MIRA
INFORM REPORT
|
Report Date : |
15.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
JUBILANT ORGANOSYS LIMITED |
|
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Formerly Known as : |
VAM ORGANIC CHEMICALS (VOCL) |
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Registered Office : |
Bhartiagram, Gajraula, District Jyotiba Phuley Nagar – 244 223, Uttar
Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.06.1978 |
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Com. Reg. No.: |
20-4624 |
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CIN No.: [Company
Identification No.] |
U24116UP1978PLC004624 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTJ00275C |
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Legal Form : |
A Public Limited Liability company. The company’s shares are listed on
the Stock Exchanges. |
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Line of Business : |
Manufacturing of basic and speciality chemicals such as acetaldehyde,
acetic acid, acetic anhydride, vinyl acetate monomer and pyridine bases and
their derivatives. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 38000000 |
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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 of Bhartia Group, which is a
medium, sized industrial house.
Available information indicates high financial responsibility of the
company and its directors. Their
trade relations are reported as fair.
The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
Bhartiagram, Gajraula, District Jyotiba Phuley Nagar– 244 223, Uttar
Pradesh, India |
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Tel. No.: |
91-5924-252351/252353-60 |
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Fax No.: |
91-5924-252352 |
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E-Mail : |
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Website : |
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Corporate Office : |
Plot No.1A, Sector – 16-A, Noida – 201 301, Uttar Pradesh, India. |
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Tel. No.: |
+91 120 2516601 / 2516611 |
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Fax No.: |
+91 120 2516629 |
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E-Mail : |
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Website : |
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Mumbai Office |
Contractor Building (Ground Floor) 46 R K Marg, Ballard
Estate, Mumbai – 400038 |
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Factory 1 : |
Bhartiagram,
District Jyotiba Phuley Nagar – 201 304, Uttar Pradesh, India |
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Tel. No.: |
91-5924-252351
/ 252353-360 |
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Fax No.: |
91-5924-252352 |
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Factory 2 : |
Village
Nimbut, Near Nira Railway Station, District Pune, Maharashtra, India |
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Tel. No.: |
91-2112-269155-57 |
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Fax No.: |
91-2112-269154 |
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Factory 3 : |
56 Industrial
Area, Nanjangud, Distt. Mysore - 571 302 Karnataka, India |
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Tel. No.: |
91 8221 228402-08 |
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Fax No.: |
91 8221 228410-11 |
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Factory 4 : |
Block
No. 133, P. O. Samlaya, Savli Jarod Road, Taluka Savli, Vadodara – 391 520,
Gujarat, India |
|
Tel. No.: |
91-2667-251306
/ 251281 / 251326 / 251361-63 |
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Fax No.: |
91-2667-251305 |
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Factory 5 : |
Trigen Laboratories
Inc. 207 Kinley Drive, Salisbury, MD, 21801 |
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Tel. No.: |
1 410 860 8500 |
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Division : |
Agro Business
Division
v
4th Floor, Sheetla House, 74, Nehru Place, New Delhi – 110 019, India Tel. 91-11-26465772 / 26435922 Fax. 91-11-26469088 E-Mail. rkapoor@vamorganic.com Contact Person : Mr. Raju
Kapoor Feed Additives Division v
16A, Dutt Vihar Society, Behind ABB House, Race Course Circle,
Vadodara – 390 005, Gujarat, India Tel. 91-265-2339411 / 2336640 Fax. 91-265-2339466 E-Mail. anichembaroda@yahoo.com
Contact Person : Mr. Subodh
Mishra International Division v
5th Floor, Mansarovar, 90, Nehru Place, New Delhi – 110 019, India Tel. 91-11-26292582 / 26211129 Fax. 91-11-26292420 / 26239337 E-Mail. vamintl@vamorganic.com Contact Person : Mr. L. R.
