MIRA
INFORM REPORT
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Report Date : |
03.08.2007 |
IDENTIFICATION DETAILS
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Name : |
ELDER
PHARMACEUTICALS LIMITED |
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Registered Office : |
“ELDER
HOUSE”, Plot No. C-9, Dalia Industrial Estate, Off |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.04.1983 |
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Com. Reg. No.: |
11-29714 |
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CIN No.: [Company
Identification No.] |
U24239MH1983PTC029714 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME04606A |
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PAN No.: [Permanent
Account No.] |
AAACE1831G |
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Legal Form : |
Subject
is a Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business : |
The
company is engaged in manufacturing and marketing of Pharmaceuticals in the
form of Tablets, Capsules, Injectables, Ointments, Syrup / Liquids and
Powder. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 10000000 |
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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 company having fine track. Directors are reported as
experienced and respectable businessmen. Trade relations are reported as fair.
Business is active. Payments are usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
“ELDER HOUSE”, Plot No. C-9, Dalia Industrial Estate, Off |
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Tel. No.: |
91-22-2673 0058 – 67 / 2635 1700 / 1 |
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Fax No.: |
91-22-2673 0051 / 0054 / 2632 004 / 2276 |
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E-Mail : |
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Website : |
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Factory 1 : |
D-219
& D-220, TTC Industrial Area, |
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Tel. No.: |
91-22-2767
2343 / 2768 5830 / 2768 3313 |
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Fax No.: |
91-22-2768
5987 |
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Factory 2 : |
C-21/2,
TTC Industrial Area, Village: Pawne, Navi Mumbai - 400 704, |
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Tel. No.: |
91-22-2768
2656 |
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Factory 3 : |
A-36,
Patalganga Industrial Area, Village Khaire, Taluka Khalapur, District Raigad,
Maharashtra – 410 220, INDIA |
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Tel. No.: |
91-2192-254395
/ 254396 |
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Branches : |
Located
at: ☻
Mumbai Tel. No: 91-22-2202
1878 ☻
Kolkata 12-A, Taki House, Kolkata - 700 026, West Tel. No.: 91-33-2466
8875 / 2466 6757 Fax No.: 91-33-4668953 Gram: ELD
PHARM ☻
Chennai Vadapalani, Chennai - 600 027,
Tel. No.: 91-44-2481 2340 / 41 / 42 ☻
101-103, Tiwari Chambers,
11-B/8, Northern Extension Scheme, Tel. No.: 91-11-2582 5601 / 05 Fax No.: 91-11-2582 5606 |
DIRECTORS
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Name : |
Mr.
J. Saxena |
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Designation : |
Chairman and Managing Director |
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Qualification : |
B. Sc. (Hons) |
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Date of Appointment : |
1st December, 1987 |
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Previous
Employment |
Walter Buydhnell Limited |
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Name : |
Mr. Vijay Paranjpe |
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Designation : |
Managing Director |
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Name : |
Mr. M.V. Thomas |
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Designation : |
Director (Finance) |
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Name : |
Mr. Alok Saxena, |
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Designation : |
Whole-Time Director |
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Name : |
Dr. R. Srinivasan |
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Designation : |
Director |
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Name : |
Dr. Joginder Singh Juneja |
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Designation : |
Director |
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Name : |
Dr. Sailendra Narain |
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Designation : |
Director |
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Name : |
Mr. Saleem Sherwani |
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Designation : |
Director |
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Name : |
Mr. Adil S. Kajiji |
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Designation : |
Director |
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Name : |
Dr. S. Jayaram |
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Designation : |
