MIRA
INFORM REPORT
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Report Date : |
16.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
NICHOLAS PIRAMAL INDIA LIMITED |
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Registered Office : |
Nichola Piramal Tower, Gnapatrao Kadam Marg, Lower Parel, Mumbai - 400013 |
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Country: |
India |
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Financials (as on): |
31.03.2006 |
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Date of Incorporation : |
26.04. 1947 |
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Com. Reg. No.: |
11-5719 |
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CIN No.: [Company
Identification No.] |
U24110MH1947PTC005719 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
MUMN07675D |
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PAN No.: [Permanent
Account No.] |
AAACN4538P |
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Legal Form : |
It is a public limited liability company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturers of tablets, capsules, liquids, powders, creams & ointments, granules, bulk drugs & intermediates, vitamin A in various forms and combinations, sodaline and borosilicate and also glass manufacturers. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
RATING
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STATUS |
PROPOSED
CREDIT LINE |
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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 38500000 |
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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 well-established and reputed pharmaceutical company having fine track. Directors are reported as well known industrialists. Their trade relations are fair. General financial position of the company is good. Business is active. Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings. |
LOCATIONS
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Registered Office : |
100, Centrepoint, Dr. Ambedkar Road, Parel, Mumbai – 400 012, Maharashtra, India |
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Tel. No.: |
91-22-66636666/24134653/24102082 |
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Fax No.: |
91-22-24163787/24172861/24163787/24144687 |
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E-Mail : |
spiramal@giasbm01.vsnl.net.in / spiramal@giasbm01.vsnl.net.in
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Website : |
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Administrative Office : |
Morarjee Mills Compound, Administrative Building, Dr. Ambedkar Road, Parel, Mumbai - 400 012, Maharashtra, India |
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Tel. No.: |
91-22-66636666 |
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Fax No.: |
91-22-66636416 |
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E-Mail : |
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Plant Locations : |
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DIRECTORS
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Name : |
Mr. Ajay G. Piramal |
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Designation : |
Chairman |
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Age : |
48 Years |
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Qualification : |
B.Sc, M.M.S., A.M.P. |
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Date of Joining : |
1st April 1997 |
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Experience : |
26 Years |
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Last Employment and Position Held : |
Morarjee Goculdas Spring and weaving. Company Limited as Chairman and Managing Director |
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Name : |
Mr. C. M. Hattangdi |
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Designation : |
Director |
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Name : |
Mr. Y. H. Malegam |
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Designation : |
Director |
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Name : |
Mr. Rajesh Khanna |
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Designation : |
Director |
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Name : |
Mr. G. P. Goenka |
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Designation : |
Director |
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Name : |
Dr. William Jenkins |
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Designation : |
Director |
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Name : |
Ms. Urvi A. Piramal |
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Designation : |
Director |
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Name : |
Mr. Harsh Piramal |
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Designation : |
Director |
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Name : |
Mr. R. A. Shah |
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Designation : |
Director |
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Name : |
Mr. Vijay Shah |
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Designation : |
Director &
Chief Operating Officer |
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Age : |
47 years |
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Qualification : |
B.Com., F.C.A.
AMP (Harvard) |
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Date of Joining : |
14/12/1887 |
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Experience ; |
24 years |
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Last Employment and Position Held : |
Management
Structure and Systems Private Limited- Sr. Consultant |
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Name : |
Mr. M. R. Shroff |
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Designation : |
Director |
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Name : |
Mr. N. Vaghul |
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Designation : |
Director |
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Name : |
Mr. S. Venkitaramanan |
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Designation : |
Director |
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Name : |
Mr. Deepak Satwalekar |
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Designation : |
Director |
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Name : |
Mr. S. Ramadorai |
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Designation : |
Director |
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Name : |
Dr. (Mrs.) Swati A. Piramal |
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Designation : |
Director-Alliances
and Communications & Chief Scientific Officer |
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Age : |
49 Years |
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Qualification : |
M.B.B.S, D.I.M.,
M.P.B. (Harvard) |
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Date of Joining : |
1st October
1994 |
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Experience ; |
24 Years |
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Last Employment and Position Held : |
Gopikrishnan
Piramal Memorial Hospital as a Medical Director |
KEY EXECUTIVES
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Name : |
Mr. Leonard D'Souza |
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Designation : |
Company Secretary |
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Management Committee: |
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Name : |
Mr. Harsh Piramal |
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Designation : |
Chief Operating
Officer |
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Age : |
30 Years |
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Qualification : |
B.Sc., MBA |
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Date of Joining : |
20th June
2002 |
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Experience : |
6 Years |
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Last Employment and Position Held : |
Indocean Chase as
Analyst |
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Name : |
Mr. N Sanathanam |
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Designation : |
Group President –
Finance and Legal and Chief Financial Officer |
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Age : |
56 Years |
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Qualification : |
B.Com, C.A. |
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Date of Joining : |
26th
December 2001 |
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Experience : |
32 Years |
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Last Employment and Position Held : |
The Bombay Dyeing
and Manufacturing Company Limited as Group Senior ice President (Corporate
Affairs) |
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Name : |
Mr. Shreekant
Gupte |
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Designation : |
Director |
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Name : |
Dr. Somesh Sharma |
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Designation : |
Chief Scientific
Officer |
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Age : |
60 Years |
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Qualification : |
Ph.D. |
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Date of Joining : |
21ST
October 2002 |
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Experience : |
27 Years |
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Last Employment and Position Held : |
Monoclonal Antibody
and Vaccine Business Unit, Anosys Inc. California as Senior Vice President. |
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Name : |
Mr. Ananthanarayanan R. |
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Designation : |
President – international Operations |
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Name : |
Mr. Asaikar Umesh |
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Designation : |
President – international Operations |
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Name : |
Mr. Athreya Shankar |
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Designation : |
Senior Vice President, Strategic Investments (M&A) |
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Name : |
Mr. Bansi Lal |
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Designation : |
President-Quest, Institute of Life Sciences |
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Name : |
Mr. Bhatia Satish C. |
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Designation : |
President – Clinical Research and Regulatory Affairs |
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Name : |
Mr. Chawla Harish |
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Designation : |
Chief Information Officer |
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Name : |
Mr. Gad Narayan B. |
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Designation : |
President – Marketing and Sales, Multi speciality and Extra Care Division |
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Name : |
Mr. Iyer Bhasker |
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Designation : |
President – Sales and Marketing, Cardex Division |
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Name : |
Mr. Iyer Sainath |
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Designation : |
President – Marketing Actis Division[ |
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Name : |
Mr. Kamath V.P. |
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Designation : |
Senior Vice President – Biotek Division |
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Name : |
Mr. Mahadevan Ajit |
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Designation : |
Vice President – Group Strategic Planning |
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Name : |
Mr. Mukhopadyaya T |
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Designation : |
Vice President – Research |
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Name : |
