MIRA INFORM REPORT
|
Report Date : |
02.02.2007 |
IDENTIFICATION DETAILS
|
Name : |
J. B. CHEMICALS AND
PHARMACEUTICALS LIMITED |
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Registered Office : |
Neelam Centre, 4th
Floor, B-Wing, Hind Cycle Road, Worli, Mumbai – 400 025, Maharashtra, India |
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Country
: |
India |
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Financials
(as on) : |
31.03.2006 |
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Date of Incorporation : |
18.12.1976 |
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Com. Reg. No.: |
11-19380 |
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CIN
No.: [Company
Identification No.] |
L24390MH1976PLC019380 |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on
the Stock Exchanges. |
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Line of Business : |
Manufacturing and
Marketing of bulk drugs, ointments, liquids, cartridges, capsules, tablets,
powder and ampoules |
RATING
& COMMENTS
|
MIRA’s Rating : |
A |
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 13250000 |
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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. Available information
indicates high financial responsibility of the company. Financial position of
the company is good. Business is active. Payments are always 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 : |
Neelam Centre, 4th
Floor, B-Wing, Hind Cycle Road, Worli, Mumbai – 400 025, Maharashtra, India |
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Tel. No.: |
91-22-2493 0918 (4 lines) / 495 4844
/ 493 1039 / 493 5951 |
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Fax No.: |
91-22-2493 0534 / 2493 9633 |
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E-Mail : |
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Website : |
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Research and Development Centre : |
Mohatta Bhavan, 3rd
Floor, Off Dr E Moses Road, Worli, Mumbai – 400018 (upto 31.03.2006) |
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Research and Development Centre : |
Plot No 128/1, GIDC
Industrial Area, Ankleshwar – 393002 |
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Research and Development Centre : |
Plot no 5,Phase IV,
GIDC industrial Area, Panoli |
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Factory : |
Plot Nos. P-10 and 10-P, Shiv Mahape,
P. O. Ghasoli, Dist, Thane, Maharashtra |
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Factory and Research and
Development Center: |
Plot No. A-154/155, Wagle Industrial
Estate, Thane (West), Maharashtra |
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Factory : |
Plot Nos. 128/2B, 129 (1) and 129 (B)
(1), GIDC, Ankleshwar, Dist. Bharuch, Gujarat |
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Factory : |
Plot Nos. 215 to 219, 308 to 310
& Plot No. 5, Panoli Industrial Estate, GIDC Panoli, Dist. Bharuch,
Gujarat |
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Factory : |
Plot No. 10, Golden Industrial
Estate, Opp. Somnath Temple, Somnath Road, Dabhel, Nani Daman, Daman – 396
210, Union Territory |
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Factory : |
Survey No. 101/2
& 102/1 Daman Industrial Estate, Airport Road, Kadaiya, Daman – 396210 |
DIRECTORS
|
Name : |
Mr. Jyotindra B.
Mody |
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Designation : |
Chairman &
Managing Director |
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Date of Birth/Age : |
71 years |
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Qualification : |
Inter Sc. |
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Experience : |
49 years |
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Date of Appointment : |
1st
January, 1977 |
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Name : |
Mr. Dinesh B. Mody |
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Designation : |
Whole-time Director
(Administration) |
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Date of Birth/Age : |
64 years |
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Qualification : |
Exp. in
Administration |
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Experience : |
45 years |
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Date of Appointment : |
1st
January, 1977 |
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Name : |
Mr. Shirish B. Mody |
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Designation : |
Whole-time Director
(Marketing) |
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Date of Birth/Age : |
59 years |
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Qualification : |
B.Sc. (Tech.) |
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Experience : |
40 years |
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Date of Appointment : |
1st
January, 1977 |
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Name : |
Mr. Bharat P. Mehta |
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Designation : |
Whole-time Director
(Planning & Development) |
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Name : |
Mr. Pranabh D. Mody |
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Designation : |
Whole-time Director
(Systems & Operations) |
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Name : |
Mr. Narendra B.
Zaveri |
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Designation : |
Director |
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Name : |
Mr. Vishnu D. Patel |
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Designation : |
Director |
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Name : |
Mr. Bansidhar S.
Mehta |
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Designation : |
Alternate Director |
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Name : |
Mr. Rajen D Shah |
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Designation : |
Whole Time
Director(Systems and Operations) |
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Name : |
Mr. Rajiv C Mody |
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Designation : |
Director |
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Name : |
Mr Rohan P Shah |
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Designation : |
Director |
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Name : |
Mr Kamlesh L Udani |
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Designation : |
Executive Director
(Technical and Production) |
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Name : |
Mr. Durga Dass
Chopra |
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Designation : |
Director |
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Name : |
Mr. Rohit S. Shah |
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Designation : |
Director |
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Name : |
Mr. Chandrakant J.
Mody |
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Designation : |
Director |
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Name : |
Dr. Satyanarain
Agarwala |
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Designation : |
Alternate Director
to Vishnu D Patel |
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Name : |
Dr. Madhukant M.
