MIRA INFORM REPORT

 

 

Report Date :

16.05.2007

 

IDENTIFICATION DETAILS

 

Name :

SANDOZ INDIA  PRIVATE LIMITED

 

 

Registered Office :

Shivsagar Estate, B Block, 7th Floor, Dr. A.B. Road, Worli, Mumbai-400018, Maharashtra, India.

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

30.03.1995

 

 

Com. Reg. No.:

11-86989

 

 

CIN No.:

[Company Identification No.]

U24230MH1995PTC086989

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMN06026G

 

 

PAN No.:

[Permanent Account No.]

AAACS9267J

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers, Importers and Exporters of drugs, tablets etc.

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa

 

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

 

Maximum Credit Limit :

USD 7000000

 

 

 

 

 

 

Status :

Good

 

 

 

 

 

 

Payment Behaviour :

Regular

 

 

 

 

 

 

Litigation :

Clear

 

 

 

 

 

 

Comments :

Subject is a subsidiary of Novartis Holding AG, Switzerland. Available Information indicates high financial responsibility of the company. Fundamentals are strong and healthy. Trade relations are fair. Payment are always correct and as per commitment

 

The company can be considered good for normal business dealing. It can be regarded as a promising business partners in a medium to long run.

 

 

LOCATIONS

 

Registered Office :

Shivsagar Estate, B Block, 7th Floor, Dr. A.B. Road, Worli, Mumbai-400018, Maharashtra, India.

Tel. No.:

91-22-24939258/24981620

Fax No.:

91-22-24981620/56512121

E-Mail.:

Vaibhav.karandikar@sandoz.com

 

 

Branch :

Sandoz Private Limited , P.O. Sandoz Baug Kolshet Road, Thane 400607,

Tel. No.:

91-22-25314080

Fax No.:

91-22-25314111

 

 

Branch :

Sandoz Private Limited, 7th Floor, Peninsula Towers, Corporate Park, Ganpatrao Kadam Maro, Off Senapati Bapat Maro, Lower Parel, Mumbai – 400013,

Tel. No.:

91-22-56512100

Fax No.:

91-22-56512121

 

DIRECTORS

 

Name :

Mr. Jagdish V. Dore

Designation :

Managing Directors

Address :

Darshan Apartment, MT Pleasant Road, Mumbai – 400006

Date of Birth/Age :

23.07.1950

Qualification :

B. Tech

Experience :

31 Years

Date of Appointment :

10.12.1996

Last Employment

Sandoz India Limited

 

 

Name :

Asha T. Mirchandani

Designation :

Director

Address :

Spalenberrg – 62, Ch – 4051, Basle, Switzerland

Date of Birth/Age :

8ht August 1945

Qualification :

M. Pharma

Experience :

31 Years

Date of Appointment :

20th December 1997

Last Employment

Sandoz India Limited

 

 

Name :

Reto E. Brandli (foreigner)

Designation :

Director

Address :

Spalenberrg – 62, Ch – 4051, Basle, Switzerland

Date of Birth/Age :

15.11.1961

Date of Appointment :

22.06.1998

 

 

Name :

Paresh Rathore

Designation :

Directore

Address :

Mumbai-26

Date of Birth/Age :

1st February  1943

Date of Appointment :

29th March 2001

 

 

Name :

Hubert Hirzinger (foreigner)

Designation :

Director

Address :

A – 6364, Brixen Inthale Unterer, Sonn Berg - 38

Date of Birth/Age :

10.05.1957

Date of Appointment :

29.03.2001

 

 

Name :

Heiriels Scherfler

Designation :

Director

Address :

Haus – NR – 488F, A – 6233, Kramsach

Date of Birth/Age :

25.08.1945

Date of Appointment :

29.03.2001

 

 

Name :

Franz Stumpe

Designation :

Director

Address :

Dr. Stumpft Rasse – 10, A – 6250, Kundl

Date of Birth/Age :

20.02.1961

Date of Appointment :

29.03.2001

 

 

Name :

Ms. Freyan Desai

Designation :

Director

Address :

33-B, NCPA, Nariman Point, Mumbai – 400021

Date of Birth/Age :

29.12.1961

Date of Appointment :

18.05.2004

 

 

Name :

Mr. Markus P Delfosse

Designation :

Director

Address :

