MIRA
INFORM REPORT
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Report Date : |
17.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
WANBURY LIMITED |
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Registered Office : |
BSEL Tech Park, B-Wing, 10th Floor, Sector 30 A, Opposite Vshi
Railway Station, Navi Mumbai-400705, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.08.1988 |
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Com. Reg. No.: |
11-48455 |
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CIN No.: [Company
Identification No.] |
U51900MH1988PLC048455 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP12825B /
VPNW00073D |
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PAN No.: [Permanent
Account No.] |
AABCP5939P |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
Stock Exchange. |
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Line of Business : |
Manufacturer of
Pharmaceuticals, Medicines, Organic Chemicals and Bulk Drugs such as
Acyclovir, Metformin and Salsalate |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 6400000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Ms. Reshma of Accounts assured to part to require details. Subject is a
well established company having satisfactory track. Trade relations are fair.
Financial position is satisfactory. Payments are currently correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/ Corporate Office : |
BSEL Tech Park, B-Wing, 10th Floor, Sector 30 A, Opposite
Vshi Railway Station, Navi Mumbai-400705, Maharashtra, India |
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Tel. No.: |
91-22-67942222 |
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Fax No.: |
91-22-67942111 |
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E-Mail : |
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Website : |
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Head Office : |
Plot No. 28, 1st
Floor, Kopri Road, Sector – 19 C, Vashi, Navi Mumbai – 400 703, Maharashtra |
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Tel. No.: |
91-22-27668938/27668939/27668958/27668959 |
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Fax No.: |
91-22-27663944 |
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E-Mail : |
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Factory 1 : |
A-15, MIDC
Industrial Area, Patalganga, Taluka -
Khalapur, District Raigad - 410 220, Maharashtra, India |
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Tel. No.: |
91-2192-250444/
91-22-27630034/254006 |
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Fax No.: |
91-2192-250531 /
91-22-27619447 |
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E-Mail : |
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Area : |
Leased -- 7,595 sq. mtrs. |
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Factory 2 : |
Plot No. J – 17,
MIDC Industrial Area, Tarapur, Maharashtra |
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Tel. No.: |
91-2192-250444/
91-22-27630034/254006 |
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Fax No.: |
91-2192-250531 /
91-22-27619447 |
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Factory 3 : |
Plot No. 24, M.I.D.C Tarapur, Maharashtra, India |
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Factory 4 : |
Plot No. D-312, ITC Industrial Area, MIDC Turbhe, Navi Mumbai, Maharashtra,
India |
DIRECTORS
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Name : |
Mr. A L Bongirwar |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. N.K. Puri |
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Designation : |
Non-Executive Independent Director |
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Date of Birth/Age : |
64 Years |
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Qualification : |
MSC (Physics) |
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Expertise in Specific Area : |
Banking |
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Date of Appointment : |
09.03.2005 |
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Name : |
Dr. P.L Tiwari |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. S Bhattacharyya |
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Designation : |
EXIM Bank Nominee |
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Name : |
Mr. K Chandra |
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Designation : |
Whole-time Director |
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Date of Birth/Age : |
49 Years |
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Qualification : |
Graduate |
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Expertise in Specific Area : |
Pharmaceutical Industry |
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Date of Appointment : |
23.01.2001 |
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Other Directorship : |
Doctors Organic Chemicals Limitedj |
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Name : |