Mr. Oke Vidyadhar G. |
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Designation : |
President – Medical Services |
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Name : |
Mr. Piramal Ajay G. |
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Designation : |
Chairman |
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Name : |
Mr. Saigal J C |
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Designation : |
Executive Director (International) Bulk Drugs Division |
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Name : |
Mr. Sengupta S.S. |
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Designation : |
C.E.O. – S.P.Division |
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Name : |
Mr. Shah Vijay |
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Designation : |
Chief Operating Officer |
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Name : |
Mr. Singh Praneet |
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Designation : |
Director – Formulations |
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Name : |
Verma Rajiv |
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Designation : |
Vice President – Operations Bulk Drugs |
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Name : |
Mr. Michael Fernandes |
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Designation : |
Director |
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Name : |
Mr. Praneet Singh |
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Designation : |
Director |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters' Holdings
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Indian Promoters |
105389893 |
50.42 |
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Non Promoter's Holdings
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Institutions Investors
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Mutual Funds and UTI |
3277598 |
1.57 |
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Banks, Financial Institutions and Insurance Companies (Central/State Govt. Institutions/Non Govt. Institutions) |
11641844 |
5.57 |
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Foreign Institutional Investors |
29669525 |
14.20 |
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Others
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Private Corporate Bodies |
4864357 |
2.33 |
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Indian Public |
26713997 |
12.78 |
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NRIs / OCBs |
3123194 |
1.49 |
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Non Domestic Company |
24332725 |
11.64 |
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Grand Total |
209013133 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of tablets, capsules, liquids, powders, creams & ointments, granules, bulk drugs & intermediates, vitamin A in various forms and combinations, sodaline and borosilicate and also glass manufacturers. |
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Products with ITC No.: |
·
Phensedyl-
300440 ·
Paraxin-300310 ·
Haemaccel-300310 Product Range Ø Formulations Ø Diagnostics and Patient Care Ø Vitamins Ø
Product Finder |
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Brand Names : |
Ø
Anti-Infectives · Paraxin · Bactrim · Genticyn · Omnatax Ø Cardio- Vasculars · Sorbitrate · ISMO · Enace-D · Calaptin · Cytogard · Bezalip Ø Nutritionals · Becozym C Forte · Supradyn · Redoxon · Exerge Ø Respiratory · Deletes Ø Others · Haemaccel Ø
Anti-Diabetics ·
Euglucon ·
Semi-Euglucon ·
Glimmer ·
Gluformin ·
Diabetrol Ø CNS ·
Rivotril ·
Librium ·
Valium ·
Assert Ø NASID’s · Rejoint · Orthobid · Micropyrin · Multigesic Ø Biotek · Recormon · Neupogen · Cellecept |
GENERAL
INFORMATION
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Trade terms with : |
· Adams Fine Chemicals Private Limited · Patel Papain Industries · Supreem Pharmaceuticals · Seasons Polymers · Vasant Process · Ansa Printpack Private Limited |
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No. of Employees : |
6590 |
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Bankers : |
· Allahabad Bank · Deutsche Bank · Corporation Bank · Bank of America · Citibank N.A. · HDFC Bank · Standard Chartered Bank · Calyon Bank · UTI Bank · IDBI Bank · State Bank of Hyderabad · ICICI Bank Limited · ING Vysya Bank Limited · The Hong Kong & Shanghai Banking Corporation Limited |
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Facilities : |
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Banking Relations
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Good |
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Auditors : |
Price Waterhouse Chartered Accountants Mumbai, Maharashtra |
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Associates: |
·
Allergan India
Private Limited (Allergan) ·
Boots Piramal Healthcare
Private Limited (Boots) ·
Morarjee
Realties Limited (Formerly The Morarjee Goculdas Spg. & Wvg. Co. Limited)
(Morarjee Realties) ·
Morarjee
Textiles Limited (Morarjee Textiles) ·
Morarjee
Castiglioni (India) Limited ·
Piramal
Healthcare Private Limited (Piramal Healthcare) ·
Piramal
Enterprises Limited (Piramal Enterprises) ·
Piramal
Holdings Limited (Piramal Holdings) ·
Thundercloud
Technologies (India) Private Limited (Thundercloud Technologies) ·
Piramyd Retail
and Merchandising Private Limited · The Swastik Safe Deposits and Investments Limited |
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Membership: |
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Subsidiaries : |
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Solicitors : |
· Crawford Bayley and Company |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25,00,00,000 |
Equity Shares |
Rs.2/- |
Rs. 500.000 millions |
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30,00,000 |
Preference Shares
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Rs.100/- |
Rs. 300.000 millions |
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2,40,00,000 |
Preference Shares
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Rs. 10/- |
Rs. 240.000 millions |
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10,50,00,000 |
Unclassified
Shares |
Rs. 2/- |
Rs. 210.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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209013133 |
Equity Shares of |
Rs.2/- |
Rs. 418.000 millions |
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15,00,000 |
Preference Shares
of |
Rs.100/- |
Rs. 150.000 millions |
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Preference shares are redeemable on die expiry of 4 years from the Appointed Date January 01,2003, with an option for both the Company and the shareholder for early redemption, but not before March 31,2004 |
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15,00,000 |
(Nil) 5% Cumulative Redeemable Preference Shares |
of Rs. 100/- each |
Rs. 150.000 millions |
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Preference shares are redeemable on the
expiry of 5 years from the Appointed Date October 1,2003, with an option for the Company for earfv redemption, but not before March 31,2005 |
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2,33,72,280 |
(NO) 5% Cumulative Redeemable Reference Shares of |
Rs, 10A each |
Rs. 233.700 millions |
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Bach
of the Equity and Unclassified shares in the 'Share Capital of the Company
was sub divided from 1 (one) share of fece value of Rs, 10/- each to 5 (five)
shares of face value of Rs.2/- each
w,e,f December 1 ?, 2004, (Refer note 13 {$, Sch. 22) |
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Total
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Rs.
951.700 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
951.700 |
913.700 |
530.000 |
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2) Share Capital
Suspense |
0.000 |
0.000 |
383.700 |
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3] Reserves &
Surplus |
8742.900 |
4543.000 |
3529.600 |
NETWORTH
|
9694.600 |
5456.700 |
4443.300 |
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LOAN FUNDS |
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1] Secured Loans |
1620.500 |
3092.200 |
2341.000 |
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2] Unsecured
Loans |
312.000 |
448.900 |
1028.700 |
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TOTAL BORROWING |
1932.500 |
3541.100 |
3369.700 |
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DERERRED TAX
LIABILITIES |
858.500 |
768.600 |
545.600 |
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GRAND TOTAL
|
12485.600 |
9766.400 |
8358.600 |
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APPLICATION OF
FUNDS |
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FIXED ASSETS [Net
Block] |
6752.400 |
5827.500 |
4872.000 |
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Capital
work-in-progress |
1754.500 |
1051.800 |
428.600 |
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INVESTMENTS |
789.400 |
258.300 |
250.000 |
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DEFERRED TAX
ASSETS |
153.000 |
183.300 |
175.300 |
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CURRENT ASSETS,
LOANS & ADVANCES |
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Inventories |
2147.500 |
2746.700 |
1955.900 |
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Sundry Debtors |
1747.500 |
1409.000 |
1728.500 |
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Cash & Bank
Balances |
109.200 |
74.900 |
154.700 |
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Other Current
Assets |
72.900 |
60.800 |
9.300 |
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Loans &
Advances |
1888.500 |
1209.500 |
1452.200 |
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Total Current Assets |
5965.600 |
5500.900 |
5300.600 |
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Less : |
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CURRENT
LIABILITIES / PROVISION |
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Current
Liabilities |
2082.700 |
2261.100 |
1871.400 |
Provisions
|
846.600 |
794.300 |
796.500 |
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Total Current Liabilities |
2929.300 |
3055.400 |
2667.900 |
Net Current Assets
|
3036.300 |
2445.500 |
2632.700 |
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MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
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GRAND TOTAL
|
12485.600 |
9766.400 |
8358.600 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
14494.400 |
12760.700 |
12933.800 |
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[including other
income] |
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Profit/(Loss)
Before Tax |
1842.500 |
2062.900 |
1828.300 |
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Provision for
Taxation |
139.000 |
367.200 |
(51.800) |
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Profit/(Loss)
After Tax |
1703.500 |
1695.700 |
1880.100 |
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Export Value |
2201.500 |
1263.200 |
1000.100 |
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Import Value |
1746.400 |
1507.900 |
1283.900 |
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Total Expenditures
|
11906.800 |
10844.800 |
10328.300 |
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2006 (1st
Quarter) |
30.06.2006(2nd
Quarter) |
30.06.2006(2nd
Quarter) |
|
Sales Turnover |
4015.200 |
4417.900 |
4080.300 |
|
Other Income |
3.700 |
09.500 |
00.100 |
|
Total Income |
4018.900 |
4427.400 |
4080.400 |
|
Total Expenditure |
3258.000 |
3383.500 |
3327.100 |
|
Operating Profit |
760.900 |
1043.900 |
753.300 |
|
Interest |
19.100 |
21.300 |
34.800 |
|
Gross Profit |
741.800 |
1022.600 |
718.500 |
|
Depreciation |
168.300 |
174.600 |
189.800 |
|
Tax |
6.200 |
149.000 |
38.400 |
|
Reported PAT |
510.000 |
670.600 |
433.000 |
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|
200606 Quarter 1 - Expenditure Includes
(Increase)/Decrease in FG/WIP Rs.151.200 million Consumption of Materials Rs.
