MIRA
INFORM REPORT
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Report Date : |
09.10.2007 |
IDENTIFICATION DETAILS
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Name : |
SANDOZ PRIVATE LIMITED |
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Registered Office : |
Shivsagar Estate,
B Block, 7th Floor, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.03.1995 |
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Com. Reg. No.: |
11-86989 |
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CIN No.: [Company
Identification No.] |
U24230MH1995PTC086989 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN06026G |
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PAN No.: [Permanent
Account No.] |
AAACS9267J |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers,
Importers and Exporters of drugs, tablets etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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Maximum Credit Limit : |
USD 7000000 |
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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
subsidiary of Novartis Holding AG, 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
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Registered Office : |
Shivsagar Estate,
B Block, 7th Floor, |
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Tel. No.: |
91-22-24939258/24981620 |
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Fax No.: |
91-22-24981620/56512121 |
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E-Mail : |
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Factory: |
MIDC, Plot No. 8-A/2,
8-B ITC Industrial Area, Kawle Block, Village Dighe, Opposite Thane Belapur
Road, Navi Mumbai – 400 708, Maharashtra, India |
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Branch 1 : |
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Tel. No.: |
91-22-25314080 |
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Fax No.: |
91-22-25314111 |
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Branch 2 : |
7th
Floor, Peninsula Towers, Corporate Park, Ganpatrao Kadam Marg, Off Senapati
Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22-56512100 |
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Fax No.: |
91-22-56512121 |
DIRECTORS
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Name : |
Mr. Jagdish V.
Dore |
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Designation : |
Managing
Directors |
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Address : |
Darshan
Apartment, MT Pleasant Road, Mumbai – 400006, |
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Date of
Birth/Age : |
23.07.1950 |
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Qualification
: |
B. Tech |
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Experience : |
31 Years |
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Date of
Appointment : |
10.12.1996 |
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Last
Employment |
Sandoz India
Limited |
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Name : |
Asha T.
Mirchandani |
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Designation : |
Director |
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Address : |
Spalenberrg – 62,
Ch – 4051, |
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Date of Birth/Age
: |
8ht August 1945 |
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Qualification
: |
M. Pharma |
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Experience : |
31 Years |
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Date of
Appointment : |
20th
December 1997 |
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Last
Employment |
Sandoz India
Limited |
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Name : |
Reto E. Brandli
(foreigner) |
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Designation : |
Director |
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Address : |
Spalenberrg – 62,
Ch – 4051, |
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Date of
Birth/Age : |
15.11.1961 |
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Date of
Appointment : |
22.06.1998 |
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Name : |
Paresh Rathore |
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Designation : |
Directore |
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Address : |
Mumbai-26 |
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Date of
Birth/Age : |
1st February 1943 |
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Date of
Appointment : |
29th
March 2001 |
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Name : |
Hubert Hirzinger
(foreigner) |
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Designation : |
Director |
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Address : |
A – 6364, Brixen
Inthale Unterer, Sonn Berg - 38 |
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Date of
Birth/Age : |
10.05.1957 |
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Date of Appointment
: |
29.03.2001 |
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Name : |
Heiriels
Scherfler |
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Designation : |
Director |
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Address : |
Haus – NR – 488F,
A – 6233, Kramsach |
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Date of
Birth/Age : |
25.08.1945 |
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Date of
Appointment : |
29.03.2001 |
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Name : |
Franz Stumpe |
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Designation : |
Director |
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Address : |
Dr. Stumpft Rasse
– 10, A – 6250, Kundl |
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Date of
Birth/Age : |
20.02.1961 |
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Date of
Appointment : |
29.03.2001 |
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Name : |
Ms. Freyan Desai |
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Designation : |
Director |
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Address : |
33-B, NCPA, Nariman
Point, Mumbai – 400021, |
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Date of
Birth/Age : |
29.12.1961 |
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Date of
Appointment : |
18.05.2004 |
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Name : |
Mr. Markus P
Delfosse |
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Designation : |
Director |
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Address : |
Futtesteigweg, 8,
Ch – 4436 |
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Date of Birth/Age
: |
21.01.1963 |
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Date of
Appointment : |
30.06.2005 |
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Name : |
Mr. Andreas
Rummelt |
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Designation : |
Director |
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Address : |
Zielgass, 8 D –
79539, |
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Date of
Birth/Age : |
09.06.1956 |
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Date of
Appointment : |
30.06.2005 |
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Name : |
Mr. Schaefer O
Gerhard |
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Designation : |
Director |
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Address : |
Breitensteinseinstrasse
9b – 83727, Schliersee, Neuhaus |
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Date of
Birth/Age : |
20.11.1950 |
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Date of
Appointment : |
30.06.2005 |
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Name : |
Mr. Jean Claude |
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Designation : |
Director |
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Address : |
3, Rue De La,
Fontaine – 683000, |
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Date of
Birth/Age : |
14.02.1951 |
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Date of
Appointment : |
30.06.2005 |
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Name : |
Mr. Shah Sandeep |
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Designation : |
Director |
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Address : |
B/202 Kashmir
Bhavan, Mumbai – 401202, |
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Date of
Birth/Age : |
29.06.1975 |
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Date of
Appointment : |
20.06.2003 |
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Name : |
Mr. Vaibhav
Karandikar |
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Designation : |
Director |
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Address : |
