MIRA INFORM REPORT
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Report Date : |
25.11.2008 |
IDENTIFICATION DETAILS
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Name : |
CADILA HEALTHCARE LIMITED |
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Registered Office : |
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Country: |
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Financials (as on): |
31.03.2008 |
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Date of Incorporation : |
15.05.1995 |
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Com. Reg. No.: |
04-25878 |
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CIN No.: [Company Identification No.] |
L24230GJ1995PLC025878 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
AHMC00020G |
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PAN No.: [Permanent
Account No.] |
AAACC6253G |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturer and Seller of pharmaceuticals, bulk drugs, formulations and injectibles. |
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 52690000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a leading pharmaceutical company in the country. Available information indicates high financial responsibility of the company. Directors are experienced, respectable and resourceful industrialists. Their trade relations are reported as fair. Financial position of the company is good. Payments are reported as slow but correct. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-79-2677 0100 |
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Fax No.: |
91-79-2673 2365 / 2673 2366 |
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E-Mail : |
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Website : |
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Corporate Office : |
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Tel. No.: |
91-79-2686 8100 (20 Lines) |
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Fax No.: |
91-79-2686 2365 / 66 |
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Website : |
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Factory 1 : |
Tel No. 91-79-23750331 / 36 / 36 Fax No. 91-79-23750319 Formulation
Unit:
S. No.417, 419 & 420, Village Moraiya, Taluka Sanand,
District Ahmedabad, Kundaim Industrial Estate, Ponda, Village Saraj Mujra, P. O. –Baddi, Tehsil – Nalagarh, District - Solan Neutraceutical
Plant
5504, GIDC Estate, Phase III, Vatva, Ahmedabad, SBI
Bulk Drug Unit
Plot No. 291, GIDC Industrial Estate, Ankleshwar – 393
002, District Bharuch, Tel No. 91-2646-220621/220719 Fax No. 91-2646-250672 |
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Zydus
Research Centre
Ø
C/4, MIDC, Tel No. 91-22-27670224/27670225 Fax No. 91-22-27670223 Ø
S. No. 396/403, Village Moraiya, Taluka
Sanand, District Ahmedabad, Ø
Tel No. 91-79-23750802-05 Fax No. 91-79-23750606 |
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Business Development Office : |
203/204, Neelkant Commercial Centre, Tel No. 91-22-28394690/28394698 |
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Branches : |
Khemka House, |
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Tel. No.: |
91-79-27410861 |
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API Units : |
GIDC Estate, Ankleshwar, Patalganga, Dist. Raigad – 410220, Dabhasa, Tal. Padra, Dist. Vadodara |
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Registrar and Share Transfer Agent : |
M/s. Pinnacle Shares Registry Private Limited Near Ashoka Mills, |
DIRECTORS
|
Name |
Mr. Pankaj R.
Patel |
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Designation |
Chairman &
Managing Director |
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Address |
16, Azad Society,
Ambawadi, Ahmedabad – 380 015, |
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Other Directorships |
Ø Indon Healthcare Limited Ø Cadila Laboratories Limited Ø Zydus Pharmaceuticals Limited Ø Zydus Finance Limited Ø Zydus Aqrovet Limited Ø Zydus International Private Limited, Ø Zydus Healthcare S.A. (Pty) Limited, Ø Zydus Byk Healthcare Limited Ø Zoom Properties Private Limited Ø Pharmaceuticals Business Group (I) Limited
Ø Pripan Investment Private Limited Ø Rampan Investment Private Limited Ø Pritpan Investments Private Limited Ø Sharvil Investment Private Limited Ø Shivpan Investment Private Limited Ø Pankram Investment Private Limited Ø Vadilal Chemicals Limited Ø Cadmach Machinery Company Private Limited C
Gujarat
Themis Biosyn Limited |
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Name |
Mr. Mukesh M.
Patel |
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Designation |
Director |
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Address |
Ashwamegh
Bungalows, Part II, Off. Satellite Road, Ahmedabad – 380 015, |
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Other Directorships |
Ø Indo Healthcare Limited Ø Symphony Comfort Systems Limited Ø Magnum Fincap Limited Ø Caditronics Limited Ø Nutan Tobacco Company Private Limited Ø Instavision Systems (I) Private Limited |
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Name |
Dr. Manubhai A.