Doshi |
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Designation : |
Executive Director
(Technical & Production) |
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Name : |
Mr. Mahesh K.
Shroff |
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Designation : |
Director |
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Name : |
Dr. Niranjan N.
Maniar |
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Designation : |
Director |
KEY
EXECUTIVES
|
Name : |
Mr. Beejal Desai |
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Designation : |
Company Secretary |
MAJOR
SHAREHOLDERS
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
Category |
|
|
|
a.
Promoters, Directors & Relatives |
47294550 |
58.84 |
|
b. Mutual
Funds (MPs) |
749928 |
0.93 |
|
c. Banks,
Financial Institutions (Fl's), Insurance Companies |
3208795 |
4.00 |
|
d.
Foreign Institutional Investors (Fll's) |
1220700 |
1.51 |
|
e.
Domestic Companies |
4116139 |
5.12 |
|
f. Indian
Public |
22279142 |
27.72 |
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g. Non
Resident Indians / Overseas Corporate Bodies (NRI's/OCB's) |
1498646 |
1.86 |
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h. Trusts |
275 |
0.00 |
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TOTAL |
80368175 |
100.00 |
BUSINESS
DETAILS
|
Line of Business : |
Manufacturing and
Marketing of bulk drugs, ointments, liquids, cartridges, capsules, tablets,
powder and ampoules |
PRODUCTION
STATUS
[Figures in
Millions]
|
PARTICULARS |
Unit |
|
Installed Capacity |
Actual Production |
|
Bulk Drugs |
Kgs. |
|
31.03.2006 – 3.259 31.03.2005 – 3.259 |
31.03.2006- 0.969 31.03.2005 – 0.709 |
|
Ointments |
Kgs. |
|
31.03.2006 – 0.492 31.03.2005 – 0.492 |
31.03.2006 – 0.368 31.03.2005 -0.256 |
|
Liquids |
Ltrs. |
|
31.03.2006 – 3.210 31.03.2005 – 3.210 |
31.03.2006 – 1.413 31.03.2005 – 1.107 |
|
Cartridges |
Nos. |
|
31.03.2006 – 10.000 31.03.2005 – 10.000 |
31.03.2006 – 0.366 31.03.2005 – 0.260 |
|
Capsules |
Nos. |
|
31.03.2006 – 370.000 31.03.2005 – 370.000 |
31.03.2006 – 92.196 31.03.2005 – 124.112 |
|
Tablets |
Nos. |
|
31.03.2006 – 3940.000 31.03.2005 – 3940.000 |
31.03.2006 – 2700.542 31.03.2005 – 2370.025 |
|
Powder |
Kgs. |
|
31.03.2006 – 0.151 31.03.2005 – 0.151 |
31.03.2006 – 0.193 31.03.2005 – 0.141 |
|
Injections/vials |
Nos. |
|
31.03.2006 – 118.963 31.03.2005 – 118.963 |
31.03.2006 – 69.787 31.03.2005 – 66.810 |
GENERAL
INFORMATION
|
No. of Employees : |
2000 |
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Bankers : |
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Facilities
: |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
J.K. Shah and
Company Chartered
Accountants |
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Address: |
Mumbai |
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Associates/Subsidiaries : |
Sheth Govindrao Smriti, 83 B & C, Dr. Annie Besant
Road, Worli, Mumbai – 400 018, INDIA
Sheth
Govindrao Smriti, 83 B & C, Dr. Annie Besant Road, Worli, Mumbai – 400 018, INDIA
Port Louis, Mauritius
|
CAPITAL
STRUCTURE
Authorised Capital
:
|
No. of Shares |
Type |
Value |
Amount |
|
10,00,00,000 |
Equity Shares |
Rs.
2/- each |
Rs.
200.000 millions |
Issued, Subscribed & Paid-up
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8,03,68,175 |
Equity Shares |
Rs
2/- each |
Rs.
