MIRA
INFORM REPORT
|
Report Date : |
05.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
AVENTIS PHARMA
LIMITED |
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Registered Office : |
Aventis House,
54/A, Sir Mathuradas Vasanji Road, Andheri (East), Mumbai- 400093, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
02.05.1956 |
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Com. Reg. No.: |
11-009794 |
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Capital
Investment / Paid-up Capital : |
Rs.230.306 Millions |
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CIN No.: [Company
Identification No.] |
L24239MH1956PLC009794 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH00271F |
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PAN No.: [Permanent
Account No.] |
AAACH2736F |
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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 : |
Manufacturing and
Marketing of Allopathic Pharmaceutical Preparations such as Cardiovascular, Antibiotics,
Anti-Diabetic, Vaccines, Diuretic, Analgesic and Anti-Histamine Segments. |
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No. of Employees
: |
2282 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (75) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 40500000 |
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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 now subsidiary of Aventis Pharma Holding Gmbh, The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES: Any query related to this
report can be made on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Aventis House,
54/A, Sir Mathuradas Vasanji Road, Andheri (East), Mumbai- 400 093, |
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Tel. No.: |
91-22-22830607/
22831189/ 22844562/ 28216622 (Ext. 811)/ 28242260/ 28278000 |
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Fax No.: |
91-22-22829532/
22046188/ 22850435/ 28242261/ 28370939/ 28278110 |
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E-Mail : |
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Website : |
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Factory 1 : |
3501-15, 6310,
B-14, GIDC Estate, Ankleshwar – 393 002, |
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Factory 2 : |
GIDC, Plot No. L-121,
Phase III, Verna Industrial Estate, Verna, Goa – 403 722, |
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Regional
Offices : |
Located at : ·
Mumbai ·
·
Chennai ·
Kolkata ·
·
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DIRECTORS
As On: 16.02.2011
|
Name : |
Dr. Vijay Mallya |
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Designation : |
Chairman |
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Name : |
Dr. Shailesh Ayyangar |
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Designation : |
Managing Director |
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Name : |
Mr. J M Gandhi |
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Designation : |
Director |
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Name : |
Mr. S R Gupte |
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Designation : |
Director |
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Name : |
Mr. A K R
Nedungadi |
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Designation : |
Director |
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Name : |
Mr. O .Charmeil |
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Designation : |
Director |
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Name : |
Mr. M.
Dargentolle |
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Designation : |
Director
(Alternate to Mr. O/ Charmeil) |
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Name : |
Mr. F.X. Duhalde |
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Designation : |
Director |
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Name : |
Mr. J. M. Georges |
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Designation : |
Director |
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Name : |
Mr. M. G. Rao |
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Designation : |
Director
(Alternate to Mr. J.M. Georges) |
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Name : |
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Designation : |
Director
(Alternate to Mr. F.X. Duhalde) |
KEY EXECUTIVES
|
Name : |
Mr. K Subramani |
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Designation : |
Company Secretary |
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Name : |
Mr. Christophe Germaine |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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|
13909587 |
60.40 |
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|
13909587 |
60.40 |
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Total shareholding of Promoter and Promoter Group (A) |
13909587 |
60.40 |
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(B) Public Shareholding |
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|
3408856 |
14.80 |
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|
2751 |
0.01 |
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|
732917 |
3.18 |
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2170978 |
9.43 |
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|
6315502 |
27.42 |
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|
1297152 |
5.63 |
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1161489 |
5.04 |
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|
138936 |
0.60 |
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|
207956 |
0.90 |
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|
500 |
- |
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|
2886 |
0.01 |
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|
204570 |
0.89 |
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|
2805533 |
12.18 |
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Total Public shareholding (B) |
9121035 |
39.60 |
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Total (A)+(B) |
23030622 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
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- |
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|
- |
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- |
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- |
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Total (A)+(B)+(C) |
23030622 |
- |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal share
capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Marketing of Allopathic Pharmaceutical Preparations such as Cardiovascular,
Antibiotics, Anti-Diabetic, Vaccines, Diuretic, Analgesic and Anti-Histamine
Segments. |
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Products : |
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PRODUCTION STATUS (AS ON 31.12.2010)
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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I. Basic Drugs: |
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Pharmaceuticals |
Tonnes |
253.00 |
101.09 |
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II.