Patel |
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Designation |
Director |
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Address |
4, Purohit
Society, B/H Swaminarayan Society, Sardarnagar, |
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Other Directorships |
Ø Gujarat Lyka Limited Ø Vadilal Chemicals Limited Ø Elysium Pharmaceuticals Limited Ø Nilkamal Synfabs Limited |
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Ø |
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Name |
Mr. Pranlal
Bhogilal |
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Designation |
Director |
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Address |
122, |
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Other Directorships |
Ø Wood Papers Limited Ø Bengal Hotels Private Limited Ø Bilimora Commerce Private Limited Ø Bilimora Trading Company Private Limited Ø Das Organochem Private Limited Ø Oriental Estates & Manufactures
Private Limited Ø Consolidated Holdings Limited Ø Bharat Trading & Manufacturing
Corporation Private Limited Ø Modern Bobbin Company Private Limited Ø Das Jubilee Private Limited Ø Collinson & Company Private Limited Ø Midas Touch Investments Limited Ø Dastan Private Limited Ø Karnvati Trading Company Private Limited Ø Sabarmati Trading Company Private Limited Ø Ellisbridge Holds Private Limited Ø Kathwada Holdings Limited Ø Aashka Holdings Limited Ø Aashka Investments Limited Ø Dastan Leasing & Finance Limited Ø Lok Prakashan Limited |
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Name |
Mr. Sharvil P.
Patel |
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Designation |
Director |
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Address |
16, Azad Society,
Ambawadi, Ahmedabad – 380 015, |
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Name |
Mr. H. K. Bilpodiwala |
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Designation |
Director |
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Name |
Mrs. Pritiben P. Patel |
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Designation |
Director |
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Name |
Mr. A. S. Diwanji |
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Designation |
Director |
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Name |
Mr. H. Dhanrajgiri |
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Designation |
Director |
KEY EXECUTIVES
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Name |
Mr. Ramanbhai B.
Patel |
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Designation |
Founder |
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Address |
16, Azad Society,
Ambawadi, Ahmedabad – 380 015, |
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Other Directorships |
Ø Cadmach Machinery Company Private Limited
– Managing Director Ø Cadila Laboratories Limited Ø Indon Healthcare Limited Ø Zydus Pharmaceuticals Limited Ø Zydus Finance Limited Ø Zydus Aqrovet Limited Ø Zydus International Private Limited, Ø Zoom Properties Private Limited Ø Pharmaceuticals Business Group (I) Limited
Ø Pripan Investment Private Limited Ø Rampan Investment Private Limited Ø Pritpan Investments Private Limited Ø Sharvil Investment Private Limited Ø Shivpan Investment Private Limited Ø Pankram Investment Private Limited |
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Name |
Mr. Upen H. Shah |
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Designation |
Company Secretary |
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Name |
Mr. Jyotindra B. Gor |
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Designation |
Chief Accountant Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoter's holding |
90463250 |
72.02 |
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Mutual Funds and UTf |
7483365 |
5.96 |
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Banks, FIs and Insurance Companies |
10743859 |
8.55 |
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Foreign Institutional Investors |
6258288 |
4.98 |
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NRIs/OCBs |
320883 |
0.26 |
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Other Corporate Bodies |
1579765 |
1.26 |
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Indian public |
8764298 |
6.98 |
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Total |
125613708 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Seller of pharmaceuticals, bulk drugs, formulations and injectibles. |
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Products : |
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Exports : |
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Countries : |