1451.200 million Staff Cost Rs. 465.800 million R&D Expenditure Rs. 207.700
million Other Expenditure (Net) Rs. 982.100 million Tax Includes Provision for
Current Tax(Net) Rs. 60.600 million MAT Credit Entitlement Rs. (60.600)million
Deferred Tax Rs. 57.300 million Fringe Benefit Tax Rs. 6.200 million EPS is
Basic & Diluted Status of Investor Complaints for the quarter ended
30.06.2006 Complaints Pending at the beginning of the quarter 02 Complaints
Received during the quarter 13 Complaints disposed off during the quarter 13
Complaints unresolved at the end of the quarter 02 includes complaints relating
to Right issue 1. The results for the quarter ended 30.06.2006 which were
reviewed by the Audit Committee were approved by the Board of Directors at its
meeting held on 20.07. 2006 and have been subjected to audit. 2. During the later
part of the quarter ended 31.03.2005, stockists carried lower inventory in
anticipation of introduction of Value Added Tax (VAT) w.e.f 01.04.2005 and
there was a consequent spill over of sales to the quarter ended 30.06.2005.
Excluding the estimated spill over sales, on a like to like basis, sales and
EPS during the current quarter grow by 17.4% and 22.4% respectively. 3. Exports
during the current quarter grew by 36.9% from Rs. 564.100 Million to Rs.
772.100 million. 4. The Company has through its wholly owned subsidiary NPIL
Pharmaceuticals (UK) Limited acquired the pharmaceutical manufacturing facility
of Pfizer located at Morpeth, UK effective 19.06.2006. Pursuant to the same the
Company has also executed a long term manufacturing and supply contract with
Pfizer. 5. The only reportable business segment is pharmaceutical business. 6.
The Company has preference shares of Rs. 533.700 Million on which dividend for
the year (inclusive of Dividend Tax) amounts to Rs. 32.200 Million. The
proportionate amount of Rs. 8.000 Million for the quarter (quarter ended
30.06.2005 Rs. 8.000 Million) has been considered in determining the EPS for
the current quarter. 7. The figures for the quarter ended 30.06.2005 and year
ended 31.03.2006 have been regrouped wherever necessary.
200609 Quarter Expenditure Includes (Increase)/Decrease in
FG/WIP Rs (73.20) million Consumption of Materials Rs 1813.20 million Staff
Cost Rs 460.10 million R&D Expenditure Rs 199.20 million Other Expenditure
(Net) Rs 984.20 million Tax Includes Provision for Current Tax(Net) Rs 95.40
million MAT Credit Entitlement Rs 46.40 million Deferred Tax Rs 28.40 million
Fringe Benefit Tax Rs 7.20 million EPS is Basic & Diluted Status of
Investor Complaints for the quarter ended September 30, 2006 Complaints Pending
at the beginning of the quarter 02 Complaints Received during the quarter 21*
Complaints disposed off during the quarter 21* Complaints unresolved at the end
of the quarter 02 * includes complaints relating to Right issue 1. The results
for the quarter and half year ended September 30, 2006 which were reviewed by
the Audit Committee were approved by the Board of Directors at its meeting held
on October 18, 2006 and have been subjected to audit. 2. Exports during the
current quarter and half year grew by 48.1% from Rs 533.60 Million to Rs 790.10
Million and 42.3% from Rs 1,097.70 Million to Rs 1,562.20 Million respectively.
3. On September 29, 2006, the Company acquired the balance 51% equity stake
(25,50,000 equity shares of Rs 10/- each) in its 49:51 joint venture company
Boots Piramal Healthcare Pvt Ltd (BPHL) for an aggregate consideration of Rs
1/-. Pursuant to the same: a. BPHL has become a wholly owned subsidiary of the
company which will continue to actively market and distribute its own Over The
Counter (OTC) products viz. Saridon, Polycrol and Lacto Calamine. In addition,
BHPL also plans to launch OTC brands in new therapy areas as well as transition
some of its Rx brands to OTC through leveraging their sales and marketing team.
b. As a part of the arrangement, Alliance Boots PLC (Boots) / Reckitt Benckiser
India Ltd have paid the company an aggregate sum of Rs 178 Million in
settlement of past claims which has been included under the Head 'Gross Sales/
Services'. 4. On July 14, 2006, the company acquired the balance 40% equity
stake (1,20,000 equity shares of Rs 10/- each) in its 60:40 joint venture
company NPIL -Dr. Phadke Pathology Laboratory & Infertility Center Pvt Ltd.
for an aggregate consideration of Rs 140 Million. Pursuant to the same the said
Company has become a wholly owned subsidiary of the company. 5. The only
reportable business segment is pharmaceutical business. 6. a. Pursuant to a
Board resolution dated July 20, 2006 the Company has redeemed the 15,00,000 6%
Non Cumulative Redeemable Preference Shares of Rs 100/- each in the current
period. Proportionate dividend (including dividend tax) upto the date of
redemption amounting to Rs 4.20 Million was paid on the above preference
shares. The company' has transferred an equivalent amount of Rs 150 Million to
the Capital Redemption Reserve in the current period. b. The Company has
unredeemed preference shares of Rs 383.70 Million on which dividend for the
year (inclusive of Dividend Tax) amounts to Rs 22 Million. The proportionate amount
of Rs 5.50 Million and Rs 11 Million for the quarter and half year respectively
(quarter and half year ended September 30, 2005 Rs 5.50 Million and Rs 11
Million respectively) has been considered in determining the EPS for the
quarter and half year ended September 30, 2006. 7. The figures for the quarter
and half year ended September 30, 2005 and year ended March 31, 2006 have been
regrouped, wherever necessary.
200612 Quarter EPS is Basic
& Diluted Status of Investor Complaints for the quarter ended December 31,
2006 Complaints Pending at the beginning of the quarter 02 Complaints Received
during the quarter 09* Complaints disposed off during the quarter 11*
Complaints unresolved at the end of the quarter Nil * Includes complaints
relating to Rights Issue 1. The results for the quarter and nine months ended
December 31, 2006 which were reviewed by the Audit Committee were approved by
the Board of Directors at its meeting held on January 18, 2007 and have been
subjected to audit. 2. Exports during the current quarter and nine months grew
by 31.3% from Rs 650.50 Million to Rs 853.80 Million and 38.2% from Rs 1748.2
Million to Rs 2416.00 Million respectively. 3. The only reportable business
segment is pharmaceutical business. 4. a. Pursuant to a Board resolution dated
July 20, 2006 the Company has redeemed the 15,00,000 6% Non Cumulative
Redeemable Preference Shares of Rs 100/- each in the current period.
Proportionate dividend (including dividend tax) upto the date of redemption
amounting to Rs 4.2 Million was paid on the above preference shares. The
company' has transferred an equivalent amount of Rs 150.00 Million to the
Capital Redemption Reserve in the current period. b. The Company has unredeemed
preference shares of Rs 383.70 Million on which dividend for the year
(inclusive of Dividend Tax) amounts to Rs 22.00 Million. The proportionate
amount of Rs 5.5 Million and Rs 16.50 Million for the quarter and nine months
respectively (quarter and ended December 31, 2005 Rs 5.50 Million and Rs 16.50
Million respectively) has been considered in determining the EPS for the
quarter and nine months ended December 31, 2006. 5. The figures for the quarter
and nine months ended December 31, 2005 and year ended March 31, 2006 have been
regrouped, wherever necessary.