Formulations: |
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Liquid Injectibles # |
KL |
- |
517.89 |
|
Tables / dragees |
Mio Nos. |
7600.00* |
6992.22 |
|
Capsules # |
Mio Nos. |
- |
254.33 |
|
Oinments # |
Tonnes |
- |
791.26 |
|
Granules # |
Tonnes |
- |
6.82 |
|
Drops, syrup and other liquids # |
KL |
- |
665.57 |
Note :
Production figures include goods manufactured
at third party facilities
* Includes installed capacity of granules.
#
Represents produced only at third
party locations.
GENERAL INFORMATION
|
No. of Employees : |
2282 (Approximately) |
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Bankers : |
v
BNP
Paribas, Mumbai v
Citibank
N A, Mumbai v
Deutsche
Bank, Mumbai v
Hongkong
and Shanghai Banking Corporation Limited, Mumbai v
State
Bank of v
HDFC Bank Limited |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
S. R. Batliboi and Company Chartered
Accountants Solicitors: Crawford Bayley and Company Chartered Accountant |
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Holding Company: |
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Ultimate Holding Company : |
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Fellow Subsidiaries : |
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Joint Venture : |
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CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23,500,000 |
Equity shares |
Rs.10/- each |
Rs.235.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23,030,622 |
Equity shares |
Rs.10/- each |
Rs.230.306 millions |
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|
Note:
Of the above:
a)
18,376,831 ( 2009 : 18376831)
Equity Share were issued as fully paid bonus shares by capitalization of
reserve and security premium
b)
13904722 (2009 :
11538342) Equity Shares are held by Hoechst Gmbh,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
230.306 |
230.306 |
230.306 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9911.196 |
9087.632 |
8060.741 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10141.502 |
9317.938 |
8291.047 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
10141.502 |
9317.938 |
8291.047 |
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
1710.477 |
1448.909 |
1428.246 |
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Capital work-in-progress |
133.028 |
271.444 |
62.532 |
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|
|
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|
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INVESTMENT |
3.631 |
51.866 |
51.866 |
|
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DEFERREX TAX ASSETS |
98.510 |
145.720 |
153.169 |
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2413.207
|
2311.387
|
1725.536
|
|
|
Sundry Debtors |
604.352
|
527.351
|
895.022
|
|
|
Cash & Bank Balances |
6553.502
|
5859.521
|
4973.724
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
2567.437
|
1437.171
|
1363.214
|
|
Total
Current Assets |
12138.498
|
10135.430
|
8957.496
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1241.229
|
1273.974
|
1133.118
|
|
|
Sundry Creditors |
495.828
|
307.740
|
251.251
|
|
|
Provisions |
2205.585
|
1153.717
|
977.891
|
|
Total
Current Liabilities |
3942.642
|
2735.431
|
2362.262
|
|
|
Net Current Assets |
8195.856
|
7399.999
|
6595.234
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10141.502 |
9317.938 |
8291.047 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10849.521 |
9744.057 |
9832.731 |
|
|
|
Other Income |
1134.839 |
1111.272 |
925.629 |
|
|
|
TOTAL |
11984.360 |
10855.329 |
10758.360 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
5389.919 |
4819.609 |
4762.567 |
|
|
|
Personnel Expenses |
1632.517 |
1439.521 |
1192.045 |
|
|
|
Operating and other Expenses |
2395.611 |
2007.420 |
2022.743 |
|
|
|
TOTAL |
9418.047 |
8266.550 |
7977.355 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2566.313 |