Tandon Organic Intermediates Division v
4th Floor, 'Skyline House', 85, Nehru Place, New Delhi-110 019, India Tel. 91-11-26465772 / 26435922 Fax. 91-11-26469088 E-Mail. ddua@vamorganic.com Contact Person : Mr. Dinesh Dua Performance Chemicals Division v
2nd Floor, Skyline House, 85, Nehru Place, New Delhi – 110 019, India Tel. 91-11-26435922 / 26465772 Fax. 91-11-26469088 E-Mail. msharan@vamorganic.com
Contact Person : Mr. Madhav
Sharan Speciality Products Division v
3rd Floor, Hemkunt Chambers, 89, Nehru Place, New Delhi – 110 019,
India Tel. 91-11-26428869 / 0347 Fax. 91-11-26465810 E-Mail. vkaushik@vamorganic.com Vinyl Pyridine Latex Division v
16A, Dutt Vihar Society, Behind ABB House, Race Course Circle,
Vadodara – 390 005, Gujarat, India Tel. 91-265-2339411 / 2336640 Fax. 91-265-2339466 E-Mail. 1. monojit@gnahd.global.net.in Contact Person : Mr. Monojit
Mukherjee |
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R and D
Facility: |
Uttar Pradesh
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Marketing
offices: |
Located at :
Ahmedabad, Bangalore, Kolkata, Chennai, New Delhi,
Ludhiana, Mumbai, Vadodara and Hyderabad
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Overseas
Office : |
Ř
Shanghai Representative Office G/10F, Jiu Shi Fuxing Mansion, 918, Huai Hai Zhong
Road, Shanghai PC 2000 20
Tel. 86 21 6415 9378
Fax. 86 21 6415 2793
E-Mail. vamsh@sh163b.sta.net.cn
Ř
One Evergreen Avenue, Suite LL6,
Hamden, CT 06518 Tel. 1-203 230 4890
Fax. 1-203 230 4870
E-Mail. c.gonzalez.vam@worldnet.att.net
|
|
Branches : |
Uttar Pradesh
Tamilnadu
Fax
: 91 44 24335875 Andhra Pradesh
Hyderabad – 500029 Andhra
Pradesh, India
Karnataka
Maharashtra
Maharashtra
Gujarat
Tel. : 91 79 27541519, 27541120, 27541037 Fax : 91 79 27544561 West Bengal
|
DIRECTORS
|
Name : |
Mr. Shyam S Bhartia |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Hari S Bhartia |
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Designation : |
Co-Chairman and Managing Director |
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|
Name : |
Dr. J M Khanna |
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Designation : |
Executive Director &President (Life Sciences) |
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Qualification : |
M.S. (Organic Chemistry), Ph.D. |
|
Experience : |
39 years |
|
Date of Appointment : |
16 August 2002 |
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Name : |
Mr. S N Singh |
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Designation : |
Executive Director & President (Chemicals) |
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Qualification : |
B. E. (Chemical Engineering) |
|
Experience : |
44 years |
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Date of Appointment : |
14 December 1981 |
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Name : |
Mr. S Bang |
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Designation : |
Executive Directors (Manufacturing and Supply Chain Operations) |
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Date of Birth/Age : |
55 years |
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Qualification : |
M.Tech (Chem Engg.) |
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Experience : |
33 |
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Date of Appointment : |
02.06.2003 |
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Name : |
Mr. Arabinda Ray |
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Designation : |
Directors |
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|
Name : |
Mr. Bodhishwar Rai |
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Designation : |
Directors |
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Name : |
Mr. Surendra Singh |
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Designation : |
Directors |
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Name : |
Mr. H K Khan |
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Designation : |
Directors |
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|
Name : |
Dr. Naresh Trehan |
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Designation : |
Directors |
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Name : |
Mr. Ajay Relan |
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Designation : |
Directors |
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Name : |
Mr. Abhay Havaldar |
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Designation : |
Directors |
KEY EXECUTIVES
|
Name : |
Mr. R Sankaraiah |
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Designation : |
Executive Directors – Finance |
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Date of Birth/Age : |
47 Years |
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Qualification : |
B.sci., FCA |
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Experience : |
22 Years |
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Date of Appointment : |
09.09.2002 |
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|
Name : |
Mrs. Lalita Jain |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Shareholding of
Promoter and Promoter Grou : |
||
|
India : |
|
|
|
A : Individuals / Hindu Undivided
Family |
1847235 |
1.29 |
|
B : Central Government / State
Government(s) |
0 |
0.00 |
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C : Bodies Corporate |
66919129 |
46.68 |
|
D
: Financial Institution / Banks |
0 |
0.00 |
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Foreign : |
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A : Individuals (Non – Resident
Individuals / Foreign Individuals) |
0 |
0.00 |
|
B : Bodies Corporate |
0 |
3.88 |
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C : Institutions |
0 |
0.00 |
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|
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Public
Shareholding : |
||
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Institutions : |
|
|
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A : Mutual Funds |
917618 |
0.65 |
|
B : Financial Institution / Banks |
2344722 |
1.66 |
|
C : Foreign Institutional
Investors |
16852172 |
11.75 |
|
D : Foreign Financials
Institutional |
24105073 |
16.80 |
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Non –
Institutions : |
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A : Bodies Corporate |
9116794 |
6.89 |
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B : Individuals - |
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|
(1) Individual
Shareholders holding nominal share capital upto Rs. 1 Lakh |
8136970 |
9.72 |
|
(2) Individual Shareholders
holding nominal share capital in excess of Rs.1 Lakh |
0 |
0.18 |
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C : Any Others : |
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(1) The Custodian Special
Court |
0 |
0.04 |
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(2) Non – Resident
Individuals |
214120 |
0.46 |
|
(3) foreign Individuals |
3200 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of basic and speciality chemicals such as acetaldehyde,
acetic acid, acetic anhydride, vinyl acetate monomer and pyridine bases and
their derivatives. |
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Products : |
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PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Alcohol |
KBL |
157,700 |
102,679 |
|
Organic including Speciality Chemicals and its
Intermediates |
MT |
485,108 |
424,583 |
|
Polymers including Co-polymers and VP Latex/SBR latex |
MT |
32,060 |
26,493 |
|
Single Superphosphate |
MT |
132,000 |
172,822 |
|
Sulphuric Acid |
MT |
57,750 |
57,585 |
|
Dry & Acqueous Choline Chloride & Ethyoxylates |
MT |
22,000 |
8,968 |
|
Feed Premixes |
MT |
3,500 |
1,680 |
|
Agri Chemicals |
KL |
-- |
609 |
|
Active Pharmaceuticals Ingredients [API] |
MT |
293 |
214 |
|
IMFL |
KBL |
10,800 |
4,706 |
GENERAL
INFORMATION
|
Suppliers : |
Ř Vel make Seals Ř D. R. Scientific
Works Ř Manik Engineers Ř Span Engineers Ř Virava Chemicals Ř Millenium Chemi
Pharma Ř Mander
Engineering Ř Sunil Kumar &
Bros Ř Premium Energy
Transmission Limited Ř Arihant Gujrat
Plastic Industries Ř Century Thread
Works Ř Pious Printers Ř Enkay Containers Ř Makewell
Plasticizers Private Limited Ř Parth Chemical
& Metals Enterprises Ř Metro Polyprints Ř K L J Organic
Limited Ř Polybond
Pharmaceuticals Ř Dhruv Packaging Ř Silver Tone
Gravu-Flex Private. Limited Ř Rodricon
Industries Ř S M Engineering Ř Micro Engineers Ř Dhatukarm
Engineers Ř Vimal Hi-Tech Private.