3B/35 Jai Vijay Society,
Western Express, Highway, Mumbai – 400099, |
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Date of
Birth/Age : |
20.11.1972 |
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Date of
Appointment : |
30.06.2005 |
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Name : |
Mr. Maniar Hemang |
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Designation : |
Director |
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Address : |
Shivsagar Estate,
B – Block, Dr. Annie, |
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Date of
Birth/Age : |
15.08.1966 |
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Date of
Appointment : |
22.09.2005 |
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Name : |
Mr. V
Govindarajan |
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Designation : |
Head – Finance
& Administrations |
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Date of Birth/Age
: |
54 Years |
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Qualification
: |
B. Sc |
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Experience : |
24 Years |
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Date of
Appointment : |
14.08.1997 |
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Last
Employment |
Sandoz India
Limited |
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Name : |
Mr. Kaluskar C G |
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Designation : |
General Manger |
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Date of
Birth/Age : |
53 Yeas |
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Qualification
: |
M. Tech, MBA |
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Experience : |
24 Years |
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Last
Employment |
Sandoz India
Limited |
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Name : |
Mr. N Sekar |
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Designation : |
Chief Information
Officer |
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Date of
Birth/Age : |
50 Years |
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Qualification
: |
B. Com, Diploma
in IT |
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Experience : |
26 Years |
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Last
Employment |
Sandoz India
Limited |
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Name : |
Mr. C R Deo |
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Designation : |
Head – Quality
Assurance |
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Date of
Birth/Age : |
56 Years |
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Qualification
: |
B. Sc |
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Experience : |
25 Years |
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Last
Employment |
Sandoz India
Limited |
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Name : |
Ms. Lira Parvez |
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Designation : |
Unit Head NICCI |
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Date of
Birth/Age : |
45 Years |
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Qualification
: |
MBBS |
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Experience : |
15 Years |
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Last
Employment |
Sandoz India
Limited |
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Name : |
Mr. Sunilendu
Bhushan Roy |
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Designation : |
Head – HDC |
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Date of
Birth/Age : |
50 Years |
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Qualification
: |
M. Pharma |
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Experience : |
24 Yeas |
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Last
Employment |
Sandoz India
Limited |
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Name : |
Mr. D M Rege |
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Designation : |
General Manager |
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Date of
Birth/Age : |
58 Years |
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Qualification
: |
M. Sc |
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Experience : |
36 Years |
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Last
Employment |
Sandoz India
Limited |
KEY EXECUTIVES
|
Name : |
Mr. Sandip Shah |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
|
Novartis Holding
A G ( |
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3199995 |
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Novartis A G ( |
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5 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers,
Importers and Exporters of drugs, tablets etc. |
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Products : |
v
Tablets v
Bulk
Drugs v
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 |
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No. of Employees : |
600 |
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Price Waterhouse Chartered
Accountant |
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Address : |
252, Veer
Savarkar Marg, |
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Associates/Subsidiaries : |
v
Novartis
Consumer Health India Private Limited 7th Floor, Peninsula
Towers, Corporate Park, Ganpatrao Kadam Marg, Off Senapati Bapat Marg, Lower Parel,
Mumbai – 400013, Maharashtra, India Tel. No. 91-22-56512100 Fax. No. 91-22-56512121 v
Novartis
Pharma AG v
Sandoz
GMBH v
Novartis
v
Novartis
Biciencias v
Novartis
Pharma v
Novartis
Pharma Services v
Novartis
South v
Novartis
v
Novartis
Pharma ( v
Novartis
SA Lik Gide Ve Trim v
Novartis
International Pharma Limited v
Novartis
Consumer Health International v
Novartis
India Limited v
Novartis
Animal Health Australasia Private Limited v
Novartis
Consumer Health v
Novartis
Sante Animale v
Novartis
Singapore Private Limited v
Novartis
Corporation ( v
LEK
Pharmaceuticals v
Sandoz
Industrial Products Gmbh v
Sandoz
Canada Inc v
Sandoz
Inc v
Sandoz
N.V. v
Novartis
( |
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Holding
Company |
Novartis Holding
AG, |
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 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
32.000 |
32.000 |
32.000 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
1734.678 |
1525.021 |
1472.211 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
1766.678 |
1557.021 |
1504.211 |
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LOAN FUNDS |
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1] Secured Loans |
155.178 |
185.666 |
226.209 |
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2] Unsecured Loans |
1275.982 |
900.000 |
320.000 |
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TOTAL BORROWING |
1431.160 |
1085.666 |
546.209 |
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DEFERRED TAX LIABILITIES |
113.262 |
152.030 |
129.780 |
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TOTAL |
3311.100 |
2794.717 |
2180.200 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1739.544 |
1654.737 |
1014.478 |
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Capital work-in-progress |
592.141 |
184.863 |
404.399 |
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INVESTMENT |
1.200 |
1.200 |
30.600 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
5.560 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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|
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 |
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 |
|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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|
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|
|
|
|
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
v
v
Building
v
Plant
& Machinery
v
Furniture
& Fixture
v
Vehicles
Website
details are attached
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
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
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
2005-04-26
Novartis provides progess update on plans to integrate Hexal and Eon
Labs with
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
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
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
2004-09-27
A Corporate Citizenship Gala "A Night for
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
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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. 39.55 |
|
|
1 |
Rs. 80.44 |
|
Euro |
1 |
Rs. 55.49 |
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 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. |
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 |
|