2588.779 |
2781.005 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
28.902 |
0.743 |
3.405 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2537.411 |
2588.036 |
2777.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
197.357 |
173.441 |
182.142 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
|
2340.054 |
2414.595 |
2595.458 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
32.531 |
840.449 |
933.463 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2307.523 |
1574.146 |
1661.995 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6983.372 |
6105.542 |
5040.867 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
230.753 |
157.420 |
166.200 |
|
|
|
Interim Dividend |
92.122 |
80.609 |
80.609 |
|
|
|
Tax on Interim Dividend and Proposed
Dividend |
208.915 |
78.282 |
62.626 |
|
|
|
Proposed final Dividend |
1174.562 |
380.005 |
287.885 |
|
|
BALANCE CARRIED
TO THE B/S |
7584.543 |
6983.372 |
6105.542 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
FOB Value of Export |
2066.941 |
2247.983 |
- |
|
|
|
Income from Services Rendered |
15.626 |
33.090 |
- |
|
|
|
Reimbursement of Expenses and market Support |
729.944 |
488.589 |
- |
|
|
|
|
1007.507 |
0.000 |
- |
|
|
|
TOTAL EARNINGS |
3820.018 |
2769.662 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw and Packing Materials |
1705.196 |
1938.682 |
- |
|
|
|
Components, Spares and Auxiliary |
5.478 |
4.357 |
- |
|
|
|
Capital Goods |
9.622 |
49.212 |
- |
|
|
|
Finished Goods |
1589.805 |
1526.780 |
- |
|
|
|
TOTAL IMPORTS |
3310.101 |
3519.031 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
100.19 |
68.35 |
72.16 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2011 |
30.06.2011 |
30.09.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2970.000 |
3249.000 |
3350.000 |
|
Total Expenditure |
2328.000 |
2600.000 |
2624.000 |
|
PBIDT (Excl OI) |
642.000 |
649.000 |
726.000 |
|
Other Income |
172.000 |
140.000 |
146.000 |
|
Operating Profit |
814.000 |
789.000 |
872.000 |
|
Interest |
2.000 |
0.000 |
0.000 |
|
PBDT |
812.000 |
789.000 |
872.000 |
|
Depreciation |
54.000 |
54.000 |
61.000 |
|
Profit Before Tax |
758.000 |
735.000 |
811.000 |
|
Tax |
252.000 |
238.000 |
263.000 |
|
Profit After Tax |
506.000 |
497.000 |
548.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
506.000 |
497.000 |
548.000 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
14.50
|
15.44
|
15.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
24.78
|
26.40
|
25.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.58
|
24.37
|
25.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.31
|
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.29
|
0.28
|
0.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.70
|
3.79
|
3.61 |
LOCAL AGENCY FURTHER INFORMATION
During the year, the Company sold its shareholding in the joint venture company, Chiron Behring Vaccines Private Limited (CBVPL) for a sale consideration of US $ 22.399 million (equivalent to Rs. 1007.500 million). The Company earned a Net Profit of Rs. 757.400 million from the sale of the said shares.
MANAGEMENT DISCUSSION
AND ANALYSIS:
PHARMACEUTICAL
MARKET:
Total pharmaceutical market in
The Company has a market share of 1.7% in the Pharma market. Five brands of the Company, Cardace®, Combiflam®, Amaryl®, Lantus® and Allegra® continue to feature in the top 100 brands of the Indian pharmaceutical market. Combiflam® is the 23rd largest brand and Cardace®, is the 31st largest brand.
SALES AND
PROFITABILITY:
During the year
ended 31st December 2010, the Company had total net sales of Rs.10850 millions
as against Rs.9744 millions representing the growth of 11.35%.
Profit before Tax and exceptional items decreased by 3% from Rs.2415 millions
to Rs. 2340 millions. Lower exports and significant investments in the OTC
market resulted in reduction in the profit before tax and exceptional items.