Limited Ř A K Sales
Corporation Ř Polybond
Pharmaceuticals Ř Niranjan
Containers Private Limited Ř Parkaire
Engineering Co. Private Limited Ř Multi -Max
Engineering. Works Ř Chhaya Packers
& Printers Private. Limited Ř Basant Plastics Ř Pahwa Plastics
Private Limited Ř
Bloom Packaging Private. Limited Ř
K and S Packaging Dynamics Ř
Sun Synthetics Ř
CMC
Enterprises Ř
Purex
Laboratories Ř
Alchem
Laboratories Ř
Kakkar and
Company Ř
India
Hardware and Mills Stores Ř
Jain Mill
Store Private Limited |
|
|
|
|
No. of Employees : |
700 |
|
|
|
|
Bankers : |
Ř ICICI
Bank Limited Ř Export
- Import Bank of India Ř Punjab
National Bank Ř Corporation
Bank Ř Canara
Bank Ř Syndicate
Bank Ř Indian
Bank Ř The
Jammu and Kashmir Bank Limited Ř ABN
AMRO Bank N. V. Ř Standard
Chartered Bank Ř
ING Vysya Bank Limited |
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|
|
|
Banking
Relations : |
Good |
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|
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Auditors : |
|
|
Name : |
Statutory Auditors |
|
Address : |
K N Gutgutia And Company, 11K Gopala Tower, 25, Rajendra Place, New
Delhi – 110 048, India. |
|
|
|
|
Name : |
US GAAP Auditors |
|
Address : |
KPMG, 4B, DLF Corporate Park, DLF City Phase III, Gurgaon – 122 002,
India. |
|
|
|
|
Name : |
Cost Auditors |
|
Address : |
J K Kabra And Company, 552/1B, Arjun Street, Main Viswas Road, Viswas
Nagar, Delhi – 110 032, India. |
|
|
|
|
Name : |
Internal Auditors |
|
Address : |
Ernst And Young Private Limited, Ernst And Young Tower, B-26, Qutab
Institutional Area, New Delhi – 110 016, India. |
|
Associates : |
Ř Air Travels
Bureau (Private) Limited Ř Cable Compound
Limited Ř Dominos Pizzas
India Ltd. Ř Enpro Services
Limited Ř Hindustan Wires
Limited Ř India Glycols
Limited Ř Insilco Limited Ř Intelcom Limited Ř Jubilant Biosys
(P) Limited Ř Jubilant Enpro
India Limited Ř Vam Employees
Provident Fund Trust Ř Ogan India
Private Limited Ř Ramganga
Fertilizers Limited (Sick Unit) Ř Vam Petro
Products Private Limited Ř Vam Leasing
Limited Ř Vam Investments
Limited Ř Vam Organic
Chemicals, USA Ř Jubilant Enpro
Private limited Ř Jubilant Oil and
Gas Private limited Ř Enpro Oil
Private limited |
|
Subsidiaries : |
Ř Jubilant Pharma
N. V. Ř Pharmaceutical
Services Incorporated N. V. Ř Jubilant
Organosys (USA) Inc. Ř Jubilant Clinsys
Limited Ř Jubilant Pharma
Pte. Limited Ř Trigen
Laboratories, Inc. Ř Jubilant
Pharmaceuticals Inc. Ř Jubilant
Organosys (Shanghai) Limited Ř PSI Supply N. V. Ř Jubilant Biosys
Limited Ř Jubilant Chemsys
Limited Ř Clinsys Holding
Inc. Ř Clinsys Inc. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000000 |
Equity Shares |
Rs. 5.00 each |
Rs.300.000 millions |
|
2500000 |
Redeemable Cumulative Preference Shares |
Rs. 100.00 each |
Rs.250.000 millions |
|
|
Total |
|
Rs.550.000millions |
Issued, Subscribed :
|
No. of Shares |
Type |
Value |
Amount |
|
142,474,995 |
Equity Shares |
Re. 1.00 each |
Rs.142.480 |
|
|
|
|
|
|
|
Total |
|
Rs.142.480 |
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
142,442,995 |
Equity Shares |
Re. 1.00 each |
Rs.142.440Millions |
|
|
Add. Equity shares forfeited |
|
Rs.