Mr. K R N Moorthy |
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Designation : |
Whole-time Director |
KEY EXECUTIVES
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Name : |
Mr. Pankaj B Gupta |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.06.2008
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Shareholding of
Promoter and Promoter Group |
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Bodies Corporate |
3077017 |
20.95 |
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Foreign |
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Bodies Corporate |
3024000 |
20.59 |
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Public
Shareholding |
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Institutions |
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Mutual Fund/ UTI |
10117 |
0.07 |
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Financial Institutions/ Banks |
8100 |
0.06 |
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Central Government/ State Government |
6565 |
0.045 |
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Insurance Companies |
750954 |
5.11 |
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Non Institutions |
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Bodies Corporate |
2896757 |
19.72 |
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Individuals- |
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Individuals shareholders holding nominal share capital up to Rs. 0.100
Million |
3161172 |
22.51 |
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Individuals shareholders holding nominal share capital in excess of
Rs. 0.100 Million |
857675 |
5.84 |
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Any Other |
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Clearing Members |
92913 |
0.63 |
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OCB |
94680 |
0.64 |
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NRI |
61336 |
0.42 |
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Total |
14689286 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Pharmaceuticals, Medicines, Organic Chemicals and Bulk Drugs such as
Acyclovir, Metformin and Salsalate |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Bulk Drugs |
M.T |
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4274.000 p.a. |
4725.556 |
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Formulation - Tablets |
No. in Lacs |
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5400 |
Nil |
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Capsules |
No. In Lacs |
|
2100 |
Nil |
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Dry Syrup ( 60 ML) |
No. of Bottles
in Lacs |
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60 p.a. |
Nil |
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Sachets ( 3 and 5 gm) |
No. in Lacs |
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72 p.a. |
Nil |
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Sachets ( 22 gm) |
No. in Lacs |
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60 p.a. |
Nil |
GENERAL
INFORMATION
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No. of Employees : |
116 persons -- 18
persons in office and 98 persons in factory |
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Bankers : |
·
Bank of India ·
EXIM Bank ·
State Bank of India ·
Dhanalakshmi Bank |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kapoor an Parekh Associates Chartered Accountant |
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Address : |
Mumbai |
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Associates/Subsidiaries : |
Ř
Kingsbury Investments Inc. Ř
Expert Chemicals (India)
Private Limited Ř
Malik Organics Private
Limited Ř
Anjay Shares
and Securities Private Limited Ř
Magnum Equifin Private Limited Ř
Wanbury Holdings B.V Netherland Ř
Canabria Pharma S.L. , Spain Ř
Doctors Organic Chemicals Limited |
CAPITAL STRUCTURE
As on 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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30000000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Millions |
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2000000 |
Preference Shares |
Rs. 100/- each |
Rs. 200.000 Millions |
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Total |
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Rs. 500.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
12747358 |
Equity Shares |
Rs. 10/-
each |
Rs. 127.474
Millions |
Note:
1. Out of the Above Equity Shares:
a) 7560108 Equity Shares were allotted as fully paid-up without payment
being received in cash, pursuant to the Scheme of Merger with erstwhile Wander
Private Limited
b) 888000 (Previous Year 1818000) Equity Shares are represented by 296000
(Previous Year 606000) global Depository Receipts
2. Authorised share Capital has been
reclassified vide resolution of shareholders passed through ballot on 17th
February, 2007.