Domestic Sales
Review
Domestic Sales [Excluding Rabipur®],
which constituted 80.3% of total net sales, increased from Rs.7362 millions to
Rs. 8709 millions reflecting a growth of 18.3%.
MAJOR BRAND
PERFORMANC REVIEW
Cardace® which had touched
the coveted Ps. 100 crore mark in sales in 2009 grew by 10.4%. It is the No. I
Ace inhibitor prescribed by cardiologists, diabetologists and consulting
physicians.
Lantus® had sales growth
of nearly 30%. It has a market share of 10.4% and is the second leading brand
in insulin in terms of value and the fastest growing insulin brand in
Amaryl® had a growth of
29%. It continues to be the leading oral anti diabetic brand.
Two new line extensions, Amaryl® MP and Amaryl® M Forte were launched in
2010 which have helped the Company to participatetully in the market.
Apidra® had a growth of
100% and has a 4% market share in the rapid acting insulin segment. Insuman®
had a growth of nearly 25%.
Cetapin® grew by nearly
34%. Cetapin® XR has become the third largest brand in the metformin market and
has a 7% market share.
Clexane® grew by 14.5%. It continues
to be the No. 1 in the injectible anti coagulant market with a market share of
30% in the retail and hospital market.
Targocid® registered a
growth of around 17%. It continues to rank No. 1 in its defined market and has
a market share of 42% in the retail and hospital market.
BrodactamTM was launched in
January 2010 and achieved its target in the first year. It has a market share
of 1.8% in the Piperacillin fazobactum market.
Allegra® registered a
growth of nearlyl 7%. It has a market share of 8%. It is ranked No. 1 in the
total market and solids market.
Allegra® Suspension is
ranked No.3 in the liquid anti histaminic market.
Combiflam® recorded a
turnover of over Rs.1000 millions with a growth of around 12%.
Combiflam® group has a
combined market share of nearly 5% and is ranked second in the NSAID
combinations market. Over 1.75 billion
Combiflam® tablets were sold
during 2010.
Combiflam® Suspension with a
market share of nearly 8% is ranked No.3 amongst NSAID oral liquids.
Combiflam® Cream was
launched successfully in Tamilnadu and Andhra Pradesh.
Soframycin® recorded a growth
of 11%. It has a market share of around 11% and is the second fastest growing
brand among topical antiseptics.
Avil® had a growth of3%.
It has a market share of 5.5% and continues to have volume leadership in the
anti histaminic market.
Taxotere® had a growth of
around 26%. After the reduction of the price in 2009, significantly more number
of patients have been treated with Taxotere®.
PRAYAS
As stated in the Management Discussion and Analysis for the year ended
31St December 2009, the Company initiated a unique project called Prayas
dedicated to the rural market. This project has now been expanded to fourteen
states. Over 10,000 doctors are mentored by 525 specialists under this
programme. The Prayas programme has received an unequivocal welcome from the
medical fraternity.
After the successful completion of the respiratory module in Phase 1,
the gastrointestinal module has been rolled out.
The ‘Access to Medicine’ programme continues to augment the existing
portfolio with introduction of new quality medicines in new therapy areas at
affordable prices.
The turnover of the next range of products which caters to the rural
market jumped three fold over 2009.
LAUNCH
OFONSITEDIVISION
To address the critical health challenges of the twin epidemics of
diabetes and hypertension, a new division called ONSITE was launched marking
the Company’s entry in semi metros and towns with a broad cardio diabetic
portfolio. Through its launch the Company endeavours to strengthen the medical
fraternity in its fight against the growing health challenges of cardio
vascular and diabetic disorders in India by making quality health care
accessible to everyone. ONSITE will facilitate doctor education, patient
awareness and disease screening for early detection and thereby better
management of hypertension and diabetes through various initiatives.
EXPORT SALES
Export sales for 2010, which constituted 19.7% of total net sales, were
Rs. 2141 million representing a decline of 6.5% over 2009.
