
|
4466.810 |
3013.857 |
2216.159 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
4.41
|
1.70 |
18.655 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
5.96
|
2.63 |
24.900 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total Assets} |
(%) |
7.48
|
2.48 |
26.937 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.16
|
0.05 |
0.500 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
1.41
|
1.13 |
0.857 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
1.91
|
2.40 |
2.181 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
v
Trademarks
v
Freehold Land
v
Leasehold Land
v
Building
v
Plant & Machinery
v
Furniture & Fixture
v
Vehicles
Website details are attached herewith
Novartis announces completion of Hexal AG acquisition,
integrates company with Sandoz
Novartis announced today the
completion of its acquisition of the generic pharmaceutical company Hexal AG in
Germany on June 6. The acquisition was approved by the European Commission in
late May.
Hexal is being integrated into the Sandoz division of Novartis as part of
previously announced strategic acquisitions to create the world leader in the
generic drug industry.
Following
the transactions, which also include the acquisition of Eon Labs, Inc. (NASDAQ:
ELABS), Sandoz will have a competitive and broad product portfolio with a
strong presence in key markets, offering a portfolio of more than 600 active
ingredients in more than 5,000 dosage forms. The combined company will employ
more than 20,000 people, and its global headquarters will be located in
Holzkirchen, Germany.
Keeping you informed
The
world around us is constantly changing, and Sandoz is changing with it. To keep
up with the most recent developments, see their list of news below.
2005-06-05
Novartis announces completion of Hexal AG acquisition,
integrates company with Sandoz
Novartis announced today the completion of its acquisition of the generic
pharmaceutical company Hexal AG in Germany on June 6. The acquisition was
approved by the European Commission in late May.
2005-05-30
Novartis receives European Commission approval to
acquire Hexal AG, further step towards creating world leader in Generics
Novartis announced today that it has received approval from the European
Commission to acquire the privately-held generic pharmaceutical company Hexal
AG of Germany. The acquisition is expected to be completed in early June.
2005-04-26
Novartis provides progess update on plans to integrate
Hexal and Eon Labs with Sandoz
Holzkirchen, Germany, named as new Sandoz Global Headquarters site
2005-04-21
Q1 Financial Results Novartis continues to outpace the
market, delivering strong first quarter 2005 sales and earnings growth.
2005-04-08
Novartis provides update on regulatory developments
Novartis announced today that it has made submissions to European and US
regulatory authorities seeking approval to acquire the generic pharmaceutical
companies Hexal AG of Germany and Eon Labs, Inc. of the US.
2005-03-07
Global Partners Symposium Some 80 participants and
experts from all over the world and from several international organizations
attended the Global Partners Symposium organized by the United Nations
Industrial Development Organization (UNIDO) and Sandoz.
2005-02-21
Creating a fast-growing world leader in generics
Novartis announced today the strategic acquisition of two leading generic drug
companies that will be integrated into its Sandoz division, creating the world
leader in the generic drug industry.
2005-01-27
Boosting innovation for a competitive Europe On
January 25, 2005, Sandoz and the SME UNION of the European People's Party in
Brussels hosted a symposium in the European Parliament in Brussels to discuss
the issue of Biogenerics within the context of the Lisbon Agenda.
2005-01-20
Full Year Result 2004 Novartis delivers record results
with strong double-digit net sales and earnings growth in 2004.
2004-12-21
Sandoz Spain donates 9000 antibiotic Treatments to
Africa By contributing 9000 antibiotic treatments to the Dr. Trueta
Humanitarian Foundation for the 3rd World, Sandoz Spain contributes to making
the IV annual Caravana Solidària (Solidarity Convoy) a success
2004-09-27
A Corporate Citizenship Gala "A Night for
Africa" Sandoz hosted a gala evening in the presence of distinguished
guests and supporters at the Orangerie, Schönbrunn.
2004-09-02
FDA defers decision on Omnitrope application Sandoz
has received notice from the US Food and Drug Administration (FDA).
2004-08-17
Novartis completes Sabex acquisition Novartis AG announced today that its Sandoz generics business unit has completed the acquisition of Sabex Holdings Limited.
2004-06-24
Sandoz Inc. launches AB-rated Levothyroxine PRINCETON,
NEW JERSEY, June 23, 2004. Sandoz Inc., a Novartis company and one of the
leading generic pharmaceutical companies in the world, announced today it began
commercially shipping its version of generic Levothyroxine sodium tablets
2004-06-01
First-ever
School of Excellence for South African pharmaceutical industry
The Sandoz School of Excellence offers value-added training to medical and
pharmaceutica providers.
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 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.44.83 |
|
UK
Pound |
1 |
Rs.85.36 |
|
Euro |
1 |
Rs.57.21 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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
|
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 |