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
0.36 |
0.73 |
0.79 |
|
Long Term Debt
Equity Ratio |
0.18 |
0.49 |
0.65 |
|
Current Ratio |
1.14 |
1.15 |
1.51 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.83 |
2.03 |
2.78 |
|
Inventory |
6.21 |
5.89 |
7.84 |
|
Debtors |
9.53 |
8.83 |
8.34 |
|
Interest Cover
Ratio |
8.02 |
5.77 |
6.35 |
|
Operating Profit
Margin (%) |
17.82 |
14.07 |
19.82 |
|
Profit Before
Interest and Tax Margin (%) |
13.98 |
10.64 |
16.96 |
|
Cash Profit
Margin (%) |
15.16 |
10.65 |
17.42 |
|
Adjusted Net
Profit Margin (%) |
11.33 |
7.22 |
14.55 |
|
Return on Capital
Employed (%) |
20.39 |
17.94 |
34.60 |
|
Return on Net
Worth (%) |
23.79 |
22.01 |
54.89 |
STOCK PRICES
|
Face Value |
Rs.2/- |
|
High |
Rs.236.00/- |
|
Low |
Rs.231.10/- |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets :-
Computer Software, Tangible Assets, Land Leasehold, Land Freehold, Building, Plant and Machinery, Furniture and Fixtures and Office Equipments, Motor Vehicle/Transport etc.
History
Nicholas Piramal was incorporated in 1947 as Indian Schering
as subsidiary of British Schering, UK. In 1957, E Griffith Hughes, of which
British Schering was a subsidiary, was taken over by Aspro-Nicholas, UK. The
management of the company was acquired by Piramal Enterprises in 1988.
Nicholas Piramal India,(NPIL) is a major player in formulations, diagnostics
and vitamins in the Indian pharma industry, besides having good export
presence. The company is strong in marketing and has many alliances with MNCs
to sell their products. It is now also giving more emphasis on R and D. Hence,
one can expect sustained healthy growth in the medium-to-long term.
The company has a portfolio of around 160 brands. Recently, it purchased
two brands from Hoechst - Omnatax (cefataxim) and Zidime (ceftazidime).
Allergan India Limited is 51:49 joint venture company between Allergan Inc.,
USA and Nicholas Piramal. Further the company has another joint venture
company, Boots Piramal Healthcare Private Limited which is 51:49 joint venture
between Boots Plc., UK and Nicholas Piramal.
The subsidiaries of NPIL are NPIL Laboratories and Diagnostics Private
Limited, NPIL- Dr. Phadke Pathology Laboratory and Infertility Center Private
Limited, NPIL-Dr. Golwilkar Laboratories Private Limited, NPIL Fininvest
Private Limited, NPIL Pharma Inc., Piramal International and NPIL Life Science
Limited.
Nicholas Piramal had earlier acquired Nicholas Laboratories in 1988,
Roche Products in 1993, Boehringer Manheim in 1996 and an R and D unit of
Hoechst Marion Rousell in 1998. It has also formed strategic alliances and
joint ventures, viz. Scholl Piramal in 1994, Alergan in 1995, Sarabhai Piramal
in 1997, Reckitt Piramal in 1998, Solumiks Pirmal in 1998, Boots Piramal in
1999 and Charak Piramal in 1999.
During 2000-2001, the company through its wholly owned subsidiary, NPIL
Fininvest acquired 40% equity stake in Rhone Poulenc India at a price of Rs.
875 per share. NPIL Fininvest made an open offer to public and acquired
additional 20% stake in Rhone Poulenc at a price of Rs. 875 per share.
Consequent to this, Rhone Poulenc became a subsidiary of NPIL Fininvest and
hence a subsidiary of the company. The acquisition has made NPIL the second
largest Indian pharmaceutical company in terms of marketshare. Also, it has
increased the presence in the domestic market.
In an EGM held on 14.06.2001, the shareholders have approved the scheme
of arrangement for the merger of Rhone Poulenc, Super Pharma - a distributor
company acquired in April 2001 and certain assets and liabilities of NPIL
Fininvest with the company. The company has acquired Pharmaceutical Business of
ICI India for a consideration of Rs.700.000 Millions including for acquiring
the net current assets.
By a scheme of arrangement between the company and Kojam Finvest Limited
(KFL) the company has transferred the investment held by the company in its
subsidiary Gujarat Glass Private Limited to KFL. NPIL has transferred its
investments in Gujarat Glass Private Limited and its subsidiaries w.e.f.
01.07.2004 into a new holding company Kojam Fininvest Limited (Kojam). The shares
of Kojam were allotted free-of-cost to shareholders of NPIL in proportion to
their ownership of NPIL and the allotment ratio was 1:4.
The year 2003 was significant for NPIL since in that year Global Bulk
Drugs and Fine Chemicals Limited(GBDFC) was amalgamated with the company. GBDFC
manufactures APIs, Intermediates and
Formulations for the regulated markets and also its plant near Hyderabad has
accreditations and approvals from USFDA,MCA of UK,TGA of Australia, European
Drug Authorities and Canadian Drug Autorities. The plant also has ISO 14000 and
9001 certifications.
In January 2005 the company sub-divided its equity share face value from
Rs.10/- per share to Rs.2/- per share. Further in July 2005 the company came
out with a rights issue of equity shares for its shareholders in the ratio of
1:10. During 2004-05 the company has acquired the Inhalation Anaesthetics
Business of Rhodia Organique fine Limited w.e.f. 11.01.2005 for a consideration
of Rs.579.800 million. Further the company has discontinued Roche Diagnostics's
distribution for a consideration of $22 Million. The company has also continued
focus to reduce domestic low-value Vitamin A, API and Generic Sales.
In 2006, The company has increased its installed Capacities Liguids 14613.2
KLs to 14744 KLs, Bulk Drugs and Intermediates 733 MT to 920 MT and Vitamin A
in Various Forms and Combinations 77.7 MMU to 92.00 MMU.
The company has acquired Avecia Pharmaceuticals, UK and Torcan Chemical
Chemical Limited, Canada for a consideration of GBP 11.8 Million. The company
exited from the Joint Venture Dr- Golwilkar Laboratories Private Limited. The
company has received a consideration of Rs.52.5 Million for their 70% stake in
company. The company was successfully commenced commercial dispatches of
products against its initial two custom manufacturing contracts, (i.e) the
contracts with advanced Medical Optics, Inc. and Allergan Inc.
Operations Review:
Net Sales for the year grew 14.1% to Rs. 14.1 billion compared with Rs.
12.3 billion for the year ended 31 March 2005. Operating Profit (OPBIDTA) grew
30.9% to Rs.2.3 billion.
Profit after tax (pre-exceptional items) grew 66.3% to Rs. 1.7 billion
compared to Rs. 1.0 billion in FY2005. Due to a one-time exceptional net income
of Rs.796.200 million in FY2005, Profit After Tax (post-exceptional items) grew
only by 0.5% to Rs. 1.70 billion compared to Rs. 1.69 billion for the previous
year. Earnings per share (pre-exceptional items) were Rs. 8.4 per share vs. Rs.
5.2 per share in FY2005. Earnings per share (post-exceptional items) were Rs.
8.2 per share vs. Rs. 8.5 per share in FY2005.
Standalone domestic formulations recorded Net Sales of Rs. 10.4 billion,
which represents a growth of 14.2% during the year. This growth is after the
sales loss incurred on Phensedyl Sales due to Narcotics Control Board
litigation in second and third quarter of the year. The Phensedyl issue has
since been resolved and sales have significantly recovered.
During the year, they made their second overseas acquisition, in the
custom manufacturing business segment. NPIL acquired Avecia Pharmaceuticals, UK
and Torcan Chemical Limited, Canada for a consideration of GBP 11.8 million.
NPIL also successfully commenced commercial dispatches of products
against its initial two custom manufacturing contracts, i.e. the contracts with
Advanced Medical Optics, Inc. and Allergan, Inc.
Industry Outlook:
Domestic formulations market was healthy throughout FY2006. It registered
growth of 15.4% for the year ended 31.03.2006 (ORG-IMS SSA data,
MAT-March-2006). Growth was consistently good across chronic and acute therapy
segments. There is an increasing trend towards innovation/combinations driven
new products launch in the domestic market.
In the global Custom Manufacturing segment, major players appear to have
recovered in 2005-2006 from the difficult market conditions that prevailed over
the past five years. Significant consolidation moves appear to be underway. The
year has witnessed many major acquisitions by Indian companies in the global
custom manufacturing market.
Agreement with Pfizer International, LLC:
The third agreement is a long-term contract
manufacturing related R&D Service Agreement with Pfizer International
LLC. this agreement, NPIL will provide
Prcxess Development and Scale-up services to Pfizer's Animal Health Division
from its facilities in India. With the addition of above three agreements,
Nicholas Piramal now has six Custom Manufacturing agreements from its Indian
facilities. During the later half of FY2006, NPIL commenced supplies against
its initial two custom manufacturing contracts with Advanced Medical Optics,
Inc. and Allergan, Inc. resulting in revenues of Rs. 206.400 million. NPIL
continues to significantly increase its business development footprint. Their
Company's business development team now has 14 members with offices in USA,
Canada, UK, France, Japan and India.
Acquisition of Avecia Pharmaceuticals, UK
During the year, Nicholas Piramal took an important
step towards its vision of becoming a global custom manufacturing player with
footprint across North America, Europe and Asia. NPIL acquired Avecia
Pharmaceuticals, UK, Torcan Chemical Limited, Canada and part holding in Reaxa
Limited, I 'K for a consideration of GBP 11.800 million on a liability and
cash-free basis. As part of the agreement, NPIL got working capital of GBP
9.600 million. The transaction was announced on 27.10.2005 and completed on
02.12.2005. (Closing consideration paid, at GBP 11.800 million, included an
adjustment of GBP 2.300 million due to increase inclosing working capital,
infra-group indebtedness and cash adjustment). Avecia Pharmaceuticals is a
global custom manufacturing player focused on providing custom chemical synthesis
and manufacturing services to innovator pharmaceutical and biotechnology
companies. The business includes manufacturing assets in UK and North America,
a strong pipeline of products backed by good customer relationships and a mix
of differentiated technologies. For the period ended 31.03.2006, Avecia
recorded Sales of Rs. 1,046.900 million and Net Loss of Rs. 326.200 million.
Avecia has healthy gross margins (Sales less material costs), but the business
currently incurs losses due to high fixed cost compared to its Sales. They have
commenced post-merger integration of Avecia and expect to turnaround the
business with the synergy benefits from Indian operations.
Consolidated Global Sales: current operations
Current Global Sales consist of niche
late-to-market generic API and Formulations sales to European regulated
markets, and to some unregulated markets. Consolidated Global API business
registered FY2006 Net Sales of Rs.943.900 million, as compared to Rs.889.600
million in FY2005. NPIL also sells select formulations such as Halothane and
blood plasma expanders outside India. Consolidated formulations Global Sales
were Rs. 772.700 million in FY2006, as compared with Sales of Rs. 303.300
million in F Y2005. total Consolidated Global Sales were Rs. 3389.300 million,
which was a growth of 108.4% over FY2005 Global Sales of Rs. 1626.400 million.
Vitamins and Fine
Chemicals
The division focuses on Exports and the Human
Nutrition and Health segment in the domestic market. During the review period,
the performance of this division in the domestic market was affected by cheap
imports of Vitamin A and related products from China. During FY2006, total Net
sales were Rs.792.400 million compared with FY2005 Sales of Rs. 943.900
million, representing decline of 16%. Domestic Net Sales were Rs. 554.200
million compared with Rs. 653.300 million in FY2005, a degrowth of 15.2%.
lixports during FY2006 declined to Rs. 238.200 million, compared to Rs. 290.600
million in FY2005, a decline of 18.0%. FoxPro’s were lower because of no supply
to the World Food Program
Diagnostics
business
The Diagnostics business turnover up to
01.01.2005 was predominantly driven by distribution of Roche Diagnostic
products. The business gave NPIL leadership in the Indian market in Diabetes
Monitoring and Clinical Chemistry Systems. After the return of Roche
diagnostics products, NPIL has been able to successfully grow the non-Roche
business in FY2006 by 31.5% to Rs. 160.2 TVivs, has been made possible by
tie-ups with DiaSys Diagnostic Systems, Germany for Clinical Chemistry reagents
and Flypoguard, I LS.A. for mttramg. Wft own pi o&uc'iiono1!
Chemistry Reagents and Point of Care rapid tests con tnbuted Rs. 28.000
million to total Diagnostics Sales n FY2006.
Operations review:
Due to the above mentioned material development, Diagnostics Net Sales were lower in FY2006 at Rs. 160.200 million compared to Rs. 357.000 million in FY2005.
Research &
Development program
OUT R&D division currently employs 350
people and is engaged in long-term exploratory and applied research programs in
chemistry, biology an natural product chemistry dedicated to discovery and
development of new drugs for the global market. During the year, Nicholas
Piramal significantly increased the number of drug candidates in its preclinical
and clinical development pipeline. The lead candidate, P-276-00 for cancer, is
undergoing Phase 1 clinical trials in Canada. So far, no significant adverse
events have been reported. The company has recently obtained approval from the
DCCil to start Phase I trials of P-2 76-00 in India. Five preclinical
candidates - four new chemical entities (NCE's) and one mono-herbal preparation
have exhibited good progress in FY2006. Nicholas Piramal continues to augment
its research portfolio with an in-licensing strategy and collaboration with
academic institutions in India and abroad. In PY2006, they have concluded
collaboration agreements with Bharathidasan University's National Facility for
Marine Cyanobacteria and the National Institute of Oceanography, both for
discovery of new chemical entities derived from marine sources. NPIL also has a
program in New Drug Delivery Systems (NDDS), under which it continues to
explore and evaluate proprietary technologies to deliver drugs.
PRESS RELEASE
Nicholas Piramal reports HY-FY05 results;Sales from
continuing operations up 16.4%,
Profit after tax up 34.2%
Company's Board approves a 5:1 Stock Split
Mumbai 21 October 2004:Nicholas Piramal India Limited (NPIL) registered * a 16.4% growth in Net Sales from Continuing Operations and a 34.2% growth in Net Profit for the Half-year ended 30 September 2004 (HY-FY05).
The Company today also announced that it has concluded an agreement for
discontinuation of exclusive distribution of Roche Diagnostic Products in
India. Nicholas Piramal had registered FY2004 Sales of Rs. 726 million from the
Diagnostic products of Roche in India. The process and negotiations to
discontinue the agreement had commenced since early-2004.
At Rs. 3,530.5 million, NPIL Q2-FY05 Sales grew 11.7% on continuing business
basis. The Company had lower Sales of Roche Diagnostic products and certain
other Roche biotech formulations because of the planned return to the parent
Company.
During Q2-FY05, Nicholas Piramal continued its drive to improve product-mix.
Gross Contribution improved 14.5%. R&D expenditure more than doubled to Rs.
118.2 million during the Quarter, in-line with the Company’s greater focus on
research.
Operating Margins improved to 21.7% on better portfolio mix, higher Exports,
and the Diagnostics Sales shrinkage; as did Profit after tax, which grew 7.7%
to Rs. 543.9 million. This resulted in an EPS (not annualized) of Rs. 14.1 per
share, compared with Rs. 13.2 per share in Q2-FY04.
On a continuing businesses basis, NPIL’s Domestic Formulations continued to
outperform the market for the tenth consecutive quarter, growing 12.5% against
industry growth rate of 7.7% (ORG-IMS-MAT-Aug-04). Formulations growth -
without excluding the returned Roche Biotech products, was 5.8% during Q2-FY05.
During the Quarter, NPIL outperformed therapy area growth in 6-of-10 therapy
areas. Performance was particularly strong in Respiratory, Anti-infective, CVS,
Anti-diabetic, GI, and Dermatology segments. Recently, Strepsils and Saridon
have also been selected among the Top-100 Super Brands of India. NPIL’s
inlicensing strategy also gained momentum during HY-FY05 resulting in
in-licensing deals with Ethypharm, Genzyme, Pierre Fabre, and takeover of
Dobutrex rights for India.
Nicholas Piramal’s Exports continued to expand, reaching 11.8% of Net Sales,
for Q2-FY05 vs. 7.2% in Q2-FY04. These Exports Sales, at Rs. 444.1 million, do
not yet include any turnover under the AMO custom-manufacturing contract, which
is under implementation and slated to commence shipment in January 2005.