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 |
127.474 |
127.474 |
94.863 |
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2] Share Application Money |
5.626 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1158.090 |
883.949 |
456.045 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1291.190 |
1011.423 |
550.908 |
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LOAN FUNDS |
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1] Secured Loans |
839.795 |
280.189 |
182.346 |
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2] Unsecured Loans |
497.141 |
273.110 |
112.345 |
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TOTAL BORROWING |
1336.936 |
553.299 |
294.691 |
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DEFERRED TAX LIABILITIES |
0.000 |
58.665 |
32.150 |
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TOTAL |
2628.126 |
1623.387 |
877.749 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1075.225 |
643.993 |
564.576 |
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Capital work-in-progress |
105.203 |
55.220 |
42.622 |
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INVESTMENT |
494.083 |
287.128 |
14.654 |
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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 |
161.966
|
132.636 |
80.399 |
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Sundry Debtors |
457.679
|
383.529 |
240.904 |
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Cash & Bank Balances |
31.267
|
231.142 |
23.006 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
878.848
|
215.484 |
155.143 |
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Total
Current Assets |
1529.760
|
962.791 |
499.452 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
455.683
|
258.467 |
206.377 |
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Provisions |
120.462
|
67.278 |
37.178 |
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Total
Current Liabilities |
576.145
|
325.745 |
243.555 |
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Net Current Assets |
953.615
|
637.046 |
255.897 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2628.126 |
1623.387 |
877.749 |
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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 |
1438.275 |
1088.360 |
752.431 |
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Other Income |
88.077 |
60.894 |
0.000 |
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Total Income |
1526.352 |
1149.254 |
752.431 |
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Profit/(Loss) Before Tax |
153.413 |
144.263 |
86.673 |
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Provision for Taxation |
[54.850] |
36.960 |
16.548 |
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Profit/(Loss) After Tax |
208.263 |
107.303 |
70.125 |
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Earnings in Foreign Currency : |
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Export Earnings |
717.819 |
562.318 |
257.809 |
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Expenditures : |
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Cost of Material |
785.903 |
562.131 |
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Personal Cost |
161.730 |
130.197 |
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Interest |
41.593 |
24.481 |
665.758 |
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Depreciation & Amortization |
70.852 |
61.048 |
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Transferred From Revaluation Reserve |
[40.169] |
[40.170] |
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Other Expenditure |
353.030 |
267.303 |
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Total Expenditure |
1372.939 |
1004.991 |
665.758 |
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QUARTERLY RESULTS
|
PARTICULARS |
30.06.2007 1st
Quarter |
30.09.2007 2nd
Quarter |
31.12.2007 3rd
Quarter |
31.03.2008 4th
Quarter |
30.06.2008 5th
Quarter |
|
Sales Turnover |
485.3000 |
572.800 |
561.400 |
632.800 |
666.600 |
|
Other Income |
27.1000 |
19.600 |
53.800 |
12.800 |
29.100 |
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Total Income |
512.400 |
592.400 |
615.200 |
645.600 |
695.700 |
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Total Expenditure |
415.500 |
485.100 |
505.000 |
551.800 |
626.400 |
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Operating Profit |
96.900 |
107.300 |
110.200 |
93.800 |
69.300 |
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Interest |
30.300 |
31.100 |
23.800 |
31.600 |
35.200 |
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Gross Profit |
66.600 |
76.200 |
86.400 |
62.200 |
34.100 |
|
Depreciation |
11.600 |
15.100 |
13.500 |
24.200 |
18.100 |
|
Tax |
0.700 |
0.700 |
0.000 |
0.000 |
0.900 |
|
Reported PAT |
54.300 |
60.400 |
72.200 |
50.400 |
12.300 |
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
1.09 |
0.92 |
1.49 |
|
Long Term Debt-Equity Ratio |
0.74 |
0.45 |
0.96 |
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Current Ratio |
1.59 |
1.34 |
1.23 |
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TURNOVER RATIOS |
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Fixed Assets |
1.71 |
2.41 |
2.36 |
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Inventory |
9.92 |
10.41 |
8.74 |
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Debtors |
3.47 |
3.55 |
3.69 |
|
Interest Cover Ratio |
4.69 |
6.88 |
4.75 |
|
Operating Profit Margin(%) |
15.45 |
17.09 |
16.92 |
|
Profit Before Interest And Tax Margin(%) |
13.35 |
15.21 |
14.80 |
|
Cash Profit Margin(%) |
16.36 |
11.56 |
11.57 |
|
Adjusted Net Profit Margin(%) |
14.26 |
9.68 |
9.45 |
|
Return On Capital Employed(%) |
10.74 |
19.08 |
24.46 |
|
Return On Net Worth(%) |
24.02 |
23.33 |
49.19 |
LOCAL AGENCY
FURTHER INFORMATION
History:
Incorporated as Pearl Distributors Private Limited in Aug.'88, Pearl
Organics (POL), changed its name to Pearl Organics Private Limited in Jan.'91
and acquired its present name subsequent to its becoming a public limited
company in Aug.'91. POL was promoted by K Chandran along with his associates.