Ethiopia, Ghana, Kenya, Mauritius, Tanzania, Uganda, Zambia, Sierraleone, South Africa, Bahrain, Sudan, Sultanate of Oman, Yemen, Jordan, Belarus, Estonia, Georgia, Kazakhistan, Khirgstan, Latvia, Lithuania, Moldova, Russia, Ukrain, Uzbekistan, Cambodia, Hong Kong, Malaysia, Myanmar, Philippines, Singapore, Sri Lanka, Thailand, Vietnam, Bulgaria, Czech Republic, Romania, Malta, Panama, West Indies, Mexico, Papua New Guinea, Germany and UK. |
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Imports : |
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Countries : |
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Terms : |
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Purchasing : |
L/C |
PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Tablets |
M. L. Nos. |
7840 |
6178 |
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Capsules |
M. L. Nos. |
790 |
560 |
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Injections |
K. Ltrs |
513 |
930 |
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Dry Powder Injections |
Kgs |
200 |
3756 |
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Liquids |
K. Ltrs |
0 |
763 |
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Dry Syrups,Powder and Granuted |
Tonnes |
5800 |
432 |
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Ointments |
Tonnes |
0 |
128 |
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Suppositories |
M. L. Nos. |
7 |
11 |
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Bulk Drugs |
Tonnes |
552 |
432 |
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Lyophised Injections |
ML Nos. |
12 |
4 |
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Vaccines |
M. L. Dosages |
2 |
1 |
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Aeroslos |
M. L. Nos. |
3 |
1 |
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Transdermals |
ML.Nos. |
5 |
0 |
GENERAL INFORMATION
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Customers : |
A bZydus Pharmaceuticals Limited B Zydus Healthcare Brazil Limited C Zydus Pharmaceuticals ( |
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No. of Employees : |
3000 |
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Bankers : |
Ø ICICI Bank Limited Ø Citi Bank Ø IDBI Bank Ø BNP Paribas Ø
State Bank of Ø
Bank of Ashram Road
Branch, Opp. Natraj Cinema, Ø
Corporation Bank, Industrial Finance Branch,
Rangoli Complex, 1st Floor, Opp. V S Hospital, Ellisbridge, Ahmedabad
– 380 006, Ø State Bank of Saurashtra Industrial
Finance Branch, Gujarat Chambers of Ø Global Trust Bank Limited G-2, Samedh,
Near Associated Petrol Pump, |
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Facilities : |
Securities for
Loans: 1 First charge
by way of mortgage of office complex of the Company at Mumbai, a residential flat
of the Company at Ahmedabad and legal mortgage of selected Trade Marks of the
Company. 2 [A] Secured by
hypothecation of three specific Trade Marks of the Company. [B] Secured by
way of hypothecation of inventories [ Including goods in transit ], Bills
Receivables, Book-Debts and all other movables of the Company including
documents of titles to goods excluding plant and machineries, both present
and future to rank"pari passue" amongst banks. [C] Out of
External Commercial Borrowings in Foreign Currency: [ a ] Rs. 399 [
As at 31-03-07 - Rs. 599 ] Millions are secured by first equitable mortgage
of immovable properties and hypothecation of movable properties excluding
current assets, both present and future, of the Formulation Unit of the Company at Moraiya,
to rank "pari passue" with lenders referred to at 2[C][b] &
2[C][e]. [ b ] Rs. 317 [
As at 31-03-07 - Rs. 290 ] Millions secured by securities mentioned at
2[C][a] on "pari passue " basis with lenders
referred at 2[C][a] & 2[C][e] and first mortgage of immovable properties
and hypothecation of movable properties excluding current assets, both
present and future of Formulation unit situated at Ponda, Goa. [ c ] Rs. 435 [
As at 31-03-07 - Rs. 435 ] Millions are secured by first mortgage of immovable
properties and hypothecation of movable properties excluding current assets,
both present and future, of the API Unit-1 of the Company situated at
Ankleshwar. [ d ] Rs. 317
[As at 31-03-07- Rs. 290] Millions secured by mortgage of a specific Trade
Mark of the Company. [ e ] Rs. 544
[As at 31-03-07- Rs. 542] Millions secured by first equitable mortgage of
immovable properties and hypothecation of movable properties excluding
current assets, both present and future, of the Formulation Unit of the
Company at Moraiya, to rank "pari passue" with lenders referred at
2[C][a] & 2[C][b], further secured by mortgage / hypothecation of a
specific Trade Mark of the Company. [f ] Rs. 401 [As
at 31-03-07 - Rs. Nil] Millions are secured by first equitable mortgage of immovable
properties and hypothecation of movable properties, excluding current assets,
both present and future, of the API Units of the Company at Dabhasa / Umraya. [ g ] Rs-1084 [
As at 31-03-07 - Rs. Nil ] Millions to be secured by hypothecation of two
specific Trade Marks of the Company.