Adverse exchange variance of -8% on account of the appreciating Rupee
was the main contributory factor for the decline in exports and which nullified
the volume increase of4%.
Lower volume purchase of key products such as Festal® and Trental® were
primarily responsible for decline in exports to
Introduction of new colour packs and smaller pack size boosted sales of
Festal® to the
There was a dip in volumes of exports to CIS countries due to the impact
of the financial crisis in those states. Sales to
High local inventories and stiff local competition resulted in a decline
of around 24% in exports to the
Exports of Active Pharmaceutical Ingredients to
MANUFACTURING
OPERATIONS
The Ankleshwar plant achieved a record production of 4.5 billion
tablets.
Fourteen products were launched for the ONSITE Division encompassing
products in the cardiology, diabetology and dyslipidaemia range.
New products were also manufactured and launched in the domesticTier 2
markets.
Expansion of the warehouse in Ankleshwar has been completed. It is now
equipped with automatic storage and retrieval system. A new engineering stores
has also been made operational in Ankleshwar.
The upgradation of the dispensing area in Ankleshwar has commenced. It
would help to improve the man and material flow as well as prevent cross
contamination.
Work is in progress for extension of the solid dosage formulation
capacity in
High speed blister pack line for Combiflam® Tablets was installed in
Ankleshwar to cater to its increasing volumes.
Pentoxifylline manufactured in Ankleshwar is being used for manufacture
of Trental® ampoules and tablets for exports.
MEDICAL AND
REGULATORY AFFAIRS
Five international speakers shared best practices and newer advances
across the country at doctor meetings to help improve usage of the Company’s
products.
Over 200 continuing Medical Education Programmes were conducted on
guidelines for using the Company’s products.
Cardace® was registered for
treatment of non- diabetic or diabetic overt glomerularor incipient
nephropathy.
CLINICAL RESEARCH
In order to address the growing twin epidemic of diabetes and
hypertension in
JOINT VENTURE WITH
NOVARTIS VACCINES AND DIAGNOSITCS INC.
The Company sold its entire shareholding of 4,900,000 Equity Shares of
Rs. 10 each constituting 49% of the share capital of the joint venture Company,
Chiron Behring Vaccines Private Limited (CBVPL) (in which Novartis Vaccines and
Diagnostics Inc. (NVD) held 51%) to Novartis Pharma AG (a nominee of NVD) for a
sale consideration of US Dollars 22.399 million (equivalent to Rs. 1007.5
million). The Net Profit from the sale was Re. 757 million.
All legal proceedings filed in connection with the disputes between the
Company and NVD / CBVPL have been unconditionally withdrawn by all parties.
DRUG POLICY
No meeting of the Group of Minister1áih is considering the Drug Policy
has been held so far. The Ministry of Health and Family Welfare is working
towards updating the National List of Essential Medicines (NLEM).
Price increases as per norms of the National Pharmaceutical Pricing
Authority (NPPA) were obtained for Avfl Injections, Novalgin®, Baralgan® M
tablets and Trental® tablets.
Price reduction was ordered for Combiflam® tablets.
SEWA Rural
‘SEWA Rural is a non-profit organization operating for more than 25
years in the tribal and remote areas of Bharuch district near the Company’s
Ankleshwar manufacturing site. The Company provides the NGO with
state-of-the-art testing machines and laboratory facilities for the diagnosis
of diabetes and has extended long term support for drabetes awareness.
Voluntary Health
Association of
Through a partnership with Voluntary Health Association of Goa (VHAG),
health camps will be conducted for about 4000 children across 21 schools in
The Company’s employees participated in a ‘mega seed-sowing’ project and
a ‘make-a-sapling project facilitated by Hariyali, a Mumbai based NGO working
towards protecting and greening the environment, in and around abandoned
quarries and deforested hills, located on the outskirts of the city.