Director |
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Name : |
Mr. Peter Bibby |
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Designation : |
Director |
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Name : |
Mr. Edoardo Carlo Richter |
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Designation : |
Additional Director |
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Name : |
Mr. Michael Bastian |
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Designation : |
Additional Director |
KEY EXECUTIVES
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Name : |
Mr. S. P. Jain |
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Designation : |
Financial
Controller |
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Qualification
: |
B. Com,
ACA |
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Date of
Appointment : |
1st
December, 1987 |
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Previous
Employment : |
Walter
Bushell Limited |
BUSINESS DETAILS
|
Line of Business : |
The
company is engaged in manufacturing and marketing of Pharmaceuticals in the form
of Tablets, Capsules, Injectables, Ointments, Syrup / Liquids and Powder. |
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Products : |
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Imports : |
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Countries : |
Europe,
Unites States of America, Italy, Spain, Japan, Denmark, Germany, Switzerland,
Singapore, The Netherlands and Far East |
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Terms : |
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Purchasing : |
L/C,
D/A and D/P terms |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
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Tablets |
Millions |
630.000 |
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Capsules |
Millions |
510.000 |
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Injectables |
Millions |
-- |
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Ointments |
Tonnes |
22.500 |
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Syrups / Liquids |
Kilo Ltrs |
1056.00 |
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Active Pharmaceutical Ingrediants & Drug Intermediates |
Tonnes |
157.20 |
GENERAL INFORMATION
|
Suppliers : |
☻
K. Laminates ☻
S. D. Enterprises ☻
Mayur Printers ☻
Veer Offset |
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No. of Employees : |
1918 |
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Bankers : |
☻
Union Bank of Fort, Mumbai - 400 023, ☻
Syndicate Bank, Industrial Finance Branch, P M Road, Mumbai - 400 023 ☻
State Bank of Industrial Finance Branch, World Trade Centre, Cuffe Parade, Mumbai - 400 005, ☻
UTI Bank Limited, Mumbai ☻
Development Credit Bank Limited |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
☻
S. S. Khandelwal & Company, Chartered Accountants Fountain Chambers, cost
auditors
Ř
Sevekari, Khare And Associates A-4, Hari Nivas, 1st Floor (Rear Side), |
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Associates/Subsidiaries : |
☻
Elder Health Care Limited A 38/3, MIDC Industrial Area, Patalganga, Village Khaire, Taluka halapur, District Raigad - 410 220, Tel. No. 91-21142 -250017 / 18 ☻
Semit Pharmaceuticals & Chemicals Private Limited ☻
Akshaya Holdings Private Limited ☻
Elder Instruments Private Limited ☻
Elder Projects Limited A 38/3, MIDC Industrial Area, Patalganga, Village Khaire, Taluka halapur, District Raigad - 410 220, Tel. No. 91-21142 -250017 / 18 ☻
EWF Pharmaceuticals Private Limited ☻
Indart Exports Private Limited ☻
Devon India Private Limited ☻
Stiefel India Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20,181,400 |
Equity Shares |
Rs.10/- each |
Rs. 201.814 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
175.000 |
170.214 |
109.887 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2380.800 |
1827.331 |
934.996 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2555.800 |
1997.545 |
1044.883 |
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LOAN FUNDS |
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1] Secured Loans |
870.200 |
713.691 |
828.206 |
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2] Unsecured Loans |
1106.700 |
605.019 |
685.577 |
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TOTAL BORROWING |
1976.900 |
1318.710 |
1513.783 |
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DEFERRED TAX LIABILITIES |
0.000 |
57.679 |
54.213 |
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TOTAL |
4532.700 |
3373.934 |
2612.879 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
899.400 |
637.835 |
545.335 |
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Capital work-in-progress |
949.200 |
292.477 |
82.036 |
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INVESTMENT |
427.600 |
451.278 |
222.913 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1070.700
|
963.495
|
736.725 |
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Sundry Debtors |