Note : Out of
Loan at [ 3 - A] Rs. 85 Millions is secured by personal guarantee of the
Managing Director of the Company. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ø R. R. Patel & Company Chartered Accountants 14/15, K. B. Commercial Centre,
Lal Darwaja, Ahmedabad – 380 001, Ø Mukesh M. Shah & Company Chartered Accountants 3, H. K. House, Second Floor, |
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Associates/Subsidiaries : |
Associates: Pharmaceutical Business
Group ( Zydus Byk Healthcare Limited Pripan Investment Private Limited Incorporated on Taram Investment Private Limited Incorporated on Pritpan Investment Private Limited Incorporated on Sharvil Investment Private Limited Incorporation on Shivpan Investment Private Limited Incorporated on Rampan Investment Private Limited Incorporated on Pankram Investment Private Limited Incorporated on Zydus Travelease Private Limited Incorporated on Zydus Finance Limite Incorporated on Caditronics Limited Incorporated on Instavision Systems ( Incorporated on Cadmach Machinery Company Private Limited Incorporated on Onconova Therapeutics
Inc., Sarabhai Zydus Animal Health Limited Subsidiaries :
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Joint Venture Companies: |
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CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
130000000 |
Equity Shares |
Rs.5/- each |
Rs. 650.000 Millions |
|
500000 |
Preference Shares |
Rs.100/- each |
Rs. 50.000 Millions |
|
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Total |
|
Rs. 700.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
125613708 |
Equity Shares |
Rs. 5/- each |
Rs. 628.000
Millions |
Note : of the above shares
[A]
33034332 shares were allotted as fully paid up pursuant to the scheme of
arrangement and amalgamation without payments being received in cash.
[B] 77691976 [14885122] shares were allotted
as fully paid up by way of bonus shares by capitalization of shares premium
account [General reserve]
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
628.000 |
628.000 |
314.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9910.000 |
8195.000 |
7049.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10538.000 |
8823.000 |
7363.000 |
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LOAN FUNDS |
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|
1] Secured Loans |
5593.000 |
3627.000 |
3125.000 |
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2] Unsecured Loans |
1796.000 |
850.000 |
1207.000 |
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TOTAL BORROWING |
7389.000 |
4477.000 |
4332.000 |
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DEFERRED TAX LIABILITIES |
1224.000 |
1127.000 |
1097.000 |
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TOTAL |
19151.000 |
14427.000 |
12792.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7839.000 |
7415.000 |
6860.000 |
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Capital work-in-progress |
964.000 |
521.000 |
589.000 |
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INVESTMENT |
4427.000 |
2928.000 |
1851 |
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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 |
3310.000
|
3287.000
|
2128.000
|
|
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Sundry Debtors |
2825.000
|
2386.000
|
1851.000
|
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Cash & Bank Balances |
190.000
|
124.000
|
23.000
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
3355.000
|
2273.000
|
2086.000
|
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Total
Current Assets |
9680.000
|
8070.000
|
6088.000 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Current Liabilities |
2776.000
|
3764.000
|
1999.000
|
|
|
Provisions |
983.000
|
743.000
|
597.000
|
|
Total
Current Liabilities |
3759.000
|
4507.000
|
2596.000
|
|
|
Net Current Assets |
5921.000
|
3563.000
|
3492.000 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
19151.000 |
14427.000 |
12792.000 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
17416.000 |
14619.000 |
12460.000 |
|
|
Other Income |
399.000 |
522.000 |
0.000 |
|
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Total Income |
17815.000 |
15141.000 |
377.000 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
2737.000 |
2319.000 |
1888.000 |
|
|
Provision for Taxation |
375.000 |
272.000 |
239.000 |
|
|
Profit/(Loss) After Tax |
2362.000 |
2047.000 |
1649.000 |
|
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|
|
|
|
|
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Earnings in Foreign Currency : |
|
|
|
|
|
|
F.O.B value of Exports |
-- |
2943.000 |
2073.000 |
|
|
Commission Earnings |
62.000 |
0.000 |
0.000 |
|
|
Other Earnings |
795.000 |
154.000 |
117.000 |
|
Total Earnings |
857.000 |
3097.000 |
2190.000 |
|
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|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
CIF values of imports |
1087.000 |
1660.000 |
1315.000 |
|
|
Expenditure in foreign currency |
-- |
300.000 |
723.000 |
|
|
Others |
543.000 |
407.000 |
0.000 |
|
Total Imports |
1630.000 |
2367.000 |
2038.000 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Consumption of Material and finished Goods |
6313.000 |
5249.000 |
5090.000 |
|
|
General Expenses |
6432.000 |
5439.000 |
4489.000 |
|
|
Research Expenses |
1350.000 |
1291.000 |
817.000 |
|
|
Interest |
201.000 |
176.000 |
205.000 |
|
|
Depreciation & Amortization |
734.000 |
667.000 |
616.000 |
|
|
Other Expenditure |
0.000 |
0.000 |
0.000 |
|
Total Expenditure |
15030.000 |
12822.000 |
11217.000 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2008 |
30.09.2008 |
|
|
|
1st
Quarter |
2nd Quarter |
|
Sales Turnover |
|
4821.300 |
5395.600 |
|
Other Income |
|
100.500 |
105.700 |
|
Total Income |
|
4921.800 |
5501.300 |
|
Total Expenditure |
|
4014.200 |
4209.200 |
|
Operating Profit |
|
907.600 |
1292.100 |
|
Interest |
|
108.400 |
40.100 |
|
Gross Profit |
|
799.200 |
1252.000 |
|
Depreciation |
|
191.800 |
193.000 |
|
Tax |
|
51.000 |
104.000 |
|
Reported PAT |
|
556.400 |
955.000 |
KEY RATIOS
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Debt-Equity Ratio |
0.61 |
0.54 |
0.60 |
|
Long Term Debt-Equity Ratio |
0.10 |
0.37 |
0.43 |
|
Current Ratio |
0.86 |
1.17 |
1.14 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.45 |
1.40 |
1.33 |
|
Inventory |
5.21 |
5.55 |
6.43 |
|
Debtors |
6.60 |
7.09 |
8.90 |
|
Interest Cover Ratio |
7.29 |
8.76 |
7.94 |
|
Operating Profit Margin(%) |
22.72 |
21.88 |
21.22 |
|
Profit Before Interest And Tax Margin(%) |
18.45 |
17.44 |
16.51 |
|
Cash Profit Margin(%) |
18.01 |
18.08 |
17.31 |
|
Adjusted Net Profit Margin(%) |
13.74 |
13.63 |
12.61 |
|
Return On Capital Employed(%) |
20.32 |
20.95 |
20.11 |
|
Return On Net Worth(%) |
24.40 |
25.29 |
24.42 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets:
Ø
Ø
Ø
Buildings
Ø
Plant and Machinery
Ø
Furniture, Fixture and Office Equipments
Ø
Vehicles
Ø
Trademarks, Patents and Designs
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Technical Know-how
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Commercial Rights
HISTORY
The company was incorporated on
It’s Company Registration Number is 25878.
Subject is the flagship of Zydus Cadila Group.
Subject was established in 1951. After an existence of four and a half decades subject restructured its operations in 1995, to keep pace with the new business environment. Subject, under the aegis of the Zydus Group came into existence with a focus on total healthcare solutions.
Two families, "the Patel's" and "the
Modi's", promoted the Cadila group of companies. The flagship company was
Cadila Laboratories. There were other companies named Cadila Chemicals, Cadila
Exports, Cadila Antibiotics and Cadila Veterinary Limited. In 1995, to pursue
their independent business philosophies a restructuring of the group was
carried out under which two companies were formed Cadila Laboratories Limited
(Modi's) and the subject.