0.020Millions |
|
|
Total |
|
Rs.142.460Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
143.500 |
142.460 |
129.580 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9473.200 |
8,102.10 |
4,830.520 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9616.700 |
8,244.560 |
4,960.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3614.000 |
2,385.340 |
2,038.150 |
|
|
2] Unsecured Loans |
12338.100 |
3,854.540 |
1,619.730 |
|
|
TOTAL BORROWING |
15952.100 |
6,239.880 |
3,657.880 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
1,056.350 |
857.700 |
|
|
|
|
|
|
|
|
TOTAL |
25568.800 |
15540.790 |
9475.680 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8394.200 |
6,986.510 |
5,275.930 |
|
|
Capital work-in-progress |
1768.400 |
1,168.970 |
929.700 |
|
|
|
|
|
|
|
|
INVESTMENT |
12758.100 |
2,415.440 |
990.230 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3117.700 |
2,818.040 |
1282.800 |
|
|
Sundry Debtors |
2901.400 |
2,462.060 |
1455.050 |
|
|
Cash & Bank Balances |
130.400 |
1,082.280 |
208.350 |
|
|
Loans & Advances |
2605.400 |
1,950.660 |
0.000 |
|
Total
Current Assets |
8754.900 |
8,313.040 |
4,955.060 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
3889.000 |
2,281.000 |
2,039.530 |
|
|
Provisions |
2258.700 |
1,094.370 |
691.290 |
|
Total
Current Liabilities |
6147.700 |
3,375.370 |
2,730.820 |
|
|
Net Current Assets |
2607.200 |
4,937.670 |
2,224.240 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
40.900 |
32.200 |
55.580 |
|
|
|
|
|
|
|
|
TOTAL |
25568.800 |
15540.790 |
9475.680 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
17434.200 |
15048.900 |
12179.600 |
|
|
Other Income |
992.000 |
209.700 |
194.100 |
|
|
Increase / (Decrease) in Stocks |
197.200 |
118.500 |
248.700 |
|
|
Total Income |
18623.400 |
15377.100 |
12622.400 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
2995.700 |
1790.900 |
1503.100 |
|
|
Provision for Taxation |
680.800 |
403.000 |
370.200 |
|
|
Profit/(Loss) After Tax |
2314.900 |
1387.900 |
1132.900 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
NA |
4614.480 |
3393.820 |
|
|
Commission Earnings |
NA |
0.000 |
0.000 |
|
|
Other Earnings |
NA |
39.460 |
3.130 |
|
Total Earnings |
NA |
4653.940 |
3396.950 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
NA |
2067.590 |
1726.880 |
|
|
Stores & Spares |
NA |
114.350 |
31.580 |
|
|
Capital Goods |
NA |
115.540 |
121.990 |
|
|
Trading Goods |
NA |
325.930 |
168.610 |
|
Total Imports |
NA |
2623.41 |
2049.06 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Materials |
8286.700 |
7424.100 |
5894.400 |
|
|
Excise Duty |
1345.700 |
1199.800 |
1059.500 |
|
|
Power & Fuel Cost |
1297.900 |
1162.400 |
1022.500 |
|
|
Other Manufacturing Expenses |
1465.500 |
1113.300 |
903.100 |
|
|
Employee Cost |
971.000 |
772.100 |
678.000 |
|
|
Selling and Administration Expenses |
1401.500 |
1139.000 |
940.100 |
|
|
Miscellaneous Expenses |
98.600 |
36.400 |
44.900 |
|
|
Interest & Financial Charges |
245.200 |
297.500 |
229.100 |
|
|
Depreciation |
515.600 |
441.600 |
347.700 |
|
Total Expenditure |
15627.700 |
13586.200 |
11119.300 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2007 (1st
Quarter) |
30.09.2007 2nd
Quarter |
|
Sales Turnover |
|
4549.000 |
4930.000 |
|
Other Income |
|
905.000 |
310.000 |
|
Total Income |
|
5454.000 |
5240.000 |
|
Total Expenditure |
|
3595.000 |
3849.000 |
|
Operating Profit |
|
1859.000 |
1391.000 |
|
Interest |
|
63.000 |
51.000 |
|
Gross Profit |
|
1796.000 |
1340.000 |
|
Depreciation |
|
141.000 |
143.000 |
|
Tax |
|
271.000 |
80.000 |
|
Reported PAT |
|
1384.000 |
1117.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt
Equity Ratio |
|
1.24 |
0.75 |
1.12 |
|
Long
Term Debt Equity Ratio |
|
1.08 |
0.64 |
0.88 |
|
Current
Ratio |
|
1.26 |
1.40 |
1.14 |
|
TURNOVER
RATIOS |
|
|
|
|
|
Fixed
Assets |
|
1.52 |
1.60 |
1.58 |
|
Inventory
|
|
5.87 |
6.57 |
8.00 |
|
Debtors |
|
6.50 |
7.09 |
7.52 |
|
Interest
Cover Ratio |
|
13.22 |
7.36 |
7.56 |
|
Operating
Profit Margin |
(%) |
21.55 |
16.71 |
17.08 |
|
Profit
Before Interest and Tax Margin |
(%) |
18.59 |
13.77 |
14.22 |
|
Cash
Profit Margin |
(%) |
16.24 |
12.16 |
12.16 |
|
Adjusted
Net Profit Margin |
(%) |
13.28 |
9.22 |
9.30 |
|
Return
on Capital Employed |
(%) |
16.21 |
18.03 |
23.41 |
|
Return
on Net Worth |
(%) |
25.92 |
21.07 |
32.33 |
LOCAL AGENCY
FURTHER INFORMATION
Subject,
formerly known as Vam Organic Chemicals (VOCL) was promoted by Bofors, Sweden, Hindustan
Wires, and M L Bhartiya of the Bhartiya group. The company manufactures pharma
& life science chemicals, performance chemicals and industrial chemicals.