1082.000
|
615.305
|
863.623 |
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Cash & Bank Balances |
365.200
|
488.424
|
332.847 |
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Other Current Assets |
0.000
|
30.258
|
31.190 |
|
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Loans & Advances |
768.400
|
624.970
|
498.485 |
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Total Current Assets |
3286.300
|
2722.452
|
2462.870 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
696.900
|
414.560
|
490.613 |
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Provisions |
332.900
|
317.308
|
213.182 |
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Total Current Liabilities |
1029.800
|
731.868
|
703.795 |
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Net Current Assets |
2256.500
|
1990.584
|
1759.075 |
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MISCELLANEOUS EXPENSES |
0.000 |
1.760 |
3.520 |
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TOTAL |
4532.700 |
3373.934 |
2612.879 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
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Sales
Turnover |
3830.500 |
304.8600 |
2696.500 |
|
|
Other
Income |
59.300 |
6.5400 |
46.200 |
|
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Stock
Adjustments |
46.800 |
27.5000 |
58.300 |
|
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Total
Income |
3936.600 |
3389.000 |
2801.000 |
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|
|
|
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|
|
|
Profit/(Loss) Before Tax |
468.500 |
302.400 |
215.500 |
|
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Provision for Taxation |
101.500 |
98.500 |
5.0600 |
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Profit/(Loss) After Tax |
367.000 |
203.900 |
16.4900 |
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Earnings in Foreign Currency : |
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Total Earnings |
NA |
68.291 |
167.906 |
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Imports : |
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Total Imports |
NA |
130.326 |
80.742 |
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Expenditures : |
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|
Raw
Materials |
1827.900 |
1810.100 |
1540.900 |
|
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Excise
Duty |
282.200 |
195.100 |
118.400 |
|
|
Power
& Fuel Cost |
35.500 |
23.600 |
17.400 |
|
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Other
Manufacturing Expenses |
95.500 |
73.500 |
52.300 |
|
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Employee
Cost |
440.000 |
334.900 |
273.600 |
|
|
Selling
and Administration Expenses |
528.800 |
398.700 |
338.100 |
|
|
Miscellaneous
Expenses |
61.400 |
68.800 |
61.500 |
|
|
Interest
& Financial Charges |
141.300 |
140.200 |
149.900 |
|
|
Depreciation
|
55.500 |
41.700 |
33.400 |
|
Total Expenditure |
3468.100 |
3086.600 |
2585.500 |
|
SUMMARISED RESULTS
|
PARTICULARS |
|
|
31.03.2007 |
|
Type |
|
|
Full
Year |
|
Sales
Turnover |
|
|
4473.100 |
|
Other
Income |
|
|
41.900 |
|
Total
Income |
|
|
4515.000 |
|
Total
Expenditure |
|
|
3624.900 |
|
Operating
Profit |
|
|
890.100 |
|
Interest |
|
|
132.600 |
|
Gross
Profit |
|
|
757.500 |
|
Depreciation |
|
|
89.300 |
|
Tax |
|
|
100.000 |
|
Reported
PAT |
|
|
568.200 |
|
Dividend
(%) |
|
|
00.000 |
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
0.73 |
0.93 |
1.40 |
|
Long Term Debt-Equity Ratio |
0.56 |
0.50 |
0.73 |
|
Current Ratio |
2.29 |
1.78 |
1.74 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
3.92 |
4.04 |
4.15 |
|
Inventory |
3.77 |
3.59 |
3.67 |
|
Debtors |
4.51 |
4.12 |
3.47 |
|
Interest Cover Ratio |
4.32 |
3.16 |
2.44 |
|
Operating Profit Margin(%) |
17.37 |
15.89 |
14.79 |
|
Profit Before Interest And Tax Margin(%) |
15.92 |
14.52 |
13.55 |
|
Cash Profit Margin(%) |
11.03 |
8.06 |
7.35 |
|
Adjusted Net Profit Margin(%) |
9.58 |
6.69 |
6.12 |
|
Return On Capital Employed(%) |
15.56 |
15.11 |
15.42 |
|
Return On Net Worth(%) |
16.16 |
13.45 |
16.68 |
STOCK PRICES
|
Face Value |
Rs.10.00/- |
|
High |
Rs.400.00/- |
|
Low |
Rs.395.25/- |
LOCAL AGENCY FURTHER INFORMATION
History
Promoted by Jagdish Saxena, the Company was incorporated as
a Private Limited company in April, 1983. The Company started its activities in
1987 by initiating acquisition of land and commercial activities were started
in 1988 with production on loan basis. Elder started its own factory in Navi
Mumbai in June 1989. The Company was converted into a public limited company in
August 1998.
The Company is one of the fastest growing healthcare companies in
Its products cater to speciality doctors, gynaecologists, orthopaedicians,
chest physicians, cardiologists, surgeons and general practitioners.
In Feb. 2000, the Company made its maiden public issue of 48,86,000 equity
shares of Rs 10 each at a premium of Rs 100/- per share aggregating Rs 537.460
Millions.