Futtesteigweg, 8, Ch – 4436

Date of Birth/Age :

21.01.1963

Date of Appointment :

30.06.2005

 

 

Name :

Mr. Andreas Rummelt

Designation :

Director

Address :

Zielgass, 8 D – 79539, Lorrach, Germany

Date of Birth/Age :

09.06.1956

Date of Appointment :

30.06.2005

 

 

Name :

Mr. Schaefer O Gerhard

Designation :

Director

Address :

Breitensteinseinstrasse 9b – 83727, Schliersee, Neuhaus

Date of Birth/Age :

20.11.1950

Date of Appointment :

30.06.2005

 

 

Name :

Mr. Jean Claude

Designation :

Director

Address :

3, Rue De La, Fontaine – 683000, Saint Louis, France

Date of Birth/Age :

14.02.1951

Date of Appointment :

30.06.2005

 

 

Name :

Mr. Shah Sandeep

Designation :

Director

Address :

B/202 Kashmir Bhavan, Mumbai – 401202

Date of Birth/Age :

29.06.1975

Date of Appointment :

20.06.2003

 

 

Name :

Mr. Vaibhav Karandikar

Designation :

Director

Address :

3B/35 Jai Vijay Society, Western Express, Highway, Mumbai – 400099

Date of Birth/Age :

20.11.1972

Date of Appointment :

30.06.2005

 

 

Name :

Mr. Maniar Hemang

Designation :

Director

Address :

Shivsagar Estate, B – Block, Dr. Annie, Besant Road, Worli, Mumbai – 400018

Date of Birth/Age :

15.08.1966

Date of Appointment :

22.09.2005

 

 

Name :

Mr. V Govindarajan

Designation :

Head – Finance & Administrations

Date of Birth/Age :

54 Years

Qualification :

B. Sc

Experience :

24 Years

Date of Appointment :

14.08.1997

Last Employment

Sandoz India Limited

 

 

Name :

Mr. Kaluskar C G

Designation :

General Manger

Date of Birth/Age :

53 Yeas

Qualification :

M. Tech, MBA

Experience :

24 Years

Last Employment

Sandoz India Limited

 

 

Name :

Mr. N Sekar

Designation :

Chief Information Officer

Date of Birth/Age :

50 Years

Qualification :

B. Com, Diploma in IT

Experience :

26 Years

Last Employment

Sandoz India Limited

 

 

Name :

Mr. C R Deo

Designation :

Head – Quality Assurance

Date of Birth/Age :

56 Years

Qualification :

B. Sc

Experience :

25 Years

Last Employment

Sandoz India Limited

 

 

Name :

Ms. Lira Parvez

Designation :

Unit Head NICCI

Date of Birth/Age :

45 Years

Qualification :

MBBS

Experience :

15 Years

Last Employment

Sandoz India Limited

 

 

Name :

Mr. Sunilendu Bhushan Roy

Designation :

Head – HDC

Date of Birth/Age :

50 Years

Qualification :

M. Pharma

Experience :

24 Yeas

Last Employment

Sandoz India Limited

 

 

Name :

Mr. D M Rege

Designation :

General Manager

Date of Birth/Age :

58 Years

Qualification :

M. Sc

Experience :

36 Years

Last Employment

Sandoz India Limited

 

KEY EXECUTIVES

 

Name :

Mr. Sandip Shah

Designation :

Company Secretary

 

MAJOR SHAREHOLDERS

 

Names of Shareholders

No. of Shares

Novartis Holding A G (Switzerland)

3199995

Novartis A G (Switzerland)

5

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers, Importers and Exporters of drugs, tablets etc.

 

 

Products :

Tablets, Bulk Drugs, Nasal Sprays

 

GENERAL INFORMATION

 

Suppliers

v      Press & Pack Industries

v      D M Printers

v      Metakaps Engineering Company

v      Pioneer Packaging

v      Bhansali Packwel

v      Velpack

v      Mohit Enterprises

v      Webtech Systems

v      Sai Surya Chemical

v      S Kant Healthcare Limited

v      Novex Poly Films Private Limited    

 

 

No. of Employees :

600

 

 

Bankers :

Not Available

 

 

Facilities :

--

 

 

Banking Relations :

Good

 

 

Auditors :

Pricz Waterhouse, Chartered Accountant

Address  :