160.736 millions |
FINANCIAL DATA
[all
figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
160.736 |
160.590 |
160.590 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3170.129 |
2701.268 |
2329.023 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
3330.865 |
2861.858 |
2520.8434 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
629.812 |
379.615 |
330.072 |
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2] Unsecured Loans |
326.445 |
270.824 |
98.485 |
|
TOTAL BORROWING
|
956.257 |
650.439 |
428.557 |
|
|
DEFERRED TAX LIABILITIES |
154.254 |
142.654 |
112.654 |
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|
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|
|
|
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TOTAL
|
4441.376 |
3654.951 |
3030.824 |
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|
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APPLICATION OF
FUNDS
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net
Block]
|
1345.034 |
1344.008 |
1281.241 |
|
Capital
work-in-progress
|
127.999 |
3.482 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
29.802 |
29.787 |
28.219 |
|
DEFERREX TAX
ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS,
LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
631.910
|
515.862 |
413.867 |
|
|
Sundry Debtors
|
2525.830
|
1888.732 |
1580.634 |
|
|
Cash & Bank
Balances
|
113.891
|
92.230 |
56.001 |
|
|
Other Current
Assets
|
0.000
|
0.000 |
0.000 |
|
|
Loans &
Advances
|
294.693
|
250.621 |
214.509 |
Total
Current Assets
|
3566.324
|
2747.445 |
2265.011 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current
Liabilities
|
467.879
|
328.322 |
413.714 |
|
|
Provisions
|
159.904
|
141.449 |
129.933 |
Total
Current Liabilities
|
627.783
|
469.771 |
543.647 |
|
Net Current Assets
|
2938.541
|
2277.674 |
1721.364 |
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
4441.376 |
3654.951 |
3030.824 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover
[including other income]
|
4775.525 |
3711.170 |
3127.640 |
|
|
|
|
|
Profit/(Loss)
Before Tax
|
833.181 |
670.340 |
651.928 |
Provision for
Taxation
|
123.903 |
78.860 |
141.524 |
Profit/(Loss)
After Tax
|
709.278 |
591.480 |
510.404 |
|
|
|
|
|
Export Value
|
2447.107 |
1978.518 |
1548.476 |
|
|
|
|
|
Import Value
|
283.588 |
167.196 |
209.305 |
|
|
|
|
|
Total Expenditure
|
3942.344 |
3040.830 |
2475.712 |
QUARTERLY
|
PARTICULARS |
30.06.2006
[1st
Quarter] |
30.09.2006
[2nd Quarter] |
31.12.2006
[3rd
Quarter] |
|
Sales Turnover |
1012.500 |
1481.500 |
1351. 000 |
|
Other Income |
49.400 |
45.100 |
23.500 |
|
Total Income |
1061.900 |
1526.600 |
1374.500 |
|
Total Expenditure |
862.300 |
1145.400 |
1092.300 |
|
Operating Profit |
199.600 |
381.200 |
282.200 |
|
Interest |
20.600 |
25.200 |
32.900 |
|
Gross Profit |
179. 000 |
356.000 |
249.300 |
|
Depreciation |
27. 000 |
35.500 |
20. 000 |
|
Tax |
21.900 |
34.600 |
26.700 |
|
Reported PAT |
130.100 |
275.800 |
195.100 |
200606 Quarter 1 --------------- Notes EPS is Basic 1. The
above results were reviewed bythe audit committee and taken on record by the
Board of directors at their meeting held on July 27,2006. 2. There were no
outstanding complaints from investors at the beginning of the quarter.The
company has received 8 complaints from the investors during the quarter and all
the complaints were disposed off.There were no complaints lying unresolved at
the end of the quarter. 3. The company has one segment of activity namely
'Pharmaceuticals'.
200609 Quarter 2 --------------- Notes Expenditure Includes
(Increase) / Decrease in Stock in Trade Rs 45.206 million Consumption of Raw
Materials Rs 494.271 million Staff Cost Rs 210.573 million Other Expenditure Rs
395.350 million Tax includes Provision for Current Tax Rs 32.058 million
Deferred Tax Rs 10.122 million Fringe Benefit Tax Rs 2.500 million EPS is Basic
Status of Investor Complaints for the quarter ended September 30, 2006
Complaints Pending at the beginning of the quarter Nil Complaints Received
during the quarter 14 Complaints disposed off during the quarter 14 Complaints
unresolved at the end of the quarter Nil 1. The above results were reviewed by
the Audit Committee and taken on record by the Board of Directors at their
meeting held on October 30, 2006. 2. An Interim Dividend of Rs 1.10 (55%) per
equity share has been declared at the above Board Meeting for the half year
ended September 30, 2006, on a capital base of Rs 168.599 million divided into
8,42,99,425 equity shares of Rs 2/- each. 3. The Board of Directors of the
Company had allotted 31,250 equity shares of Rs 2/- each to the employees
pursuant to their exercising the stock options granted to them under Employees
Stock Option Scheme (ESOS) of the Company. Consequent to the above allotment,
the paid-up equity share capital of the Company has gone up to Rs 168.599
million. 4. The Company has one segment of activity namely 'Pharmaceuticals'.
200612 Quarter 3 --------------- Notes Expenditure Includes
(Increase) / Decrease in Stock in Trade Rs (60.687) million Consumption of Raw
Materials Rs 492.074 million Staff Cost Rs 201.211 million Other Expenditure Rs
459.646 million Tax includes Provision for Current Tax Rs 25.225 million
Deferred Tax Rs 7.500 million Fringe Benefit Tax Rs 1.500 million EPS is Basic
Status of Investor Complaints for the quarter ended December 31, 2006
Complaints Pending at the beginning of the quarter Nil Complaints Received during
the quarter 18 Complaints disposed off during the quarter 18 Complaints
unresolved at the end of the quarter Nil 1. The above results were reviewed by
the Audit Committee and taken on record by the Board of Directors at their
meeting held on January 22, 2007. 2. Figures of previous period have been
re-grouped and re-arranged wherever considered necessary to make them
comparable with the current period figures. 3. The amount raised through
private placement is utilized for CAPEX as well as for such other purpose as
approved by the shareholders at the EGM held on February 18, 2006. The balance
amount of Rs 260.00 million is lying in fixed deposit with the Bank. 4. The
Board of Directors have approved setting-up of two new companies (SVP's) one
for making strategic investment in Biotech Laboratories (Pty) Ltd., South
Africa & another for implementation of Pharmaceutical Sector - SEZ project
in Panoli, Gujarat. 5. The Company has one segment of activity namely
'Pharmaceuticals'.