Joy of Giving
The Company participated in this week-long national movement which
encourages ‘giving’. The Company employees donated generously by giving books,
clothes, old newspapers, stationery, toys and funds. The Company also organised
an NGO Bazaar to generate funds.
Ladakh Floods
The Company supported the victims affected during this natural disaster by
contributing to the Prime Minister’s Relief Fund. The Company also donated
medicines to the victims.
CHILDUNE
The Company continued to support the 24-hour free helpline for children
in distress through employee participation in the Standard Chartered Mumbai
Marathon in 2010.
PROSPECTS FOR 2011
Prospects for 2011 are
expected to be reasonable, barring the risks of an unfavourable Drug Price
Control Order.
Export turnover is likely
to grow.
Line extensions of some of
the existing products are likely to be launched.
Some new products catering
to the Tier II market will also be launched.
The extension of the solid
dosage formulation capacity in
Contingent Liabilities :
|
Particulars |
31.12.2010 (Rs. in millions) |
31.12.2009 (Rs. in millions) |
|
Tax demands in respect of which*: |
|
|
|
Tax authorities have appealed against Income tax orders which were
ruled in favour of the Company |
439.949 |
708.399 |
|
Company’s appeals are pending before appropriate authorities |
713.697 |
696.733 |
* Contingent liabilities in respect of pending tax assessments in
relation to similar matters are not determinable and hence not disclosed.
Fixed Assets:
· Software
· Marketing and technical rights for formulations
· Technical know-how
·
·
· Building and Waterworks
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
· Computers
· Motor Vehicles
Unaudited financial results for the Nine months ended September 30,
2011
(Rs. in millions)
|
Particulars |
Quarter Ended 30.09.2011 (Unaudited) |
Nine Months Ended 30.09.2011 (Unaudited) |
|
Net Sales |
3127.000 |
8918.000 |
|
Other
Operating Income |
223.000 |
649.000 |
|
Total |
3350.000 |
9567.000 |
|
Expenditure |
|
|
|
(Increase)/decrease
in stock in trade and work-in Progress |
185.000 |
[6.000] |
|
Consumption
of raw materials |
1172.000 |
3623.000 |
|
Purchase of
Traded Goods |
252.000 |
859.000 |
|
Employee Cost |
415.000 |
1261.000 |
|
Depreciation |
61.000 |
169.000 |
|
Other
Expenditure |
600.000 |
1815.000 |
|
Total
Expenditure |
2685.000 |
7721.000 |
|
Profit from
Operations before Other Income and Interest |
665.000 |
1846.000 |
|
Other Income |
146.000 |
458.000 |
|
Profit Before
Interest |
811.000 |
2304.000 |
|
Interest |
- |
- |
|
Profit before
Tax |
811.000 |
2304.000 |
|
Tax Expenses |
263.000 |
753.000 |
|
Net Profit for the period |
548.000 |
1551.000 |
|
Paid- up Equity Share Capital (Face value of the share – Rs. 10) |
230.000 |
230.000 |
|
Reserves excluding revaluation reserves (as per
last audited balance sheet) |
- |
- |
|
Basic and diluted Earnings per share for the
period, for the year to date (not annualized) and for the previous year – Rs. |
23.83 |
67.43 |
|
Public shareholding |
|
|
|
Number of Shares |
9121035 |
9121035 |
|
Percentage of
Shareholding |
39.60% |
39.60% |
|
Promoters and promoter group shareholding |
|
|
|
Non - encumbered Number of Shares Percentage of Shares (as a % of the total shareholding of promoter and promoter group) Percentage of Shares (as a % of the total share capital of the company) |
13909587 100.00% 60.40% |
13909587 100.00% 60.40% |
Note :
The above results were approved by the Board of Directors of the Company at its Meeting held on November 14, 2011.
In accordance with Clause 41 of the Listing Agreement with the Stock Exchanges, the Company's Statutory Auditors have conducted a 'Limited Review' of the Financial Results for the quarter ended September 30, 2011.