The Board of Nicholas Piramal, at its meeting today, also approved a 5:1 Split
of the Company’s shares. The Company’s shares will therefore, have a face value
of Rs.2/- after the Stock Split.
The results in the press release are on
audited stand-alone basis. Stand Alone Accounts represent results without
considering Joint Venture and Subsidiaries.
Wellquest becomes the first Indian CRO to receive
Statement of GCP Compliance from UK-MHRA
Mumbai 23 August
2004: Wellquest, the independent clinical research division of Nicholas
Piramal India Limited (NPIL), becomes the first Indian CRO (Clinical Research
Organisation) to receive the Statement of GCP (Good Clinical Practices)
Compliance from the UK-MHRA (Medicines and Healthcare Products Regulatory
Agency), for clinical studies carried out to support the registration of
generic products in the international regulated markets.
While marketing authorization has been given to Pharma companies in the past
based on studies carried out at Wellquest, the GCP Compliance Statement comes
on the heels of a strict facility inspection of Wellquest conducted by the UK
agency, one of the most stringent drug regulatory authorities, a few months
back. This is reflective of the high quality and ethical standards of Wellquest
as a CRO. Speaking of the feat, Dr. Satish C Bhatia, President Wellquest, said,
“This approval is certainly a big feather in their cap and a testament to their
commitment towards compliance to the highest global standards and will
encourage more international clinical research projects to be outsourced to
India”.
India is fast emerging as an important destination for clinical research
activities and Wellquest is an early mover amongst the professional CROs in the
country. Besides the UK-MHRA, Wellquest has also obtained approval from the
Brazilian regulatory body ANVISA and several international pharma companies
based on facility audits.
Speaking about the achievement, Dr. Swati Piramal, Director Strategic Alliances
and Communications at NPIL, said, “They are poised for rapid growth with such
compliance recognition. This will augur well for Wellquest to provide its
quality services in clinical research to the international pharmaceutical
industry.”
About Wellquest
Established in 2000 by NPIL as an independent division, Wellquest’s
state-of-the-art facilities occupy 20,000 sq ft of space over four floors of
the Wellspring Hospital in Mumbai. The infrastructure consists of a spacious
60-bed ward, 6-bed ICU, pharmacy, phlebotomy stations, archives, sophisticated
bioanalytical laboratory replete with LC/MS/MS machines, and a NABL-accredited central
path-lab. Wellquest’s quality systems are geared towards compliance with
GCP/GLP guidelines of FDA, ICH and WHO and it has successfully carried out
several clinical research projects for submission to UK, Europe, South Africa,
Australia, North America and Latin America. Its services include evaluation of
generic and NDDS products and Phase I-III clinical trials with NCEs (New
Chemical Entities), herbal and biotech products. Several leading national and
international Pharma companies are currently on its list of clients.
Nicholas Piramal Seals Product In-Licensing Agreement with Ethypharm, France for the Indian Market
Mumbai 16 August
2004: Nicholas Piramal India Limited (NPIL) today announced the
completion of their product in-licensing agreement with Ethypharm, France for
the Indian market. This in-licensing agreement with Ethypharm will further
augment NPIL’s presence in the fields of Pain Relief and Paediatric Care. NPIL
already has leading Paediatric brands like Phenergan, Kidpred, Omnatax O and
Tixylix.
NPIL’s in-licensing deal with Ethypharm, France is for licensing of technology
for Paracetamol Flash tablets. Nicholas Piramal will use the technology to
manufacture dispersible tablets to address the Pain relief and Fever
indications market, especially for pediatric use.
Under the agreement, NPIL will source raw material from Ethypharm and
manufacture dispersible formulations using the technology at its Pithampur
Plant. Nicholas Piramal will distribute the product in the Indian market under
its own brand name. The Indian market for this segment is estimated to be Rs.
1000.000 millions.
Ethypharm is one of the World's leading drug delivery system (DDS) companies
that provides health scientists with effective solutions to optimize the delivery
of active molecules into the body. The use of Ethypharm's DDS technologies
delivers important benefits including improving the drug's efficacy, enhancing
patient compliance and comfort, extending the life cycles of existing
pharmaceutical products, and reducing the total cost of treatment. Ethypharm is
an established DDS company with capabilities from research through to
manufacturing and has successfully launched 50 products in over 70 countries.
RandD activities are also conducted at local facilities in connection with
their operations in China and India.
Ethypharm's oral enhanced absorption technologies are designed to optimize the
delivery profile of active ingredients. Ethypharm's innovative technologies
make it possible to improve the solubility and oral absorption of a range of
active molecules, which are vulnerable to more traditional techniques due to
their chemical fragility. These technologies can be used for both the oral and
pulmonary delivery of macromolecules that otherwise could only be administered
through injection. This has obvious benefits such as enhanced patient comfort
and convenience. In addition, the use of oral enhanced absorption technologies
make it possible to lower health care costs by allowing the patients to take
medicines that previously had to be administered by healthcare professionals.
Nicholas Piramal India Limited is one of India’s Leading Pharmaceutical
Companies with a diverse portfolio of Branded Formulations, Vitamins, APIs and
Diagnostics. The Company had FY2004 Net Sales of Rs. 12.7 billion. Nicholas
Piramal is ranked fourth in domestic formulations sales and second in total
domestic pharmaceuticals sales.
Friday July 8, 04:04 PM
BioSyntech, Inc. and Nicholas Piramal
India Limited Announce Letter of Intent
By Business Wire
LAVAL, Quebec and MUMBAI, India July 8, 2005 BioSyntech, Inc. (TSX
VENTURE:BSY) has signed a letter of intent with Nicholas Piramal India Limited
("NPIL"), one of India's leading pharmaceutical companies, pursuant
to which NPIL will subscribe to 7,500,000 common shares of the company at a
price of C$0.80 per share. NPIL's post-issue shareholding will be approximately
17% of issued shares.
Biosyntech, Inc. is a Canada-based biotechnology research company that
specializes in the discovery, development and manufacturing of cost-effective
and physician-friendly biologic implants for therapeutic delivery and
regenerative medicine.
Biosyntech specializes in Gel-based platforms that are liquid at room
temperature and solid at body temperature. The gels are biodegradable, have
porous internal structure and enable easy flow of blood nutrients, cells and
fluids. These gels are minimally invasive and have controlled residence time.
The Company's lead products under advanced development are BST-CarGel(,
BST-DermOn and BST-InPod, which are for cartilage regeneration, wound healing
activation and fat pad reconstruction for heel pain respectively. Biosyntech
has six other products under development for regenerative medicine and
therapeutic delivery platforms.
As part of the arrangement, NPIL will acquire exclusive rights for
marketing, sales and distribution of current and future products of BioSyntech
for India, Pakistan, Sri Lanka, Bangladesh, Laos, Cambodia, Vietnam and
Philippines.
In addition, the Companies have agreed to explore opportunities to
collaborate for research and development activities with respect to future
products of NPIL using BioSyntech's technological platforms.
The letter of intent provides that for so long as NPIL shall be the
registered holder of at least 5,000,000 shares of the company, the board of
directors of BioSyntech shall include representatives of NPIL in proportion to
its shareholding, subject to a minimum of one director. In addition, NPIL will
have proportional pre-emptive rights in the event the company offers further
equity securities. This arrangement, which has been approved by the board of
both companies, is conditional on satisfactory completion of due diligence, on
regulatory approvals and on the signing of definitive agreements.
Commenting this transaction, Mr. Claude LeDuc, CEO of BioSyntech said:
"They are very excited about this collaboration which brings to BioSyntech
significant funding from a committed strategic partner, distribution for its
products in South-East Asia and the possibility to joint venture R&D
activities in India."