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt
Equity Ratio |
0.26 |
0.20 |
0.13 |
|
Long
Term Debt Equity Ratio |
0.05 |
0.04 |
0.04 |
|
Current
Ratio |
2.34 |
2.35 |
2.53 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed
Assets |
2.35 |
1.94 |
1.97 |
|
Inventory
|
8.28 |
7.99 |
8.77 |
|
Debtors |
2.15 |
2.14 |
2.16 |
|
Interest
Cover Ratio |
16.42 |
20.25 |
30.76 |
|
Operating
Profit Margin (%) |
20.91 |
21.80 |
24.20 |
|
Profit
Before Interest and Tax Margin (%) |
18.65 |
18.98 |
21.23 |
|
Cash
Profit Margin (%) |
17.18 |
18.76 |
19.06 |
|
Adjusted
Net Profit Margin (%) |
14.92 |
15.93 |
16.08 |
|
Return
on Capital Employed (%) |
22.74 |
21.92 |
25.61 |
|
Return
on Net Worth (%) |
22.91 |
22.11 |
21.87 |
STOCK
PRICES
|
Face Value |
Rs.2/- each |
|
High |
Rs.97.00 /- |
|
Low |
Rs.95.50 /- |
LOCAL
AGENCY FURTHER INFORMATION
History:
The company was
incorporated on 18th December, 1976 at Mumbai in Maharashtra having
Company Registration Number 19380.
Subject was promoted
by Mr. Jyotindra B. Mody. It
manufactures bulk drugs, ointments, liquids, capsules, tablets, powders and
ampoules. In 1996, the company offered
right issue in the ratio of 1:5 at a premium of Rs. 70 per share in order to
finance the project for formulation manufacturing facility at Panoli,
Gujarat. In 1998, the company allotted
bonus shares in the ratio of 1:1 to its
shareholders.
A
100% EOU manufacturing facility at Panoli for production of Gel,Ointment was
commissioned during 2001-02 at a cost of Rs.21 crores and the same was financed
through internal accruals. To manufacture 'DOKTOR MOM' lozenges the company is
setting up two manufacturing units at Daman at an capital outlay of Rs.28 crores,which
is to be financed through internal accruals. The commercial production of the
Doktor Mom lozenges at its 100% Export Oriented Unit, started from 1 Sep. 2003
and tablets from 1, Jan. 2004 in Daman.Doktor Mom',the company's brand,was
adjudged the Most Trusted European Brand by Reader's Digest in the cold and
cough segment for the fourth consecutive year in 2003-04.
During 2004-05, the company received approval for its pharmaceutical
manufacturing unit from TGA (Australia).During 2004-05, the company plants were
approved by US-FDA,TGA-Australia,EDQM, MCC-South Africa, INVIMA(Colombia) and
MHRA(UK).
During 2004-05, the company is setting up a new facility conforming to
international standards in Panoli (Gujarat) to manufacture contrast media products
by June 2006. During 2004-05, the company has planned to set up a wholly owned
subsidiary in Moscow, Russia, called 'Unique Pharmaceuticals Laboratories' with
the intial investment of $ 3 million.
During 2005, the company entered into two agreements, one with
Pharma-a-Care Pharmaceuticals Pte. Ltd in Australia to develop its niche
products in Australian market and another with Ranbaxy Laboratories to enter in
the Romanian market.
The company has subdivided the value of the share from Rs.10/- per share
to Rs.2/- per share with effective from 05, April 2005.
Business:
Generic Names of Three Principal Products/Services of the company are as under :
|
Item Code No. (ITC Code) |
300490.22 |
|
Product Description |
Metronidazole
Preparation |
|
|
|
|
Item Code No. (ITC Code) |
300390.01 |
|
Product Description |
Ayurvedic
Preparation |
|
|
|
|
Item Code No. (ITC Code) |
300490.56 |
|
Product Description |
Nifedipine
Preparation |
OPERATIONS
Despite VAT issues, the Company was one of the few pharma
companies, who had shown growth not only in Q4 but also for the whole of FY
2004-05, both in terms of sales and profits.
The Company's Sales - Domestic and
Export have increased to Rs.3716.383 millions as against Rs.3145.539. millions
for the previous year, registering an increase of 18.15%. The Net Profit has
gone up to Rs.591.480 millions , compared to Rs.510.404 millions in the
previous year, registering a growth of 15.88%.