The Board of Directors had declared an Interim Dividend of Rs.4 per Equity share of Rs.10 for the year ending December 31, 2011. The Dividend (including Dividend Distribution Tax) amounted to Rs.107 million. The said dividend was paid on August 18, 2011 through National Electronic Clearing Service/Dividend Warrants.
The break up of Net Sales is as follows:
(Rs. Million)
|
|
Quarter ended |
Growth % |
Nine Months |
Growth % |
|
Domestic Sales |
2575.000 |
11.0% |
7236.000 |
11.9% |
|
Export Sales |
552.000 |
26.6% |
1682.000 |
10,9% |
|
Total sales |
3127.000 |
13.5% |
8918.000 |
11.7% |
The Company has a single business segment namely ‘Pharmaceutical Business’.
The Company entered into a definitive agreement, on August
24, 2011, with Universal Medicare Private Limited to acquire its business of
marketing and distribution of branded nutraceutical formulations in
Information on investor complaints is furnished below:
|
Pending as on July 1, 2011 |
Received during the quarter |
Disposed of during the quarter |
Pending as on Sept 30, 2011 |
|
Nil |
26 |
26 |
Nil |
The figures for the previous periods have been re-grouped, wherever necessary.
Web Details
Business Description :
Subject provides medicines for the treatment of patients in several
therapeutic areas: cardiology, thrombosis, oncology, diabetes, central nervous
system and internal medicine. Its product include Cardace, Lasilactone, Lasix,
Sitelodip, Sitelol AM, Sitelol XR, Sitestat, Telsite, Clexane, Amaryl, Apidra,
Apidra, Cetapin P, Cetapin XR, Daonil, Insuman, Lantus, Trental 400, Glimsite,
Mesite XR, Rejusite, Vogsite MD, Granocyte, Taxotere, Allegra, Avil, Cosavil
Flu, Levohext, Frisium, Proctosedyl, Sofradex, Soframycin, Analgesics,
Baralgan, Combiflam, Combihext, Hextradol, Novalgin, Brodactam, Cefrom,
Claforan O, Hostacycline, M-Nem, Ornidohext, Quinhext, Rulide AZ, Tacehext,
Targocid, Tarivid, Tavanic, Actonel, Arava, Baralgan D, Festal N, Nausehext and
Prazohext. Aventis Pharma Limited and Sanofi-aventis holds 60.4% of its paid-up
share capital. On November 3, 2011, it acquired Universal Medicare Private
Limited. For the fiscal year ended 31 December 2010, Aventis Pharma Limited's
revenues increased 10% to RS11.98B. Net income increased 47% to RS2.31B.
Revenues reflect an increase in sales from Domestic market and increased other
income. Net income also reflects decreased repairs of building expenses, a fall
in insurance expenses, decreased rent expenses and increased gross profit
margin and operating profit margin.