252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028

 

 

Subsidiaries :

Novartis Consumer Health India Private Limited

 7th Floor, Peninsula Towers, Corporate Park, Ganpatrao Kadam Maro, Off Senapati Bapat Maro, Lower Parel, Mumbai – 400013

Tel. No. 91-22-56512100

Fax. No. 91-22-56512121

Novartis Pharma AG

Sandoz GMBH

Novartis Bangladesh

Novartis Biciencias

Novartis Pharma

Novartis Pharma Services

Novartis South Africa

Novartis Poland

Novartis Pharma (Pakistan)

Novartis SA Lik Gide Ve Trim

Novartis International Pharma Limited

Novartis Consumer Health International

Novartis India Limited

Novartis Animal Health Australasia Private Limited

Novartis Consumer Health

Novartis Sante Animale

Novartis Singapore Private Limited

Novartis Corporation (Malaysia)

LEK Pharmaceuticals

Sandoz Industrial Products Gmbh

Sandoz Canada Inc

Sandoz Inc

Sandoz N.V.

Novartis (Vietnam) Limited

 

 

Holding Company 

Novartis Holding AG, BASEL

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

5000000

Equity Shares

Rs. 10 each

Rs. 50.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

3200000

Equity Shares

Rs. 10 each

Rs. 32.000 Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2006

31.03.2005

31.03.2004

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

32.000

32.000

32.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

1734.678

1525.021

1472.211

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

1766.678

1557.021

1504.211

LOAN FUNDS

 

 

 

1] Secured Loans

155.178

185.666

226.209

2] Unsecured Loans

1275.982

900.000

320.000

TOTAL BORROWING

1431.160

1085.666

546.209

DEFERRED TAX LIABILITIES

113.262

152.030

129.780

 

 

 

 

TOTAL

3311.100

2794.717

2180.200

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1739.544

1654.737

1014.478

Capital work-in-progress

592.141

184.863

404.399

 

 

 

 

INVESTMENT

1.200

1.200

30.600

DEFERREX TAX ASSETS

0.000

0.000

5.560

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
905.440

735.565

609.283

 

Sundry Debtors
709.739

529.165

419.879

 

Cash & Bank Balances
3.768

7.612

21.521

 

Other Current Assets
0.000

0.000

--

 

Loans & Advances
428.525

360.081

288.453

Total Current Assets
2047.472

1632.423

288.453

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
1000.442

646.415

598.121

 

Provisions
68.815

32.091

15.852

Total Current Liabilities
1069.257

678.506

613.973

Net Current Assets
978.215

953.917

725.163

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

3311.100

2794.717

2180.200

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2006

31.03.2005

31.03.2004
Sales Turnover [including other income]

4750.373

3095.470

3022.759
 

 

 

 
Profit/(Loss) Before Tax

283.563

81.613

752.685
Provision for Taxation

73.906

28.803

188.790
Profit/(Loss) After Tax

209.657

52.810

563.895
 

 

 

 
Export Value

NA

2677.085

2278.275
 

 

 

 
Import Value

NA

851.372

823.518
 

 

 

 
Total Expenditure

4466.810

3013.857

2216.159

 

 
KEY RATIOS

 

PARTICULARS

 

 

31.03.2006

31.03.2005

31.03.2004
PAT / Total Income
(%)
4.41

1.70

18.655
 
 
 

 

 
Net Profit Margin

(PBT/Sales)

(%)
5.96

2.63

24.900
 

 
 

 

 
Return on Total Assets

(PBT/Total Assets}

(%)
7.48

2.48

26.937
 

 
 

 

 
Return on Investment (ROI)

(PBT/Networth)

 
0.16

0.05

0.500
 

 
 

 

 
Debt Equity Ratio

(Total Liability/Networth)

 
1.41

1.13

0.857
 

 
 

 

 
Current Ratio

(Current Asset/Current Liability)

 
1.91

2.40

2.181

 

LOCAL AGENCY FURTHER INFORMATION

 

Fixed Assets

 

v      Trademarks

v      Freehold Land

v      Leasehold Land

v      Building

v      Plant & Machinery

v      Furniture & Fixture

v      Vehicles 

 

 

Website details are attached herewith

 

Novartis announces completion of Hexal AG acquisition, integrates company with Sandoz

 

Novartis announced today the completion of its acquisition of the generic pharmaceutical company Hexal AG in Germany on June 6. The acquisition was approved by the European Commission in late May.