FIXED ASSETS
The company's fixed assets of important value includes
Freehold & Leasehold Land, Factory Buildings, Other Buildings, Plant &
Machinery, Office Equipments, Furniture, Accordance, Vehicles and Fixtures.
Press Release:
'Doktor Mom'
brand of J. B. Chemicals once again does India proud in the international
market
Now
awarded “Superbrand 2005” status in Russia
BSE Scrip Code : 506943 NSE Symbol :
JBCHEPHARM
Mumbai, July 12, 2005: After just recently winning the
Readers Digest award for “Most Trusted European Brand 2005”, Doctor Mom of J.
B. Chemicals & Pharmaceuticals Ltd (JBCPL) has once again done India proud,
by being awarded “Superbrand 2005” status in Russia.
Doktor Mom was awarded Superbrand status on the basis of the result of an
independent council, which consists of the leading public and business figures
in marketing, business analytics, advertising and design.
“Superbrands” is an independent international arbiter on branding. Operating
across 40 countries, the organization promotes the discipline of branding and ensures
that only the most deserving of brands get this prestigious award. The data
provided to the Russian expert council for selecting the short list among
thousands of brands was provided by Comcon and AC Nielsen, both renowned
international research and rating specialists.
Commenting on the award, Mr. J. B. Mody, Chairman and Managing Director of
JBCPL: “This award is a great honour for us and India as it reflects the
efforts company has put in producing and building a truly quality product. They
can proudly say that Doktor Mom was born in India and raised in Russia”
The Doktor Mom range which includes Cough Syrup, Lozenges and Rub is today
considered as one of the few mega brands created by an Indian pharma Company
outside India. JBCPL’s focus will be to out-license this brand to strong
marketing partners for various regulated markets other than Russia, Ukraine and
CIS countries.
JBCPL has recently entered into an out-licensing agreement with Ranbaxy
Laboratories Ltd for Doktor Mom in Romania. Ranbaxy will market the brand while
JBCPL will manufacture Doktor Mom range and provide promotional input for the
brand.
This award assumes tremendous significance for JBCPL as it is testament to the
Export performance and brand building ability of the Company and the Country
and is also the only Indian brand so honoured. Doktor Mom is the leading cough
and cold brand in Russia. The rapidly growing Doktor Mom brand achieved a
turnover of over US $ 15 million in FY 2004-05.
JBCPL, one of India’s leading pharmaceutical companies, manufactures &
markets a diverse range of pharmaceutical formulations, herbal remedies and
API’s. JBCPL exports to more than 50 countries worldwide with a strong presence
in Russia, Ukraine and the other CIS countries and has successfully increased
its presence in USA, Europe and Australia through Joint Ventures and Strategic
Alliances. JBCPL has a strong R & D set-up for development of NDDS
formulations, filing of DMF’s and ANDA’s. Its State-of-the-Art Manufacturing
facilities are approved by renowned international regulatory authorities
Ranbaxy
to market Doktor Mom Herbal brand range of JBCPL, in Romania
BSE Scrip
Code : 506943 NSE Symbol : JBCHEPHARM
Mumbai, July 5, 2005 - Ranbaxy Laboratories Limited, India has entered into an
in-licensing agreement with J. B. Chemicals & Pharmaceuticals Limited
(JBCPL), India. As per the arrangement, Ranbaxy will market JBCPL’s key herbal
range brand, Doktor Mom, in the Romanian market. The Doktor Mom herbal range
includes the syrup, lozenges and rub variants for the cough and cold segment.
While Ranbaxy will market these products in Romania, JBCPL will continue to
manufacture them and will also provide promotional input for the brand.
Commenting on the development, Mr. Malvinder Mohan Singh, President,
Pharmaceuticals, Ranbaxy, said, “They welcome the opportunity to join hands
with JBCPL towards creating a productive relationship that will leverage each
others capabilities. The agreement reinforces their strategy to utilize
licensing opportunities to further their growth in the overseas markets.”
Doktor Mom is the brand leader amongst cough and cold segment in Russia,
Ukraine and CIS countries. This is the first time JBCPL has out-licensed its
Doktor Mom brand. Continued focus of JBCPL on consistent world class quality
and effective marketing have helped Doktor Mom herbal brand to be voted as
Europe’s Most Trusted Brand for the last five consecutive years by the Readers
Digest Magazine on Brand Recall in Russia. More recently, Superbrands Russia
Council has also voted Doktor Mom as Superbrand 2005 in Russia.
“They are excited about forming this partnership with a strong marketing
company like Ranbaxy to help their objective of taking Doktor Mom to new
markets. Ranbaxy has demonstrated its skill in effectively marketing
pharmaceutical products in Romania through its strong sales force. This gives
us an entry into the European markets with their biggest brand. Having a partner
like Ranbaxy with a good understanding of the market in Romania should both
accelerate and maximize their opportunities.” said Mr. J. B. Mody-Chairman of
JBCPL.