In Feb. 2001, Elder Pharmaceuticals and dermatology major Stiefel Laboratories
of the
Further, the company has also decided to make foray into the anti-hypertensive
segment. It has initiated talks with Tanave Seiyeu of
During 2000-01,the company has tied up with M/s Paul Hartmann of
The new Bulk Drug Plant that is being set up at Patalganga is expected to be
ready for production by November/December 2002. The delay(earlier it was
expected to start production in November/December 2001) in completion of the
plant has been mainly because of change in the plant profile to meet the
requirements of cGMP and ISO accreditation.
The company has got credit rating during 2002 for its Commercial Paper
programme of Rs.100 Millions done from Credit Analysis and
Research Limited (CARE).
The company has created a brand equity and presently the Company has been
ranked 33rd in the Pharmaceutical industry as per the ORG audit.
The main products of the company are Shelcal, Chymoral, Eldervit, Carnitor and
I-Vit. Shelcal has been ranked 25th amongst the first 300 products. Chymoral,
Shelcal and Eldervit remain brand leaders in their respective therapeutic categories.
The company has also introduced some new products during the year 2002, for
treatment of migraine and haemorroids and third generation antibiotics.
The company had received Export House Status from the Minintry of Commerce and
Industries in view of the substantial progress made by the company on the
export front. The company had recently bagged two significant orders from
Fixed
Assets
☻
Land
☻
Buildings
☻
Plant & Machinery
☻
Furniture
and Fixtures
☻
Motor Vehicles
INDUSTRY
The
pharmaceutical industry is knowledge driven industry and is heavily dependent
on Research and Development for new products and growth. However, basic
research (discovering new molecules) is a time consuming and expensive process
and is thus, dominated by large global multinationals.
In the
global pharmaceutical market, western markets are the largest and fastest
growing due to introduction of newer molecules at high prices. A
well-established reimbursement and insurance system implies that per capita
drug expenditure is abnormally high in Western Countries as compared to the
developing nations.
The
Indian pharmaceutical industry is highly fragmented, but has grown rapidly due
to the friendly patent regime and low cost manufacturing structure. Intense
competition, high volumes and low prices characterize the Indian domestic
market. Exports have been rising at around 30% CAGR over last five years.
The Drug
Pricing Control Order (DPCO) has severely restricted profitability and hence
innovation. However, the government has been relaxing controls in a slow but
progressive manner. The span of control of DPCO has come down from 90% in 1980s
to 50% in 1995 and is likely to be further reduced as per the latest proposed
changes.
In the
domestic market, old and mature categories like anti - infectives, vitamins,
analgesics are degrowing or stagnating while new lifestyle categories like
cardiovascular, CNS, anti diabetic are growing at double-digit rates. The
growth of a company in the domestic market is thus critically dependent on its
therapeutic presence.
The
main products of the company are Shelcal, Chymoral, Eldervit, Carnitor and
I-Vit. Shelcal has been ranked 25 amongst the first 300 products. Chymoral,
Shelcal and Eldervit remain brand leaders in their respective therapeutic
categories.
The
company has also introduced some new products during the year 2002, for
treatment of migraine and haemorroids and third generation antibiotics.
The
company has received Export House status from the Ministry of Commerce and
Industries in view of the substantial progress made by the company on the
export front. The company had recently bagged two significant orders from
The
company’s wholly owned subsidiary Jimp Capsule and Chemical Private Limited has
been amalgamated with the company w.e.f. 1st January, 1996.
Subject
is in trade terms with:
☻
☻
☻
Airsep Corporation,
☻
☻
☻
☻
☻
☻
☻
☻
☻
Norland Medical Systems,
☻
☻
☻
☻
Sigma
☻
St. Jude Medical Co.,
☻
Tiger Medicals,
☻
Trans Bussan SA,
☻
Yamanouchi Pharma, The
☻
Akshay Printers
☻
Canara Packaging
☻
Mayur Printers
☻
K. Laminates
☻
Veer Offset
☻
S. D. Enterprises
AS
PER WEBSITE
Elder is
engaged in the manufacture of a wide range of pharmaceutical products
through research and development and also in the manufacturing and marketing of
diverse products through licensing agreements with international pharmaceutical
companies. The company is also engaged in the manufacturing of active
pharmaceutical ingredients.
PLANTS
Elder has manufacturing facilities in Nerul,
Pawane and Patalganga (all in the state of
PORTFOLIO
Elder
has a strong portfolio of brands - Shelcal, Eldervit and Chymoral among others
– that are leaders in their respective therapeutic segments and manufactured in
various dosage forms like tablets, capsules, injections and liquids.
PRESENCE
Elder, which has it's headquarter in Mumbai, is ably supported by branch
offices in Chennai, Kolkata and
To occupy a prominent place in National and International
Health Care arena, with focus on research and global collaborations.
VISION
To
become Rs. 10000 Millions company by year 2009.
VALUES
·
They are committed to highest standards of ethics, integrity and
honesty.
·
They strive to create an environment of dignity, mutual respect,
encouragement and teamwork.
·
They are committed to setting high standards of performance.
·
They believe in earning customer's trust through quality of their
products & services.
·
They nurture intellectual capital and encourage the spirit &
innovation.
|
Segment |
Alliances |
Products |
|
Wound care |
ABC Limited, |
Salutyl Oxoferin Bandages & ncontinence |
|
Pain management |
Angelini, Italy GEA Limited, |
Tantum - gel, oral rinse |
|
Cardiovascular |
|
Carnitor |
|
Neuro drugs |
Covex, |
Excita |
|
Consumer products |
|
Blistex Lip Care Products Tiger product range |
|
Medical diagnostics |
|
Oxygen concentrators/ Homefill Systems
(Cylinders) |
|
Others |
APR, |
Fain gel Fluimucil Dermatology Fongitar,
Acne-Aid, Oilatum Zadaxin Macmirror, Polimod |
Elder
Pharmaceuticals Limited
API
In view of its growing exposure in formulations and generics, Elder made a
proactive backward integration into the manufacture of APIs with the objective to
control quality at all stages, strengthen logistics management and reduce
costs.
Ellife
For over 17 years Elder
has continuously evolved and perfected its pursuit of providing the best in
healthcare to the people of the country.
In an otherwise demanding and stressed out existence, bring
bach the zing with ellife .... The
Elixir of Life.
Elzena
Generic formulations has existed in the Indian
pharmaceutical market over the decades but has always been identified as a
niche market predominated by local or regional players. This market includes
the generic and branded generic and is estimated at Rs 15000 Millions per annum
as per industry sources.
Exports
The exports of company commenced in 1991 when it received its first order from
Hartmann
Elder has collaborated with one of
Industrial Equipment
Elder Instruments Private Limited is part of "Elder
Group of Companies", having strategic interests in Pharmaceuticals, Bulk
Drugs, Healthcare, Consumer Products, Medical Equipments, and Process
Instrumentation, besides Industrial Automation.
Innmed Technologies
amg International develops manufactures and markets high
quality, innovative products like coronary stents & PTCA balloon catheters
on worldwide basis. The company, which has its headquarters in Raesfeld-Erle in
Medical Electronics
Edler has over the past 10 years established a reputation
for itself in the market of medical equipment and instrumentation both to the
medical professionals and patients. With the increasing awareness of
healthcare, the market for medical equipment is growing rapidly in
Milex
Seventy percent of
Pharmaceuticals
The Company ranked 33rd among the first 50 companies in India as per
ORG Audit for the month of December 2004 has its strength in marketing niche
products where it has created a therapeutic category. The Company's strength
also lies in marketing products, which are original research products where
there are no patent violations and the Company has created its own brand equity
in pharmaceutical marketing. The Team 'A' component if taken on an individual
basis can be also ranked 78th in the Indian Pharma market.
SciClone
SciClone division of Elder Pharmaceuticals Limited promoting super speciality
product Zadaxin to its super specialists targeted doctors through a team of
well trained Product Specialist and well qualified and experienced managers all
over the country.