About BioSyntech - BioSyntech is a biotechnology company specializing in
the discovery, development and manufacturing of innovative cost-effective and
physician-friendly advanced therapeutic thermogels for regenerative medicine
and therapeutic delivery. BioSyntech's Quality Management System is registered
to ISO 9001:2000. BioSyntech is listed on the TSX Venture Exchange, Canada. For
additional information, visit www.biosyntech.com. About NPIL - Nicholas Piramal
India Limited is one of India's largest pharmaceutical companies, with strong
brand management and sales capabilities, a FDA site-approved plant for
on-and-off patent APIs and Intermediates. It has R&D capabilities in Basic
Research, Process Innovation, Custom Chemical Synthesis, Formulations R&D,
NDDS, and also has a world-class accredited Clinical Research Organisation.
With growth fuelled through a strategy of partnerships, quality
acquisitions, brand building, focused selling and manufacturing, NPIL's
consolidated net sales were US$ 300 million in 2004-05. NPIL has emerged among
the leaders in Indian pharma with one of the widest product portfolios in
India, spanning nine key therapeutic areas, including the Cardio-vascular,
Neuro-psychiatry, Oncology, Diabetes Management, Respiratory, Anti-infectives,
Gastro-intestinals, Dermatology and NSAIDS. NPIL's exports initiative is
focused on Custom Manufacturing for global innovator companies. NPIL does not
participate in the early-to-market Generics market. NPIL is listed in India on
the Bombay Stock Exchange, National Stock Exchange and Ahmedabad Stock
Exchange. For further information, visit
www.nicholaspiramal.com
Nicholas Piramal to
issue rights shares
The
Board of Directors of Nicholas Piramal India Limited has approved a rights
issue of equity shares to the company’s shareholders. The rights issue will
raise equity funds not exceeding Rs 3,500 million.
A
NPIL press release said, the Board has appointed a committee to finalise
detailed terms of the issue, including number of shares to be offered and issue
price per share.
Commenting
on the decision, Ajay Piramal, chairman, NPIL said, ‘‘This is a fund raising
programme for financing their plans in the immediate future. Considering the
latent value creation opportunity in the company, they thought it fit to
conserve the value for existing shareholders in this investment phase, and
hence decided on rights issue as the mode of fund raising.’’
PRESS RELEASE
Nicholas Piramal wins
The 2006 International Spirit at work Award
22.08. 2006: The
International Spirit at Work Award (formerly the Willis Harman Spirit at Work
Award) was created in 2001 to honor organizations that have explicit spiritual
practices, policies or programs. The Award was inspired by the late visionary
futurist Willis Harman, PhD (1919-1997). Four groups “co-own” and “co-organize”
the Award: The Association for Spirit at Work , the Spirit in Business
Institute ,The World Business Academy . and the European Bahá’í Business Forum.
The Selection Committee for The 2006 International Spirit at Work Award has
selected Nicholas Piramal, Limited. as an honoree for several reasons. You are
being recognized for the success in imbuing the organization with spiritual
values. You have provided spiritual guidance to the business community in the
publishing of the book, "The Light has come to me", which uses 18
verses for the Geeta to serve as the company's management philosophy. They wish
to recognize the dedication to provide spiritual guidance to the employees by,
providing yoga and meditation from one of the world's foremost exponents, and
allowing employees of all religions the expression of their own spiritual
beliefs. The commitment to the community by establishing programs to help
empower women, teach the poor, and nurture people's health is highly laudable.
You are to be commended for the compassion you showed on Parel Island by
eliminating polio from a 10 mile radius, and the lives you saved and inspired
by enriching a community with new life
Nicholas Piramal reports Q2
FY2007 results; Consolidated Revenues up by 79.3% to Rs. 6.5 billion, Operating
Profit up by 76.7% to Rs. 1.1 billion, Net Profit up by 17.7% to Rs. 536.900
million
Mumbai,
18.10. 2006: Nicholas Piramal India Limited (NPIL) today reported second
quarter (Q2) results for FY2007. Total Operating Income on consolidated basis
for the quarter ended 30 September 2006 was up by 79.3% to Rs. 6.5 billion over
Q2FY06. Operating profit increased by 76.7% to Rs. 1.1 billion. Net profit for
the quarter after providing for an amount of Rs.102.000 million towards
proportionate share of Income/Expense in the Boots Piramal JV for FY2006 was up
by 17.7% to Rs. 536.900 million.
During
the quarter, NPIL’s domestic branded formulations business reported a robust
growth of 22%. As per ORG-IMS MAT August-06 reports, NPIL continues to be the
second fastest growing company among the Top-10 companies with growth rate of
20.9% against the market growth of 16%. NPIL has performed particularly well in
Respiratory, Anti-Diabetic, Gastro-intestinal, Dermatology and NSAIDS segments
with growth rates in each of these therapeutic areas being higher than 25%.
NPIL’s
international sales (excluding India) registered a growth of 393% to Rs. 2.6
bilion, largely due to consolidation of revenues of the businesses acquired in
UK from Avecia/Pfizer. They now form 40% of the total revenues of NPIL. During
the quarter, Sales from Custom Manufacturing contracts from Indian Facilities
were Rs.156.9 million. The integration process of Avecia and the newly acquired
manufacturing facility of Pfizer at Morpeth, UK continue to gain momentum and
the combined entity made a profit of Rs.16 million in Q2FY07.
NPIL
continues to invest in R&D. R&D expenditure during the quarter was up
by 87.7% from Rs. 155.000 million in Q2FY06 to Rs. 290.900 million.
During
the quarter, NPIL acquired the balance 51% equity stake in its 49:51 joint
venture company Boots Piramal Healthcare Private Limited (BHPL). Pursuant to
the agreement, the Joint Venture's marketing rights in the brands Strepsils,
Clearasil and Sweetex in India were transferred to Reckitt Benckiser India
Limited and BPHL has become wholly owned subsidiary of the company. It will
continue to actively market and distribute Over The Counter (OTC) products viz.
Saridon, Polycrol and Lacto Calamine. As a part of the agreement, NPIL received
a sum of Rs. 178.000 million form Alliance Boots Plc / Reckitt Benckiser India
Limited.
During
the quarter, NPIL acquired the balance 40% equity stake in its 60:40 joint
venture company NPIL – Dr. Phadke Pathology Laboratory & Infertility Center
Private. Limited. for an aggregate consideration of Re.140.000 Million. The
company has now become a wholly owned subsidiary of NPIL. Further, NPIL has
also entered into a Joint Venture Agreement (effective 01.07.2006) to take a
50% stake in DDRC Wellspring Pathlabs Private Limited for Rs.70.000 Million.
Wellspring, the Pathlabs arm of NPIL now has presence across India with over 40
centres.
For further information contact:
Vijay Sathye Ganesh Somwanishi
Sagar Gokani Imprimis Life PR
Nicholas Piramal India Limited
Contact: +91-22-3046 6412/3046
6474
investorrelations@nicholaspiramal.co.in
About Nicholas Piramal India
Limited:
Nicholas Piramal India Limited
("NPIL") is one of India's largest pharmaceutical companies with a
growth track record of above 29% CAGR since 1988. The Company is currently
ranked 4th in the Indian market with a diverse product portfolio spanning nine
therapeutic areas. NPIL's had consolidated Revenues of Rs. 15.8 billion in
2005-2006. The Company has R&D capabilities in Custom Chemical Synthesis,
Process Innovation, NDDS and Basic Research. It has world-class formulations
facilities and USFDA-approved API facilities without any 483s.
NPIL has a long track record of
successful collaboration with innovator companies. Since 2003, the Company has
made significant investments to become a global custom manufacturing
organisation (“CMO") for large and medium-sized innovator companies.
Nicholas Piramal has a global CMO footprint across North America, Europe and
Asia, and is committed to respecting Intellectual Property.
NPIL is listed in India on the
Bombay Stock Exchange, National Stock Exchange and Ahmedabad
Formulation
Capabilities to leverage NPIL Pharma growth
Mumbai, 14 February 2007: NPIL Pharma has announced a new programme to leverage its global strengths in formulation services to further advance its position as a top tier player in custom development and manufacturing. The company is using InformexUSA to set out its integrated formulation development and manufacturing capabilities and to announce investment in new formulation facilities.