Romania is one of the fastest growing markets for Ranbaxy in Europe with sales
of USD 6.4 Mn in 2004, achieving a growth of 127%. Some of the key Ranbaxy
brands in this market include Zanocin (Ofloxacin), Simvor (Simvastatin) and
Serlift (Sertraline) which are among the top selling brands. The above herbal
range will further strengthen the Company’s product portfolio.
Ranbaxy Laboratories Limited, India's largest pharmaceutical company,
manufactures and markets brand and generic pharmaceuticals and Active
Pharmaceutical Ingredients. Ranbaxy's continued focus on R&D has resulted
in several approvals in developed markets and significant progress in New Drug
Discovery Research. Ranbaxy's foray into Novel Drug Delivery Systems has led to
proprietary "platform technologies" resulting in a number of products
under development. The Company is selling its products in over 100 countries
and has an expanding international portfolio of affiliates, joint ventures and
alliances, ground operations in 44 countries and manufacturing operations in 7
countries.
For more information on Ranbaxy please visit their website: www.ranbaxy.com
JBCPL, one of India’s leading pharmaceutical companies, manufactures &
markets a diverse range of pharmaceutical formulations, herbal remedies and
API’s. JBCPL exports to more than 50 countries worldwide with a strong presence
in Russia, Ukraine and the other CIS countries and has successfully increased
its presence in USA, Europe and Australia through Joint Ventures and Strategic
Alliances. JBCPL has a strong R & D set-up for development of NDDS
formulations, filing of DMF’s and ANDA’s. Its State-of-the-Art Manufacturing
facilities are approved by renowned international regulatory authorities.
JBCPL
strengthens/expands board with two additional Directors
BSE Scrip Code : 506943 NSE Symbol :
JBCHEPHARM
Mumbai, June 22,
2005: To keep pace with the rapid growth within the company for the domestic
and international markets, JB Chemicals and Pharmaceuticals Ltd., a leading
manufacturer and exporter of Pharmaceutical products has expanded and
strengthened its board with two more dynamic professionals, Mr. Rajiv Mody and
Mr. Rohan Shah. The appointment of both Directors is effective from 13/05/2005.
Shri. Rajiv Mody 47 years, has done his Electrical Engineering from M.S.
University of Baroda and Masters’ Degree in Computer Science from Polytechnic
Institute of New York. Shri Rajiv Mody a thorough technocrat and a visionary
entrepreneur is the Chairman & Managing Director of Sasken Communication Technologies
Limited, a leading cutting edge telecom software solutions provider originally
founded in San Jose-USA, returned to India in 1991 to expand the operations of
Sasken and is a key driver in making it a USD 55 million plus company with over
2100 employees today. He is also an Executive Council Member of NASSCOM, the
Indian IT industry’s apex association and chairperson of its software product
forum. He brings to the J. B. Chemicals Board several years of rich experience
in international operations and efficient internal technology applications.
Shri Rohan Shah, 42 years, has done his B. Com, LL.B., Solicitor England and
Wales, is an expert legal advisor from Mumbai. At present he is a Managing
Partner with Economic Laws Practice from Mumbai, a law firm practicing mainly
in Indirect Tax, Corporate and Media matter, International Trade, WTO and
Intellectual Property Rights. He is Bombay University topper and winner of
Three Gold Medals, Six Scholarships and several other awards. Shri. Rohan P.
Shah has several professional achievements to his credit. This includes Vice
Chairmanship of Trade Laws Committee representing law firms from 121 countries,
Chairman of WTO committee of the Indian Merchant Chamber and being part of the
Commerce Ministers Core Delegation Team and WTO Ministerial Conference and
Seattle, USA. While J. B. Chemicals is rapidly broadening its activities all
over the world that require several law, trade and legal considerations, the
appointment of Shri. Rohan P. Shah will be an invaluable asset in supporting
the Company in this sphere.
Chairman's
Letter
J. B. CHEMICALS & PHARMACEUTICALS LTD.
Regd. Office ‘ Neelam Centre’, ‘B’ Wing, 4th Floor,Hind Cycle Road, Worli,
Mumbai 400 030.
May 30, 2005
Dear Shareowners,
It is always a pleasure communicating with you after the Audited Financial
Results are announced. I am happy to state that despite VAT issues, the Company
was one of the few pharma companies, who had shown growth not only in the Q4
but also for the whole of FY 2004-05 both in terms of sales and profits.
I take this opportunity to share with you some of the highlights of their
2004-05 performance.
Net Sales
Net Sales up 19.06%
to Rs.358.09 Crores (Rs.300.75 Crores).
Exports
Total Exports led by Russia and CIS countries up 30% to Rs.211.04 Crores
(Rs.162.29 Crores).
Profit After Tax
PAT up 15.88% to
Rs.59.15 Crores (Rs.51.04 Crores).
EPS
The basic and diluted Earnings Per Share up 15.88% to Rs.7.37 (Rs.6.36) (on a
face value of Rs.2/- per share w.e.f April 13, 2005).