The business was divided into two equal parts. After the restructuring the company embarked on a major marketing exercise, which helped it, catapult from 15th rank to 6th rank in the Indian Pharma industry. The promoters of the company, Mr. Ramanbhai Patel and Mr. Pankaj Patel are both well qualified in the field of Pharmaceuticals and have received several awards for their recognition.
In February, 2000 it came out with a pubic issue of 14886000 shares of Rs. 5 each which included a book build portion of 13397400 equity shares of Rs. 5 each and a fixed price portion of 1488600 equity shares at a premium of Rs. 245/- per share.
The fund raised is proposed to utilise for financing new
formulations unit at Moraiya, near Ahmedabad and for expansion of bulk drug
unit at Ankleshwar,
The company’s operation include pharmaceuticals (human
formulations, veterinary formulations and bulkdrugs), diagnostics, herbal
products like skin care products and OTC products. Its formulation complex is
located at
The company has entered into a joint venture with USA based Onconova Teherapeuticsl Inc. a biopharmaceutical company specialising in the field of oncology (cancer research). This agreement provides for future collaboration on research manufacturing and marketing of products.
As a result of the merger of 4 companies the company has been rated as fourth largest Pharmaceutical company in the domestic formulations market with a market share of 3.80%.
Consequent of merger the Equity Paid up has been risen by 5% during the year 2003.
Operations
and Business Performance:
During the year under review, the Company achieved sales of
Rs.15014 Millions, showing a growth of 14.76 % compared to the previous year.
The PBIDT increased by 12.13% to Rs. 3162 Millions. The Profit before Tax was
higher 22.83% to Rs.2319 Millions. The Profit after Tax increased to Rs. 2047
Millions up 24.14% compared to Rs.1649 Millions in 2005-06. The Company
achieved EPS (After Extraordinary items) of Rs.16.30 compared to Rs.13.13 in
2005-06, calculated on the enhanced capital after bonus of 1:1.
Acquisition:
The
Company has entered into Share Purchase Agreement to acquire 97.95% stake in
Liva Healthcare Limited (LIVA), a closely held public Company from its
promoters. LIVA is carrying on business of manufacturing and marketing of
Formulations and is focused on Derma Segment. As on the date of this report,
the transaction is completed and the Company has taken over charge of the
management of LIVA.
The Company has also entered into Share Purchase Agreement to acquire
100% stake in Nippon Universal Pharmaceutical Ltd., (Nippon) a privately held
company headquartered at
Both the above acquisitions were made during the current year and in April,
2007 so its effect on the financials of the Company will be reflected in the
accounts for the year ending on
PRESS RELEASE
Zydus and Nycomed
expand scope of JV to create an API manufacturing hub for global supplies
Zydus Nycomed, the
50:50 joint venture company set up by Zydus Cadila and Nycomed, will now be an
API manufacturing hub with Nycomed planning to transfer its current API
production from facilities at
Zydus Nycomed
which has emerged as one of the most successful JV models is also a benchmark
for high quality production at the most cost competitive prices. The joint
venture company was set up in 1999 to manufacture key starting materials for
the production of Pantoprazole at the state-of-the-art plant at Navi Mumbai.
The agreement
between the two companies marks an important step in enhancing the
competitiveness of Zydus Nycomed. By leveraging its expertise to address
concerns of both costs and quality excellence, Zydus Nycomed will be a key
sourcing base for Nycomed’s global API supplies.
Speaking on the
newly expanded agreement, the Chairman and Managing Director of Zydus Cadila,
Mr. Pankaj R. Patel said, “The need to create a centre of excellence that sets
the highest global standards in quality and service has been the very basis of
this partnership. The new avenue that we have opened up strengthens this
premise and will add a new dimension to the mutually beneficial partnership
that exists between the two companies.”
Barthold Piening,
Nycomed’s Executive Vice President Operations, emphasizes the importance of a
competitive API production: “World over, the chemical API production is under
increasing cost pressure. We will focus on the pharmaceutical production,
because this is an area for future innovation where we can utilise all our
know-how to compete.”
Piening added: “It
is a pleasure for us to expand the successful joint venture with Zydus Cadila.