The company manufactures and sells pharmaceuticals, medicines, drugs and
organic chemicals, a substantial portion of which is intended for
exports.
POL entered the capital market in Feb.'92 to part-finance its Rs 40.500
Millions project to manufacture pharmaceutical formulations, consisting of
tablets, capsules, injectables and liquid orals and commence commercial
production of sodium lauryl sulphate (SLS). POL commissioned its bulk drug
project at Tarapur in Nov.'93. The company is planning an expansion project at
Patalganga plant to manufacture bulk drugs which will be financed by a rights
issue of shares.
The Company has completed the major portion of the expansion programme
during the year 1997-98.
The company has expanded the installed capacity of Bulk Drugs during the
year 2003-04 by 300 MT and with this expansion, the total capacity has risen to
1400 MT.
The name of the company has been changed during January 2005 from Pearl
Organics Limited to Wanbury Limited
OPERATIONAL
REVIEW:
The Company had a very successful year with sound growth in Turnover and
Profits and further improvements in operating parameters. Overall turnover for
the financial year has grown by approx. 32% to Rs. 1460.802 Millions as against
Rs. 1108.626 Millions in the previous year. Profit After Tax (PAT) has
registered growth of approx. 94% and increased to Rs. 208.263 Millions as
against Rs. 107.303 Millions in the previous year. The Earning Per Share has
grown by approx. 62% to Rs. 15.65 from Rs. 9.67 per share.
Export of the Company during the year has registered growth of approx. 28% and
increased to Rs. 717.819 Millions from Rs. 562.318 Millions. The Company has
been exporting its products to more than 50 Countries.
MERGER OF THE PHARMACEUTICAL
PRODUCTS OF INDIA LIMITED (PPIL) WITH THE COMPANY:
The Hon'ble Board for Industrial and Financial Reconstruction (BIFR) has
approved the merger of PPIL with the Company with effect from April 1, 2006
vide its order dated May 1, 2007. Hence merger effect has been given in the
financial result of the Company for the financial year ended as on March 31,
2007.
MERGER OF DOCTORS ORGANIC
CHEMICALS LIMITED (DOCL) WITH THE COMPANY:
The Hon'ble Board for Industrial and Financial Reconstruction (BIFR) has
approved the merger of DOCL with the Company with effect from April 1, 2007
vide its order dated May 4,2007. Hence merger effect has not been given in the
financial result of the Company, for the financial year ended as on March 31,
2007.
FOREIGN CURRENCY CONVERTIBLE BONDS (FCCBs) ISSUE:
The Company has issued Foreign Currency Convertible Bonds (FCCB) aggregating
Euro 15 Million (Euro Fifteen Million only) on April 20, 2007, in two parts
namely Foreign Currency Convertible A Bonds and Foreign Currency Convertible B
Bonds.
The Company has issued and allotted 800 nos. Foreign Currency Convertible A
Bonds of face value of Euro 10,000 each fully paid i.e. size of Bond A is Euro
8 Million fully paid.
Further the Company has issued and allotted 700 nos. Foreign Currency
Convertible B Bonds of face value of Euro 10,000 each partly paid. The paid-up
amount is 10% i.e. size of Bond B is Euro 7 Million and paid-up amount is Euro
700,000 (Euro Seven Hundred Thousand only).
The terms and conditions of FCCBs areas per the Offering, Circular submitted to
Luxembourg Stock Exchange ("LuxSE").
The Company will utilize the fund raised through FCCBs Issue for funding
overseas acquisition, expansion, related diversifications, research &
development and other permitted purposes in accordance with the end use
restrictions specified in the External Commercial Borrowings Guidelines.