“NPIL Pharma is uniquely positioned to offer integrated formulation services at
all phases of drug development – from preclinical formulations to launch of
commercial formulation - and with the additional assets and experience for
global launch and commercial supply in final dosage form”, says Michael
Fernandes, Executive Director responsible for NPIL Pharma’s Custom
Manufacturing business.
“This sets a new and highly competitive benchmark for what CMOs can deliver
under the heading of integrated services”, notes Fernandes.
Across its early phase (development) and late phase (manufacturing) formulation
services, in the UK and India, NPIL has invested approximately US $50m. over
the past three years - and plans a similar investment over 2007-09. The
programme includes a new sterile supplies pilot plant due on stream in Mumbai
in Q4 2007.
By integrating its capabilities and assets in India and Europe (UK), NPIL
Pharma’s formulations package now includes API pre-formulation services,
formulation development for clinical trial manufacturing and scale-up to
commercial manufacture in finished dosage forms – including injectables,
solutions, capsules and tablets.
As part of India’s fourth largest pharmaceutical company, NPIL Pharma deploys a
world class portfolio of formulations, dosage forms and matching R&D
capability for the contract outsourcing market.
The focus on formulation services and final dosage forms follows capabilities
added in last June’s acquisition from Pfizer of the fully integrated API
production and formulation facility at Morpeth, UK.
As a result, NPIL Pharma now has an annualized aggregate drug formulation
capacity of: 3 billion tablets; 500 million low RH (<8%) tablets; 270
million hard gelatin capsules; 180 million opthalmic liquids (FFS Technology);
48 million. glass vials and 30 million ampoules – supported by full packaging
and supply chain capability.
The company will launch its fully integrated formulation capabilities to both
existing and new small/virtual and large pharma customers in Europe and North
America, via a series of roadshows scheduled to begin in Q2, 2007.
Distinctive combination:
With annual custom manufacturing revenues of US $250m. – including
approximately US $100m. in formulation - NPIL Pharma is one of the world’s top
10 pharma outsourcing companies. Leveraging its formulation strengths, by
integrating capabilities in India, Europe and North America, is part of a
strategy to elevate NPIL to a “top three” player.
“It’s a distinctive combination of capabilities and experience along the total
formulation and API value chain that creates the competitive edge”, notes Mike
Fernandes. “NPIL Pharma’s integrated approach to drug development, with full
partnership all the way from drug pre-formulation to launched product and
lifecycle management is a highly distinctive offer to small/virtual and big
pharma companies alike”.
Formulation facilities:
NPIL Pharma combines pre-formulation, dosage formulation development and commercial scale formulation manufacturing across three sites – Mumbai and Pithampur in India and Morpeth, UK. Morpeth is FDA approved and Pithampur was recently inspected, with no 483s.
Morpeth has added a major suite of FDA-approved formulation assets to NPIL’s
existing API development and manufacturing capabilities in Europe. It also
significantly adds to NPIL’s Indian early/late phase formulation capabilities
in Mumbai (R&D, development and sterile pilot plant) & Pithampur
(solids pilot plant). (See: Notes for Editors)
The company stresses the benefits of synergies between sites – recognising
pre-formulation work at its Torcan early phase API facility in Canada and UK
interaction between Morpeth and NPIL’s early and late phase capabilities in
Huddersfield.
NPIL Pharma’s formulation development capabilities now span conventional and
new dosage forms including tablets and capsules; sterile injectables; blow fill
seal; lyophilized dosage forms; solid dosage forms under very low humidity;
solutions; transdermals; sprays and foams.
By 2010, NPIL Pharma aims to be the market leader in preformulation and
formulation development to clinical manufacture of capsules, liquid-filled hard
gelatine capsules, tablets, and in sterile asceptic solution and lyophilized
injectables.
Latest in a series:
Development of an integrated formulations service is the latest in a series of investments/acquisitions to expand NPIL’s pharma custom services footprint, following acquisition of UK/Canada-based Avecia Pharmaceuticals in late 2005.
At CPhi 2006, NPIL Pharma announced the creation of a new business unit, NPIL
Innovations – NPIL(i), to bring forward and apply new technologies for API
process development and production. Dedicated to step changes that can
accelerate commercial production efficiencies, NPIL(i) is working with both
customers and the academic community.
Its portfolio includes the new catalyst-based chiral racemisation technology
SCRAM™, developed by NPIL Pharma (UK) to deliver process, cost and
environmental benefits – and the technology focus also prominently includes
biocatalysis, chemocatalysis and flow processing.
In the HPS niche, NPIL Pharma last Summer announced a US$500,000 upgrade
investment at its High Potency APIs manufacturing facility in Grangemouth,
Scotland.
Business units:
NPIL Pharma provides full lifecycle custom manufacturing and
formulation services primarily through its early phase Pharma Development and
Scale-up (PDS) and late phase Pharma Manufacturing Services (PMS) business
units.
NPIL’s early phase API development capability is led by Torcan in Canada and
supported by major facilities in both the UK (Huddersfield & Morpeth) and
India. Late phase manufacturing is focused in Huddersfield, UK and Chennai and
Hyderabad, India.
The PDS and PMS business units are complemented by niche capabilities in
pharma. technologies – notably through NPIL (i) - and in High Potency Substance
manufacturing, including cytotoxics and bioconjugates.
NPIL Pharma’s parent Nicholas Piramal India Ltd. is part of Piramal Enterprises
Ltd. - one of India’s largest diversified business groups.
Press Release:
Notes to editors:
Formulation Facilities – India:
The Mumbai R&D Centre houses a Preformulation team with capability for solubility, solution and solid state stability, early toxicity formulations, solubilization strategies, and full phyisco-chemical characterization. Early formulation capabilities offer fast turnarounds via efficient dosage form and analytical method development.
A state-of-the art sterile supplies pilot plant is being built in Mumbai for commissioning in Q4 2007. Clinical manufacturing of capsule and tablet dosage forms is focused at the Pithampur pilot plant.
Formulation Facilities – UK:
Facilities at Morpeth have capability for preformulation and early phase development formulation (small scale batches for pre-clinical and clinical studies); Phase III/commercial scale formulation manufacturing; tablet manufacturing and packaging and a containment suite for manufacture and packaging of hormonal/high potency tablet formulations.
Production assets embrace large scale granulation, compression, encapsulation and coating capability – including press-coated, tablet-in-tablet capability and blister packaging lines with outputs ranging to 450 blisters/minute.
Morpeth has a proven track record and capability to support multiple market launches and ongoing supply of packaged products, and is currently supplying over 300 finished dosage product forms to over 100 markets.
NPIL Pharma:
NPIL Pharma has seven API and finished dosage production sites in India, including state-of-the-art R&D labs and kilo labs at Mumbai and Chennai; a GMP facility at Chennai and a commercial scale API plant at Hyderabad. The five production facilities in UK/Canada - Huddersfield, Grangemouth, Billingham, Morpeth and Aurora, Ontario (Torcan Chemical) - complement the Indian network, giving NPIL a vertically integrated global custom manufacturing footprint.
NPIL Pharma employs over 2,000 people across its nine business locations. Parent business NPIL had financial 2006 sales of US $352m. NPIL is the flagship of Piramal Enterprises (PEL). Headquartered in Mumbai, PEL also has interests in retailing, textiles, auto-components and engineering.
For further information contact:
Ajit
Mahadevan
President - Pharma Manufacturing Services (Formulations)
Nicholas Piramal India
Tel: +91 22 3046 6483
Fax: +91 22 24902385
amahadevan@pel.co.in
Roger
Johnstone
Account Director
Deben Editorial ServicesTel" Tel: +44 (0)161 614 1450
Mobile:+44 (0)7841 433141
rdi@debened.co.ik
Vijay
Sathye
President - M&A and Investor Relations
Nicholas Piramal India Limited
Tel: +91 22 3046 6412
Mobile: +91 9821879774
Fax: +91 22 24934 708
vsathye@nicholaspiramal.co.in
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.42.15 |
|
UK Pound |
1 |
Rs.84.38 |
|
Euro |
1 |
Rs.57.22 |
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 |
9 |
|
--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 |
|
73 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|