Sterisett
MISSON - Strengthing the safety bond
between healthcare personnel and patients by reducing nosocomial infections
They market infection control products of the new generation
under marketing tie up with leading international companies in
Elder
Health Care Limited
Consumer Products
The consumer product division of Elder Pharmaceuticals is
promoting consumer wellness brands in fast moving health goods segment, which
are sold over the counter. This divisions' vision is to focus on emerging
market segments of personal hygiene, topical pain relief and preventive life
style related ailment segments. The products from the Consumer Division
primarily passes through two criteria i.e., I) Long term safety and II
)Effectiveness. The division has entered into strategic alliances to provide
consumers with world-class brands with proven efficacy.
Eldermis
Elder Pharmaceuticals has always been dedicated towards bringing the doctors' a
world of innovative healthcare products' that go beyond modern science.
Elder's products always strive meet international standards
and efficasy. They have gained worlwide markets and associations and have
achieved unbeatable loyalty accross the country.
Elkidz
Medicine for children always meant miniature doses of adult
medication. Not only is it unfair to children, but the real efficacy is always
suspected due to unspecific dosage.
EWF - Ela Medical
EWF, Cardiac Therapy Division
is the sole marketing agent for Ela Medical Pacemakers in
EWF - Pharma
The Health Care landscape has changed profoundly in the new
millennium. Keeping in line with the changing Health Care scenario, they have
designed a Corporate Mission.
Elder
Vision
Ralph Waldo Emerson quotes (American poet, lecturer and essayist, 1803-1882)
Eyes have one language everywhere. Eyes are the windows to
the soul. Yet they take eyes for granted. Only when they start complaining - do
they tend to "look" at them. To care for these precious gifts of god
- Elder Vision, a division of Elder Healthcare Limited, was launched on the
14th of October 2004 with the pledge- "They
Are Seriously Involved In Ophthalmology."
Elder Pharm to acquire 20% stake in Neutrahealth Plc
Taking a step to enter the regulated
markets of Europe and then USA, the Mumbai-India headquartered, Rs 5000
Millions Elder Pharmaceuticals Limited (“Elder”) has conditionally agreed to
acquire a 20 per cent stake in London based NeutraHealth plc (“NeutraHealth”),
an AIM (LSE) listed company, by way of a subscription for shares. The
acquisition offers Elder an established platform for rolling out its products
through all its key channels to the European nutraceutical market.
Elder’s subscription for shares in
NeutraHealth, worth about Rs 470 Millions, is Elder’s first investment in
European markets. Furthermore, Mr Jagdish Saxena, a main board director of
Elder, will be appointed as a director of NeutraHealth. All of these
proposals will take effect from, and are conditional upon, the existing
shareholders of NeutraHealth giving their approval in a general meeting,
expected to be held in August.
NeutraHealth has a turnover of Ł23 million
and a market capitalization of close to Ł16.8 million. NeutraHealth,
which has established directors like Sir Gulam Noon, the curry entrepreneur of
UK and Martin Gatto, a former CFO of Hilton International, the hotel
group.] Among the companies directly owned by NeutraHealth are BioCare
Limited, Nutrigold Limited and Brunel Healthcare Limited. These companies
market and distribute a range of nutraceutical products such as vitamins,
specialised health supplements, over the counter medicines and "detox in a
box" health treatments, as well as the TravelGuard range of travel-related
health products.
NeutraHealth intends to use the proceeds
of the subscription for shares by Elder to reduce existing debt and develop its
business interests in the high growth, niche area of the expanding functional
foods sector. The dietary supplements sector is also growing in
popularity as consumers become more health conscious. It is estimated
that half of the population take vitamin supplements. Overall, the
nutraceutical sector is growing by 10 to 15 per cent a year and this is likely
to increase with the aging population.
Says Mr Alok Saxena, Director
(International), Elder, “We have been looking for the right opportunity to
invest in the regulated markets and this transaction begins that process.
NeutraHealth has[strong market positions - in the vitamins, minerals
and supplements sector of the
Says Michael Toxvaerd, Chief Executive,
NeutraHealth, “The infusion of funds through Elder’s equity investment and
Elder’s expertise in mass scale distribution should position NeutraHealth to
grow at a much faster rate. Our strategy to date has been to build a
group of companies within the nutraceutical market which will deliver growth
through organic expansion and through strategic acquisitions. Whilst we
plan to continue to make strategic acquisitions that complement our existing
businesses, we also plan to expand our production innovation,
direct-to-consumer sales channels, export networks and supply chain synergies.”