This will enable us to continue API production at the highest quality level
with competitive costs.”
About Nycomed
Nycomed is a
privately owned pharmaceutical company that provides medicines for hospitals, specialists
and general practitioners, as well as over-the-counter medicines in selected
markets.
The company is
active in a range of therapeutic areas. Its key products are aimed at
gastroenterology, pain management, osteoporosis, respiratory diseases and
tissue management. New products are sourced both from our own research and from
business partners.
Operating
throughout Europe and in fast-growing markets such as
The combined group
employs over 11,500 people. In 2007, it had annual sales of € 3.5 billion and
an adjusted EBITDA of € 1.2 billion.
About Cadila
Healthcare
Zydus Cadila is a
fully integrated, global healthcare provider, with strengths all along the
pharmaceutical value chain and provides total healthcare solutions ranging from
formulations, active pharmaceutical ingredients and animal healthcare products
to cosmeceuticals.
In the Indian
healthcare industry, Zydus Cadila ranks no.5 and is currently the leader in the
cardiovascular, gastrointestinal and women’s healthcare segments and has
leading positions in other therapeutic segments such as respiratory and pain
management. Globally, it has operations in over 45 countries worldwide with
operations in US, Europe,
Supporting its
marketing prowess are the group’s manufacturing facilities. The group has eight
state-of-the-art, vertically integrated manufacturing facilities spread across
five states in
Zydus Cadila is
supported by a team of over 8000 people worldwide, comprising professionals,
research scientists, medical advisors and workers. On a path of accelerated
growth, the group posted a turnover of Rs. 19000 Millions in 2006-07.
Zydus Cadila acquires Etna Biotech, a subsidiary of Crucell N.V.
Ahmedabad, November 11, 2008
Zydus Cadila, one
of
Crucell which was
focused on biologicals entered the vaccine space with the acquisition of Berna Biotech,
a globally renowned, specialised vaccine company. Etna was the dedicated
research and development wing of Berna Biotech.
Etna Biotech
headquartered in
The need for
specialized technology and cutting edge research, has resulted in relatively
limited competition and have posed high entry barriers for players in the field
of vaccines. With the global vaccine industry forecasted to grow by nearly 18%
by 2010, which is roughly three times the growth of the global pharmaceutical
industry, research and development of vaccines have emerged as a major focus
area in recent times.
Speaking on the
new development, Chairman and Managing Director, Mr. Pankaj R. Patel said, “As
an integrated player in the field of healthcare, we have always been exploring
opportunities that can take us to the next level of excellence. With this
acquisition we will be at the forefront of innovation for vaccine research and
development.”
“This transaction
is further proof that we are committed to focus on the strengths of our core
business and with Zydus as the new owner of Etna we are very pleased that our
employees and partners will be in good hands going forward”, said Crucell’s
Chief Executive Officer, Ronald Brus.
About Zydus Cadila
Zydus Cadila is an
innovative global pharmaceutical company that discovers, develops, manufactures
and markets a broad range of healthcare products. The group’s operations range
from API to formulations, animal health products and cosmeceuticals.
Headquartered in the city of
About Crucell
Crucell N.V. is a
global biotechnology company focused on research, development, production and
marketing of vaccines, proteins and antibodies that prevent and treat primarily
infectious diseases. Its vaccines are sold in public and private markets
worldwide. Crucell's core portfolio includes a vaccine against hepatitis B, a
fully-liquid vaccine against five important childhood diseases and a
virosome-adjuvanted vaccine against influenza. Crucell also markets travel
vaccines, such as the only oral anti-typhoid vaccine, an oral cholera vaccine
and the only aluminum-free hepatitis A vaccine on the market. The Company has a
broad development pipeline, with several product candidates based on its unique
PER.C6® production technology. The Company licenses its PER.C6® technology and
other technologies to the biopharmaceutical industry. Important partners and
licensees include DSM Biologics, Sanofi-Aventis, Novartis, Wyeth and Merck and
Company Crucell is headquartered in
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. 50.09 |
|
|
1 |
Rs. 74.90 |
|
Euro |
1 |
Rs. 63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history (10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
c