Hexal is being integrated into the Sandoz division of Novartis as part of previously announced strategic acquisitions to create the world leader in the generic drug industry.

 

Following the transactions, which also include the acquisition of Eon Labs, Inc. (NASDAQ: ELABS), Sandoz will have a competitive and broad product portfolio with a strong presence in key markets, offering a portfolio of more than 600 active ingredients in more than 5,000 dosage forms. The combined company will employ more than 20,000 people, and its global headquarters will be located in Holzkirchen, Germany.

 

 

Keeping you informed

 

The world around us is constantly changing, and Sandoz is changing with it. To keep up with the most recent developments, see their list of news below.

 

2005-06-05

Novartis announces completion of Hexal AG acquisition, integrates company with Sandoz
Novartis announced today the completion of its acquisition of the generic pharmaceutical company Hexal AG in Germany on June 6. The acquisition was approved by the European Commission in late May.

2005-05-30

 

Novartis receives European Commission approval to acquire Hexal AG, further step towards creating world leader in Generics Novartis announced today that it has received approval from the European Commission to acquire the privately-held generic pharmaceutical company Hexal AG of Germany. The acquisition is expected to be completed in early June.

2005-04-26

Novartis provides progess update on plans to integrate Hexal and Eon Labs with Sandoz
Holzkirchen, Germany, named as new Sandoz Global Headquarters site

 

2005-04-21

 

Q1 Financial Results Novartis continues to outpace the market, delivering strong first quarter 2005 sales and earnings growth.

2005-04-08

 

Novartis provides update on regulatory developments Novartis announced today that it has made submissions to European and US regulatory authorities seeking approval to acquire the generic pharmaceutical companies Hexal AG of Germany and Eon Labs, Inc. of the US.
 

2005-03-07

 

Global Partners Symposium Some 80 participants and experts from all over the world and from several international organizations attended the Global Partners Symposium organized by the United Nations Industrial Development Organization (UNIDO) and Sandoz.

2005-02-21

 

Creating a fast-growing world leader in generics Novartis announced today the strategic acquisition of two leading generic drug companies that will be integrated into its Sandoz division, creating the world leader in the generic drug industry.

2005-01-27

 

Boosting innovation for a competitive Europe On January 25, 2005, Sandoz and the SME UNION of the European People's Party in Brussels hosted a symposium in the European Parliament in Brussels to discuss the issue of Biogenerics within the context of the Lisbon Agenda.
 

2005-01-20

 

Full Year Result 2004 Novartis delivers record results with strong double-digit net sales and earnings growth in 2004.


2004-12-21

Sandoz Spain donates 9000 antibiotic Treatments to Africa By contributing 9000 antibiotic treatments to the Dr. Trueta Humanitarian Foundation for the 3rd World, Sandoz Spain contributes to making the IV annual Caravana Solidària (Solidarity Convoy) a success
 

2004-09-27

A Corporate Citizenship Gala "A Night for Africa" Sandoz hosted a gala evening in the presence of distinguished guests and supporters at the Orangerie, Schönbrunn.

 

2004-09-02

 

FDA defers decision on Omnitrope application Sandoz has received notice from the US Food and Drug Administration (FDA).

2004-08-17

 

Novartis completes Sabex acquisition Novartis AG announced today that its Sandoz generics business unit has completed the acquisition of Sabex Holdings Limited.

2004-06-24

 

Sandoz Inc. launches AB-rated Levothyroxine PRINCETON, NEW JERSEY, June 23, 2004. Sandoz Inc., a Novartis company and one of the leading generic pharmaceutical companies in the world, announced today it began commercially shipping its version of generic Levothyroxine sodium tablets

2004-06-01

 

First-ever School of Excellence for South African pharmaceutical industry
The Sandoz School of Excellence offers value-added training to medical and pharmaceutica providers.

 

 

 

CMT REPORT [Corruption, Money laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.40.60

UK Pound

1

Rs.80.13

Euro

1

Rs.54.87

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

8

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

8

--RESERVES

1~10

8

--CREDIT LINES

1~10

8

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

72

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)                        Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

RATING

STATUS

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions