MIRA
INFORM REPORT
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Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
THEMIS MEDICARE LIMITED |
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Registered Office : |
Plot No. 69-A, Vapi, District Valsad – 396 195, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Year of Establishment : |
31.05.1969 |
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Com. Reg. No.: |
1590 |
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CIN No.: [Company
Identification No.] |
L24110GJ1969PLC001590 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDA00539A |
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PAN No.: [Permanent
Account No.] |
AAACA9062D |
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Legal Form : |
Public Limited Liability Company. Company's Shares are Listed on the
Stock Exchanges |
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Line of Business : |
Manufacturers of Pharmaceuticals Products such as Drug Intermediates, Bulk Drugs, Tablets, Injections, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 3300000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track.
General financials position is good. Business is active. Payments are reported
as usually correct and as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
Plot No. 69-A, Vapi, District Valsad – 396 195, Gujarat, India |
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E-Mail : |
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Website : |
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Corporate Office : |
11/12, Udyog Nagar, S. V. Road, Goregaon (West), Mumabi-400104 |
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Tel. No.: |
91-22-767080/ 28757836 |
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Fax No.: |
91-22-28746621 |
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Factory (Synthetic) : |
Plot No. 69-A, GIDC Industrial Estate, Vapi-396195, District Valsad,
Gujarat, India |
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Factory (Biotech) : |
“Artemis Biotech” (A division of Themis Medicare Limited) Plot No. 1 and 5, IDA, Jeedimetla, Hydrabad-500055, India |
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Factory (Formulation) : |
Sector 6-A, Plot No. 16, 17 and 18, IIE, BHEL, Haridwar, India |
DIRECTORS
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Name : |
Mr. Shantibhai D. Patel |
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Designation : |
Chairman |
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Name : |
Mr. K. T. Lakdawala |
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Designation : |
Vice Chairman |
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Name : |
Mr. Erik Bogsch |
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Designation : |
Representative of Foreign Collaborator |
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Name : |
Dr. Lajos Kovacs |
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Designation : |
Representative of Foreign Collaborator |
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Date of Birth/Age : |
30.08.1960 |
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Qualification : |
M.Sc. in Chemical Engineering |
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Date of Appointment : |
27.08.2004 |
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Other Directorship: |
Richeter Themis Medicare (India) Private Limited |
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Expertise in Specific Functional Area : |
R and D Management Technical operations and manufacturing |
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Chairman/Member of the Committees of the Board of the Companies on
which he is a director as on 31st March 2007 |
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Name : |
Mr. Mahesh V. Bhatt |
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Designation : |
Director |
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Name : |
Mr. Hoshang N. Sinor |
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Designation : |
Director |
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Name : |
MR. Humayun Dhanrajgir |
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Designation : |
Director |
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Date of Birth/Age : |
02.12.1936 |
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Date of Appointment : |
27.08.2004 |
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Other Directorship : |
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Expertise in specific functional areas: |
Marketing and Business Administration |
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Name : |
Mr. Vijay Agarwal |
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Designation : |
Director |
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Date of Birth/Age : |
29.06.1957 |
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Qualification : |
B.Com. (Hons.), F.C.A |
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Experience : |
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Date of Appointment : |
27.08.2004 |
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Other Directorship: |
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Expertise in specific functional areas: |
Finance and Taxation |
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Chairman/Member of the Committees of the Board of the Companies on
which he is a director as on 31st March 2007 |
1.
Member, Audit Committee of Guffic Biosciences Limited 2.
Member, Audit Committee and share Transfer and Grievance Committee of
Dagger Forst Limited 3.
Member, Audit Committee of Compuage Inform Limited |
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Name : |
Mr. Rajneesh Anand |
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Designation : |
Alternative to Mr. Erik Bogsch |
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Name : |
Mrs. Jayshree D. Patel |
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Designation : |
Whole Time Director |
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Name : |
Dr. Sachin D. Patel |
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Designation : |
Director –Business Development |
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Name : |
Dr. Dinesh Patel |
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Designation : |
Managing Director and Chief Executive Officer |
KEY EXECUTIVES
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Name : |
Dr. Dinesh Patel |
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Designation : |
Key Executive (Overall Management and Research and Development) |
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Qualification : |
Ph. D. CChem. FRSC (London) |
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Name : |
Mr. Shantibhai D. Patel |
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Designation : |
Key Executive (Regulatory and Scientific Affairs) |
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Qualification : |
M.SC. Ph. D. LLM., D.P.L.P. |
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Name : |
Dr. Sachin D. Patel |
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Designation : |
Key Executive (Business
Development) |
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Qualification : |
Ph. D. CChem. University of Cambridge, U. K. |
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Name : |
Mr. T. Damodar Reddy |
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Designation : |
Key Executive (API –Bunsiness Biotech) |
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Qualification : |
Graduate in Chemical Technology |
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Name : |
Mr. Prakash D. Naringrekar |
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Designation : |
Key Executive (Legal and Finance) |
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Qualification : |
M.Com, ACS |
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Name : |
Mr. Luis Dias |
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Designation : |
Key Executive (Co-ordinator) |
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Qualification : |
B.Com API- Business |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Category |
No.of Shares |
Percentageof
Holding |
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Promoters Holding |
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- Indian Promoters (including relatives) |
4497205 |
55.86 |
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- Foreign Promoters |
1066000 |
13.24 |
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Mutual Funds |
597176 |
7.42 |
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Banks, Financial Institutions, Insurance Companies (Central/State
Govt. Institutions/ Non-Government Institutions) |
1000 |
0.01 |
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Fits (Foreign Mutual Funds) |
46512 |
0.58 |
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Bodies Corporate |
273277 |
3.40 |
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Indian Public |
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Individual shareholders holding nominal share capital upto Rs.0.100
Million. |
1146523 |
14.24 |
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Individual shareholders holding nominal share capital in excess of Rs.
0.100 Million |
345287 |
4.29 |
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NRIs / OCBs |
72438 |
0.90 |
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Any Other |
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Independent Directors and Relatives |
5032 |
0.06 |
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Clearing Member |
50 |
-- |
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TOTAL |
8050500 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Pharmaceuticals Products such as Drug Intermediates, Bulk Drugs, Tablets, Injections, etc. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Drug Intermediates |
M/T |
407 |
268 |
-- |
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Bulk Drugs |
M/T |
363 |
272 |
686.64 |
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Tablets |
Lacks |
8267 |
2080 |
525.33 |
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Injection |
Liters |
-- |
-- |
41355.13 |
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Syrups |
Liters |
-- |
-- |
7422.00 |
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Others |
(b) |
-- |
-- |
37477.97 |
GENERAL
INFORMATION
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Suppliers : |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Statutory
Auditor M. T. Ankleshwaria and Company Chartered Accountants. Branch Auditor Ramanatham and Rao Chartered Accountants Cost Auditors B.J.D. Nanabhoy and Company Chartered Accountants |
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Associates : |
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Subsidiary: |
Themis Medicare Singapore Private Limited (Wholly owned overseas subsidiary) |
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Joint Venture: |
Richter Themis Medicare (India) Private
Limited |
CAPITAL STRUCTURE
As on 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8050500 |
Equity Shares |
Rs. 10/- each |
Rs. 80.505
Millions |
Includes:-
- 20000 Equity
Shares of Rs.10 each, alloted as fully paid up pursuant to a contract
without payment being received in cash.
- 2686000
Equity Shares of Rs.10 each issued as fully paid up Bonus shares by way of
capitalisation of Share
- Premium
Account and General Reserve.
- Issue of
1282500 Equity Shares of Rs.10 each allotted pursuant to prospectus dated
3rd Feb.1995.
- 3752000
Equity shares of Rs 107- each fully paid up alloted to the existing members
of amalgamated company by the Board of Directors at its meeting held on
4th August 2004 in view of the scheme of amalgamation of Artemis Biotech
Ltd with the Company.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
80.505 |
80.505 |
80.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
591.608 |
526.817 |
498.600 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
672.113 |
607.322 |
578.600 |
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LOAN FUNDS |
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1] Secured Loans |
433.546 |
436.991 |
252.000 |
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2] Unsecured Loans |
83.360 |
32.105 |
27.300 |
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TOTAL BORROWING |
516.906 |
469.096 |
279.300 |
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DEFERRED TAX LIABILITIES |
31.436 |
34.267 |
0.000 |
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TOTAL |
1220.455 |
1110.685 |
857.900 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
592.110 |
396.066 |
356.200 |
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Capital work-in-progress |
97.202 |
215.866 |
17.900 |
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INVESTMENT |
86.170 |
86.120 |
74.700 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
333.278
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229.186 |
163.300 |
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Sundry Debtors |
550.102
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331.754 |
398.800 |
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Cash & Bank Balances |
127.437
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131.686 |
186.500 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Interest Accrued on Investments |
0.684
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178.008 |
84.900 |
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Loans & Advances |
148.833
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0.083 |
0.000 |
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Total
Current Assets |
1160.334
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870.717 |
833.500 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
640.794
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404.620 |
358.800 |
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Provisions |
74.567
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56.595 |
66.200 |
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Total
Current Liabilities |
715.361
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461.215 |
425.000 |
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Net Current Assets |
444.973
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409.502 |
408.500 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.131 |
0.600 |
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TOTAL |
1220.455 |
1107.685 |
857.900 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1672.130 |
1161.292 |
1016.200 |
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Other Income |
10.463 |
38.449 |
239.100 |
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Total Income |
1682.593 |
1199.741 |
1255.300 |
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Profit/(Loss) Before Tax |
102.572 |
56.215 |
293.200 |
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Provision for Taxation |
18.469 |
6.042 |
12.400 |
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Profit/(Loss) After Tax |
84.103 |
50.173 |
280.800 |
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Earnings in Foreign Currency : |
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Export Earnings |
741.698 |
368.878 |
0.000 |
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Imports : |
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Raw Materials |
311.300 |
368.827 |
0.000 |
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For Machinery / Equipments |
9.838 |
20.822 |
0.000 |
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Total Imports |
321.138 |
389.649 |
0.000 |
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Expenditures : |
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Manufacturing Expenses |
492.271 |
389.235 |
122.500 |
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Raw Material Consumed |
892.375 |
712.165 |
472.900 |
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Excise Duty |
0.000 |
0.000 |
51.600 |
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Power and Fuel Cost |
0.000 |
0.000 |
61.500 |
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Employees cost |
0.000 |
0.000 |
69.500 |
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Selling and Administration |
0.000 |
0.000 |
109.900 |
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Miscellaneous Expenses |
0.000 |
0.000 |
23.800 |
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Purchases made for re-sale |
141.455 |
53.250 |
0.000 |
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Increase/(Decrease) in Finished Goods |
[47.303] |
[43.664] |
[0.200] |
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Interest and Finance charges |
64.474 |
46.297 |
0.00 |
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Depreciation & Amortization |
35.466 |
24.186 |
21.300 |
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Other Expenditure |
1.283 |
1.283 |
0.000 |
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Cost of finished goods lost in fire |
0.000 |
[39.226] |
0.000 |
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Total Expenditure |
1580.021 |
1265.642 |
962.100 |
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QUARTERLY RESULTS
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PARTICULARS |
30.06.2006 1st
Quarter |
30.09.2006 2nd
Quarter |
31.12.2006 3rd
Quarter |
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Sales Turnover |
586.700 |
610.200 |
480.300 |
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Other Income |
0.500 |
3.400 |
4.800 |
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Total Income |
587.200 |
613.600 |
485.100 |
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Total Expenditure |
521.900 |
537.100 |
438.000 |
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Operating Profit |
65.300 |
76.500 |
47.100 |
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Gross Profit |
16.400 |
22.400 |
20.200 |
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Depreciation |
48.900 |
54.100 |
26.900 |
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Tax |
9.800 |
9.800 |
9.900 |
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Reported PAT |
3.800 |
4.300 |
1.000 |
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|
35.400 |
39.200 |
16.300 |
KEY RATIOS
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity Ratio |
0.78 |
0.64 |
0.57 |
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Long Term Debt-Equity Ratio |
0.32 |
0.16 |
0.16 |
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Current Ratio |
1.11 |
1.15 |
1.21 |
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TURNOVER RATIOS |
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Fixed Assets |
2.57 |
2.36 |
2.18 |
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Inventory |
6.18 |
6.35 |
6.41 |
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Debtors |
3.94 |
3.41 |
3.05 |
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Interest Cover Ratio |
2.58 |
1.81 |
3.33 |
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Operating Profit Margin(%) |
11.61 |
8.65 |
11.70 |
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Profit Before Interest And Tax Margin(%) |
9.56 |
6.71 |
9.60 |
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Cash Profit Margin(%) |
6.83 |
4.24 |
8.53 |
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Adjusted Net Profit Margin(%) |
4.78 |
2.30 |
6.44 |
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Return On Capital Employed(%) |
14.75 |
8.73 |
14.74 |
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Return On Net Worth(%) |
13.12 |
4.90 |
15.44 |
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|
2.57 |
2.36 |
2.18 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:
Subject was incorporated on 31st May, 1969 at Valsad in Gujarat under the name and style of Themis Chemicals Limited.
The name of the company has been changed to the present.
Subject was promoted by Chemosyn and Medimpex but was taken over by a group consisting of Mr. Shantibhai D. Patel and Mr. K. T. Lakdawala who also have interests in Andhra Synthetics and Antibiotics, which was merged with Artemis Pharmaceuticals in April, 1993.
Total cost of the project was estimated at Rs. 176.400 millions. The company manufactures and sells synthetic bulk drugs and formulations. It operates in the therapeutics segments of anti-tuberculosis, cerebroactivators, bronchodilators, anti-asthmatic, anaesthetic and other segments.
Anti-tuberculosis bulk drugs and formulations account for 60% of its turnover and the company is rated fourth in terms of turnover in this segment. The company has also started manufacturing and exporting fumagillin, an bacterial drug, fo rveterinary use for which it has a confirmed buy-back arrangement with Chinoin, Hungary.
FIXED ASSETS:
- Trade Marks
- Goodwill
- Freehold Land
- Leasehold
Land
- Leasehold
Land
- Buildings
- Plant and
Machinery
- Furniture,
fixtures
- Electrical
Installation
- Vehicles
- Technologies
It is in trade terms with :-
· Amsal Chem Private Limited
· Kshitij Printers
· S. S. Enterprises
· Shant Printing Works
· Padmavati Chemicals Private Limited
· Sharon Bio-Medicines
· Calyx Chemicals and Pharmaceuticals Private Limite
· Arbee International
· Lanz Lab
· Coburg Print and Pack
· Nivedita Chemicals
PROFILE:
The company with the help of Pharmograd, Moscow a manufacturing unit, is planning to market its Anti-T. B. formulation products the collaborators throughout the Russian Federation for trade, tenders and government supplies.
Subject is headquartered in Mumbai with four
state-of-the-art manufacturing facilities at three locations, in Vapi
(Gujarat), Hyderabad (Andhra Pradesh), and Haridwar (Uttaranchal).
Even though, Active Pharmaceutical Ingredients account for a
significant portion of Themis Medicare's revenue, the Company is setting new
benchmarks in manufacturing and marketing formulations. The company has
prudently addressed relevant and growing therapeutic areas like
antituberculosis, antimalarials, cardiology, pain management, anti-infectives,
haematinics, Health and Nutrition. The company is also engaged in co-marketing
its research based formulations with other pharmaceutical companies in India
and abroad.
The 500 strong field force of Themis Medicare, backed by a
nation wide network of over 2000 stockists, ensures that the company's products
are readily available across the nation. This combined with the quality of the
products means that Themis Medicare is able to strengthen the hands of doctors
by offering superior treatment and healthcare solutions. It is our constant
endeavour to improve the quality of life by enabling people to do more, feel
better and live longer.
Themis Medicare has an expanding international portfolio of affiliates across
the globe with a presence in 40 countries. Additionally, company is planning to
enter all 29 EU countries, USA, Canada, Australia with its unique research
formulations. A balanced geographical presence coupled with a strong product
flow form a wide therapeutic range serve as the business building blocks of the
company.
Themis Medicare has ambitious plans for the years ahead. The emphasis is on
post 2006 opportunities with greater focus on the International Markets, in
particular Europe, Americas and Australasia.
BOARD
OF DIRECTORS
Mr. Shantilal D. Patel (1926) – Chairman
He is the Founder and Chairman (Non-Executive) of the Company. He holds a
Bachelor of Pharmacy degree. Fondly addressed as Dadaji, Shri S. D. Patel
stepped into the world of pharmaceuticals in the year 1952. His hard work
and tenacity set the pace and formation of Themis Medicare in 1969 (then known as Themis Chemicals).
Mr. Kishore T. Lakdawala (1925) – Vice Chairman
He is the Vice Chairman (Non-Executive). He holds a Bachelor of Science degree
from Mumbai University and has been with the Company since its inception.
Mr.Lakdawala now semi-retired, attended to the administrative aspects of the
Company.
Mr. Erik Bogsch (1947) – Director
He is a Director on the Board from Gedeon Richter Limited In Gedeon
Richter, he holds the key position of Managing Director since November
1992. Mr. Bogsch is a Chemical Engineer and qualified Economic Engineer,
who has been with Richter since 1970 in a number of research and development
management positions.
Dr. Laszlo Kovacs (1944) – Director
He is a Director on the Board from Gedeon Richter Limited In Gedeon
Richter he held the position of Deputy Managing Director with the
responsibility for Commerce and Marketing from 1990 to 2005. Dr. Kovacs is
currently Strategic Adviser to the Executive Board of Gedeon Richter. He
is an Economist with a University doctorate in Economic Sciences.
Mr. Lajos Kovacs (1960) – Director
He is a Director on the Board from Gedeon Richter Limited He has been
appointed a Director in Gedeon Richter since 2005. Mr. Kovacs is
responsible for Technical Services. A Chemical Engineer, with
postgraduate degree in pharmaceutical research, he has been with Richter since
1984 in different positions.
Mr. Mahesh V. Bhatt (1934) – Independent Director
He is an Independent Director on the Board. Qualifications: B.Sc., LLB.
Mr.Bhatt’s expertise lies in the field of labour laws and related matters
handling cases in High Courts and the Supreme Court. He regularly
publishes articles in newspapers and other print media.
Mr. Hoshang N. Sinor (1944) – Independent Director
He is an Independent Director on the Board since 2003. He is also the
Chairman of the Company’s Audit Committee. Banking and Finance, at very
senior management levels, are the areas of his expertise. Mr. Sinor had
held the post of Deputy Managing Director in ICICI Bank Limited Presently
he is the CEO of the Indian Bankers Association as well as Director on the
Board of many renowned companies.
Mr. Humayun Dhanrajgir (1936) – Independent Director
He is an Independent Director on the Board since 2004. He is
also a member of the Company’s Audit Committee. Mr. Dhanrajgir is
considered an Expert in the Pharmaceutical Industry with over 40 years of
experience. He has served Glaxo India Limited, as Managing Director and
Executive Vice Chairman. Presently he is on the Board of many renowned
companies.
Mr. Vijay Agarwal (1951) – Independent Director
He is an Independent Director on the Board since
2002. He is also a member of the Company’s Audit Committee. Mr.
Agarwal is a practicing Chartered Accountant with expertise in finance and
taxation.
Mrs. Jayshree Dinesh Patel (1951) – Whole Time Director
She is Whole Time Director on the Board. She is actively
involved in the Distribution, Administration and Financial aspects of the
Company since 1984.
Dr. Sachin Dinesh Patel (1975) – Director – Business Development
He is Director-Business Development on the Board since 2004 and
son of the Managing Director and CEO. Dr. Sachin Patel is a Bachelor of
Science graduate from the University of Sunderland, UK. He also holds a
Doctorate in Life Sciences and Nanotechnology from Christ’s College, University
of Cambridge, UK.
Dr. Dinesh Shantilal Patel (1948) – Managing Director and CEO
He is the Managing Director and CEO on the Board and son of the Chairman.
Dr. Dinesh Patel holds a Doctorate in
Medicinal Chemistry. He is also a Fellow of the Royal Society of
Chemistry, London, U.K. He joined the business in 1973.
Shri Rajneesh Anand (1954) – Alternate Director to Mr. Erik Bogsch
He has been appointed Alternate to Mr. Erik Bogsch on the
Board. Mr. Anand is a graduate in Mechanical Engineering from M. S.
University, Baroda and a qualified Chartered Engineer. He is also the CEO
of Richter Themis Medicare (I) Pvt. Limited, the second joint venture
established between Gedeon Richter Ltd and Themis Medicare in India. He
has been with Themis Chemicals since 1977. In 1999 he was appointed
President of Gujarat Themis Biosyn Limited (GTBL) and is presently appointed as
Director on the Board of GTBL.
MILESTONES
1969
Establishment of Themis Chemicals (now Themis Medicare) in joint partnership
with GEDEON Richter Limited ,
Hungary
1971
Themis Chemicals became the Second Company in the world and First Company in
India to produce Vitamin B12 by non-sterile fermentation.
1976
Themis Chemicals is the Second Company in the world and FIRST Company in India
to produce Ethambutol Dihydrochloride.
1985
Themis Chemicals produces RIFAMPICIN for the FIRST TIME in India
1990
Themis Chemicals develops and produces a unique haemostat – HEMOLOK
1991
Themis Chemicals - produces SISOMICIN and is the ONLY Company other than Schering
Plough of USA to master the technology
1991 / 1992
Themis Chemicals develops and introduces ANABLOKTM
(Centbucridine Hydrochloride) – an anaesthetic – along with CDRI, Lucknow –
FIRST OF ITS KIND IN THE WORLD.
1993
Themis Chemicals produces GENTAMICIN in India – the only Private Sector
Company to do so
1995
Themis Chemicals produces FUMAGILLIN – a unique veterinary product - for the
FIRST TIME in the world – exclusive manufacture for French Company
THEMIS CHEMICALS goes Public – listed on the Bombay Stock Exchange
1996
Themis Chemicals produces LOVASTATIN indigenously – FIRST TIME IN INDIA and
Third Company in the world to do so
1997
Themis Chemicals bags Ministry of Science and Technology’s Department of
Scientific and Industrial Research (DSIR) AWARD for LOVASTATIN
1998
Indigenously develops Simvastatin for the first time in Asia
1999
Launch of E MALTM – Alpha Beta Arteether – a THEMIS-CDRI product by
the Prime Minister – Shri Atal Behari Vajpayee – Prime Minister of India on
Technology Day
Themis Chemicals bags Ministry of Science and Technology’s Department of
Scientific and Industrial Research (DSIR) AWARD for development of E MALTM
– ALPHA BETA ARTEETHER
2001
Themis Chemicals RENAMED – THEMIS MEDICARE LIMITED
2002
Themis Medicare develops and introduces SEPGARDTM – a unique wound
healing agent – FIRST TIME IN INDIA.
2003
Themis Medicare develops and introduces – CLEOFOLTM – (Lipid free
Clear Propofol Injection) – FIRST TIME IN THE WORLD
Themis Medicare develops and introduces – ROFEJETTM – (Rofecoxib
Injection) – the FIRST COX-2 INJECTION in the WORLD
2004
MERGER of Artemis Biotech with Themis Medicare
Themis Medicare establishes SECOND JOINT VENTURE with Gedeon Richter Limited, Hungary under name – RICHTER THEMIS
MEDICARE (INDIA) PVT. LIMITED a 100% export oriented unit
2004
Themis Medicare builds new state-of-the-art facility at Hyderabad for
Simvastatin Production
2006
Themis Medicare commences operations of its state-of-the-art formulation
manufacturing facility at Haridwar.
Themis Medicare develops and introduces NIMESULIDE INJECTION.
THEMISEALTM the unique ‘stops bleeding gel’ enters the European
market.
Themis Joint Venture Richter Themis
Medicare (India) Pvt. Limited commences production
Commenced cultivation of Artemisia annua and extraction of Artemisinin.
2007
Themis Medicare develops and introduces ACECLOFENAC INJECTION –
FIRST TIME in the world.
Themis Joint Venture – Richter
Themis Medicare (India) Pvt. Limited has its new API Block ready
|
NOTES FORMING
PART OF THE ACCOUNTS : |
31.03.2007 Rs.
In Millions |
|
1. Contingent
Liabilities not provided for : |
|
|
(a) In respect of Letter of Credit. |
197.308 |
|
(b) Disputed Income Tax, Sales Tax, as matters are in appeal. |
6.649 |
|
(c) Bank Guarantee |
18.300 |
|
(d) Custom duty payable on raw materials imported under duty |
35.041 |
|
(e) Claims against the Company not acknowledged as debts. |
|
|
i) The Ministry of Chemicals and Fertilizers, Govt.of india has raised
demand under Drug Price Control Order, 1979 for difference in actual price
and price of respective bulk drug allowed while fixing the price of certain
life saving formulations and disputed by the Company. The Company has
preferred Appeal before Hon'ble High Court Gujrat inrespect of Bulk Drug Rifampicin for grant of ad interim
stay. While allowing the stay, the Hon'ble High Court Gujrat directed the
Company to deposit Principle Liability of Rs. 3.480 Millions out of the total
liability of Rs.12.608 Millions as worked out by the Department of Chemicals
and Fertilizers, Govt. of India. The Company has already complied with the
directions of the Hon'ble Court. Inrespect of Liability for Bulk Drug
Ethambutol, the matter is under consideration of Department of Chemicals and
Fertilizers, Govt. of India, |
33.333 |
|
ii) Others |
0.087 |
|
2. Liability on account of Custom duty on goods in bonded warehouse or
in transit is, as per the Company's practice charged to Profit and Loss
Account only in the year in which the goods are cleared from the Custom. Such
liability as at 31st March,2007 is estimated at Rs.1.848 Millions (previous
year Rs.1.619 Millions) This accounting policy has no effect on the Profit for the year. |
|
|
4. Estimated amount of contracts remaining to be executed on capital
account and not provided for (net of advances). |
26.316 |
OPERATIONS:
Sales / Income from operations at Rs. 1737.000 Millions registered an
increase of over 39% as compared to the previous year's sale of Rs. 1247.000
Millions Further, profit from current operations, net of income tax Rs.83.100
Millions registered an increase of 67% as compared to previous year's profit of
Rs.49.800 Millions
BUSINESS
ACHIEVEMENTS / DEVELOPMENTS
* During the year the Company had launched a few new products at domestic
as well as international front resulting in achieving newer heights as well as
improving overall health of the Company.
* The Company has almost started its new injection plant at Haridwar for
tablets and gel formulation production.
* The Company has obtained approval from international regulatory authorities
for its product "THEMISEAL."
MANAGEMENT
DISCUSSION and ANALYSIS REPORT
* Operational Overview
Themis constantly reviews its product market portfolio with a view to
strengthen sustainable growth. The Company has driven fiscal growth by focusing
internally on the following areas
* Development of a stronger manufacturing infrastructure.
* Creation of a superior Management Information System.
* Up gradation, Expansion, Modernization of its manufacturing facilities.
* Obtaining international approvals for plants.
* Establishment of Marketing Division as per the therapeutic
segments.
CMT REPORT
(Corruption, Money Laundering and 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.42.53 |
|
UK Pound |
1 |
Rs.83.44 |
|
Euro |
1 |
Rs.66.18 |
SCORE and RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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 |
|