The company is one of the largest Custom Research and Manufacturing Services
(CRAMS) companies and a leading manufacturer of Active Pharmaceutical
Ingredients (APIs) in India.
In 1983, VOCL promoted India Glycol to manufacture mono ethylene glycol in
technical collaboration with Scientific Design Company, US. VOCL has a
technical collaboration with Noble Chematur, Sweden, for supply of know-how and
basic engineering for the manufacture of vinyl acetate monomer (VAM). It also
has technical collaborations with Crown Decorative, UK, for high-pressure
emulsions; Technimont, Italy, for poly vinyl alcohols; Hydrogas, Denmark, for
recovering carbon dioxide; and Biotim, Belgium, for production of biogas. VOCL
took over Ramganga Fertilisers (RFL), a sick company, in 1994.
The subsidiaries of the company are Jubilant Biosys Ltd, Jubilant Chemsys Ltd,
Jubilant Clinsys Ltd, Jubilant Organosys USA Inc., Jubilant Organosys
(Shanghai) Ltd, Jubilant Pharma NV, Pharmaceuticals Services Incorporated NV
and PSI Supply NV.
The Company was awarded ISO 9001 & 9002. The company has various expansion
plans like manufacturing of Tri Ethyl Phosphate (TEP), Wood Finishes a polymer
based product in collaboration with Kemira Coatings Ltd, UK, further
Construction Chemicals in collaboration with Teutoburg of Germany.
The 'Organic Intermediates Division' of the company has been the largest
manufacturer of alcohol based chemical in India. This division has organised
into three business unit - Acetyls, Vam, Pyrdine & Picolines. Company's
'Speciality Product Division' related to branded consumer adhesives, footwear
adhesives, Wood working adhesives, Speciality wood finishing systems &
contruction chemicals this products are used in industrial as well as household
sector. Vamicol brand of adhesives is one of the top brands in the Indian
Market. Company has revamped its Single Superhosphate (SSP) & Sulphuric
Acid Plants of 'Fertiliser Division' for increasing capacity. Company's SSP
fertiliser marketed under the brand 'Ramban' is well accepted in the market.
With the Merger of Anichem India Ltd & Enpro Speciality Chemicals Ltd two
new business units - Feed Additives & Vinyl Pyridine Latex will get added
advantage. To expand the export business & make market access easy company
a subsidiary company was incorporated in the U.S. & Europe to expand the
distribution of network & it also opened office in Shanghai which would
help to increase its market share in Chinese Market.
During 1999-2000, the strategic initiative of acquisition of erstwhile Polychem
unit at Nira near Pune having production facility of Alcohol, Acetic Acid and
Vinyl Acetate Monomer was completed and plant commenced operation in first
quarter. Also the merger of erstwhile Anichem India & Enpro Speciality
Chemicals was approved by the high court and the company allotted 839897 equity
shares of Rs. 10 each fully paid up to the shareholders of erstwhile Anichem
India & Enpro Speciality Chemicals. During November, 2001 the name of the
company was changed to Jubilant Organosys Limited.
To provide range of software services and development of software systems the company
had floated a new venture named Jubliant Biosys with 51% stake. The venture is
located in Bangalore. A new technique for sterilizing surgical instruments with
a mixture of ETO/CO2 had been successfully commercialized. During 2002-03 it
made entry into Active Pharmaceutical Ingredients business by way acquiring Max
India's API operations. The acquired API business is having plant in Nanjangud;
Mysore is a US FDA approved manufacturing plant. With the approval from Delhi
& Allahabad High Courts the two subsidiaries viz VAM Investments Ltd and
VAM Leasing Ltd was merged with the company from 1st April, 2002.
During 2004-05 the company enhanced its installed capacity of Alcohol, Organic
including Speciality Chemicals & its Intermediates and Active Pharma
Ingredients by 5900 KBL, 12821 MT and 16 MT. With this expansion the total
installed capacity of Alcohol, Organic including Speciality Chemicals & its
Intermediates and Active Pharma Ingredients has increased to 157700 KBL, 387545
MT and 218 MT.
The company is setting up a new R&D Center for development of dosage forms
with an area of 20000 Sq.ft equipped with latest equipment to develop new
processes and products. Jubilant Chemsys Ltd, a subsidiary company has set up a
facility with 25000 Sq.ft employing 47 scientists, to carry out chemical
synthesis of medicinal compounds for drug discovery companies to facilitate
their lead optimization process.
The company has commissioned a new multi purpose facility for the fine
chemicals which has a reactor capacity of 100 kl and this facility has started
commercial production during March 2005. The company has also set up a kilo lab
facility with a reactor capacity of 3.6 kl which is built with technical
assistance from Pharma Plan to offer the seamless scale up from lab scale to
commercial scale was commercialized during February 2005 and this has been
further expanded by 7 kl.
History:
|
CAPITAL STRUCTURE:
(a) SUB-DIVISION:
As approved by the
members through Postal Ballot, each equity share of Rs.5 of the Company was
sub-divided into 5 equity shares of Re.l each on March 24, 2006. Accordingly,
credit was given to the shareholders holding shares in electronic segment on
March 25, 2006 and new certificates were sent to other shareholders who
surrendered existing share certificates. Any member, who has not received the
sub-divided shares, may write to the Registrar and Share Transfer Agent of the
Company.
(b) FCCB 2010
ISSUE :
During the year
under review, the Company issued Zero Coupon Foreign Currency Convertible Bonds
due 2010 (FCCB 02010) for an aggregate value of US$75 million, convertible any
time between July 3, 2005 and May 14, 2010 by holders into fully paid equity
shares of Rs.5 each of the Company or Global Depositary Shares (GDS), each GDS
representing one equity share at an initial conversion price of Rs. 1365.324
per share with a fixed rate of exchange of Rs.43.35 = US$1. The conversion
price is subject to adjustment in certain circumstances. The Bonds may also be
redeemed, in whole but not in part, at the option of the Company at any time on
or after May 23, 2008, subject to satisfaction of certain conditions. Unless
previously converted, redeemed or purchased and cancelled, the Bonds will be
redeemed on May 24, 2010 at 138.383% of their principal amount. The FCCBs are listed
on Singapore Stock Exchange. The GDSs arising out of conversion of FCCBs are
listed on Luxembourg Stock Exchange.
Upon sub-division
of each equity share of Rs.5 into 5 equity shares of Re.l each, the'conversion
price for FCCB 2010 stands reduced from Rs. 1365.324 to Rs.273.0648 per share
and the number of shares to be allotted on conversion will be 5 times the
initially agreed number.
(c) FCCB 2009
CONVERSIONS
The Company had
issued 1.5% Foreign Currency Convertible Bonds due 2009 (FCCB 2009) aggregating
US $ 35 million, in the year 2004-05.
The Bonds are
convertible at any time between June 14, 2004 and April 15, 2009 by holders
into fully paid equity
shares of Rs.5
each of the Company or GDS, each GDS representing one equity Share at an
initial conversion price of Rs.818.23 per share with a fixed rate of exchange
on conversion of Rs. 44.805 = US $1. The conversion price is subject to
adjustment in certain circumstances. The Bonds may also be redeemed, in whole
but not in part, at the option of the Company at any time on or after May 14,
2007 and prior to May 8, 2009, subject to satisfaction of certain conditions.
The outstanding Bonds remaining after conversion will be redeemed on May 15,
2009 at 113.70% of their principal amount. The FCCB 2009 are listed on
Singapore Stock Exchange. The GDS arising out of conversion of FCCBs are listed
on Luxembourg Stock Exchange.
As on 31st March,
2006, FCCB 2009 of US $ 5.55 million were outstanding.
Upon sub-division
of each equity share of Rs.5 into 5 equity shares of Re.1 each, the conversion
price for FCCB 2009 stands reduced from Rs.818.23 to Rs. 163.646 per share and
the number of shares to be allotted on conversion will be 5 times the initially
agreed number.
FIXED ASSETS :
˛ Plant and Machinery
˛ Vehicles
˛ Office Equipments
˛ Furniture and Fixture
˛ Intangibles
˛ Intenally Generated
SUBSIDIARIES :
Brief particulars
of each of the subsidiaries are given below:
- Jubilant
Biosys Ltd - A subsidiary of the Company since 2003-04, Jubilant Biosys
provides Discovery Informatics products and services and collaborative
drug discovery services that include pre-clinical, in-vivo and
formulationservices. It also provides Discovery Research Services which is
driven by the concept of Structure Directed Drug Design. During the year,
Jubilant Biosys signed a 5 year collaborative drug discovery services
contract with Eli Lilly. The Company currently holds 66.98% of the equity
of Jubilant Biosys.
- Jubilant
Chemsys Ltd. - A wholly owned subsidiary of the Company
since September 2004, Jubilant Chemsys continues to offer medicinal
chemistry services to drug discovery companies on Full Time Equivalent or
molecule basis. It also works closely with Jubilant Biosys in
collaborative drug discovery and discovery research services areas.
- Jubilant
Clinsys Ltd. - A wholly owned subsidiary of the Company
since September 2004, Jubilant Clinsys provides Bio Availability and Bio
Equivalence studies and clinical trials management services. It conducted
some of the BA/BE studies for product development for European and US
market for the Company and its other subsidiaries. It has a 54 bed
facility along with analytical laboratory facility at Noida to conduct
phase" I clinical trials for New Chemical Entity.