SUBSIDIARY
COMPANIES:
The Company is at an advanced stage of completing its acquisition of the generic
division of Industrial Farmaceutica Cantabria S.A., Spain, through two special
purpose vehicles Wanbury Holdings B.V. and Cantabria Pharma S.L.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
The Industry:
The Indian pharmaceutical industry has had a good FY07 and is expected to clock
an excellent growth performance over the next 2-3 years. This is on the back of
a revived domestic business growing in double digits, Generic Exports, Contract
Research and Manufacturing Services (CRAMS) and Discovery led strategic
alliances. Further, higher growth in the industry has come through
consolidations with a number of Indian pharmaceutical companies acquiring
businesses in regulated markets, especially Europe. The Indian pharmaceutical
sector is becoming a very pivotal part of the global value chain that will
speed up value creation in the country. Growth in CRAMS in India is a testimony
of the technological skill set and know-how of the Indian pharmaceutical
industry. New discovery, R&D initiatives across players are showing immense
promise. Indian players have been making significant investments in building up
capacities and regulatory fillings for generic exports. The benefits of these
investments have now started accruing and will continue to drive growth over
the next few years.
New Indian entrants in the regulated generic markets, as well as regulatory
changes in these markets have brought in more competitive pricing pressure.
These pressures pertaining to the generic exports stand mitigated through cost
competitiveness, strong and diversified product portfolio, inorganic growth,
value added generics, aggressive geographical diversification and strong
domestic growth. These would continue to be the focus areas for all meaningful
pharmaceutical players.
Financial
Review
The net sales of the Company have increased to Rs. 1438.300 Millions
from Rs.1088.300 Millions which shows a growth of 32% over the previous year.
The Company has also invested in building up capacities at Doctors Organic
Chemicals Limited which shall see a significant rise in API sales over the
coming years. The Company had also undertaken a strategy to build a portfolio
of niche brands which has been successful with sales increase in formulations.
Growth in sales is on the back of enhanced capabilities, widening of customer
base and new product introduction. Other income has increased on account of the
merger of The Pharmaceutical Products of India Limited
The export sales of the Company have increased to Rs. 717.800 Millions from
Rs.562.300 Millions in the previous year which shows a 28% growth over the
previous year comprising approximately 50% of the net sales.
The EBIDTA of The Company has grown in absolute terms to Rs. 225.700
Millions from Rs. 189.600 Millions. EBIDTA margin of the Company has however
reduced from 19% to 16%.
The difference is attributable
to:
1. The merger of PPIL -approximately 1.16%2. The increase in the material
costs -approximately 3.09%.3. The increase in interest costs -approximately
0.6%
PBT has grown to Rs. 153.400 Millions from Rs. 144.200 Millions. However PBT
margins have dipped to 11% from 13%. This is mainly attributable to higher
finance cost. The Company has had higher borrowings on account of the
acquisitions of Cantabria Pharma SL and Doctors Organic Chemicals Limited
Borrowing cost on this account would contribute to approximately 0.6% of the
reduced margins. The expenditure incurred by the Company shall be compensated
by higher consolidated sales from these acquisitions in course of time.
The overall PAT has increased to Rs. 208.300 Millions from Rs. 107.300 Millions
in the previous year resulting in an increase in the margin to 14% from 11%
with the recognition of deferred tax. The Company expects this benefit in the
next couple of years.
Fixed Assets:
·
Freehold Land
·
Leasehold Land and Land
·
Development Expenses
·
Factory Building
·
Plants, Machineries and Equipments
·
Furniture and Fixture
·
Vehicles
·
Office Equipments
·
Electrical Installations
·
Computers
·
Office Premises
·
R and D Building
·
Brands
·
Software
·
Technical Know-how
Profile:
Subject, came
into existence with the merger of the two diverse companies – WANDER and PEARL
ORGANICS :
Subject is a nationally
known ethical branded formulations marketing company, founded in 1865 by Dr.
George Wander in Berne, Switzerland with significant presence in the Indian
market.
Pearl Organics, an
active bulk drug company with major presence in the international market.
The two entities are now functioning as the independent
business units of Wanbury Limited, providing a synergistic value to its
customers and shareholders.