Final Dividend of Rs.1.40 (70%) per Equity Share has been recommended on a face
value of Rs.2/- per share on an equity share capital of Rs.16.06 Crores.
The total dividend for the FY 2004-05 paid/recommended is 120% per Equity
Share, which is higher by 9% and works-out to 37.06% (including DDT) of PAT.
This will be the highest ever dividend, if approved, by the Shareholders at the
AGM.
Some of the momentous events of the year gone by were as follows:
• Doktor Mom won ‘Most Trusted European Brand 2005’ award in cold and cough
segment from Reader’s Digest for the fifth successive year.
• Increased
therapeutic coverage with launch of new CNS division and entry into new important
therapeutic groups namely anti-diabetics, Nutritional & Urology segments.
• Maintained strong R
& D focus on development of NDDS, filing of ANDA’s and DMF’s.
The Company’s growth drivers in 2005-06 will be :
• Aggressive thrust on expanding export market particularly Russia and CIS
countries. With strong focus on expanding other regulated and un-regulated
export markets through JVs/ strategic alliances.
• Leveraging State-of-the-Art Manufacturing facilities by entering into
Contract Manufacturing arrangements with International companies of repute.
• Using strong R
& D capabilities for contract research and filing additional ANDA’s and
DMF’s.
• Superior product mix coupled with penetrative and effective supply chain.
The above forward looking moves barring unforeseen circumstances are expected
to result in a topline growth of around 20%.
The Company’s recent investments by way of CAPEX in the State-of-the-Art
manufacturing facilities have yielded so far rich dividends. The company is
emboldened to create new State-of-the-Art manufacturing facilities at an
estimated cost of Rs.65 crores to meet the future aggressive growth plans of
the Company by setting up;
a. an additional manufacturing facility of US FDA and MHRA UK standards for
Large/Small volume parentrals; and
b. multi purpose
API’s plant, both in Panoli.
Their employees at all levels have put in exemplary efforts to sustain
Company’s good performance. I sincerely thank them for making all of us feel
proud. Of course, they have drawn great strength and inspiration from the trust
and support, for this I personally and the entire ‘Unique’ team are deeply
grateful.
List of Branches
INDIA
1. 51,
Patel Road, Ramnagar, Coimbatore 641 009.
2. No.
37/4, 'Kandala Towers' 2nd Floor, South Cross Road (Near Yediur Lake)
Basavanagudi,
Bangalore 560 004.
3. SCO
171-172 Basement, Sector 8-C, Chandigarh 160 018.
4. Shanti
Niketan, 1st Floor, Frazer Road, Patna 800 001.
5. Shop
No. 6, A-11, Acharya Niketan, Mayur Vihar, Phase I, Delhi 110 091.
6. K. N.
Mathew Building, Market Road, Ernakulam, Cochin 682 011.
7. 1/135,
A Kevi Warehouse, Varakkal Temple Road, West Hill, Calicut 673 005.
8.
Jaswanta Road, Panbazar, Guwahati 781 001.
9. S.S.
Reddy Complex, Chitra Reddy Colony, Sikh Village, Tarbund, Secunderabad 500
009.
10.
26-A-5 Narayan Plaza, Chandivali Road, Andheri (E), Mumbai 400 072.
11.
B-39/A Nirala Nagar, Nai Basti, Lucknow 226 020.
12. B-4E,
Big Industrial Estate, Chandpur, Lahartara, Varanasi 221 106.
13. A-5,
Sethi Colony, Agra Road, Jaipur 302 004.
14. 60
Krishnappa Agraharam Street, Ground Floor, Kondithope, Chennai 600 079.
15. Off
122-123, Tawakkal Layout, Samajbhushan Grihanirman Society Opp. Castrol Depot.,
Wadi,
Nagpur 440 023.
16. 1st
floor, 1-R.K. Puram, Opp. Naveen Mandi, Delhi Road, Meerut 250 002.
17.
GodownNo. 8, Ram India Warehousing Corpn., 125, Datta Nagar, Off Pune - Saswad
Road
Wadki, Pune412308.
18.
493/C/A, G. I Road (South) Howrah Mills Compound, Mill No. 2.Godown No. 4, Room
No. 2, Shibpur,
Howrah 711 102.
19. 65/1
B, Diamond Harbour Road, Gr. Floor, Kolkata 700 023.
20. Old
College Lane, P. S. Chandini Chowk, Lalbag, Cuttack 753 002.
21. 12
Loudon Street, Space 3 F, Kolkata 700 017.
22. Room
No.14 - 15 A, Indira Palace Annexe, Connaught Circus, New Delhi 110 001.
23. Old
Commissioner Compound, Radheshyam Lane, Ranchi 834 001.
24. B. U.
Complex, Daldal Seoni Road, Mova, Raipur492005.
25. N. H.
No.8, Block No. 567, Byepass, Aslali, Ahmedabad 382 425 (w.e.f. 01/04/2006)
ABROAD
1. SADOVAYA
Kudrinskaya Str. 3, Moscow 123242, Russia.