- Clinsys
Holdings, Inc. - This Company was incorporated in Delaware,
USA as wholly owned subsidiary of the Company. This holding company was
incorporated for acquisition of 100% equity in Clinsys, Inc. (earlier
Target Research Associates, Inc.), during the year.
- Clinsys,
Inc. (earlier Target Research Associates, Inc.) - This Company
became a subsidiary of Jubilant Organosys Ltd. by virtue of its becoming a
wholly owned subsidiary of Clinsys Holdings, Inc. during the year.
Clinsys, Inc. is involved in Clinical Operation for phase II to IV, bio
statistics, clinical data management, (QA) and regulatory services and
contract staffing services.
- Jubilant
Pharma Pte Ltd. - This wholly owned subsidiary was incorporated
during the year, to make investments in Trigen Laboratories, Inc.
- Trigen
Laboratories, Inc. - This Company, earlier known as Trinity
Laboratories, Inc., became a subsidiary of Jubilant Organosys Ltd. by
virtue of its becoming a subsidiary of Jubilant Pharma Pte. Ltd. during
the year. Jubilant Pharma Pte Ltd. holds 66.61% equity stake in this
company.
- Jubilant
Pharmaceuticals, Inc. - This company, earlier known as Trigen
Laboratories, Inc., became a subsidiary of Jubilant Organosys Ltd. by
virtue of it being a wholly owned subsidiary of Trigen Laboratories, Inc.
Jubilant Pharmaceuticals is a generic pharmaceutical company located in
the US having US FDA approved manufacturing facility in Maryland, USA.
- Jubilant
Organosys (USA) Inc. - A wholly owned subsidiary of the Company
since January 2000, it undertakes sales and distribution of advance
intermediates, fine chemicals and APIs in Northern America.
- Jubilant
Organosys (Shanghai) Limited -This is a wholly owned subsidiary of
the Company that undertakes sales and distribution of products in China.
This subsidiary is also a sourcing hub for raw materials for the Company.
- Jubilant
Pharma NV - This company is a wholly owned subsidiary of the Company. This
company holds 80% equity of Pharmaceutical Services Inc. NV and PSI Supply
NV.
- Pharmaceutical
Services Inc. NV - This Belgian company offers regulatory
affairs services to generic pharmaceutical companies for the diverse
European market. Jubilant Pharma NV holds 80% stake in this company.
- PSI
Supply NV - This Belgian company undertakes development and supply of generic
dosage forms to European markets. Jubilant Pharma NV holds 80% equity
stake in this company.
The Company has
received exemption from Central Govt. under Section 212(8) of the Companies
Act, 1956 from
attaching Balance
Sheets and other particulars of subsidiaries vide letter dated April 05, 2006.
ACQUISITIONS :
During the year,
the Company made two acquisitions in USA. In June 2005, the Company through its
wholly owned subsidiary, Jubilant Pharma Pte Ltd., acquired Trinity
Laboratories, Inc. (renamed as Trigen Laboratories, Inc.) and its wholly owned
subsidiary Trigen Laboratories, Inc. (renamed as Jubilant Pharmaceuticals,
Inc.), a generic Pharmaceuticals company having US FDA approved manufacturing
facility for solid dosage forms in Maryland, USA. The Company has invested US$
14.25 million to acquire 66.61% equity in Trigen of which US$ 8.25 million has
been paid to the shareholders of Trigen and balance US$ 6 million has been
invested as growth capital.
In October 2005,
the Company, through its wholly owned subsidiary, Clinsys Holdings, Inc.
acquired 100% equity stake in Clinsys, Inc. at a price of US$ 33.5 million
subject to adjustment in case of change in net working capital from zero. The net
working capital is currently assessed at US$ 1.07 million. Clinsys Holdings,
Inc. raised a debt of US$ 20 million and the Company has infused equity of US$
15.5 million in Clinsys Holdings, Inc. to fund the acquisitions. Clinsys is a
clinical research organization based in New Jersey having 161 employees and
around 20 customer relationships. Clinsys is the preferred partner to some of
the large global pharmaceutical companies.
As per website details
Subject is a collaborative, innovative provider of products and services
to the global life sciences industry, striving to accelerate the process of
pharmaceutical drug approval.
They have a presence across the pharmaceuticals value chain ranging from drug
discovery services, custom research and manufacturing services, advance
intermediates and fine chemicals to active pharmaceutical ingredients, dosage
forms and regulatory affairs services.
They also enjoy leadership in Industrial Products and Performance Polymers
products in India.
Corporate Overview
Subject is an integrated pharmaceutical industry player having presence
across the pharmaceuticals value chain. They are a collaborative and innovative
provider of products and services to the global life sciences industry,
striving to accelerate the process of pharmaceutical drug approval. Their range
of offerings include drug discovery and development services, custom research
and manufacturing services, advance intermediates, fine chemicals, active pharmaceutical
ingredients, dosage forms and regulatory affairs services.
They are one of the largest Indian Custom Research and Manufacturing Services
(CRAMS) and Drug Discovery Services companies and a leading active
pharmaceuticals ingredients company in India.
They are a Science Active company with more than 25 years of chemistry
knowledge in producing innovative products and processes by leveraging their
R&D expertise, knowledge driven operations and global scale manufacturing
capacities.
Subject has three subsidiary companies in India - Jubilant Biosys Ltd. for
bio/chemo informatics databases & drug discovery services, Jubilant Chemsys
Ltd. for medicinal chemistry services and Clinsys Clinical Research Ltd. for
clinical research.
They have a strong international presence, having international
subsidiaries in USA, Belgium and China. PSI N.V. and PSI Supply N.V., in which
Jubilant Organosys holds 80% equity, are the Belgium based pharmaceuticals
companies providing regulatory affairs services and supply of dosage forms to
European generic companies. Jubilant Pharmaceuticals, Inc., a subsidiary of
Jubilant in USA, is a generic pharmaceutical company having a US FDA approved
manufacturing facility in the USA. Clinsys Clinical Research Inc., a wholly owned
subsidiary, is a clinical research organization (CRO) operating out of the USA.
Jubilant Organosys also has marketing subsidiaries in USA and China. Jubilant
products are sold across the globe in more than 50 countries.
Their business is
organized in three business segments: Pharmaceuticals & Life Science
Products, Industrial Products and Performance Polymers.
They have four
manufacturing locations in India situated at Gajraula (in Uttar Pradesh),
Nanjangud (in Karnataka), Nira (in Maharashtra) and Samlaya (in Gujarat) and a
US FDA approved manufacturing facility for dosage forms in Maryland, USA.
Globally,
Jubilant Organosys is a leading manufacturer in defined product segments,
including select APIs (e.g., Carbamazepine and Citalopram), Pyridine and its derivatives,
Solid polyvinyl acetate, Vinyl Pyridine Latex and Organic Intermediates (e.g.,
Ethyl Acetate and Acetic Anhydride).
News Highlights
PRESS RELEASE
For Immediate Release
13 DECEMBER 2007
Dual Recognition for Jubilant Organosys's Corporate Sustainability
Program
- Only Indian Company to feature in International Finance
Corporation's Report on global emerging economies
- Receives CII Award for Commitment to Corporate Sustainability
New Delhi, December 11-12, 2007: Jubilant Organosys's Corporate
Sustainability Program has received simultaneous dual recognition from
International Finance Corporation (IFC), USA and CII.
Jubilant's Corporate Sustainability Program features in IFC's new
international report entitled "Market Movers: Lessons from a Frontier
of Innovation" detailing stories of four companies from emerging
markets that have pioneered business strategies. The Report was formally
released by IFC at the recent CII Sustainability Summit.
IFC, a member of the World Bank Group, has developed the "Market
Movers" Report jointly with SustainAbility (UK), an independent
think-tank that specializes in the business risks and market opportunities of
corporate responsibility and sustainable development. The Report cites Jubilant
Organosys, "As a company that has been able to reassure and attract
existing customers and investors by efficiently building Sustainability into
it's business model and sustained reporting of it's initiatives in this
area."
In another achievement, Jubilant was also honoured with a special award
for "Commitment to Sustainability" by CII at its recent
Sustainability Summit.
The CII Award was preceded by a comprehensive audit at Jubilant's
manufacturing locations and several rounds of meeting with senior management to
understand the Company's Corporate Sustainability Strategy. The Award is a
validation of the high level of integrity demonstrated by Jubilant's Corporate
Sustanability Program in successfully managing stakeholder expectations
Speaking on the occasion, Mr. Shyam Bhartia,
Chairman and Managing Director and Mr. Hari Bhartia, Co-Chairman and Managing
Director, Jubilant Organosys Ltd., said, "We
are proud that Jubilant's Corporate Sustainability Program has been recognised
by institutions like IFC and CII, with widely respected benchmarks for
measuring the impact of Corporate Sustainability Programs. Jubilant has
continued to focus on going beyond legislative requirements to voluntarily
building stakeholder feedback into its business model. The Company believes
that for business sustainability and longevity, it has to play its part as a
responsible corporate citizen, by focusing on the triple bottom- line approach
of addressing economic, environmental and social concerns."
About Jubilant
Jubilant Organosys Ltd. is an integrated pharmaceutical industry player,
one of the largest custom research and manufacturing services (CRAMS) and drug
discovery and development services companies out of India. The company has a
presence across the pharmaceutical value chain: from drug discovery, functional
chemistry and clinical research services to custom research and manufacturing
services for advance intermediates and fine chemicals, Active Pharmaceutical
Ingredients and Dosage Forms.
Jubilant Organosys has geographically diversified
manufacturing facilities in seven locations: Gajraula (UP), Nanjangud
(Karnataka), Roorkee (Uttarakhand), Nira (Maharashtra), Samlaya (Gujrat),
Salisbury, state of Maryland (USA) and Spokane, state of Washington (USA). Together,
these help Jubilant cater to 130 customers across more than 50 countries around
the world.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Their
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.40.63 |
|
UK Pound |
1 |
Rs.82.42 |
|
Euro |
1 |
Rs.55.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial condition
(40%) Ownership background
(20%) Payment record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
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 |
|