Further insight into the two Divisions are as follows :
Formulation Division (erstwhile Wander)
Subject has now become the Formulations Division of Wanbury
catering the domestic market. Further details about the Formulations Division
is as follows :
Ř
Founded in 1865 by Dr. George Wander in Berne, Switzerland.
Ř
World over, known for its dietetic brand, Ovaltine and cold
brand Triaminic.
Ř
Wander has been in the Indian market since late forties with
it’s cold and nutrition products.
Ř
Originally, a subsidiary of Sandoz, but in 1995 the Indian
promoters took control of the company.
Ř
Supported by team of 300 professionals across the country,
18 brands, 24 Distributors and about 1200 stockists.
Ř
Product Range - Anti Diabetic, Neutraceuticals ,
Antibiotics, Cough & Cold Solutions, Anti- Inflammatory & Analgesic.
Ř
R&D Centre (Formulations) is located at Chembur in
Mumbai .
Ř
Focus on ethical branded formulations with thrust to capture
domestic and international market.
API Division (erstwhile Pearl Organics)
Ř
Pearl Organics was incorporated in 1994 as a public limited
company.
Ř
Today, bulk drug division is the largest producer of
Metformin hydrochloride in the world.
Ř
Sales to over 50 countries with 65% exports to the
Regulatory Market largely to USA, Canada, Europe, Australia, New Zealand, latin
America, Asia , Middle east and African markets
Ř
Bulk products are sold to leading global generic players in
regulated markets -3 of the top 5 generic players in US source from the
company.
Ř
3 Manufacturing locations - Patalganga ( 30 km from Mumbai )
– USFDA approved , Tanuku, Hyderabad (USFDA approved) and one at Tarapur.
Ř
R&D Centre (API) is located in Turbhe Navi Mumbai.
Ř
Supported by team of 500 plus professionals in different
plants, corporate and R&D centres.
Ř
The plant has also received approvals from
1.Patalganga - USFDA & German Authorities.
2.Tarapur - Indian GMP Certificate.
3.Tanuku - USFDA Approval.
Growth Plan
Wanbury is quite committed and aggressive towards achieving
its growth plans. The company has shown a significant progress ( refer annual
reports : 2004 to 2006 ) ever since its formation and has several initiatives
lined up on its list. The company plans to expand based on the following
initiatives.
Ř
Aggressive pitch of DMF Filings through a strengthened
Research Base with new R&D centre set up at Navi Mumbai for Process
Research.
Ř
Expansion of existing facilities.
Ř
Acquisition of new divisions / plants.
Ř
Strengthening presence in Contract manufacturing.
Ř
Increase in Product Portfolio.
Ř
Launch of New Lifestyle Divisions targeting Key customers.
Ř
Strategic Alliances with other market players.
Ř
Foray into Global Generic market.
The company has a proven track record of success and has
immense potential to grow further nationally as well globally.
Mission:
They at Wanbury, want to make company that people are proud
of and committed to, where all employees have opportunity to contribute, learn,
grow and advance on merit.
They are dedicated in improving quality of the people by continuously providing
high quality training and development.
They will continue to establish a business model, which is predictable,
sustainable, growth oriented and profitable.
They will always worship exceptional and superior performance. They will
continuously challenge status-quo / maintenance and simultaneously encourage
and recognize stretch and growth.
They will work hard not only to satisfy but delight the customers (both
internal and external).
They will strive to make Wanbury one of the preferred employers.
Locations
Corporate Office
The Company in based at Vashi in Navi Mumbai. Its entire
national and international operations are managed from the Corporate Office.
The Corporate Office houses the support divisions mainly Marketing, Finance HR
legal etc.
Plants
The Company has Plants at Patalganga, Tarapur and Tanuku
(Andhra Pradesh) of which 2 are USFDA approved and also of EDQM standards. The
products are manufactured under cGMP guidelines.
The plants boasts ofproduction capacity in excess of 8000 Tons per year. As a
result Wanbury today is the world’s largest producer and exporter of Metformin
Hydrochloride and Salsalate - 65% of sales is in the regulated markets. It is
also the leading supplier of bulk drugs to the 3 of the top 5 generic players
in the US.
Ř
Patalganga Plant – With a USFDA approved certification, the
Plant is located at Kaire Village, Taluka: Khalapur, District: Raigad,
Maharashtra State. It is situated in Maharashtra Industrial Development Corpn.
(MIDC), a Govt. notified industrial park for chemical manufacturing. The site
is located 80 kilometers south of Mumbai International Airport and is easily
accessible by road.
Ř
Tanaku Plant – A USFDA Approved plant, its located at Tanuku
in Andhra Pradesh. It is located 415 kms from Hyderabad. It is spread over an
area of 18 acres.
Ř
Tarapur Plant - The plant is located at Tarapur, about
150 Kms. from Mumbai.
R & D Centers
The company also has R&D base at Navi Mumbai with its
team of dedicated Scientists and Research Doctors.
The R&D is recognized by DSIR – India and has several
Patents to its credit. The two R & D centers are :
Ř
R & D Center ( API Division ) – The R & D center is
located at Turbhe, near Vashi in Navi Mumbai region.
Ř
R & D Center ( Formulations Division ) – Situated at
Govandi, near Chembur in Mumbai.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND PERIOD ENDED 30TH JUNE 2008
(Rs. In Millions)
|
Particulars |
For
the Qtr Ended |
For
the Qtr Ended |
For
the 15th Months Period
Ended |
For
the Year Ended |
|
|
30-06-2008 |
30-06-2007 |
30-06-2008 |
31-03-2007 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
INCOME |
|
|
|
|
|
Sales/ Income from operations |
687.347 |
494.455 |
2988.998 |
1460.802 |
|
Less : Excise Duty |
20.725 |
11.155 |
70.160 |
22.527 |
|
Net Sales/Income
from Operation |
666.622 |
485.300 |
2918.838 |
1438.275 |
|
Foreign Exchange Gain (Net) |
-- |
---- |
-- |
10.366 |
|
Other Income |
29.041 |
27.090 |
100.514 |
55.944 |
|
Total Income
(1+2+3) |
695.663 |
512.390 |
3019.352 |
1504.585 |
|
|
|
|
|
|
|
EXPENDITURE |
|
|
|
|
|
a. (Increase)/Decrease in Stocks of WIP & Finished/Traded Goods |
[16.983] |
12.335 |
[87.373] |
[27.673] |
|
b. Consumption of raw materials |
239.351 |
136.204 |
1109.946 |
412.662 |
|
c.Purchase of traded goods |
104.347 |
95.127 |
404.220 |
400.914 |
|
d. Employees Cost |
76.200 |
55.951 |
337.079 |
149.751 |
|
e.Depreciation/Amortisation |
18.081 |
11.602 |
75.113 |
27.077 |
|
f.Foreign Exchange Loss (Net) |
75.105 |
0.195 |
125.480 |
-- |
|
g. Other Expenditure |
148.407 |
115.661 |
692.927 |
353.499 |
|
h .Total |
644.508 |
427.075 |
2657.392 |
1316.230 |
|
Interest (Net) |
35.185 |
30.310 |
151.974 |
41.562 |
|
7 Exceptional items-Income/(Expense) |
-- |
-- |
28.051 |
-- |
|
Profit (+)/Loss(-) from ordinary activity before tax (4)-(5+6)+(7) |
15.970 |
55.005 |
238.037 |
146.793 |
|
Tax Expenses |
3.654 |
0.682 |
[6.601] |
58.690 |
|
- Current Tax |
1.706 |
6.218 |
26.529 |
37.365 |
|
- MAT Credit Entitlement |
[1.706] |
[6.218] |
[26.454] |
-- |
|
- MAT Credit Utilised |
-- |
-- |
- |
0.700 |
|
- Deferred Tax |
2.744 |
-- |
[11.225] |
5.627 |
|
- Fringe Benefit Tax |
0.910 |
0.682 |
4.549 |
3.024 |
|
- Tax of Earlier Years |
-- |
-- |
-- |
11.974 |
|
Net Profit from
ordinary activity after Tax (8-9) |
12.316 |
54.323 |
244.638 |
88.103 |
|
Extra ordinary items (Net of Tax Expenses) |
-- |
-- |
-- |
-- |
|
Net Profit for the period (10-11) |
12.316 |
54.323 |
244.638 |
88.103 |
|
Paid up Equity Share Capital |
141.267 |
128.120 |
141.267 |
127.474 |
|
Share Capital Suspense |
-- |
7.856 |
-- |
-- |
|
Face value of the Equity Share (Rs) |
10.00 |
10.00 |
10.00 |
10.00 |
|
Reserves excluding Revaluation reserve as per balance sheet of previous accounting year . |
|
|
|
639.488 |
|
Earning Per Share (EPS) |
|
|
|
|
|
a)Basic weighted EPS before extraordinary items (Not Annualised) Rs |
0.87 |
4.01 |
17.64 |
6.91 |
|
b)Basic weighted EPS after extraordinary items Not Annualised) Rs |
0.87 |
4.01 |
17.64 |
6.91 |
|
Public Shareholdings |
|
|
|
|
|
- Number of Shares |
8581206 |
6730521 |
8581206 |
7055135 |
|
- Percentage of Shareholding |
60.74 |
52.53 |
60.74 |
55.35 |
Notes :-
2.
The above financial results have been reviewed by the Audit Committee
and have been taken on record at the meeting of the Board of Directors of the
Company held on 29th July, 2008 .
3.
The Company has only one segment of activity namely
"Pharmaceuticals".
4.
The Company is in the process of ascertaining the final impact of
Accounting Standard (Revised)15 - "Employee Benefits" and will
account for the same at the period end.
5.
The market price of the equity shares of the Company being less than the
exercise price in respect of various outstanding options to subscribe to equity
shares, the aforesaid options are considered to be anti dilutive.
6.
The Hon'ble Supreme Court vide its Order dated May 16, 2008 has set
aside the Order of Hon'ble Board for Industrial and Financial Reconstruction
(BIFR), approving the merger of The Pharmaceutical Products of India Limited
(PPIL) with the Company and directed the BIFR to consider the matter afresh.
Consequently, merger effect given in earlier year's accounts has been reversed,
including effect on equity capital of Rs. 5.626 Millions.
7.
Pursuant to the aforesaid Order of Hon'ble Supreme Court the Company has
made an application to Hon'ble BIFR to consider the merger of PPIL with the
Company afresh.
8.
Above includes results of Doctors Organic Chemicals Limited, which has
been merged w.e.f. 1st April, 2007, being the appointed date, with the Company
and to that extent figures for the current period are not comparable with those
of the corrosponding previous period.
9.
As on June 30th 2008, the liability on account of outstanding euro
denominated FCCB issued by the company has been restated at an exchange rate of
Rs 67.81 and amounts to Rs 930.353 Millions .The FCCB issue terms stipulates
conversion of the Bonds at the pre determined exchange rate of Rs 57.22 at
which rate the liability amounts to Rs 785.058 Millions
10.
There was no investor complaint pending at the beginning and at the end
of the quarter. During the quarter, the Company had received and resolved 11
complaints.
11.
The Company has changed its financial year. Consequently, current
financial year shall comprise of 18 months ending on 30th September,
2008.
12.
Exchange loss of Rs. 75.105 Millions for the quarter ended 30th June,
2008 includes unrealised exchange loss of Rs. 64.758 Millions on account of
restatement of outstanding Euro denominated FCCB.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.46 |
|
UK Pound |
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|