Manufacture and distribution of drugs and pharmaceutical laboratory
chemicals. Pharmaceutical and Medicine Manufacturing
Board of Directors
Dr. Vijay Mallya
Dr. Vijay Mallya is Non-Executive Chairman of the Board of Aventis
Pharma Limited. Dr. Mallya, a well known industrialist, took over the reins of
the United Breweries Group in 1983 at the young age of 28. The focal business
areas of the Group encompass Beverage Alcohol, Life Sciences, Engineering,
Agrochemicals, Information Technology, Fertilizers, Print Media, civil aviation
and Infrastructure development. Dr. Mallya is the Chairman of public Companies
both in
Dr. Ayyangar
Shailesh
Dr. Ayyangar Shaileshhas been appointed as the Managing Director,
Director of Aventis Pharma Limited. He served as the Wholetime Director of Sanofi-
Synthelabo (
Mr. Michel
Dargentolle
Mr. Michel Dargentolle has been appointed as the Chief Financial
Officer, Wholetime Director of Aventis Pharma Limited. He was Internal Auditor
of Rhone-Poulenc SA, France from 1984 to 1988. He was Head of Controlling of
Rhone-Poulenc Animal Nutrition, France from 1988 to 1992. Between 1992 and 1997
he was Finance and Administration Director of Rhone-Poulenc Jardin and European
Garden Care Business. He was Managing Director of Rhone-Poulenc PVT Pakistan
from 1997 to 1999. Mr. Dargentolle was Integration Project Team Leader of
Aventis Crop Science SA from 1999 to 2001. Between January 2001 and May 2002 he
was Head of Corporate Auditing of Aventis Crop Science SA. Mr. Dargentolle was
Head of Business Planning of Aventis SA from 2003 to September 2004. He was in
charge of Management Control Procedures and Processes of Sanofi-aventis from
September 2004 to December 2005. Mr. Dargentolle was Chief Financial Officer of
Sanofi-aventis
Mr. J. M. Gandhi
Mr. J. M. Gandhi has been appointed as the Independent Non-Executive
Director of Aventis Pharma Limited. Mr. Gandhi is a practising Chartered
Accountant in the fields of Audit and Management Consultancy. He is a partner
of M/s. N. M. Raiji and Company, Chartered Accountants for the last 20 years.
He is a Member of the Managing Committee, Accounting and Auditing Committee and
Information Technology Committee of the Bombay Chartered Accountants Society.
He also served as the director of Raiji and Horwath Consultancy Services
Private Limited, SBI Funds Management Private Limited, ICICI Home Finance
Company Limited.
PRESS RELEASES :
16 November 2011
The company had posted a net profit of Rs 473.000 millions for the
quarter ended September 30, 2010 Aventis Pharma said in a filing to BSE.
Net sales of the company stood at Rs 3127.000 millions for the quarter
ended September 30, 2011 as against Rs 2756.000 millions for the corresponding
period previous fiscal year.
During the quarter the company entered into a definitive agreement with
Universal Medicare Private Limited to acquire marketing and distribution
business of branded neutraceutical formulations in
Scrips of Aventis Pharma on Monday closed at Rs 2,350 per share, up 0.05
per cent from its previous close.
Aventis Pharma net
up 16% at Rs 55 cr
14 November 2011
The company had posted a net profit of Rs 473.000 millions for the
quarter ended September 2010 Aventis Pharma said in a filing to BSE.
Net sales of the company stood at Rs 3127.000 millions for the quarter
ended September 30, 2011 as against Rs 2756.000 millions for the corresponding
period previous fiscal.
During the quarter the company entered into a definitive agreement with
Universal Medicare Private Limited to acquire marketing and distribution
business of branded neutraceutical formulations in
Shares of Aventis Pharma today closed at Rs 2,350 per share, up 0.05%
from their previous close.
Acquisition of
Nutraceutical Business of Universal Medicare Private Limited
04 November 2011
Aventis Pharma
S.A. Receives Patent for Process for Preparing Recombinant Strains of a
Prokaryotic Microorganism
28 September 2011
Aventis Pharma S.A. had filed patent application number 1246/DEL/1997
for process for preparing recombinant strains of a prokaryotic microorganism on
May 13, 1997. The inventors of the patent are Francis Blanche, Beatrice
Cameron, Joel Crouzet, Laurent Debussche, Denis Thibaut and Elisabeth Remy.
The International classification number is C12N15/11.
According to the Controller General of Patents, Designs and Trade Marks,
"The present invention relates to a biosynthetic process for preparing
cobalamines. More precisely, it relates to a process for amplifying the production
of cobalamines and, more specifically, of coenzyme B12 by means of recombinant
DNA techniques and/or by means of adding a novel cobalamine precursor."
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.51.39 |
|
|
1 |
Rs.80.20 |
|
Euro |
1 |
Rs.68.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
75 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.