2. 'KEMPA CENTRE
1, Vasilkovskaya Ulitsa, Kyiv, Ukraine
3. Dr Alisher Djabbarov
House 63, Flat 112-113, Kyiv, Sadit Azimov Street,
Ukraine. 70047 Tashkent, Uzbekistan.
Operations
The
Company's Sales -Domestic and Export have increased to Rs. 4816.496 Millions as
against Rs. 3716.383 Millions for the previous year, registering an increase of
30%. The Net Profit has gone up to Rs. 709.278Millions , compared to Rs.
591.480 Millions in the previous year, registering a growth of 20%. The
Company's aggressive pursuit to harness opportunities in global as well as
domestic market helped it post higher sales, both in the international as well
as the domestic market.
The
Company has achieved total export sales of Rs. 2695.854 Millions as against Rs.
2113.788 Millions in the previous year, registering a handsome growth of 28%.
Subsidiary Company
The
Company has two direct subsidiaries viz. Lekar Healthcare Ltd. and J. B. Life
Science Overseas Ltd. As per Section 212 of the Companies Act, 1956 Company is
required to attach the Directors Report, Balance Sheet and Profit and Loss
Account of these subsidiaries. Company has applied to the Central Government
for an exemption from such attachments as it presents the audited consolidated
accounts of the Company and its subsidiaries in the Annual Report. Company
believes that the consolidated accounts presents a full and fair picture of the
state of affairs and the financial conditions as is done globally. The Central
Government has granted exemption from complying with Section 212 with respect
to Lekar Healthcare Ltd. and J. B. Life Science Overseas Ltd. Accordingly, the
Annual Report of the Company does not contain the financial statement of these
subsidiaries, but contains the audited consolidated financial statements of the
Company and its subsidiaries.
The
annual accounts of these subsidiary companies along with related information,
is available for inspection during business hours at the company's registered
office. Copies of the audited accounts of the Company's subsidiary can be
sought by any member by making a written request to the Company in this regard.
Future
plans
R&D
has been modernised to continue its focus in the area of NDDS, Contrast Media,
new natural products and other segments.
The
R&D centre complies with the international standard of good laboratory
practices (GLP). R&D facilities can also function as contract research
organisations (CRO) for the Company's collaborators in developed countries.
Encouraging
activities in R&D will take the Company into the forefront of a new era and
will make the Company stronger and help it to achieve its mission.
FOREIGN
EXCHANGE EARNINGS & OUTGO
The
Company has already established an export market for its Bulk Drugs and
Formulations and has been taking keen interest for developing new export
markets for its products and to increase exports, in existing markets.
During
the year under review foreign exchange outgo was Rs. 2835.88 lakhs (which
includes import of raw materials and components Rs. 2613.38 lakhs). The foreign
exchange earned on export was Rs. 24470.58 lakhs (FOB). The particulars of
foreign exchange earned/utilised during the year are given in Schedule 20 to
the accounts.
|
Particualrs |
No of Folios |
Percentage Total |
No of Shares |
Percentage of Total |
|
|
|
|
|
|
|
No of Shareholders and
shares in physical mode |
2330 |
11.09 |
2923025 |
3.64 |
|
|
|
|
|
|
|
No of beneficial owners
and shares in Electronic mode |
18681 |
88.91 |
77445150 |
96.36 |
|
|
21011 |
100.00 |
80368175 |
100.00 |
|
SECURED LOANS |
310.32006 Rs
in Millions |
31.03.2005 Rs
in Millions |
|
Working Capital |
|
|
|
From Banks |
629.812 |
379.488 |
|
Interest Accrued and due on above The above loans are secured by
first charge on pari passu basis by way of
hypothecation of company's current assets both present and
future and by way of joint equitable mortgage of
company's block of assets situated at Thane and Belapur in
the state of Maharashtra, Ankleshwar &
Panoli in the state of Gujarat
and Daman in the Union Territory of Daman. |
0.000 |
0.127 |
|
|
629.812 |
379.615 |
|
UNSECURED LOANS |
|
|
|
Directors |
0.150 |
0.150 |
|
Fixed Deposit from
Public and Share Holders (Due within one year Rs 32.228 Millions Previous
year Rs 39.730 Millions) |
154.855 |
94.829 |
|
Deposits from
Distributor |
20.975 |
21.725 |
|
Sales Tax Deferral (Due within one year Rs 0.70, Previous Year Rs 0.70) |
9.815 |
8.470 |
|
Inter Corporate Deposit |
140.650 |
145.650 |
|
|
326.445 |
270.824 |
Fixed
Assets
- Land
(Freehold0
- Land
(Leasehold)
- Factory
Building
- Buildings
- Plant
and Machinery
- Office
Equipments
- Furniture
and Fixtures
- Air
Conditioner
- Vehicles
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.44.41 |
|
UK Pound |
1 |
Rs.86.79 |
|
Euro |
1 |
Rs.57.44 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
|
61 |
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 |