Press Releases
Elder Pharma to pick-up 20 pc stake in Neutra Health
(Economic Times / July 27, 2007)
·
July 27 ,2007, MUMBAI:
Elder Pharmaceuticals on Thursday said it will acquire a 20 per cent strategic
stake in the UK-based Neutra Health for 5.63 million pounds (about Rs 470 Millions). The company would acquire over 35.100 Millions equity shares of face value of 10 pence of the AIM listed
Neutra Health, at a price of 16 pence per share, Elder Pharmaceuticals said in
a communique to the Bombay Stock Exchange (BSE). The funding of this investment
is proposed to be done through Foreign Currency Convertible Bonds (FCCBs), it
said. The company expects great synergies from the transaction with a
possibility of back-end production of some of the Neutra Health brands by it. Some
of the brands of Neutra Health can also be brought into
Elder Pharma buys 20% in UK co for Rs 470 Millions
(Moneycontrol.com / July 26, 2007)
·
July 26 ,2007, Elder
Pharma has bought 20% stake in UK-based Neutra Health for Rs 470 Millions. Neutra Health is a marketing and distribution company
listed on
Elder Pharma net up 15 per cent
(Business Standard / Mumbai July 25, 2007)
·
July 25 ,2007, Elder
Pharmaceuticals has posted a net profit of Rs.150.800
Millions for the first quarter ended June 2007, an increase of 15
per cent from the Rs.131.100 Millions net
profit posted during the previous corresponding quarter of 2006. Income from
operations has gone up by 15 per cent to Rs 1252.500
Millions for the quarter, compared to the corresponding previous
quarter results of Rs 1083.900 Millions.
Elder Pharma, Enzymotec ink in-licensig deal
(Economic Times / July 6, 2007)
·
June 6 ,2007, MUMBAI:
Elder Pharmaceuticals Limited has entered into an exclusive in-licensing
agreement with Enzymotec of Israel for launching cholesterol reducing dietary
supplement, CardiaBeat, in
Elder Pharma expanding its R&D facility in Navi Mumbai,
working on some NDDS products
·
May 30 ,2007, The
Mumbai based Rs 4600- Millions plus pharma company; Elder Pharmaceutical
is expanding its research and development facility at Navi Mumbai, with the
investment of around Rs 100 Millions. The
new expansion will be complete within six months. Currently, the company is
working on a new project on NDDS and it is planning to tie up with leading MNC.
Talking to Pharmabiz, Alok Saxena, director (International), said, "We are
expanding our R&D facility and also working on new NDDS projects.
Currently, we are working on a range of new products in the area of neutraceuticals
and women's healthcare. At present, the strength of the manpower in our R&D
facility is 45 and it will go up to 100 after expansions are over. To face the
global challenges, we are working on the new technology and new product
development. The company is targeting a turnover of Rs 10000 Millions by 2010." Recently, the company has entered into a
joint in-licensing collaboration with Cymbiotics Inc., of
Elder Health bets on brand extensions
(DNA Money, Mumbai ( May 11, 2007))
·
May 11 ,2007, MUMBAI:
Elder Healthcare is extending its over-the-counter product range. An associate
company of Elder Pharmaceuticals Limited, the firm plans to launch extensions
of current brands and smaller packs of existing healthcare products over the
next few months. After launching the fairness range for women in a joint
venture with Shahnaz Husain, Elder is now planning to tap the niche fairness
market for men. It is about to launch Shahnaz Husain Fair One fairness cream.
“It has a potential to be a Rs 150- Millions product in the first year,” said Anuj
Saxena, managing director, Elder Healthcare Limited Currently, only two men’s
fairness creams are present. Fair & Lovely (Men’s active) with a market
size of about Rs 150 Millions and Fair & Handsome with
about Rs 400 Millions, said Saxena. “Shahnaz Husain
has launched this product in the
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.40.36 |
|
|
1 |
Rs.82.18 |
|
Euro |
1 |
Rs.55.31 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
65 |
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 |
|